Ryerson Holding Corp
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
RYZ$27.60+3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-209016
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001193125-26-323769
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 76 current paragraphs.
36 unchanged; 32 reworded; 8 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Unless the context indicates otherwise, Ryerson Holding Corporation ("Ryerson Holding") and its subsidiary companies are collectively referred to as “Ryerson,” “we,” “us,” “our,” or the “Company.”
Current report
Olympic Steel contributed significantly to our reported results during the periods presented following the Closing Date. For further information, including purchase accounting impacts, please refer to Note 6: Acquisitions and Note 10: Segment Information in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Current report
Increases in second quarter year-over-year North American same-store shipments were supported by relative strength in nearly all of our end-markets, led by strongest growth in our fabrication and welding sector, followed by growth in our machinery and equipment, machine shop, climate, and heavy equipment sectors. The only end-market that offset this year-over-year growth was our commercial transportation sector, however, we did experience improved shipment volume from commercial transportation on a sequential quarter-over quarter-basis.
Current report
Tariffs. During 2025 and 2026, the U.S. government increased and expanded tariffs imposed under Section 232 of the Trade Expansion Act of 1962, as amended (“Section 232”), on steel, aluminum, and certain derivative and downstream products. The current framework applies different tariff rates based on factors including product classification, country of origin, metal content, and applicable trade arrangements, and in certain cases applies tariffs to the full value of an imported product rather than only its metal content. The government has also continued to modify product coverage, preferential treatment, and documentation requirements.
Current report
Foreign governments, including Canada, China, and members of the European Union, have imposed, withdrawn, or modified retaliatory tariffs and other trade measures. The United States, Canada, and Mexico are also reviewing trade rules under the United States-Mexico-Canada Agreement, including matters relating to steel and aluminum, rules of origin, and non-North American content. These actions may further affect cross-border sourcing and supply chains.
Current report
On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act did not authorize the tariffs imposed under that statute. The ruling did not affect tariffs imposed under Section 232. The U.S. government has continued to pursue tariffs and other trade restrictions under Section 232 and other statutory authorities, contributing to continued uncertainty regarding the scope and duration of U.S. trade policy.
Current report
Iran Conflict. In addition, the ongoing conflict involving Iran and related attacks on commercial shipping in and around the Strait of Hormuz have disrupted maritime transportation and increased uncertainty regarding global supply chains. The duration of the conflict and the extent of its longer-term effects on the availability, cost, and timing of materials remain uncertain. To mitigate these risks, the Company has reduced its exposure to suppliers and shipping routes in the affected region where practicable and is evaluating alternative sources of supply.
Current report
The three-month and six-month periods ended June 30, 2026 include an impairment charge of $0.5 million and $0.9 million, respectively, related to the impairment of buildings and equipment. The first six months of 2025 included impairment charges on assets of $1.8 million as we evaluated underperforming businesses.
Removed paragraphs (4)
Previous report
Increases in first quarter year-over-year same-store shipments were supported by relative strength in our fabrication & welding, machinery & equipment, and machine shop sectors. This growth was offset partially by persistent weakness in our commercial transportation sector.
Previous report
Tariffs. In 2025, the U.S. government 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"). In March 2025, the Trump administration eliminated all country exemptions to Section 232. In June 2025, the U.S. imposed a 50% Section 232 tariff on nearly all steel and aluminum products (the exception being products from the UK, which was reduced to 25%). In August, the Department of Commerce added new product categories to Section 232 steel and aluminum derivative products (e.g. downstream manufactured goods). Many governments, including those of China, Canada, and recently the European Union, have announced reciprocal tariffs on U.S. imports, while simultaneously withdrawing certain retaliatory tariffs, creating further uncertainty in global trade. In April 2026, the U.S. government further modified the application of Section 232 tariffs, including implementing a tiered tariff structure on certain derivative and downstream products, refining product scope, and in certain cases, applying tariffs to the full value of imported goods rather than only the metal content. These changes, along with continued adjustments to product coverage and tariff administration, have further increased the complexity of the tariff regime.
Previous report
On February 20, 2026, the Supreme Court ruled that the president is not authorized to impose tariffs to the extent that he has under the International Emergency Economic Powers Act. Following the ruling, President Trump announced a new across-the-board tariff of 10% on most imports for approximately 150 days, effective February 24th, 2026. Shortly after, the President indicated an increase to 15% tariffs. The Supreme Court's ruling has no direct impact on the tariffs in place under Section 232, including tariffs on steel and aluminum; however, it may contribute to broader uncertainty regarding the scope and durability of U.S. trade policy tools and future tariff actions.
Previous report
The three months ended March 31, 2026 includes an impairment charge of $0.4 million related to the impairment of equipment.
Reworded paragraphs (32)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") 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, 2025, in our Annual Report on Form 10-K filed on February 23, 2026.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand our 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, 2025, in our Annual Report on Form 10-K filed on February 23, 2026.
Previous wording
Olympic Steel is a metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate, and coil products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves and fittings, tin plate, and metal-intensive end-use products. The combination of the two companies enhances Ryerson's presence as North America's second largest metals service center, bringing Olympic Steel's complementary footprint, capabilities, and product offering into Ryerson's intelligently interconnected network of value-added service centers. Together, functioning as Ryerson Holding Corporation, the combined entity is expected to generate approximately $120 million in annual synergies by the beginning of 2028 through procurement scale, efficiency gains, commercial enhancement, and network optimization. Please refer to Note 6: Acquisitions in Part I, Item I - Notes to Condensed Consolidated Financial Statements, for further information on the Olympic Steel Merger.
Current wording
Olympic Steel is a metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate, and coil products; stainless steel sheet, plate, bar, and coil; aluminum sheet, plate, and coil; pipe, tube, bar, valves and fittings, tin plate, and metal-intensive end-use products. The combination of the two companies enhances Ryerson's presence as one of North America's largest metals service centers, bringing Olympic Steel's complementary footprint, capabilities, and product offering into Ryerson's intelligently interconnected network of value-added service centers. Together, functioning as Ryerson Holding Corporation, the combined entity is expected to generate approximately $120 million in annual synergies by the beginning of 2028 through procurement scale, efficiency gains, commercial enhancement, and network optimization. Please refer to Note 6: Acquisitions in Part I, Item I - Notes to Condensed Consolidated Financial Statements, for further information on the Olympic Steel Merger.
Previous wording
Ryerson Holding is the acquirer of Olympic Steel under U.S. generally accepted accounting principles (“GAAP”), and as a result, our Condensed Consolidated Financial Statements for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of Olympic Steel. The results of operations of Olympic Steel are included in our Condensed Consolidated Financial Statements only from the Closing Date forward. Accordingly, our results of operations, financial condition, and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of Olympic Steels’s results from the Closing Date. For further information, please refer to Note 6: Acquisitions and Note 10: Segment Information in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Current wording
Ryerson Holding is the acquirer of Olympic Steel under U.S. generally accepted accounting principles (“GAAP”), and as a result, our Condensed Consolidated Financial Statements for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of Olympic Steel. The results of operations of Olympic Steel are included in our Condensed Consolidated Financial Statements only from the Closing Date forward. Accordingly, our results of operations, financial condition, and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of Olympic Steels’s results from the Closing Date. Throughout this document, where relevant, we identify the impact of Olympic Steel and separately provide "same store" information, which excludes Olympic Steel, to provide investors with additional insight into the operating performance of the legacy Ryerson business. Readers should consider both reported results and same-store results when evaluating period-over-period trends.
Previous wording
The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the first quarter of 2026, Ryerson’s average selling prices increased by 5.2% while shipments increased by 31.2%, or 4.6% excluding Olympic Steel ("same-store"), compared to the first quarter of 2025. Overall, average selling price increases were supported by tariff policy while the conflict in the Middle East has added further upward pressure on aluminum prices. Cyclical momentum and restocking have also supported steel prices in recent months as the demand environment improved in the first quarter.
Current wording
The metals service center industry is cyclical, volatile in demand and pricing, and difficult to predict. In the second quarter of 2026, Ryerson’s average selling prices increased by 4.5% while shipments increased by 22.6%, or 4.0% excluding Olympic Steel ("same-store"), compared to the first quarter of 2026. Average selling price increases were supported by U.S. industrial metals prices reaching multi-year highs during the quarter as carbon pricing was driven by tight domestic supply, extended lead times, cyclical momentum, and restocking activity. Aluminum prices and Midwest Premiums also rose meaningfully during the quarter, largely due to supply disruptions in the Middle East, while nickel prices remained volatile in response to Indonesian quotas.
Previous wording
Improved demand conditions in the first three months of 2026 were supported by data points from the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), a key steel industry economic indicator. Readings of 52.6, 52.4, and 52.7 for January, February, and March of 2026, respectively, were well over the growth threshold of 50. This growth trend contrasts the contractionary trend of the previous three years, during which readings were below 50 for nearly each of those 36 months.
Current wording
Improved demand conditions in the first six months of 2026 were supported by data points from the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), a key steel industry economic indicator. Monthly readings during the second quarter continued to be over the growth threshold of 50, establishing a six-month streak of expansionary activity. This growth trend contrasts the contractionary trend of the previous three years, during which readings were below 50 for nearly each of those 36 months.
Previous wording
According to the Metal Service Center Institute ("MSCI"), North American service center volumes increased by 7.7% in the first quarter of 2026 compared to the fourth quarter of 2025, driven by normal seasonality trends. Ryerson's North American same-store volumes, on the other hand, increased by 16.4% in the same periods, implying market share gains driven by strong performance in carbon products.
Current wording
According to the Metal Service Center Institute ("MSCI"), North American service center volumes increased by 2.9% in the first half of 2026 compared to the first half of 2025, supported by improved manufacturing demand. Ryerson's North American same-store volumes, by comparison, increased by 5.8% in the same periods, implying market share gains with particular relative strength in carbon products.
Previous wording
First Three Months 2026 vs. First Three Months 2025 Performance, Total Company
Current wording
First Six Months 2026 vs. First Six Months 2025 Performance, Total Company
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 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 earnings (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted earnings (loss) per share determined in accordance with GAAP. As illustrated in the below table, net income attributable to Ryerson Holding Corporation of $4.5 million in the first three months of 2026 includes $6.3 million of advisory services charges related to the merger with Olympic Steel and impairment charges on assets of $0.4 million. As illustrated in the table below, the first three months of 2025 had no adjustments to the net loss attributable to Ryerson Holding Corporation. After adjusting for these non-core business transactions and the related income taxes in the first three months of 2026, the adjusted net income attributable to Ryerson Holding Corporation for the first three months of 2026 is $13.1 million compared to the $5.6 million net loss attributable to Ryerson Holding Corporation in the first three months of 2025.
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 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 earnings (loss) per share do not represent, and should not be used as a substitute for, net income (loss) or diluted earnings (loss) per share determined in accordance with GAAP. As illustrated in the below table, net income attributable to Ryerson Holding Corporation of $20.0 million in the first six months of 2026 includes $15.7 million of purchase accounting inventory adjustments, $6.8 million of advisory service fees related to the merger with Olympic Steel, impairment charges on assets of $0.9 million, and a gain of $0.6 million on an insurance settlement. In the first six months of 2025, the net loss attributable to Ryerson Holding Corporation of $3.7 million includes a $1.0 million gain on an insurance settlement and impairment charges on assets of $1.8 million. After adjusting for these non-core business transactions and the related income taxes in the first six months of 2026, the adjusted net income attributable to Ryerson Holding Corporation for the first six months of 2026 is $40.7 million compared to the $3.1 million adjusted net loss attributable to Ryerson Holding Corporation in the first six months of 2025.
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 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.
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 we have 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, 2026 and 2025 (certain percentages may not calculate due to rounding):
Current wording
The following table sets forth our condensed consolidated statements of income (loss) data for the three-month and six-month periods ended June 30, 2026 and 2025 (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, 2026 and 2025:
Current wording
The following charts show the Company’s percentage of sales by major product lines for the six months ended June 30, 2026 and 2025:
Previous wording
Revenue for the first quarter of 2026 increased from the first quarter of 2025 reflecting higher tons sold due to the merger with Olympic Steel on February 13, 2026 as well as higher average selling prices reflecting improvements in metal commodity prices and demand conditions in the metals industry. Excluding Olympic Steel (same-store results), average selling prices increased for all of our product lines in the three months ended March 31, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long lines. On a same-store basis, tons sold increased in the three months ended March 31, 2026, compared to the year-ago period for most product lines with the largest increases in our stainless plate, carbon long, and stainless long, partially offset by decreases in aluminum flat and aluminum plate tons sold.
Current wording
Revenue for the three-month and six-month periods ended June 30, 2026 increased from the same periods a year ago due to higher tons sold as a result of the merger with Olympic Steel on February 13, 2026 as well as higher average selling prices reflecting higher metal commodity prices and improvement in demand conditions in the metals industry. Of the $1,267.7 million increase in net sales over the six month period, $836.9 million was attributable to the inclusion of Olympic Steel results from the February 13, 2026 closing date through June 30, 2026. The remaining $430.8 million increase was attributable to same-store net sales growth. The same-store net sales increase was primarily attributable to approximately $262 million from higher average selling prices, including changes in product mix, and approximately $169 million from higher same-store tons sold, with amounts calculated using average selling price per ton and tons sold and subject to rounding. New products and services resulting from the Olympic Steel Merger did not have a material impact on the year-over-year change in net sales. On a same-store basis, average selling prices increased for all of our product lines in the three-month and six-month periods ended June 30, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long product lines. On a same-store basis, tons sold increased in the three-month and six-month periods ended June 30, 2026, compared to the year-ago periods for most product lines with the largest increases in our stainless plate, carbon long, stainless long, and carbon plate product lines.
Previous wording
The increase in cost of materials sold in the three months ended March 31, 2026 compared to the year-ago period is primarily due to the merger with Olympic Steel as well as an increase in average cost of materials sold per ton. On a same-store basis, the average cost of materials sold increased across all of our product lines in the three months ended March 31, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long lines. During the first quarter of 2026, LIFO expense was $10.0 million compared to LIFO expense of $6.8 million in the first quarter of 2025.
Current wording
The increase in cost of materials sold in the three-month and six-month periods ended June 30, 2026 compared to the year-ago periods is primarily due to the merger with Olympic Steel as well as an increase in average cost of materials sold per ton. In the three-month and six-month periods ended June 30, 2026 Olympic Steel contributed $468.1 million and $685.3 million to the change, respectively. On a same-store basis, the average cost of materials sold increased across all of our product lines in the three-month and six-month periods ended June 30, 2026 with the largest increases in our aluminum plate, aluminum flat, and aluminum long product lines. During the second quarter of 2026, LIFO expense was $17.0 million compared to $13.2 million in the second quarter of 2025. During the first six months of 2026, LIFO expense was $27.0 million compared to $20.0 million in the first six months of 2025.
Previous wording
Gross profit increased in the three months ended March 31, 2026 compared to the year-ago period primarily due to the merger with Olympic Steel as well as average selling prices increasing faster than the increase in average cost of materials sold.
Current wording
Gross profit increased in the three-month and six-month periods ended June 30, 2026 compared to the year-ago periods primarily due to the merger with Olympic Steel as well as average selling prices increasing faster than the increase in average cost of materials sold. Of the $230.2 million increase in gross profit in the six month period, $151.6 million was attributable to the inclusion of Olympic Steel results from the February 13, 2026 closing date through June 30, 2026, and $78.6 million was attributable to same-store operations. The same-store increase was primarily attributable to the increase in same-store average selling prices and tons sold as discussed above, partially offset by higher average material costs and the increase in LIFO expense.
Previous wording
Warehousing, delivery, selling, general, and administrative expenses increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to the merger with Olympic Steel on February 13, 2026, which increased operating expenses by $47.6 million. On a same-store-basis, expenses increased $15.5 million in the three months ended March 31, 2026 primarily due to higher advisory services fees related to the merger with Olympic Steel. In addition, the three months ended March 31, 2026 included increased benefit expenses, primarily due to higher medical expenses and stock compensation expense, as well as higher incentive compensation, operating expenses, and delivery expenses.
Current wording
Warehousing, delivery, selling, general, and administrative expenses increased in the three-month and six-month periods ended June 30, 2026 compared to the same periods of the prior year primarily due to the merger with Olympic Steel on February 13, 2026, which increased operating expenses by $101.6 million and $149.2 million, respectively. On a same-store-basis, expenses increased $16.9 million and $32.4 million in the three-month and six-month periods ended June 30, 2026, respectively, as the same-store results included higher advisory services fees of $0.4 million in the second quarter of 2026 and $6.6 million in the first six months of 2026 related to the merger with Olympic Steel, including legal, consulting and investment advisor fees. In addition, the three-month and six-month periods ended June 30, 2026 included higher incentive compensation, increased benefit expenses, primarily due to higher payroll taxes in 2026 as payroll taxes were lower in the first six months of 2025 due to refunds received in the second quarter related to Employee Retention Credits for qualified wages paid during the COVID-19 pandemic, as well as higher delivery and operating expenses.
Previous wording
Our operating profit increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to the increase in gross profit discussed above.
Current wording
Our operating profit increased in the three-month and six-month periods ended June 30, 2026 compared to the three-month and six-month periods ended June 30, 2025, primarily due to the increase in gross profit discussed above.
Previous wording
Interest and other expense on debt increased in the three months ended March 31, 2026 compared to the year-ago period primarily due to higher level of borrowings outstanding under the revolving credit facility (“the Ryerson Credit Facility”), partially offset by lower interest rates.
Current wording
Interest and other expense on debt increased in the three-month and six-month periods ended June 30, 2026 compared to the year-ago periods primarily due to a higher level of borrowings outstanding under the revolving credit facility (“the Ryerson Credit Facility”) as Olympic Steel's existing debt was paid off upon the merger close, partially offset by lower interest rates.
Previous wording
The other income in the three months ended March 31, 2026 includes foreign currency translation gains of $2.1 million. The other income in the three months ended March 31, 2025 includes a $0.2 million settlement gain related to lump-sum buyouts for the Central Steel & Wire ("CSW") pension plan.
Current wording
The other income in the first six months of 2026 includes foreign currency translation gains of $3.9 million. 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.
Previous wording
Provision (benefit) for income taxes. Our effective income tax rate was 62.1% in the first quarter of 2026 compared to 23.2% in the first quarter of 2025. The difference between our effective income tax rates and the U.S. federal statutory rate of 21.0% was mainly due to state and foreign income taxes and the effects of certain discrete items recorded during the period, including one-time items related to the Olympic Steel Merger.
Current wording
Provision (benefit) for income taxes. Our effective income tax rate was 40.3% in the first six months of 2026 compared to 75.8% in the first six months of 2025. The difference between our effective income tax rates and the U.S. federal statutory rate of 21.0% was mainly due to state and foreign income taxes, certain permanent nondeductible costs, and the effects of certain discrete items recorded during the period, including one-time items related to the Olympic Steel Merger.
Previous wording
Earnings (loss) per share. The changes in earnings per share are due to the results of operations discussed above. In addition, we issued 19.5 million shares of common stock to complete the Olympic Steel Merger on February 13, 2026, partially offset by share repurchases of 74,278 shares since January 1, 2026.
Current wording
Earnings (loss) per share. The changes in earnings per share are due to the results of operations discussed above. In addition, we issued 19.5 million shares of common stock to complete the Olympic Steel Merger on February 13, 2026, partially offset by share repurchases of 113,733 shares since January 1, 2026.
Previous wording
We had cash and cash equivalents of $25.1 million at March 31, 2026, compared to $26.9 million at December 31, 2025. Our total debt outstanding at March 31, 2026 increased to $907.7 million compared to $463.1 million at December 31, 2025 as a result of the merger with Olympic Steel and net cash used in operating activities in the first three months of 2026. As part of purchase consideration in the merger with Olympic Steel, Ryerson paid $270.0 million net of cash acquired to extinguish Olympic Steel's existing debt. We had a debt-to-capitalization ratio of 41% and 38% at March 31, 2026 and December 31, 2025, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $618 million at March 31, 2026 versus $502 million at December 31, 2025. Our net debt (defined as total debt less cash and cash equivalents) was $883 million and $436 million at March 31, 2026 and December 31, 2025, 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 $41.9 million at June 30, 2026, compared to $26.9 million at December 31, 2025. Our total debt outstanding at June 30, 2026 increased to $955.2 million compared to $463.1 million at December 31, 2025 as a result of the merger with Olympic Steel and net cash used in operating activities in the first six months of 2026. We had a debt-to-capitalization ratio of 42% and 38% at June 30, 2026 and December 31, 2025, respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $757 million at June 30, 2026 versus $502 million at December 31, 2025. Our net debt (defined as total debt less cash and cash equivalents) was $913 million and $436 million at June 30, 2026 and December 31, 2025, respectively. The comparability of our cash, debt, and liquidity positions as of June 30, 2026 to December 31, 2025 is significantly affected by the acquisition of Olympic Steel, which closed on February 13, 2026. As part of purchase consideration in the merger, Ryerson paid $270.0 million, net of cash acquired, to extinguish Olympic Steel's existing debt and to settle certain outstanding performance based stock units that converted to cash upon close of the transaction and resulted in the consolidation of Olympic Steel's operations, assets, and liabilities beginning on the closing date. 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, 2026, $8.2 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.
Current wording
Of the total cash and cash equivalents as of June 30, 2026, $15.5 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 2026, working capital requirements increased due to stronger demand and increasing metal commodity prices, which drove higher sales levels during the first quarter of 2026 compared to the fourth quarter of 2025, resulting in an increase in accounts receivables. Inventory levels also increased in the first quarter of 2026 as inventory was purchased to meet higher sales levels and metals pricing increased. Increased purchasing activity and timing of payments at the end of the first quarter of 2026 resulted in an increase in accounts payable compared to fourth quarter of 2025. In the first three months of 2025, working capital requirements increased mainly due to higher sales levels 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.
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 2026, working capital requirements increased due to stronger demand and increasing metal commodity prices, which drove higher sales levels during the second quarter of 2026 compared to the fourth quarter of 2025, resulting in an increase in accounts receivables. Inventory increased in the second quarter of 2026 due to higher tons in inventory to meet increased demand as well as increased commodity price as of June 30, 2026 compared to December 31, 2025. Increased purchasing activity and higher payables balances caused by the increased metal prices discussed above, resulted in an increase in accounts payable compared to fourth quarter of 2025. Additionally, book overdrafts fluctuated based on the timing of payments. In the first six months of 2025, working capital requirements increased mainly due to higher sales levels 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.
Previous wording
Investing activities. The Company's main investing activities are acquisitions and capital expenditures. During the first three months of 2026, the Company paid $270 million, net of cash acquired, to extinguish Olympic Steel's debt and complete the Olympic Steel Merger.
Current wording
Investing activities. The Company's main investing activities are acquisitions and capital expenditures. During the first six months of 2026, the Company paid $270 million, net of cash acquired, to complete the Olympic Steel Merger. The Company also recorded $5.5 million of proceeds from sale of property, plant and equipment, due to the sale of two buildings classified as held for sale in 2026.
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 2026, we increased credit facility borrowings to extinguish Olympic Steel's debt in conjunction with the Olympic Steel Merger. Additionally, credit facility borrowings increased in the first three months of 2025 and 2026, to fund higher working capital requirements due to increased demand in the first quarter compared to the fourth quarter. Book overdrafts fluctuate based on the timing of payments. Cash dividends paid increased from $6.0 million in the first three months of 2025 to $9.7 million in the first three months of 2026 due higher shares outstanding after 19.5 million shares were issued to complete the Olympic Steel Merger. In the first three months of 2026, we paid $8.3 million in fees related to amending the Ryerson Credit Facility and we repurchased $1.6 million of common stock.
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 2026, we increased credit facility borrowings to extinguish Olympic Steel's debt in conjunction with the Olympic Steel Merger. Additionally, credit facility borrowings increased in the first six months of 2025 and 2026, to fund higher working capital requirements due to increased demand in the second quarter compared to the fourth quarter. Cash dividends paid increased from $12.0 million in the first six months of 2025 to $19.4 million in the first six months of 2026 due to higher shares outstanding after 19.5 million shares were issued to complete the Olympic Steel Merger. In the first six months of 2026, we paid $8.3 million in fees related to amending the Ryerson Credit Facility and we repurchased $2.4 million of common stock.
Previous wording
Off-Balance Sheet Arrangements. In the normal course of business with customers, vendors, and others, we have entered into off-balance sheet arrangements, such as letters of credit and surety bonds which totaled approximately $6 million and $8 million, respectively as of March 31, 2026. We do not have any other material off-balance sheet financing arrangements. Our off-balance sheet arrangements are not likely to have a material effect on our current or future financial condition, results of operations, liquidity, or capital resources.
Current wording
Off-Balance Sheet Arrangements. In the normal course of business with customers, vendors, and others, we have entered into off-balance sheet arrangements, such as letters of credit and surety bonds which totaled approximately $7 million and $8 million, respectively as of June 30, 2026. We do not have any other material off-balance sheet financing arrangements. Our off-balance sheet arrangements are not likely to have a material effect on our current or future financial condition, results of operations, liquidity, or capital resources.
Previous wording
Total debt in the Condensed Consolidated Balance Sheet increased to $907.7 million at March 31, 2026 from $463.1 million at December 31, 2025, mainly due to cash utilized to pay off Olympic Steel indebtedness upon the close of the Olympic Steel Merger as well as increased working capital requirements due to increased customer demand.
Current wording
Total debt in the Condensed Consolidated Balance Sheet increased to $955.2 million at June 30, 2026 from $463.1 million at December 31, 2025, mainly due to cash utilized to pay off Olympic Steel indebtedness upon the close of the Olympic Steel Merger as well as increased working capital requirements due to increased customer demand under the combined business.
Previous wording
Total debt outstanding as of March 31, 2026 consisted of the following amounts: $915.0 million of borrowings under the Ryerson Credit Facility, $2.6 million of foreign debt, less $9.9 million of unamortized debt issuance costs. For further information, see Note 7: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Current wording
Total debt outstanding as of June 30, 2026 consisted of the following amounts: $962.0 million of borrowings under the Ryerson Credit Facility, $2.6 million of foreign debt, less $9.4 million of unamortized debt issuance costs. For further information, see Note 7: Long Term Debt in Part I, Item I - Notes to Condensed Consolidated Financial Statements.
Previous wording
At December 31, 2025, pension liabilities exceeded plan assets by $33.1 million. Through the three months ended March 31, 2026, we have made $1.9 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $9.5 million in the remaining nine months of 2026 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, 2025, pension liabilities exceeded plan assets by $33.1 million. Through the six months ended June 30, 2026, we have made $6.1 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $5.3 million in the remaining six months of 2026 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 $918 million in principal payments to satisfy its debt obligations, consisting of $3 million in foreign debt coming due in the next twelve months and $915 million related to the Ryerson Credit Facility coming due in 2031. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 7: Long-term Debt for further information.
Current wording
We expect to make approximately $965 million in principal payments to satisfy our debt obligations, consisting of $3 million in foreign debt coming due in the next twelve months and $962 million related to the Ryerson Credit Facility coming due in 2031. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 7: Long-term Debt for further information.
Previous wording
The Company expects to pay approximately $46 million of interest on the Ryerson Credit Facility over the next twelve months and $177 million thereafter. Interest payments related to variable rate debt were estimated using the weighted average interest rate for the debt instrument.
Current wording
We expect to pay approximately $48 million of interest on the Ryerson Credit Facility over the next twelve months and $175 million thereafter. Interest payments related to 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 2033. The total amount of future lease payments is estimated to be $503 million, with $58 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of March 31, 2026.
Current wording
We lease various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. Non-cancelable operating leases expire at various times through 2045 and finance leases expire at various times through 2033. The total amount of future lease payments is estimated to be $480 million, with $58 million due over the next 12 months. We did not have any material leases signed but not yet commenced as of June 30, 2026.