RYI Insider Filing: Dividend Equivalent Accruals on RSU Awards

Rhea-AI Filing Summary

Molly D. Kannan, Chief Accounting Officer and Corporate Controller of Ryerson Holding Corp (RYI), reported acquisitions of dividend equivalent rights tied to restricted stock units (RSUs). Each RSU represents a contingent right to one share of RYI common stock. On 09/18/2025 she acquired dividend equivalent amounts of 16.613, 32.496 and 53.758 share equivalents, which increased her beneficial ownership in the underlying common stock to 2,074.819, 4,058.497 and 6,713.948 respectively. The accrued dividend equivalents relate to RSU grants from March 31, 2023, 2024 and 2025 and will vest on specified dates between March 31, 2026 and March 31, 2028 under the awards' original vesting schedules.

Positive

• Dividend equivalent rights accrued on existing RSUs, preserving the original award structure and vesting terms
• Vesting schedule disclosed with specific future vesting dates through March 31, 2028, showing clarity on timing of settlement

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine insider accruals of dividend equivalents on RSUs reflect standard executive compensation vesting, not a material change to control.

The filing documents non-derivative accruals of dividend equivalent rights on previously granted restricted stock units for an executive officer. These accruals convert to one-for-one common share equivalents upon settlement and follow pre-existing vesting schedules through March 31, 2028. There is no indication of any out-of-cycle grants, accelerated vesting, or dispositions that would signal governance concerns. Impact on shareholder dilution is modest and tied to existing long-term incentive awards rather than new issuance.

Compensation Analyst

TL;DR: Compensation accruals recorded as dividend equivalents increase reported beneficial holdings but align with standard RSU program mechanics.

The report breaks out dividend equivalent rights that accrued on RSUs from grants dated March 31 of 2023, 2024 and 2025. These amounts—16.613, 32.496 and 53.758 share equivalents—are modest in absolute terms and vest according to the original grant schedules. This is consistent with normal equity compensation accounting where dividends paid on common shares generate equivalent units for unvested awards. No cash transactions or option exercises are reported, and the reported price is $0, reflecting non-cash accruals rather than purchases.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kannan Molly D

(Last) (First) (Middle)

C/O RYERSON HOLDING CORPORATION

227 W. MONROE ST., 27TH FLOOR

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ryerson Holding Corp [ RYI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CAO & Corporate Controller

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/18/2025		A		16.613(2)		(3)	(3)	Common Stock	16.613	$0	2,074.819	D
Restricted Stock Units	(1)	09/18/2025		A		32.496(2)		(4)	(4)	Common Stock	32.496	$0	4,058.497	D
Restricted Stock Units	(1)	09/18/2025		A		53.758(2)		(5)	(5)	Common Stock	53.758	$0	6,713.948	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock of Ryerson Holding Corporation (the "Company").

2. Represents dividend equivalent rights that accrued on the underlying award of restricted stock units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted stock units to which they relate.

3. The dividend equivalent rights accrued on restricted stock units that were granted on March 31, 2023 and outstanding as of September 18, 2025. These unvested restricted stock units, and the dividend equivalent rights related to such unvested restricted stock units, will vest on March 31, 2026.

4. The dividend equivalent rights accrued on restricted stock units that were granted on March 31, 2024 and outstanding as of September 18, 2025. These unvested restricted stock units, and the dividend equivalent rights related to such unvested restricted stock units, will vest on March 31, 2026 and March 31, 2027.

5. The dividend equivalent rights accrued on restricted stock units that were granted on March 31, 2025 and outstanding as of September 18, 2025. These unvested restricted stock units, and the dividend equivalent rights related to such unvested restricted stock units, will vest on March 31, 2026, March 31, 2027 and March 31, 2028.

	/s/ Camilla Rykke Merrick, attorney-in-fact	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Ryerson Holding Corp (RYI) Form 4 filed by Molly D. Kannan report?

The Form 4 reports the acquisition of dividend equivalent rights on restricted stock units (RSUs) granted on March 31, 2023, 2024 and 2025, with specific share-equivalent amounts disclosed.

How many dividend equivalent share units were reported for the 09/18/2025 transactions?

The filing shows accruals of 16.613, 32.496 and 53.758 share-equivalent dividend rights tied to RSU awards.

Will these accrued dividend equivalents convert to common stock?

Yes. Each restricted stock unit represents a contingent right to receive one share of Ryerson common stock and dividend equivalents vest and settle on the same schedule as the underlying RSUs.

When do the accrued dividend equivalents vest?

The accrued dividend equivalents vest on specified dates between March 31, 2026 and March 31, 2028, depending on the original grant (2023, 2024 or 2025 grants).

Did the Form 4 report any cash purchases or sales by the reporting person?

No. The reported entries are non-cash accruals of dividend equivalent rights on RSUs; the price is reported as $0.