Ryerson Holding Corp
For the period ended Apr 25, 2024. Filed Mar 12, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 25, 2024 · Filed Mar 12, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant☒
Filed by a Party other than the Registrant☐
Check the appropriate box:
☐ Preliminary Proxy Statement
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒ Definitive Proxy Statement
☐ Definitive Additional Materials
☐ Soliciting Material Pursuant to §240.14a-12
Ryerson Holding Corporation
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
☒ No fee required.
☐ Fee paid previously with preliminary materials:
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
Ryerson 2024 Proxy Statement
227 W. Monroe St., 27th Floor
Chicago, Illinois 60606
Notice of Annual Stockholders’ Meeting
Thursday, April 25, 2024, 2:00 p.m. Central Time
Virtual Meeting via a live audio-only webcast at www.proxydocs.com/RYI
March 12, 2024
To our Stockholders:
You are cordially invited to the 2024 annual meeting of stockholders of Ryerson Holding Corporation scheduled to be held on Thursday, April 25, 2024, at 2:00 p.m. Central Time via a live audio-only webcast at www.proxydocs.com/RYI. There is no physical location for the 2024 annual meeting. At the meeting, we will consider:
The election of the three directors named in this Proxy Statement;
The ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2024;
The adoption, on a non-binding, advisory basis, of a resolution approving the compensation of our named executive officers described under the heading Executive Compensation in our proxy statement (“say-on-pay” vote);
The adoption of an advisory resolution that a non-binding, advisory vote to approve the compensation of our named executive officers be held EVERY YEAR (“say-when-on-pay” vote); and
Such other business as may properly come before the meeting.
Stockholders who owned shares of our stock at the close of business on March 1, 2024 can vote on these proposals.
Our 2024 annual meeting of stockholders will be a virtual meeting. In order to attend the annual meeting, you must register in advance at www.proxydocs.com/RYI. Upon completing your registration, you will receive further instructions via email, including your unique links that will allow you access to the meeting and will also permit you to submit questions.
Your vote is important regardless of the number of shares of stock you own. Whether you plan to attend or not, please review our proxy materials and request a proxy card to sign, date and return, or submit your voting instructions by telephone or through the Internet. On or about the date of this letter, we began mailing a Notice of Internet Availability of Proxy Materials (the “Notice”). Instructions for each type of voting are included in the Notice that you received and in this proxy statement. If you plan to attend the meeting and prefer to vote at that time, you may do so. If you hold your shares through a broker, bank, or other institution, please be sure to follow the voting instructions that you receive from the holder. The holder will not be able to vote your shares on any of the proposals except the ratification of the appointment of Ernst & Young LLP unless you have provided voting instructions.
Mark S. Silver
Executive Vice President, General Counsel & Chief Human Resources Officer
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THESTOCKHOLDER MEETING TO BE HELD ON APRIL 25, 2024: THIS PROXY STATEMENT AND THEANNUAL REPORT ARE AVAILABLE AT http://www.proxydocs.com/RYI.
RYERSON HOLDING CORPORATION
Table of Contents
| RYERSON HOLDING CORPORATION | 1 | Compensation Committee Interlocks and Insider Participation | 30 | |
|---|---|---|---|---|
| ANNUAL MEETING INFORMATION | 2 | |||
| Who May Vote? | 2 | COMPENSATION COMMITTEE REPORT | 31 | |
| Who May Attend the Meeting? | 2 | DIRECTOR COMPENSATION | 32 | |
| What Am I Voting On? | 2 | EXECUTIVE OFFICERS | 34 | |
| How Do I Vote? | 3 | Biographies | 34 | |
| Stockholders of Record | 3 | EXECUTIVE COMPENSATION | 36 | |
| Stockholders of Record Can Vote By: | 3 | Compensation Discussion and Analysis | 36 | |
| Stock Held in Street Name | 3 | Overview | 36 | |
| What If I Do Not Provide Voting Instructions? | 4 | Executive Compensation Philosophy | 36 | |
| Can I Revoke or Change My Vote? | 4 | Consideration of Results of Advisory Vote on Executive Compensation | 37 | |
| Who Are the Proxies and What Do They Do? | 4 | |||
| Is My Vote Confidential? | 4 | Determination of Compensation | 37 | |
| What Is the Quorum Requirement for the Annual Meeting? | 4 | Use of Peer Groups for Compensation Matters | 38 | |
| How Are Abstentions, Withheld Votes and Broker Non-Votes Treated? | 5 | Components of Compensation | 38 | |
| Relationship Among the Different Components of Compensation | 39 | |||
| What Vote Is Required to Approve a Proposal? | 5 | |||
| Who Solicits Proxies and How Are They Paid? | 5 | Base Salary | 39 | |
| How Do You Determine Whether I Get One or More Paper Copies of the Proxy Materials? | 5 | 2023 Base Salaries | 40 | |
| Annual Bonus | 40 | |||
| ITEMS YOU MAY VOTE ON | 7 | 2023 Annual Incentive Plan | 41 | |
| 1. Election of Directors | 7 | Actual Payout under the 2023 AIP | 42 | |
| 2. Ratification of the Appointment of Independent Registered Public Accounting Firm | 8 | AIP and Discretionary Bonuses | 42 | |
| Long-Term Incentive Plan | 43 | |||
| 3. Non-Binding, Advisory Vote on the Compensation of Our Named Executive Officers | 9 | 2023 LTIP – Type of Equity Granted and Performance Metrics | 44 | |
| 4. Non-Binding, Advisory Vote on the Frequency of the Stockholder Vote on Executive Compensation | 10 | Restricted Stock Units | 44 | |
| Performance Units | 44 | |||
| 5. Such Other Business as May Properly Come Beforethe Annual Meeting | 10 | PSU Performance Objectives | 45 | |
| Determining PSUs Earned and Award Range | 45 | |||
| BOARD OF DIRECTORS | 11 | Nonqualified Stock Options | 46 | |
| Composition of the Board of Directors | 11 | NSOs Performance Objectives | 46 | |
| Terms and Classes of Directors | 11 | Named Executive Officer 2023 LTIP Awards | 47 | |
| Board Diversity | 12 | Retirement Benefits | 48 | |
| Director Skills & Experience | 13 | Nonqualified Savings Plan | 48 | |
| Biographies | 14 | Supplemental Pension Plan | 49 | |
| Meetings of the Board and Board Committees | 18 | Perquisites and Other Benefits | 49 | |
| CORPORATE GOVERNANCE MATTERS | 19 | Employment Agreements | 49 | |
| Board Leadership Structure | 19 | Compensation Risk Management | 49 | |
| Director Independence | 19 | Tax Considerations and Deductibility of Compensation | 50 | |
| BOARD OVERSIGHT OF RISK | 21 | Executive Stock Ownership Guidelines | 50 | |
| Enterprise Risk Management | 21 | Prohibition on Speculative Stock Transactions | 50 | |
| Committee Roles | 22 | Clawback Policy | 50 | |
| Internal Audit | 22 | Recommendation | 50 | |
| Governance Guidelines and Committee Charters | 22 | COMPENSATION TABLES | 51 | |
| Code of Ethics | 23 | Summary Compensation Table | 51 | |
| Board Education | 23 | Grants of Plan-Based Awards | 52 | |
| Communications with the Board | 23 | Narrative Relating to Summary Compensation Table and Grants of Plan-Based Awards | 53 | |
| BOARD COMMITTEES | 24 | |||
| EXECUTIVE COMMITTEE | 24 | Employment Agreements | 53 | |
| TRANSACTION COMMITTEE | 24 | Outstanding Equity Awards at Fiscal Year-End | 56 | |
| NOMINATING AND CORPORATE GOVERNANCE COMMITTEE | 24 | 2022 Option Exercises and Stock Vested | 58 | |
| Pension Benefits | 58 | |||
| Qualifications for Directors | 25 | Nonqualified Savings Benefits | 59 | |
| AUDIT COMMITTEE | 25 | Potential Payments Upon Termination or Change in Control | 59 | |
| Audit, Audit-related and Other Non-Audit Services | 27 | Pay Ratio | 61 | |
| Pre-approval Policies | 27 | Pay Versus Performance | 61 | |
| Other Policies | 27 | Compensation Actually Paid | 64 | |
| AUDIT COMMITTEE REPORT – FINANCIAL STATEMENTS RECOMMENDATION | 28 | Cumulative TSR vs Peer Group TSR: | 64 | |
| STOCK OWNERSHIP | 66 | |||
| COMPENSATION COMMITTEE | 29 | Directors and Executive Officers | 66 | |
| Committee Resources and Authority | 30 | Ownership of More Than 5% of Ryerson Stock | 67 | |
RYERSON 2024 Proxy Statement| i
| RELATED PARTY TRANSACTIONS | 68 | Stockholder Nominations for Directors | 70 |
|---|---|---|---|
| Related Party Transactions with RYPS | 68 | APPENDIX A | A-1 |
| Policies and Procedures Regarding Transactions with Related Persons | 69 | Non-GAAP Financial Information for Compensation Discussion and Analysis | A-1 |
| OTHER INFORMATION | 70 | Reconciliation of Net income to Adjusted EBITDA,excluding LIFO and Managerial Controllable Free Cash Flow, non-GAAP measures | A-1 |
| Stockholder Proposals and Director Nominations for the 2024 Annual Meeting | 70 | ||
RYERSON 2024 Proxy Statement| ii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.