United States Steel Corporation (US Steel) and Worthington Industries announced Tuesday that the two companies have signed an agreement to expand and modify their Jackson, Michigan-based joint venture, Worthington Specialty Processing, to better serve automotive and flat rolled steel customers.
Currently, Worthington Specialty Processing is a 50-50 joint venture. Under the new agreement, Worthington Industries will own 51 percent and US Steel will own 49 percent. Worthington Industries will continue to be the managing partner of the joint venture.
Under the agreement terms, US Steel would contribute ProCoil Company LLC, its steel processing subsidiary in Canton, Michigan, and Worthington Industries would contribute Worthington Steel Taylor, its steel processing subsidiary in Taylor, Michigan, to the venture.
The transaction is expected to close in early October.