Worthington Industries SWOT and PESTLE Analysis
ID : 52906853| Feb 2023| 12 pages
COMPANY PROFILE -Worthington Industries Inc.
Business Sector :Metal Processing
Operating Geography :United States, North America, Global
About Worthington Industries Inc. :
Worthington Industries, Inc. is a global and diversified metals manufacturing company headquartered in Columbus, Ohio. It operates in steel processing, manufacturing of pressure cylinders, and operator cabs for heavy mobile equipment. The company also manufactures complete ceiling grid solutions, through a joint venture. Its products mainly include pressure vessels, such as propane, oxygen and helium tanks, hand torches, refrigerant and camping cylinders along with exploration, recovery and production products for global energy markets. It also manufactures water system tanks for storage, treatment, heating, expansion and flow control, and compressed natural gas storage cylinders. The company produces framing systems for mid-rise buildings and steel pallets and racks for shipping. The company was founded by John H. McConnell who was a steel salesman, in the year 1955, as he saw an opportunity for custom-processed steel and found the company by borrowing money against his 1952 Oldsmobile for buying his first load of steel. In the first year of his business, McConnell grossed $342,000 while his profit was $11,000. The company has facilities located in 57 locations. Worthington Industries has earned many prestigious awards, some of the awards earned by them in the year 2019-2020 are The Austin Great Place to Work, conferred by the Great Place to Work Institute and it was also recognised as the Top Columbus, Ohio Workplace by Columbus CEO magazine along with being named a Military Friendly Employer by VIQTORY.Worthington Industries' Unique Selling Proposition or USP lies in being the largest independent processor of flat-rolled steel in the United States and the only manufacturer of disposable 1lb propane cylinders in North America. Worthington Industries mission statement reads "We are dedicated to the belief that people are our most important asset. We believe people respond to recognition, opportunity to grow and fair compensation. We believe that compensation should be directly related to job performance and therefore use incentives, profit sharing or otherwise, in every possible situation. While their Golden Rule states "We treat our customers, employees, investors and suppliers, as we would like to be treated."
Worthington Industries Inc. Revenue :
$ 3.059 billion – FY ended May 31st 2020 (Growth -18.62%)
$ 3.759 billion – FY ended May 31st 2019 (Growth 4.70%)
$ 3.581 billion – FY ended May 31st 2018
Competitive Analysis of Worthington Industries Inc.
SWOT
PESTLE
The SWOT analysis for Worthington Industries, Inc. is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
| 1. Strong growth model is the key to successful goal achievement. 2. Global operational presence serving various industries. 3. Excellent operational delivery from joint ventures contributing in revenue increase. 4. Largest steel processor and fabricator in domestic market 5. Delivering services across US through exceptional supply chain management 6. Successful acquisition and JV portfolio built with trusted partners | 1. Risk of cyber-attacks is increasing with metal industries getting ransomwares. |
| Opportunities | Threats |
| 1. Listing products online on different e-commerce platforms will help acquiring e-tenders; increased sales and new markets 2. Increasing demand of carbon free metal products can be utilized to increasing market share. 3. Technology, analytics and automation to be growth enablers | 1. Economic slowdown followed by pandemic is posing a threat to business. 2. Steel substitute is leading to change in market demand of steel products from various industries. 3. Metal processing and fabrication industry is being impacted due to volatile fossil fuel price. |
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Detailed SWOT Analysis of Worthington Industries Inc.
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Listing products online on different e-commerce platforms will help acquiring e-tenders; increased sales and new markets: Selling or purchasing products over the internet can be referred as e-commerce or internet commerce and it helps to increase business to business sales and negotiating power through online tendering quotations. It will also help discover new market and customers and boost sales through e-commerce for steel industries like Worthington. This is becoming a very important tool for many industries and companies. It becomes easier for the firm to compete and for the customers to acquire products online. E-Commerce in steel industry is growing rapidly and China and Russia have adapted to this change and has started serving European buyers. China has witnessed 41.97% rise in steel e-commerce from ¥81 billion in 2018 to ¥115 billion in 2019. It can be a game changing initiative as e-commerce central system with ERP will help managing large orders and inventories.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
1. Economic slowdown followed by pandemic is posing a threat to business:American metal industry is facing a 25% decline in sales till May 2020. Due to halt in operations and negligible sales, there has been crunch in liquidity which is also leading to lay-off in manpower. World economy has been sleep walking in 2019. Misbalance in demand and supply, trade war and increasing operating costs has been some of the issues globally. Public debt and private debts have recorded historical heights. Following economic slowdown, pandemic has led to a global lockdown. This has resulted in slowdown in various industrial sectors like automobile manufacturing which ultimately impacts steel and metal industry. Similarly, other sectors like real estate, metal fabrication etc. are impacted. Rating by Moody’s has given a negative outlook for automobile industry in the foreseeable future.
The remaining section under "Threat" is available only in the 'Complete Report' on purchase.
Major Competitors :
- Nucor
- U.S. Steel Corporation
- Outokumpu
- Ak Steel
- Steel Dynamics, Inc.
Major Brands :
- Benzomatic
- Coleman
- Worthington
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SWOT & PESTLE (combined)
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USD 27
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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References used in Worthington Industries Inc. SWOT & PESTLE Analysis Report
1. Investor Day presentation - https://s24.q4cdn.com/947644764/files/presentations/Investor-Day-FINAL-(11-13-19)-WEBPAGE.pdf
2. 2019 Annual Report - https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_WOR_2019.PDF
3. Supply Chain Solutions - https://worthingtonindustries.com/WI_Media/Products/Steel/static/collateral/Line-Card-Supply-Chain.pdf
4. Global steel sector faces uncertain road to recovery in wake of pandemic - https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/global-steel-sector-faces-uncertain-road-to-recovery-in-wake-of-pandemic-58611532
5. U.S manufacturing industry is in a recession now - https://www.latimes.com/politics/story/2019-10-09/despite-trump-vow-manufacturing-in-recession
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Worthington Industries, Inc. SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.
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Worthington Industries SWOT and PESTLE Analysis
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