Ryerson Reports Third Quarter 2025 Results

Ryerson Reports Third Quarter 2025 Results

Executed on self-help actions to achieve revenue within guidance range  against backdrop of protracted weak demand and tariff pricing conditions

CHICAGO, Oct. 28, 2025 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the third quarter ended September 30, 2025.

Highlights: 

• Generated third quarter revenue of $1.16 billion, in-line with guidance, with average selling prices up 2.6% and tons shipped down 3.2% compared to the prior quarter
• Generated net loss attributable to Ryerson Holding Corporation of $14.8 million, or diluted loss per share of $0.46, and Adjusted EBITDA, excluding LIFO¹ of $40.3 million
• Ended the third quarter with debt of $500 million and net debt² of $470 million, compared to $510 million and $479 million, respectively, as of the end of the second quarter
• Declared a fourth-quarter 2025 dividend of $0.1875 per share

 A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

Management Commentary
Eddie Lehner, Ryerson's President, Chief Executive Officer & Director, said, "During the third quarter, we executed on our self-help playbook, delivering on perennial  service center fundamentals of speed, availability, consistency, and on-time-delivery as we effectively  managed the business amidst a procession of challenges that have endured for 36 months running. As the Purchasing Manager's Index (PMI) continues to live at recessed levels for 33 out of the past 36 months and MSCI (Metals Service Center Industry) demand has declined year over year, it is a buyer's market evidenced by discounting and smaller orders sizes.  Areas of particular weakness in the quarter were OEM contract shipments and carbon steel margin compression. Areas of strength were transactional sales growth and further operationalization of new investments made over the past three years.  We generated revenue and shipments within our guidance range while reducing debt, taking out non-value-added expenses, and managing net working capital efficiently. I would like to thank all of my colleagues for their safe, productive and determined efforts throughout the quarter and year-to-date as we position Ryerson for better times ahead." 

Third Quarter Results
Ryerson generated net sales of $1.16 billion in the third quarter of 2025, a decrease of 0.7% compared to the prior quarter but within our guidance range. Average selling prices increased by 2.6% while tons shipped decreased by 3.2% quarter-over-quarter. Third quarter revenue performance reflects tariff supported pricing for our carbon and aluminum products partially offset by weak demand conditions.

Market conditions placed pressure on gross margin during the third quarter, resulting in a 70 basis point contraction to 17.2%, compared to 17.9% for the second quarter of 2025. LIFO expense recorded for the third quarter was consistent with that of the second, $13.2 million, reflective of continued commodity price inflation in our stainless steel and aluminum product categories during the period. Excluding the impact of LIFO, gross margin contracted by 70 basis points to 18.3% in the third quarter of 2025 compared to 19.0% in the second quarter.

Third quarter warehousing, delivery, selling, general, and administrative expenses of $200.5 million represents a decrease of $3.1 million, or 1.5% compared to the second quarter of 2025. Sequential expense decreases were driven by lower variable expenses. Compared to the prior year period, third quarter 2025 operating expenses increased by $3.6 million, or 1.8%, on a nominal basis, but decreased as a percentage of sales by 20 basis points to 17.3%.

Net loss attributable to Ryerson Holding Corporation for the third quarter of 2025 was $14.8 million, or $0.46 per diluted share, compared to net income of $1.9 million, or $0.06 per diluted share, in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $40.3 million in the third quarter of 2025 compared to $45.0 million in the second quarter of 2025. 

Liquidity & Debt Management
In the third quarter, Ryerson recorded use of cash from operating activities of $8.3 million, driven by the net loss generated. This compares to operating cash generation of $23.8 million in the second quarter. The Company ended the third quarter of 2025 with debt of $500 million and net debt of $470 million, a sequential decrease of $10 million and $9 million, respectively, compared to the second quarter of 2025. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $521 million as of September 30, 2025, compared to $485 million as of June 30, 2025.

Shareholder Return Activity

Dividends. On October 28, 2025, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on December 18, 2025, to stockholders of record as of December 4, 2025. During the third quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of $6.0 million.

Share Repurchases and Authorization. Ryerson did not repurchase shares during the third quarter of 2025. As of September 30, 2025, $38.4 million remained under the existing authorization.

Olympic Merger Agreement.
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 stockholders of both the Company and Olympic.

Outlook Commentary
For the fourth quarter of 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter, reflecting normal seasonality patterns as well as the soft manufacturing and industrial metal demand conditions. The Company anticipates fourth quarter net sales to be in the range of $1.07 billion to $1.11 billion, with average selling prices flat to up 2%. LIFO expense is expected to be between $10 million to $14 million. Adjusted EBITDA, excluding LIFO, therefore, is expected to be in the range of $33 million to $37 million and loss per diluted share in the range of $0.28 to $0.22.  

Earnings Call Information
Ryerson will host a conference call to discuss third quarter 2025 financial results for the period ended September 30, 2025, on Wednesday, October 29, 2025, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.

About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has approximately 4,300 employees and over 110 locations. Visit Ryerson at www.ryerson.com.

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

Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

Safe Harbor Provision
FORWARD-LOOKING STATEMENTS

This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Ryerson's and Olympic Steel's current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the proposed transaction involving Ryerson and Olympic Steel, including future financial and operating results, Ryerson's and Olympic Steel's plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the proposed transaction, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Ryerson and Olympic Steel shareholder approvals; the risk that Ryerson and Olympic Steel may be unable to obtain governmental and regulatory approvals required for the proposed transaction (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that an event, change or other circumstance could give rise to the termination of the proposed transaction; the risk that a condition to the consummation of the proposed transaction may not be satisfied; the risk of delays in completing the proposed transaction, including as related to any government shutdown; the risk that the businesses will not be integrated successfully or will be more costly or difficult than expected; the risk that the cost savings and any other synergies from the proposed transaction may not be fully realized or may take longer to realize than expected or that the proposed transaction may be less accretive than expected; the risk that the merger will not provide shareholders with increased earnings potential; the risk that any announcement relating to the proposed transaction could have adverse effects on the market price of Ryerson's or Olympic Steels common stock; the risk of litigation related to the proposed transaction; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the proposed transaction; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; each company's ability to remain competitive and maintain market share in the highly competitive and fragmented metals distribution industry; managing the costs of purchased metals relative to the price at which each company sells its products during periods of rapid price escalation or deflation; customer, supplier and competitor consolidation, bankruptcy or insolvency; the impairment of goodwill that could result from, among other things, volatility in the markets in which each company operates; the impact of geopolitical events; future funding for postretirement employee benefits may require substantial payments from current cash flow; the regulatory and other operational risks associated with our operations located outside of the United States; currency rate fluctuations; the adequacy of each company's efforts to mitigate cyber security risks and threats; reduced production schedules, layoffs or work stoppages by each company's own, its suppliers', or customers' personnel;  any underfunding of certain employee retirement benefit plans and the actual costs exceeding current estimates; prolonged disruption of each company's processing centers; failure to manage potential conflicts of interest between or among customers or suppliers of each company; unanticipated changes to, or any inability to hire and retain key personnel at either company; currency exchange rate fluctuations; the incurrence of substantial costs of liabilities to comply with, or as a result of, violations of environmental laws; the risk of product liability claims; either company's indebtedness or covenants in the instruments governing such indebtedness; the influence of a single investor group over the either company's policies and procedures; and other risks inherent in Ryerson's and Olympic Steel's businesses and other factors described in Ryerson's and Olympic Steel's respective filings with the Securities and Exchange Commission (the "SEC"). Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Ryerson and Olympic Steel, or the combined company resulting from the proposed transaction with the SEC, including under the heading "Risk Factors." If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements are based on the estimates and opinions of management as of the date of this communication; subsequent events and developments may cause their assessments to change. Neither Ryerson nor Olympic Steel undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law and they specifically disclaim any obligation to do so. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

NO OFFER OR SOLICITATION

This communication is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

In connection with the proposed transaction, Ryerson and Olympic Steel intend to file a joint proxy statement with the SEC and Ryerson intends to file with the SEC a registration statement on Form S-4 that will include the joint proxy statement of Ryerson and Olympic Steel and that will also constitute a prospectus of Ryerson. Each of Ryerson and Olympic Steel may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that Olympic Steel or Ryerson may file with the SEC. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of Ryerson and Olympic Steel. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OLYMPIC STEEL, RYERSON, AND THE PROPOSED TRANSACTION.

Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about Olympic Steel, Ryerson and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents filed with the SEC by Ryerson may be obtained free of charge by directing a request by mail to Ryerson's Corporate Secretary at Ryerson Holding Corporation, Attention: Secretary, 227 W. Monroe St., 27th Floor, Chicago, Illinois, 60606. Copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents filed with the SEC by Olympic Steel may be obtained free of charge by directing a request by mail to Olympic Steel's Chief Financial Officer at Olympic Steel, Inc., 22901 Millcreek Boulevard, Suite 650, Highland Hills, OH, Attention: Chief Financial Officer.

PARTICIPANTS IN THE SOLICITATION

Olympic Steel, Ryerson and their respective directors and executive officers may be deemed to be participants in any solicitation of proxies in connection with the proposed transaction. Information about Olympic Steel's directors and executive officers is available in Olympic Steel's proxy statement dated March 28, 2025 for its 2025 Annual Meeting of Shareholders. Information about Ryerson's directors and executive officers is available in Ryerson's proxy statement dated March 5, 2025, for its 2025 Annual Meeting of Stockholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement on Form S-4, including the joint proxy statement/prospectus, and all other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the registration statement on Form S-4, including the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.