Worthington Steel Inc's stock price surged 5.05% during intraday trading on Tuesday, following a significant corporate development.

The movement is attributed to the company's announcement regarding its voluntary public tender offer for Kloeckner & Co SE. Worthington Steel confirmed that the minimum acceptance threshold of 57.5% has been exceeded, with the company securing approximately 58.8% of Kloeckner's issued share capital as of the initial acceptance period's expiration.

This milestone represents a key step forward in the transaction. An additional acceptance period for remaining shareholders is available until April 14, 2026, at the offer price of EUR 11.00 per share. The completion of the offer, expected in the second half of 2026, remains subject to regulatory approvals.