Ryerson Holding Corp
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
RYZ$27.60+3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0000950170-25-099646
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001193125-25-253579
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 75 current paragraphs.
35 unchanged; 30 reworded; 10 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
In the third quarter of 2025, the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), a key steel industry economic indicator, reported a continuation of soft industrial activity. The September reading of 49.1 did come in as the highest since February, but nonetheless marks the seventh consecutive month of contraction, indicated by a reading below 50, or the 33 rd month of contraction in the past 36 months.
Current report
Ryerson’s third quarter volumes decreased by 3.2% compared to the second quarter with relative strength in our construction equipment and HVAC sectors, offset by persistent weakness in ground transportation and agricultural sectors.
Current report
Restoration of 100% bonus depreciation for qualified property placed in service after January 19, 2025;
Current report
Permanent full expensing of domestic research and experimental expenditures;
Current report
Modifications to interest expense limitations under Section 163(j) of the Internal Revenue Code, including a revised definition of adjusted taxable income and coordination with interest capitalization rules.
Current report
The restoration of immediate research and experimental expensing, bonus depreciation, and the modifications related to interest expense limitations are expected to favorably affect the Company’s cash tax liabilities and investment incentives in future periods.
Current report
Management will continue to monitor regulatory guidance and implementation developments related to the OBBBA and will update its disclosures as necessary.
Current report
Potential Acquisition
Current report
On October 28, 2025, the Company entered into a definitive merger agreement to acquire Olympic Steel, Inc. ("Olympic"). Under the terms and subject to the conditions of the merger agreement, shares of Olympic will be converted into the right to receive shares of common stock of the Company based upon a fixed exchange ratio as well as cash in lieu of fractional shares. The consummation of the Olympic acquisition is subject to certain customary closing conditions, including approval by the stockholders of both the Company and Olympic.
Current report
Operating profit (loss)
Removed paragraphs (7)
Previous report
In the second quarter of 2025, key steel industry economic indicators reported soft industrial activity. This is evidenced by the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), which has reported readings below the growth threshold of 50 for four consecutive months. However, June’s PMI reading of 49 does indicate a slowing rate of contraction relative to the previous three months. U.S. Industrial Production, which measures industrial sector business output, reported a rise in activity of 0.3% year-over-year in June after two months of flat readings in April and May (0.1% and 0.0%, respectively).
Previous report
Ryerson’s second quarter volumes were relatively consistent with the first, up 0.2%, with relative strength among customers in our consumer durable sector, specifically in appliances and recreational vehicles, and also among select customers in the HVAC sector. On the other hand, we saw quarterly sequential volume contraction in our construction equipment and commercial ground transportation sectors.
Previous report
Modifications to bonus depreciation rules and interest expense limitations;
Previous report
Changes to the treatment of research and development expenditures;
Previous report
Because the legislation was enacted after the June 30, 2025, balance sheet date, the Company has not recognized any financial statement impacts from the OBBBA in this Form 10-Q. The Company is currently evaluating the potential implications of the OBBBA on its financial position, including the impact on deferred tax assets and liabilities, effective tax rate, and future cash flows. While the full financial impact of the legislation is still being assessed, it is expected to affect the Company’s deferred tax assets and liabilities in future periods. At this time, the Company is unable to reasonably estimate the impact of the OBBBA on its financial statements.
Previous report
Management will continue to monitor developments and expects to reflect the impact of the OBBBA in its financial statements for the third quarter ending September 30, 2025.
Previous report
Operating profit
Reworded paragraphs (30)
Previous wording
The following Management’s Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations is intended to help the reader understand the Company’s results of operations and financial condition as viewed by management. The MD&A should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “Financial Statements” in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2024, in our Annual Report on Form 10-K filed on February 20, 2025.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand the Company’s results of operations and financial condition as viewed by management. The MD&A should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “Financial Statements” in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2024, in our Annual Report on Form 10-K filed on February 20, 2025.
Previous wording
The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the second quarter of 2025, Ryerson’s average selling prices increased by 2.8% and shipments increased by 0.2% compared to the first quarter of 2025. Average selling price increases were supported by tariff policy and rising input prices while demand reflected trade policy uncertainty and greater inventory discipline among customers. Compared to the same quarter last year, Ryerson experienced lower average selling prices of 3.2% and lower shipments of 1.4% in the second quarter of 2025. In the first six months of 2025, Ryerson experienced lower average selling prices of 6.1% and a decrease in shipments of 0.4% compared to the first six months of 2024.
Current wording
The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the third quarter of 2025, Ryerson’s average selling prices increased by 2.6% while shipments declined by 3.2% compared to the second quarter of 2025. Average selling price increases were supported by tariff policy and rising input prices while the demand environment remained soft. Compared to the same quarter last year, average selling prices in the third quarter of 2025 were 3.1% higher and shipments were flat. Despite third quarter price appreciation and shipments being in-line with the same quarter last year, Ryerson's average selling prices were 3.2% lower and shipments were 0.3% lower in the first nine months of 2025 compared to the first nine months of 2024.
Previous wording
According to the Metal Service Center Institute ("MSCI"), North American service center volumes decreased by 2.7% in the first six months of 2025 compared to the first six months of 2024. Ryerson's North American volumes decreased by 1.1% over the same period. On a quarterly sequential basis, MSCI volumes decreased by 2.1%, compared to Ryerson’s North American volume decrease of 1.2%, implying Ryerson North American market share growth on both a year-to-date and a quarter-over-quarter basis.
Current wording
According to the Metal Service Center Institute ("MSCI"), North American service center volumes decreased by 2.5% in the first nine months of 2025 compared to the first nine months of 2024. Ryerson's North American volumes decreased by 0.9% over the same period, implying market share gains year-to-date. However, on a quarterly sequential basis, Ryerson's North American volume decline outpaced the MSCI, decreasing by 3.3% in the third quarter compared to the industry's volume decrease of 2.9% in the same period.
Previous wording
First Six Months 2025 vs. First Six Months 2024 Performance
Current wording
First Nine Months 2025 vs. First Nine Months 2024 Performance
Previous wording
To provide greater insight into the Company’s operating trends apart from the period’s one-time transactions, Ryerson provides adjusted net income (loss) and adjusted diluted earnings (loss) per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to complement the reported GAAP net income (loss) and diluted earnings (loss) per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions. Adjusted net income (loss) and adjusted diluted income (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted income (loss) per share determined in accordance with GAAP. As illustrated in the below table, the net loss attributable to Ryerson Holding Corporation of $3.7 million in the first six months of 2025 includes a $1.0 million gain on an insurance settlement and impairment charges on assets of $1.8 million compared to the net income attributable to Ryerson Holding Corporation in the first six months of 2024 of $2.3 million which includes a restructuring charge of $1.7 million, as well as a pension settlement loss of $2.2 million, and a $0.3 million curtailment gain related to various retirement benefit plans. After adjusting for these non-core business transactions and the related income taxes, the adjusted net loss attributable to Ryerson Holding Corporation for the first six months 2025 is $3.1 million compared to $5.0 million of net income attributable to Ryerson Holding Corporation in the first six months of 2024.
Current wording
To provide greater insight into the Company’s operating trends apart from the period’s one-time transactions, Ryerson provides adjusted net income (loss) and adjusted diluted earnings (loss) per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to complement the reported GAAP net income (loss) and diluted earnings (loss) per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions. Adjusted net income (loss) and adjusted diluted income (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted income (loss) per share determined in accordance with GAAP. As illustrated in the below table, the net loss attributable to Ryerson Holding Corporation of $18.5 million in the first nine months of 2025 includes a $1.0 million gain on an insurance settlement and impairment charges on assets of $1.9 million. This compares to net loss attributable to Ryerson Holding Corporation in the first nine months of 2024 of $4.3 million, which includes a gain on insurance settlement of $1.3 million, a restructuring charge of $2.8 million, a pension settlement loss of $2.2 million, and a $0.3 million curtailment gain related to various retirement benefit plans. After adjusting for these non-core business transactions and the related income taxes, the adjusted net loss attributable to Ryerson Holding Corporation for the first nine months 2025 is $17.8 million compared to $1.7 million of net loss attributable to Ryerson Holding Corporation in the first nine months of 2024.
Previous wording
Tariffs. In 2025, the U.S. government has announced and retracted tariffs repeatedly on imports, including imports of steel and aluminum from all countries, as well as on all U.S. imports not covered under section 232 of the Trade Expansion Act ("Section 232"). All of the individual country exemptions related to quotas and tariff rate quotas have been eliminated. Currently, steel and aluminum import tariffs are 50% and negotiations with various countries are ongoing. Many governments, including Chinese and Canadian governments, have announced reciprocal tariffs on U.S. imports, creating further uncertainty in global trade. The tariffs introduce significant uncertainty towards customers' supply chains and the impact they will have on our financial position, results of operations, and cash flows remains to be determined.
Current wording
Tariffs. In 2025, the U.S. government has announced and retracted tariffs repeatedly on imports, including imports of steel and aluminum from all countries, as well as on all U.S. imports not covered under section 232 of the Trade Expansion Act ("Section 232"). In March 2025, the Trump administration eliminated all country exemptions to section 232. As of June 2025, the U.S. imposed a 50% section 232 tariff on nearly all steel and aluminum products. In August, the Department of Commerce added new product categories to section 232 steel and aluminum derivative products (e.g. downstream manufactured goods). Many governments, including those of China, Canada, and recently the European Union, have announced reciprocal tariffs on U.S. imports, while simultaneously withdrawing certain retaliatory tariffs, creating further uncertainty in global trade. The tariffs introduce significant uncertainty towards customers' supply chains and the impact they will have on our financial position, results of operations, and cash flows remains to be determined.
Previous wording
The following table sets forth our condensed consolidated statements of income data for the three-month and six-month periods ended June 30, 2025 and 2024 (certain percentages may not calculate due to rounding):
Current wording
The following table sets forth our condensed consolidated statements of income data for the three-month and nine-month periods ended September 30, 2025 and 2024 (certain percentages may not calculate due to rounding):
Previous wording
The following charts show the Company’s percentage of sales by major product lines for the six months ended June 30, 2025 and 2024:
Current wording
The following charts show the Company’s percentage of sales by major product lines for the nine months ended September 30, 2025 and 2024:
Previous wording
Revenue for the three-month and six-month periods ended June 30, 2025 decreased from the same periods a year ago due to lower metal commodity prices caused by the effects of contracting industrial manufacturing demand. Compared to the year-ago periods, average selling prices decreased for all of our carbon and stainless product lines in the three-month and six-month periods ended June 30, 2025 with the largest decreases in our carbon plate, carbon flat, and carbon long products, partially offset by increases in all of our aluminum products lines. Tons sold decreased slightly in the three-month and six-month periods ended June 30, 2025, compared to the year-ago periods. The product lines with the largest decreases in tons sold in 2025 are our aluminum flat and carbon long product lines partially offset by an increase in stainless long and aluminum long tons sold.
Current wording
Revenue for the nine-month period ended September 30, 2025 decreased from the same period a year ago due to lower metal commodity prices caused by the effects of contracting industrial manufacturing demand. However, revenue increased in the third quarter of 2025 compared to the year-ago period as average selling prices increased due to support from tariff policy and rising input prices while the demand environment remained soft. Compared to the year-ago period, average selling prices decreased for all of our carbon and stainless product lines in the nine-month period ended September 30, 2025 with the largest decreases in our carbon plate, carbon flat, stainless plate, and stainless flat products, partially offset by increases in all of our aluminum products lines. In the three-month period ended September 30, 2025, average selling prices increased compared to the year-ago period for all of our aluminum products, as well as for stainless long and carbon long products, which offset the decrease in average selling prices for our stainless plate and stainless flat products. Tons sold decreased slightly in the nine-month period ended September 30, 2025, compared to the year-ago period. The product lines with the largest decreases in tons sold in 2025 are our aluminum flat and aluminum plate product lines largely offset by an increase in stainless long and aluminum long tons sold. Tons sold were flat for the three months ended September 30, 2025 compared to the year ago period.
Previous wording
The decrease in cost of materials sold in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods is primarily due to lower metal commodity prices. Compared to the year-ago period the average cost of materials sold decreased across all of our carbon and stainless product lines with the largest decreases in our carbon plate, carbon flat, and stainless plate product lines, partially offset by increases in the average cost of materials sold for all of our aluminum product lines. During the second quarter of 2025, LIFO expense was $13.2 million compared to LIFO income of $10.0 million in the second quarter of 2024. During the first six months of 2025, LIFO expense was $20.0 million compared to LIFO income of $9.0 million in the first six months of 2024.
Current wording
The decrease in cost of materials sold in the nine-month period ended September 30, 2025 compared to the year-ago period is primarily due to lower metal commodity prices. However, in the three-month period ended September 30, 2025 compared to the year-ago period, the cost of materials sold increased as metals prices increased due to support from tariff policy. Compared to the year-ago period the average cost of materials sold decreased across all of our carbon and stainless product lines in the nine-month period ended September 30, 2025 with the largest decreases in our carbon plate, stainless plate, and carbon flat product lines, partially offset by increases in the average cost of materials sold for all of our aluminum product lines. In the three-month period ended September 30, 2025, cost of materials sold increased compared to the year-ago period as increased cost of materials sold for our aluminum products, stainless long, and carbon long products exceeded the decrease in cost of material sold for our stainless plate, stainless flat, and carbon flat products. During the third quarter of 2025, LIFO expense was $13.2 million compared to LIFO income of $18.1 million in the third quarter of 2024. During the first nine months of 2025, LIFO expense was $33.2 million compared to LIFO income of $27.1 million in the first nine months of 2024.
Previous wording
Gross profit decreased in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods primarily due to the impact of lower metals commodity prices which reduced average selling prices.
Current wording
Gross profit decreased in the three-month and nine-month periods ended September 30, 2025 compared to the year-ago periods primarily due to the impact of contracting industrial manufacturing demand and its impact on metals prices.
Previous wording
Warehousing, delivery, selling, general, and administrative expenses increased $4.6 million in the second quarter of 2025 compared to the second quarter of 2024 while expenses decreased $10.1 million in the first six-months of 2025 compared to the first six-months of 2024. Expenses in the second quarter of 2025 included $1.4 million of expenses from an acquisition made during the third quarter of 2024, while the first six months of 2025 included expenses of $4.1 million from the same acquisition. Excluding the impact of the acquisition, expenses increased $3.2 million in the second quarter of 2025 compared to the second quarter of 2024 and expenses decreased $14.2 in the six-month period ended June 30, 2025 compared to the year ago period. On a same-store basis, expenses decreased in the second quarter and first six-months of 2025 primarily due to lower reorganization costs as the first six months of 2024 included start-up costs associated with our new state of the art University Park, IL location as well as Enterprise Resource Planning ("ERP") conversion and integration activities. In addition, benefit expenses were lower in the first six-months of 2025 primarily due to lower payroll taxes resulting from refunds received in the second quarter related to Employee Retention Credits for qualified wages paid during the COVID-19 pandemic. Offsetting the decrease in expenses from lower reorganization costs and lower payroll taxes in the second quarter of 2025 and partially offsetting the expense decrease in the first six months of 2025 was an increase in delivery expenses, salaries and wages, and incentive compensation.
Current wording
Warehousing, delivery, selling, general, and administrative expenses increased $3.6 million in the third quarter of 2025 compared to the third quarter of 2024 while expenses decreased $6.5 million in the first nine-months of 2025 compared to the first nine-months of 2024. Expenses in the first nine months of 2025 included $3.7 million of expenses from an acquisition made during the third quarter of 2024. Excluding the impact of the acquisition, expenses decreased $11.0 million in the nine-month period ended June 30, 2025 compared to the year ago period. On a same-store basis, the expense decrease in the first nine-months of 2025 is primarily due to lower reorganization costs as the first nine months of 2024 included start-up costs associated with our new state of the art University Park, IL location as well as Enterprise Resource Planning ("ERP") conversion and integration activities. In addition, benefit expenses were lower in the first nine-months of 2025 primarily due to lower payroll taxes resulting from refunds received in the second quarter related to Employee Retention Credits for qualified wages paid during the COVID-19 pandemic. The increase in expense in the third quarter of 2025 compared to the year-ago period was driven by an increase in delivery expenses, salaries and wages, and incentive compensation. These increases also partially offset the decreased reorganization costs and lower payroll taxes in the first nine months of 2025.
Previous wording
The three-month and six-month periods ended June 30, 2024 include a restructuring charge of $1.7 related to severance costs for headcount reductions as we worked to optimize our operating model and improve productivity.
Current wording
The three-month and nine-month periods ended September 30, 2024 include an insurance settlement gain of $1.3 million as well as restructuring charges of $1.1 million and $2.8 million, respectively, related to severance costs for headcount reductions as we worked to optimize our operating model and improve productivity.
Previous wording
Our operating profit decreased in the three-month and six-month periods ended June 30, 2025 compared to the three-month and six-month periods ended June 30, 2024, primarily due to the decrease in average selling prices and gross profit discussed above.
Current wording
Our operating profit (loss) decreased in the three-month and nine-month periods ended September 30, 2025 compared to the three-month and nine-month periods ended September 30, 2024, primarily due to the decrease in gross profit discussed above.
Previous wording
Interest and other expense on debt decreased in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods primarily due to lower interest rates on our $1.3 billion revolving credit facility (“the Ryerson Credit Facility”) partially offset by a higher level of borrowings outstanding under the Ryerson Credit Facility in the first six months of 2025.
Current wording
Interest and other expense on debt decreased in the three-month and nine-month periods ended September 30, 2025 compared to the year-ago periods primarily due to lower interest rates on our $1.3 billion revolving credit facility (“the Ryerson Credit Facility”) partially offset by a higher level of borrowings outstanding under the Ryerson Credit Facility in the first nine months of 2025.
Previous wording
The other income in the first six months of 2025 includes foreign currency translation losses of $2.7 million, partially offset by a $0.5 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan. The other expense in the first six months of 2024 includes a $2.2 million settlement loss resulting from the termination of the Ryerson Canada Bargaining Unit Pension Plan. Partially offsetting the $2.2 million settlement loss was a $1.1 million settlement gain and a $0.3 million curtailment gain related to lump-sum buyouts and a reduction in future years of service for the CSW pension and other post-employment benefit plans resulting from workforce reductions associated with the move of the CSW headquarters and main operations to a new facility in University Park, IL. Other income and (expense), net in the first six months of 2024 also includes foreign currency translation gains of $1.6 million.
Current wording
The other expense in the first nine months of 2025 includes foreign currency translation losses of $1.6 million, partially offset by a $0.7 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan. The other income in the third quarter of 2025 includes foreign currency translation gains of $1.1 million. The other expense in the first nine months of 2024 includes a $2.2 million settlement loss resulting from the termination of the Ryerson Canada Bargaining Unit Pension Plan. Partially offsetting the $2.2 million settlement loss was a $1.6 million settlement gain and a $0.3 million curtailment gain related to lump-sum buyouts and a reduction in future years of service for the CSW pension and other post-employment benefit plans resulting from workforce reductions associated with the move of the CSW headquarters and main operations to a new facility in University Park, IL. Other income and (expense), net in the first nine months of 2024 also includes foreign currency translation gains of $1.0 million.
Previous wording
Provision for income taxes. Our effective income tax rate was 133.3% in the second quarter of 2025 and 75.8% in the first six months of 2025 compared to 22.6% in the second quarter of 2024 and 23.7% in the first six months of 2024. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state and foreign income taxes partially offset by the effects of certain discrete items recorded during the periods. The decrease in income tax in the first six months of 2025 compared to the first six months of 2024 is primarily a result of the decrease in actual and forecasted earnings between the two periods.
Current wording
Provision (benefit) for income taxes. Our effective income tax rate was 39.8% in the third quarter of 2025 and 25.1% in the first nine months of 2025 compared to 6.3% in the third quarter of 2024 and 19.2% in the first nine months of 2024. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state and foreign income taxes partially offset by the effects of certain discrete items recorded during the periods. The decrease in income tax in the first nine months of 2025 compared to the first nine months of 2024 is primarily a result of the decrease in actual and forecasted earnings between the two periods.
Previous wording
We had cash and cash equivalents of $30.8 million at June 30, 2025, compared to $27.7 million at December 31, 2024. Our total debt outstanding at June 30, 2025 increased to $510.2 million compared to $467.4 million at December 31, 2024. We had a debt-to-capitalization ratio of 38% and 36% at June 30, 2025 and December 31, 2024, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $485 million at June 30, 2025 versus $451 million at December 31, 2024. Our net debt (defined as total debt less cash and cash equivalents) was $479 million and $440 million at June 30, 2025 and December 31, 2024, respectively. Total liquidity and net debt are not U.S. generally accepted accounting principles (“GAAP”) financial measures. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with GAAP and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. We believe that net debt provides a clearer perspective of the Company’s overall debt profile. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.
Current wording
We had cash and cash equivalents of $29.8 million at September 30, 2025, compared to $27.7 million at December 31, 2024. Our total debt outstanding at September 30, 2025 increased to $499.7 million compared to $467.4 million at December 31, 2024. We had a debt-to-capitalization ratio of 39% and 36% at September 30, 2025 and December 31, 2024, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $521 million at September 30, 2025 versus $451 million at December 31, 2024. Our net debt (defined as total debt less cash and cash equivalents) was $470 million and $440 million at September 30, 2025 and December 31, 2024, respectively. Total liquidity and net debt are not U.S. generally accepted accounting principles (“GAAP”) financial measures. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with GAAP and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. We believe that net debt provides a clearer perspective of the Company’s overall debt profile. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.
Previous wording
Of the total cash and cash equivalents as of June 30, 2025, $12.2 million was held in subsidiaries outside the U.S. which is deemed to be permanently reinvested. Ryerson does not currently foresee a need to repatriate earnings from its non-U.S. subsidiaries. Although Ryerson has historically satisfied needs for more capital in the U.S. through debt or equity issuances, Ryerson could elect to repatriate earnings held in foreign jurisdictions, which could result in higher effective tax rates. We have not recorded a deferred tax liability for the effect of a possible repatriation of these earnings as management intends to permanently reinvest these earnings outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.
Current wording
Of the total cash and cash equivalents as of September 30, 2025, $13.3 million was held in subsidiaries outside the U.S. which is deemed to be permanently reinvested. Ryerson does not currently foresee a need to repatriate earnings from its non-U.S. subsidiaries. Although Ryerson has historically satisfied needs for more capital in the U.S. through debt or equity issuances, Ryerson could elect to repatriate earnings held in foreign jurisdictions, which could result in higher effective tax rates. We have not recorded a deferred tax liability for the effect of a possible repatriation of these earnings as management intends to permanently reinvest these earnings outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.
Previous wording
Operating activities. Working capital fluctuates throughout the year based on business needs. Working capital needs tend to be counter-cyclical, meaning that in periods of expansion the Company will use cash to fund working capital requirements, but in periods of contraction the Company will generate cash from reduced working capital requirements. In the first six months of 2025, working capital requirements increased mainly due to higher sales levels during the second quarter of 2025 compared to the fourth quarter of 2024, driving an increase in accounts receivables. There was a slight decrease in inventory, as commodity price decreases caused lower inventory costs as of June 30, 2025 compared to December 31, 2024. Increased purchasing activity and timing of payments at the end of the second quarter of 2025 resulted in an increase in accounts payable. In the first six months of 2024, working capital requirements increased due to an increase in accounts receivable from higher sales levels compared to the fourth quarter of 2023. Partially offsetting the increase in accounts receivable was a decrease in inventory, as market prices for metals decreased in the first six months of 2024, which also decreased accounts payable balances.
Current wording
Operating activities. Working capital fluctuates throughout the year based on business needs. Working capital needs tend to be counter-cyclical, meaning that in periods of expansion the Company will use cash to fund working capital requirements, but in periods of contraction the Company will generate cash from reduced working capital requirements. In the first nine months of 2025, working capital requirements increased mainly due to higher sales levels during the third quarter of 2025 compared to the fourth quarter of 2024, driving an increase in accounts receivables. There was a slight decrease in inventory, due to lower tons in inventory as of September 30, 2025 compared to December 31, 2024, as the Company focused on working capital management. Increased purchasing activity and timing of payments at the end of the third quarter of 2025 resulted in an increase in accounts payable. In the first nine months of 2024, working capital requirements decreased mainly due to a decrease in inventory, as market prices for metals decreased in the first nine months of 2024 along with lower tons in inventory to better align inventory levels with expected sales volumes. Partially offsetting the decrease in inventory was an increase in accounts receivable from higher sales levels during the third quarter of 2024 compared to the fourth quarter of 2023 and a decrease in accounts payable driven by reduced inventory purchases as discussed above.
Previous wording
Investing activities. The Company's main investing activities are capital expenditures and acquisitions. Capital expenditures have decreased year-over-year as the Company completed its three-year investment cycle in 2024, which focused on organic growth through the expansion and modernization of existing facilities, addition of new state-of-the-art facilities, and additions of processing equipment to support value-added business.
Current wording
Investing activities. The Company's main investing activities are capital expenditures and acquisitions. Capital expenditures have decreased year-over-year as the Company completed its three-year investment cycle in 2024, which focused on organic growth through the expansion and modernization of existing facilities, addition of new state-of-the-art facilities, and additions of processing equipment to support value-added business. In the first nine months of 2024, the Company paid $44.1 million to acquire Production Metals, LLC.
Previous wording
Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on the Ryerson Credit Facility. In the first six months of 2025 and 2024, we increased credit facility borrowings to fund our working capital requirements as business activity increased compared to each prior year's fourth quarter. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid decreased from $12.8 million in the first six months of 2024 to $12.0 million in the first six months of 2025 due to fewer shares outstanding. In the first six months of 2024, we repurchased $15.0 million of common stock.
Current wording
Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on the Ryerson Credit Facility. In the first nine months of 2025, we increased credit facility borrowings to fund our capital expenditures as well as our working capital requirements, which increased compared to prior year's fourth quarter. In the first nine months of 2024, we increased credit facility borrowings to fund our acquisitions and capital expenditures. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid decreased from $18.8 million in the first nine months of 2024 to $18.0 million in the first nine months of 2025 due to fewer shares outstanding. In the first nine months of 2024, we repurchased $51.0 million of common stock.
Previous wording
Off-Balance Sheet Arrangements. In the normal course of business with customers, vendors, and others, we have entered into off-balance sheet arrangements, such as letters of credit and surety bonds which totaled $2 million and $12 million, respectively as of June 30, 2025. We do not have any other material off-balance sheet financing arrangements. Our off-balance sheet arrangements are not likely to have a material effect on our current or future financial condition, results of operations, liquidity, or capital resources.
Current wording
Off-Balance Sheet Arrangements. In the normal course of business with customers, vendors, and others, we have entered into off-balance sheet arrangements, such as letters of credit and surety bonds which totaled $1 million and $12 million, respectively as of September 30, 2025. We do not have any other material off-balance sheet financing arrangements. Our off-balance sheet arrangements are not likely to have a material effect on our current or future financial condition, results of operations, liquidity, or capital resources.
Previous wording
Total debt in the Condensed Consolidated Balance Sheet increased to $510.2 million at June 30, 2025 from $467.4 million at December 31, 2024, mainly due to cash utilized in operating activities in the first six months of 2025 related to increased working capital requirements.
Current wording
Total debt in the Condensed Consolidated Balance Sheet increased to $499.7 million at September 30, 2025 from $467.4 million at December 31, 2024, mainly due to cash utilized in operating activities in the first nine months of 2025 related to increased working capital requirements, and cash utilized for capital expenditures.
Previous wording
Total debt outstanding as of June 30, 2025 consisted of the following amounts: $511.5 million of borrowings under the Ryerson Credit Facility, $1.4 million of foreign debt, less $2.7 million of unamortized debt issuance costs. For further information, see Note 6: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Current wording
Total debt outstanding as of September 30, 2025 consisted of the following amounts: $500.5 million of borrowings under the Ryerson Credit Facility, $1.5 million of foreign debt, less $2.3 million of unamortized debt issuance costs. For further information, see Note 6: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Previous wording
At December 31, 2024, pension liabilities exceeded plan assets by $52.9 million. Through the six months ended June 30, 2025, we have made $10.3 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $4.9 million in the remaining six months of 2025 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S. and Ontario Pension Benefits Act in Canada. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. We are unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on our financial position or cash flows.
Current wording
At December 31, 2024, pension liabilities exceeded plan assets by $52.9 million. Through the nine months ended September 30, 2025, we have made $13.4 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $1.8 million in the remaining three months of 2025 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S. and Ontario Pension Benefits Act in Canada. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. We are unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on our financial position or cash flows.
Previous wording
The Company expects to make approximately $513 million in principal payments to satisfy its debt obligations, consisting of $1 million in foreign debt coming due in 2025, and $512 million related to the Ryerson Credit Facility coming due in 2027. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 6: Long-term Debt for further information.
Current wording
The Company expects to make approximately $502 million in principal payments to satisfy its debt obligations, consisting of $2 million in foreign debt coming due in the next twelve months and $500 million related to the Ryerson Credit Facility coming due in 2027. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 6: Long-term Debt for further information.
Previous wording
The Company expects to pay approximately $30 million of interest on the Ryerson Credit Facility over the next 12 months and $29 million thereafter. Interest payments related to the variable rate debt were estimated using the weighted average interest rate for the debt instrument.
Current wording
The Company expects to pay approximately $29 million of interest on the Ryerson Credit Facility over the next twelve months and $21 million thereafter. Interest payments related to variable rate debt were estimated using the weighted average interest rate for the debt instrument.
Previous wording
The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have non-cancelable operating leases expiring at various times through 2045 and finance leases expiring at various times through 2031. The total amount of future lease payments is estimated to be $480 million, with $50 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of June 30, 2025.
Current wording
The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have non-cancelable operating leases expiring at various times through 2045 and finance leases expiring at various times through 2032. The total amount of future lease payments is estimated to be $464 million, with $46 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of September 30, 2025.
Previous wording
Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of June 30, 2025, we had outstanding purchase obligations of approximately $31 million expiring within a year. The Company has purchased $21 million under these obligations for the period ended June 30, 2025, leaving $10 million remaining..
Current wording
Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of September 30, 2025, we had outstanding purchase obligations of approximately $21 million expiring within a year. The Company has placed orders for $21 million under these obligations for the period ended September 30, 2025.