Worthington Steel Inc. (WS) experienced a significant after-hours plunge of 14.97% in post-market trading on Wednesday, following the release of its third-quarter fiscal 2026 financial results.

The steel processor reported lower quarterly profit amid what it described as a challenging macroeconomic environment. Net earnings attributable to controlling interest decreased to $10.4 million, or $0.20 per diluted share, compared with $13.8 million, or $0.27 per share, a year earlier. On an adjusted basis, earnings were $0.27 per share.

Operating income fell sharply to $3.1 million from $18.3 million in the prior year quarter, representing an 83% decline. The company's revenue of $769.8 million, while up 12% year-over-year, missed FactSet estimates of $882.9 million. The results were pressured by lower toll volumes and increased selling, general and administrative expenses, which included $15.4 million of professional fees related to the proposed acquisition of Kloeckner.