[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents Ryerson Holding Corporation's unaudited condensed consolidated financial statements, including income, cash flow, and balance sheets, with comparative period data and notes Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Indicator | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $1,246.7 M | $1,543.1 M | $3,996.3 M | $5,035.4 M | | **Gross profit** | $249.3 M | $271.0 M | $774.4 M | $1,147.0 M | | **Operating profit** | $56.3 M | $84.5 M | $184.6 M | $606.1 M | | **Net income attributable to Ryerson** | $35.0 M | $55.1 M | $119.9 M | $415.1 M | | **Diluted EPS** | $1.00 | $1.46 | $3.34 | $10.78 | Condensed Consolidated Balance Sheet Highlights (Unaudited) | Indicator | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,358.5 M | $1,441.6 M | | **Total assets** | $2,434.2 M | $2,334.3 M | | **Total current liabilities** | $633.6 M | $619.2 M | | **Long-term debt** | $360.0 M | $361.2 M | | **Total liabilities** | $1,543.1 M | $1,441.3 M | | **Total equity** | $891.1 M | $893.0 M | Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $275.0 M | $319.6 M | | **Net cash used in investing activities** | ($146.8 M) | ($90.7 M) | | **Net cash used in financing activities** | ($129.2 M) | ($225.5 M) | | **Net change in cash** | ($2.0 M) | ($0.3 M) | [Note 4: Inventories](index=7&type=section&id=Note%204%3A%20INVENTORIES) The company primarily uses the LIFO method for valuing inventory, which was 89% of total inventories at September 30, 2023, with a LIFO reserve of $207M Inventory Valuation (LIFO Method) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Inventory Value (LIFO)** | $699.0 M | $798.5 M | | **LIFO Reserve (Current Cost Higher)** | $207 M | $245 M | | **% of Inventory on LIFO** | ~89% | ~90% | [Note 7: Acquisitions](index=7&type=section&id=Note%207%3A%20ACQUISITIONS) During the first nine months of 2023, the company completed two acquisitions, including BLP Holdings, LLC for $39.9M, expanding value-added processing - On March 1, 2023, JT Ryerson acquired BLP Holdings, LLC, a Houston-based company providing complex fabrication services, for a total of **$39.9 M**[29](index=29&type=chunk) - In the first half of 2023, JT Ryerson also purchased certain assets from ExOne Operating, LLC for **$9.7 M**[30](index=30&type=chunk) [Note 8: Long-Term Debt](index=8&type=section&id=Note%208%3A%20LONG-TERM%20DEBT) Total long-term debt was $360.0M as of September 30, 2023, primarily from the $1.3B Ryerson Credit Facility, with a weighted average interest rate of 6.5% Long-Term Debt Composition | Component | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Ryerson Credit Facility** | $365.0 M | $365.0 M | | **Total Long-Term Debt** | $360.0 M | $361.2 M | - The Ryerson Credit Facility has a total size of **$1.3 B** and matures on June 29, 2027[32](index=32&type=chunk)[33](index=33&type=chunk) As of September 30, 2023, **$725 M** was available for borrowing - The weighted average interest rate on outstanding borrowings under the Ryerson Credit Facility increased to **6.5%** at September 30, 2023, from **5.6%** at December 31, 2022[36](index=36&type=chunk) [Note 12: Stockholders' Equity](index=13&type=section&id=Note%2012%3A%20STOCKHOLDERS'%20EQUITY) Platinum Equity, LLC significantly reduced its Ryerson ownership from 43% to 11% in 2023, while Ryerson repurchased 2,882,720 shares for $103.0M - Following three secondary offerings in February, May, and August 2023, Platinum Equity's ownership of Ryerson's common stock decreased from approximately **43%** to **11%**[57](index=57&type=chunk) Share Repurchases from Platinum in 2023 | Date | Shares Repurchased | Cost | | :--- | :--- | :--- | | Feb 28, 2023 | 1,513,420 | $53.0 M | | May 8, 2023 | 1,369,300 | $50.0 M | | **Total** | **2,882,720** | **$103.0 M** | [Note 13: Revenue Recognition](index=16&type=section&id=Note%2013%3A%20REVENUE%20RECOGNITION) Revenue primarily from metals distribution in the U.S., with Carbon Steel accounting for 50% of sales, Stainless Steel 26%, and Aluminum 22% for the nine months ended September 30, 2023 Net Sales by Product Line (Nine Months Ended Sep 30, 2023) | Product Line | % of Sales | | :--- | :--- | | Carbon Steel Flat | 26% | | Carbon Steel Long | 14% | | Aluminum Flat | 15% | | Stainless Steel Flat | 16% | | Other | 29% | Net Sales by Geographic Location (Nine Months Ended) | Region | 2023 | 2022 | | :--- | :--- | :--- | | United States | $3,642.3 M | $4,594.2 M | | Foreign countries | $354.0 M | $441.2 M | | **Total** | **$3,996.3 M** | **$5,035.4 M** | [Note 17: Subsequent Events](index=18&type=section&id=Note%2017%3A%20SUBSEQUENT%20EVENTS) Subsequent to quarter-end, the company acquired Norlen Incorporated for $30.2M and declared a quarterly cash dividend of $0.1850 per share - On October 2, 2023, JT Ryerson acquired Norlen Incorporated, a metal fabricator, for **$30.2 M**[77](index=77&type=chunk) - A quarterly cash dividend of **$0.1850 per share** was declared on October 30, 2023, payable on December 14, 2023[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the cyclical metals service center industry, noting decreased revenue and profitability due to lower commodity prices and slowing demand [Industry and Operating Trends](index=19&type=section&id=Industry%20and%20Operating%20Trends) The metals service center industry experienced price normalization and slowing demand in 2023, with Ryerson's volumes declining 4.6% while the broader industry increased 0.9% - In the first nine months of 2023, average selling prices were **16.9% lower** compared to the same period in 2022, as prices normalized from the highs caused by prior global trade disruptions[85](index=85&type=chunk) - The Institute for Supply Management's PMI indicated a continuing contraction in the manufacturing sector through Q3 2023, with readings below the growth threshold of 50 since November 2022[86](index=86&type=chunk) - Ryerson's North American volumes declined by **4.6%** in the first nine months of 2023, while the broader industry reported a **0.9% increase** in volumes over the same period[87](index=87&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Net sales fell 20.6% to $4.0B for the nine months ended September 30, 2023, driven by lower prices and tons sold, leading to a 69.5% decline in operating profit Key Operational Metrics (Nine Months Ended) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $3,996.3 M | $5,035.4 M | (20.6)% | | **Tons Sold (thousands)** | 1,493 | 1,564 | (4.5)% | | **Average Selling Price per Ton** | $2,677 | $3,220 | (16.9)% | - Gross profit for the first nine months of 2023 decreased by **32.5%** to **$774.4 M**, as the decrease in average selling price outpaced the decrease in the average cost of materials sold[103](index=103&type=chunk) - Warehousing, delivery, selling, general, and administrative expenses increased by **8.3%** to **$589.8 M** for the first nine months of 2023, largely due to the inclusion of expenses from companies acquired in 2022 and 2023[104](index=104&type=chunk)[106](index=106&type=chunk) - For the first nine months of 2023, LIFO income was **$38.4 M**, compared to LIFO income of **$92.7 M** in the same period of 2022[102](index=102&type=chunk) [Liquidity and Cash Flows](index=26&type=section&id=Liquidity%20and%20Cash%20Flows) Total liquidity was $807M as of September 30, 2023, with operating cash flow of $275.0M used for acquisitions, capital expenditures, share repurchases, and dividends Liquidity Position | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $37 M | $39 M | | **Availability under Credit Facilities** | $770 M | $870 M | | **Total liquidity** | $807 M | $909 M | - Net cash from operating activities was **$275.0 M** for the first nine months of 2023, supported by a decrease in working capital, primarily from reduced inventory costs[115](index=115&type=chunk) - Investing activities used **$146.8 M**, driven by **$96.5 M** in capital expenditures and **$50.2 M** for acquisitions[115](index=115&type=chunk)[116](index=116&type=chunk) - Financing activities used **$129.2 M**, primarily for share repurchases (**$107.6 M**) and dividend payments (**$18.5 M**)[115](index=115&type=chunk)[117](index=117&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate, foreign currency, and commodity price risks, with 99% of debt at variable rates, using derivatives to manage some exposures - A hypothetical **1%** increase in interest rates on variable-rate debt would have increased interest expense by approximately **$3.5 M** for the first nine months of 2023[130](index=130&type=chunk) - The company held foreign currency contracts with a notional amount of **$2.1 M** and various commodity swap contracts, including **11,517 tons** of hot roll coil and **16,291 tons** of aluminum, to mitigate price risks[131](index=131&type=chunk)[135](index=135&type=chunk) - For the nine months ended September 30, 2023, the company recognized a net gain of **$9.5 M** associated with its commodity derivatives[135](index=135&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2023, with no material changes in internal controls over financial reporting - 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 September 30, 2023, that have materially affected, or are reasonably likely to materially affect, the company's 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) No material changes to the company's legal proceedings as of September 30, 2023, from those previously disclosed - Information regarding legal proceedings is referenced in Note 10: Commitments and Contingencies, indicating no material changes[143](index=143&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) 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, 2022 - No material changes to risk factors have occurred since the filing of the 2022 Form 10-K[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) During Q3 2023, the company repurchased 133,094 shares for $4.0M under its program, with $45.7M remaining available for future repurchases Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jul 2023 | — | $— | | Aug 2023 | 63,751 | $29.75 | | Sep 2023 | 69,343 | $29.83 | | **Total** | **133,094** | **N/A** | - The Board of Directors authorized an increase in the share repurchase program to **$100.0 M**, expiring in April 2025[146](index=146&type=chunk) As of September 30, 2023, **$45.7 M** remained available under this authorization [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) A Rule 10b5-1 trading arrangement was adopted on August 11, 2023, authorizing the purchase of up to $25M of Ryerson stock until March 1, 2024 - A Rule 10b5-1 trading plan was adopted on August 11, 2023, authorizing the purchase of up to **$25,000,000** in company stock[147](index=147&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer and Inline XBRL documents

Financial Performance - Ryerson achieved Net Income attributable to Ryerson Holding Corporation of $37.6 million with Adjusted EBITDA, excluding LIFO, of $70.1 million[5] - Q2 2023 Diluted EPS was $1.06 on revenue of $1.3 billion[10] - The company generated operating cash flow of $115.3 million and free cash flow of $69.1 million[5] - Q3 2023 revenue is guided to be $1.25 billion to $1.30 billion, with average selling prices decreasing 1% to 2% and shipments decreasing between 2% to 4%[22] Capital Allocation - Ryerson repurchased 1.4 million shares directly from an affiliate of Platinum Equity[5] - $104 million was repurchased in '23, with $50 million remaining of the $100 million authorization[30] - The company raised the quarterly dividend to $0.1825 per share for Q3'23, a 1.4% increase from the prior quarter[30, 77] - $50.4 million in share repurchases were completed in Q2 2023[37] Balance Sheet and Liquidity - Net Leverage ratio was 1.4x, with debt of $396 million and net debt of $366 million as of June 30, 2023[11] - Global liquidity remains historically strong at $790 million in Q2 '23[34] Market Trends - North American volumes experienced softening demand[21]

Ryerson Holding Corporation (NYSE:RYI) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET Company Participants Pratham Dear – Manager-Investor Relations Eddie Lehner – President and Chief Executive Officer Mike Burbach – Chief Operating Officer Jim Claussen – Chief Financial Officer Molly Kannan – Chief Accounting Officer and Corporate Controller Conference Call Participants Katja Jancic – BMO Capital Markets Samuel McKinney – KeyBanc Capital Markets Alan Weber – Robotti Advisors Operator Good day ...

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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 Number 001-34735 RYERSON HOLDING CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

Financial Data and Key Metrics Changes - In the first quarter, the company reported net sales of $1.4 billion, a 9% sequential increase driven by a 12% rise in volumes, offset by a 2% decrease in average selling prices [28][70] - Gross margin expanded to 18.8%, reflecting improved pricing dynamics and a favorable sales mix [28][10] - Net income attributable to the company was $47 million, or $1.27 per diluted share, compared to a loss of $24 million in the prior quarter [75] - Adjusted EBITDA, excluding LIFO, was $90 million, significantly up from $29 million in the previous quarter [75] Business Line Data and Key Metrics Changes - Sales volumes improved by 11.6% in the first quarter, with notable increases in commercial ground transportation (up 20%), food processing and agriculture equipment (up 19%), and industrial machinery (up 17%) [24] - The company acquired BLP Holdings, enhancing its value-added capabilities in various markets, including oil and gas, aerospace, and telecommunications [73] Market Data and Key Metrics Changes - North American industry shipments, as measured by the Metal Service Center Institute, grew by 15.7% quarter-over-quarter, while the company's North America volume increased by 14.5% [24] - The U.S. Purchasing Managers Index (PMI) indicated slowing growth, remaining below the growth threshold of 50 as of March [71] Company Strategy and Development Direction - The company is focused on modernizing its operations and expanding its footprint through new facilities, including a state-of-the-art service center in University Park, Illinois, expected to be operational later this year [4][73] - Investments in technological capabilities and distribution networks are aimed at meeting current and future customer needs, positioning the company to capitalize on long-term trends in the industrial economy [25][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, noting robust backlogs and a generally positive sentiment among customers despite ongoing labor shortages [13] - The company anticipates flat volumes in the second quarter compared to the first quarter, with revenues expected between $1.4 billion and $1.44 billion [26] Other Important Information - The company returned approximately $59 million to shareholders through share repurchases and dividends, marking its seventh consecutive quarterly dividend increase [27] - Capital expenditures in the first quarter were $28 million, aligning with the annual budget of approximately $95 million, focusing on both maintenance and growth projects [73] Q&A Session Summary Question: Demand evolution into the second quarter - Management noted that demand remains strong, with B2B stronger than B2C, and backlogs are expected to turn over positively [78] Question: Inventory dynamics and pricing - Management indicated that inventory levels decreased over 10% quarter-over-quarter, driven by pricing and volumes, and lead times are manageable [79] Question: Margin sustainability - Management highlighted that margins improved due to a higher mix of value-added processing, which is expected to continue [89] Question: Acquisitions and integration - Management discussed the integration of recent acquisitions and the potential for EBITDA growth, emphasizing the importance of maintaining operational discipline [42][46] Question: Capital expenditures breakdown - Management estimated maintenance CapEx at $30 million to $35 million, with ongoing growth opportunities available [94]

19% Commercial Ground Transportation 10% 9% 5 12022 Sales Mix Excludes Other Industry Sectors which represent approximately 3% of Ryerson sales mix; Sales Mix based on 2022 results as disclosed in Ryerson's Annual Report on Form 10-K for the year ended December 31, 2022 1Net Income attributable to Ryerson Holding Corporation; 2Diluted EPS of $1.32 represents the midpoint of our $1.28 - $1.36 guidance range. See Ryerson's 8-K filed on May 1, 2023 Inventory Days of Supply Cash Conversion Cycle 79 77 5 Sequent ...

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

Financial Data and Key Metrics Changes - In Q4 2022, Ryerson reported net sales of $1.3 billion, achieving the high end of guidance range [85] - Gross margin was 12.7%, impacted by a LIFO expense of $35 million, while adjusted gross margin excluding LIFO was 15.3% [85] - For the full year 2022, net income attributable to Ryerson was a record $391 million or $10.21 per diluted share [74] - Operating cash generated in Q4 was $182 million, with total debt at $367 million and net debt decreasing by $98 million compared to Q3 [47] Business Line Data and Key Metrics Changes - The fourth quarter saw sequential shipment decreases across all end markets, with commercial ground transportation, oil and gas, HVAC, and construction equipment increasing sales volumes, while consumer durables and food processing saw slight declines [66] - The average selling price decreased by 8% sequentially to $2,770 per ton due to market conditions [64] Market Data and Key Metrics Changes - North American industry shipments contracted by 8.3% quarter-over-quarter, while Ryerson's volume declined by 9%, indicating a slight market share gain [21] - The pricing for metals commodities showed a mixed trend, with stainless and aluminum prices increasing in November due to firming international demand [26] Company Strategy and Development Direction - Ryerson is focused on modernizing its service center network and transforming its balance sheet, with significant investments in value-added manufacturing and customer-centric distribution networks [38] - The company anticipates full-year capital expenditures of around $95 million, primarily for maintenance and growth projects [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing supportive demand factors and the reopening of China's economy as potential drivers for industrial metals demand [41] - The company expects first-quarter revenues to be in the range of $1.37 billion to $1.43 billion, with sales volumes projected to increase by 10% to 12% sequentially [70] Other Important Information - Ryerson returned approximately $7 million to shareholders in Q4 through share repurchases and dividends, totaling about $70 million for the full year [49] - The company published its inaugural ESG report, outlining sustainability initiatives and a target to reduce Scope 1 and 2 emissions by 80% by 2040 [62] Q&A Session Summary Question: Can you discuss the operating expense level compared to the fourth quarter baseline? - Management acknowledged that operating expenses were higher than expected due to ERP conversion costs and other factors, but they anticipate improvements in expense leverage moving forward [88][89] Question: What is the outlook for the stainless market? - Management noted that the stainless market had been tight but experienced a glut due to high imports, which is now normalizing, leading to improved demand and pricing conditions [92] Question: How is the cash conversion cycle performing? - The cash conversion cycle has ticked up, primarily driven by inventory days of supply, but management expects it to moderate back to target ranges [82][93]

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, 2022 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 2022 Earnings Conference Call November 3, 2022 10:00 AM ET Company Participants Jorge Beristain - Vice President-Finance Edward Lehner - President and Chief Executive Officer Michael Burbach - Chief Operating Officer James Claussen - Executive Vice President and Chief Financial Officer Molly Kannan - Controller and Chief Accounting Officer John Orth - Executive Vice President-Operations Conference Call Participants Katja Jancic - BMO Capital Samuel McKinney - KeyBan ...