Columbus, Ohio-based Worthington Industries announced Wednesday that it closed on an agreement with Wuhan Iron and Steel Company (WISCO) to become the majority member in Tailor Welded Blanks (TWB), its laser welded blanking joint venture. Immediately following WISCO's acquisition of ThyssenKrupp's ownership in TWB, Worthington acquired an additional 10 percent share bringing its ownership in TWB to 55 percent.
TWB has strong ties to the automotive market, working with customers to reduce the weight of vehicles and help decrease manufacturing costs. WISCO is a leading steel mill in China and one of the world's largest steel producers. As a result of the acquisition, the TWB joint venture will now be consolidated with the Steel Processing segment of Worthington Industries. Terms of the agreement will not be disclosed.