[Company Information](index=1&type=section&id=Company%20Information) The company is a publicly traded Delaware corporation listed on the NYSE - **RYERSON HOLDING CORPORATION** is a Delaware corporation, identified by Commission File Number 001-34735[2](index=2&type=chunk) - The company's Common Stock (RYI) is registered on the **New York Stock Exchange**[3](index=3&type=chunk) - Ryerson Holding Corporation is classified as an **accelerated filer**[4](index=4&type=chunk) - As of July 25, 2025, there were **32,198,906 shares** of Common Stock outstanding[6](index=6&type=chunk) [Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This part presents the company's unaudited interim financial statements and management's analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and accompanying notes for the periods ended June 30, 2025 [Condensed Consolidated Statements of Comprehensive Income (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Unaudited)) This statement details the company's revenues, expenses, and profitability for the three and six-month periods ended June 30, 2025 | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $1,169.3 | $1,225.5 | $2,305.0 | $2,464.7 | | Gross profit | $209.4 | $223.5 | $413.8 | $441.1 | | Operating profit | $5.8 | $22.8 | $8.1 | $23.6 | | Net Income (loss) attributable to Ryerson Holding Corporation | $1.9 | $9.9 | $(3.7) | $2.3 | | Basic EPS | $0.06 | $0.29 | $(0.12) | $0.07 | | Diluted EPS | $0.06 | $0.29 | $(0.12) | $0.07 | | Dividends declared per share | $0.1875 | $0.1875 | $0.3750 | $0.3750 | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement outlines cash movements from operating, investing, and financing activities for the six months ended June 30, 2025 | Cash Flow Activity (in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------- | :--------------------------- | :--------------------------- | | Net cash used in operating activities | $(17.4) | $(21.9) | | Net cash used in investing activities | $(21.0) | $(43.4) | | Net cash provided by financing activities | $40.4 | $39.7 | | Net change in cash, cash equivalents, and restricted cash | $2.9 | $(26.2) | | Cash, cash equivalents, and restricted cash—end of period | $32.2 | $29.2 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement presents the company's assets, liabilities, and equity at June 30, 2025, compared to December 31, 2024 | Balance Sheet Item (in millions) | June 30, 2025 (Unaudited) | December 31, 2024 | | :------------------------------- | :------------------------ | :---------------- | | Total current assets | $1,324.6 | $1,207.6 | | Total assets | $2,538.1 | $2,439.5 | | Total current liabilities | $651.2 | $580.1 | | Long-term debt | $508.8 | $466.7 | | Total liabilities | $1,716.9 | $1,615.0 | | Total equity | $821.2 | $824.5 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide detailed explanations of accounting policies and financial components [NOTE 1: FINANCIAL STATEMENTS](index=8&type=section&id=NOTE%201%3A%20FINANCIAL%20STATEMENTS) This note describes the company's business and the basis of preparation for the unaudited interim financial statements - Ryerson Holding Corporation is a leading value-added processor and distributor of industrial metals with operations in the **U.S., Canada, Mexico, and China**[21](index=21&type=chunk) - The condensed consolidated financial statements are **unaudited** and prepared in accordance with U.S. GAAP for interim reporting, reflecting normal and recurring adjustments[22](index=22&type=chunk) [NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS](index=8&type=section&id=NOTE%202%3A%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) This note details recently issued accounting standards and their potential impact on the company's financial statements - No accounting pronouncements have been issued and adopted in 2025 that impact the Company's financial statements[23](index=23&type=chunk) - ASU 2023-09, 'Income Taxes (Topic 740)', effective after December 15, 2024, requires enhanced disclosures for rate reconciliation and income taxes paid[24](index=24&type=chunk) - ASU 2024-03, 'Income Statement – Reporting Comprehensive Income', effective after December 15, 2026, requires disclosure of specific cost categories[25](index=25&type=chunk) [NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH](index=10&type=section&id=NOTE%203%3A%20CASH%2C%20CASH%20EQUIVALENTS%2C%20AND%20RESTRICTED%20CASH) This note provides a reconciliation of cash, cash equivalents, and restricted cash balances | Item (in millions) | June 30, 2025 | December 31, 2024 | | :----------------- | :------------ | :---------------- | | Cash and cash equivalents | $30.8 | $27.7 | | Restricted cash | $1.4 | $1.6 | | Total | $32.2 | $29.3 | - Restricted cash is held for covering letters of credit related to potential insurance claims and material purchases[26](index=26&type=chunk) [NOTE 4: INVENTORIES](index=10&type=section&id=NOTE%204%3A%20INVENTORIES) This note details the valuation methods and composition of the company's inventory - The Company primarily uses the **last-in, first-out (LIFO)** method for valuing inventory, with approximately **88%** of inventories accounted for under LIFO at June 30, 2025[27](index=27&type=chunk)[29](index=29&type=chunk) - If current cost had been used, inventories would have been **$115 million higher** at June 30, 2025, and **$95 million higher** at December 31, 2024[29](index=29&type=chunk) - Consignment inventory totaled **$5.9 million** at June 30, 2025, and **$5.0 million** at December 31, 2024[30](index=30&type=chunk) [NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS](index=10&type=section&id=NOTE%205%3A%20GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS) This note outlines the changes in goodwill and the status of impairment testing | Asset (in millions) | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Goodwill | $161.5 | $161.8 | - A **$0.3 million reduction** of goodwill was recorded in the first six months of 2025 related to purchase accounting adjustments[31](index=31&type=chunk) - The most recently completed impairment test of goodwill, performed as of October 1, 2024, determined that **no impairment existed**[32](index=32&type=chunk) [NOTE 6: LONG-TERM DEBT](index=11&type=section&id=NOTE%206%3A%20LONG-TERM%20DEBT) This note provides details on the company's debt facilities, interest rates, and available credit | Debt Component (in millions) | June 30, 2025 | December 31, 2024 | | :--------------------------- | :------------ | :---------------- | | Ryerson Credit Facility | $511.5 | $470.0 | | Foreign debt | $1.4 | $0.7 | | Unamortized debt issuance costs and discounts | $(2.7) | $(3.3) | | Total debt | $510.2 | $467.4 | | Total long-term debt | $508.8 | $466.7 | - The Ryerson Credit Facility was increased to **$1.3 billion** and its maturity extended to June 29, 2027[35](index=35&type=chunk) - At June 30, 2025, **$511.5 million** was outstanding under the Ryerson Credit Facility, with **$407 million available**[36](index=36&type=chunk)[38](index=38&type=chunk) - Foreign debt for Ryerson China totaled **$1.4 million** at June 30, 2025, primarily from letter of credit drawdowns[44](index=44&type=chunk) [NOTE 7: EMPLOYEE BENEFITS](index=12&type=section&id=NOTE%207%3A%20EMPLOYEE%20BENEFITS) This note details the components of net periodic benefit costs for pension and other post-retirement plans | Net Periodic Benefit Cost (Credit) (in millions) | 3 Months Ended June 30, 2025 (Pension) | 3 Months Ended June 30, 2024 (Pension) | 3 Months Ended June 30, 2025 (Other Benefits) | 3 Months Ended June 30, 2024 (Other Benefits) | 6 Months Ended June 30, 2025 (Pension) | 6 Months Ended June 30, 2024 (Pension) | 6 Months Ended June 30, 2025 (Other Benefits) | 6 Months Ended June 30, 2024 (Other Benefits) | | :----------------------------------------------- | :------------------------------------- | :------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------- | :------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Service cost | $0.4 | $0.4 | $0.1 | $0.0 | $0.7 | $0.8 | $0.1 | $0.1 | | Interest cost | $3.6 | $3.8 | $0.4 | $0.4 | $7.3 | $7.5 | $0.8 | $0.8 | | Expected return on assets | $(3.8) | $(3.8) | $0.0 | $0.0 | $(7.6) | $(7.6) | $0.0 | $0.0 | | Net periodic benefit cost (credit) | $1.0 | $0.8 | $(1.2) | $(1.4) | $2.1 | $3.6 | $(2.5) | $(2.8) | - A **$0.5 million settlement gain** was recorded in the first six months of 2025 for the CSW Pension Plan[47](index=47&type=chunk) - The Ryerson Canada Salaried Pension Plan will be **frozen effective June 30, 2027**[49](index=49&type=chunk) - The Company contributed **$10.3 million** to pension plan funds through June 30, 2025, and anticipates a minimum required contribution of approximately **$4.9 million** for the remainder of 2025[50](index=50&type=chunk) [NOTE 8: COMMITMENTS AND CONTINGENCIES](index=13&type=section&id=NOTE%208%3A%20COMMITMENTS%20AND%20CONTINGENCIES) This note confirms the status of commitments and legal matters - There have been **no material changes** to the contingencies and legal matters from those disclosed in the Company's 2024 Form 10-K[51](index=51&type=chunk) [NOTE 9: SEGMENT INFORMATION](index=14&type=section&id=NOTE%209%3A%20SEGMENT%20INFORMATION) This note describes the company's single operating segment and presents segment-related financial data - The Chief Operating Decision Maker (CODM) views the business globally, resulting in **one operating and reportable segment**: metals service centers[52](index=52&type=chunk) | Segment Item (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $1,169.3 | $1,225.5 | $2,305.0 | $2,464.7 | | LIFO (income) expense | $13.2 | $(10.0) | $20.0 | $(9.0) | | Net Income (loss) attributable to Ryerson Holding Corporation | $1.9 | $9.9 | $(3.7) | $2.3 | - Reorganization expense is a non-GAAP financial measure used by management to capture excess costs associated with significant Company projects or changes[53](index=53&type=chunk) [NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS](index=15&type=section&id=NOTE%2010%3A%20DERIVATIVES%20AND%20FAIR%20VALUE%20MEASUREMENTS) This note details the company's use of derivative instruments to manage market risks - The Company uses derivatives to partially offset business exposure to commodity price, foreign currency, and interest rate fluctuations[56](index=56&type=chunk)[57](index=57&type=chunk) | Derivative Type (Notional Amount) | June 30, 2025 | December 31, 2024 | Unit of Measurement | | :-------------------------------- | :------------ | :---------------- | :------------------ | | Hot roll coil swap contracts | 17,204 | 31,658 | Tons | | Aluminum swap contracts | 8,233 | 15,711 | Tons | | Nickel swap contracts | 389 | 298 | Tons | | Copper swap contracts | 2,274 | 1,319 | Tons | | Natural gas swap contracts | 215,080 | 283,000 | Gallons | | Diesel fuel swap contracts | 1,916,000 | 1,176,000 | Gallons | | Foreign currency exchange contracts | 3.4 million | 1.6 million | U.S. dollars | | Gain/(Loss) on Derivatives (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Metal commodity contracts | $1.0 | $5.3 | $7.1 | $4.4 | | Energy commodity contracts | $(0.2) | $0.0 | $0.0 | $0.0 | | Foreign exchange contracts | $0.0 | $0.0 | $(0.1) | $0.1 | | Total | $0.8 | $5.3 | $7.0 | $4.5 | [NOTE 11: STOCKHOLDERS' EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST](index=17&type=section&id=NOTE%2011%3A%20STOCKHOLDERS'%20EQUITY%2C%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20INCOME%20(LOSS)%2C%20AND%20NONCONTROLLING%20INTEREST) This note presents the changes and balances in stockholders' equity accounts - The tables detail changes in Ryerson Holding Corporation Stockholders' Equity accounts for the three and six months ended June 30, 2025 and 2024[63](index=63&type=chunk) | Equity Item (in millions) | Balance at January 1, 2025 | Balance at June 30, 2025 | | :------------------------ | :------------------------- | :----------------------- | | Common Stock (Dollars) | $0.4 | $0.4 | | Treasury Stock (Dollars) | $(234.4) | $(237.0) | | Capital in Excess of Par Value | $423.5 | $430.6 | | Retained Earnings | $779.6 | $763.7 | | Accumulated Other Comprehensive Income (Loss) | $(153.8) | $(146.2) | | Total Ryerson Holding Corporation Stockholders' Equity | $815.3 | $811.5 | | Noncontrolling interest | $9.2 | $9.7 | | Total equity | $824.5 | $821.2 | [NOTE 12: REVENUE RECOGNITION](index=19&type=section&id=NOTE%2012%3A%20REVENUE%20RECOGNITION) This note provides disaggregated revenue information by product line and geographic location - Substantially all revenue is derived from the distribution of metals, with the majority recognized upon product delivery[65](index=65&type=chunk)[66](index=66&type=chunk) | Product Line | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Carbon Steel Flat | 28% | 30% | 28% | 29% | | Aluminum Flat | 16% | 16% | 16% | 16% | | Aluminum Long | 6% | 4% | 6% | 4% | | Net Sales by Geographic Location (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States | $1,052.2 | $1,107.3 | $2,077.3 | $2,232.6 | | Foreign countries | $117.1 | $118.2 | $227.7 | $232.1 | - Receivables from contracts with customers increased to **$536.2 million** at June 30, 2025, from **$428.1 million** at December 31, 2024[68](index=68&type=chunk)[69](index=69&type=chunk) [NOTE 13: INCOME TAXES](index=20&type=section&id=NOTE%2013%3A%20INCOME%20TAXES) This note explains the components of the income tax provision and changes in tax-related balances | Income Tax (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Provision (benefit) for income taxes | $(8.4) | $3.0 | $(10.0) | $0.9 | - The income tax benefit for the six months ended June 30, 2025, is primarily a result of the **decrease in actual and forecasted earnings**[71](index=71&type=chunk) - The valuation allowance on certain foreign and U.S. federal deferred tax assets remained at **$4.0 million**[72](index=72&type=chunk) - The reserve for uncertain tax benefits decreased from **$2.5 million** to **$1.7 million** due to state tax settlements[73](index=73&type=chunk) [NOTE 14: EARNINGS PER SHARE](index=21&type=section&id=NOTE%2014%3A%20EARNINGS%20PER%20SHARE) This note provides the calculation of basic and diluted earnings per share | EPS (in millions, except per share data) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income (loss) attributable to Ryerson Holding Corporation | $1.9 | $9.9 | $(3.7) | $2.3 | | Basic EPS | $0.06 | $0.29 | $(0.12) | $0.07 | | Diluted EPS | $0.06 | $0.29 | $(0.12) | $0.07 | - Weighted average shares excluded due to their antidilutive effect were **600,000** and **694,546** for the three-month and six-month periods ended June 30, 2025, respectively[74](index=74&type=chunk) [NOTE 15: SUBSEQUENT EVENTS](index=21&type=section&id=NOTE%2015%3A%20SUBSEQUENT%20EVENTS) This note discloses significant events that occurred after the balance sheet date - On July 29, 2025, the Board of Directors declared a quarterly cash dividend of **$0.1875 per share**[76](index=76&type=chunk) - The 'One Big Beautiful Bill Act' (OBBBA) was signed into law on July 4, 2025, introducing significant tax amendments[77](index=77&type=chunk)[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, industry trends, liquidity, and capital resources [Industry and Operating Trends](index=22&type=section&id=Industry%20and%20Operating%20Trends) This section describes the cyclical nature of the metals service industry and key economic indicators affecting performance - Ryerson is a metals service center providing value-added processing and distribution of industrial metals across the United States, Canada, Mexico, and China[82](index=82&type=chunk) - The metals service center industry is **cyclical, volatile in demand and pricing**, and difficult to predict[83](index=83&type=chunk) | Metric | Q2 2025 vs Q1 2025 | Q2 2025 vs Q2 2024 | H1 2025 vs H1 2024 | | :----- | :----------------- | :----------------- | :----------------- | | Average Selling Prices | +2.8% | -3.2% | -6.1% | | Shipments | +0.2% | -1.4% | -0.4% | - Key steel industry economic indicators reported **soft industrial activity** in the second quarter of 2025, with the Purchasing Managers' Index (PMI) below the growth threshold of 50[85](index=85&type=chunk) - Ryerson's North American volumes decreased by **1.1%** in the first six months of 2025, outperforming MSCI North American service center volumes[86](index=86&type=chunk) [First Six Months 2025 vs. First Six Months 2024 Performance](index=24&type=section&id=First%20Six%20Months%202025%20vs.%20First%20Six%20Months%202024%20Performance) This section provides a high-level comparison of financial results for the first half of 2025 versus 2024 | Metric (H1 2025 vs H1 2024) | H1 2025 | H1 2024 | Change | | :-------------------------- | :------ | :------ | :----- | | Total Revenues | $2.3B | $2.46B | -7% | | Gross Margin | 18.0% | 17.9% | +10bps | | Net Loss Attributable to Ryerson | $(3.7)M | $2.3M | -$6M | | Diluted Loss Per Share | $(0.12) | $0.07 | -$0.19 | | Cash used in Operating Activities | $(17.4)M | $(21.9)M | +$5M improvement | | Adjusted Metric (in millions, except per share data) | First Six Months 2025 | First Six Months 2024 | | :--------------------------------------------------- | :-------------------- | :-------------------- | | Net income (loss) attributable to Ryerson Holding Corporation | $(3.7) | $2.3 | | Adjusted net income (loss) attributable to Ryerson Holding Corporation | $(3.1) | $5.0 | | Diluted income (loss) per share | $(0.12) | $0.07 | | Adjusted diluted income (loss) per share | $(0.10) | $0.14 | - The adjusted net loss attributable to Ryerson Holding Corporation for the first six months of 2025 was **$3.1 million**, compared to **$5.0 million** of net income in the first six months of 2024[89](index=89&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) This section discusses recent governmental actions and legislative changes impacting the business - The U.S. government's repeated announcements and retractions of steel and aluminum import tariffs introduce **significant uncertainty**[91](index=91&type=chunk) - The 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025, includes significant amendments to the Internal Revenue Code[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Components of Results of Operations](index=26&type=section&id=Components%20of%20Results%20of%20Operations) This section defines the key line items that constitute the company's results of operations - The Company generates substantially all revenue from sales of metals products, with the majority recognized upon delivery[95](index=95&type=chunk) - **Sales, cost of materials sold, gross profit, and operating expense control** are the principal factors impacting profitability[96](index=96&type=chunk) - Cost of materials sold includes metal purchase, in-bound freight, third-party processing, and direct/indirect internal processing costs[98](index=98&type=chunk) - Gross profit is the difference between net sales and cost of materials sold[99](index=99&type=chunk) - Operating expenses include warehousing, delivery, selling, general, and administrative expenses[100](index=100&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's operational results for the reported periods | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $1,169.3 | $1,225.5 | $2,305.0 | $2,464.7 | | Cost of materials sold | $959.9 | $1,002.0 | $1,891.2 | $2,023.6 | | Gross profit | $209.4 | $223.5 | $413.8 | $441.1 | | Operating profit | $5.8 | $22.8 | $8.1 | $23.6 | | Net income (loss) attributable to Ryerson Holding Corporation | $1.9 | $9.9 | $(3.7) | $2.3 | - Net sales decreased by **4.6%** for the three months and **6.5%** for the six months ended June 30, 2025, primarily due to lower metal commodity prices[104](index=104&type=chunk) - Cost of materials sold decreased due to lower metal commodity prices, with LIFO expense of **$20.0 million** in H1 2025 versus **$9.0 million** LIFO income in H1 2024[105](index=105&type=chunk) - Gross profit decreased by **6.3%** for the three months and **6.2%** for the six months ended June 30, 2025, due to lower average selling prices[106](index=106&type=chunk) - Warehousing, delivery, selling, general, and administrative expenses decreased by **$10.1 million** in H1 2025 versus H1 2024 on a same-store basis[108](index=108&type=chunk) - Operating profit decreased by **74.6%** for the three months and **65.7%** for the six months ended June 30, 2025, due to lower gross profit[110](index=110&type=chunk) - Interest and other expense on debt decreased primarily due to lower interest rates on the revolving credit facility[112](index=112&type=chunk)[113](index=113&type=chunk) - The effective income tax rate was **75.8%** in H1 2025 compared to **23.7%** in H1 2024, primarily due to lower forecasted earnings[114](index=114&type=chunk) [Liquidity and Cash Flows](index=31&type=section&id=Liquidity%20and%20Cash%20Flows) This section analyzes the company's sources and uses of cash, liquidity position, and cash flow activities - Primary sources of liquidity are cash, cash flows from operations, and borrowing availability under the Ryerson Credit Facility[117](index=117&type=chunk) | Liquidity Metric (in millions) | June 30, 2025 | December 31, 2024 | | :----------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $30.8 | $27.7 | | Total debt outstanding | $510.2 | $467.4 | | Debt-to-capitalization ratio | 38% | 36% | | Total liquidity | $485 | $451 | | Net debt | $479 | $440 | - Net cash used in operating activities improved to **$(17.4) million** in H1 2025 from **$(21.9) million** in H1 2024[121](index=121&type=chunk) - Net cash used in investing activities decreased to **$(21.0) million** in H1 2025 from **$(43.4) million** in H1 2024, as capital expenditures decreased[122](index=122&type=chunk) - Net cash provided by financing activities was **$40.4 million** in H1 2025, primarily due to increased credit facility borrowings[123](index=123&type=chunk) - Off-balance sheet arrangements include letters of credit (**$2 million**) and surety bonds (**$12 million**) as of June 30, 2025[124](index=124&type=chunk) [Capital Resources](index=33&type=section&id=Capital%20Resources) This section details the company's debt obligations, contractual commitments, and pension liabilities - The Company believes cash flow from operations and the Ryerson Credit Facility will provide sufficient funds to meet its obligations[125](index=125&type=chunk) - Total debt increased to **$510.2 million** at June 30, 2025, from **$467.4 million** at December 31, 2024[125](index=125&type=chunk) - The Company expects to make approximately **$513 million** in principal payments to satisfy its debt obligations, primarily in 2027[130](index=130&type=chunk) - Estimated future lease payments total **$480 million**, with **$50 million** due over the next 12 months[132](index=132&type=chunk)[133](index=133&type=chunk) - Pension liabilities exceeded plan assets by **$52.9 million** at December 31, 2024[127](index=127&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines Ryerson's exposure to market risks and the strategies employed to manage them [Interest rate risk](index=34&type=section&id=Interest%20rate%20risk) This section details the company's exposure to fluctuations in interest rates on its variable-rate debt - The Company is exposed to market risk related to its variable-rate long-term debt, with a carrying value of **$510.2 million** at June 30, 2025[136](index=136&type=chunk) - A hypothetical **1% increase** in interest rates would have increased interest expense for H1 2025 by approximately **$3.0 million**[137](index=137&type=chunk) [Foreign exchange rate risk](index=34&type=section&id=Foreign%20exchange%20rate%20risk) This section describes the risks associated with currency fluctuations from international operations - The Company is subject to foreign currency risks primarily through its operations in **Canada, Mexico, and China**[138](index=138&type=chunk) - At June 30, 2025, foreign currency contracts had a U.S. dollar notional amount of **$3.4 million**[138](index=138&type=chunk) [Commodity price risk](index=34&type=section&id=Commodity%20price%20risk) This section outlines the risks from volatile metal and energy prices and the use of derivatives to manage them - Metal prices can fluctuate significantly due to factors including production capacity, raw material availability, and metals consumption[140](index=140&type=chunk)[141](index=141&type=chunk) - Derivative financial instruments are used to manage a limited portion of exposure to fluctuations in commodity costs[141](index=141&type=chunk) | Commodity Swap Contracts (June 30, 2025) | Notional Amount | Net Value (in millions) | | :--------------------------------------- | :-------------- | :---------------------- | | Hot roll coil | 17,204 tons | $(0.1) | | Aluminum | 8,233 tons | $2.2 | | Nickel | 389 tons | $(0.2) | | Copper | 2,274 tons | $1.9 | | Diesel fuel | 1,916,000 gallons | $0.0 | | Natural gas | 215,080 gallons | $0.2 | - A hypothetical **10% change** in commodity and energy prices would alter the fair value of derivative contracts by **$6.9 million**[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and internal controls over financial reporting [Evaluation of Disclosure Controls and Procedures](index=35&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls as of the end of the reporting period - Management concluded that the Company's disclosure controls and procedures were **effective** as of June 30, 2025[144](index=144&type=chunk)[145](index=145&type=chunk) [Changes in Internal Controls Over Financial Reporting](index=35&type=section&id=Changes%20in%20Internal%20Controls%20Over%20Financial%20Reporting) This section reports on any material changes to internal controls during the quarter - There have been **no changes** in the Company's internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's controls[146](index=146&type=chunk) [Part II. Other Information](index=36&type=section&id=Part%20II.%20Other%20Information) This part provides supplementary information regarding legal proceedings, risk factors, and other corporate matters [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the financial statement notes for information on legal proceedings - For information concerning legal proceedings, refer to **Note 8: Commitments and Contingencies** in Part I, Item 1 of this Report[149](index=149&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) This section confirms the status of previously disclosed risk factors - There have been **no material changes** to the risk factors from those disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section indicates no unregistered sales of equity securities occurred during the period - None[151](index=151&type=chunk) [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) This section confirms no directors or officers modified trading arrangements during the quarter - During the quarter ended June 30, 2025, **none of the Company's directors or officers** adopted, terminated, or modified a Rule 10b5-1 trading arrangement[152](index=152&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q - Exhibits include Certifications pursuant to Section 302 of Sarbanes-Oxley Act, Written Statements pursuant to 18 U.S.C. Section 1350, and Inline XBRL documents[154](index=154&type=chunk) [Signature](index=38&type=section&id=Signature) This section contains the duly authorized signature on behalf of the corporation - The report is signed by **James J. Claussen, Executive Vice President and Chief Financial Officer** of Ryerson Holding Corporation, dated July 29, 2025[157](index=157&type=chunk)

Core Points - Ryerson Holding Corporation will host a conference call to discuss its second quarter 2025 financial results on July 30, 2025 [1] - The earnings report will be released after market close on July 29, 2025 [1] Company Overview - 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 employs around 4,300 people across over 110 locations [3]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported net sales of $1,140 million, a 12.7% increase from Q4 2024 [17] - Adjusted EBITDA, excluding LIFO, was $32.8 million, compared to $10.3 million in the prior quarter [19] - Gross margin contracted by 100 basis points to 18%, influenced by $7 million in LIFO expense, while excluding LIFO, gross margin expanded by 220 basis points to 18.6% [18] Business Line Data and Key Metrics Changes - Sales volume for Q1 2025 was 500,000 tons, approximately 12% higher quarter over quarter, with North American shipments increasing by almost 14% [9][10] - Average selling prices for carbon products were roughly flat, aluminum products increased by 2%, and stainless steel products decreased by approximately 3% [17] Market Data and Key Metrics Changes - North American industry sales volumes increased by nearly 11% quarter over quarter, indicating a recovery in demand [9] - The company experienced market share gains across most metal product categories, particularly in construction equipment and industrial machinery [10] Company Strategy and Development Direction - The company is focusing on operationalizing significant CapEx investments to improve quality of earnings and customer experiences [4][5] - There is an emphasis on modernizing service center networks and enhancing go-to-market capabilities to drive long-term growth [4] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are challenges in the industrial metal supply and demand dynamics, they anticipate a more robust North American manufacturing economy as trade uncertainties resolve [20] - The outlook for Q2 2025 includes expectations for relatively flat volumes and a revenue range of $1,150 million to $1,190 million, with average selling prices expected to increase by 3% to 4% [11] Other Important Information - The company maintained a $60 million expense reduction target, achieving a $32 expense per ton reduction compared to the previous year [11] - Total debt increased to $498 million, with net debt rising to $464 million, but global liquidity remains healthy at $490 million [14][15] Q&A Session Summary Question: Plans to manage debt levels and drive interest expense lower - Management highlighted the importance of winding down CapEx projects and operationalizing them to improve cash flow and reduce debt [24][26] Question: Second quarter pricing outlook - Management indicated that the OEM contract business has been weak, impacting average selling prices, but noted good transactional growth [29][30] Question: Current split between transactional versus contractual sales - The current split is approximately 47% transactional sales, up from about 43% last year, with a target to reach around 60% [38][40] Question: Portfolio mix and stainless market outlook - Management believes the stainless market will recover and emphasized the importance of maintaining market share while also growing the carbon franchise [42][44]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported net sales of $1,140 million, a 12.7% increase from Q4 2024 [17] - Adjusted EBITDA, excluding LIFO, was $32.8 million, compared to $10.3 million in the prior quarter [19] - Gross margin contracted by 100 basis points to 18%, influenced by $7 million in LIFO expense, while excluding LIFO, gross margin expanded by 220 basis points to 18.6% [18] Business Line Data and Key Metrics Changes - Sales volume for Q1 2025 was 500,000 tons, approximately 12% higher quarter over quarter, with North American shipments increasing by almost 14% [9][10] - Average selling prices for carbon products were roughly flat, aluminum products increased by 2%, and stainless steel products decreased by approximately 3% [17] Market Data and Key Metrics Changes - North American industry sales volumes increased by nearly 11% quarter over quarter, indicating a positive demand environment [9] - The company experienced market share gains across most metal product categories, particularly in construction equipment, metal fabrication, and industrial machinery [10] Company Strategy and Development Direction - The company is focusing on operationalizing significant CapEx investments to improve quality of earnings and customer experiences [4][5] - There is an emphasis on increasing the proportion of transactional sales, targeting a rise from 47% in Q1 2025 towards 60% in the future [39][41] Management's Comments on Operating Environment and Future Outlook - Management noted that while the current industrial metal supply and demand dynamics are challenging, they anticipate a more robust North American manufacturing economy as trade uncertainties resolve [20] - The outlook for Q2 2025 includes expectations for relatively flat volumes and a revenue range of $1,150 million to $1,190 million, with average selling prices expected to increase by 3% to 4% [11] Other Important Information - The company maintained a $60 million expense reduction target, achieving a $32 expense per ton reduction compared to the previous year [11] - Total debt increased to $498 million, with net debt rising to $464 million, but available global liquidity improved to $490 million [14][15] Q&A Session Summary Question: Plans to manage debt levels and reduce interest expense - Management highlighted the importance of winding down CapEx projects and operationalizing them to improve cash flow and reduce debt [25][26] Question: Second quarter pricing outlook - Management indicated that the pricing outlook is affected by OEM contract cuts and customer destocking, impacting average selling prices [30][32] Question: Current split between transactional versus contractual sales - The current split is approximately 47% transactional sales, up from 43% last year, with a target to reach about 60% [39][40] Question: Portfolio mix and stainless market outlook - Management believes the stainless market will recover and emphasized the importance of maintaining market share while also growing the carbon franchise [43][45]

Financial Data and Key Metrics Changes - In Q1 2025, Ryerson reported net sales of $1,140 million, a 12.7% increase from Q4 2024, with low double-digit sequential volume growth across all product categories [16] - Adjusted EBITDA, excluding LIFO, was $32.8 million in Q1 2025, compared to $10.3 million in the prior quarter [18] - Gross margin contracted by 100 basis points to 18%, influenced by $7 million in LIFO expense, while excluding LIFO, gross margin expanded by 220 basis points to 18.6% [17] Business Line Data and Key Metrics Changes - Ryerson's first quarter sales volume was 500,000 tons, approximately 12% higher quarter over quarter, with North American shipments increasing by almost 14% [9] - Average selling price was $2,271 per ton, representing a 1% increase quarter over quarter, with carbon products flat, aluminum products up by 2%, and stainless steel products down by approximately 3% [16] Market Data and Key Metrics Changes - North American industry sales volumes increased by nearly 11% quarter over quarter, indicating a strong market recovery [9] - The company experienced market share gains across most metal product categories, particularly in construction equipment, metal fabrication, and industrial machinery [10] Company Strategy and Development Direction - Ryerson is focusing on operationalizing significant CapEx investments to improve quality of earnings and customer experiences [4] - The company aims to increase its transactional sales from 43% to 60% by improving service levels and lead times through strategic asset placement [40] Management's Comments on Operating Environment and Future Outlook - Management noted that while demand visibility is opaque, average selling price and transactional margin trends have improved early into Q2 2025, leading to expectations of sequentially improving operating income [7] - The company anticipates a balanced inventory environment and good domestic metal availability, with revenues expected to range from $1,150 million to $1,190 million in Q2 2025 [11] Other Important Information - Ryerson maintained a $60 million expense reduction target, achieving a $32 expense per ton reduction compared to Q1 2024 [11] - The company ended Q1 2025 with $498 million in total debt and $464 million in net debt, with available global liquidity increasing to $490 million [14] Q&A Session Summary Question: Plans to manage debt levels and reduce interest expense - Management highlighted the importance of winding down CapEx projects and operationalizing them to improve cash flow and reduce debt [24][28] Question: Second quarter pricing outlook - Management indicated that the pricing outlook is affected by OEM contract cuts and customer destocking, with a focus on transactional growth [30][32] Question: Current split between transactional and contractual sales - The current split is approximately 47% transactional sales, up from 43% last year, with a target to reach about 60% [39][40] Question: Portfolio mix and stainless market outlook - Management believes the stainless market will recover and emphasized the importance of maintaining market share while also growing the carbon franchise [42][44]

Q1 2025 Performance - Ryerson generated Q1 2025 revenue of $1.14 billion on 500,000 tons shipped at an average selling price of $2,271 per ton[8] - The company incurred a Net Loss attributable to Ryerson Holding Corporation of $5.6 million, or Diluted Loss Per Share of $0.18, and Adjusted EBITDA, excluding LIFO, of $32.8 million[8] - Ryerson ended Q1 2025 with debt of $498 million and net debt of $464 million, compared to $468 million and $440 million, respectively, on December 31, 2024[8] - The company's transactional sales increased 12% YoY[8] Q2 2025 Guidance - Ryerson anticipates Q2 2025 net sales to be between $1.15 billion and $1.19 billion[18] - The company expects Q2 2025 net income between $2 million and $4 million, and Adjusted EBITDA, excluding LIFO, between $40 million and $45 million[18] - Ryerson projects Q2 2025 diluted earnings (loss) per share to be between ($0.13) and $0.10[18] - The company anticipates shipments to be between (1)% and 1% and average selling prices to increase 3% to 4%[22] Capital Allocation and Liquidity - Ryerson's global liquidity increased to $490 million in Q1 2025[34] - The company's capital expenditure plan includes $50 million in 2025E[36] - The company declared a second-quarter 2025 dividend of $0.1875 per share[8]

Core Insights - Ryerson Holding Corporation reported a net sales of $1.14 billion for Q1 2025, reflecting a 12.7% increase from Q4 2024, driven by strong transactional sales and market share gains [5][8] - The company experienced a net loss of $5.6 million, or $0.18 per diluted share, which is an improvement compared to a net loss of $7.6 million in Q1 2024 [8][27] - Adjusted EBITDA, excluding LIFO, was $32.8 million, showing a significant increase of 218.4% from Q4 2024 [8][25] Financial Highlights - Revenue for Q1 2025 was $1,135.7 million, down 8.4% year-over-year but up 12.7% quarter-over-quarter [3][5] - Tons shipped increased to 500,000, up 11.9% from the previous quarter and slightly up 0.6% year-over-year [3][8] - Average selling price per ton was $2,271, a 0.8% increase from Q4 2024 but down 8.9% year-over-year [3][8] Cost and Margin Analysis - Gross margin contracted to 18.0% in Q1 2025 from 19.0% in Q4 2024, primarily due to rising costs of goods sold [6][26] - Excluding LIFO, gross margin improved to 18.6%, up 220 basis points from the previous quarter [6][26] - Operating expenses increased by 7.2% to $202.1 million, driven by higher personnel-related expenses, but decreased by $14.7 million compared to the prior year [7][8] Debt and Liquidity - Total debt at the end of Q1 2025 was $497.3 million, with net debt at $463.7 million, reflecting a sequential increase [10][8] - Cash and cash equivalents rose to $33.6 million, a 21.3% increase from the previous quarter [10][8] - The company reported a cash conversion cycle of 66.5 days, indicating improved working capital management [10][8] Market Position and Outlook - Ryerson gained market share in the industry, with transactional sales increasing by 12% year-over-year [8][4] - The company anticipates Q2 2025 net sales to range between $1.15 billion and $1.19 billion, with average selling prices expected to rise by 3% to 4% [13][8] - Management emphasized ongoing improvements in operational productivity and capital investments aimed at long-term growth [4][5]

Quarterly business highlights include strong transactional sales, operational productivity, and working capital management, increase in market share, maintenance of expense controls, ramp up of capital improvements at our Shelbyville, KY non-ferrous processing center, and continued progress operationalizing capex investments and optimizing assets across our North America service center network. CHICAGO – April 30, 2025 – Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributo ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025 and 2024 Financial Performance | Financial Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net sales | $1,135.7 million | $1,239.2 million | | Gross profit | $204.4 million | $217.6 million | | Operating profit | $2.3 million | $0.8 million | | Net loss attributable to Ryerson | $(5.6) million | $(7.6) million | | Diluted loss per share | $(0.18) | $(0.22) | Balance Sheet Overview | Balance Sheet Item | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $1,297.5 million | $1,207.6 million | | Total assets | $2,523.6 million | $2,439.5 million | | Total current liabilities | $647.2 million | $580.1 million | | Long-term debt | $497.0 million | $466.7 million | | Total liabilities | $1,710.3 million | $1,615.0 million | | Total equity | $813.3 million | $824.5 million | Cash Flow Summary | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(41.2) million | $(47.8) million | | Net cash used in investing activities | $(8.0) million | $(20.4) million | | Net cash provided by financing activities | $54.4 million | $56.2 million | | Net change in cash | $5.4 million | $(12.4) million | - Revenue is primarily derived from the distribution of metals, with **Carbon Steel (Flat, Plate, Long)** and **Stainless Steel (Flat, Plate, Long)** being the largest product lines by sales percentage. The majority of sales (approx. **90%**) originate from the United States[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, noting decreased net sales, improved operating profit, and strong liquidity Key Performance Metrics | Performance Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,135.7 M | $1,239.2 M | -8.4% | | Tons Sold (thousands) | 500 | 497 | +0.6% | | Average Selling Price per Ton | $2,271 | $2,493 | -8.9% | - The **$14.7 million** decrease in warehousing, delivery, selling, general, and administrative expenses year-over-year was primarily due to lower reorganization costs compared to Q1 2024, which included startup costs for the new University Park, IL facility and ERP conversion activities[104](index=104&type=chunk) Liquidity and Debt Position | Liquidity and Debt (as of) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Liquidity | $490 million | $451 million | | Total Debt | $497.3 million | $467.4 million | | Net Debt | $464 million | $440 million | - Adjusted diluted loss per share, a non-GAAP measure, was **$(0.18)** for Q1 2025, unchanged from Q1 2024 after excluding items like pension settlement losses in the prior-year period[88](index=88&type=chunk)[89](index=89&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's market risk exposures to interest rates, foreign currency, and commodity prices - A hypothetical **1%** increase in interest rates on the company's variable-rate debt would have increased interest expense for the first three months of 2025 by approximately **$1.5 million**[131](index=131&type=chunk) - The company uses foreign currency contracts to hedge exposure, with a U.S. dollar notional amount of **$1.1 million** outstanding at March 31, 2025[132](index=132&type=chunk) - To manage commodity price risk, the company held various swap contracts for metals and energy; a hypothetical **10%** change in underlying prices would impact the fair value of these derivative contracts by **$6.5 million** as of March 31, 2025[136](index=136&type=chunk)[137](index=137&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation as of the end of the period, the **Chief Executive Officer** and **Chief Financial Officer** concluded that the company's disclosure controls and procedures were effective[139](index=139&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[140](index=140&type=chunk) [Part II. Other Information](index=31&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes to its legal proceedings since the disclosures in its 2024 Annual Report on Form 10-K - There have been no material changes to the contingencies and legal matters from those disclosed in the Company's **2024 Form 10-K**[50](index=50&type=chunk)[143](index=143&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the filing of its 2024 Annual Report on Form 10-K - No material changes to risk factors have occurred since the filing of the Company's **Annual Report on Form 10-K** for the year ended December 31, 2024[144](index=144&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[145](index=145&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) This section discloses CEO Edward Lehner's new Rule 10b5-1 stock trading plan for potential share sales - On March 28, 2025, **CEO Edward Lehner** entered into a new stock trading plan designed to comply with **Rule 10b5-1**[146](index=146&type=chunk) - Under the plan, Mr. Lehner may sell up to **112,140 shares** of the Company's common stock between June 26, 2025, and June 30, 2026[146](index=146&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including SOX certifications and Inline XBRL data - The exhibits filed with this report include certifications from the **CEO** and **CFO** as required by **Sections 302 and 906 of the Sarbanes-Oxley Act of 2002**, along with **Inline XBRL documents**[148](index=148&type=chunk)

Core Insights - Ryerson Holding Corporation has elected Lt. Gen. Bruce T. Crawford, U.S. Army (Ret.), to its Board of Directors, enhancing its leadership team with expertise in information technology and cybersecurity [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, and has approximately 4,300 employees across over 110 locations [3]. - The company was founded in 1842 and continues to focus on optimizing its operational and financial performance [2][3]. Leadership Insights - Steve Larson, Chair of the Board, expressed confidence that General Crawford will provide valuable perspectives as Ryerson aims to improve its operational and financial performance targets [2]. - Eddie Lehner, President and CEO, highlighted General Crawford's extensive knowledge and leadership experience, which will be crucial for enhancing Ryerson's operating model and customer experience [2]. General Crawford's Background - General Crawford has a distinguished 34-year career in the U.S. Army, culminating as the Chief Information Officer, and has held various strategic roles in both military and civilian sectors [2]. - His previous roles include leadership positions at Jacobs Solutions Inc., where he focused on innovation and strategic development in a $5 billion division [2]. - He holds multiple advanced degrees and serves on several boards, indicating a strong commitment to leadership and governance [2].