Ryerson Holding Corp

NOTE 1: FINANCIAL STATEMENTS

Unless the context indicates otherwise, Ryerson Holding Corporation ("Ryerson Holding") and its subsidiary companies are collectively referred to as “Ryerson,” or "the Company”.

Ryerson Holding, a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own 3,924,478 shares of common stock, which is approximately 7.6% ofthe Company's outstanding common stock as of June 30, 2026.

Ryerson is a leading value-added processor and distributor of industrial metals with operations in the U.S. through JT Ryerson and other U.S. subsidiaries, including Olympic Steel, Inc. ("Olympic Steel"), which was added via merger on February 13, 2026, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through its indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to the North American operations, the Company conducts materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”), a Chinese limited liability company.

Basis of Presentation

The Company's Condensed Consolidated Financial Statements (Unaudited) as of June 30, 2026 and for the three-month and six-month periods ended June 30, 2026 and 2025 have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and therefore do not include all information and disclosures normally included in the annual Consolidated Financial Statements. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from these estimated amounts. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements reflect all adjustments, which are normal and recurring in nature, and necessary for fair financial statement presentation. Results of operations for any interim period are not necessarily indicative of results for any future periods or for the year. The year-end Condensed Consolidated Balance Sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Reclassifications

During 2026, the Company reclassified the presentation of cash flows for the net change in book overdrafts from financing activities to operating activities in the Condensed Consolidated Statement of Cash Flows. Prior period amounts were reclassified to conform to the current period presentation, and in each period that amount is presented as a separate line within operating activities. The reclassification did not impact the Condensed Consolidated Balance Sheets or the Condensed Consolidated Statements of Comprehensive Income (Loss).

Additionally, in the first six months of 2025, the Company presented its proceeds and repayments of borrowings under its revolving credit facility (“the Ryerson Credit Facility”) on a net basis as the borrowings had original maturities of three months or less and qualified for net presentation. Later in 2025 and in the first six months of 2026, the Company executed certain borrowings under the Ryerson Credit Facility with original maturities greater than three months and no longer qualified for net reporting. Thus the Company is presenting the borrowing activity on a gross basis in the statement of cash flows and has reclassified prior year presentation to conform with current year presentation for comparability.

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards—Adopted

No accounting pronouncements have been issued and adopted in 2026 that impact the Company's financial statements.

Recently Issued Accounting Standards—Not Yet Adopted

In November 2024, FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”and in January 2025 issued an update through ASU 2025-01. The amendment requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The categories required to be disclosed under the amendment include; purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as a qualitative description of the amount remaining in relevant expense captions that are not disaggregated quantitatively. Additionally, disclosure is required of the total amount of selling expenses and the entity's definition of selling expenses in the annual reporting periods only. This update is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied on either a retrospective or prospective basis. The Company is assessing the impact of adoption, but does not expect this guidance to materially impact the consolidated financial statements, other than enhanced disclosures.

In September 2025, FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. The amendment changes certain aspects of the accounting and disclosure of software costs. Under the amendment, companies will no longer use the concept of "development stages" in determining the relevant software costs to be capitalized. Software costs will be capitalizable if management, implicitly or explicitly, authorizes and commits to funding a software project and the probable-to-complete threshold is met. This update is effective for annual periods beginning after December 15, 2027 and early adoption is permitted. These amendments can be applied prospectively to new software costs incurred as of the beginning of the adoption period for all projects, prospectively to new software costs incurred only for projects that meet the new capitalization requirements, or retrospectively by recasting comparative periods and recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the first period presented. The Company is assessing the impact of adoption, but does not expect this guidance to materially impact the consolidated financial statements.

NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows:

The Company had cash restricted for the purpose of covering letters of credit that can be presented for potential insurance claims and material purchases.

NOTE 4: INVENTORIES

The Company primarily uses the last-in, first-out ("LIFO") method of valuing inventory. Under this method, older costs are included in inventory, which may be higher or lower than current costs. Interim LIFO calculations are based on projections of expected year-end inventory levels and costs. The year-end projection is then allocated to the interim quarters on a pro-rata basis. Year-end LIFO calculations are based on actual inventory levels and costs.

See the Condensed Consolidated Balance Sheets for the June 30, 2026 and December 31, 2025 values of our inventory.

If current cost had been used to value inventories, such inventories would have been$178 million and $151 million higher than reported at June 30, 2026 and December 31, 2025, respectively. Approximately 57% and 87% ofinventories were accounted for under the LIFO method at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 non-LIFO inventories consist primarily of inventory at Olympic Steel facilities, which were acquired during the first quarter of 2026. These inventories are costed using the specific identification method or a weighted average rolling first-in, first-out ("FIFO") method. Other non-LIFO inventories consist of foreign facilities, where the Company uses the moving average cost and the specific cost methods to value inventory. As most metals products can be sold as-is to customers at various stages throughout processing, Ryerson considers substantially all inventories to be finished goods.

The Company has consignment inventory at certain customer locations, which totaled$5.9 million and$4.5 million at June 30, 2026 and December 31, 2025, respectively.

NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $164.4 million and$161.5 million at June 30, 2026 and December 31, 2025, respectively. The Company recognized $2.9 million of goodwill within the Olympic Steel reporting unit during the first six months of 2026 related to purchase accounting adjustments following the merger with Olympic Steel. See Note 6: Acquisitions for further information. The goodwill recognized during the first six months of 2026 is fully tax deductible for income tax purposes.

Pursuant to FASB ASC 350, “Intangibles – Goodwill and Other,” the Company reviews the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur that might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2025, and it was determined thatno impairment existed.

Other intangible assets with finite useful lives are amortized over their useful lives. The Company added $30.0 million of intangible assets during the first six months of 2026 relating to the merger with Olympic Steel, see Note 6: Acquisitions for further information. The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable.

NOTE 6: ACQUISITIONS

On February 13, 2026 (the “Closing Date”), the Company completed the transactions contemplated by the Agreement and Plan of Merger, (the “Merger Agreement”), dated as of October 28, 2025, by and among Ryerson Holding, Crimson MS Corp., an Ohio corporation and a direct wholly owned subsidiary of Ryerson Holding (“Merger Sub”), and Olympic Steel, an Ohio corporation. On the Closing Date, pursuant to the Merger Agreement, Merger Sub merged with and into Olympic Steel in accordance with Ohio law (the “Olympic Steel Merger”). At the effective time of the Olympic Steel Merger, each issued and outstanding share of common stock of Olympic Steel, without par per share (the “Olympic Common Stock”) (other than certain excluded shares), was converted into the right to receive 1.7105 shares of Ryerson Holding’s common stock, rounded down to the nearest whole share, and cash in lieu of fractional shares. Upon the completion of the Olympic Steel Merger, Olympic Steel, as the surviving corporation, became a wholly owned subsidiary of Ryerson Holding. The Olympic Steel Merger is expected to enhance the combined company's presence as one of the largest North American metals service centers and represents a highly compatible strategic match as it will bring Olympic Steel's complementary footprint, capabilities, and product offerings into Ryerson's intelligently interconnected network of value-added service centers. The fair value of purchase consideration amounted to $837.3 million.

As a result of the Olympic Steel Merger, Ryerson Holding issued 19.5 million shares of its common stock to former holders of Olympic Steel'scommon stock amounting to $527.3 million. As part of purchase consideration Ryerson Holding paid a total $270.0 million, net of cash acquired, to extinguish Olympic Steel's existing debt of $300.5 million and to settle certain outstanding performance based stock units that converted to cash of $1.7 million as of the Closing Date.

Ryerson Holding also converted Olympic Steel's restricted stock units to Ryerson restricted stock units amounting to $7.8 million for the units that were vested as of the Closing Date. For the unvested restricted stock units that were transferred to Ryerson restricted stock units on the Closing Date, $0.8 million of compensation expense will be recognized in future periods.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the Closing Date:

The Olympic Steel Merger was accounted for under the acquisition method of accounting and, accordingly, the purchase price for the transaction has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the Closing Date. The Company utilized a third-party valuation firm to determine the fair values of inventory, property, plant, and equipment, leases, and intangible assets by utilizing management estimates, and assumptions using income, market, and cost approaches, and assumptions such as projections of future revenues, costs and cash flow, discount rates, and long-term growth rates. As of the reporting date, the purchase price allocation was based on preliminary estimates as the Company was unable to obtain all of the information necessary to finalize the determination of fair values for the assets acquired and liabilities assumed. These provisional assets and liabilities will be adjusted to reflect the final determined amounts and management's valuation of deferred income taxes, and those adjustments may be material. The fair values of all assets acquired and liabilities assumed are considered preliminary as reflected on the Condensed Consolidated Balance Sheet as of June 30, 2026. The fair value measurement of property, plant, and equipment and intangible assets are characterized as Level 3 in the fair value hierarchy. The measurement period for purchase price allocations will end no later than 12 months after the acquisition date.

Given the short period of time between transaction close and first quarter 2026 reporting, the first quarter 2026 purchase price allocation was based on preliminary estimates from a benchmarking allocation analysis using historical transactions as a basis. During the three months ended June 30, 2026, refinements were made to the purchase price allocation that resulted in a net increase to goodwill of $2.9 million, primarily due to valuation adjustments of a decrease in accounts receivable of $0.1 million, an increase in inventory of $16.1 million, an increase in property, plant, and equipment of $55.3 million, a decrease in operating lease right-of-use assets of $2.9 million, a decrease in intangibles assets of $72.6 million, a decrease in operating lease liabilities of $4.4 million, an increase in net deferred tax liabilities of $2.7 million, and an increase in other liabilities of $0.4 million.

As part of the preliminary purchase price allocations, we allocated $13.0 million to trade names and $17.0 million to customer relationships with useful lives of 5 years and 10 years, respectively. The goodwill arising from the Olympic Steel Merger consists largely of expected strategic benefits, including enhanced operational scale and expansion of processing capabilities across the combined Company. See Note 5: Goodwill and Other Intangible Assets for further information on the goodwill recorded.

The fair value of accounts receivable acquired is $200.2 million. Based on our preliminary assessment, $0.1 million of accounts receivable was deemed uncollectible.

Included in the Condensed Consolidated Statements of Comprehensive Income (Loss) were net sales related to Olympic Steel of $564.2 million and $836.9 million and net loss related to Olympic Steel of $7.8 million and $3.7 million for the three and six months ended June 30, 2026, respectively. The Olympic Steel net loss in 2026 is being driven by a$15.7 million increase to cost of materials sold in the second quarter related to a partial roll off of inventory purchase accounting fair value adjustments. The Company recognized a total of $14.6 million in acquisition-related fees, $0.5 million and $6.8 million of which were included in Warehousing, delivery, selling, general, and administrative expense in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months period ended June 30, 2026, respectively. The remaining acquisition related fees were recorded in the fourth quarter of 2025.

The following unaudited pro forma information represents consolidated results of operations after the effects of certain adjustments, including elimination of intercompany sales, adjustments to amortization and depreciation expense related to the preliminary fair value adjustments, interest expense incurred on new financing, stock compensation expense, one-time transaction costs, and the tax effects of the adjustments for the three and six months ended June 30, 2026 and 2025 as if the Olympic Steel Merger on February 13, 2026 had occurred on January 1, 2025. The supplemental pro forma net income attributable to Ryerson Holding Corporation was adjusted to move the $15.7 million inventory adjustment to cost of material sold recognized in the three and six months ended June 30, 2026 and the one-time transaction costs of $7.8 million from the fourth quarter of 2025, $0.5 million from the three months ended June 30, 2026, and $6.8 million from the six months ended June 30, 2026 into the first quarter of 2025 as these are nonrecurring items. These pro forma results are presented for comparative purposes only and are not indicative of what would have occurred had the Olympic Steel Merger been made as of January 1, 2025, or of any potential results which may occur in the future:

NOTE 7: LONG-TERM DEBT

Long-term debt consisted of the following at June 30, 2026 and December 31, 2025:

Ryerson Credit Facility

On February 13, 2026, the Company entered into the seventh amendment to the Ryerson Credit Facility which among other items, increased the facility size from $1.3 billion to $1.8 billion and extended the maturity date from June 29, 2027 to February 13, 2031.

At June 30, 2026, the Company had $962.0 million of outstanding borrowings,$7 million of letters of credit issued, and $668 million available under the Ryerson Credit Facility compared to $463.2 million of outstanding borrowings, $1 million of letters of credit issued, and $428 million available at December 31, 2025. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower or guarantor in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts. Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower or guarantor located in the United States and Canada and certain in-transit inventory. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.

Amounts outstanding under the Ryerson Credit Facility bear interest at (x) (i) a rate determined by reference to(A) the US base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America’s prime rate, and the one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00%) or (B) Term SOFRor (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower,(A) the Canadian prime rate or base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s commercial loan rate, and Term SOFR plus 1.00%), (B) Term SOFR (for loans denominated in US Dollars), or (C) Term CORRA (for loans denominated in Canadian Dollars) plus (y) the applicable margin.

The applicable margin over the base and prime rates is between 0.25% and 0.50% and the applicable margin over the Term SOFR and Term CORRA is between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility; provided that such applicable margin shall be reduced by 0.125% if the leverage ratio set forth in the most recently delivered compliance certificate is less than or equal to 3.50 to 1.00. The Company also pays an unused line fee on amounts not borrowed at a rate of 0.20% per annum. Overdue amounts and all amounts owed during the existence of a payment event of default bear interest at 2.00% per annum above the rate otherwise applicable thereto. The weighted average interest rate on outstanding borrowings under the Ryerson Credit Facility was 4.9% and 5.2% at June 30, 2026 and December 31, 2025, respectively.

Borrowings under the Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivables, lockbox and certain deposit accounts, and related assets of the borrowers and the guarantors subject to certain exceptions.

The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson Holding and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets, acquisitions, investments, dividends, and other restricted payments and prepayments of junior indebtedness. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, the Company has to maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter.

The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees, and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments, the occurrence of a change of control of the Company, and a cross-default to certain other material financing arrangements. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors.

If Ryerson Holding, JT Ryerson, or any material restricted subsidiaries of Ryerson Holding become insolvent or commence bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable.

Foreign Debt

Ryerson China had $1.1 million and $0.6 million of debt related to letter of credit drawdowns that incur an initiation fee of 0.05%, rather than interest at June 30, 2026, and December 31, 2025, respectively. These balances are secured with Ryerson China's accounts receivables. Additionally, Ryerson China had $1.5 million and $1.3 million of debt related to letter of credit drawdowns that incur an initiation fee of 0.15%, rather than interest at June 30, 2026 and December 31, 2025, respectively. These balances are not secured with any of Ryerson China's assets.

Availability under the foreign credit lines was $47 million at June 30, 2026 and December 31, 2025.

NOTE 8: EMPLOYEE BENEFITS

The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension:

Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in the Condensed Consolidated Statement of Comprehensive Income.

In 2025, the CSW Pension Plan had, and in 2026 it is expected to have, lump sum payments in excess of service cost and interest cost. Therefore, a settlement gain of $0.5 million was recorded in the first six months of both 2025 and 2026. The pension settlements were recorded within Other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2026 and 2025.

The Company contributed $6.1 million to the pension plan funds through the six months ended June 30, 2026, and anticipates that it will have a minimum required pension contribution funding of approximately $5.3 million for the remainingsix months of 2026.

NOTE 9: COMMITMENTS AND CONTINGENCIES

In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). In 2017, the EPA issued its Record of Decision(“ROD”) for the site, which provides for a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at a then- estimated present value cost of $1.05 billion; however, the remedial designs and cost projections issued after the ROD indicate that the final costs for the entire site will be higher. A final allocation of costs of remediation among the various PRPs is not anticipated until 2027. All dates included herein are subject to change.

There aresixteen project areas identified within the PHS Site; JT Ryerson’s identification as a PRP relates to its past operations within two of those project areas: (1) the “Burgard Way” site, which is a subset of the River Mile 3.5 East Project Area and (2) the “Basin Avenue” site, which is a subset of the Swan Island Basin Project Area.

The EPA has set forth its desire for a single overarching consent decree to be negotiated and signed by all settling parties by March of 2027 at the latest. This decree would include implementation of the various proposed remedial design plans, sequencing, and payment of costs for all work to be done at the site, and site-wide covenants not to sue. To facilitate this process, in November 2024, the EPA issued a draft consent decree. At the same time, the EPA also issued Special Notice Letters (“SNL”), which give PRPs information as to why the EPA thinks they are liable as well as clean-up plans. The SNLs invited recipients to “participate in formal negotiations with the EPA to reach a settlement to conduct or finance the response action at the Site” and gave recipients until late May 2025 to submit good faith offers in response. JT Ryerson didnot receive an SNL from the EPA.

On May 29, 2026, the third party engaged by the Participation and Common Interest Group (“PCI Group”) to assist with cost estimates for the site issued its draft Joint Preliminary Allocation Report (“JPAR”). The members of the PCI Group have now entered into an allocation report phase during which the mediator meets with each member of the PCI Group to review and solicit comments on the proposed allocations; that phase is scheduled to end on August 31, 2026. Written comments to the JPAR are due on or before September 10, 2026, and the final JPAR is scheduled to be issued on or before November 9, 2026, after which time it will be shared with the EPA.

As the EPA has not yet allocated responsibility for the contamination among the PRPs, including JT Ryerson, and the final cost estimates for the Burgard Way and Basin Avenue sites are not yet known, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether the allocations proposed by the draft JPAR will be included in the final version or accepted by the EPA, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.

Thereare various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions as of June 30, 2026 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company maintains liability insurance coverage to assist in protecting its assets from losses arising from or related to activities associated with business operations.

NOTE 10: SEGMENT INFORMATION

Edward Lehner, our Chief Executive Officer, serves as our chief operating decision maker ("CODM"). The CODM views our business astwo operating segments, Ryerson, excluding Olympic Steel ("same-store"), and Olympic Steel. Management has aggregated these segments based on all criteria within ASC 280, "Segment Reporting", resulting inone reportable segment, metals service centers. There are no differences from the last annual report in our measurement of segment profit or loss.

The Company’s segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows:

(1)The significant expense categories and amounts align with the information that is regularly provided to the CODM.

(2)Reorganization expense and one-time items is used by management to capture excess costs associated with one-time events or with implementing significant Company projects or changes and allows the CODM to assess performance without the impact of these items. It is not a GAAP financial measure. Expenses excluding reorganization expense and one-time items should not be used as a substitute for total expenses reported on our Condensed Consolidated Statements of Comprehensive Income (Loss).

(3)Other segment items include merger expenses, foreign exchange gain and loss, pension settlement gains, impairment charges on assets, discounts on accounts receivable factoring, and pension and postretirement benefit costs other than service costs.

The measure of segment assets used by the CODM is reported on the Condensed Consolidated Balance Sheets as total consolidated assets. The primary measure of segment profit or loss that is most consistent with GAAP is net income (loss) attributable to Ryerson Holding Corporation as reported on the Condensed Consolidated Statements of Comprehensive Income (Loss). Net income (loss) is used by the CODM for planning and forecasting future periods, analyzing the core operating performance of the business, as well as to allocate resources, including for employee compensation and capital investment.

Capital expenditures are regularly provided to the CODM on a consolidated basis. See our Condensed Consolidated Statement of Cash Flows for capital expenditure amounts as of June 30, 2026 and 2025.

NOTE 11: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost or risk of hedging particular exposures. There can be no assurance that the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps may be entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. The Company uses foreign currency exchange contracts to hedge variability in cash flows in its Canada, Mexico, and China operations when a payment currency is different from its functional currency. From time to time, the Company may enter into fixed price sales contracts with its customers for certain of its inventory components. The Company may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals, as well as natural gas and diesel fuel future and option contracts to manage the price risk of forecasted purchases of these energy costs.

From time to time, the Company may enter into metal commodity forward contracts on behalf of its customers. The economic benefit or loss arising from the settlement of the forward contracts is passed through to the customer. The primary risk associated with

this type of arrangement is the ability of the customer to honor their agreements with the Company related to these derivative

instruments. If the customer were unable to honor their agreements, the Company's risk of loss is the fair value of the metal

commodity forward contracts. For these arrangements, the Company recognizes the fair value of the derivative positions with both the

financial institution and the customer ("embedded customer derivative") on the Condensed Consolidated Balance Sheet. The change in the fair value of the metal commodity forward contracts and the embedded customer derivatives are recorded in cost of materials sold on the Condensed Consolidated Statements of Comprehensive Income (Loss).

The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but, rather marks them to market with a corresponding offset to current earnings.

The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements.

The following table summarizes the location and fair value amount of the Company's derivative instruments reported in the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. As of June 30, 2026 and December 31, 2025, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in the Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $12.9 million and $9.4 million as of June 30, 2026 and December 31, 2025, respectively.

The following table presents the volume of the Company’s activity in derivative instruments as of June 30, 2026 and December 31, 2025:

The following table summarizes the location and amount of gains and losses on derivatives with financial institutions net of embedded customer derivatives not designated as hedging instruments reported in the Condensed Consolidated Statements of Comprehensive Income (Loss) for thethree and six months ended June 30, 2026 and 2025:

Fair Value Measurements

The Company has various commodity derivatives to lock in hot roll coil, nickel, aluminum, copper, natural gas, and diesel fuel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil, hot-dipped galvanized premium, copper, Midwest Premium, natural gas, and diesel fuel) and the London Metals Exchange (nickel and aluminum), or the monthly average of an index published by the Metal Bulletin (European Aluminum Premium), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from its functional currency. The Company defines the fair value of foreign exchange contracts as the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. As the fair value of each commodity and foreign exchange contract is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) and the market approach valuation technique, as described in ASC 820, "Fair Value Measurement", these derivative balances are classified as Level 2 within the fair value hierarchy.

As of June 30, 2026, the Company hadno assets held for sale. As of December 31, 2025, there were$5.5 million of assets held for sale included within "Prepaid expenses and other current assets" on the Condensed Consolidated Balance Sheet. The assets were recognized at fair value less cost to sell, in accordance with ASC 360, "Property Plant and Equipment". The fair value of the properties and machinery and equipment were determined based on purchase agreements, listing agreements with third-party brokerage firms and appraisals performed by a third-party. For the three-month and six-month periods ended June 30, 2026, $0.5 million and $0.9 million, respectively, of impairment charges related to these assets was recorded within the Condensed Consolidated Statements of Comprehensive Income (Loss). As the fair value of the properties and machinery and equipment is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) these asset balances are classified as Level 2 within the fair value hierarchy on a non-recurring basis.

In connection with the Olympic Steel Merger, as of June 30, 2026, the Company recorded $25.1 million of supplemental executive retirement plan ("SERP") assets classified within "Deferred charges and other assets" on the Condensed Consolidated Balance Sheet. The SERP assets are valued using the readily available fair value of the mutual funds that comprise the plan assets

(Level 1 inputs). The plan is fully funded and offset by a liability recorded in "Deferred employee benefits" on the Condensed Consolidated Balance Sheet.

The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof approximate the carrying amounts in the consolidated financial statements due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility. See the Condensed Consolidated Balance Sheets for the June 30, 2026 and December 31, 2025 values of these assets and liabilities.

NOTE 12: STOCKHOLDERS’ EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months andsix months ended June 30, 2026:

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months and six months ended June 30, 2025:

The following table details changes in accumulated other comprehensive income (loss), net of tax, for thesix months ended June 30, 2026:

The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for thethree-month and six-month periods ended June 30, 2026:

NOTE 13: REVENUE RECOGNITION

Net sales include product revenue and shipping and handling charges, net of estimated sales returns and any related sales incentives. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products.

The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Company’s percentage of sales disaggregated by major product line:

A significant majority of the Company’s sales are attributable to its U.S. operations. The only sales attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

Revenue is recognized either at a point in time or over time based on (1) if the contract has an enforceable right to payment and (2) the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

Contract Balances

A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically net 30 days from the invoice date. We do not have any contracts with significant financing components.

Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $929.6 million and $463.5 million as of June 30, 2026 and December 31, 2025, respectively.

Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and the value of inventory, as estimated, that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets. Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, estimates of shipping and handling costs associated with performance obligations recorded over time, customer prepayments, and bill and hold transactions are reported in other accrued liabilities within the Condensed Consolidated Balance Sheets. Contract assets amounted to $17.2 million and $16.6 million at June 30, 2026 and December 31, 2025, respectively. Contract liabilities amounted to $20.4 million and $16.6 million at June 30, 2026 and December 31, 2025, respectively. Contract liabilities satisfied during the six-month period ended June 30, 2026 amounted to $5.5 million.

The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations ofone year or less.

NOTE 14: INCOME TAXES

For the three months ended June 30, 2026, the Company recorded income tax expense of $6.0 million compared to an income tax benefit of $8.4 million in the prior year. The income tax provision or benefit for each period primarily reflects taxes at the federal, state and foreign statutory rates in the jurisdictions where the Company operates, adjusted for certain one‑time items. For the six months ended June 30, 2026, the Company recorded income tax expense of $14.2 million compared to an income tax benefit of $10.0 million in the prior year. The increase in tax expense for the first six months of 2026 compared to the same period of 2025 primarily reflects higher actual and forecasted pre-tax earnings, as well as the impact of certain one-time, non-deductible costs related to the Olympic Steel Merger.

As required by FASB ASC 740, "Income Taxes" ("ASC 740") the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies, and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $4 million at both June 30, 2026 and December 31, 2025.

The Company accounts for uncertain income tax positions in accordance with ASC 740. We anticipate that certain statutes of limitation will close within the next twelve months resulting in the immaterial reduction of the reserve for uncertain tax benefits related to various intercompany transactions. The reserve for uncertain tax benefits increased from $1.6 million as of December 31, 2025 to $1.9 million as of June 30, 2026 primarily due to the inclusion of Olympic Steel's uncertain income tax positions and related accrued interest.

NOTE 15: EARNINGS PER SHARE

Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded, as they would have had an antidilutive effect, were zero and 83,555 for thethree-month and six-month periods ended June 30, 2026, respectively, and 600,000 and 694,546 for thethree-month and six-month periods ended June 30, 2025, respectively. Antidilutive shares were related to outstanding restricted stock units.

The following table sets forth the calculation of basic and diluted earnings (loss) per share:

NOTE 16: SUBSEQUENT EVENTS

Dividends. On July 29, 2026, the Board of Directors declared a quarterly cash dividend in the amount of $0.1875 per share of common stock, payable on September 17, 2026, to stockholders of record as of September 3, 2026. Future quarterly dividends, if any, will be subject to Board approval.