Worthington Industries Announces Commitment to Science-Based Target for GHG Emissions Reduction and Enhanced Strategic Focus on Solutions that Support Sustainability
March 23 2022 - 7:30AM
Worthington Industries, Inc. (NYSE: WOR) today announced plans to
set greenhouse gas (GHG) emissions reduction targets that are
aligned with a 1.5 degree Celsius science-based target, setting a
pathway to net-zero emissions by 2050. The Company will apply to
the Science Based Targets initiative (SBTi) to attain formal
verification later this year. Worthington also announced that the
Company will strategically focus on products and services that
support reductions in GHG emissions including its automotive
lightweighting technologies, electrical steel laminations for
electric vehicles, transformers and wind turbines, gas containment
systems for the growing hydrogen ecosystem and connected products
that support reduced fuel consumption.
“Worthington’s pledge to set emissions reduction targets aligned
with a 1.5 degree Celsius science-based target clearly demonstrates
our commitment to sustainability,” said Worthington Industries
President & CEO Andy Rose. “With Scope 3 emissions as our
greatest environmental impact, we understand that it will take all
of us working together to achieve our goals and enable a
sustainable future for all.” Rose added, “Worthington today has
many products and solutions that enable emissions reductions, and
we intend to increase our focus on these products to capitalize on
the growth opportunity in those businesses.”
Worthington is in the process of conducting an environmental,
social and governance (ESG) materiality assessment and assessments
of Scopes 1, 2 and 3 calculations that will be used as a basis for
emissions reduction targets and to identify priorities for future
action. After assessments are complete, Worthington will begin the
target setting process and develop a roadmap for emission
reductions.
About Science Based Targets initiativeThe
Science Based Targets initiative (SBTi) is a global body enabling
businesses to set ambitious emissions reduction targets in line
with the latest climate science. It is focused on accelerating
companies across the world to halve emissions before 2030 and
achieve net-zero emissions before 2050. The initiative is a
collaboration between CDP, the United Nations Global Compact, World
Resources Institute and the World Wide Fund for Nature and is one
of the We Mean Business Coalition commitments. The SBTi defines and
promotes best practices in science-based target setting, offers
resources and guidance to reduce barriers to adoption, and
independently assesses and approves companies’ targets. More
information is available at www.sciencebasedtargets.org
About Worthington IndustriesWorthington
Industries (NYSE:WOR) is a leading industrial manufacturing company
pursuing its vision to be the transformative partner to its
customers, a positive force for its communities and earn
exceptional returns for its shareholders. For over six decades, the
Company has been delivering innovative solutions to customers
spanning industries such as automotive, energy, retail and
construction. Worthington is North America’s premier value-added
steel processor and producer of laser welded solutions and
electrical steel laminations that provide lightweighting, safety
critical and emission reducing components to the mobility market.
Through on-board fueling systems and gas containment solutions,
Worthington serves the growing global hydrogen ecosystem. The
Company’s focus on innovation and manufacturing expertise extends
to market-leading consumer products in tools, outdoor living and
celebrations categories, sold under brand names, Coleman®,
Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®,
Garden-Weasel®, Pactool International® and Hawkeye™; as well as
market leading building products, including water systems, heating
& cooling solutions, architectural and acoustical grid ceilings
and metal framing and accessories.
Headquartered in Columbus, Ohio, Worthington
operates 58 facilities in 16 states and nine countries, sells into
over 90 countries and employs approximately 9,500 people. Founded
in 1955, the Company follows a people-first philosophy with earning
money for its shareholders as its first corporate goal.
Relentlessly finding new ways to drive progress and transform,
Worthington is committed to providing better solutions for
customers and bettering the communities where it operates by
reducing waste, supporting community-based non-profits and
developing the next generations of makers.
Safe Harbor StatementWorthington Industries
wishes to take advantage of the Safe Harbor provisions included in
the Private Securities Litigation Reform Act of 1995 (the “Act”).
Statements by Worthington Industries which are not historical
information constitute "forward looking statements" within the
meaning of the Act. All forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ
from those projected. Factors that could cause actual results to
differ materially include risks, uncertainties and impacts
described from time to time in Worthington Industries’ filings with
the Securities and Exchange Commission, including those related to
COVID-19 and the various actions taken in connection therewith,
which could also heighten other risks.
SONYA L. HIGGINBOTHAMVP, CORPORATE
COMMUNICATIONS AND BRAND
MANAGEMENT614.438.7391 | sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
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