Ryerson(US:RYI)2021-02-26 18:09Financial Performance Highlights - Ryerson's Q4 2020 net sales reached $853 million, a 3% increase compared to Q3 2020, but an 11% decrease compared to Q4 2019 [17] - The company's full-year 2020 net sales were $3.5 billion, a 23% decrease compared to 2019 [17] - Gross margin, excluding LIFO, was 193% in Q4 2020, a 260 bps increase compared to Q3 2020 and a 120 bps increase compared to Q4 2019 [17] - Adjusted EBITDA, excluding LIFO, was $34 million in Q4 2020, a $2 million increase compared to Q3 2020, but a $13 million decrease compared to Q4 2019 [17] - Ryerson generated a loss per diluted share of $017 in Q4 2020, excluding one-time non-recurring and non-operating items [6] - Full-year 2020 Adjusted EBITDA, excluding LIFO, was $120 million, a $70 million decrease compared to 2019 [17] Balance Sheet and Cash Flow - Ryerson redeemed $50 million in outstanding Senior Secured Notes due 2028 [6, 35] - The company ended 2020 with net debt of $679 million, a $244 million decrease compared to 2019 [6, 23] - Ryerson generated $278 million in cash flow from operations in 2020 [6, 17] - Free cash flow yield for 2020 was 49%, compared to an average of 28% for the period 2015-2019 [19] Operational Improvements - Cash conversion cycle improved to 62 days in Q4 2020, a decrease of 24 days compared to Q4 2019 [6] - Ryerson reduced bond principal amount from $900 million in 2012 to $450 million in 2020 [23]