Worthington Steel swung to a loss in the first quarter but said revenue more than tripled, driven by its acquisition of a majority stake in Kloeckner.

The Columbus, Ohio-based steel processor on Tuesday reported a loss of $10 million, or 20 cents a share, for the quarter ended Aug. 31. That compares with a profit of $36.8 million, or 73 cents a share, a year earlier. The recent quarter's results include a $3 million loss from discontinued operations.

Stripping out certain one-time items, the company reported adjusted earnings of 57 cents a share.

Sales rose to $2.73 billion from $872.9 million a year prior. Kloeckner, in which Worthington Steel now holds a roughly 62% stake, added $1.77 billion to that total. Excluding the impact of Kloeckner, sales were up around 9% year-over-year, driven by higher volumes and selling prices.

"The addition of Kloeckner significantly expands our capabilities and positions us as a more diversified metals processing and manufacturing company," Chief Executive Officer Geoff Gilmore said. "At the same time, our core Worthington Steel business delivered solid operating performance, driven by higher direct volumes and improved pricing."