Ryerson Holding Corporation Stockholders and Olympic Steel, Inc. Shareholders Approve Proposals Related to Pending Transaction
Rhea-AI Summary
Ryerson Holding Corporation (NYSE: RYI) and Olympic Steel (NASDAQ: ZEUS) announced that their shareholders approved the merger and related issuance of Ryerson stock.
The merger is expected to close on February 13, 2026, subject to customary closing conditions. Olympic Steel shares will cease trading on February 13, 2026 and will no longer be listed on NASDAQ following the closing. Under the merger agreement, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each Olympic Steel share.
Positive
- Shareholders of both companies approved the merger
- Merger expected to close on February 13, 2026
- Olympic Steel shareholders to receive 1.7105 RYI shares per share
Negative
- Olympic Steel shares will cease trading on February 13, 2026
- Olympic Steel will be delisted from NASDAQ after closing
- Ryerson to issue additional common stock under the merger agreement
News Market Reaction – RYI
On the day this news was published, RYI declined 6.02%, reflecting a notable negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $55M from the company's valuation, bringing the market cap to $864M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
RYI gained 4.87% while peers were mixed: IIIN -0.35%, PRLB -0.10%, TG -1.20%, versus CMPO +1.82% and MEC +0.70%. This points to a stock-specific move tied to the merger approvals rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Earnings call notice | Neutral | +2.5% | Announcement of Q4 and full-year 2025 earnings call schedule. |
| Oct 28 | Merger agreement | Positive | +3.1% | Definitive merger agreement with Olympic Steel and synergy outlook. |
| Oct 28 | Q3 2025 earnings | Neutral | +3.1% | Q3 2025 results, dividend declaration, and merger announcement detail. |
| Oct 01 | Earnings call notice | Neutral | +1.2% | Scheduling of Q3 2025 earnings conference call and webcast. |
| Aug 13 | Board appointment | Neutral | +3.9% | Navan board appointment; RYI stock showed a positive reaction nonetheless. |
Recent news catalysts, including merger announcements and earnings-related updates, have generally been followed by positive price reactions, suggesting the market has rewarded corporate communication and strategic moves.
Over the past six months, Ryerson has frequently updated investors on earnings and its combination with Olympic Steel. The October 2025 merger announcement and Q3 2025 results both saw the stock rise about 3.1%. Conference-call scheduling headlines in August and January 2026 also coincided with gains between roughly 1% and 2.5%. Today’s approval of the share issuance and merger closing parameters fits into this ongoing integration narrative, following the detailed prospectus and S-4/A filings outlining the transaction structure.
Market Pulse Summary
The stock moved -6.0% in the session following this news. A negative reaction despite the approvals would fit a scenario where investors reassessed dilution mechanics or integration risks already detailed in earlier filings. The company recently reported weaker-than-expected Q4 2025 profitability, including a net loss of $37.9 million and gross margin of 15.3%, which could weigh on sentiment. In that context, even a long-telegraphed merger closing might prompt concern over near-term earnings pressure as the combined entity transitions.
AI-generated analysis. Not financial advice.
Under the terms of the merger agreement, upon the closing of the transaction, Olympic Steel will merge with Ryerson on the terms set forth in the merger agreement and Olympic Steel shareholders will be entitled to receive 1.7105 shares of Ryerson common stock per share of Olympic Steel common stock.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in
About Olympic Steel
Founded in 1954, Olympic Steel (Nasdaq: ZEUS) is a leading
FORWARD-LOOKING STATEMENTS
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Ryerson's and Olympic Steel's current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the proposed transaction involving Ryerson and Olympic Steel, including future financial and operating results, expected synergies, Ryerson's and Olympic Steel's plans, objectives, expectations, and intentions, the expected timing and likelihood of completion of the proposed transaction, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates, and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the risk that an event, change or other circumstance could give rise to the termination of the proposed transaction; the risk that a condition to the consummation of the proposed transaction may not be satisfied; the risk of delays in completing the proposed transaction, including as related to any government shutdown; the risk that the businesses will not be integrated successfully or will be more costly or difficult than expected; the risk that the cost savings and any other synergies from the proposed transaction may not be fully realized or may take longer to realize than expected, or that the proposed transaction may be less accretive than expected; the risk that the merger will not provide shareholders with increased earnings potential; the risk that any announcement relating to the proposed transaction could have adverse effects on the market price of Ryerson's or Olympic Steel's common stock; the risk of litigation related to the proposed transaction; the risk that increases to earnings, margins, and cash flows may not be as large as expected or may not occur at all; Ryerson and Olympic Steel may not be able to increase commercial growth, cross-sell, expand geographically, and scale the combined business as expected; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the proposed transaction; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; each company's ability to remain competitive and maintain market share in the highly competitive and fragmented metals distribution industry; managing the costs of purchased metals relative to the price at which each company sells its products during periods of rapid price escalation or deflation; customer, supplier, and competitor consolidation, bankruptcy, or insolvency; the impairment of goodwill that could result from, among other things, volatility in the markets in which each company operates; the impact of geopolitical events; future funding for postretirement employee benefits may require substantial payments from current cash flow; the regulatory and other operational risks associated with our operations located outside of
Forward-looking statements are based on the estimates and opinions of management as of the date of this communication; subsequent events and developments may cause their assessments to change. Neither Ryerson nor Olympic Steel undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law and they specifically disclaim any obligation to do so. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
IMPORTANT ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
In connection with the merger, Ryerson and Olympic Steel have filed a joint proxy statement with the SEC on January 14, 2026, and Ryerson has filed with the SEC the Registration Statement on Form S-4 on December 5, 2025 (File No. 333-291983) that includes the joint proxy statement of Ryerson and Olympic Steel and a prospectus of Ryerson. Each of Ryerson and Olympic Steel may also file other relevant documents with the SEC regarding the merger. This document is not a substitute for the Joint Proxy Statement/Prospectus or Registration Statement or any other document that Olympic Steel or Ryerson may file with the SEC. The definitive joint proxy statement/prospectus was mailed to stockholders of Ryerson and the shareholders of Olympic Steel on or about January 14, 2026. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT RYERSON, OLYMPIC STEEL, AND THE MERGER.
Investors and security holders are able to obtain free copies of the Registration Statement, Joint Proxy Statement/Prospectus and other documents containing important information about Ryerson, Olympic Steel and the merger through the website maintained by the SEC at http://www.sec.gov. Copies of the Registration Statement, Joint Proxy Statement/Prospectus and other documents filed with the SEC by Ryerson may be obtained free of charge by directing a request by mail to Ryerson's Corporate Secretary at Ryerson Holding Corporation, Attention: Secretary, 227 W. Monroe St., 27th Floor,
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SOURCE Ryerson Holding Corporation
FAQ
When will the Ryerson (RYI) and Olympic Steel (ZEUS) merger close?
What will Olympic Steel (ZEUS) shareholders receive in the Ryerson (RYI) deal?
Will Olympic Steel (ZEUS) continue trading after the merger with Ryerson (RYI)?
How does the merger affect Ryerson (RYI) stock issuance?
What are the remaining conditions before the Ryerson-Olympic Steel merger closes?
