Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% year-over-year [19] - The net loss for the quarter was $38 million, or $1.18 per share, compared to a net loss of $4.3 million in Q4 2024 [21] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [21] - Gross margin contracted by 190 basis points to 15.3% during Q4 2025 [20] Business Line Data and Key Metrics Changes - The company experienced a decrease in North American shipments by 6.8% sequentially, but less than 0.5 percentage points for the full year, indicating market share gains [11] - The fabrication and welding sector saw the most year-over-year volume growth, while the commercial transportation sector experienced weakness [12] Market Data and Key Metrics Changes - North American industry volumes decreased by 5.8% sequentially in Q4 2025, while Ryerson's total company tons shipped were down just under 5% quarter-over-quarter [11] - The company anticipates first-quarter 2026 tons shipped to be up 13%-15% compared to Q4 2025, indicating a positive market outlook [13] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing cost and revenue benefits [5][9] - Priorities for 2026 include integrating the combined organization, improving earnings quality, and reducing leverage [9] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging strength in customer quote and order activity, expecting gross margin expansion and operating income improvements in 2026 [7][8] - The company is optimistic about the manufacturing economy's recovery, marking the best demand start to a year since 2022 [8] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025, allowing for a $37 million reduction in debt [16] - The company ended the quarter with $502 million in liquidity and extended its revolving credit facility from $1.3 billion to $1.8 billion [17] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted a positive increase in business activity and quoting rates, indicating that price increases are starting to be accepted in the market [26][27] Question: Capital allocation post-merger - The focus will be on achieving merger synergies and deleveraging, with dividends being an important part of capital allocation [31][32] Question: Challenges in passing through rising mill prices - Aluminum has been the slowest commodity to see price increases accepted, but there are signs of improvement [40] Question: First-quarter volume guidance and market activity - The company is seeing stronger market conditions and restocking activity from major industrial customers [41][42] Question: Future M&A opportunities - While the company is open to exceptional opportunities, the priority remains on achieving synergies from the recent merger [50][51]

Financial Data and Key Metrics Changes - For Q4 2025, Ryerson reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% compared to Q4 2024 [20] - The company experienced a net loss of $38 million or $1.18 per share, compared to a net loss of $4.3 million or $0.13 per share in Q4 2024 [21][22] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [22] Business Line Data and Key Metrics Changes - Ryerson's North American shipments decreased by 6.8% sequentially in Q4 2025, while total company tons shipped were down just under 5% quarter-over-quarter, indicating market share gains for the full year [11] - The fabrication and welding sector saw the most year-over-year volume growth, followed by the machine shop and machinery and equipment sectors, while the commercial transportation sector experienced weakness [12] Market Data and Key Metrics Changes - North American industry volumes, as measured by the MSCI, experienced a normal seasonal decline of 5.8% sequentially in Q4 2025 [11] - The company anticipates first-quarter 2026 tons shipped to be up 13%-15% compared to Q4 2025, indicating a positive market outlook [13] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing targeted cost and revenue benefits [5][9] - Priorities for 2026 include continuing integration of the combined organization, improving earnings quality, and reducing leverage [9] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging strength in customer quote and order activity, expecting gross margin expansion year-over-year and sequentially as better pricing propagates through the industrial metals value chain [7][8] - The company is optimistic about the market dynamics and believes the merger positions them well for future growth [60] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025, decreasing net debt by $34 million compared to the prior quarter [17][18] - Ryerson distributed $6.1 million in dividends during Q4 2025 and announced a similar dividend for the first quarter [19] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted that while there has been some pushback, overall business activity has increased, and price increases are starting to be accepted [28] Question: Specific challenges in passing through rising mill prices - Aluminum was identified as the commodity with the slowest price propagation, but improvements are being seen [41] Question: First-quarter volume guidance and customer activity - Management indicated that stronger market conditions and investments are contributing to the anticipated volume increase [43][45] Question: Future M&A considerations post-merger - Management emphasized the focus on achieving merger synergies and reducing debt before considering further M&A opportunities [52]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% year-over-year [18] - The net loss for the quarter was $38 million, or $1.18 per share, compared to a net loss of $4.3 million in Q4 2024 [20] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [20] - Gross margin contracted by 190 basis points to 15.3% during Q4 2025 [19] Business Line Data and Key Metrics Changes - The fabrication and welding sector saw the most year-over-year volume growth, followed by the machine shop and machinery and equipment sectors [10] - The commercial transportation sector experienced weakness, along with the climate and heavy equipment sectors [10] Market Data and Key Metrics Changes - North American industry volumes decreased by 5.8% sequentially in Q4 2025, while Ryerson's shipments decreased by 6.8% [9] - For the full year 2025, Ryerson's total company tons shipped were up by 0.5 percentage points compared to the previous year [10] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing cost and revenue benefits [4] - Priorities for 2026 include integrating the combined organization, improving earnings quality, and reducing leverage [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving manufacturing conditions and expects gross margin expansion and operating income improvements in 2026 [6] - The company anticipates strong activity in Q1 2026, with tons shipped expected to increase by 13%-15% compared to Q4 2025 [12] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025 and reduced net debt by $34 million [15] - Ryerson distributed $6.1 million in dividends during Q4 2025 and plans to continue dividends in Q1 2026 [17] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted that there has been a pleasant surprise in business activity, with quoting and conversion rates improving, indicating that price increases are starting to be accepted [25] Question: Capital allocation post-merger - The focus will be on achieving the $120 million in synergies and deleveraging, with dividends being an important part of capital allocation [29][31] Question: Challenges in passing through rising mill prices - Aluminum has been the slowest commodity to see price increases accepted, but there is now momentum in getting those prices through the value chain [38] Question: First quarter volume guidance - The company is seeing stronger market conditions, with improvements in transactional business and a positive outlook for growth [40][42] Question: Future M&A considerations - Management emphasized the importance of focusing on current synergies and performance before considering additional M&A opportunities [48]

Ryerson Quarterly Release Presentation Q4 2025 Certain statements made in this release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology su ...

CORPORATION AND SUBSIDIARY COMPANIESCondensed Consolidated Balance Sheets(In millions, except shares)December 31,December 31,20252024AssetsCurrent assets:Cash and cash equivalents$26.9$27.7Restricted cash0.91.6Receivables, less provisions of $2.7 at December 31, 2025 and $2.5 at December 31, 2024460.8425.6Inventories648.3684.6Prepaid expenses and other current assets85.968.1Total current assets1,222.81,207.6Property, plant, and equipment, at cost1,179.81,152.0Less: accumulated depreciation570.0515.3Property ...

Exhibit 99.1 Ryerson Reports Fourth Quarter and Full-Year 2025 Results Successfully completed merger with Olympic Steel, extended and expanded credit facility, and generated fourth quarter top line metrics within guidance range while exceeding cash flow and leverage targets for the quarter CHICAGO – February 19, 2026 – Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the fourth quarter and full year ended December 31, 2 ...

Core Viewpoint - The merger between Ryerson Holding Corporation and Olympic Steel, Inc. has been successfully completed, enhancing Ryerson's position as the second-largest metals service center in North America and expected to generate approximately $120 million in annual synergies by early 2028 [1][2]. Company Overview - Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China, employing around 4,300 people across 106 locations [2]. - Olympic Steel is a prominent U.S. metals service center focused on the direct sale and value-added processing of various steel and metal products, operating from 53 facilities [2]. Merger Details - Ryerson will issue 1.7105 shares of its common stock for each share of Olympic Steel, resulting in former Olympic Steel shareholders holding approximately 37% of Ryerson [1]. - The merger is expected to enhance product diversity, service offerings, and customer experience, promising greater speed to market and a wider selection of products [1]. Leadership Changes - Eddie Lehner remains as CEO of Ryerson, while Richard T. Marabito, former CEO of Olympic Steel, has been appointed as President and COO of Ryerson [1]. - Other key appointments include Richard A. Manson as Senior Vice President of Finance and Andrew Greiff as Executive Vice President and President of Olympic Steel [1]. Synergy Expectations - The combined company anticipates achieving approximately $120 million in annual synergies through procurement, scale, efficiency gains, and optimization of its commercial portfolio [1]. - The company plans to report progress on synergy attainment on a quarterly basis [1]. Board Composition - Michael D. Siegal, former Executive Chairman of Olympic Steel's Board, has been appointed chairman of the Ryerson Board, which now includes three additional members from Olympic Steel [1].

Core Viewpoint - Ryerson Holding Corporation and Olympic Steel, Inc. have received shareholder approval for their merger, with the transaction expected to close on February 13, 2026, pending customary closing conditions [1]. Company Overview - Ryerson is a leading value-added processor and distributor of industrial metals, operating in the United States, Canada, Mexico, and China, with approximately 4,300 employees across 106 locations [1]. - Olympic Steel, founded in 1954, is a prominent U.S. metals service center specializing in the sale and processing of various steel and metal products, operating from 53 facilities [1]. Merger Details - Upon closing, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel common stock [1]. - Following the merger, shares of Olympic Steel will cease trading and will no longer be listed on the NASDAQ exchange [1].

Group 1 - Ryerson Holding Corporation will host a conference call to discuss its fourth quarter and full-year 2025 financial results on February 20, 2026, at 10 a.m. Eastern Time [1] - The earnings report will be released after market close on February 19, 2026, and the annual report on form 10-K will be filed prior to market open on February 23, 2026 [1] - An online replay of the conference call will be available on the investor relations website for 90 days [2] Group 2 - Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China [3] - The company was founded in 1842 and currently has around 4,300 employees and over 110 locations [3]

Core Insights - Alcoa Corporation (AA) and Ryerson Holding Corporation (RYI) are key players in the aluminum sector, with high aluminum prices driven by global economic uncertainties and trade tensions [2] - The demand for aluminum is increasing due to its applications in electric vehicles, recycled materials, and the aerospace industry [3] Alcoa Corporation (AA) - Alcoa benefits from increased aluminum demand and a 50% tariff on imported aluminum, which has raised domestic prices [5] - In 2025, Alcoa's Aluminum segment production rose 5% year-over-year to 2,319 kilometric tons, with third-party revenues increasing by 15.6% [6][7] - The Alumina segment faced a 3.9% production decline to 9,640 kilometric tons in 2025, but is expected to recover in 2026 [8] - Alcoa's acquisition of Alumina Limited in August 2024 enhances its position in the market and is expected to create long-term value [9] - The Zacks Consensus Estimate for Alcoa's 2026 sales indicates a 7% growth, with EPS expected to rise by 18.3% [16] - Alcoa's stock has increased by 68.7% over the past year, and it trades at a forward P/E ratio of 13.16X, below its three-year median [20][22] Ryerson Holding Corporation (RYI) - Ryerson's diversified structure allows it to offset weaknesses in certain markets with strengths in others, benefiting from increased infrastructure spending and reshoring [10] - In the first nine months of 2025, aluminum product line shipments remained stable at 143,000 tons, with revenues rising 7.7% to $868 million [12] - However, revenues from carbon steel and stainless steel product lines declined due to lower average selling prices [13] - RYI expects fourth-quarter net sales between $1.07 billion and $1.11 billion, with a projected decline in customer shipments [14] - Ryerson's long-term debt increased by 6.7% to $498.2 million, raising concerns about its financial health [15] - The Zacks Consensus Estimate for RYI's 2026 sales implies an 11.4% growth, but EPS is expected to rise significantly by 256.3% [18] - Ryerson's stock has gained 38.7% over the past year, but it trades at a higher forward P/E ratio of 22.23X compared to its three-year median [20][22] Investment Outlook - Alcoa's strong momentum in the aluminum segment and favorable valuation make it a more attractive investment compared to Ryerson, which faces challenges in manufacturing demand and high debt levels [22][23]