Ryerson Reports Fourth Quarter and Full-Year 2025 Results

Rhea-AI Summary

Ryerson (NYSE: RYI) reported Q4 2025 revenue of $1.10 billion, tons shipped of 461k, and Q4 adjusted EBITDA excluding LIFO of $20.4 million. The company completed a merger with Olympic Steel and expects $120 million annual run-rate synergies by early 2028.

Ryerson ended Q4 with total debt of $463.1 million, net debt of $436.2 million, extended and expanded its credit facility to $1.8 billion, and declared a Q1 2026 dividend of $0.1875 per share.

Positive

• Merger closed with Olympic Steel unlocking $120M annual run-rate synergies
• Credit facility expanded to $1.8B, extending maturity and liquidity
• Net debt reduced to $436M and leverage improved to 3.1x LTM Adj. EBITDA
• FY Adj. EBITDA excl. LIFO rose to $138.5M (+21.4% YoY)

Negative

• Net loss widened to $56.4M for full-year 2025 (diluted loss $1.76)
• Q4 gross margin compressed to 15.3%, down 190 bps QoQ
• LIFO expense reversed to $55.7M in 2025 versus $52.5M income in 2024

Key Figures

Q4 2025 Revenue: $1,104.8M FY 2025 Revenue: $4,571.3M Q4 2025 Net Loss: $(37.9)M +5 more

8 metrics

Q4 2025 Revenue $1,104.8M Fourth quarter 2025 revenue, up 9.7% year-over-year

FY 2025 Revenue $4,571.3M Full-year 2025 revenue, down 0.6% vs 2024

Q4 2025 Net Loss $(37.9)M Net loss attributable to Ryerson in Q4 2025

FY 2025 Net Loss $(56.4)M Full-year 2025 net loss attributable to Ryerson

Q4 Adj. EBITDA ex-LIFO $20.4M Adjusted EBITDA, excluding LIFO, for Q4 2025

FY Adj. EBITDA ex-LIFO $138.5M Adjusted EBITDA, excluding LIFO, for full-year 2025

Credit Facility Size $1.8B Revolving credit facility capacity after extension and expansion

Run-rate Synergies $120M Projected annual run-rate synergies from Olympic Steel merger by early 2028

Market Reality Check

Price: $23.90 Vol: Volume 862,775 vs 20-day ...

high vol

$23.90 Last Close

Volume Volume 862,775 vs 20-day average 518,754 (relative volume 1.66x). high

Technical Trading modestly above 200-day MA at 23.90 vs MA 23.33, about 22.6% below 52-week high.

Peers on Argus

RYI is down 0.72% while key peers listed (IIIN, PRLB, CMPO, MEC, TG) all show po...

1 Up 1 Down

RYI is down 0.72% while key peers listed (IIIN, PRLB, CMPO, MEC, TG) all show positive price changes today. Momentum scanner peers are split, with MTEN down and TPCS up, reinforcing a stock-specific move.

Historical Context

5 past events · Latest: Feb 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Merger closing	Positive	-6.7%	Closing of Olympic Steel all-stock merger and creation of larger combined company.
Feb 12	Shareholder approvals	Positive	-6.0%	Ryerson and Olympic shareholders approve merger terms and share exchange structure.
Jan 28	Earnings call notice	Neutral	+2.5%	Company schedules Q4 and full-year 2025 earnings release and conference call.
Oct 28	Merger announcement	Positive	+3.1%	Announcement of definitive merger agreement with Olympic Steel and synergy outlook.
Oct 28	Q3 2025 earnings	Neutral	+3.1%	Q3 2025 results in line with guidance with net loss and merger agreement details.

Pattern Detected

Recent merger-related headlines often triggered sizable moves, with two February merger milestones seeing negative reactions despite strategic positives, while earlier merger and earnings news in October saw modest gains.

Recent Company History

Over the last six months, Ryerson has moved from announcing the Olympic Steel merger on Oct 28, 2025 alongside Q3 2025 results, to securing shareholder approvals on Feb 12, 2026 and closing the merger on Feb 13, 2026. Earlier, that merger announcement and Q3 earnings coincided with ~3.1% gains, but the February approval and closing headlines saw declines of 6.02% and 6.66%. Today’s Q4/FY 2025 loss, margin compression, expanded credit facility, and updated guidance build directly on that M&A and capital structure storyline.

Market Pulse Summary

This announcement details Q4 and full-year 2025 performance, including revenue of $1.10B for the qua...

Analysis

This announcement details Q4 and full-year 2025 performance, including revenue of $1.10B for the quarter and a net loss of $(37.9M), alongside margin pressure. It also confirms completion of the Olympic Steel merger, targeting $120M in annual run-rate synergies by early 2028, and an expanded $1.8B credit facility. Investors may focus on whether guided Q1 2026 revenue and Adjusted EBITDA, excluding LIFO, of $63–$67M materialize and how leverage around 3.1x trends from here.

Key Terms

lifo, adjusted ebitda, revolving credit facility, net debt, +4 more

8 terms

lifo financial

"Gross margin, excl. LIFO (2) | | 17.3 %"

An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.

adjusted ebitda financial

"Ryerson generated Adjusted EBITDA, excluding LIFO of $20.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

revolving credit facility financial

"extended the maturity of its revolving credit facility and expanded its capacity"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

net debt financial

"Ended the fourth quarter with debt of $463 million and net debt1 of $436 million"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

leverage ratio financial

"Ryerson also reduced its leverage ratio from 3.9x for 2024 to 3.1x for 2025."

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

restricted stock units financial

"inducement restricted stock unit grants."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

form 10-k regulatory

"Ryerson will file its form 10-K for the year"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

cash conversion cycle financial

"Cash conversion cycle (days) | | 68.3"

A cash conversion cycle measures how many days it takes a company to turn money spent on goods into money received from customers — essentially the time between paying suppliers and collecting cash. Think of it as the gap between buying inventory and getting paid at the register; a shorter cycle means the business frees up cash faster, reducing borrowing needs and indicating more efficient operations, which matters to investors evaluating liquidity and financial health.

AI-generated analysis. Not financial advice.

Successfully completed merger with Olympic Steel, extended and expanded credit facility, and generated fourth quarter top line metrics within guidance range while exceeding cash flow and leverage targets for the quarter

CHICAGO, Feb. 19, 2026 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the fourth quarter and full year ended December 31, 2025.

Highlights: 

• Generated fourth quarter revenue of $1.10 billion, with tons shipped down 4.9% and average selling prices flat compared to the prior quarter, in-line with guidance expectations given normal seasonality patterns and contractionary industrial demand conditions
• Ended the fourth quarter with debt of $463 million and net debt¹ of $436 million, compared to $500 million and $470 million, respectively, as of the end of the third quarter
• Completed merger with Olympic Steel subsequent to quarter-end, increasing Ryerson's presence as North America's second-largest metals service center, enabling a further enhanced customer experience, and unlocking a projected $120 million in annual run-rate synergies to be realized over the next two years
• Also subsequent to quarter-end, the Company successfully extended the maturity of its credit facility and expanded its capacity from $1.3 billion to $1.8 billion, providing financial stability and flexibility for growth opportunities for the combined companies
• Declared a first quarter 2026 dividend of $0.1875 per share payable to shareholders of record as of March 5, 2026

 A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

$ in millions, except tons (in thousands), average selling prices, and earnings per share
Financial Highlights:		Q4 2025		Q3 2025		Q4 2024		QoQ		YoY		2025		2024		YoY
Revenue		$1,104.8		$1,161.5		$1,007.4		(4.9) %		9.7 %		$4,571.3		$4,598.7		(0.6) %
Tons shipped		461		485		447		(4.9) %		3.1 %		1,947		1,937		0.5 %
Average selling price/ton		$2,397		$2,395		$2,254		0.1 %		6.3 %		$2,348		$2,374		(1.1) %
Gross margin		15.3 %		17.2 %		19.0 %		-190 bps		-370 bps		17.1 %		18.1 %		-100 bps
Gross margin, excl. LIFO(2)		17.3 %		18.3 %		16.4 %		-100 bps		90 bps		18.3 %		17.0 %		130 bps
Warehousing, delivery, selling, general, and administrative expenses		$205.3		$200.4		$188.5		2.4 %		8.9 %		$809.6		$801.2		1.0 %
As a percentage of revenue		18.6 %		17.3 %		18.7 %		130 bps		-10 bps		17.7 %		17.4 %		30 bps
Net loss attributable to Ryerson Holding Corporation		$(37.9)		$(14.8)		$(4.3)		(156.1) %		781.4 %		$(56.4)		$(8.6)		555.8 %
Diluted loss per share		$(1.18)		$(0.46)		$(0.13)		$(0.72)		$(1.05)		$(1.76)		$(0.26)		$(1.50)
Adjusted diluted loss per share		$(1.01)		$(0.46)		$(0.14)		$(0.55)		$(0.87)		$(1.56)		$(0.18)		$(1.38)
Adj. EBITDA, excl. LIFO		$20.4		$40.3		$10.3		(49.4) %		98.1 %		$138.5		$114.1		21.4 %
Adj. EBITDA, excl. LIFO margin		1.8 %		3.5 %		1.0 %		-170 bps		80 bps		3.0 %		2.5 %		50 bps
Balance Sheet and Cash Flow Highlights:
Total debt		$463.1		$499.7		$467.4		(7.3) %		(0.9) %		$463.1		$467.4		(0.9) %
Cash and cash equivalents		$26.9		$29.8		$27.7		(9.7) %		(2.9) %		$26.9		$27.7		(2.9) %
Net debt		$436.2		$469.9		$439.7		(7.2) %		(0.8) %		$436.2		$439.7		(0.8) %
Net debt / LTM Adj. EBITDA, excl. LIFO		3.1x		3.7x		3.9x		(0.6x)		(0.8x)		3.1x		3.9x		(0.8x)
Cash conversion cycle (days)		68.3		68.2		78.6		0.1		(10.3)		66.9		76.7		(9.8)
Net cash provided by (used in) operating activities		$112.7		$(8.3)		$92.2		$121.0		$20.5		$87.0		$204.9		$(117.9)

Management Commentary
Eddie Lehner, Ryerson's Chief Executive Officer & Director, said, "I would first like to thank my Ryerson colleagues for vigilantly navigating a difficult year in the industrial metals and manufacturing space. Commodity price asynchronous volatility combined with an ongoing contractionary demand backdrop, especially among our OEM program customers, characterized the year in full and the fourth quarter. On February 13, 2026, we successfully closed our merger with Olympic Steel and I want to welcome all of my Olympic Steel colleagues as we start work on realizing the full potential of what our combined company can offer to our customers and to all stakeholders. During the fourth quarter, supply-side mill prices rose faster than average selling prices while buyers continued to resist price increases in the distribution channel as demand remained restrained while contract price resets lagged and even spot transactional pricing stagnated. Consequently, margin compression was more acute in the quarter than anticipated even though we met top line guidance and exceeded our net leverage and cash flow targets. On the brighter side, in the first quarter of 2026, we are seeing price increases filter into a more favorable demand environment as quote and order activity are currently tracking well ahead of year-over-year and sequential levels. We therefore anticipate realizing gross margin recovery as well as improved operating leverage and operating income in the first quarter of 2026."

"We could not be more energized and optimistic about our recently completed merger with Olympic Steel and what this union will mean for our customers and shareholders," continued Lehner. "Not only do we have a clear, achievable runway for further improving the customer experience and generating significant annual run-rate synergies, but we also believe the timing of this combination will create a sustainable competitive advantage as our combined company is well-positioned to benefit from an inflection in U.S. manufacturing demand and the combined investments we have both made over the past four years."

Fourth Quarter Results
Ryerson generated net sales of $1.10 billion in the fourth quarter of 2025, an increase of 9.7% compared to the year-ago period with average selling prices 6.3% higher and tons shipped 3.1% higher. Sequentially, net sales decreased by 4.9%, driven by decreased tons shipped as demand conditions in the fourth quarter reflected normal seasonality patterns as well as continued manufacturing malaise. Average selling prices were relatively consistent (+0.1%) compared to the third quarter as increases in material input costs were not yet realized in downstream markets by the end of the quarter.  

Increases in costs of goods sold therefore outpaced average selling price growth and resulted in sequential gross margin compression of 190 basis points to 15.3%, compared to 17.2% for the third quarter of 2025. LIFO expense for the fourth quarter was also greater than anticipated as we recorded expense of $22.5 million compared to $13.2 million in the prior quarter. Excluding the impact of LIFO, gross margin contracted by 100 basis points to 17.3% in the fourth quarter of 2025 compared to 18.3% in the third quarter.

Fourth quarter warehousing, delivery, selling, general, and administrative expenses of $205.3 million represents an increase of $4.9 million, or 2.4% compared to the third quarter of 2025. The quarter-over-quarter expense increase was driven by advisory service fees related to the Olympic Steel merger, which totaled $7.8 million. Compared to the prior year period, fourth quarter 2025 warehousing, delivery, selling, general, and administrative expenses increased by $16.8 million, or 8.9%. As a percentage of sales, however, fourth quarter 2025 warehousing, delivery, selling, general, and administrative expenses declined marginally compared to the year-ago period, from 18.7% to 18.6%.

Net loss attributable to Ryerson Holding Corporation for the fourth quarter of 2025 was $37.9 million, or $1.18 per diluted share, compared to net loss of $14.8 million, or $0.46 per diluted share, for the previous quarter, and net loss of $4.3 million, or $0.13 per diluted share, for the fourth quarter of 2024. Ryerson generated Adjusted EBITDA, excluding LIFO of $20.4 million in the fourth quarter of 2025 compared to $40.3 million in the third quarter of 2025, and $10.3 million in the year-ago period. 

Full-Year Results
Ryerson generated net sales of $4.6 billion for the full-year 2025, a decrease of 0.6% compared to full-year 2024 sales. Revenue performance for the year was influenced by 1.1% lower average selling prices which were partially offset by slightly higher (+0.5%) tons shipped.

Gross margin contracted by 100 basis points for the full-year 2025 to 17.1% compared to 18.1% for 2024 as costs of goods sold increased relative to average selling prices. Driven by increases in metals commodities prices, increases in inventory costs over the year generated LIFO expense of $55.7 million in 2025, a reversal compared to the LIFO income of $52.5 million recorded for 2024. Excluding the impact of LIFO, full-year 2025 gross margin expanded 130 basis points to 18.3% compared with 17.0% for 2024.

Warehousing, delivery, selling, general, and administrative expenses increased 1.0%, or $8.4 million, to $809.6 million for the full-year 2025, compared to $801.2 million for 2024, driven by $7.8 million in advisory service fees related to the Olympic Steel merger and inflationary increases in transportation and logistics expenses as well as in compensation and benefits.

Net Loss Attributable to Ryerson Holding Corporation for the full-year 2025 was $56.4 million, or $1.76 per diluted share, compared to net loss of $8.6 million, or $0.26 per diluted share, in 2024. Ryerson generated Adjusted EBITDA, excluding LIFO of $138.5 million in 2025 compared to $114.1 million in 2024.

Liquidity & Debt Management
In the fourth quarter, Ryerson generated cash from operating activities of $112.7 million as the seasonal fourth quarter working capital release well outpaced the net loss generated in the quarter. This compares to a use of cash from operating activities of $8.3 million in the third quarter. The Company ended the fourth quarter of 2025 with debt of $463 million and net debt of $436 million, a sequential decrease of $37 million and $34 million, respectively, compared to the third quarter of 2025.  For the full year of 2025, Ryerson generated $87 million in cash from operating activities compared to $205 million for the full year of 2024. Ryerson also reduced its leverage ratio from 3.9x for 2024 to 3.1x for 2025. The Company's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $502 million as of December 31, 2025, compared to $521 million as of September 30, 2025.

Extension & Expansion of Credit Facility
On February 13, 2026, the Company extended the maturity of its revolving credit facility and expanded its capacity from $1.3 billion to $1.8 billion. The Company expects to continue to use the facility for general corporate purposes including working capital needs, capital expenditures, funding of possible acquisitions, and satisfaction of other obligations of the Company. The revolving credit facility is secured primarily by the inventory and accounts receivable of the company's U.S. and Canadian operating subsidiaries.

Jim Claussen, Ryerson's Chief Financial Officer, said, "The successful amendment and extension our revolving credit facility provides us with continued financial stability as we perform our normal business operations while also providing us with the flexibility to pursue growth opportunities such as those enabled by the recent Olympic Steel merger. I would like to thank the Ryerson team for all of their hard work during this exciting and pivotal time in the Company's history and also recognize the achievements that have led to our vastly improved capital structure which now underpins our combined future potential."

Bank of America, N.A. is the Administrative Agent and Collateral Agent and BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association are Joint Lead Arrangers and Joint Bookrunners.

Shareholder Return Activity

Dividends. On February 13, 2026, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on March 19, 2026, to stockholders of record as of March 5, 2026. During the fourth quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of $6.1 million.

Share Repurchases and Authorization. Ryerson did not repurchase shares during the fourth quarter of 2025. As of December 31, 2025, $38.4 million remained under the existing authorization.

Olympic Steel Merger
On February 13, 2026, having fulfilled all of the required closing conditions, including approval by stockholders of both companies, Ryerson and Olympic Steel announced the successful closure of their merger. Under the terms of the merger agreement, shareholders of Olympic Steel common stock received shares of Ryerson's common stock at an exchange ratio of 1.7105 and now own approximately 37% of the combined company. Together, Ryerson and Olympic Steel now have a stronger market presence with an approximately 160-facility footprint, enhanced processing capabilities, and a greater breadth of product offerings to provide its customers. The transaction is expected to generate approximately $120 million in annual run-rate synergies by early 2028 via procurement scale, efficiency gains, commercial enhancement, and network optimization strategies.

Outlook Commentary
The Company (Ryerson only, see Olympic Steel stub period guidance in the next paragraph) notes relatively strong customer activity in the first half of the quarter relative to the past several years and expects same-store customer shipments to increase by 13% to 15% with average selling prices expected to be flat to up by 2% quarter-over-quarter. Net sales are therefore expected to be in the range of $1.26 billion to $1.30 billion. Ryerson anticipates gross margin expansion in the first quarter as fourth quarter inventory cost increases become gradually realized in first quarter average selling prices. It also expects to realize improved year-over-year and sequential operating leverage as demand conditions improve, leading to net income generation of $10 to $12 million before any merger-related fees. The Company expects to record LIFO expense between $6 and $8 million and to generate Adjusted EBITDA, excluding LIFO in the range of $51 to $54 million. Ryerson also anticipates using cash in the first quarter of 2026 to support working capital given the guided revenue increase and merger closing related outlays while continuing to prioritize net leverage reductions toward our targeted range as the year progresses.

The Olympic Steel business is expected to experience similar market dynamics and therefore generate in the last six weeks of the quarter accretive revenue in the range of $260 to $280 million and Adjusted EBITDA, excluding LIFO in the range of $12 to $13 million. Altogether, the combined Company anticipates reporting first quarter 2026 revenue in the range of $1.52 to $1.58 billion and Adjusted EBITDA, excluding LIFO attainment between $63 and $67 million.

Fourth Quarter 2025 Major Product Metrics
	Net Sales (millions)
		Q4 2025				Q3 2025					Q4 2024				Quarter-over-quarter				Year-over-year
Carbon Steel	$	538			$	584				$	510					(7.9)	%			5.5	%
Aluminum	$	282			$	287				$	236					(1.7)	%			19.5	%
Stainless Steel	$	269			$	271				$	248					(0.7)	%			8.5	%
	Tons Shipped (thousands)
		Q4 2025				Q3 2025					Q4 2024				Quarter-over-quarter				Year-over-year
Carbon Steel		361				381					353					(5.2)	%			2.3	%
Aluminum		42				45					42					(6.7)	%			-
Stainless Steel		56				57						52				(1.8)	%			6.9	%
	Average Selling Prices (per ton)
		Q4 2025				Q3 2025					Q4 2024				Quarter-over-quarter				Year-over-year
Carbon Steel	$		1,490		$		1,533			$		1,445				(2.8)	%			3.2	%
Aluminum	$		6,714		$		6,378			$		5,619				5.3	%			19.5	%
Stainless Steel	$		4,804		$		4,754			$		4,733				1.0	%			1.5	%
Full Year 2025 Major Product Metrics
						Net Sales (millions)
						FY 2025					FY 2024			Year-over-year
Carbon Steel					$		2,263			$		2,383				(5.0)	%
Aluminum					$		1,150			$		1,042				10.4	%
Stainless Steel					$		1,092			$		1,107				(1.4)	%
						Tons Shipped (thousands)
						FY 2025					FY 2024			Year-over-year
Carbon Steel							1,522					1,516				0.4	%
Aluminum						185					185					-
Stainless Steel						234						230				1.6	%
						Average Selling Prices (per ton)
						FY 2025					FY 2024			Year-over-year
Carbon Steel					$		1,487			$		1,572				(5.4)	%
Aluminum					$		6,216			$		5,632				10.4	%
Stainless Steel					$		4,667			$		4,805				(2.9)	%

Earnings Call Information
Ryerson will host a conference call to discuss fourth quarter and full-year 2025 financial results for the period ended December 31, 2025, on Friday, February 20, 2026, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days. Ryerson will file its form 10-K for the year ended December 31, 2025 prior to market open on February 23, 2026.  

About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson, together with Olympic Steel, has approximately 6,400 employees and 160 locations. Visit Ryerson at www.ryerson.com.

Notes:
¹Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
²For EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO and gross margin, excluding LIFO please see Schedule 2 

Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

Safe Harbor Provision
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 current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the merger involving Ryerson and Olympic Steel, including future financial and operating results, Ryerson's plans, objectives, expectations, and intentions, 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 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 transaction may be less accretive than expected; the risk that the merger will not provide shareholders with increased earnings potential; 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 transaction; the risk of adverse reactions or changes to business or employee relationships resulting from the merger; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; the 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 the United States; currency rate fluctuations; the adequacy of the Company's efforts to mitigate cyber security risks and threats; reduced production schedules, layoffs, or work stoppages by each company's own, its suppliers', or customers' personnel;  any underfunding of certain employee retirement benefit plans and the actual costs exceeding current estimates; prolonged disruption of the Company's processing centers; failure to manage potential conflicts of interest between or among customers or suppliers of each company; unanticipated changes to, or any inability to hire and retain key personnel at either company; currency exchange rate fluctuations; the incurrence of substantial costs of liabilities to comply with, or as a result of, violations of environmental laws; the risk of product liability claims; the Company's indebtedness or covenants in the instruments governing such indebtedness; the influence of a single investor group over the company's policies and procedures; and other risks inherent in Ryerson's business and other factors described in Ryerson's filings with the Securities and Exchange Commission (the "SEC"). Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Ryerson. If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

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. Ryerson does not undertake 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.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars and Shares in Millions, except Per Share and Per Ton Data)
										Third
		Fourth Quarter								Quarter				Year Ended December 31,
		2025				2024				2025				2025				2024
NET SALES		$	1,104.8			$	1,007.4			$	1,161.5			$	4,571.3			$	4,598.7
Cost of materials sold			935.9				816.3				962.0				3,789.1				3,764.5
Gross profit			168.9				191.1				199.5				782.2				834.2
Warehousing, delivery, selling, general, and administrative			205.3				188.5				200.4				809.6				801.2
Gain on insurance settlement			—				(0.3)				—				—				(1.6)
Impairment charges on assets			1.5				—				0.1				3.4				—
Restructuring and other charges			—				0.3				—				—				3.1
OPERATING PROFIT (LOSS)			(37.9)				2.6				(1.0)				(30.8)				31.5
Other income and (expense), net			(0.3)				2.7				0.8				(1.5)				4.1
Interest and other expense on debt			(9.5)				(10.1)				(10.1)				(38.9)				(43.0)
LOSS BEFORE INCOME TAXES			(47.7)				(4.8)				(10.3)				(71.2)				(7.4)
Provision (benefit) for income taxes			(10.2)				(0.6)				4.1				(16.1)				(0.1)
NET LOSS			(37.5)				(4.2)				(14.4)				(55.1)				(7.3)
Less: Net income attributable to noncontrolling interest			0.4				0.1				0.4				1.3				1.3
NET LOSS ATTRIBUTABLE TO RYERSON HOLDING CORPORATION		$	(37.9)			$	(4.3)			$	(14.8)			$	(56.4)			$	(8.6)
LOSS PER SHARE
Basic		$	(1.18)			$	(0.13)			$	(0.46)			$	(1.76)			$	(0.26)
Diluted		$	(1.18)			$	(0.13)			$	(0.46)			$	(1.76)			$	(0.26)
Shares outstanding - basic			32.2				31.8				32.2				32.1				33.2
Shares outstanding - diluted			32.2				31.8				32.2				32.1				33.2
Dividends declared per share		$	0.1875			$	0.1875			$	0.1875			$	0.7500			$	0.7500
Supplemental Data :
Tons shipped  (000)			461				447				485				1,947				1,937
Shipping days			61				61				64				252				253
Average selling price/ton		$	2,397			$	2,254			$	2,395			$	2,348			$	2,374
Gross profit/ton			366				428				411				402				431
Operating profit (loss)/ton			(82)				6				(2)				(16)				16
LIFO expense (income) per ton			49				(57)				27				29				(27)
LIFO expense (income)			22.5				(25.4)				13.2				55.7				(52.5)
Depreciation and amortization expense			20.9				22.7				20.2				79.7				77.6
Cash flow provided by (used in) operating activities			112.7				92.2				(8.3)				87.0				204.9
Capital expenditures			(20.8)				(23.5)				(12.8)				(51.5)				(99.6)
See Schedule 1 for Condensed Consolidated Balance Sheets
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation
See Schedule 3 for Adjusted EPS reconciliation
See Schedule 4 for Free Cash Flow reconciliation
See Schedule 5 for First Quarter 2026 Guidance reconciliation

 

Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
		December 31,				December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	26.9			$	27.7
Restricted cash			0.9				1.6
Receivables, less provisions of $2.7 at December 31, 2025 and $2.5 at December 31, 2024			460.8				425.6
Inventories			648.3				684.6
Prepaid expenses and other current assets			85.9				68.1
Total current assets			1,222.8				1,207.6
Property, plant, and equipment, at cost			1,179.8				1,152.0
Less: accumulated depreciation			570.0				515.3
Property, plant, and equipment, net			609.8				636.7
Operating lease assets			323.9				344.6
Other intangible assets			58.2				68.3
Goodwill			161.5				161.8
Deferred charges and other assets			28.5				20.5
Total assets		$	2,404.7			$	2,439.5
Liabilities
Current liabilities:
Accounts payable		$	516.0			$	440.8
Salaries, wages, and commissions			40.5				35.7
Other accrued liabilities			72.0				67.1
Short-term debt			1.9				0.7
Current portion of operating lease liabilities			34.0				32.1
Current portion of deferred employee benefits			3.7				3.7
Total current liabilities			668.1				580.1
Long-term debt			461.2				466.7
Deferred employee benefits			70.2				90.9
Noncurrent operating lease liabilities			318.6				334.6
Deferred income taxes			110.2				129.0
Other noncurrent liabilities			12.8				13.7
Total liabilities			1,641.1				1,615.0
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders' equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2025 and December 31, 2024			—				—
Common stock, $0.01 par value; 100,000,000 shares authorized; 40,373,512 and 39,899,093 shares issued at December 31, 2025 and December 31, 2024, respectively			0.4				0.4
Capital in excess of par value			432.6				423.5
Retained earnings			698.8				779.6
Treasury stock, at cost - Common stock of 8,164,148 shares at December 31, 2025 and 8,051,226 shares at December 31, 2024			(237.0)				(234.4)
Accumulated other comprehensive loss			(141.7)				(153.8)
Total Ryerson Holding Corporation Stockholders' Equity			753.1				815.3
Noncontrolling interest			10.5				9.2
Total Equity			763.6				824.5
Total Liabilities and Stockholders' Equity		$	2,404.7			$	2,439.5

 

Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Loss Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO
(Dollars in millions)
										Third
		Fourth Quarter								Quarter				Year Ended December 31,
		2025				2024				2025				2025				2024
Net loss attributable to Ryerson Holding Corporation		$	(37.9)			$	(4.3)			$	(14.8)			$	(56.4)			$	(8.6)
Interest and other expense on debt			9.5				10.1				10.1				38.9				43.0
Provision (benefit) for income taxes			(10.2)				(0.6)				4.1				(16.1)				(0.1)
Depreciation and amortization expense			20.9				22.7				20.2				79.7				77.6
EBITDA		$	(17.7)			$	27.9			$	19.6			$	46.1			$	111.9
Gain on insurance settlement			—				(0.3)				—				(1.0)				(1.6)
Gain on litigation settlement			(1.9)				—				—				(1.9)				—
Reorganization			7.4				9.5				7.3				23.7				58.1
Advisory services fees			7.8				—				—				7.8				—
Impairment charges on assets			1.5				—				0.1				3.4				—
Pension settlement loss (gain)			—				(0.1)				—				—				2.1
Benefit plan curtailment gain			—				—				—				—				(0.3)
Foreign currency transaction (gains) losses			0.5				(3.2)				(1.1)				2.1				(4.2)
Purchase consideration and other transaction costs (credits)			0.2				0.6				0.3				1.4				(0.8)
Other adjustments			0.1				1.3				0.9				1.2				1.4
Adjusted EBITDA		$	(2.1)			$	35.7			$	27.1			$	82.8			$	166.6
Adjusted EBITDA		$	(2.1)			$	35.7			$	27.1			$	82.8			$	166.6
LIFO expense (income)			22.5				(25.4)				13.2				55.7				(52.5)
Adjusted EBITDA, excluding LIFO expense (income)		$	20.4			$	10.3			$	40.3			$	138.5			$	114.1
Net sales		$	1,104.8			$	1,007.4			$	1,161.5			$	4,571.3			$	4,598.7
Adjusted EBITDA, excluding LIFO expense (income), as a percentage of net sales			1.8	%			1.0	%			3.5	%			3.0	%			2.5	%
Gross profit		$	168.9			$	191.1			$	199.5			$	782.2			$	834.2
Gross margin			15.3	%			19.0	%			17.2	%			17.1	%			18.1	%
Gross profit		$	168.9			$	191.1			$	199.5			$	782.2			$	834.2
LIFO expense (income)			22.5				(25.4)				13.2				55.7				(52.5)
Gross profit, excluding LIFO expense (income)		$	191.4			$	165.7			$	212.7			$	837.9			$	781.7
Gross margin, excluding LIFO expense (income)			17.3	%			16.4	%			18.3	%			18.3	%			17.0	%
Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, gain on insurance settlement, reorganization expenses, impairment charges on assets, advisory service fees, gain on litigation settlement, pension settlement loss, benefit plan curtailment gain, foreign currency transaction gains and losses, and purchase consideration and other transaction costs (credits). We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), do not represent, and should not be used as a substitute for, net income (loss) or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies.

 

Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Loss per Share
(Dollars and Shares in Millions, Except Per Share Data)
										Third
		Fourth Quarter								Quarter				Year Ended December 31,
		2025				2024				2025				2025				2024
Net loss attributable to Ryerson Holding Corporation		$	(37.9)			$	(4.3)			$	(14.8)			$	(56.4)			$	(8.6)
Gain on insurance settlement			—				(0.3)				—				(1.0)				(1.6)
Gain on litigation settlement			(1.9)				—				—				(1.9)				—
Restructuring and other charges			—				0.3				—				—				3.1
Advisory services fees			7.8				—				—				7.8				—
Impairment charges on assets			1.5				—				0.1				3.4				—
Pension settlement loss (gain)			—				(0.1)				—				—				2.1
Benefit plan curtailment gain			—				—				—				—				(0.3)
Benefit for income taxes			(1.9)				—				—				(2.1)				(0.8)
Adjusted net loss attributable to Ryerson Holding Corporation		$	(32.4)			$	(4.4)			$	(14.7)			$	(50.2)			$	(6.1)
Adjusted diluted loss per share		$	(1.01)			$	(0.14)			$	(0.46)			$	(1.56)			$	(0.18)
Shares outstanding - diluted			32.2				31.8				32.2				32.1				33.2
Note: Adjusted net loss and Adjusted loss per share is presented to provide a means of comparison with periods that do not include similar adjustments.
Schedule 4
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Cash Flow from Operations to Free Cash Flow Yield
(Dollars in Millions)
										Third
		Fourth Quarter								Quarter				Year Ended December 31,
		2025				2024				2025				2025				2024
Net cash provided by (used in) operating activities		$	112.7			$	92.2			$	(8.3)			$	87.0			$	204.9
Capital expenditures			(20.8)				(23.5)				(12.8)				(51.5)				(99.6)
Proceeds from sales of property, plant, and equipment			—				0.2				2.3				2.6				2.1
Free cash flow		$	91.9			$	68.9			$	(18.8)			$	38.1			$	107.4
Market capitalization		$	810.4			$	589.5			$	736.1			$	810.4			$	589.5
Free cash flow yield			11.3	%			11.7	%			(2.6)	%			4.7	%			18.2	%
Note: Market capitalization is calculated using December 31, 2025, September 30, 2025, and December 31, 2024 stock prices and shares outstanding.

 

Schedule 5
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of First Quarter 2026 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance
(Dollars in Millions)
	First Quarter 2026
	Low		High
Net income attributable to Ryerson Holding Corporation	$10		$12
Interest and other expense on debt	12		12
Provision for income taxes	3		5
Depreciation and amortization expense	23		23
EBITDA	$48		$52
Adjustments	7		9
Adjusted EBITDA	$55		$61
LIFO expense	8		6
Adjusted EBITDA, excluding LIFO expense	$63		$67
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.

 

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SOURCE Ryerson Holding Corporation

FAQ

What were Ryerson's Q4 2025 revenue and tons shipped (RYI)?

Ryerson reported $1.10 billion in Q4 2025 revenue and 461k tons shipped. According to the company, revenue was down 4.9% sequentially and up 9.7% year-over-year due to seasonality and mixed industrial demand.

How much debt and net debt did Ryerson report at December 31, 2025 (RYI)?

Ryerson ended Q4 with $463.1 million total debt and $436.2 million net debt. According to the company, leverage improved to 3.1x LTM adjusted EBITDA excluding LIFO.

What are the terms and purpose of Ryerson's amended credit facility (RYI)?

Ryerson extended maturity and expanded capacity to $1.8 billion for general corporate purposes. According to the company, the facility supports working capital, capex, potential acquisitions, and obligations for the combined business.

What did Ryerson say about the Olympic Steel merger impact and synergies (RYI)?

The merger is expected to generate approximately $120 million in annual run-rate synergies by early 2028. According to the company, benefits include procurement scale, efficiency gains, and network optimization.

What is Ryerson's Q1 2026 outlook for revenue and Adjusted EBITDA (RYI)?

Ryerson expects combined Q1 2026 revenue of $1.52–$1.58 billion and Adjusted EBITDA excl. LIFO of $63–$67 million. According to the company, same-store shipments should rise 13–15% sequentially with modest price improvement.

Did Ryerson declare a dividend and what is the payment date (RYI)?

Ryerson declared a Q1 2026 cash dividend of $0.1875 per share, payable March 19, 2026 to shareholders of record March 5, 2026. According to the company, the board approved the distribution on February 13, 2026.