HIGHBuilt-inCustomer
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: 'our top three customers represented approximately 33.0% of total net sales'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by a high-share structural tilt toward a single end-market, compounded by a moderate customer dependency that compounds rather than diversifies the same exposure. Approximately 52% of net sales are to automotive-related customers — a large, high-share structural concentration by disclosed size. The character is structural: the business is built around serving the automotive supply chain, and that focus drives both the product and customer mix. Automotive exposure means results move with vehicle production volumes, model mix, and the broader health of the OEM and Tier-1 ecosystem. Layered on top, the top three customers represented approximately 33% of total net sales — a moderate, medium-share dependency by disclosed size. Because the largest customer relationships are almost certainly within the automotive sector, the customer and product concentrations point in the same direction: a production slowdown, a major OEM restructuring, or a program loss at a key customer would simultaneously compress both the dominant end-market and the most significant customer relationships. The two exposures are reinforcing rather than offsetting, which means the effective concentration in automotive-linked revenues is higher than either metric alone implies. The key monitoring variables are automotive build rates, EV transition dynamics affecting demand for the company's specific product types, and the financial health of the major OEM and supplier customers in the portfolio.
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 | 1 | 0 | 2 |
| CLF | Cleveland-Cliffs Inc. | 0 | 1 | 0 | 1 |
| NUE | Nucor Corporation | 0 | 0 | 0 | 0 |
| RS | Reliance, Inc. | 0 | 0 | 0 | 0 |
| STLD | Steel Dynamics, 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.