Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Wells Fargo Industrials & Materials Conference 2025
43 slides from Ryerson's conference presentation, June 2025
Slide 1: Wells Fargo Industrials & Materials Conference Investor Presentation
Wells Fargo Industrials & Materials Conference Investor Presentation June 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 $4.5B TTM Adj. EBITDA1 $107M TTM Adj. EBITDA Margin 2.4% Market Capitalization2 $0.7B Net Debt3 $464M Global Employees ~4,300 TTM = Trailing Twelve Months as of March 31, 2025 Adjusted EBITDA1 ($) • A leading distr
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 intellig
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 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 • EV and Autonomous Vehicles Consumer Construction
Slide 7: 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 7
Slide 8: Custom Solutions
CUSTOM SOLUTIONS SOQ0 a) RYERSON Contract or Transactional pricing/duration x Numerous metal/ shape/process combinations Attractive margin combinations
Slide 9: 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 10: 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 Q1 2025 Target 2022 2023 2024 Q1 2025 Target • Structural margin growth driven by increased transactional and value-add sales 10
Slide 11: 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 meta
Slide 12: 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 13: Moving Up the Value Chain
RYERSON MOVING UP THE VALUE CHAIN Value-Add / Value Engineer Kits & Assemblies Margins Value-Add 13
Slide 14: 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 15: Finance & Strategy
Finance & Strategy 15
Slide 16: 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 17: 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 18: 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 19: 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
Slide 20: 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 ✓ Centralia Pacific NW • 214,000 sq ft facility ✓ • Significant automation and (CTL) and automated storage and • Advanced processing capabilities technologic
Slide 21: M&A Strategy – More Value-Add
M&A STRATEGY – MORE VALUE-ADD Acquisition Timeline • Acquire capabilities and IP to enhance the customer experience • Purchases accretive to gross margin & Adj. EBITDA excl. LIFO • Focus on Value-Added processing • Broaden transactional customer portfolio • Enhance supply chain network and service p
Slide 22: Bright Metals Strategy
BRIGHT METALS 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 away from 3 Alum
Slide 23: 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 24: Capital Allocation Plan
CAPITAL ALLOCATION PLAN $127M LTM1 free cash flow $50M2 in ’25E Quarterly generation Modernization dividend/share and Value-Add $0.1875 for Q2’ 25 CAPEX DIVIDENDS CAPEX M&A DIVIDENDS BUYBACKS M&A Track record ofBUYBACKS $51M successful repurchased in acquisitions ’24; $38M remaining in authorization
Slide 25: Dividend Payments
DIVIDEND PAYMENTS 1 EPS Dividend Yield Dividend per Share $4.10 $0.1875 $0.1875 $0.1875 $0.1875 $0.1875 $0.1825 $0.1850 $0.18 4.1% 2.1% $0.17 ($0.26) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 2023 2024 • Stronger capital structure allows for greater returns to shareholders 1EPS is Dilute
Slide 26: Shareholder Diversification
SHAREHOLDER DIVERSIFICATION March 31, 2022 May 10, 2022 February 24, 2023 May 3, 2023 August 8, 20232 38.7M 37.1M 35.5M 34.4M 34.4M Other Other Other Other Other Shareholders 43% Shareholders Shareholders Shareholders Shareholders 57% 66% 77% 89% 54% 43% Platinum Platinum Platinum 34% Platinum Plati
Slide 27: Why Ryerson
WHY RYERSON • Re-investing for growth with focus on transactional, value-add, bright metals and best digitalized Customer Experience • Capital allocation pivot with balance sheet mindfulness toward growth and shareholder returns • Tailwinds such as on-shoring, infrastructure spend and customers seek
Slide 28: Appendix
Appendix 28
Slide 29: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on bargain purchase, gain on sale of assets, (ga
Slide 30: Adjusted Net Income (Loss)
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) ($5.6) Restructuring and other charges - 1.7 1.1 0.3 - Gain on insurance settlement - - (1.3)
Slide 31: Adjusted EBITDA Quarterly
ADJUSTED EBITDA QUARTERLY ($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) (18.1) (25.4) 6.8 Gross Pro
Slide 32: Adjusted EBITDA Annual
ADJUSTED EBITDA ANNUAL ($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 $1,670
Slide 33: Leverage
LEVERAGE ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Less: Cash and Cash Equivalents ($60.0) ($63.2) ($80.7) ($77.4) ($23.2) ($11.0) ($61.4) ($51.2) ($39.2) ($54.3) ($27.7) Less: Fair Valu
Slide 34: 10 Year Progress Since IPO
10 YEAR PROGRESS SINCE IPO 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 $288M Average 10-Year Total S
Slide 35: Cash Flow Pivot
CASH FLOW PIVOT Historical Uses of Cash1 Current Uses2 Share Repurchases & Dividends Returns to Capex & Shareholders Debt Acquisitions Retirement Re-invest in Business3 • Mindful of our Balance Sheet, cash flow pivot to growth and shareholder returns 1Represents 2014 – 2022 capital allocation; 2Repr
Slide 36: Net Leverage
NET LEVERAGE Net Debt / Adj. EBITDA excl. LIFO High Band Low Band 8.8x 5.4x 5.7x 0.7x 0.6x 5.0x 5.3x 4.9x 3.7x 3.9x 1.7x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • 0.5x - 2.0x net leverage target 36
Slide 37: Commodity Pricing Support
COMMODITY PRICING SUPPORT • Processed metals Key Commodity Prices Across Time generally reset higher HRC Steel ($/ton) LME Nickel ($/lb) over time and are an $834 $7.11 $6.93 $7.12 inflation hedge $632 $474 • Reflect not only higher $326 $3.13 energy, labor and input costs, but increasingly 1990's 2
Slide 38: Commodity Price Performance
COMMODITY PRICE PERFORMANCE 3.5 CRU HRC LME Aluminum 3.0 LME Nickel Prices Indexed to Dec. 2017 2.5 2.0 1.5 1.0 Futures 0.5 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 • Indices driven by changing global macroeconomic supply and demand Source: Bloomberg prices as of May 30, 2025 3
Slide 39: Margin Drivers
MARGIN DRIVERS 3.50 • Average Selling $3,000 Prices (ASP) 3.00 increased from the fourth quarter while Commodity Index $2,500 inventory Cost Per Ton 2.50 replacement costs decreased, leading $2,000 2.00 to slight gross margin expansion $1,500 1.50 $1,000 1.00 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
Slide 40: Variabilized Expense Structure
VARIABILIZED EXPENSE STRUCTURE Warehousing, Delivery, Selling, General Expense Profile1 and Administrative Expense 67% 68% 67% 66% 62% 63% 64% 64% 64% 62% 62% SG&A Warehousing Compensation & Benefits 38% 37% 38% 38% 36% 36% 36% 33% 34% 32% 33% Delivery 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 41: Market Share vs MSCI
MARKET SHARE VS MSCI 1.3 Tons/Day (Indexed to 2014) 1.2 RYI MSCI 1.1 1.0 0.9 0.8 0.7 0.6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Outpaced the industry on a tons-per-day basis sold against a challenging market RYI = Ryerson, MSCI = Metals Service Center Institute is industry associat
Slide 42: Growing Sustainably
GROWING SUSTAINABLY Environment -3% Change in same-store Recycled 70K+ tons of Launched the award-winning Ryerson New 2-MWac solar array at our scope 1 & 2 emissions2 metal back into the circular Illuminator App, which helps estimate University Park location in 2024 vs. 2023 economy in 2023 metals s
Slide 43: Ryerson Family of Companies
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