Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Q3 2025 Earnings Presentation
33 slides from Ryerson's earnings presentation, Oct 28, 2025
Slide 1: Ryerson Quarterly Release Presentation Q3 2025
Ryerson Quarterly Release Presentation Q3 2025 CONFIDENTIAL
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: Q3 Market & Performance
Q3 MARKET & PERFORMANCE Commodity prices since Dec. 2020 Q3 2025 Performance Highlights • $1.16B in revenue, in-line with guidance, with average selling prices up 2.6% and tons shipped down 3.2% compared to the Futures prior quarter • Net loss of $14.8M1, or diluted loss per share of $0.46, and Adju
Slide 4: Q4 2025 Guidance
Q4 2025 GUIDANCE Diluted Earnings (loss) per Share Adj. EBITDA, Net sales Net Loss1 excl. LIFO $1.07 - 1.11B $(9) – (7M) $33 - 37M Third quarter guidance assumes: • Shipments down 5 to 7% as we expect typical fourth quarter seasonality patterns with customer production slowing around the holidays pa
Slide 5: Capital Management
CAPITAL MANAGEMENT Liquidity & Net Debt, $M $487 $464 $479 $470 • Net Leverage of 3.7x in Q3 ’25 remains above $440 but moves closer to target range of 0.5x to 2.0x $491 $451 $490 $485 $521 • Global liquidity remained strong at $521 million Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Liquidity Net Debt $491 $490
Slide 6: Q3 2025 Key Financial Metrics
Q3 2025 KEY FINANCIAL METRICS Diluted Loss Net Sales Gross Margin Net Loss1 Total Debt per Share $1.16B 17.2% $14.8M ($0.46) $500M -0.7% (70) bps -$16.7M -$0.52 -$10M QoQ QoQ QoQ QoQ QoQ Gross Adj. EBITDA Adjusted Diluted Tons Shipped Margin, excl. Net Debt excl. LIFO Loss per Share LIFO 485k 18.3%
Slide 7: 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 7 CONFIDENTIAL
Slide 8: Expansive Solutions Offering Across Industrial Metals
$4.6bn 2024 Revenue $1.9bn 2024 Revenue ~75k Industrial Metals Products Value-add Processing & End-Products Focus ~110 Facilities ~54 Facilities Expanded Enhanced ability to Margin expansion ~$120mm Complementary ✓ presence ✓ serve customers ✓ through value-add ✓ synergies ✓ strategic fit EXPANSIVE
Slide 9: Ryerson and Olympic Steel Create a Powerful Platform
RYERSON AND OLYMPIC STEEL CREATE A POWERFUL PLATFORM ✓ Creates the second largest metals service center in North America, processing ~2.9mm tons and Presence generating ~$6.5bn+ in revenue annually1 Presence in key regions strengthens competitiveness, diversifies end products and markets, Ideal matc
Slide 10: Investment Overview
INVESTMENT OVERVIEW ⚫ Ryerson has agreed to an all-stock merger with Olympic Steel ⚫ Olympic Steel shareholders will receive 1.7105 Ryerson shares for every share of Olympic Steel owned, representing a ~21% premium to TRANSACTION OVERVIEW 90-day average exchange ratio ⚫ Olympic Steel shareholders’ o
Slide 11: Enhanced Footprint
ENHANCED FOOTPRINT PRO FORMA LOCATIONS NORTH AMERICA Enormous opportunity for geographical optimization Perfectly positioned to benefit from domestic infrastructure spending and U.S. reshoring push Incredible opportunity for optimization of supply chain and distribution network Increased density clo
Slide 12: Primed to Capture Attractive Returns
PRIMED TO CAPTURE ATTRACTIVE RETURNS SIGNIFICANT CAPITAL INVESTED SELECT HIGHLIGHTS ($mm) Ryerson Capex Olympic Steel Capex Average Capex1 $143 $480mm+ 20%+ Total investment3 Targeted Project ROI on $21 $129 2022 – 2025E growth capex investments4 $125 $20 $29 • University Park – New CS&W HQ • Shelby
Slide 13: Compelling Synergy Opportunity
COMPELLING SYNERGY OPPORTUNITY OVERVIEW ~$120M 33% 100% >$190M Expected Annual Run Rate Expected implementation Expected implementation 2024 Pro Forma Free Cash Synergies1 by end of Year 1 by end of Year 2 Flow2 4 Key Pillars Underpinning Synergy Realization Procurement Efficiency Gains Commercial E
Slide 14: Positioned for Growth in Attractive End Markets
POSITIONED FOR GROWTH IN ATTRACTIVE END MARKETS 2024 SALES AND STEEL SHIPMENTS PRO FORMA END MARKET MIX ($mm) Metal Fab & Industrial Diversification into higher- 1,937 T 957 T 2,894 T Equipment, Machine shop, 18% 26% margin end markets $6,541 Other, 8% Commercial Ground $1,942 Transportation, 15% Oi
Slide 15: Moving Up the Value Chain Together
MOVING UP THE VALUE CHAIN TOGETHER End Products - Stainless steel bollards - Custom water treatment systems - Industrial hoppers - Service station canopies - HVAC and air filtration/venting systems Value-Add / Value Engineer - Multi-step processing - Highly engineered cuts and modifications - Build-
Slide 16: Improved Growth and Margin Profile and a Strengthened Balance Sheet
IMPROVED GROWTH AND MARGIN PROFILE AND A STRENGTHENED BALANCE SHEET 2024 PRO FORMA ADJ. EBITDA AND MARGIN PRO FORMA LTM LEVERAGE AS AT 3Q2025 ($mm) 3.6% 4.0% 5.6% $365 3.7x $120 3.5x < 3.0x 1 $78 $167 Synergies Pro Red Orange Pro ProForma ProForma Forma Pro Forma Forma • Immediate EBITDA margin accr
Slide 17: Creates Clear Number Two Metals Service Center in North America
CREATES CLEAR NUMBER TWO METALS SERVICE CENTER IN NORTH AMERICA TOP METAL SERVICE CENTERS – 2024 REVENUE ($BN) $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 17 CONFIDE
Slide 18: Olympic Steel – Delivering Strong Returns with Less Volatility
OLYMPIC STEEL – DELIVERING STRONG RETURNS WITH LESS VOLATILITY Carbon & Coated Flat Products $1.9b 8% >10% CAGR 10 54 2024 Revenue 2024 Revenue from Olympic in Specialty Metal Segment Well Regarded Brands Sites in key US locations Manufactured Products Revenue1 Carbon Flat Products Specialty Metals
Slide 19: Olympic Steel Focused on Margin Expansion and Consistency of Earnings
OLYMPIC STEEL HAS RELENTLESSLY FOCUSED ON MARGIN EXPANSION AND CONSISTENCY OF EARNINGS Positioned to Higher margin brand Rigorous operating Disciplined capital capitalize on favorable portfolio expense management allocation environment • Reducing cyclicality through • Heavily U.S.-based supply • Rig
Slide 20: Ryerson and Olympic Steel Create a Powerful Platform
RYERSON AND OLYMPIC STEEL CREATE A POWERFUL PLATFORM ✓ Creates the second largest metals service center in North America, processing ~2.9mm tons and Presence generating ~$6.5bn+ in revenue annually1 Presence in key regions strengthens competitiveness, diversifies end products and markets, Ideal matc
Slide 21: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,”
Slide 22: No Offer or Solicitation
NO OFFER OR SOLICITATION This communication is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such o
Slide 23: Appendix
Appendix CONFIDENTIAL
Slide 24: Ryerson Family of Companies
RYERSON FAMILY OF COMPANIES SUNRBELT- 4 Nee © . cel ©, % [@) PRODUCTION “/ P METALS
Slide 25: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Tons Sold (000’s) Average Selling Price Per Ton Net Income (Loss) & Adj. EBITDA excl. LIFO *Net Income (Loss) attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix 25 CON
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDA, excl. LIFO
NON-GAAP RECONCILIATION: ADJUSTED EBITDA, EXCL. LIFO ($M) Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Tons Sold (000's) 450 497 508 485 447 500 501 485 Net Sales $ 1,112.4 $ 1,239.2 $ 1,225.5 $ 1,126.6 $ 1,007.4 $ 1,135.7 $ 1,169.3 $ 1,161.5 Gross Profit 247.2 217.6 223.5 202.0 191.1 204
Slide 27: Non-GAAP Reconciliation: Adjusted Net Income (Loss)
NON-GAAP RECONCILIATION: ADJUSTED NET INCOME (LOSS) (Dollars and shares in millions, except per share data) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Net income (loss) attributable to Ryerson Holding Corporation ($6.6) ($4.3) ($5.6) $1.9 ($14.8) Restructuring and other charges 1.1 0.3 - - - Impairment char
Slide 28: Non-GAAP Reconciliation: Leverage Ratio and Free Cash Flow
NON-GAAP RECONCILIATION: LEVERAGE RATIO AND FREE CASH FLOW ($M) 2014 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Total debt $1,242.1 $522.1 $467.4 $497.3 $510.2 $499.7 Less: cash and cash equivalents ($60.0) (35.0) (27.7) (33.6) (30.8) (29.8) Less: Fair value of AM Castle ($11.2) - - - - - Less: Restricted c
Slide 29: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ($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
Slide 30: Ryerson.com 3.0 - NextGen Ecommerce
RYERSON.COM 3.0 - NEXTGEN ECOMMERCE Investing in digitalization to improve the customer experience 30 CONFIDENTIAL
Slide 31: Investing in the Business
INVESTING IN THE BUSINESS University Park – New CS&W HQ ✓ Shelbyville expansion ✓ Centralia Pacific NW ✓ • State-of-the-art cut-to-length line • 214,000 sq ft facility 900,000 sq ft facility (CTL) and automated storage and • Advanced processing capabilities Significant automation and technological r
Slide 32: Next Phase Target Sequence
NEXT PHASE TARGET SEQUENCE PHASE 1 ✓ PHASE 2 PHASE 3 De-lever Invest in modernization and Gain market share high-yield debt automation/ cure legacy investment vs MSCI1 deficit Monetize Integrate North American Margin accretion legacy assets led by value-add and transactional service center network t
Slide 33: 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