Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Jefferies Industrials Conference 2025
29 slides from Ryerson's conference presentation, September 2025
Slide 1: Jefferies Industrials Conference September 2025
Jefferies Industrials Conference September 2025
Slide 2: Disclaimer
DISCLAIMER 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 inform
Slide 3: Who We Are
WHO WE ARE Headquarters Chicago, IL Revenue ($B) Operating Locations ~110 TTM Revenue $4.4B TTM Adj. EBITDA1 $109M TTM Adj. EBITDA Margin 2.5% Market Capitalization $0.7B Net Debt $479M Global Employees ~4,300 TTM = Trailing Twelve Months, financial values as of June 30, 2025 Adjusted EBITDA1 ($) •
Slide 4: Leading Metal Solutions Provider
LEADING METAL SOLUTIONS PROVIDER 2024 Revenue ($m) 2024 Revenue Mix1 Carbon Bright Metals2 Other 13,835 1% 2% 17% 9% 26% 47% 30% 4,599 88% 4,185 74% 3,171 3,028 1,942 52% 53% Reliance Ryerson Kloeckner3 Worthington 4 Russel 5 Olympic Ryerson 6 Reliance Olympic 7 Russel Ryerson’s scale and intelligen
Slide 5: Intelligent Network
INTELLIGENT NETWORK • Diversified (metals mix, ~40k customers, ~75k products) • Availability, speed, ease, consistency • Hundreds of “virtual” locations • 24/7 e-commerce • Digitalized customer experience • Building the value chain of the future $4.6B ($0.26) Net Sales Diluted Loss Per Share 2024 20
Slide 6: Diverse Product Mix
DIVERSE PRODUCT MIX Aluminum Long 23% Flat 4% Long 16% 12% Carbon Plate & Alloy 3% Red Metals & Other 1% 52% Long Flat Stainless 4% 30% Steel Flat 15% 24% Plate Plate 5% 10% Product mix is based on 2024 sales as disclosed in Ryerson’s Annual Report on Form 10-K for the year ended December 31, 2024 6
Slide 7: Diverse End-Markets
DIVERSE END-MARKETS Secular Trends: Industrial • Infrastructure Metal Fabrication & Machine Shops Machinery & Equipment 23% 16% • Automation • Cloud Infrastructure & AI Commercial Ground • Sustainable Energy Transportation 18% • E-Commerce Logistics Consumer • EV and Autonomous Vehicles Construction
Slide 8: Macro & Commodity Environment
MACRO & COMMODITY ENVIRONMENT Commodity prices since Dec. 2017 U.S. Industrial Production 3.5 CRU HRC LME Aluminum 1.1 1.0 LME Nickel 0.5 0.4 3.0 0.1 0.0 (0.2) (0.2) (0.1) (0.4) (0.3) (0.3) 2.5 (0.7) Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 2.0 U.S. ISM Purchasing Managers Index 50.9 50.3 1.5 49.2 49.0 49
Slide 9: Self-Help Actions
SELF-HELP ACTIONS MARKET SHARE STRUCTURAL EXPENSE GROWTH MARGIN EXPANSION MANAGEMENT • Product availability • Increase transactional • Achieve expense to revenue to >60% of sales ratio of 13-15% • Short lead times business • Maintain variable, • Exceptional customer • Increase value-added scalable o
Slide 10: Market Share Growth
MARKET SHARE GROWTH Ryerson North American Volume as Growth Enablers: a Percentage of MSCI Availability Speed Analytics 4.15% 4.24% 4.32% 2023 2024 1H 2025 Ryerson grew market share in the first half of 2025 amidst a challenging demand environment RYI = Ryerson, MSCI = Metals Service Center Institut
Slide 11: Transactional and Value-Add
TRANSACTIONAL AND VALUE-ADD Transactional Revenue Value-Add Revenue 60% 20% 48% 18% 18% 18% 46% 46% 45% 14% 2022 2023 2024 1H 2025 Target 2022 2023 2024 1H 2025 Target Increasing transactional and value-add sales to structurally grow margins 11
Slide 12: Expense Management
EXPENSE MANAGEMENT 453 OUTGROW436MSCI $350-400M “MID- CYCLE” EBITDA1 422 • Gross Margin 21 - 23% 406 406 • Expense-to-Sales 13 -404 15% Reduced operating 392 expense range $204 $217 $199 $197 $189 $202 $204 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating Expenses, $M Operating Expe
Slide 13: Financial Priorities
FINANCIAL PRIORITIES BALANCE SHEET RE-INVEST IN RETURNS TO MINDFULNESS BUSINESS SHAREHOLDERS • Maintain leverage ratio • Invest in strong ROI capital • Dividends through the cycle of 0.5x projects • Continue opportunistic to 2.0x • Continue digital deployment of $50M share infrastructure initiatives
Slide 14: Net Leverage
NET LEVERAGE Net Debt / Adj. EBITDA excl. LIFO High Band Low Band 8.8x 5.4x 5.3x 5.7x 5.0x 4.9x 4.4x 3.7x 3.9x 0.7x 0.6x 1.7x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 0.5x - 2.0x net leverage target 14
Slide 15: Investing in the Business
INVESTING IN THE BUSINESS University Park – New CS&W HQ • 900,000 sq ft facility ✓ Shelbyville expansion ✓ • State-of-the-art cut-to-length line and Centralia Pacific NW • 214,000 sq ft facility ✓ • Significant automation and automated storage and retrieval • Advanced processing capabilities technol
Slide 16: M&A Strategy – More Value-Add
M&A STRATEGY – MORE VALUE-ADD Acquisition Timeline • Acquire capabilities and intellectual property to enhance the customer experience • Purchases accretive to gross margin & Adj. EBITDA excl. LIFO • Focus on Value-Add processing • Broaden transactional customer portfolio • Enhance supply chain netw
Slide 17: Capital Expenditures
CAPITAL EXPENDITURES Modernization Investment Cycle $68 $51 $49 $52 $54 $41 $46 $47 $40 $38 $37 $22 $22 $23 $25 $38 $46 $26 $59 $105 $122 $100 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F Capital Expenditures ($M) Depreciation ($M) Operating model improvements and reduction of de
Slide 18: Capital Allocation Plan
CAPITAL ALLOCATION PLAN $137M LTM1 free cash flow $50M2 in ’25E Quarterly generation Modernization dividend/share and Value-Add $0.1875 for Q3’ 25 CAPEX DIVIDENDS CAPEX M&A DIVIDENDS BUYBACKS M&A Track record ofBUYBACKS $51M successful repurchased in acquisitions ’24; $38M remaining in authorization
Slide 19: Appendix
Appendix 19
Slide 20: Next Phase Targets
NEXT PHASE TARGETS OUTGROW MSCI $350-400M “MID- ENVIRONMENT & CYCLE” EBITDA1 STEWARDSHIP • Pursue incremental high • Gross Margin 21 - 23% • Published 3rd Sustainability margin growth Report in January 2025 • Expense-to-Sales 13 - 15% • Achieve >60% • Develop long-term plan transactional revenue aro
Slide 21: Digital Network Engine
DIGITAL NETWORK ENGINE Analytics Availability Speed Intelligent Operating Systems ryerson.com Speed to Quote Pricing Analytics Customer Shipment Fabrication Visibility Locator Operations Virtual Transportation Analytics Data Warehouse Management Our analytics-driven, interconnected network of metal
Slide 22: First Stage Processing
FIRST STAGE PROCESSING • Customers get what they need, maximizing labor force, manufacturing space and optimizing working capital • Economies of scale for processing machinery utilization/uptime • Effective use of inventory buying in bulk and then cut to correct size or length • Higher margin than l
Slide 23: Moving Up the Value Chain
MOVING UP THE VALUE CHAIN RYERSON Value-Add / Value Engineer Kits & Assemblies Margins Value-Add 23
Slide 24: Advanced Processing
ADVANCED PROCESSING • Advanced fabrication capitalizes on increased customer demand for outsourced complex parts and sub-assemblies • Provides a growth platform beyond industry averages • Higher margin and some de- linking from underlying commodities • Reduced customer turnover as cost to change par
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Note: EBITDA represents net (loss) income before interest and other expense on debt, provision (benefit) for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sale of assets, gain on sett
Slide 26: Quarterly Non-GAAP Reconciliation
QUARTERLY NON-GAAP RECONCILIATION ($M) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Tons Sold (000's) 508 485 447 500 501 Net Sales 1,225.5 1,126.6 1,007.4 1,135.7 1,169.3 Gross Profit 223.5 202.0 191.1 204.4 209.4 Gross Margin 18.2% 17.9% 19.0% 18.0% 17.9% LIFO expense (income) (10.0) (18.1) (25.4) 6.8 13.2
Slide 27: Annual Non-GAAP Reconciliation
ANNUAL NON-GAAP RECONCILIATION ($M) 2022 2023 2024 Tons Sold (000's) 2,029 1,943 1,937 Net Sales 6,323.6 5,108.7 4,598.7 Average Selling Price $3,117 $2,629 $2,374 Gross Profit 1,310.1 1,021.6 834.2 Gross Profit per Ton 646 526 431 Gross Margin 20.7% 20.0% 18.1% LIFO Income, net (58.1) (97.7) (52.5)
Slide 28: Leverage Ratio, Free Cash Flow, and Operating Expense Reconciliations
LEVERAGE RATIO, FREE CASH FLOW, AND OPERATING EXPENSE RECONCILIATIONS ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 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 $510.2 Less: cash and cash equivalents (60.0) (63.2) (80.7) (77.4)
Slide 29: Ryerson Family of Companies
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