HIGHOutside partyCustomer
52%
automotive-related customers
“10-K Item 1A: 'Approximately 52% of our net sales are to automotive-related customers.'”
WS · Concentration risk · 10-K extracted
Worthington Steel (WS) concentration risks
Updated
The most significant concentration Worthington Steel discloses is automotive-related customers at 52%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Worthington Steel’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
33%
top three customers
“10-K Item 1: 'During fiscal 2025, our top three customers represented approximately 33.0% of total net sales.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-23Worthington Steel's concentration risk is customer-driven and cyclical rather than diversified. Automotive-related customers account for approximately 52% of net sales, a high-share dependency that ties the business directly to auto production cycles, capex, and demand swings in that single end market. Within that broader customer base, the top three customers alone represented approximately 33.0% of total net sales in fiscal 2025, a medium-share dependency layered on top of the industry-level concentration. The two exposures reinforce one another: a large portion of Worthington Steel's automotive-linked revenue is itself concentrated among a small number of named counterparties, meaning a slowdown in auto production or the loss of even one of the top three relationships could move results more than a similarly sized company with a broader customer and end-market spread. Both figures are disclosed as counterparty- and industry-specific dependencies rather than structural features of the business model, which means Worthington Steel's near-term results are more sensitive to auto-sector demand and to a handful of customer relationships than to broader macro or geographic factors.
For the engine’s reasoning on WS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Steel
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| NWPX | NWPX Infrastructure, Inc. | 1 | 1 | 0 | 2 |
| WS● | Worthington Steel, Inc. | 1 | 1 | 0 | 2 |
| CLF | Cleveland-Cliffs Inc. | 0 | 1 | 0 | 1 |
| MTUS | Metallus Inc. | 0 | 0 | 1 | 1 |
| NUE | Nucor Corporation | 0 | 0 | 0 | 0 |
| RS | Reliance, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.