2012 Third Quarter Investor Overview

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Company Overview• Market-leading metals manufacturing company focused on

value-added steel processing and manufactured metal products

• STEEL PROCESSING: Domestic leader in flat rolled steel processing

• PRESSURE CYLINDERS: Leading global manufacturer of pressure cylinders for retail, industrial and alternative fuels markets

• ENGINEERED CABS: Market-leader in custom-engineered operator cabs for heavy mobile equipment

• JOINT VENTURES: Market-leading joint ventures serving construction and automotive end-markets

• Long operating history: founded in 1955, publicly traded since 1968

• 79 facilities in 12 countries with more than 9,500 employees• Primarily non-union facilities

• Employee, customer, supplier and investor-centered philosophy

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HIGHLIGHTS

WHO WE ARE

OVERVIEW

Key Investment Highlights

Leading market positions in each of our key businesses

Strong management team with broad industry experience

Centers of Excellence measuring and driving continuous improvement in operations, commercial and supply chain

Major purchaser of steel in the U.S.

Long history of positive free cash flow, including most recent global recession

Strong liquidity and conservative financial strategy

Attractive dividend yield

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End-markets: Serving over 5,000 customers globally

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Sales Overview

END-MARKETS NET SALES COMPONENTS SEGMENTS NET SALES COMPONENTS

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9M FY 2012 net sales: $1,779 million

Construction11%

Automotive34%

Industrial Gas9%

Agriculture7%Other

21%

Leisure/Recreation

12%

HVAC6%

Steel Processing

65%

Pressure Cylinders

30%

Other3%

Engineered Cabs2%

Consolidated Results

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FY2010 FY2011 9M FY2011 9M FY2012

Sales 1,943$ 2,443$ 1,767$ 1,779$

Adj. EBITDA* 186 250 156 156 % of sales 9.6% 10.2% 8.8% 8.8%

EPS* 0.87$ 1.51$ 0.85$ 0.98$

Avg Invested Capital 926$ 1,060$ 1,063$ 1,207$

ROIC (Adj. EBIT/Avg. Inv. Cap.) 13.1% 17.8% 13.6% 12.7%

* EBITDA and EPS exclude restructuring charges of $40 million or $0.29 per share in FY2010, restructuring gains of $3 million or $0.01 per share in FY2011, and restructuring charges of $6 million or $0.06 per share in the first half of FY2012.

($ millions, except EPS)

Company Overview

Worthington has a strong balance sheet and an investment grade credit rating of BBB/Baa3. Stable outlook by S&P and Moody’s.

74/17/201

February 29, 2012

Total debt $539

Total equity 738

Total capitalization $1,277

Automotive Industry Dynamics

• Worthington's Steel Processing segment generates approximately half of its net sales from the automotive sector

• Exposure to Detroit Three as well as "New Domestics”(1)

• Increased auto sales and further re-stocking of the automotive supply chain could provide further growth opportunities

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NORTH AMERICAN LIGHT VEHICLE PRODUCTION FORECAST

8.7

14.4

13.1

12.1

CY2009 CY2010 CY2011 CY2012E

(vehicles produced in millions)

617716703 682645

774

590607

3.13.32.93.23.03.1

Q4FY2010

Q1FY2011

Q2FY2011

Q3FY2011

Q4FY2011

Q1FY2012

Q2FY2012

Q3FY2012

Worthington Steel Processing volume North American light vehicle productio

3.5 3.5

Source: Company filings and WI Auto Production Report.(1) “New Domestics” denote foreign automotive original equipment

manufacturers with domestic production.

Source: IHS Global

WORTHINGTON STEEL PROCESSING VOLUME AND AUTOMOTIVE PRODUCTION

(tons shipped in thousands; vehicles produced in millions)

Steel Pricing

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CRU Spot Pricing ($/Ton)

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F

Hot-Rolled Sheet

Cold-Rolled Sheet

HD Galvanized

FY 2009 FY 2010 FY 2011 FY 2012

Strategy

BUSINESS STRATEGY

Leverage our core competency as a diversified metals manufacturing company.

• Develop and maintain 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

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OUR STRATEGY HAS THREE TACTICAL COMPONENTS

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Strategy

STABILIZERight-size Business to Match Demand• Rationalize the footprint

• Eliminate non-core operations

Reduce costs

Transform the Business• Operational efficiency

• Commercial excellence

• Inventory Management

Organic• Market share

• New markets

Acquisition• Product extension

• New lines of business

OPTIMIZE GROW

Increase margins

Increase EPS

Worthington Centers of ExcellenceOUR BUSINESS MODEL

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Company-wide initiative to increase sustainable earnings potential, asset utilization and operational performance; launched in FY2008

PRIMARY WORKSTREAMS

• Operations – Lean manufacturing

• Commercial – Margin & sales momentum

• Supply Chain – Sourcing, working capital management & service levels

• High Performance Culture – Measure performance at all levels, align incentives, talent management

KEY ACCOMPLISHMENTS

• Overall Equipment Effectiveness (OEE) increases

• Reduction in changeover times

• Scrap management gains

• On-time delivery improvement

• Key account management discipline

• Improved commercial practices

• Consolidated sourcing & supply chain management

• Steel Processing – Implementation complete at all facilities

• Cylinders launched in July 2011

Fiscal 2010 - 2012 Highlights

FISCAL 2010

• Acquired the steel processing assets of Gibraltar Industries, Inc.

FISCAL 2011

• Repurchased 7,954,698 of common shares throughout fiscal year. Total purchase price was $132.6 million with an average price of $16.68 per share

• Acquired Hy-Mark Cylinders

• Formed 25/75 metal framing joint venture with Dietrich & ClarkWestern Building Systems

• 50/50 joint venture with Worthington’s automotive body panels segment, Gerstenslager, and International Tooling Solutions to form ArtiFlex Manufacturing, LLC

FISCAL 2012

• July: Worthington Cylinders acquired BernzOmatic hand torch brands

• September: Worthington Cylinders acquired STAKO, expanding its alternative fuel product offering

• December : Worthington acquired the propane fuel cylinders business of The Coleman Company

• January: Acquired Angus Industries for $180 million, adding a third business segment, Engineered Cabs, to the Company’s portfolio

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Steel ProcessingOVERVIEW

• Net sales: $1,405 million in FY2011; $1,149 million for 9M FY2012 (representing 65% of consolidated net sales)

• One of the largest processors of flat-rolled steel with facilities serving Midwest, Northeast and Southeast

• Geographic footprint and distribution network in Mexico

• High quality; flexible cost structure

• Top 5 purchaser of steel in the U.S.

• Diverse end-markets with broad value added capabilities

• U.S. leader in cold-rolled carbon strip market

• In-house metallurgical team assisting customers on-site

OPPORTUNITIES

• Well positioned for return of automotive and construction volume

• Growth in energy, agriculture and infrastructure end-markets

• Expansion into new geographical markets

• Capitalize on continued growth of outsourcing and JIT

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Steel Processing

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FY2010 FY2011 9M FY2011 9M FY2012

Sales 989$ 1,405$ 974$ 1,149$

Capital Expenditures 6$ 6$ 5$ 8$

Adj. EBITDA* 71$ 96$ 53$ 52$ % of sales* 7.2% 6.8% 5.5% 4.5%

Avg Invested Capital 412$ 516$ 505$ 538$

ROIC (Adj. EBIT/Avg. Inv. Cap.) 12.4% 15.0% 10.3% 9.7%

Volume (000s tons) 2,055 2,589 1,815 2,101 EBITDA adjusted for noncontrolling interest

Pressure CylindersOVERVIEW

• Net sales: $592 million in FY2011; $533 million for 9M FY2012 (representing 30% of consolidated net sales)

• Leading global manufacturer of pressure cylinders, with broad product line serving over 70 countries

OPPORTUNITIES

• Centers of Excellence Transformation launched in Oct. 2011 driving improved operational, commercial & supply chain efficiency

• Organic growth and market share gains

• Continued focus on automation & reducing production costs

• Acquisitions into new products & markets

• International growth

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PRODUCT APPLICATION

• Industrial Gas: heating, cooking, forklifts, refrigerant, healthcare, scuba, beverage, welding, paintball, aviation, fire suppression, water storage, braking systems

• Retail Products: gas grill, camping, hand torch and helium kits

• Alternative Fuel: Type I – III cylinders for CNG & LPG fuel for cars, trucks & buses, Type IV in development

Pressure Cylinders: Recent AcquisitionsPIPER METAL FORMING (MISSISSIPPI) JUNE 2009 & HY-MARK CYLINDERS (ASSETS MOVED TO MISS.) JUNE 2010Aluminum high pressure cylinders for specialized markets

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NITIN CYLINDERS LIMITED-60% INTEREST (VISAKHAPATNAM, INDIA) DECEMBER 2010 & STAKO (SLUPSKO, POLAND) SEPTEMBER 2011Steel high pressure & composite cylinders in high growth industries

BERNZOMATIC (NY & NC) JUNE 2011Hand torches & solder accessoriesSTRUCTURAL COMPOSITE INDUSTRIES

(CALIFORNIA) SEPTEMBER 2009Lightweight composite cylinders in high growth industries

COLEMAN (KANSAS) DECEMBER 2011Camping gas cylinders

Pressure Cylinders

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($ millions)

FY2010 FY2011 9M FY2011 9M FY2012Sales 468$ 592$ 408$ 533$

Capital Expenditures 19$ 10$ 6$ 6$

Adj. EBITDA* 43$ 63$ 41$ 38$ % of sales* 9.3% 10.7% 9.9% 7.1%

Avg Invested Capital 270$ 302$ 293$ 422$

ROIC (Adj. EBIT/Avg. Inv. Cap.) 11.2% 16.2% 13.6% 7.4%

Volume (000s units) 55,436 59,037 42,570 45,874 EBITDA adjusted for one-time $9.3mm recall costs

Engineered CabsOVERVIEW

• #1 market-leader designing and manufacturing high quality custom-engineered open and enclosed cabs, and operator stations for a wide range of heavy mobile equipment

• Long-standing partnerships with leading blue-chip customers

• Value-added engineering and manufacturing based revenue model

• Highly customized and OSHA regulated product line

• Founded in 1969 with 1,250 employees in South Dakota, Iowa, Tennessee and South Carolina

• Attractive end markets increasing exposure to Construction, Agriculture and Mining industries

• $180MM purchase price (<6.0x LTM EBITDA)

• $200+ million revenue and expected to beaccretive to earnings in first year

OPPORTUNITIES

• Investing in domestic capacity to meet growing demand for agriculture, mining and construction equipment

• Targeted expansion into international markets to support customer growth

• Accelerating product development to further integrate Angus in its customers’ supply chain

• Implementing Centers of Excellence to optimize business performance in operations, commercial & supply chain

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Engineered Cabs

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2M FY2012Sales 40$

Capital Expenditures 1$

Adj. EBITDA* (0)$ % of sales* -0.1%

Avg Invested Capital 175$

($ millions)

Global Group

Worthington Global Construction Group is focused on emerging economies where development fits with mid-rise framing model

• Formed joint venture in China to manufacture light gauge steel framing products and design, engineer and supply light gauge steel-framed mid-rise residential buildings in five Central Chinese provinces.

• Built 27 dormitories in 9 months in Mozambique, Africa for the 2011 All-African Games. Named “Project of the Year” by South African Institute of Steel Construction

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Joint Ventures

Worthington’s joint ventures are significant contributors.

• $1,258 million unconsolidated sales (WOR share: $509 million)

• $152 million net income (WOR share: $69 million)

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(Nine months ended February 2012)

Joint Ventures

WAVE – JV with Armstrong is strongest contributor

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FY2010 FY2011 9M FY2011 9M FY2012Sales 320$ 347$ 253$ 275$

EBITDA 115$ 121$ 86$ 99$ % of sales 36.1% 34.8% 34.1% 36.1%

Dividends received 52$ 52$ 40$ 98$

Net debt 115$ 107$ 108$ 182$

WAVE

Worthington Armstrong Venture (WAVE) is the worldwide leader in suspension grid systems for concealed and lay-in panel ceilings.

• Products marketed through Armstrong brand

• Significant portion of sales to refurbish market

• Success through product innovation

• Continued growth through market share gains and new product introductions

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DC FLEXZONE CEILINGS• Low voltage (DC) grid ceilings

• Green building council signature project (solar)

• Open architecture product alliance

• www.emergealliance.org

ClarkDietrich Building Systems Joint Venture

Combined a struggling core business segment with top competitor to better position for economic recovery

• 25% ownership

• Industry leader of light gauge steel framing products

• Full-line of drywall studs & accessories, structural studs & joists, metal lath and accessories; shaft wall studs; track used in residential & commercial construction

• 13 facilities in California (two), Connecticut, Florida (two), Georgia, Hawaii, Illinois, Kansas, Maryland, Ohio (two) and Texas (two)

• 9M FY 2012 unconsolidated sales = $428 million

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Strong Automotive Joint Ventures

Serviacero Worthington JV (2007) Central Mexico-based steel processor

• Processing services include slitting, cutting-to-length, shearing and multi-blanking in Leon, Monterrey and Queretaro, Mexico

• 9M FY2012 unconsolidated sales = $171 million

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TWB Company (1990) JV with ThyssenKrupp, North America’s premier supplier of laser welded blanks

• Allows automakers to make lighter, stronger, less expensive raw material cost for vehicles

• Solar panels – a new market entry

• 5 facilities including 3 locations in Mexico

• 9M FY2012 Sales = $225 million

ArtiFlex Manufacturing (2011) JV with International Tooling Solutions

• Integrated solution for engineering, tooling, stamping and assembly for automotive, filling niche in new Ultra Low Volume Die and Assembly (ULVD/A)

• Five facilities in Kentucky, Michigan and Ohio

• 9M FY2012 Sales = $2 million

Key Investment Highlights

• Centers of Excellence driving continuous improvement through operational efficiencies, commercial profitability and supply chain management.

• Organic growth and market share gains in a slow but improving economic environment driving revenue growth and operating leverage.

• High return acquisitions are increasing margins, diversifying end markets and accelerating growth.

• Efficient capital allocation strategy that includes acquisitions, share repurchases and a recent dividend increase.

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CONTACTS:Cathy M. LyttleVice President,

Corporate Communications & Investor Relations

614.438.3077

Cathy.lyttle@worthingtonindustries.com

Andy RoseVice President & Chief Financial Officer

614.840.4146

Andy.rose@worthingtonindustries.com

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Safe Harbor StatementSome of Worthington Industries statements will be forward-looking 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.