COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — One of Central Ohio’s oldest public companies is becoming two.

Worthington Industries Inc. is splitting its operations into a pair of publicly traded businesses. Official names will be released before the separation, but for now the steel processing business has been dubbed Worthington Steel and the consumer products, building products and sustainable energy solutions business is going by New Worthington.

Both companies will remain headquartered in Columbus and are expected to include Worthington in their names. The split should be complete by early 2024.

“It’s clear we have two distinct businesses and they should be valued differently with their own platforms and capital structure,” CEO Andy Rose said during a Thursday morning call with analysts. “Both are big enough to be independent public companies.”

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