Ryerson Reports Fourth Quarter and Full-Year 2025 Results

Core Insights - Ryerson Holding Corporation reported its fourth quarter and full-year 2025 results, highlighting a successful merger with Olympic Steel and financial metrics that met guidance expectations while exceeding cash flow and leverage targets [1][2][3] Financial Performance - Fourth quarter revenue was $1.10 billion, a 9.7% increase year-over-year, but a 4.9% decrease sequentially, with tons shipped down 4.9% and average selling prices flat [1][2] - Full-year revenue for 2025 was $4.57 billion, a slight decrease of 0.6% compared to 2024, influenced by a 1.1% drop in average selling prices, partially offset by a 0.5% increase in tons shipped [2][3] - Gross margin for Q4 2025 was 15.3%, down 190 basis points from Q3 2025, while full-year gross margin contracted by 100 basis points to 17.1% [2][3] Debt and Liquidity - The company ended Q4 2025 with total debt of $463 million and net debt of $436 million, a decrease from the previous quarter [1][2] - Ryerson successfully extended and expanded its credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities [1][3] Merger with Olympic Steel - The merger with Olympic Steel was completed on February 13, 2026, positioning Ryerson as North America's second-largest metals service center and expected to generate $120 million in annual run-rate synergies by early 2028 [1][3] - Shareholders of Olympic Steel received shares of Ryerson's common stock at an exchange ratio of 1.7105, owning approximately 37% of the combined company [3] Outlook - For Q1 2026, Ryerson anticipates net sales between $1.26 billion and $1.30 billion, with expected gross margin expansion and improved operating leverage due to favorable demand conditions [3] - The company expects to generate Adjusted EBITDA, excluding LIFO, in the range of $51 to $54 million for Q1 2026 [3]