Ryerson Holding Corporation · NYSE:RYZ
Ryerson — BMO Global Metals, Mining & Critical Minerals Conference 2026
21 slides from Ryerson's conference presentation, February 2026
Slide 1: BMO Metals and Mining Conference February 2026
BMO Metals and Mining Conference February 2026
Slide 2: Important Information About Ryerson Holding Corporation
Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) or its subsidiaries and no investment decision should be made based upon the information provi
Slide 3: Ryerson – Pre-Olympic Merger
RYERSON – PRE- OLYMPIC MERGER Headquarters Chicago, IL Revenue ($B) Operating Locations 106 2025 Revenue $4.6B 2025 Adj. EBITDA1 $139M 2025 Adj. EBITDA Margin 3.0% Metal Market Capitalization $0.8B Mix Net Debt $436M Global Employees ~4,300 Financials metrics are 2025; market cap as of December 31,
Slide 4: Ryerson – Post-Olympic Merger
RYERSON – POST-OLYMPIC MERGER Headquarters Chicago, IL Operating Locations ~160 Pro forma Revenue $6.5B Pro forma Adj. EBITDA ~$325M Pro forma Adj. EBITDA Margin ~5% Market Capitalization $1.2B Net Debt ~$925M Global Employees ~6,400 Pro Forma Product Mix Other Ryerson locations 1% Olympic Steel loc
Slide 5: Creates Clear Number Two Metals Service Center in North America
CREATES CLEAR NUMBER TWO METALS SERVICE CENTER IN NORTH AMERICA TOP METAL SERVICE CENTERS – 2024 REVENUE ($B) $13.8 $6.5 $4.6 $4.2 $3.9 $3.4 $3.3 $3.2 $3.1 $3.1 $2.9 $2.1 $2.0 $1.9 + NA Source: Metal Center News, 2025 Top 50 Service Centers Report Note: Based on selected competitors only 5
Slide 6: Leading Metal Solutions Provider
LEADING METAL SOLUTIONS PROVIDER Pro Forma Revenue1 Mix Compared to Peers Carbon Bright Metals 2 Other 1% 2% 17% 9% 41% 30% 88% 58% 53% Ryerson & Olympic Pro Forma Reliance Russel Ryerson’s scale and intelligently interconnected network create a competitive advantage to provide customers with tailor
Slide 7: Olympic Steel – Delivering Strong Returns with Less Volatility
OLYMPIC STEEL – DELIVERING STRONG RETURNS WITH LESS VOLATILITY Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products 57% of total revenue 26% of total revenue Stainless steel and aluminum 17% of total revenue Fastest-growing segment, serving growth markets • High-volume busin
Slide 8: Compelling Synergy Opportunity
COMPELLING SYNERGY OPPORTUNITY OVERVIEW ~$120M 33% 100% >$190M Expected Annual Run Rate Expected implementation Expected implementation Pro Forma Free Cash Flow2 Synergies1 by end of Year 1 by end of Year 2 4 Key Pillars Underpinning Synergy Realization Procurement Efficiency Gains Commercial Enhanc
Slide 9: Primed to Capture Attractive Returns
PRIMED TO CAPTURE ATTRACTIVE RETURNS SIGNIFICANT CAPITAL INVESTED SELECT HIGHLIGHTS ($M) Ryerson Capex Olympic Steel Capex1 $143 $480M+ 20%+ Targeted Project ROI on $129 Total four-year investment1 $125 $21 growth capex investments2 $20 $29 • University Park – New CS&W HQ • Shelbyville expansion $87
Slide 10: Moving Up the Value Chain Together
MOVING UP THE VALUE CHAIN TOGETHER End Products - Stainless steel bollards - Custom water treatment systems - Industrial hoppers - Service station canopies - HVAC and air filtration/venting systems Value-Add / Value Engineer - Multi-step processing - Highly engineered cuts and modifications - Build-
Slide 11: Successfully Closed Merger
SUCCESSFULLY CLOSED MERGER ✓ Creates the second largest metals service center in North America, processing ~2.9M tons and Presence generating ~$6.5B+ in revenue annually1 Presence in key regions strengthens competitiveness, diversifies end products and markets, Ideal match ✓ densifies our network cl
Slide 12: Ryerson Olympic Steel
RYERSON Z7 OLYMPIC STEEL
Slide 13: Appendix
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Slide 14: Transaction Overview
TRANSACTION OVERVIEW ⚫ All-stock merger with Olympic Steel TRANSACTION OVERVIEW ⚫ Olympic Steel shareholders received 1.7105 Ryerson shares for every share of Olympic Steel owned ⚫ Olympic Steel shareholders’ ownership of combined entity ~37% ⚫ Expected to be immediately accretive pre-synergies, wit
Slide 15: Macro & Commodity Environment
MACRO & COMMODITY ENVIRONMENT Commodity prices since Dec. 2017 U.S. Industrial Production 3.5 CRU HRC LME Aluminum 1.0 LME Nickel 0.7 3.0 0.5 0.4 0.1 0.1 0.1 0.2 (0.1) (0.2) 2.5 (0.3) (0.3) (0.4) Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 2.0 U.S. ISM Purchasing Managers Index 52.6 1.5 50.9 50 48.9 48.8 48.
Slide 16: Financial Priorities
FINANCIAL PRIORITIES BALANCE SHEET RE-INVEST IN RETURNS TO MINDFULNESS BUSINESS SHAREHOLDERS • Maintain leverage ratio • Invest in strong ROI • Dividends through the cycle of capital projects • Continue opportunistic 0.5x to 2.0x • Continue digital deployment of $50M infrastructure initiatives to sh
Slide 17: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Note: EBITDA represents net (loss) income before interest and other expense on debt, provision (benefit) for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sale of assets, gain on sett
Slide 18: Pro Forma Adj. EBITDA Reconciliation
PRO FORMA ADJ. EBITDA RECONCILIATION Projected Adjusted EBITDA ($M) Q1 2026 Guidance, $M Low High Ryerson $183 Revenue $1,520 $1,580 Olympic Steel $101 Combined Company $284 Net income attributable to Ryerson Holding Corporation $10 $12 Year 1 Synergy Attainment $40 Interest and other expense on deb
Slide 19: Quarterly Non-GAAP Reconciliation
QUARTERLY NON-GAAP RECONCILIATION ($M) Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Tons Sold (000's) 447 500 501 485 461 Net Sales $ 1,007.4 $ 1,135.7 $ 1,169.3 $ 1,161.5 $ 1,104.8 Gross Profit 191.1 204.4 209.4 199.5 168.9 Gross Margin 19.0% 18.0% 17.9% 17.2% 15.3% LIFO expense (income) (25.4) 6.8 13.2 13.2
Slide 20: Annual Non-GAAP Reconciliation
ANNUAL NON-GAAP RECONCILIATION ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Tons Sold (000's) 2,024 1,897 1,903 2,000 2,268 2,381 2,009 2,095 2,029 1,943 1,937 1,947 Net Sales 3,622.2 3,167.2 2,859.7 3,364.7 4,408.4 4,501.6 3,466.6 5,675.3 6,323.6 5,108.7 4,598.7 4,571.3 Average
Slide 21: Leverage Ratio, Free Cash Flow, and Operating Expense Reconciliations
LEVERAGE RATIO, FREE CASH FLOW, AND OPERATING EXPENSE RECONCILIATIONS ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2/18/2026 Total Debt $1,242.1 $1,023.5 $963.5 $1,045.7 $1,153.3 $981.8 $740.0 $639.3 $367.0 $436.5 $467.4 $463.1 $946.6 Less: cash and cash equivalents (60.0) (63.2)
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