Ryerson Reports Second Quarter 2026 Results

Exceeded top line guidance, improved profitability, and grew book value of equity while
delivering targeted second-quarter synergies and building momentum toward exceeding our first-year synergy run-rate target

CHICAGO, July 29, 2026 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYZ), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2026.

Highlights: 

• Generated revenue of $2.01 billion in the second quarter, Ryerson's first full reporting period following the February 13, 2026 merger with Olympic Steel, Inc., exceeding the Company's previously provided revenue guidance range with total tons shipped 22.6% higher and average selling prices 4.5% higher sequentially. Excluding Olympic Steel, which generated $564 million of revenue during the quarter, same-store revenue was $1.44 billion, with average selling prices 7.2% higher and tons shipped 4.0% higher quarter-over-quarter.

• Delivered second quarter net income1 of $15.5 million, or $0.30 per share, and Adjusted EBITDA, excl. LIFO2 of $101.0 million, $23.5 million of which was attributable to Olympic Steel.

• Realized approximately $5 million in second quarter synergy attainment and expects to realize $13 to $14 million in third quarter synergies, or $52 to $56 million on an annualized run-rate basis, positioning the Company to exceed its $40 million first-year annual run-rate synergy target ahead of schedule.

• Ended the second quarter with total Company debt of $955 million and net debt3 of $913 million, an increase of $47 million and $30 million, respectively, driven by higher working capital requirements supporting higher revenue generation.

• Returned $10.5 million to stockholders during the quarter, comprised of $9.7 million in dividends and $0.8 million in share repurchases.

A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

Management Commentary
Eddie Lehner, Ryerson's Chief Executive Officer & Director, said, "Despite a high-friction economy, Ryerson delivered a promising second quarter by exceeding our revenue, shipment, and Adjusted EBITDA, excl. LIFO guidance expectations as the positively impactful validations of the Ryerson-Olympic merger are proving out all-around and every day. We generated improved sequential and year-over-year net income while realizing encouraging transactional order and market share growth, productivity gains, and synergy attainment. These results were delivered in an asymmetric but better industrial demand environment, highlighted by strong artificial intelligence driven increases in business investment, juxtaposed with somewhat stilted traditional vertical markets, as well as some supply-side capacity constraints in mill production and truck based delivery. I want to thank all of my Ryerson Family of Companies teammates for their exemplary execution in the quarter and commitment to delivering great customer experiences across our network of intelligently connected value-added service centers. Most importantly, we are building enhanced value accretion capabilities throughout our post-merger combined companies to the betterment of all Ryerson stakeholders."

Rick Marabito, Ryerson's President, Chief Operating Officer & Director added, "Our teams executed well for our customers in the second quarter while continuing to advance the integration of Ryerson and Olympic Steel. In this market environment, customers are increasingly valuing product availability, reliability, processing capability, and speed of response, and we believe our expanded scale positions us better to meet those needs. We realized our targeted synergies for the quarter and are now expecting to exceed our first-year annual run-rate synergy goal thanks to the execution and teamwork taking place across the combined enterprise. We are encouraged by how naturally our teams are working together with a shared purpose. We are seeing the collaboration across our teams and geographies create new opportunities, solve customer needs faster, and improve the customer experience across the organization."

Second Quarter Results
In its first full quarter together with Olympic Steel, Ryerson generated net sales of $2.01 billion, an increase of 28.1% compared to the previous quarter, which only included six weeks of Olympic Steel's results. Total Company tons shipped increased by 22.6% and average selling prices increased by 4.5% quarter-over-quarter. Excluding the impact of Olympic Steel, which generated $564 million of revenue during the quarter, second quarter same-store net sales were $1.44 billion, an increase of 11.5% quarter-over-quarter with average selling prices 7.2% higher and tons sold 4.0% higher. Year-over-year, same-store net sales increased by 23.3% with tons shipped 8.6% higher and average selling prices 13.6% higher. Demand conditions in the second quarter were constructive but uneven as secular strength in data center and power generation projects continued to support activity while other end-markets, such as those more sensitive to interest rates and inflation, remained cautious. At the same time, U.S. industrial metals prices reached multi-year highs during the quarter, with carbon products supported by tight domestic supply, extended lead times, cyclical momentum, and multi-year lows in service center inventories. Aluminum prices and Midwest premiums also rose meaningfully during the quarter, largely due to supply disruptions in the Middle East, while nickel prices remained volatile.

During the second quarter, purchase accounting related to the Olympic Steel merger increased the fair market value of acquired inventory, resulting in a one-time $15.7 million charge to cost of materials sold as acquired inventory was sold during the period. As a result, second quarter gross margin contracted by 70 basis points to 17.7% compared to 18.4% in the prior quarter. Excluding this purchase accounting adjustment, gross margin expanded marginally during the quarter by 10 basis points to 18.5%. Also reflective of the rising price environment, LIFO expense for the second quarter was $17.0 million, compared to $10.0 million in the prior quarter. Excluding the impacts of LIFO and purchase accounting, gross margin expanded by 20 basis points to 19.3% in the second quarter of 2026 compared to gross margin, excluding LIFO of 19.1% in the first quarter of 2026.

Second quarter total Company warehousing, delivery, selling, general, and administrative expenses were $320.3 million, an increase of 20.8% compared to $265.2 million in the prior quarter. Excluding Olympic Steel, same-store warehousing, delivery, selling, general, and administrative expenses were $218.7 million in the second quarter, relatively flat compared to $217.6 million in the prior quarter, or down as a percentage of sales from 16.8% to 15.2%. On a per ton basis, total Company warehousing, delivery, selling, general, and administrative expenses were $398 per ton in the second quarter, or $402 per ton on a same-store basis, compared to $404 per ton and $416 per ton, respectively, in the previous periods.

Net income attributable to Ryerson Holding Corporation for the second quarter of 2026 was $15.5 million, or $0.30 per diluted share, compared to net income of $4.5 million, or $0.10 per diluted share, for the previous quarter and $1.9 million, or $0.06 per diluted share, in the second quarter of 2025. After removing the impact of purchase accounting adjustments, an insurance settlement gain, advisory service fees, and impairment charges on assets as well as the related income tax benefits of these items, Ryerson's second quarter Adjusted Net Income was $27.6 million, or $0.52 per diluted share. Adjusted EBITDA, excluding LIFO was $101.0 million in the second quarter of 2026 compared to $67.4 million in the first quarter of 2026 and $45.0 million in the year-ago period. On a same-store basis, excluding Olympic Steel's contributions, Ryerson generated Adjusted EBITDA, excluding LIFO of $77.5 million in the second quarter of 2026, compared to $54.9 million in the prior quarter.

Olympic Steel Integration & Financial Results
In the second quarter, Ryerson realized approximately $5 million of synergy benefits through procurement, efficiency, network optimization, and commercial enhancement actions. As these actions scale across the organization and the Company advances the next phase of its integration strategy, management expects third quarter synergy benefits to increase to approximately $13 million to $14 million, or approximately $52 to $56 million on an annualized run-rate basis. This projected realization is expected to position Ryerson to exceed its $40 million first-year annualized run-rate synergy target ahead of schedule, and the Company continues to track toward its $120 million two-year annualized run-rate synergy target.

Olympic Steel contributed $564.2 million of revenue and $23.5 million of Adjusted EBITDA, excluding LIFO, to Ryerson's results during the second quarter, exceeding management's expectations of $21 to $23 million in Adjusted EBITDA, excluding LIFO.

Liquidity & Debt Management
Ryerson used $5.6 million in cash from operations in the second quarter as net income generation was offset by increased receivables and inventory investment. This compares to a use of cash from operating activities of $152.2 million in the first quarter of 2026. The Company ended the second quarter of 2026 with debt of $955 million and net debt of $913 million, an increase of $47 million and $30 million, respectively, compared to the first quarter of 2026 driven by higher working capital requirements.

Global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to $757 million as of June 30, 2026 compared to $618 million as of March 31, 2026, reflective of the Company's increased borrowing base from higher working capital.

Stockholder Return Activity

Dividends. On July 29, 2026, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on September 17, 2026, to stockholders of record as of September 3, 2026. During the second quarter of 2026, Ryerson's quarterly dividend was of the same amount and represented a total cash return to stockholders of $9.7 million.

Share Repurchases and Authorization. Ryerson returned $0.8 million to stockholders in the form of share repurchases during the second quarter through the opportunistic repurchase of approximately 39,000 shares in the open market. As these repurchases occurred before the new authorization became effective, the full $100 million share repurchase authorization approved by the Board of Directors on May 6th remains available through April 30th, 2028.

Outlook Commentary
In the third quarter of 2026, the Company expects that shipments will decline sequentially by 3% to 5% from second quarter levels, in-line with normal seasonality patterns. The Company also anticipates that average selling prices will be flat to up by 2% as carbon pricing is expected to remain supported and offset recent LME driven corrections in stainless and aluminum pricing. Net sales are therefore expected to be in the range of $1.87 billion to $1.95 billion. Ryerson also anticipates that as higher cost inventory continues to come into the market, margin pressure will increase given program customer price lags and some non-ferrous average selling price reversion. The Company also expects to recognize approximately $5 to $7 million of additional inventory purchase accounting charges through the end of the year as it sells through the remaining acquired inventory. Excluding these inventory purchase accounting adjustments, net income generation for the third quarter of 2026 is expected to be in the range of $19 to $21 million, or $0.37 to $0.40 per diluted share, with LIFO expense between $16 and $18 million. Third quarter Adjusted EBITDA, excluding LIFO is expected to be in the range of $88 to $92 million, inclusive of Olympic Steel's expected contribution of $21 to $23 million.