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

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

Core Viewpoint - The article emphasizes the importance of a versatile investment strategy that caters to various investor profiles, including those focused on dividends, value propositions, or growth opportunities [1]. Group 1: Investment Strategy - The investment strategy described is adaptable for any investor type, whether they prioritize dividends, value, or growth [1]. Group 2: Analyst Background - The analyst has a Master's degree in Business Economics and possesses a strong managerial and economic background, along with a solid quantitative foundation [1]. - The analyst covers all sectors and types of stocks, indicating a broad expertise in the investment landscape [1].

Core Viewpoint - The proposed sale of Olympic Steel, Inc. to Ryerson Holding Corporation is under investigation to assess whether the transaction adequately values Olympic Steel and the process leading to this valuation [1]. Group 1: Transaction Details - Shareholders of Olympic Steel will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel owned [1]. - Post-transaction, shareholders of Olympic Steel will own approximately 37% of the combined company [1]. Group 2: Legal Investigation - Kahn Swick & Foti, LLC is investigating the proposed sale to determine if the consideration is adequate or if it undervalues Olympic Steel [1]. - The law firm is open to discussions regarding legal rights related to the proposed sale without obligation or cost to interested parties [2].

Core Insights - Ryerson Holding Corporation (RYI) announced a merger with Olympic Steel (ZEUS), which is expected to be transformative for the company, aiming to achieve greater scale and enhance operational efficiency [1] Group 1: Merger Details - The merger between Ryerson and Olympic Steel is designed to create a more competitive entity in the market, allowing for increased scale [1] - This deal is positioned as a strategic move to boost the overall capabilities and market presence of Ryerson [1] Group 2: Market Implications - The merger is anticipated to provide Ryerson with enhanced operational efficiencies and potential cost savings, which could positively impact future financial performance [1] - The transaction reflects a trend in the industry towards consolidation, as companies seek to strengthen their market positions through strategic partnerships [1]

Business Segments - The company operates in three reportable segments: specialty metals flat products, carbon flat products, and tubular and pipe products[87]. - The specialty metals flat products segment has expanded its geographical footprint and product offerings through acquisitions, including stainless steel and aluminum products[87]. - The carbon flat products segment has increased its product offerings to include service station canopies and other fabricated parts following the acquisition of MetalWorks on November 11, 2024[87]. Financial Performance - Net sales increased by $20.7 million, or 4.4%, to $490.7 million in Q3 2025 compared to $470.0 million in Q3 2024[110]. - Specialty metals flat products accounted for 28.7% of total net sales in Q3 2025, up from 26.7% in Q3 2024[110]. - Gross profit as a percentage of net sales increased to 24.0% in Q3 2025 from 22.7% in Q3 2024, driven by higher average selling prices[114]. - Operating expenses rose by $11.3 million, or 11.4%, to $110.4 million in Q3 2025, increasing as a percentage of net sales to 22.5% from 21.0%[115]. - Net income for Q3 2025 was $2.2 million, or $0.18 per share, compared to $2.7 million, or $0.23 per share, in Q3 2024[121]. - Net sales decreased by $42.8 million, or 2.8%, to $1.48 billion in the first nine months of 2025 compared to $1.52 billion in the same period of 2024[111]. - Operating income for Q3 2025 was $7.3 million, down from $7.8 million in Q3 2024[118]. - Operating income in the first nine months of 2025 totaled $12.0 million, or 5.0% of net sales, down from $20.6 million, or 7.8% of net sales, in the first nine months of 2024[145]. Costs and Expenses - Cost of materials sold increased by $9.9 million, or 2.7%, to $373.0 million in Q3 2025 from $363.1 million in Q3 2024[112]. - Corporate expenses increased by $1.1 million, or 8.7%, to $14.0 million in the first nine months of 2025 from $12.9 million in the same period of 2024, primarily due to higher payroll and professional service fees[146]. - Gross profit as a percentage of net sales decreased to 30.9% in Q3 2025 from 35.1% in Q3 2024, attributed to average inventory costs increasing more than average selling prices[143]. Inventory and Supply Chain - The company maintains substantial inventories of metals to meet customer demands, which are influenced by market conditions and pricing fluctuations[90]. - The company maintains substantial inventories of metals to meet customer demands, with no long-term fixed-price purchase contracts[168]. Risks and Challenges - The company faces risks related to supply disruptions, inflationary pressures, and the impact of tariffs on imported steel[83]. - Significant declines in metals prices could impact compliance with financial covenants in the ABL Credit Facility[168]. - Inflation has not materially affected operations during the first nine months of 2025, but may have a significant impact in future years[171]. - The company is exposed to fluctuating metals prices and interest rate changes, entering into metals swaps at customer requests[172]. Cash Flow and Financing - Net cash from operating activities was $59.5 million for the nine months ended September 30, 2025, compared to $19.1 million for the same period in 2024[150]. - Net cash used for investing activities was $24.9 million during the nine months ended September 30, 2025, compared to $22.3 million in the same period of 2024, primarily for capital expenditures[153]. - During the first nine months of 2025, $39.0 million of cash was used for financing activities, including $31.5 million of net repayments under the ABL Credit Facility[154]. - As of September 30, 2025, the company had approximately $312 million of availability under the ABL Credit Facility[161]. Market Trends - Rising metals prices have generally favorably affected net sales and net income, while declining prices have adversely affected them[169]. - Rising metals prices result in higher working capital requirements for both the company and its customers[169]. - Approximately 43% of consolidated net sales during the first nine months of 2025 were related to industrial machinery and equipment manufacturers[170]. - Approximately 48% of consolidated net sales during the first nine months of 2024 were also related to industrial machinery and equipment manufacturers[170]. Employee Relations - As of September 30, 2025, the company employed approximately 2,181 people, with 229 hourly plant personnel represented by collective bargaining units[91]. - The company has not experienced a work stoppage and maintains good relationships with employees, although prolonged stoppages could adversely affect operations[92].

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Cambium Networks Corporation (CMBM) has seen a remarkable increase of 306%, trading at $2.51 [3] - Teradyne, Inc. (TER) is up 21%, currently priced at $176.00 [3] - Bloom Energy Corporation (BE) has risen by 18%, trading at $134.50 [3] - Jamf Holding Corp. (JAMF) is up 15%, with a price of $12.85 [3] - CSG Systems International, Inc. (CSGS) has increased by 14%, trading at $79.00 [3] - Olympic Steel, Inc. (ZEUS) is also up 14%, currently priced at $34.20 [3] - Beta Bionics, Inc. (BBNX) has risen by 12%, trading at $27.20 [3] - Sonim Technologies, Inc. (SONM) is up 10%, currently priced at $12.49 [3] - Canadian Solar Inc. (CSIQ) has increased by 9%, trading at $16.67 [3] - Interlink Electronics, Inc. (LINK) is also up 9%, currently priced at $6.85 [3] Premarket Losers - Stride, Inc. (LRN) has experienced a significant decline of 41%, trading at $89.44 [4] - Varonis Systems, Inc. (VRNS) is down 29%, currently priced at $44.71 [4] - Akebia Therapeutics, Inc. (AKBA) has decreased by 26%, trading at $2.26 [4] - Avantor, Inc. (AVTR) is down 17%, currently priced at $12.40 [4] - GlucoTrack, Inc. (GCTK) has seen a decline of 13%, trading at $6.29 [4] - Tigo Energy, Inc. (TYGO) is down 13%, currently priced at $2.20 [4] - Generac Holdings Inc. (GNRC) has decreased by 9%, trading at $172.00 [4] - Polar Power, Inc. (POLA) is down 8%, currently priced at $3.71 [4] - Caesars Entertainment, Inc. (CZR) has seen a decline of 7%, trading at $20.50 [4] - Anteris Technologies Global Corp. (AVR) is also down 7%, currently priced at $4.46 [4]

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the merger between Ryerson Holding Corporation and Olympic Steel, Inc. for Ryerson shareholders, as they will own approximately 63% of the combined entity upon completion of the transaction [1]. Group 1: Investigation Details - The investigation focuses on whether Ryerson and its board violated federal securities laws or breached fiduciary duties by not obtaining the best possible consideration for shareholders and failing to disclose all material information necessary for assessing the merger [3]. - Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures, and other relief related to the proposed transaction [4]. Group 2: Legal Rights and Contact Information - Ryerson shareholders are encouraged to contact Halper Sadeh LLC to learn about their legal rights and options regarding the merger [2]. - The firm operates on a contingent fee basis, meaning shareholders would not incur out-of-pocket legal fees or expenses [4].

Core Viewpoint - The Ademi Firm is investigating Olympic Steel for potential breaches of fiduciary duty and other legal violations related to its transaction with Ryerson, which involves a share exchange that may not be in the best interest of shareholders [1][3]. Group 1: Transaction Details - Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share, resulting in them owning approximately 37% of the combined entity [2]. - Olympic Steel insiders are set to receive substantial benefits as part of change of control arrangements [2]. Group 2: Investigation Focus - The transaction agreement imposes significant penalties on Olympic Steel if it accepts competing bids, which raises concerns about the board's fulfillment of fiduciary duties to all shareholders [3].

Core Viewpoint - Ryerson Holding Corporation and Olympic Steel, Inc. have announced a definitive agreement to merge, creating the second-largest metals service center in North America, which is expected to generate approximately $120 million in annual synergies by the end of year two [1][2][4] Summary by Sections Merger Agreement - Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share, resulting in them owning approximately 37% of the combined company [2] - The merger is anticipated to be immediately accretive to shareholders and will reduce the pro-forma leverage ratio to less than three times, assuming partial credit for synergies [2] Leadership Structure - Michael D. Siegal, Executive Chairman of Olympic Steel, will become chairman of the Board of Directors of the combined company, while Eddie Lehner, CEO of Ryerson, will serve as CEO [3] - Olympic Steel will appoint three additional directors to the combined 11-member Board [3] Strategic Benefits - The merger is expected to enhance market presence and add significant value to stakeholders through improved customer experience, faster lead times, and a wider array of custom solutions [4] - The combined company will leverage Ryerson's digital investments to enhance Olympic Steel's capabilities within a larger network [4] Company Backgrounds - Ryerson, founded in 1842, is a leading value-added processor and distributor of industrial metals with around 4,300 employees across approximately 110 locations [8] - Olympic Steel, established in 1954, focuses on the direct sale and value-added processing of various steel products and operates from 54 facilities [9]