MEDIUMOutside partyCustomer
34.5%
top three automotive customers
“10-K Item 1: 'our top three customers, each of whom is in the automotive industry, represented approximately 34.5% of total net sales'”
WS · Concentration risk · 10-K extracted
Worthington Steel (WS) concentration risks
Updated
The most significant concentration Worthington Steel discloses is top three automotive customers at 34.5%, classified MEDIUM 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.
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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 · 1 disclosed concentration
HIGH0
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).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Worthington Steel has a single disclosed concentration, and it combines customer and end-market risk. The company's top three customers, each of whom is in the automotive industry, represented approximately 34.5% of total net sales. This is a medium-share exposure with the character of a dependency: the revenue is tied to a small number of named-type counterparties, and all of them sit in the same industry. That shared industry link matters more than the percentage alone. Because the three accounts are all automotive, their purchasing behavior is correlated, so a downturn in vehicle production, a program change, or pricing pressure from automakers could affect all of them at once rather than offsetting one another. The exposure is therefore part idiosyncratic, through the individual relationships, and part structural, through the cyclicality of the automotive end market. The filing gives no breakdown of the individual customers, so the sizing rests on the combined figure. For an investor, the key questions are the durability of those supply relationships and the health of automotive demand, since both feed the same revenue base.
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 |
| CLF | Cleveland-Cliffs Inc. | 0 | 1 | 0 | 1 |
| WS● | Worthington Steel, 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.