Worthington Steel has announced an agreement to acquire a controlling equity stake in Italy-based Sitem Group through its subsidiary, Tempel Steel Company. The acquisition will give Worthington Steel approximately 52% ownership of Sitem Group, with the option to increase this stake in the future. The transaction is expected to close in early 2025, pending regulatory approvals and customary closing conditions.
Sitem Group, a leading producer of electric motor laminations and accessory products for automotive and industrial applications, operates six facilities across Europe. This strategic investment aligns with Worthington Steel’s goal to expand its electrical steel lamination business and enhance its presence in the European market, particularly in the rapidly growing electric vehicle sector.