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Ryerson Holding Corporation (NYSE:RYI) Q1 2024 Earnings Conference Call May 1, 2024 10:00 AM ET Company Participants Pratham Dear - Manager-Investor Relations Edward Lehner - President and Chief Executive Officer Mike Burbach - Chief Operating Officer James Claussen - Chief Financial Officer Molly Kannan - Chief Accounting Officer and Corporate Controller Conference Call Participants Katja Jancic - BMO Capital Markets Alan Weber - Robotti & Company Operator Good day and welcome to the Ryerson Holding Corpor ...

[First Quarter 2024 Performance Highlights](index=1&type=section&id=Ryerson%20Reports%20First%20Quarter%202024%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Ryerson reported Q1 2024 revenue of **$1.24 billion**, a sequential increase of **11.4%**, but a year-over-year decrease of **11.9%**; the company experienced a net loss of **$7.6 million**, or (**$0.22**) per diluted share, a significant decline from both the prior quarter and the same period last year; key operational milestones include the start-up of the University Park, IL service center and the completion of a major ERP system integration; in response to market conditions, the company announced a **$40 million** annualized cost reduction plan Financial Highlights | Financial Highlights: | Q1 2024 | Q4 2023 | Q1 2023 | QoQ | YoY | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Millions) | $1,239.2 M | $1,112.4 M | $1,406.1 M | 11.4% | (11.9)% | | Tons shipped (thousands) | 497 | 450 | 519 | 10.4% | (4.2)% | | Gross margin | 17.6% | 22.2% | 18.8% | -460 bps | -120 bps | | Net income (loss) (Millions) | $(7.6) M | $25.8 M | $47.3 M | (129.5)% | (116.1)% | | Diluted earnings (loss) per share | $(0.22) | $0.74 | $1.27 | $(0.96) | $(1.49) | | Adj. EBITDA, excl. LIFO (Millions) | $40.2 M | $25.9 M | $90.1 M | 55.2% | (55.4)% | | Net debt (Millions) | $455.4 M | $382.2 M | $351.4 M | 19.2% | 29.6% | - Key operational achievements include the start of operations at the University Park, IL service center and the completion of an ERP conversion and integration program across **31 service centers**[2](index=2&type=chunk)[5](index=5&type=chunk) - The company announced a plan for **$40 million** in expected annualized cost reductions through targeted workforce reductions and network cost-outs, with **$25 million** in savings expected during the remainder of 2024[5](index=5&type=chunk)[7](index=7&type=chunk) - Capital expenditures are planned to be **$110 million** in 2024, decreasing to an expected **$50 million** in 2025 as the company shifts from investment to integration and optimization[5](index=5&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) CEO Eddie Lehner acknowledged that Q1 2024 results missed earnings guidance due to lower-than-expected gross margins from declining commodity prices and transitory operating expenses related to a significant investment cycle; he highlighted the completion of major strategic investments, including a new service center and a unified ERP system, as foundational for future growth; the company is now pivoting to an integration and optimization phase, targeting **$40 million** in annual cost savings to improve performance as it navigates counter-cyclical business conditions - Management noted two key milestones: the start of operations at the University Park, IL service center and the completion of the ERP system unification program, which are central to Ryerson's next-generation operating model[6](index=6&type=chunk) - The company missed its earnings per share and Adjusted EBITDA guidance for Q1; this was attributed to lower gross margins from declining commodity prices and transitory operating expenses from its investment cycle[7](index=7&type=chunk) - Ryerson is initiating a cost-saving program targeting **$40 million** in annual reductions, with **$25 million** expected to be realized in the remainder of 2024, as it shifts focus to integrating and optimizing recent investments[7](index=7&type=chunk) - Management is encouraged by stabilization in the carbon sheet market and improvements in bright metal commodity price indices moving into the second quarter[7](index=7&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) [First Quarter Results Analysis](index=3&type=section&id=First%20Quarter%20Results%20Analysis) In Q1 2024, net sales rose **11.4%** sequentially to **$1.24 billion**, driven by a **10.4%** increase in volumes; however, gross margin contracted significantly to **17.6%** from **22.2%** in Q4 2023, primarily due to a large LIFO income in the prior quarter; excluding LIFO, gross margin expanded by **70 basis points**; operating expenses increased by **6.4%** due to investment-related costs, contributing to a net loss of **$7.6 million**, compared to a net income of **$25.8 million** in the previous quarter - Net sales increased **11.4%** quarter-over-quarter to **$1.24 billion**, driven by a **10.4%** rise in shipment volumes and a **0.8%** increase in average selling prices[8](index=8&type=chunk) - Gross margin fell by **460 basis points** to **17.6%** compared to Q4 2023; this was mainly due to a **$59 million** LIFO income in Q4 2023 versus a **$1 million** LIFO expense in Q1 2024; excluding LIFO, gross margin increased by **70 basis points** to **17.6%**[9](index=9&type=chunk) - Warehousing, delivery, selling, general and administrative expenses rose **6.4%** sequentially to **$216.8 million**, primarily from higher investment-related expenses and costs from recent acquisitions[10](index=10&type=chunk) - The company reported a net loss of **$7.6 million**, or (**$0.22**) per diluted share; Adjusted EBITDA, excluding LIFO, was **$40.2 million**, up from **$25.9 million** in Q4 2023[11](index=11&type=chunk) [Major Product Metrics](index=4&type=section&id=First%20Quarter%202024%20Major%20Product%20Metrics) In Q1 2024, Carbon Steel remained the largest segment by revenue (**$645 million**) and volume (**385 thousand tons**), with sales up **12.2%** QoQ; Aluminum sales grew **14.5%** QoQ to **$276 million**, driven by a **9.9%** increase in average selling price; Stainless Steel sales increased **9.6%** QoQ to **$297 million**, despite a **6.6%** decline in average selling price, supported by a **17.3%** surge in tons shipped; year-over-year, all product categories saw declines in both revenue and average selling prices Major Product Metrics | Metric | Q1 2024 | Q4 2023 | Q1 2023 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales (millions)** | | | | | | | Carbon Steel | $645 | $575 | $692 | 12.2% | (6.8)% | | Aluminum | $276 | $241 | $310 | 14.5% | (11.0)% | | Stainless Steel | $297 | $271 | $378 | 9.6% | (21.4)% | | **Tons Shipped (thousands)** | | | | | | | Carbon Steel | 385 | 347 | 402 | 11.0% | (4.2)% | | Aluminum | 50 | 48 | 52 | 4.2% | (3.8)% | | Stainless Steel | 61 | 52 | 63 | 17.3% | (3.2)% | | **Avg. Selling Prices (per ton)** | | | | | | | Carbon Steel | $1,675 | $1,657 | $1,721 | 1.1% | (2.7)% | | Aluminum | $5,520 | $5,021 | $5,962 | 9.9% | (7.4)% | | Stainless Steel | $4,869 | $5,212 | $6,000 | (6.6)% | (18.9)% | [Financial Condition and Shareholder Returns](index=3&type=section&id=Financial%20Condition%20and%20Shareholder%20Returns) [Liquidity & Debt Management](index=3&type=section&id=Liquidity%20%26%20Debt%20Management) Ryerson used **$47.8 million** in operating cash during Q1 2024, primarily due to a **$32.3 million** build in working capital (inventory and receivables) and the net loss; consequently, net debt increased by **$73 million** sequentially to **$455 million**; the net leverage ratio rose to **2.5x**, which is above the company's target range; despite the cash usage, total liquidity improved to **$684 million** - The company used **$47.8 million** of cash from operating activities, largely due to a **$32.3 million** increase in working capital as inventory and receivables grew[12](index=12&type=chunk) - Net debt increased to **$455 million** as of March 31, 2024, up from **$382 million** at the end of 2023; the net leverage ratio (Net debt / LTM Adj. EBITDA, excl. LIFO) increased to **2.5x** from **1.7x** in the prior quarter[4](index=4&type=chunk)[12](index=12&type=chunk) - Total liquidity, comprising cash and availability on revolving credit facilities, increased to **$684 million** at the end of Q1 2024 from **$656 million** at the end of Q4 2023[12](index=12&type=chunk) [Shareholder Return Activity](index=4&type=section&id=Shareholder%20Return%20Activity) Ryerson maintained its commitment to shareholder returns in Q1 2024; the Board of Directors declared a quarterly cash dividend of **$0.1875 per share**, unchanged from the previous quarter; additionally, the company repurchased **30,120 shares** for **$1.0 million**, leaving **$38.4 million** remaining under its current share repurchase authorization - The Board of Directors declared a quarterly cash dividend of **$0.1875 per share**, payable on June 20, 2024; this is unchanged from the prior quarter's dividend, which amounted to a cash return of approximately **$6.4 million**[13](index=13&type=chunk) - During the first quarter, Ryerson repurchased **30,120 shares** for **$1.0 million**; as of March 31, 2024, **$38.4 million** remained available under the **$100.0 million** share repurchase authorization, which extends through April 2025[14](index=14&type=chunk) [Outlook](index=4&type=section&id=Outlook%20Commentary) [Second Quarter 2024 Guidance](index=4&type=section&id=Second%20Quarter%202024%20Guidance) For the second quarter of 2024, Ryerson anticipates modest sequential growth; the company projects a **1%** to **3%** increase in customer shipments and a **0%** to **1%** rise in average selling prices, resulting in net sales between **$1.25 billion** and **$1.29 billion**; Adjusted EBITDA, excluding LIFO, is expected to be in the range of **$47 million** to **$53 million**, with earnings per diluted share forecasted between **$0.15** and **$0.25** Q2 2024 Guidance | Metric | Q2 2024 Guidance Range | | :--- | :--- | | Customer Shipments Growth (QoQ) | 1% to 3% | | Average Selling Prices Growth (QoQ) | 0% to 1% | | Net Sales | $1.25 billion to $1.29 billion | | LIFO Expense | $1 million | | Adjusted EBITDA, excluding LIFO | $47 million to $53 million | | Earnings per Diluted Share | $0.15 to $0.25 | [Financial Statements and Reconciliations (Schedules)](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations%20(Schedules)) [Selected Income and Cash Flow Data](index=7&type=section&id=Selected%20Income%20and%20Cash%20Flow%20Data%20-%20Unaudited) The unaudited income statement for Q1 2024 shows net sales of **$1.239 billion**, leading to an operating profit of just **$0.8 million** after accounting for cost of materials and operating expenses; following interest expenses, the company reported a pre-tax loss of **$9.5 million** and a net loss attributable to Ryerson of **$7.6 million**; cash flow from operations was negative at (**$47.8 million**) Selected Income and Cash Flow Data | (In Millions) | Q1 2024 | Q1 2023 | Q4 2023 | | :--- | :--- | :--- | :--- | | **NET SALES** | **$1,239.2** | **$1,406.1** | **$1,112.4** | | Gross profit | $217.6 | $264.2 | $247.2 | | OPERATING PROFIT | $0.8 | $70.0 | $43.5 | | INCOME (LOSS) BEFORE INCOME TAXES | $(9.5) | $62.3 | $33.5 | | **NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON** | **$(7.6)** | **$47.3** | **$25.8** | | Diluted EPS | $(0.22) | $1.27 | $0.74 | | Cash flow from operating activities | $(47.8) | $80.4 | $90.1 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Schedule%201) As of March 31, 2024, Ryerson's total assets were **$2.72 billion**, an increase from **$2.57 billion** at year-end 2023; the growth was driven by higher receivables and inventories; total liabilities also increased to **$1.82 billion** from **$1.66 billion**, primarily due to rises in accounts payable and long-term debt; total stockholders' equity slightly decreased to **$888.5 million** Condensed Consolidated Balance Sheets | (In Millions) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | **$1,525.3** | **$1,383.4** | | Inventories | $841.2 | $782.5 | | Property, plant, and equipment, net | $594.7 | $589.6 | | **Total assets** | **$2,720.2** | **$2,569.6** | | **Total current liabilities** | **$729.0** | **$633.9** | | Long-term debt | $493.6 | $428.3 | | **Total liabilities** | **$1,823.0** | **$1,655.1** | | **Total Ryerson Stockholders' Equity** | **$888.5** | **$905.9** | [Reconciliation of Net Income to EBITDA](index=10&type=section&id=Schedule%202) This schedule reconciles the GAAP Net Loss of (**$7.6 million**) to non-GAAP measures; after adjustments for interest, taxes, depreciation, and amortization, EBITDA for Q1 2024 was **$17.8 million**; further adjustments for items like reorganization expenses resulted in an Adjusted EBITDA of **$39.2 million**; excluding a **$1.0 million** LIFO expense, the Adjusted EBITDA, excluding LIFO, was **$40.2 million**, yielding a margin of **3.2%** on net sales Reconciliation of Net Income to EBITDA | (In Millions) | Q1 2024 | Q1 2023 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net income (loss) attributable to Ryerson | $(7.6) | $47.3 | $25.8 | | EBITDA | $17.8 | $83.4 | $62.9 | | Adjusted EBITDA | $39.2 | $86.1 | $85.2 | | LIFO expense (income) | $1.0 | $4.0 | $(59.3) | | **Adjusted EBITDA, excluding LIFO** | **$40.2** | **$90.1** | **$25.9** | [Reconciliation to Adjusted Net Income and EPS](index=12&type=section&id=Schedule%203) The reconciliation from GAAP to non-GAAP earnings shows that after adjusting the Q1 2024 net loss of (**$7.6 million**) for items such as pension settlement loss and benefit plan curtailment gain, the Adjusted Net Loss was (**$6.2 million**); this translates to an Adjusted Diluted Loss Per Share of (**$0.18**) Reconciliation to Adjusted Net Income and EPS | (In Millions, except per share) | Q1 2024 | Q1 2023 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net income (loss) attributable to Ryerson | $(7.6) | $47.3 | $25.8 | | **Adjusted net income (loss)** | **$(6.2)** | **$47.3** | **$25.2** | | **Adjusted diluted earnings (loss) per share** | **$(0.18)** | **$1.27** | **$0.73** | [Free Cash Flow Reconciliation](index=12&type=section&id=Schedule%204) In Q1 2024, Ryerson had a negative free cash flow of (**$68.2 million**); this was calculated by starting with (**$47.8 million**) in cash used in operating activities and subtracting **$21.8 million** in capital expenditures, offset by **$1.4 million** in proceeds from asset sales Free Cash Flow Reconciliation | (In Millions) | Q1 2024 | Q1 2023 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(47.8) | $80.4 | $90.1 | | Capital expenditures | $(21.8) | $(27.8) | $(25.4) | | **Free cash flow** | **$(68.2)** | **$52.6** | **$65.1** | [Q2 2024 Guidance Reconciliation](index=13&type=section&id=Schedule%205) This schedule provides a reconciliation for the Q2 2024 guidance; it shows the path from a projected Net Income of **$5-$10 million** to the guided Adjusted EBITDA, excluding LIFO, of **$47-$53 million**; key adjustments include interest expense, taxes, depreciation, and other non-recurring items Q2 2024 Guidance Reconciliation | (In Millions) | Q2 2024 Guidance (Low) | Q2 2024 Guidance (High) | | :--- | :--- | :--- | | Net income attributable to Ryerson | $5 | $10 | | Diluted earnings per share | $0.15 | $0.25 | | EBITDA | $36 | $42 | | Adjusted EBITDA | $46 | $52 | | **Adjusted EBITDA, excluding LIFO** | **$47** | **$53** | [Other Information](index=5&type=section&id=Other%20Information) [About Ryerson](index=5&type=section&id=About%20Ryerson) Ryerson is a prominent value-added processor and distributor of industrial metals, with a history dating back to 1842; the company operates in the United States, Canada, Mexico, and China, employing approximately **4,600 employees** across **114 locations** - Ryerson is a leading value-added processor and distributor of industrial metals[19](index=19&type=chunk) - The company has operations in the U.S., Canada, Mexico, and China, with around **4,600 employees** and **114 locations**[19](index=19&type=chunk) [Legal Disclaimers and Forward-Looking Statements](index=6&type=section&id=Legal%20Disclaimers%20and%20Forward-Looking%20Statements) This report contains forward-looking statements regarding future performance and expectations; these statements are not guarantees and involve significant risks and uncertainties; the company cautions investors that actual results may differ materially due to factors such as industry cyclicality, metal price volatility, geopolitical events, and competition; Ryerson does not undertake any obligation to update these statements - The report includes "forward-looking statements" concerning future performance, which are subject to significant risks and uncertainties[22](index=22&type=chunk) - Key risk factors include the cyclicality of the business, volatile metal prices, competition, geopolitical events, and indebtedness[22](index=22&type=chunk)

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-34735 RYERSON HOLDING CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Ryerson Holding Corporation (NYSE:RYI) Q4 2023 Earnings Conference Call February 22, 2024 10:00 AM ET Company Participants Pratham Dear - Manager, Investor Relations Eddie Lehner - President & Chief Executive Officer Mike Burbach - Chief Operating Officer Jim Claussen - Chief Financial Officer Molly Kannan - Chief Accounting Officer & Corporate Controller Operator Good day, and welcome to the Ryerson Holding Corporation's Fourth Quarter and Full Year 2023 Conference Call. Today's conference is being recorde ...

Important Information About Ryerson Holding Corporation Safe Harbor Provision Non-GAAP Measures 2 2 • Achieved fourth quarter Net Income attributable to Ryerson Holding Corporation of $26 million and Adjusted EBITDA1, excluding LIFO of $26 million • Generated fourth quarter Operating Cash Flow of $90 million and Free Cash Flow of $65 million • Published 2023 Sustainability Report • Maintained fourth quarter Net Leverage ratio within target range at 1.7x, with debt of $436 million and net debt2 of $382 milli ...

Exhibit 99.1 Ryerson Reports Fourth Quarter and Full Year 2023 Results Quarterly business highlights include three acquisitions and tenth consecutive increase in quarterly dividend. Results include strong cash flow generation and continued investment in organic growth initiatives, including the University Park, Illinois service center. CHICAGO – February 21, 2024 – Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34735 RYERSON HOLDING CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Ryerson Holding Corporation (NYSE:RYI) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Pratham Dear - Manager-Investor Relations Eddie Lehner - President & Chief Executive Officer Mike Burbach - Chief Operating Officer Jim Claussen - Chief Financial Officer Molly Kannan - Chief Accounting Officer & Corporate Controller John Orth - Executive Vice President-Operations Conference Call Participants Katja Jancic – BMO Capital Markets Phil Gibbs - KeyBanc Capital Market Alan Web ...

2 These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation ("Ryerson" or "the Company") or its subsidiaries and no investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at https://ir.ryerson.com/financials/sec-filings/default.aspx. This site also provides additional information about Ryerson. Non-GAAP Measure ...