Worthington Industries Inc. /zigman2/quotes/206283870/composite WOR +0.45% said Thursday its board approved a plan to separate the company's steel processing business into a new public company, through a distribution of stock in the business. The Columbus, Ohio-based industrial company said the steel processing separation is expected to be tax-free to shareholders when it takes place as expected in early 2024. Worthington's core business will focus on consumer products, building products and sustainable energy solutions. The units generated $1.3 billion in revenue in 2022. Its steel processing business generated $3.9 billion in sales in fiscal 2022. Worthington's Chief Operating Officer Geoff Gilmore will be CEO of Worthington Steel, to be based in Columbus, Ohio. New Worthington will continue to be led by Andy Rose. Shares of Worthington are down 10.2% in 2022, compared to a 22% loss by the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.80% .