Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Merger or Acquisition (October 2025)
16 slides from Ryerson's merger presentation, Oct 28, 2025
Slide 1: Ryerson announces all stock merger with Olympic Steel
Ryerson announces all stock merger with Olympic Steel Investor Presentation October 2025 Exhibit 99.4
Slide 2: Expansive Solutions Offering across industrial metals
Expansive Solutions Offering across industrial metals 1 Source: Company filings Note: 1 Select products and services, not comprehensive 2 $4.6bn 2024 Revenue ~75k Industrial Metals Products ~110 Facilities $1.9bn 2024 Revenue Value-add Processing & End-Products Focus ~54 Facilities Coil Sheet & Plat
Slide 3: Ryerson and Olympic Steel create a powerful platform
RYERSON AND OLYMPIC STEEL CREATE A POWERFUL PLATFORM 3 + Note: 1 Per 2024 company results; 2 LTM calculation assumes 50% run-rate synergy credit per ratings agency convention, referencing Ryerson and Olympic Steel earnings and balance sheet figures per earnings releases dated 10/28/2025 Presence Cre
Slide 4: Transaction overview, synergies and leadership
SYNERGIES Estimated annual synergies of ~$120mm, with expected 33% realization in year 1, and 100% by year 2 Parties hold very high conviction in achieving synergies, with one-time implementation costs estimated to be approximately ~$40mm LEADERSHIP Michael Siegal to be appointed Chairman of the Boa
Slide 5: Enhanced footprint: pro forma locations
ENHANCED FOOTPRINT PRO FORMA LOCATIONS Source: Company filings 1 5 *PLEASE DO NOT DELETE THIS TEXT BOX* This map was created using ArcGIS Pro. This tag identifies the map allowing additional updates and edits using previously submitted materials and data. Contact GCFO-Presentations and use the workf
Slide 6: Primed to capture attractive returns
PRIMED TO CAPTURE ATTRACTIVE RETURNS Significant capital invested Note: 1 Represents 2016 – 2025E average capital expenditures of the combined company ($77mm). Combined company estimated to require $40 – 50mm in annual maintenance capex; 2 Per historically disclosed 2025E guidance; 3 Represents comb
Slide 7: Compelling synergy opportunity overview
Note: 1 Synergy estimate is preliminary and subject to change; synergy realization subject to estimated ~40mm non-recurring cost to achieve across years 1 & 2; 2 Figure includes run-rate synergies of $120mm, tax effected 4 Key Pillars Underpinning Synergy Realization Eliminate overlapping technology
Slide 8: Positioned for growth in attractive end markets
POSITIONED FOR GROWTH IN ATTRACTIVE END MARKETS 8 1,937 T 957 T 2,894 T ($mm) Pro Forma 2024 Sales and steel shipments PRO FORMA END MARKET MIX PRO FORMA PRODUCT MIX Pro forma entity with <10% hot rolled exposure Diversification into higher-margin end markets Increase in high-grade, value-added prod
Slide 9: Moving Up the Value Chain Together
Moving Up the Value Chain TOGETHER 9 Distribution Digital distribution platform Transport and fleet management Inventory and fulfillment optimization Processing Slitting Tempering Blanking Annealing Coating Polishing Finished Parts End-to-end fabrication expertise Strategic manufacturing footprint I
Slide 10: Improved growth and margin profile and a strengthened balance sheet
IMPROVED GROWTH AND MARGIN PROFILE AND A STRENGTHENED BALANCE SHEET Source: Company filings, FactSet as of 10/13/2025 Note: EBITDA includes LIFO income/expense and acquisition expenses; 1Assumes 50% run-rate synergy credit per ratings agency convention, referencing Ryerson and Olympic Steel earnings
Slide 11: 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 ($bn) Source: Metal Center News, 2025 Top 50 Service Centers Report Note: Based on selected competitors only Want to recreate this page 10/19 of Cliffs deck We did something similar on page 5/9 o
Slide 12: Olympic Steel: delivering strong returns with less volatility
Niche markets less cyclical and higher returns Highly engineered value-added processing Drives higher EBITDA, with % of revenue increasing OLYMPIC STEEL – DELIVERING STRONG RETURNS WITH LESS VOLATILITY Source: Company filings Note: Between 2014 – 2024 12 High-volume business Margin enhancement throu
Slide 13: Olympic Steel focused on margin expansion and consistency of earnings
OLYMPIC STEEL HAS RELENTLESSLY FOCUSED ON MARGIN EXPANSION AND CONSISTENCY OF EARNINGS Reducing cyclicality through investment and M&A Focus on higher-margin and metal-intensive branded product Comprehensive portfolio of specialty end-products Track-record of accretive organic and inorganic growth i
Slide 14: Ryerson and Olympic Steel create a powerful platform
RYERSON AND OLYMPIC STEEL CREATE A POWERFUL PLATFORM 14 + Note: 1 Per 2024 company results; 2 LTM calculation assumes 50% run-rate synergy credit per ratings agency convention, referencing Ryerson and Olympic Steel earnings and balance sheet figures per earnings releases dated 10/28/2025 Presence Cr
Slide 15: Forward-looking statements
FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,”
Slide 16: No offer or solicitation
NO OFFER OR SOLICITATION This communication is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such o
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