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].

Financial Performance - Net income for the third quarter of 2025 was $2.2 million, or $0.18 per diluted share, down from $2.7 million, or $0.23 per diluted share in the third quarter of 2024 [2] - Adjusted EBITDA for the third quarter of 2025 was $15.4 million, an increase from $13.0 million in the third quarter of 2024 [2] - Sales totaled $491 million in the third quarter of 2025, representing a 4.5% increase compared to $470 million in the third quarter of 2024 [3] Business Strategy and Outlook - The CEO highlighted the resilience of the business model despite softer demand due to trade and interest rate uncertainties, with all three business segments contributing to profitability [4] - The Specialty Metals segment achieved its strongest shipping quarterly volume in the past three years, indicating strong performance [4] - The company has been diversifying its business, focusing on higher-margin opportunities, and maintaining operational discipline to strengthen competitiveness [4] Dividend and Merger Announcement - The Board of Directors approved a regular quarterly cash dividend of $0.16 per share, payable on December 15, 2025, to shareholders of record as of December 1, 2025 [4] - A definitive merger agreement has been reached with Ryerson Holding Corporation, with the transaction expected to close in the first quarter of 2026, pending regulatory and shareholder approvals [5]