Ryerson Holding Corp
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
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 2025-09-30; filed 2025-10-28.
0001193125-25-253579
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-209016
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 75 previous paragraphs and 72 current paragraphs.
33 unchanged; 22 reworded; 17 added; 20 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 (17)
Current report
Olympic Steel Acquisition
Current report
On February 13, 2026 (the “Closing Date”),the Company completed the transactions contemplated by the Agreement and Plan of Merger, (the “Merger Agreement”), dated as of October 28, 2025, by and among Ryerson Holding, Crimson MS Corp., an Ohio corporation and a direct wholly owned subsidiary of Ryerson Holding (“Merger Sub”), and Olympic Steel, Inc. ("Olympic Steel"). On the Closing Date, pursuant to the Merger Agreement, Merger Sub merged with and into Olympic Steel in accordance with Ohio law (the “Olympic Steel Merger”). At the effective time of the Olympic Steel Merger, each issued and outstanding share of common stock of Olympic Steel, without par per share (the “Olympic Common Stock”) (other than certain excluded shares), was converted into the right to receive 1.7105 shares of Ryerson Holding’s common stock, rounded down to the nearest whole share, and cash in lieu of fractional shares. Upon the completion of the Olympic Steel Merger, Olympic Steel, as the surviving corporation, became a wholly owned subsidiary of Ryerson Holding. As a result of the Olympic Steel Merger, Ryerson Holding issued approximately 19.5 million shares of its common stock to former holders of Olympic Common Stock.
Current report
Olympic Steel is a metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate, and coil products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves and fittings, tin plate, and metal-intensive end-use products. The combination of the two companies enhances Ryerson's presence as North America's second largest metals service center, bringing Olympic Steel's complementary footprint, capabilities, and product offering into Ryerson's intelligently interconnected network of value-added service centers. Together, functioning as Ryerson Holding Corporation, the combined entity is expected to generate approximately $120 million in annual synergies by the beginning of 2028 through procurement scale, efficiency gains, commercial enhancement, and network optimization. Please refer to Note 6: Acquisitions in Part I, Item I - Notes to Condensed Consolidated Financial Statements, for further information on the Olympic Steel Merger.
Current report
Ryerson Holding is the acquirer of Olympic Steel under U.S. generally accepted accounting principles (“GAAP”), and as a result, our Condensed Consolidated Financial Statements for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of Olympic Steel. The results of operations of Olympic Steel are included in our Condensed Consolidated Financial Statements only from the Closing Date forward. Accordingly, our results of operations, financial condition, and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of Olympic Steels’s results from the Closing Date. For further information, please refer to Note 6: Acquisitions and Note 10: Segment Information in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Current report
The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the first quarter of 2026, Ryerson’s average selling prices increased by 5.2% while shipments increased by 31.2%, or 4.6% excluding Olympic Steel ("same-store"), compared to the first quarter of 2025. Overall, average selling price increases were supported by tariff policy while the conflict in the Middle East has added further upward pressure on aluminum prices. Cyclical momentum and restocking have also supported steel prices in recent months as the demand environment improved in the first quarter.
Current report
Increases in first quarter year-over-year same-store shipments were supported by relative strength in our fabrication & welding, machinery & equipment, and machine shop sectors. This growth was offset partially by persistent weakness in our commercial transportation sector.
Current report
Improved demand conditions in the first three months of 2026 were supported by data points from the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), a key steel industry economic indicator. Readings of 52.6, 52.4, and 52.7 for January, February, and March of 2026, respectively, were well over the growth threshold of 50. This growth trend contrasts the contractionary trend of the previous three years, during which readings were below 50 for nearly each of those 36 months.
Current report
According to the Metal Service Center Institute ("MSCI"), North American service center volumes increased by 7.7% in the first quarter of 2026 compared to the fourth quarter of 2025, driven by normal seasonality trends. Ryerson's North American same-store volumes, on the other hand, increased by 16.4% in the same periods, implying market share gains driven by strong performance in carbon products.
Current report
The tariffs introduce uncertainty towards customers' supply chains and may adversely affect end-market demand as customers may defer orders, reduce inventory levels, or adjust sourcing strategies in response. A significant majority of the Company’s metal purchases are domestic, therefore, the impact of tariffs on the Company’s financial statements has not been significant to date. In general, we attempt to pass the cost of tariffs on to customers to the extent possible. However, we may not be able to fully pass through tariff-related cost increases in all market conditions. While tariffs have helped to level the price between import and domestic purchases, customers are still reviewing their supply chains to determine which approach is best. The ultimate consumer of the goods and their geography play a significant role in determining which inputs are acceptable to manufacturers. The ultimate impact the tariffs will have on our financial position, results of operations, and cash flows remains to be determined.
Current report
On February 20, 2026, the Supreme Court ruled that the president is not authorized to impose tariffs to the extent that he has under the International Emergency Economic Powers Act. Following the ruling, President Trump announced a new across-the-board tariff of 10% on most imports for approximately 150 days, effective February 24th, 2026. Shortly after, the President indicated an increase to 15% tariffs. The Supreme Court's ruling has no direct impact on the tariffs in place under Section 232, including tariffs on steel and aluminum; however, it may contribute to broader uncertainty regarding the scope and durability of U.S. trade policy tools and future tariff actions.
Current report
Revenue for the first quarter of 2026 increased from the first quarter of 2025 reflecting higher tons sold due to the merger with Olympic Steel on February 13, 2026 as well as higher average selling prices reflecting improvements in metal commodity prices and demand conditions in the metals industry. Excluding Olympic Steel (same-store results), average selling prices increased for all of our product lines in the three months ended March 31, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long lines. On a same-store basis, tons sold increased in the three months ended March 31, 2026, compared to the year-ago period for most product lines with the largest increases in our stainless plate, carbon long, and stainless long, partially offset by decreases in aluminum flat and aluminum plate tons sold.
Current report
The increase in cost of materials sold in the three months ended March 31, 2026 compared to the year-ago period is primarily due to the merger with Olympic Steel as well as an increase in average cost of materials sold per ton. On a same-store basis, the average cost of materials sold increased across all of our product lines in the three months ended March 31, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long lines. During the first quarter of 2026, LIFO expense was $10.0 million compared to LIFO expense of $6.8 million in the first quarter of 2025.
Current report
Gross profit increased in the three months ended March 31, 2026 compared to the year-ago period primarily due to the merger with Olympic Steel as well as average selling prices increasing faster than the increase in average cost of materials sold.
Current report
Warehousing, delivery, selling, general, and administrative expenses increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to the merger with Olympic Steel on February 13, 2026, which increased operating expenses by $47.6 million. On a same-store-basis, expenses increased $15.5 million in the three months ended March 31, 2026 primarily due to higher advisory services fees related to the merger with Olympic Steel. In addition, the three months ended March 31, 2026 included increased benefit expenses, primarily due to higher medical expenses and stock compensation expense, as well as higher incentive compensation, operating expenses, and delivery expenses.
Current report
The three months ended March 31, 2026 includes an impairment charge of $0.4 million related to the impairment of equipment.
Current report
Operating profit
Current report
Investing activities. The Company's main investing activities are acquisitions and capital expenditures. During the first three months of 2026, the Company paid $270 million, net of cash acquired, to extinguish Olympic Steel's debt and complete the Olympic Steel Merger.
Removed paragraphs (20)
Previous report
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 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.
Previous report
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 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.
Previous report
Enactment of the One Big Beautiful Bill Act. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"), a comprehensive tax reform package that includes significant changes to the Internal Revenue Code. Key provisions of the OBBBA include:
Previous report
Restoration of 100% bonus depreciation for qualified property placed in service after January 19, 2025;
Previous report
Permanent full expensing of domestic research and experimental expenditures;
Previous 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.
Previous 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.
Previous report
Management will continue to monitor regulatory guidance and implementation developments related to the OBBBA and will update its disclosures as necessary.
Previous report
Potential Acquisition
Previous 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.
Previous report
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 report
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 report
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 report
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 report
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 report
Operating profit (loss)
Previous report
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 report
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.
Reworded paragraphs (22)
Previous wording
We are a metals service center providing value-added processing and distribution of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. We carry a full line of approximately 75,000 products in stainless steel, aluminum, carbon steel, and alloy steels and a limited line of nickel and red metals in various shapes and forms. In addition to our metals products, we offer numerous value-added processing and fabrication services, and nearly 80% of the metals products we sell are processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, flattening, forming, grinding, laser cutting, machining, notching, painting, polishing, punching, rolling, sawing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders.
Current wording
We are a metals service center providing value-added processing and distribution of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. We carry a full line of approximately 75,000 products in stainless steel, aluminum, carbon steel, and alloy steels and a limited line of nickel and red metals in various shapes and forms. In addition to our metals products, we offer numerous value-added processing and fabrication services, and in 2025 nearly 80% of the metals products we sold were processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, flattening, forming, grinding, laser cutting, machining, notching, painting, polishing, punching, rolling, sawing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders. We also offer metal-intensive end-use products.
Previous wording
First Nine Months 2025 vs. First Nine Months 2024 Performance
Current wording
First Three Months 2026 vs. First Three Months 2025 Performance, Total Company
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 $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.
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 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 earnings (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted earnings (loss) per share determined in accordance with GAAP. As illustrated in the below table, net income attributable to Ryerson Holding Corporation of $4.5 million in the first three months of 2026 includes $6.3 million of advisory services charges related to the merger with Olympic Steel and impairment charges on assets of $0.4 million. As illustrated in the table below, the first three months of 2025 had no adjustments to the net loss attributable to Ryerson Holding Corporation. After adjusting for these non-core business transactions and the related income taxes in the first three months of 2026, the adjusted net income attributable to Ryerson Holding Corporation for the first three months of 2026 is $13.1 million compared to the $5.6 million net loss attributable to Ryerson Holding Corporation in the first three months of 2025.
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"). 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.
Current wording
Tariffs. In 2025, the U.S. government 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. In June 2025, the U.S. imposed a 50% Section 232 tariff on nearly all steel and aluminum products (the exception being products from the UK, which was reduced to 25%). 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. In April 2026, the U.S. government further modified the application of Section 232 tariffs, including implementing a tiered tariff structure on certain derivative and downstream products, refining product scope, and in certain cases, applying tariffs to the full value of imported goods rather than only the metal content. These changes, along with continued adjustments to product coverage and tariff administration, have further increased the complexity of the tariff regime.
Previous 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):
Current wording
The following table sets forth our condensed consolidated statements of income data for the three months ended March 31, 2026 and 2025 (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 nine months ended September 30, 2025 and 2024:
Current wording
The following charts show the Company’s percentage of sales by major product lines for the three months ended March 31, 2026 and 2025:
Previous 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.
Current wording
Our operating profit increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to the increase in gross profit discussed above.
Previous 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.
Current wording
Interest and other expense on debt increased in the three months ended March 31, 2026 compared to the year-ago period primarily due to higher level of borrowings outstanding under the revolving credit facility (“the Ryerson Credit Facility”), partially offset by lower interest rates.
Previous 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.
Current wording
The other income in the three months ended March 31, 2026 includes foreign currency translation gains of $2.1 million. The other income in the three months ended March 31, 2025 includes a $0.2 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan.
Previous 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.
Current wording
Provision (benefit) for income taxes. Our effective income tax rate was 62.1% in the first quarter of 2026 compared to 23.2% in the first quarter of 2025. The difference between our effective income tax rates and the U.S. federal statutory rate of 21.0% was mainly due to state and foreign income taxes and the effects of certain discrete items recorded during the period, including one-time items related to the Olympic Steel Merger.
Previous wording
Earnings (loss) per share. The changes in loss per share are due to the results of operations discussed above as well as having fewer shares outstanding in 2025 after the repurchase of 2,526,467 shares of common stock during 2024.
Current wording
Earnings (loss) per share. The changes in earnings per share are due to the results of operations discussed above. In addition, we issued 19.5 million shares of common stock to complete the Olympic Steel Merger on February 13, 2026, partially offset by share repurchases of 74,278 shares since January 1, 2026.
Previous 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.
Current wording
We had cash and cash equivalents of $25.1 million at March 31, 2026, compared to $26.9 million at December 31, 2025. Our total debt outstanding at March 31, 2026 increased to $907.7 million compared to $463.1 million at December 31, 2025 as a result of the merger with Olympic Steel and net cash used in operating activities in the first three months of 2026. As part of purchase consideration in the merger with Olympic Steel, Ryerson paid $270.0 million net of cash acquired to extinguish Olympic Steel's existing debt. We had a debt-to-capitalization ratio of 41% and 38% at March 31, 2026 and December 31, 2025, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $618 million at March 31, 2026 versus $502 million at December 31, 2025. Our net debt (defined as total debt less cash and cash equivalents) was $883 million and $436 million at March 31, 2026 and December 31, 2025, 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 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.
Current wording
Of the total cash and cash equivalents as of March 31, 2026, $8.2 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.
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 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.
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 three months of 2026, working capital requirements increased due to stronger demand and increasing metal commodity prices, which drove higher sales levels during the first quarter of 2026 compared to the fourth quarter of 2025, resulting in an increase in accounts receivables. Inventory levels also increased in the first quarter of 2026 as inventory was purchased to meet higher sales levels and metals pricing increased. Increased purchasing activity and timing of payments at the end of the first quarter of 2026 resulted in an increase in accounts payable compared to fourth quarter of 2025. In the first three months of 2025, working capital requirements increased mainly due to higher sales levels compared to the fourth quarter of 2024 driving an increase in accounts receivables and a slight decrease in inventory quantities, as tons were sold faster than they were replaced after stock was built through 2024 year-end buys. Increased operating activity and timing of payments at the end of the first quarter of 2025 resulted in an increase in accounts payable.
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 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.
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 three months of 2026, we increased credit facility borrowings to extinguish Olympic Steel's debt in conjunction with the Olympic Steel Merger. Additionally, credit facility borrowings increased in the first three months of 2025 and 2026, to fund higher working capital requirements due to increased demand in the first quarter compared to the fourth quarter. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid increased from $6.0 million in the first three months of 2025 to $9.7 million in the first three months of 2026 due higher shares outstanding after 19.5 million shares were issued to complete the Olympic Steel Merger. In the first three months of 2026, we paid $8.3 million in fees related to amending the Ryerson Credit Facility and we repurchased $1.6 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 $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.
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 approximately $6 million and $8 million, respectively as of March 31, 2026. 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 $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.
Current wording
Total debt in the Condensed Consolidated Balance Sheet increased to $907.7 million at March 31, 2026 from $463.1 million at December 31, 2025, mainly due to cash utilized to pay off Olympic Steel indebtedness upon the close of the Olympic Steel Merger as well as increased working capital requirements due to increased customer demand.
Previous 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.
Current wording
Total debt outstanding as of March 31, 2026 consisted of the following amounts: $915.0 million of borrowings under the Ryerson Credit Facility, $2.6 million of foreign debt, less $9.9 million of unamortized debt issuance costs. For further information, see Note 7: 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 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.
Current wording
At December 31, 2025, pension liabilities exceeded plan assets by $33.1 million. Through the three months ended March 31, 2026, we have made $1.9 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $9.5 million in the remaining nine months of 2026 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 $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.
Current wording
The Company expects to make approximately $918 million in principal payments to satisfy its debt obligations, consisting of $3 million in foreign debt coming due in the next twelve months and $915 million related to the Ryerson Credit Facility coming due in 2031. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 7: Long-term Debt for further information.
Previous 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.
Current wording
The Company expects to pay approximately $46 million of interest on the Ryerson Credit Facility over the next twelve months and $177 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 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.
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 2033. The total amount of future lease payments is estimated to be $503 million, with $58 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of March 31, 2026.