Worthington Steel Inc, trading as WS on the NYSE, reported QQ2 2024 results on a carve-out basis, reflecting the company’s emergence as a stand-alone steel processor with a focus on high-value, engineered steel products (notably electrical steel laminations for EV/motor applications). Revenue of $739.0 million yielded a gross profit of $80.0 million (gross margin ~10.8%), and an operating income of $18.9 million (operating margin ~2.56%). Net income stood at $12.8 million, with diluted EPS of $0.25-$0.26. Management highlighted a favorable swing in inventory holding losses ( pretax -$34.8 million vs -$53.1 million year-ago, a $18.3 million improvement) and meaningful margin progression versus the prior year, driven by higher gross profit despite SG&A pressures. The quarter was characterized by material strategic actions: (1) Nagold, Germany electrical steel lamination facility acquisition for ~$21 million, (2) Mexico and Canada electrical steel expansions, and (3) ramping up multi-market volumes to offset automotive disruptions, including the Detroit UAW strike. Cash flow remained robust, with operating cash flow of ~$139.9 million and free cash flow of ~$121.0 million for the quarter. On a trailing-12-month basis, free cash flow reached ~$261 million, underscoring strong liquidity and capital deployment capability. The company also completed a $550 million five-year revolver, supporting near-term liquidity and a planned $150 million cash dividend to Worthington Enterprises in conjunction with the separation. Management reiterated a long-term growth thesis anchored in organic expansion, strategic acquisitions, and the Worthington Transformation playbook (continuous improvement, efficiency, and higher-value product mix). While the QQ2 2024 quarterly results reflect a still-cyclical steel pricing environment, management stressed the anticipated reversal of inventory losses into gains in Q3 and beyond, with steel price recovery since October contributing to better profit capture going into 2H 2024 and 2025. The standalone platform presents multiple growth channels, including: EV/motor laminations, transformer laminations, and larger end-market opportunities in construction and energy transition projects. Investors should monitor steel-price dynamics, integration milestones for Nagold, Europe, and North American expansions, and the progression of automotive volumes in 2024–2025 as the primary drivers of earnings trajectory and cash generation.