Ryerson Holding Corp

Previous wording

The following Management’s Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations is intended to help the reader understand the Company’s results of operations and financial condition as viewed by our management. The MD&A should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “Financial Statements” in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2024, in our Annual Report on Form 10-K filed on February 20, 2025.

Current wording

The following Management’s Discussion and Analysis ("MD&A") of Financial Condition and Results of Operations is intended to help the reader understand the Company’s results of operations and financial condition as viewed by management. The MD&A should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “Financial Statements” in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2024, in our Annual Report on Form 10-K filed on February 20, 2025.

Previous wording

The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the first quarter of 2025, Ryerson experienced higher average selling prices of 0.8% and an increase in shipments of 11.9% compared to the fourth quarter of 2024, as the period was characterized by restocking leading to an increase in seasonal manufacturing demand as well as increasing input prices supporting our metals commodities mix. Compared to the first three months of 2024, Ryerson experienced lower average selling prices of 8.9% and higher shipments of 0.6% in the first three months of 2025, as global oversupply underlying the pricing of our metals product mix compressed our average selling prices between the periods while volumes were roughly comparable.

Current wording

The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the second quarter of 2025, Ryerson’s average selling prices increased by 2.8% and shipments increased by 0.2% compared to the first quarter of 2025. Average selling price increases were supported by tariff policy and rising input prices while demand reflected trade policy uncertainty and greater inventory discipline among customers. Compared to the same quarter last year, Ryerson experienced lower average selling prices of 3.2% and lower shipments of 1.4% in the second quarter of 2025. In the first six months of 2025, Ryerson experienced lower average selling prices of 6.1% and a decrease in shipments of 0.4% compared to the first six months of 2024.

Previous wording

In the first quarter of 2025, key steel industry economic indicators reversed the recent trend of contractionary reports in industrial activity. This is evidenced by the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), which reported readings above the growth threshold of 50, with a readings of 50.9 and 50.3 in January and February, respectively, after contractionary readings in every month of 2024. However, the March 2025 reading of 49.0 was a return to contractionary territory. U.S. Industrial Production, which measures industrial sector business output, reported expansionary year-over-year output for each month of the first quarter of 2025, with January’s 0.5% growth reading occurring after five consecutive months of contractionary industrial production readings.

Current wording

In the second quarter of 2025, key steel industry economic indicators reported soft industrial activity. This is evidenced by the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), which has reported readings below the growth threshold of 50 for four consecutive months. However, June’s PMI reading of 49 does indicate a slowing rate of contraction relative to the previous three months. U.S. Industrial Production, which measures industrial sector business output, reported a rise in activity of 0.3% year-over-year in June after two months of flat readings in April and May (0.1% and 0.0%, respectively).

Previous wording

According to the Metal Service Center Institute ("MSCI"), North American service center volumes decreased by 1.3% in the first three months of 2025 compared to the first three months of 2024. Ryerson's North American volumes increased 0.3% over the same period. On a quarterly sequential basis, the industry volume increase of 10.9% compared to Ryerson’s North American volume increase of 13.9%.

Current wording

According to the Metal Service Center Institute ("MSCI"), North American service center volumes decreased by 2.7% in the first six months of 2025 compared to the first six months of 2024. Ryerson's North American volumes decreased by 1.1% over the same period. On a quarterly sequential basis, MSCI volumes decreased by 2.1%, compared to Ryerson’s North American volume decrease of 1.2%, implying Ryerson North American market share growth on both a year-to-date and a quarter-over-quarter basis.

Previous wording

First Three Months 2025 vs. First Three Months 2024 Performance

Current wording

First Six Months 2025 vs. First Six Months 2024 Performance

Previous wording

To provide greater insight into the Company’s operating trends apart from the period’s one-time transactions, Ryerson provides adjusted net income (loss) and adjusted diluted earnings (loss) per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to complement the reported GAAP net loss and diluted loss per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions. Adjusted net loss and adjusted diluted loss per share do not represent, and should not be used as a substitute for, net loss or diluted loss per share determined in accordance with GAAP. As illustrated in the below table, the first three months of 2025 had no adjustments to the net loss attributable to Ryerson Holding Corporation of $5.6 million compared to the net loss attributable to Ryerson Holding Corporation in the first three months of 2024 of $7.6 million which includes a pension settlement loss of $2.2 million and a $0.3 million curtailment gain related to various retirement benefit plans. After adjusting for these non-core business transactions and the related income taxes, the adjusted net loss attributable to Ryerson Holding Corporation for the first three months 2025 is $5.6 million compared to a $6.2 million net loss attributable to Ryerson Holding Corporation in the first three months of 2024.

Current wording

To provide greater insight into the Company’s operating trends apart from the period’s one-time transactions, Ryerson provides adjusted net income (loss) and adjusted diluted earnings (loss) per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to complement the reported GAAP net income (loss) and diluted earnings (loss) per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions. Adjusted net income (loss) and adjusted diluted income (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted income (loss) per share determined in accordance with GAAP. As illustrated in the below table, the net loss attributable to Ryerson Holding Corporation of $3.7 million in the first six months of 2025 includes a $1.0 million gain on an insurance settlement and impairment charges on assets of $1.8 million compared to the net income attributable to Ryerson Holding Corporation in the first six months of 2024 of $2.3 million which includes a restructuring charge of $1.7 million, as well as a pension settlement loss of $2.2 million, and a $0.3 million curtailment gain related to various retirement benefit plans. After adjusting for these non-core business transactions and the related income taxes, the adjusted net loss attributable to Ryerson Holding Corporation for the first six months 2025 is $3.1 million compared to $5.0 million of net income attributable to Ryerson Holding Corporation in the first six months of 2024.

Previous wording

In 2025, the U.S. government has announced and retracted tariffs repeatedly on imports, including imports of steel and aluminum from all countries, as well as on all U.S. imports not covered under section 232 of the Trade Expansion Act ("Section 232"). All of the individual country exemptions related to quotas and tariff rate quotas were eliminated. While some individual exemptions still exist under Section 232, they are all set to expire on their next anniversary date. Additionally, many governments including the Chinese government, announced reciprocal tariffs on U.S. imports, creating further uncertainty in global trade. It is unclear at this time what the final tariff actions will be. The tariffs introduce significant uncertainty towards customer's supply chains and the impact they will have on our financial position, results of operations, and cash flows remains to be determined.

Current wording

Tariffs. In 2025, the U.S. government has announced and retracted tariffs repeatedly on imports, including imports of steel and aluminum from all countries, as well as on all U.S. imports not covered under section 232 of the Trade Expansion Act ("Section 232"). All of the individual country exemptions related to quotas and tariff rate quotas have been eliminated. Currently, steel and aluminum import tariffs are 50% and negotiations with various countries are ongoing. Many governments, including Chinese and Canadian governments, have announced reciprocal tariffs on U.S. imports, creating further uncertainty in global trade. The tariffs introduce significant uncertainty towards customers' supply chains and the impact they will have on our financial position, results of operations, and cash flows remains to be determined.

Previous wording

We generate substantially all of our revenue from sales of our metals products. The majority of revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of delivery to customers given the proximity of our distribution sites to our customers. Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over-time basis. Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.

Current wording

We generate substantially all of our revenue from sales of our metals products. The majority of revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of delivery to customers given the proximity of our distribution sites to our customers. Revenues associated with products that we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over-time basis. Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.

Previous wording

The following table sets forth our condensed consolidated statements of income data for the three months ended March 31, 2025 and 2024 (certain percentages may not calculate due to rounding):

Current wording

The following table sets forth our condensed consolidated statements of income data for the three-month and six-month periods ended June 30, 2025 and 2024 (certain percentages may not calculate due to rounding):

Previous wording

The following charts show the Company’s percentage of sales by major product lines for the three months ended March 31, 2025 and 2024:

Current wording

The following charts show the Company’s percentage of sales by major product lines for the six months ended June 30, 2025 and 2024:

Previous wording

Revenue for the three-month period ended March 31, 2025 decreased from the same period a year ago due to lower metal commodity prices caused by the effects of contracting industrial manufacturing demand. Compared to the year-ago period, average selling prices decreased for all of our carbon and stainless product lines in the three months ended March 31, 2025 with the largest decreases in our carbon plate, carbon flat, and carbon long products, partially offset by increases in all of our aluminum products lines. Tons sold increased slightly in the three months ended March 31, 2025, compared to the year-ago period. The product lines with the largest increases in tons sold in 2025 are our stainless long, stainless plate, and aluminum long product lines partially offset by a decrease in carbon long and aluminum flat tons sold.

Current wording

Revenue for the three-month and six-month periods ended June 30, 2025 decreased from the same periods a year ago due to lower metal commodity prices caused by the effects of contracting industrial manufacturing demand. Compared to the year-ago periods, average selling prices decreased for all of our carbon and stainless product lines in the three-month and six-month periods ended June 30, 2025 with the largest decreases in our carbon plate, carbon flat, and carbon long products, partially offset by increases in all of our aluminum products lines. Tons sold decreased slightly in the three-month and six-month periods ended June 30, 2025, compared to the year-ago periods. The product lines with the largest decreases in tons sold in 2025 are our aluminum flat and carbon long product lines partially offset by an increase in stainless long and aluminum long tons sold.

Previous wording

The decrease in cost of materials sold in the three-month period ended March 31, 2025 compared to the year-ago period is primarily due to lower metal commodity prices. Compared to the year-ago period the average cost of materials sold decreased across all of our carbon and stainless product lines with the largest decreases in our carbon plate, carbon long, and stainless plate product lines, partially offset by increases in the average cost of materials sold for all of our aluminum product lines. During the first quarter of 2025, LIFO expense was $6.8 million compared to LIFO expense of $1.0 million in the first quarter of 2024.

Current wording

The decrease in cost of materials sold in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods is primarily due to lower metal commodity prices. Compared to the year-ago period the average cost of materials sold decreased across all of our carbon and stainless product lines with the largest decreases in our carbon plate, carbon flat, and stainless plate product lines, partially offset by increases in the average cost of materials sold for all of our aluminum product lines. During the second quarter of 2025, LIFO expense was $13.2 million compared to LIFO income of $10.0 million in the second quarter of 2024. During the first six months of 2025, LIFO expense was $20.0 million compared to LIFO income of $9.0 million in the first six months of 2024.

Previous wording

Gross profit decreased in the three-month period ended March 31, 2025 compared to the year-ago period primarily due to the impact of lower metals commodity prices which reduced average selling prices.

Current wording

Gross profit decreased in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods primarily due to the impact of lower metals commodity prices which reduced average selling prices.

Previous wording

Warehousing, delivery, selling, general, and administrative expenses decreased $14.7 million in the first quarter of 2025 compared to the first quarter of 2024. Expenses in the first quarter of 2025 included $2.7 million of expenses from an acquisition made during the third quarter of 2024. Excluding the impact of the acquisition, expenses decreased $17.4 million in the first quarter of 2025 compared to the first quarter of 2024. On a same-store basis, the expense decrease in the first quarter of 2025 was primarily due to lower reorganization costs as the first quarter of 2024 included start up costs associated with our new state of the art University Park, IL location as well as Enterprise Resource Planning ("ERP") conversion and integration activities. In addition, benefit expenses were lower in the first quarter of 2025 primarily due to lower medical expenses, and selling, general, and administrative expenses declined primarily due to lower consulting and travel and entertainment expenses. Partially offsetting the expense decreases was an increase in delivery expenses and incentive compensation.

Current wording

Warehousing, delivery, selling, general, and administrative expenses increased $4.6 million in the second quarter of 2025 compared to the second quarter of 2024 while expenses decreased $10.1 million in the first six-months of 2025 compared to the first six-months of 2024. Expenses in the second quarter of 2025 included $1.4 million of expenses from an acquisition made during the third quarter of 2024, while the first six months of 2025 included expenses of $4.1 million from the same acquisition. Excluding the impact of the acquisition, expenses increased $3.2 million in the second quarter of 2025 compared to the second quarter of 2024 and expenses decreased $14.2 in the six-month period ended June 30, 2025 compared to the year ago period. On a same-store basis, expenses decreased in the second quarter and first six-months of 2025 primarily due to lower reorganization costs as the first six months of 2024 included start-up costs associated with our new state of the art University Park, IL location as well as Enterprise Resource Planning ("ERP") conversion and integration activities. In addition, benefit expenses were lower in the first six-months of 2025 primarily due to lower payroll taxes resulting from refunds received in the second quarter related to Employee Retention Credits for qualified wages paid during the COVID-19 pandemic. Offsetting the decrease in expenses from lower reorganization costs and lower payroll taxes in the second quarter of 2025 and partially offsetting the expense decrease in the first six months of 2025 was an increase in delivery expenses, salaries and wages, and incentive compensation.

Previous wording

Interest and other expense on debt decreased in the three-month period ended March 31, 2025 compared to the year-ago period primarily due to lower interest rates on our $1.3 billion revolving credit facility (“the Ryerson Credit Facility”) partially offset by a higher level of borrowings outstanding under the Ryerson Credit Facility in the first three months of 2025.

Current wording

Interest and other expense on debt decreased in the three-month and six-month periods ended June 30, 2025 compared to the year-ago periods primarily due to lower interest rates on our $1.3 billion revolving credit facility (“the Ryerson Credit Facility”) partially offset by a higher level of borrowings outstanding under the Ryerson Credit Facility in the first six months of 2025.

Previous wording

The other income in the first three months of 2025 includes a $0.2 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan. The other expense in the first three months of 2024 includes a $2.2 million settlement loss resulting from the termination of the Ryerson Canada Bargaining Unit Pension Plan. Partially offsetting the $2.2 million settlement loss was a $0.5 million settlement gain and a $0.3 million curtailment gain related to lump-sum buyouts and a reduction in future years of service for the CSW pension and other post-employment benefit plans resulting from workforce reductions associated with the move of the CSW headquarters and main operations to a new facility in University Park, IL. Other income and (expense), net in the first three months of 2024 also includes foreign currency translation gains of $1.2 million.

Current wording

The other income in the first six months of 2025 includes foreign currency translation losses of $2.7 million, partially offset by a $0.5 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan. The other expense in the first six months of 2024 includes a $2.2 million settlement loss resulting from the termination of the Ryerson Canada Bargaining Unit Pension Plan. Partially offsetting the $2.2 million settlement loss was a $1.1 million settlement gain and a $0.3 million curtailment gain related to lump-sum buyouts and a reduction in future years of service for the CSW pension and other post-employment benefit plans resulting from workforce reductions associated with the move of the CSW headquarters and main operations to a new facility in University Park, IL. Other income and (expense), net in the first six months of 2024 also includes foreign currency translation gains of $1.6 million.

Previous wording

Provision for income taxes. Our effective income tax rate was 23.2% in the first quarter of 2025 compared to 22.1% in the first quarter of 2024. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state and foreign income taxes partially offset by the effects of certain discrete items recorded during the periods.

Current wording

Provision for income taxes. Our effective income tax rate was 133.3% in the second quarter of 2025 and 75.8% in the first six months of 2025 compared to 22.6% in the second quarter of 2024 and 23.7% in the first six months of 2024. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state and foreign income taxes partially offset by the effects of certain discrete items recorded during the periods. The decrease in income tax in the first six months of 2025 compared to the first six months of 2024 is primarily a result of the decrease in actual and forecasted earnings between the two periods.

Previous wording

We had cash and cash equivalents of $33.6 million at March 31, 2025, compared to $27.7 million at December 31, 2024. Our total debt outstanding at March 31, 2025 increased to $497.3 million compared to $467.4 million at December 31, 2024. We had a debt-to-capitalization ratio of 38% and 36% at March 31, 2025 and December 31, 2024, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $490 million at March 31, 2025 versus $451 million at December 31, 2024. Our net debt (defined as total debt less cash and cash equivalents) was $464 million and $440 million at March 31, 2025 and December 31, 2024, respectively. Total liquidity and net debt are not U.S. generally accepted accounting principles (“GAAP”) financial measures. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with GAAP and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. We believe that net debt provides a clearer perspective of the Company’s overall debt profile. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.

Current wording

We had cash and cash equivalents of $30.8 million at June 30, 2025, compared to $27.7 million at December 31, 2024. Our total debt outstanding at June 30, 2025 increased to $510.2 million compared to $467.4 million at December 31, 2024. We had a debt-to-capitalization ratio of 38% and 36% at June 30, 2025 and December 31, 2024, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $485 million at June 30, 2025 versus $451 million at December 31, 2024. Our net debt (defined as total debt less cash and cash equivalents) was $479 million and $440 million at June 30, 2025 and December 31, 2024, respectively. Total liquidity and net debt are not U.S. generally accepted accounting principles (“GAAP”) financial measures. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with GAAP and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. We believe that net debt provides a clearer perspective of the Company’s overall debt profile. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.

Previous wording

Of the total cash and cash equivalents as of March 31, 2025, $10.3 million was held in subsidiaries outside the U.S. which is deemed to be permanently reinvested. Ryerson does not currently foresee a need to repatriate earnings from its non-U.S. subsidiaries. Although Ryerson has historically satisfied needs for more capital in the U.S. through debt or equity issuances, Ryerson could elect to repatriate earnings held in foreign jurisdictions, which could result in higher effective tax rates. We have not recorded a deferred tax liability for the effect of a possible repatriation of these earnings as management intends to permanently reinvest these earnings outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.

Current wording

Of the total cash and cash equivalents as of June 30, 2025, $12.2 million was held in subsidiaries outside the U.S. which is deemed to be permanently reinvested. Ryerson does not currently foresee a need to repatriate earnings from its non-U.S. subsidiaries. Although Ryerson has historically satisfied needs for more capital in the U.S. through debt or equity issuances, Ryerson could elect to repatriate earnings held in foreign jurisdictions, which could result in higher effective tax rates. We have not recorded a deferred tax liability for the effect of a possible repatriation of these earnings as management intends to permanently reinvest these earnings outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.

Previous wording

Operating activities. Working capital fluctuates throughout the year based on business needs. Working capital needs tend to be counter-cyclical, meaning that in periods of expansion the Company will use cash to fund working capital requirements, but in periods of contraction the Company will generate cash from reduced working capital requirements. In the first three months of 2025, working capital requirements increased mainly due to higher sales levels during the first quarter of 2025 compared to the fourth quarter of 2024, driving an increase in accounts receivables and a slight decrease in inventory quantities, as tons were sold faster than they were replaced after stock was built through 2024 year-end buys. Increased operating activity and timing of payments at the end of the first quarter of 2025 resulted in an increase in accounts payable. In the first three months of 2024, working capital requirements increased due to an increase in accounts receivable from higher sales levels compared to the fourth quarter of 2023. Inventory levels also increased in the first quarter of 2024 as inventory was purchased to meet higher sales levels. Material purchases were higher at the end of the first quarter of 2024 compared to the end of the fourth quarter of 2023 resulting in an increase in accounts payable in the first quarter of 2024.

Current wording

Operating activities. Working capital fluctuates throughout the year based on business needs. Working capital needs tend to be counter-cyclical, meaning that in periods of expansion the Company will use cash to fund working capital requirements, but in periods of contraction the Company will generate cash from reduced working capital requirements. In the first six months of 2025, working capital requirements increased mainly due to higher sales levels during the second quarter of 2025 compared to the fourth quarter of 2024, driving an increase in accounts receivables. There was a slight decrease in inventory, as commodity price decreases caused lower inventory costs as of June 30, 2025 compared to December 31, 2024. Increased purchasing activity and timing of payments at the end of the second quarter of 2025 resulted in an increase in accounts payable. In the first six months of 2024, working capital requirements increased due to an increase in accounts receivable from higher sales levels compared to the fourth quarter of 2023. Partially offsetting the increase in accounts receivable was a decrease in inventory, as market prices for metals decreased in the first six months of 2024, which also decreased accounts payable balances.

Previous wording

Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on the Ryerson Credit Facility. In the first three months of 2025 and 2024, we increased credit facility borrowings to fund our working capital requirements as business activity increased compared to each prior year's fourth quarter. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid decreased from $6.4 million in the first three months of 2024 to $6.0 million in the first three months of 2025 due to fewer shares outstanding.

Current wording

Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on the Ryerson Credit Facility. In the first six months of 2025 and 2024, we increased credit facility borrowings to fund our working capital requirements as business activity increased compared to each prior year's fourth quarter. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid decreased from $12.8 million in the first six months of 2024 to $12.0 million in the first six months of 2025 due to fewer shares outstanding. In the first six months of 2024, we repurchased $15.0 million of common stock.

Previous wording

Total debt in the Condensed Consolidated Balance Sheet increased to $497.3 million at March 31, 2025 from $467.4 million at December 31, 2024, mainly due to cash utilized in operating activities in the first three months of 2025 related to increased working capital requirements.

Current wording

Total debt in the Condensed Consolidated Balance Sheet increased to $510.2 million at June 30, 2025 from $467.4 million at December 31, 2024, mainly due to cash utilized in operating activities in the first six months of 2025 related to increased working capital requirements.

Previous wording

Total debt outstanding as of March 31, 2025 consisted of the following amounts: $500.0 million of borrowings under the Ryerson Credit Facility, $0.3 million of foreign debt, less $3.0 million of unamortized debt issuance costs. For further information, see Note 6: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.

Current wording

Total debt outstanding as of June 30, 2025 consisted of the following amounts: $511.5 million of borrowings under the Ryerson Credit Facility, $1.4 million of foreign debt, less $2.7 million of unamortized debt issuance costs. For further information, see Note 6: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.

Previous wording

At December 31, 2024, pension liabilities exceeded plan assets by $52.9 million. Through the three months ended March 31, 2025, we have made $7.8 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $7.4 million in the remaining nine months of 2025 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S. and Ontario Pension Benefits Act in Canada. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. We are unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on our financial position or cash flows.

Current wording

At December 31, 2024, pension liabilities exceeded plan assets by $52.9 million. Through the six months ended June 30, 2025, we have made $10.3 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $4.9 million in the remaining six months of 2025 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S. and Ontario Pension Benefits Act in Canada. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. We are unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on our financial position or cash flows.

Previous wording

The Company expects to make approximately $500 million in principal payments to satisfy its debt obligations related to the Ryerson Credit Facility, which come due in 2027. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 6: Long-term Debt for further information.

Current wording

The Company expects to make approximately $513 million in principal payments to satisfy its debt obligations, consisting of $1 million in foreign debt coming due in 2025, and $512 million related to the Ryerson Credit Facility coming due in 2027. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 6: Long-term Debt for further information.

Previous wording

The Company expects to pay approximately $28 million of interest on the Ryerson Credit Facility over the next 12 months and $36 million thereafter. Interest payments related to the variable rate debt were estimated using the weighted average interest rate for the debt instrument.

Current wording

The Company expects to pay approximately $30 million of interest on the Ryerson Credit Facility over the next 12 months and $29 million thereafter. Interest payments related to the variable rate debt were estimated using the weighted average interest rate for the debt instrument.

Previous wording

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have non-cancelable operating leases expiring at various times through 2045 and finance leases expiring at various times through 2031. The total amount of future lease payments is estimated to be $487 million, with $49 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of March 31, 2025.

Current wording

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have non-cancelable operating leases expiring at various times through 2045 and finance leases expiring at various times through 2031. The total amount of future lease payments is estimated to be $480 million, with $50 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of June 30, 2025.

Previous wording

Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of March 31, 2025, we had outstanding purchase obligations of approximately $25 million expiring within a year

Current wording

Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of June 30, 2025, we had outstanding purchase obligations of approximately $31 million expiring within a year. The Company has purchased $21 million under these obligations for the period ended June 30, 2025, leaving $10 million remaining..