Ryerson(RYI) - 2025 Q2 - Quarterly Report

Company Information 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] - The company's Common Stock (RYI) is registered on the New York Stock Exchange[3] - Ryerson Holding Corporation is classified as an accelerated filer[4] - As of July 25, 2025, there were 32,198,906 shares of Common Stock outstanding[6] Part I. Financial Information This part presents the company's unaudited interim financial statements and management's analysis Item 1. Financial Statements 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) 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) 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 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) These notes provide detailed explanations of accounting policies and financial components NOTE 1: FINANCIAL STATEMENTS 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] - The condensed consolidated financial statements are unaudited and prepared in accordance with U.S. GAAP for interim reporting, reflecting normal and recurring adjustments[22] NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS 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] - ASU 2023-09, 'Income Taxes (Topic 740)', effective after December 15, 2024, requires enhanced disclosures for rate reconciliation and income taxes paid[24] - ASU 2024-03, 'Income Statement – Reporting Comprehensive Income', effective after December 15, 2026, requires disclosure of specific cost categories[25] NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 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] NOTE 4: INVENTORIES 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][29] - 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] - Consignment inventory totaled $5.9 million at June 30, 2025, and $5.0 million at December 31, 2024[30] NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS 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] - The most recently completed impairment test of goodwill, performed as of October 1, 2024, determined that no impairment existed[32] NOTE 6: LONG-TERM DEBT 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] - At June 30, 2025, $511.5 million was outstanding under the Ryerson Credit Facility, with $407 million available[36][38] - Foreign debt for Ryerson China totaled $1.4 million at June 30, 2025, primarily from letter of credit drawdowns[44] NOTE 7: EMPLOYEE BENEFITS 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] - The Ryerson Canada Salaried Pension Plan will be frozen effective June 30, 2027[49] - 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] NOTE 8: COMMITMENTS AND CONTINGENCIES 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] NOTE 9: SEGMENT INFORMATION 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] | 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] NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS 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][57] | 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 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] | 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 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][66] | 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][69] NOTE 13: INCOME TAXES 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] - The valuation allowance on certain foreign and U.S. federal deferred tax assets remained at $4.0 million[72] - The reserve for uncertain tax benefits decreased from $2.5 million to $1.7 million due to state tax settlements[73] NOTE 14: EARNINGS PER SHARE 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] NOTE 15: SUBSEQUENT EVENTS 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] - The 'One Big Beautiful Bill Act' (OBBBA) was signed into law on July 4, 2025, introducing significant tax amendments[77][78] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial condition, operational results, industry trends, liquidity, and capital resources Industry and Operating Trends 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] - The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict[83] | 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] - Ryerson's North American volumes decreased by 1.1% in the first six months of 2025, outperforming MSCI North American service center volumes[86] First Six Months 2025 vs. First Six Months 2024 Performance 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] Recent Developments 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] - The 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025, includes significant amendments to the Internal Revenue Code[92][93][94] Components of Results of Operations 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] - Sales, cost of materials sold, gross profit, and operating expense control are the principal factors impacting profitability[96] - Cost of materials sold includes metal purchase, in-bound freight, third-party processing, and direct/indirect internal processing costs[98] - Gross profit is the difference between net sales and cost of materials sold[99] - Operating expenses include warehousing, delivery, selling, general, and administrative expenses[100] Results of Operations 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] - 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] - 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] - Warehousing, delivery, selling, general, and administrative expenses decreased by $10.1 million in H1 2025 versus H1 2024 on a same-store basis[108] - 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] - Interest and other expense on debt decreased primarily due to lower interest rates on the revolving credit facility[112][113] - 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] Liquidity and Cash Flows 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] | 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] - 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] - Net cash provided by financing activities was $40.4 million in H1 2025, primarily due to increased credit facility borrowings[123] - Off-balance sheet arrangements include letters of credit ($2 million) and surety bonds ($12 million) as of June 30, 2025[124] Capital Resources 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] - Total debt increased to $510.2 million at June 30, 2025, from $467.4 million at December 31, 2024[125] - The Company expects to make approximately $513 million in principal payments to satisfy its debt obligations, primarily in 2027[130] - Estimated future lease payments total $480 million, with $50 million due over the next 12 months[132][133] - Pension liabilities exceeded plan assets by $52.9 million at December 31, 2024[127] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section outlines Ryerson's exposure to market risks and the strategies employed to manage them Interest rate risk 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] - A hypothetical 1% increase in interest rates would have increased interest expense for H1 2025 by approximately $3.0 million[137] Foreign exchange rate risk 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] - At June 30, 2025, foreign currency contracts had a U.S. dollar notional amount of $3.4 million[138] Commodity price risk 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][141] - Derivative financial instruments are used to manage a limited portion of exposure to fluctuations in commodity costs[141] | 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] Item 4. Controls and Procedures This section details the evaluation of the Company's disclosure controls and internal controls over financial reporting Evaluation of Disclosure Controls and Procedures 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][145] Changes in Internal Controls Over Financial Reporting 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] Part II. Other Information This part provides supplementary information regarding legal proceedings, risk factors, and other corporate matters Item 1. Legal Proceedings 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] Item 1A. Risk Factors 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] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section indicates no unregistered sales of equity securities occurred during the period - None[151] Item 5. Other Information 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] Item 6. Exhibits 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] 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]