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 · 4 disclosed concentrations
HIGH1
MEDIUM3
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.'”
MEDIUMOutside partyCustomer
Detroit Three automakers
“10-K Item 1A: 'a significant portion of our automotive sales are to the Detroit Three automakers and their suppliers'”
MEDIUMOutside partySupplier
zinc suppliers
“10-K Item 1: 'For certain raw materials, such as, zinc, there are limited suppliers and our purchases are generally at market prices.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-02Worthington Steel's concentration risk is dominated by a single structural fact: automotive-related customers account for approximately 52% of net sales, a high-share exposure that ties more than half the business to one end market's cyclicality. Within that automotive base, the top three customers alone represented approximately 33% of total net sales in fiscal 2025 — a medium-share dependency — and the company discloses that a significant portion of automotive sales flow to the Detroit Three automakers and their suppliers, layering counterparty concentration on top of the sector concentration. On the supply side, zinc suppliers are limited, with purchases generally made at market prices — another medium-share dependency, this one on the input-cost side rather than the revenue side. Together these exposures compound rather than offset: the 52% automotive weighting is a macro-cyclical, structural feature of the business, while the 33% top-three-customer share and the Detroit Three automakers relationship add counterparty-specific risk on top of that cyclicality, and the zinc supplier dependency adds a cost-side lever that could pressure margins independent of demand. None of these risks is isolated or easily diversified away — they reinforce one another, making automotive-cycle sensitivity the single most important variable for the investment thesis.
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 |
|---|---|---|---|---|---|
| WS● | Worthington Steel, Inc. | 1 | 3 | 0 | 4 |
| NWPX | NWPX Infrastructure, 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.