Ryerson Reports Third Quarter 2026 Results

Merger savings exceeded the first-year target ahead of schedule, while higher working capital requirements increased borrowing.

Rhea-AI Summary

Ryerson (NYSE: RYZ) reported third-quarter net income of $32.0 million, exceeding earnings guidance as sales and shipments increased sequentially. Diluted earnings were $0.61 per share, versus $0.30 in the second quarter and a $0.46 loss a year earlier. Revenue reached $2.18 billion, up 8.6% sequentially and 87.5% year over year. Adjusted EBITDA excluding last-in, first-out inventory accounting, or LIFO, was $115.0 million, above $88 million to $92 million guidance.

Olympic Steel contributed $602 million in revenue. Approximately $13 million in quarterly merger benefits lifted annualized savings to approximately $52 million, exceeding the $40 million first-year target. Operating cash use reached $18.2 million, while debt rose to $1,006.1 million. Ryerson expects fourth-quarter sales of $1.96 billion to $2.04 billion and net income of $16 million to $20 million, with shipments declining 6% to 8% sequentially.

29 points · 0 major

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0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue reached $2,177.8 million, up 8.6% sequentially and 87.5% year over year.
• Moderate pointQuarterly net income reached $32.0 million, versus $15.5 million sequentially and a $14.8 million year-earlier loss.
• Moderate pointQuarterly adjusted operating earnings excluding LIFO reached $115.0 million, exceeding $88 million to $92 million guidance.
• Moderate pointQuarterly merger benefits of approximately $13 million imply approximately $52 million annualized, exceeding the $40 million first-year target.
• Minor pointThird-quarter shipments rose 1.2% sequentially and 67.8% year over year to 814,000 tons.

24 minor points

• Minor pointAverage selling prices reached $2,675 per ton, up 7.2% sequentially and 11.7% year over year.
• Minor pointSame-store quarterly sales reached $1.58 billion, up 9.3% sequentially and 35.7% year over year.
• Minor pointSame-store shipments increased 1.8% sequentially and 14.2% year over year, reaching their highest quarterly level in over five years.
• Minor pointSame-store selling prices increased 7.3% sequentially and 18.7% year over year.
• Minor pointDiluted earnings reached $0.61 per share, versus $0.30 sequentially and a $0.46 year-earlier loss.
• Minor pointAdjusted operating earnings margin excluding LIFO rose to 5.3%, versus 5.0% sequentially and 3.5% a year earlier.
• Minor pointSame-store adjusted operating earnings excluding LIFO increased to $84.8 million from $77.5 million sequentially.
• Minor pointOlympic Steel contributed $30.2 million in adjusted operating earnings excluding LIFO, above $21 million to $23 million expectations.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management expects fourth-quarter merger benefits of $14 million to $15 million, bringing 2026 realization to approximately $33 million to $34 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management maintains its $120 million two-year annualized merger-benefit target.
• Minor pointOperating expenses fell to 15.0% of sales, versus 16.0% sequentially and 17.3% a year earlier.
• Minor pointInventory purchase accounting charges declined to $4.0 million from $15.7 million in the second quarter.
• Minor pointGlobal liquidity increased to $865 million at September 30 from $757 million at June 30.
• Minor pointNet debt relative to trailing adjusted operating earnings excluding LIFO improved to 3.2 times, from 4.0 times sequentially.
• Minor pointShare repurchases totaled $3.8 million for approximately 159,000 shares at an average $23.85, below book value.
• Minor pointRemaining buyback authorization totals $96.2 million and expires April 30, 2028.
• Minor pointNine-month revenue rose 65.9% to $5,750.5 million; net income reached $52.0 million versus an $18.5 million loss.
• Minor pointNine-month diluted earnings reached $1.05, versus a $0.58 loss a year earlier.
• Minor pointNine-month shipments increased 53.0% to 2,274,000 tons, while average selling prices rose 8.4% to $2,529 per ton.
• Minor pointNine-month adjusted operating earnings excluding LIFO rose 140.0% to $283.4 million, with margin increasing to 4.9% from 3.4%.
• Minor pointCarbon steel sales increased 11.5% sequentially and 108.9% year over year to $1,220 million.
• Minor pointAluminum sales increased 4.4% sequentially and 57.8% year over year to $453 million.
• Minor pointStainless steel sales increased 2.0% sequentially and 67.2% year over year to $453 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ryerson expects fourth-quarter selling prices to be flat to up 2% sequentially.

Negative

• Moderate pointNine-month operating cash use reached $176.0 million, versus $22.3 million generated a year earlier.
• Moderate pointTotal debt increased to $1,006.1 million, up 5.3% sequentially and 101.3% year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter adjusted operating earnings excluding LIFO guidance is $100 million to $104 million, below third-quarter $115.0 million.
• Minor pointQuarterly operating cash use increased to $18.2 million, versus $5.6 million sequentially and $24.7 million generated a year earlier.
• Minor pointNet debt increased to $965.6 million, up 5.7% sequentially and 105.5% year over year.

12 minor points

• Minor pointCash was $40.5 million, down 3.3% sequentially but up 35.9% year over year.
• Minor pointQuarterly gross margin contracted 50 basis points to 17.2% sequentially, unchanged year over year.
• Minor pointGross margin excluding LIFO and purchase accounting fell to 18.7% from 19.3% sequentially.
• Minor pointQuarterly operating expenses rose 1.6% sequentially and 62.7% year over year to $326.1 million.
• Minor pointQuarterly LIFO inventory expense increased to $30.0 million from $17.0 million sequentially.
• Minor pointOne-time merger-benefit implementation costs totaled $2.6 million through the third quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ryerson expects fourth-quarter shipments to decline 6% to 8% sequentially, reflecting fewer business days and seasonal softness.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter sales guidance of $1.96 billion to $2.04 billion is below third-quarter revenue of $2.18 billion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter net income guidance is $16 million to $20 million, or $0.30 to $0.38 per diluted share.
• Minor point. Forward-looking: it has not happened yet and may not happen.Olympic Steel's expected fourth-quarter adjusted operating earnings excluding LIFO contribution is $28 million to $30 million, versus $30.2 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter LIFO expense is expected at $28 million to $32 million.
• Minor pointQuarterly cash conversion time was 70.8 days, versus 70.9 sequentially and 68.2 a year earlier.

News Explained

The December dividend is scheduled, while $96.2 million remains under the repurchase authorization until April 30, 2028.

Ryerson's board declared a quarterly cash dividend of $0.1875 per common share, payable December 17, 2026 to holders of record December 3, 2026, setting a scheduled cash payment for eligible holders.

Separately, Ryerson reports $96.2 million remaining under its share-repurchase authorization, which expires April 30, 2028; that figure is authorization remaining, not repurchases already completed.

Key Figures

Q3 revenue: $2.18 billion Net income: $32.0 million Diluted earnings per share: $0.61 +5 more

Q3 revenue

$2.18 billion

Third quarter 2026; exceeded previously provided guidance range

Net income

$32.0 million

Third quarter 2026

Diluted earnings per share

$0.61

Third quarter 2026

Adjusted EBITDA, excluding LIFO

$115.0 million

Third quarter 2026; above guidance of $88 million to $92 million

Annualized synergy run-rate

$52 million

Exceeded the $40 million first-year target ahead of schedule

Expected shipment change

Down 6% to 8%

Fourth quarter 2026 versus third quarter levels

Expected net sales

$1.96 billion to $2.04 billion

Fourth quarter 2026

Expected Adjusted EBITDA, excluding LIFO

$100 million to $104 million

Fourth quarter 2026

Previous Earnings Reports

1 past event · Latest: Oct 28

Same Type 1 event

1. Oct 28

   Q3 earnings report

   24h Move

   -5.6%

   Reported Q3 revenue of $1.16 billion, a $14.8 million loss, and $40.3 million adjusted EBITDA.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, lifo, non-gaap financial measures, purchase accounting

4 terms

adjusted ebitda financial

"Adjusted EBITDA, excluding LIFO of $115.0 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.

lifo financial

"Adjusted EBITDA, excluding LIFO of $115.0 million"

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.

non-gaap financial measures financial

"A reconciliation of non-GAAP financial measures to the comparable GAAP measure"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

purchase accounting financial

"a $4.0 million inventory purchase accounting charge"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

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Exceeded shipment, sales, and earnings guidance and eclipsed first-year annual run-rate synergy target ahead of schedule while generating market share gains, productivity gains, and higher book value per share alongside excellent net working capital management

CHICAGO, Oct. 28, 2026 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYZ), a leading value-added processor and distributor of industrial metals, today reported results for the third quarter ended September 30, 2026.

Highlights: 

• Generated total Company revenue of $2.18 billion in the third quarter, exceeding the previously provided guidance range with total tons shipped 1.2% higher and average selling prices 7.2% higher sequentially. Excluding Olympic Steel, which generated $602 million of revenue during the quarter, same-store revenue was $1.58 billion, with sequential average selling prices increasing by 7.3% and tons shipped increasing by 1.8% to reach their highest quarterly level in over five years.
• Achieved total Company third quarter net income¹ of $32.0 million, or $0.61 per diluted share, and Adjusted EBITDA, excluding LIFO² of $115.0 million, exceeding guidance of $88 to $92 million. Olympic Steel contributed $30.2 million of Adjusted EBITDA, excluding LIFO, also exceeding guidance.
• Realized approximately $13 million in third quarter synergy benefits, representing $52 million on an annualized, run-rate basis and substantially exceeding the $40 million first-year target months ahead of schedule.
• Returned $13.6 million to stockholders during the quarter, comprised of $9.8 million in dividends and $3.8 million in share repurchases at prices below book value per share. 

 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:		Q3 2026		Q2 2026		Q3 2025		QoQ		YoY		9MO 2026		9MO 2025		YoY
Revenue		$2,177.8		$2,006.2		$1,161.5		8.6 %		87.5 %		$5,750.5		$3,466.5		65.9 %
Tons shipped		814		804		485		1.2 %		67.8 %		2,274		1,486		53.0 %
Average selling price/ton		$2,675		$2,495		$2,395		7.2 %		11.7 %		$2,529		$2,333		8.4 %
Gross margin		17.2 %		17.7 %		17.2 %		-50 bps		—		17.7 %		17.7 %		—
Gross margin, excl. LIFO(2)		18.5 %		18.6 %		18.3 %		-10 bps		20 bps		18.7 %		18.6 %		10 bps
Warehousing, delivery, selling, general, and administrative expenses		$326.1		$320.9		$200.4		1.6 %		62.7 %		$912.2		$604.3		51.0 %
As a percentage of revenue		15.0 %		16.0 %		17.3 %		-100 bps		-230 bps		15.9 %		17.4 %		-150 bps
Net income (loss) attributable to Ryerson Holding Corporation		$32.0		$15.5		$(14.8)		106.5 %		316.2 %		$52.0		$(18.5)		381.1 %
Diluted earnings (loss) per share		$0.61		$0.30		$(0.46)		$0.31		$1.07		$1.05		$(0.58)		$1.63
Adjusted diluted earnings (loss) per share		$0.61		$0.52		$(0.46)		$0.09		$1.07		$1.48		$(0.55)		$2.03
Adj. EBITDA, excl. LIFO		$115.0		$101.0		$40.3		13.9 %		185.4 %		$283.4		$118.1		140.0 %
Adj. EBITDA, excl. LIFO margin		5.3 %		5.0 %		3.5 %		30 bps		180 bps		4.9 %		3.4 %		150 bps
Balance Sheet and Cash Flow Highlights:
Total debt		$1,006.1		$955.2		$499.7		5.3 %		101.3 %		$1,006.1		$499.7		101.3 %
Cash and cash equivalents		$40.5		$41.9		$29.8		(3.3) %		35.9 %		$40.5		$29.8		35.9 %
Net debt(3)		$965.6		$913.3		$469.9		5.7 %		105.5 %		$965.6		$469.9		105.5 %
Net debt / LTM Adj. EBITDA, excl. LIFO		3.2x		4.0x		3.7x		(0.8x)		(0.5x)		3.2x		3.7x		(0.5x)
Cash conversion cycle (days)		70.8		70.9		68.2		(0.1)		2.6		67.6		67.1		0.5
Net cash provided by (used in) operating activities		$(18.2)		$(5.6)		$24.7		$(12.6)		$(42.9)		$(176.0)		$22.3		$(198.3)

Management Commentary
Eddie Lehner, Ryerson's Chief Executive Officer & Director, said, "Ryerson delivered an excellent third quarter, generating results above our guidance while eclipsing our first-year synergy run-rate target ahead of schedule. These simultaneous achievements reflect the resourcefulness, collaborative efforts, and passion of our teammates as our investments, commercial execution, and integration efforts came together to produce our best quarter of 2026. The strength we saw in daily shipment volumes and invoice counts defied normal industry seasonality, with AI infrastructure and power generation investment elevating overall demand through the quarter. I want to thank and recognize all of my RYZ colleagues for acting with shared purpose and empowering one another to create great customer experiences while translating the strengths of our combined enterprise into growth with greater earnings power. Two full quarters into the merger, our combined positive momentum continues to build further toward the formidable potential we believe our enterprise can realize in the quarters and years ahead."

Rick Marabito, Ryerson's President, Chief Operating Officer & Director added, "Resilient customer demand and strong execution across our expanded network drove our highest same-store quarterly shipments in more than five years. With industry inventories low and mill lead times extended, our greater scale and improving inventory visibility are helping our teams locate and share material, coordinate processing resources and meet customer needs across the combined enterprise. We are also aligning customer programs with the facilities best equipped to serve them, which is supporting higher asset utilization and a lower cost to serve while creating capacity for additional transactional business. Commercial synergies continue to exceed our expectations, and progress across our four synergy pillars reinforces our confidence in achieving our two-year target of $120 million in annual run-rate synergies. I want to thank our teams for putting our shared values of customer commitment, accountability and teamwork into action, delivering excellent customer experiences while building a stronger business for all our stakeholders."

Third Quarter Results
In the third quarter of 2026, Ryerson generated net sales of $2.18 billion, an increase of 8.6% compared to the previous quarter with total Company tons shipped 1.2% higher and average selling prices 7.2% higher quarter-over-quarter. Excluding Olympic Steel, which generated $602 million of revenue during the quarter, third quarter same-store net sales were $1.58 billion, an increase of 9.3% quarter-over-quarter with average selling prices 7.3% higher and tons sold 1.8% higher. Compared to the third quarter of 2025, same-store net sales increased by 35.7% with tons shipped 14.2% higher and average selling prices 18.7% higher. Third quarter demand was stronger than anticipated while carbon prices continued to rally at multi-year highs supported by trade policy, tight domestic supply, extended lead times, and multi-year lows in service center inventories. Prices for stainless products and aluminum products, in contrast, faced downward pressure due to the easing of nickel supply restrictions, leading to LME nickel price reversion, while aluminum prices remained volatile and trended lower as future supply expectations began to normalize later in the quarter.

Third quarter gross margin contracted by 50 basis points to 17.2%, compared to 17.7% in the prior quarter, as higher material costs flowed through ahead of corresponding price adjustments for program customers. Third quarter results also included a $4.0 million inventory purchase accounting charge to cost of materials sold, a decrease compared to the $15.7 million charge recorded in the second quarter, as we continued to sell through the inventory acquired in the Olympic Steel merger. Reflecting the rising price environment, third quarter LIFO expense was $30.0 million, compared to $17.0 million in the second quarter. Excluding both LIFO expense and purchase accounting adjustments, gross margin contracted by 60 basis points to 18.7%, compared to 19.3% in the second quarter of 2026.

Third quarter total Company warehousing, delivery, selling, general, and administrative expenses were $326.1 million, an increase of 1.6% compared to $320.9 million in the prior quarter, driven by variable compensation and producer inflationary cost pressures. Warehousing, selling, general, and administrative expenses as a percent of sales decreased to 15.0% from 16.0% in the second quarter and 17.3% in the third quarter of last year. On a per ton basis, these expenses were $401 in the third quarter compared with $399 in the second quarter and $413 in the year ago period.

Net income attributable to Ryerson Holding Corporation for the third quarter of 2026 was $32.0 million, or $0.61 per diluted share, compared to net income of $15.5 million, or $0.30 per diluted share, for the previous quarter and net loss of $14.8 million, or $0.46 per diluted share, in the third quarter of 2025. After removing the impact of inventory purchase accounting adjustments, an insurance settlement gain, a litigation settlement gain, advisory service fees, and the related income tax effects of these items, Ryerson's third quarter Adjusted Net Income was $32.4 million, or $0.61 per diluted share. Adjusted EBITDA, excluding LIFO was $115.0 million in the third quarter of 2026 compared to $101.0 million in the second quarter of 2026 and $40.3 million in the year-ago period. On a same-store basis, excluding Olympic Steel's contributions, Ryerson generated Adjusted EBITDA, excluding LIFO of $84.8 million in the third quarter of 2026, compared to $77.5 million in the prior quarter.

Olympic Steel Integration & Financial Results
In the third quarter, Ryerson realized approximately $13 million of synergy benefits through procurement, efficiency, network optimization, and commercial enhancement actions, in-line with management's expectations. This represents synergy attainment of approximately $52 million on an annualized run-rate basis, substantially exceeding the Company's $40 million first-year target well ahead of its February 2027 merger anniversary. In the fourth quarter, management expects to achieve synergy benefits in the range of $14 million to $15 million, which would bring the Company's cumulative realization to approximately $33 million to $34 million in 2026. One-time costs to achieve these synergies have totaled $2.6 million through the third quarter of this year. Given the early attainment of the Company's first-year synergy target and the momentum building across all four of its synergy pillars, management remains confident in achieving its $120 million two-year annualized run-rate synergy target.

Olympic Steel contributed $602.1 million of revenue and $30.2 million of Adjusted EBITDA, excluding LIFO to Ryerson's third quarter results, exceeding management's expectations of $21 million to $23 million in Adjusted EBITDA, excluding LIFO.

Liquidity & Debt Management
Ryerson used $18.2 million in cash from operations in the third quarter as net income generation was offset by higher working capital requirements. This compares to a use of cash from operating activities of $5.6 million in the second quarter of 2026. The Company ended the third quarter of 2026 with debt of $1.01 billion and net debt of $966 million, an increase of $51 million and $53 million, respectively, compared to the second quarter of 2026, driven by higher working capital requirements in support of revenue growth.

Global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to $865 million as of September 30, 2026 compared to $757 million as of June 30, 2026, reflective of the Company's increased borrowing base from higher working capital.

Stockholder Return Activity
Dividends. On October 28, 2026, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on December 17, 2026, to stockholders of record as of December 3, 2026. During the third quarter of 2026, Ryerson's quarterly dividend was of the same amount and represented a total cash return to stockholders of $9.8 million.

Share Repurchases and Authorization. Ryerson returned $3.8 million to stockholders during the third quarter through the opportunistic repurchase of approximately 159,000 shares in the open market at an average price of $23.85 per share. Following these repurchases, the Company has $96.2 million remaining under its share repurchase authorization, which expires on April 30, 2028.

Outlook Commentary
In the fourth quarter of 2026, the Company expects that shipments will decline sequentially by 6% to 8% from third quarter levels, reflecting three fewer business days and holiday-related seasonal softness. Average selling prices are expected to be flat to up by 2% quarter-over-quarter as higher carbon pricing is expected to slightly offset relative softening in stainless and aluminum pricing. Net sales are therefore expected to be in the range of $1.96 billion to $2.04 billion. Net income generation for the fourth quarter of 2026 is expected to be in the range of $16 to $20 million, or $0.30 to $0.38 per diluted share, with LIFO expense between $28 and $32 million. Fourth quarter Adjusted EBITDA, excluding LIFO is expected to be in the range of $100 to $104 million, inclusive of Olympic Steel's expected contribution of $28 to $30 million. 

Same-store Key Financial Metrics Reconciliation
										Ryerson
		Olympic Steel				Ryerson				Holding
		Period from				same-store				Corporation
(Dollars in millions, tons in thousands)		2/13/26 - 9/30/26				Nine months ended September 30, 2026
Tons shipped			653				1,621				2,274
Net sales		$	1,439.0			$	4,311.5			$	5,750.5
Gross margin, excluding LIFO expense			18.4	%			18.8	%			18.7	%
Warehousing, delivery, selling, general & administrative expenses		$	246.3			$	665.9			$	912.2
Expense % of sales			17.1	%			15.4	%			15.9	%
Adjusted EBITDA, excluding LIFO expense		$	66.2			$	217.2			$	283.4
Adjusted EBITDA, excluding LIFO expense % of sales			4.6	%			5.0	%			4.9	%

 

Third Quarter 2026 Major Product Metrics
	Net Sales (millions)
		Q3 2026				Q2 2026					Q3 2025				Quarter-over-quarter				Year-over-year
Carbon Steel	$		1,220		$		1,094			$	584					11.5	%			108.9	%
Aluminum	$	453			$	434				$	287					4.4	%			57.8	%
Stainless Steel	$	453			$	444				$	271					2.0	%			67.2	%
	Tons Shipped (thousands)
		Q3 2026				Q2 2026					Q3 2025				Quarter-over-quarter				Year-over-year
Carbon Steel		663				653					381					1.5	%			74.0	%
Aluminum		55				55					45				-					22.2	%
Stainless Steel		87				87					57				-					52.6	%
	Average Selling Prices (per ton)
		Q3 2026				Q2 2026					Q3 2025				Quarter-over-quarter				Year-over-year
Carbon Steel	$		1,840		$		1,675			$		1,533				9.8	%			20.0	%
Aluminum	$		8,236		$		7,891			$		6,378				4.4	%			29.1	%
Stainless Steel	$		5,207		$		5,103			$		4,754				2.0	%			9.5	%

 

Year to Date 2026 Major Product Metrics
						Net Sales (millions)
						YTD 2026					YTD 2025			Year-over-year
Carbon Steel					$		3,107			$		1,725				80.1	%
Aluminum					$		1,237			$	868					42.5	%
Stainless Steel					$		1,273			$	823					54.7	%
						Tons Shipped (thousands)
						YTD 2026					YTD 2025			Year-over-year
Carbon Steel							1,837					1,161				58.2	%
Aluminum						158					143					10.5	%
Stainless Steel						251					178					41.0	%
						Average Selling Prices (per ton)
						YTD 2026					YTD 2025			Year-over-year
Carbon Steel					$		1,691			$		1,486				13.8	%
Aluminum					$		7,829			$		6,070				29.0	%
Stainless Steel					$		5,072			$		4,624				9.7	%

Note: product table excludes "other" products, which represent approximately 3% of sales

Earnings Call Information
Ryerson will host a conference call to discuss third quarter 2026 financial results for the period ended September 30, 2026, on Thursday, October 29, 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.

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 6,500 employees and approximately 150 locations. Visit Ryerson at www.ryerson.com.

Notes:
¹Net income attributable to Ryerson Holding Corporation
²For EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO and gross margin, excluding LIFO please see Schedule 2
³Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash

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, expected synergies, 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 may not be fully realized or may take longer to realize than expected, or that the merger may be less accretive than expected; the risk that the merger will not provide stockholders with increased earnings potential; the risk that increases to earnings, margins, and cash flows may not be as large as expected or many not occur at all; Ryerson and Olympic Steel may not be able to increase commercial growth, cross-sell, or expand geographically, and scale the combined businesses 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 merger; 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; 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. 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)
		2026								2025				First Nine Months Ended
		Third				Second				Third				September 30,
		Quarter				Quarter				Quarter				2026				2025
NET SALES		$	2,177.8			$	2,006.2			$	1,161.5			$	5,750.5			$	3,466.5
Cost of materials sold			1,804.1				1,651.0				962.0				4,732.8				2,853.2
Gross profit			373.7				355.2				199.5				1,017.7				613.3
Warehousing, delivery, selling, general, and administrative			326.1				320.9				200.4				912.2				604.3
Impairment charges on assets			—				0.5				0.1				0.9				1.9
Gain on insurance settlement			(1.5)				(0.6)				—				(2.1)				—
Gain on litigation settlement			(2.4)				—				—				(2.4)				—
OPERATING PROFIT (LOSS)			51.5				34.4				(1.0)				109.1				7.1
Other income and (expense), net			0.1				1.9				0.8				3.7				(1.2)
Interest and other expense on debt			(15.2)				(14.3)				(10.1)				(41.2)				(29.4)
INCOME (LOSS) BEFORE INCOME TAXES			36.4				22.0				(10.3)				71.6				(23.5)
Provision (benefit) for income taxes			3.9				6.0				4.1				18.1				(5.9)
NET INCOME (LOSS)			32.5				16.0				(14.4)				53.5				(17.6)
Less: Net income attributable to noncontrolling interest			0.5				0.5				0.4				1.5				0.9
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION		$	32.0			$	15.5			$	(14.8)			$	52.0			$	(18.5)
EARNINGS (LOSS) PER SHARE
Basic		$	0.62			$	0.30			$	(0.46)			$	1.07			$	(0.58)
Diluted		$	0.61			$	0.30			$	(0.46)			$	1.05			$	(0.58)
Shares outstanding - basic			51.9				51.9				32.2				48.8				32.1
Shares outstanding - diluted			52.7				52.6				32.2				49.5				32.1
Dividends declared per share		$	0.1875			$	0.1875			$	0.1875			$	0.5625			$	0.5625
Supplemental Data :
Tons shipped (000)			814				804				485				2,274				1,486
Shipping days			64				64				64				191				191
Average selling price/ton		$	2,675			$	2,495			$	2,395			$	2,529			$	2,333
Gross profit/ton			459				442				411				448				413
Operating profit (loss)/ton			63				43				(2)				48				5
LIFO expense per ton			37				21				27				25				22
LIFO expense			30.0				17.0				13.2				57.0				33.2
Depreciation and amortization expense			29.1				31.7				20.2				84.2				58.8
Cash flow provided by (used in) operating activities			(18.2)				(5.6)				24.7				(176.0)				22.3
Capital expenditures			(21.3)				(16.3)				(12.8)				(49.8)				(30.7)
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 Fourth Quarter 2026 Guidance reconciliation

           

Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
		September 30,				December 31,
		2026				2025
Assets		(unaudited)
Current assets:
Cash and cash equivalents		$	40.5			$	26.9
Restricted cash			1.4				0.9
Receivables, less provisions of $3.2 at September 30, 2026 and $2.7 at December 31, 2025			1,017.5				460.8
Inventories			1,302.6				648.3
Prepaid expenses and other current assets			105.3				85.9
Total current assets			2,467.3				1,222.8
Property, plant, and equipment, at cost			1,538.2				1,179.8
Less: accumulated depreciation			630.2				570.0
Property, plant, and equipment, net			908.0				609.8
Operating lease assets			334.1				323.9
Other intangible assets less accumulated amortization of $111.8 at September 30, 2026 and $102.4 at December 31, 2025			84.8				58.2
Goodwill			165.8				161.5
Deferred charges and other assets			65.2				28.5
Total assets		$	4,025.2			$	2,404.7
Liabilities
Current liabilities:
Accounts payable		$	887.8			$	516.0
Salaries, wages, and commissions			95.2				40.5
Other accrued liabilities			114.2				72.0
Short-term debt			1.0				1.9
Current portion of operating lease liabilities			41.7				34.0
Current portion of deferred employee benefits			3.6				3.7
Total current liabilities			1,143.5				668.1
Long-term debt			1,005.1				461.2
Deferred employee benefits			84.3				70.2
Noncurrent operating lease liabilities			322.3				318.6
Deferred income taxes			124.8				110.2
Other noncurrent liabilities			22.0				12.8
Total liabilities			2,702.0				1,641.1
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 September 30, 2026 and December 31, 2025			—				—
Common stock, $0.01 par value; 100,000,000 shares authorized; 60,241,677 and 40,373,512 shares issued at September 30, 2026 and December 31, 2025, respectively			0.6				0.4
Capital in excess of par value			983.0				432.6
Retained earnings			721.4				698.8
Treasury stock, at cost - Common stock of 8,501,790 shares at September 30, 2026 and 8,164,148 shares at December 31, 2025			(244.6)				(237.0)
Accumulated other comprehensive loss			(147.8)				(141.7)
Total Ryerson Holding Corporation Stockholders' Equity			1,312.6				753.1
Noncontrolling interest			10.6				10.5
Total Equity			1,323.2				763.6
Total Liabilities and Stockholders' Equity		$	4,025.2			$	2,404.7

             

Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO
(Dollars in millions)
		2026								2025				First Nine Months Ended
		Third				Second				Third				September 30,
		Quarter				Quarter				Quarter				2026				2025
Net income (loss) attributable to Ryerson Holding Corporation		$	32.0			$	15.5			$	(14.8)			$	52.0			$	(18.5)
Interest and other expense on debt			15.2				14.3				10.1				41.2				29.4
Provision (benefit) for income taxes			3.9				6.0				4.1				18.1				(5.9)
Depreciation and amortization expense			29.1				31.7				20.2				84.2				58.8
EBITDA		$	80.2			$	67.5			$	19.6			$	195.5			$	63.8
Gain on insurance settlement			(1.5)				(0.6)				—				(2.1)				(1.0)
Gain on litigation settlement			(2.4)				—				—				(2.4)				—
Reorganization			3.2				1.4				7.3				8.6				16.3
Advisory services fees			0.5				0.5				—				7.3				—
Impairment charges on assets			—				0.5				0.1				0.9				1.9
Foreign currency transaction (gains) losses			(0.4)				(1.8)				(1.1)				(4.3)				1.6
Purchase consideration and other transaction costs			4.9				16.5				0.3				21.9				1.2
Other adjustments			0.5				—				0.9				1.0				1.1
Adjusted EBITDA		$	85.0			$	84.0			$	27.1			$	226.4			$	84.9
Adjusted EBITDA		$	85.0			$	84.0			$	27.1			$	226.4			$	84.9
LIFO expense			30.0				17.0				13.2				57.0				33.2
Adjusted EBITDA, excluding LIFO expense		$	115.0			$	101.0			$	40.3			$	283.4			$	118.1
Net sales		$	2,177.8			$	2,006.2			$	1,161.5			$	5,750.5			$	3,466.5
Adjusted EBITDA, excluding LIFO expense, as a percentage of net sales			5.3	%			5.0	%			3.5	%			4.9	%			3.4	%
Gross profit		$	373.7			$	355.2			$	199.5			$	1,017.7			$	613.3
Gross margin			17.2	%			17.7	%			17.2	%			17.7	%			17.7	%
Gross profit		$	373.7			$	355.2			$	199.5			$	1,017.7			$	613.3
LIFO expense			30.0				17.0				13.2				57.0				33.2
Gross profit, excluding LIFO expense		$	403.7			$	372.2			$	212.7			$	1,074.7			$	646.5
Gross margin, excluding LIFO expense			18.5	%			18.6	%			18.3	%			18.7	%			18.6	%
Gross profit		$	373.7			$	355.2			$	199.5			$	1,017.7			$	613.3
LIFO expense			30.0				17.0				13.2				57.0				33.2
Purchase accounting inventory adjustments			4.0				15.7				—				19.7				—
Gross profit, excluding LIFO expense and purchase accounting inventory adjustments		$	407.7			$	387.9			$	212.7			$	1,094.4			$	646.5
Gross margin, excluding LIFO expense and purchase accounting inventory adjustments			18.7	%			19.3	%			18.3	%			19.0	%			18.6	%

Note: EBITDA represents net income (loss) before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, gain on insurance settlement, gain on litigation settlement, reorganization expenses, impairment charges on assets, advisory service fees, foreign currency transaction gains and losses, and purchase consideration and other transaction costs. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, 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, 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, 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, targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, do not represent, and should not be used as a substitute for, net income (loss) or cash flows provided by (used in) operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, 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, which is calculated as gross profit minus LIFO expense, divided by net sales and gross margin, excluding LIFO expense (income), net and purchase accounting inventory adjustments, which is calculated as gross profit plus LIFO expense (or minus LIFO income) and purchase accounting inventory adjustments divided by net sales. We have excluded LIFO expense (income), net and purchase accounting inventory adjustments 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 as well as remove the effect of non-cash purchase accounting adjustments. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), net, gross margin, excluding LIFO expense (income), net, gross margin excluding LIFO expense (income), net and purchase accounting inventory adjustments, Adjusted EBITDA, excluding LIFO expense (income), net, as a percentage of sales, and Adjusted EBITDA, excluding LIFO expense (income), net, and purchase accounting inventory adjustments as a percentage of sales may differ from that of other companies.

 

Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share
(Dollars and Shares in Millions, Except Per Share Data)
		2026								2025				First Nine Months Ended
		Third				Second				Third				September 30,
		Quarter				Quarter				Quarter				2026				2025
Net income (loss) attributable to Ryerson Holding Corporation		$	32.0			$	15.5			$	(14.8)			$	52.0			$	(18.5)
Gain on insurance settlement			(1.5)				(0.6)				—				(2.1)				(1.0)
Gain on litigation settlement			(2.4)				—				—				(2.4)				—
Advisory services fees			0.5				0.5				—				7.3				—
Impairment charges on assets			—				0.5				0.1				0.9				1.9
Purchase accounting inventory adjustments			4.0				15.7				—				19.7				—
Benefit for income taxes			(0.2)				(4.0)				—				(2.3)				(0.2)
Adjusted net income (loss) attributable to Ryerson Holding Corporation		$	32.4			$	27.6			$	(14.7)			$	73.1			$	(17.8)
Adjusted diluted earnings (loss) per share		$	0.61			$	0.52			$	(0.46)			$	1.48			$	(0.55)
Shares outstanding - diluted			52.7				52.6				32.2				49.5				32.1

Note: Adjusted net income (loss) and Adjusted earnings (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)
		2026								2025				First Nine Months Ended
		Third				Second				Third				September 30,
		Quarter				Quarter				Quarter				2026				2025
Net cash provided by (used in) operating activities		$	(18.2)			$	(5.6)			$	24.7			$	(176.0)			$	22.3
Capital expenditures			(21.3)				(16.3)				(12.8)				(49.8)				(30.7)
Proceeds from sales of property, plant, and equipment			—				4.4				2.3				5.5				2.6
Free cash flow		$	(39.5)			$	(17.5)			$	14.2			$	(220.3)			$	(5.8)
Market capitalization		$	1,219.0			$	1,277.0			$	736.1			$	1,219.0			$	736.1
Free cash flow yield			(3.2)	%			(1.4)	%			1.9	%			(18.1)	%			(0.8)	%

Note: Market capitalization is calculated using September 30, 2026, June 30, 2026, and September 30, 2025 stock prices and shares outstanding.

       

Schedule 5
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Fourth Quarter 2026 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance
(Dollars in Millions)
	Fourth Quarter 2026
	Low		High
Net income attributable to Ryerson	$16		$20
Diluted income per share	$0.30		$0.38
Interest and other expense on debt	15		15
Provision for income taxes	5		7
Depreciation and amortization expense	30		30
EBITDA	$66		$72
Adjustments	2		4
Adjusted EBITDA	$68		$76
LIFO expense	32		28
Adjusted EBITDA, excluding LIFO expense	$100		$104

Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.

 

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SOURCE Ryerson Holding Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Ryerson's third-quarter 2026 earnings?

Ryerson earned $32.0 million, or $0.61 per diluted share, in the third quarter of 2026. That compares with $15.5 million, or $0.30 per diluted share, in the second quarter and a $14.8 million loss, or $0.46 per diluted share, a year earlier.

What is Ryerson's fourth-quarter 2026 outlook?

Ryerson expects fourth-quarter revenue of $1.96 billion to $2.04 billion and net income of $16 million to $20 million, or $0.30 to $0.38 per diluted share. Shipments are expected to decline 6% to 8% sequentially, while average selling prices are expected to be flat to up 2%.

When will Ryerson pay its next quarterly dividend?

Ryerson will pay its declared quarterly dividend of $0.1875 per common share on December 17, 2026, to stockholders of record on December 3, 2026. The amount is unchanged from the third-quarter dividend, which returned $9.8 million to stockholders.