NYSE: WOR. Worthington Industries. ARITAS Overview

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1 NYSE: WOR Worthington Industries ARITAS Overview January 24, 2014

2 Worthington Industries Overview Market-leading metals manufacturing company with sales of $2.6 billion Domestic leader in flat rolled steel processing Q2 END-MARKETS NET SALES Leading global manufacturer of pressure cylinders for retail, industrial, natural gas fuel and energy markets Automotive Retail 11% 7% 7% Market-leader in custom-engineered operator cabs for heavy mobile equipment Market-leading joint ventures serving construction and automotive end-markets Construction Agriculture Industrial 10% 5% 2% 4% 16% Founded in 1955, publicly traded since 1968, quarterly dividend paid since going public 82 facilities in 12 countries with 10,500 employees Primarily non-union facilities Energy/Oil & Gas Alternative Fuels Heavy Truck Other 38% Employee, customer, supplier and investorcentered philosophy 2 2

3 Leveraging Our Core Competency as a Diversified Metals Manufacturer BUSINESS STRATEGY Establish and grow market leading businesses Measure and improve the profitability of existing businesses via Centers of Excellence Acquire high return, high value-added manufacturing businesses OPERATING GOALS Maintain a strong capital base with modest leverage and ample liquidity Increase margins, free cash flow and earnings consistency Excel at inventory management and customer satisfaction 3

4 Pressure Cylinders Overview Leading global supplier of pressure cylinders and related products for industrial, alternative fuel, energy, and consumer products markets. Headquartered in Columbus, Ohio 18 manufacturing facilities in 6 countries Supplier to approximately 4,000 customers in 70 countries Annual sales of approximately $860 million Segment Products Q2 END-MARKETS NET SALES Retail Alt Fuels Energy Industrial/Other 16% 8% 37% 39% 4 4

5 ARITAS Overview Aritas Basincli Kaplar Sanayi A.S. (ARITAS ( ARITAS) ) is a Turkish manufacturer of cryogenic tanks, valves, and vaporizers Products & services include: cryogenic LNG and industrial gas storage tanks, transports, ISO containers, vaporizers, valves, satellite regasification systems, maintenance and repair services, and LNG fuel tanks for marine applications ARITAS manufactures cryogenic tanks in varying capacities from 1,000 liters (~250 gallons) up to 500,000 liters (~130,000 gallons) Products used in liquefaction, transportation, storage and fueling of liquefied natural gas ARITAS was established in 1976 by the Eyyuboglu family. Prior owners will retain 25% stake ARITAS currently exports 65% of production to 30+ countries and is recognized as a leading cryogenics manufacturer in region The company s geographic location is ideally situated to export product worldwide Manufacturing Locations ARITAS Bandirma (Future mfg. site) ARITAS Istanbul (current mfg. site) The company is constructing a new facility in Bandirma in a phased approach that will ultimately provide a 2-3x 2 capacity increase with opportunity for future expansion and easy port access For the fiscal year ending December 31, 2013, the Company generated approximate sales of ~$40 million ARITAS operates a 270,000 square foot manufacturing facility in Istanbul with 300 non- union employees 5

6 ARITAS Investment Thesis ARITAS is a platform acquisition in cryogenics that will accelerate Worthington s entry into the market High growth potential Cryogenics market is $2 billion globally. LNG s rapid growth outpacing growth of overall cryogenics market Positions us to immediately seize industrial gas & LNG opportunities globally Vastly accelerate market entry and technology development Consistent with our strategy to enter the cryogenics space domestically & globally Value will be created by accelerating product launch in the U.S, growing the Euro zone business and eventually manufacturing product in the U.S. Accelerates cryogenic product development Can immediately begin shipping select products to the U.S. Respected brand and people ARITAS is a market leader with a blue chip customer base and a reputation for quality Offers high technology LNG products such as fuel tanks for ships This will help us quickly become a credible player in cryogenics Attractive Financial Returns $36.6 million purchase price; financed with cash and low cost revolver debt Approximately $40 million of revenue, double digit EBITDA margins Earnings accretive in second half of calendar 2014 $2 million of cost reduction opportunities 6

7 ARITAS Product Overview Cryogenic bulk & microbulk for gas storage and regasification Cryogenic ISO containers for intermodal transport of LNG and industrial gas Cryogenic vaporizers for satellite systems Cryogenic transports for LNG and industrial gas shipment on land Cryogenic pumps¹ LNG marine tanks for fueling ships Cryogenic valves¹ ¹ Manufactured for internal use only

8 Key Investment Highlights Becoming A Growth Company Again High return acquisitions are increasing margins, while diversifying into higher growth end-markets Accelerating innovation and product development efforts to drive organic growth Centers of Excellence driving margin improvement through operational efficiencies, commercial strategies and supply chain management Efficient capital allocation strategy that includes acquisitions, share repurchases and a recent dividend increase Attractive growth opportunity across the CNG and LNG value chain in production/storage, transportation and alternative fuel 8 8

9 Contacts Cathy M. Lyttle Vice President, Corporate Communications & Investor Relations Safe Harbor Statement Some of Worthington Industries statements will be forwardlooking statements, which are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Worthington Industries recent SEC filings. Andy Rose Vice President & Chief Financial Officer