Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Q1 2025 Earnings Presentation
26 slides from Ryerson's earnings presentation, May 1, 2025
Slide 1: Ryerson Quarterly Release Presentation Q1 2025
Ryerson Quarterly Release Presentation Q1 2025 1
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: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS • Generated first quarter revenue of $1.14 billion on 500,000 tons shipped at an average selling price of $2,271 per ton • Incurred Net Loss attributable to Ryerson Holding Corporation of $5.6 million, or Diluted Loss Per Share of $0.18, and Adjusted EBITDA1, excluding LIFO of $32
Slide 4: Next Phase Target Sequence
NEXT PHASE TARGET SEQUENCE PHASE 1 PHASE 2 PHASE 3 De-lever Invest in modernization and Market share high-yield debt automation; cure legacy investment deficit Gains vs MSCI Margin accretion Monetize Integrate North American led by value-added legacy assets and transactional sales growth, service
Slide 5: Macro & Commodities
MACRO & COMMODITIES Commodity prices since Dec. 2017 • Futures pricing inflecting upwards; Strong demand environment in 1Q25 1Sources: Bloomberg: prices through March 31, 2025; Futures prices as of April 21, 2025; Bloomberg, US Industrial Production Index Month YoY Change; Bloomberg, U.S. Manufactur
Slide 6: Sequential End-Market Trends
SEQUENTIAL END-MARKET TRENDS 2024 FY volume change Sales Mix1 Commentary Ryerson’s first quarter Metal Fab and Machine Shop 23% shipments reflected strong Industrial Equipment seasonal customer buying 16% patterns across end markets, Commercial Ground Transportation including strong growth in 18% tr
Slide 7: Q2 2025 Guidance
Q2 2025 GUIDANCE Diluted Earnings (loss) per Share Adj. EBITDA, Net sales Net Income1 excl. LIFO $0.29 $0.33 $1.15 - 1.19B $2 – 4M $40 - 45M $0.10 ($0.14) ($0.18) ($0.20)($0.20) ($0.13) ($0.18) Second quarter revenue guidance of $1.15B to $1.19B assumes: • Shipments between (1)% and 1% Q2 2024 Q3 20
Slide 8: Q1 2025 Performance Metrics
Q1 2025 PERFORMANCE METRICS Asset Management Inventory Days of Cash Conversion The Company’s cash conversion cycle decreased Supply Cycle sequentially, largely driven by a decrease in inventory days of supply 75 67 Cash Flow Cash Used in LTM Free Cash Flow First quarter operating cash flow use drive
Slide 9: Liquidity and Leverage
LIQUIDITY AND LEVERAGE • Net Leverage of 4.3x in Q1 ’25 above target range of 0.5x to 2.0x $497 $487 $464 $455 $440 • Global liquidity remained strong and $684 $585 $491 $451 $490 increased to $490M in Q1 ’25 at March 31, Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2025 Liquidity Net Debt $684 $585 42 $491 $490 4
Slide 10: Capital Allocation Plan
CAPITAL ALLOCATION PLAN LTM1 free cash flow generation $50M in ’25E Quarterly Normalization dividend/share Operationalization $0.1875 for Q2’ 25 CAPEX DIVIDENDS CAPEX M&A DIVIDENDS BUYBACKS M&A HighlyBUYBACKS Prioritizing selective de-levering toward M&A over share opportunities repurchases Supports
Slide 11: Q1 2025 Key Financial Metrics
Q1 2025 KEY FINANCIAL METRICS Diluted Loss Net Sales Gross Margin Net Loss1 Debt per Share $1.1B 18.0% ($5.6)M ($0.18) $498M +12.7% (100) bps ($1.3)M ($0.05) +$30M QoQ QoQ QoQ QoQ QoQ Gross Tons Adj. EBITDA Adjusted Diluted Margin, excl. Net Debt Shipped excl. LIFO Loss per Share LIFO 500k 18.6% $32
Slide 12: Intelligent Network
INTELLIGENT NETWORK • Diversified (metals mix, ~40k customers, ~75k products) • Availability, speed, ease, consistency • Over 110 facilities • Hundreds of “virtual” locations • 24/7 E-Commerce Platform • Relationship-centric customer experience • Building the value chain of the future 12
Slide 13: Ryerson Family of Companies
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Slide 14: Appendix
Appendix
Slide 15: Ryerson.com 3.0 - Nextgen Ecommerce
RYERSON.COM 3.0 - NEXTGEN ECOMMERCE • Investing in digitalization to improve the customer experience 15
Slide 16: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Tons Sold (000’s) Average Selling Price Per Ton 497 508 485 500 $2,493 $2,412 447 $2,323 $2,254 $2,271 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Gross Margin & Gross Margin, excl. LIFO Adj. EBITDA excl. LIFO & Net Income (Loss) Mar
Slide 17: Dividend Payments
DIVIDEND PAYMENTS EPS 1 Dividend Yield 2 Dividend per Share $0.1875 $0.1875 $0.1875 $0.1875 $0.1875 $0.1875 ($0.22) $0.1850 4.1% $0.1825 $0.18 3.3% ($0.26) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 2024 TTM Q1-25 • Stronger capital structure allows for sustainable returns to shareholders
Slide 18: Investing in the Business
INVESTING IN THE BUSINESS University Park – New CS&W HQ Shelbyville expansion Centralia Pacific NW • 900,000 sq ft facility • State-of-the-art cut-to-length line • 214,000 sq ft facility • Significant automation and (CTL) and automated storage and • Advanced processing capabilities technologic
Slide 19: 10 Year Progress
10 YEAR PROGRESS Improved Improved Balance Sheet Transformation Operating Model Capital Allocation Adj. EBITDA ex. Book Value of Equity Net PP&E 10-Year Total LIFO1 Investment ▲$950M ▲$209M 10-Year ▲$29.5/share Capex $567M $2.9B Total Acquisitions $482M Annual $288M Average 10-Year Total Shareholder
Slide 20: Reversing an Investment Deficit
REVERSING AN INVESTMENT DEFICIT Acquisitions Adj. Net Capex1 Depreciation $121 $97 $98 $68 $51 $56 $52 $54 $46 $47 $40 $38 $37 $41 $37 $26 $49 $20 $21 $14 $12 $33 $20 $9 $1 $49 $170 $- $- $15 $57 $138 $44 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adj. Net Capex1vs Depreciation ($136M) v
Slide 21: University Park Productivity
UNIVERSITY PARK PRODUCTIVITY Productivity CS&W Kedzie CS&W University Park (Legacy location) (New Location) 1.4x Investment Thesis 1.2x 1.0x Ryerson Average 0.8x 0.6x 0.4x 0.2x 0.0x 2021 2022 2023 2024 2025E Productivity is measured in lines per hour 21
Slide 22: Bright Metals Constellation Strategy
BRIGHT METALS CONSTELLATION STRATEGY 2017 2021 2023 Q4 2024 Shelbyville, KY expansion Guy Metals Specialty Metals TSA Shelbyville, KY Processing Service Center Target IRR = ~35% Processing NAS Ghent 1 – 4 hours away from 4 Arconic IN major Aluminum and Stainless producers Commonwealth 7 - 9 hours aw
Slide 23: Non-GAAP Reconciliation: Adjusted EBITDA, Excl. LIFO
NON-GAAP RECONCILIATION: ADJUSTED EBITDA, EXCL. LIFO ($M) Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Tons Sold (000's) 497 508 485 447 500 Net Sales 1,239.2 1,225.5 1,126.6 1,007.4 1,135.7 Gross Profit 217.6 223.5 202.0 191.1 204.4 Gross Margin 17.6% 18.2% 17.9% 19.0% 18.0% LIFO expense (income) 1.0 (10.0)
Slide 24: Non-GAAP Reconciliation: Adjusted Net Income (Loss)
NON-GAAP RECONCILIATION: ADJUSTED NET INCOME (LOSS) (Dollars and shares in millions, except per share data) Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Net income (loss) attributable to Ryerson Holding Corporation ($7.6) $9.9 ($6.6) ($4.3) ($5.6) Restructuring and other charges - 1.7 1.1 0.3 - Gain on insura
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ($M) Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Total debt $497.3 $525.4 $522.1 $467.4 $497.3 Less: cash and cash equivalents (41.9) (28.0) (35.0) (27.7) (33.6) Net Debt $455.4 $497.4 $487.1 $439.7 $463.7 TTM Adj. EBITDA, excl. LIFO $181.2 $153.7 $129.7 $114.1 $106.7 Net Debt / Adj.
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 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 Average Selling Price $1,790 $1,67