Operationalization of significant capex projects continued to progress as we gained market share, continued to grow our transactional business, and achieved Adjusted EBITDA, excl. LIFO at the top of our guidance range.
CHICAGO, July 29, 2025 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2025.
Highlights:
- Generated second quarter revenue of $1.17 billion, in-line with guidance, with average selling prices up 2.8% and tons shipped up fractionally compared to the prior quarter
- Generated net income attributable to Ryerson Holding Corporation of $1.9 million, or diluted income per share of $0.06, and Adjusted EBITDA, excluding LIFO1 of $45.0 million
- Ended the second quarter with debt of $510 million and net debt2 of $479 million, compared to $498 million and $464 million, respectively, as of the end of the first quarter
- Gained market share3 while also increasing transactional business mix for the fifth consecutive quarter, partially offsetting recessed contractual business
- Declared a third-quarter 2025 dividend of $0.1875 per share
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
$ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||||||||
Financial Highlights: | Q2 2025 | Q1 2025 | Q2 2024 | QoQ | YoY | 1H 2025 | 1H 2024 | YoY | ||||||||
Revenue | $1,169.3 | $1,135.7 | $1,225.5 | 3.0 % | (4.6) % | $2,305.0 | $2,464.7 | (6.5) % | ||||||||
Tons shipped | 501 | 500 | 508 | 0.2 % | (1.4) % | 1,001 | 1,005 | (0.4) % | ||||||||
Average selling price/ton | $2,334 | $2,271 | $2,412 | 2.8 % | (3.2) % | $2,303 | $2,452 | (6.1) % | ||||||||
Gross margin | 17.9 % | 18.0 % | 18.2 % | -10 bps | -30 bps | 18.0 % | 17.9 % | 10 bps | ||||||||
Gross margin, excl. LIFO | 19.0 % | 18.6 % | 17.4 % | 40 bps | 160 bps | 18.8 % | 17.5 % | 130 bps | ||||||||
Warehousing, delivery, selling, general, and | $203.6 | $202.1 | $199.0 | 0.7 % | 2.3 % | $405.7 | $415.8 | (2.4) % | ||||||||
As a percentage of revenue | 17.4 % | 17.8 % | 16.2 % | -40 bps | 120 bps | 17.6 % | 16.9 % | 70 bps | ||||||||
Net income (loss) attributable to Ryerson | $1.9 | $(5.6) | $9.9 | 133.9 % | (80.8) % | $(3.7) | $2.3 | (260.9) % | ||||||||
Diluted earnings (loss) per share | $0.06 | $(0.18) | $0.29 | $0.24 | $(0.23) | $(0.12) | $0.07 | $(0.19) | ||||||||
Adjusted diluted earnings (loss) per share | $0.08 | $(0.18) | $0.33 | $0.26 | $(0.25) | $(0.10) | $0.14 | $(0.24) | ||||||||
Adj. EBITDA, excl. LIFO | $45.0 | $32.8 | $42.6 | 37.2 % | 5.6 % | $77.8 | $82.8 | (6.0) % | ||||||||
Adj. EBITDA, excl. LIFO margin | 3.8 % | 2.9 % | 3.5 % | 90 bps | 30 bps | 3.4 % | 3.4 % | 0 bps | ||||||||
Balance Sheet and Cash Flow Highlights: | ||||||||||||||||
Total debt | $510.2 | $497.3 | $525.4 | 2.6 % | (2.9) % | $510.2 | $525.4 | (2.9) % | ||||||||
Cash and cash equivalents | $30.8 | $33.6 | $28.0 | (8.3) % | 10.0 % | $30.8 | $28.0 | 10.0 % | ||||||||
Net debt | $479.4 | $463.7 | $497.4 | 3.4 % | (3.6) % | $479.4 | $497.4 | (3.6) % | ||||||||
Net debt / LTM Adj. EBITDA, excl. LIFO | 4.4x | 4.3x | 3.2x | 0.1x | 1.2x | 4.4x | 3.2x | 1.2x | ||||||||
Cash conversion cycle (days) | 66.3 | 66.5 | 77.6 | (0.2) | (11.3) | 66.7 | 76.5 | (9.8) | ||||||||
Net cash provided by (used in) operating activities | $23.8 | $(41.2) | $25.9 | $65.0 | $(2.1) | $(17.4) | $(21.9) | $4.5 | ||||||||
Management Commentary
Eddie Lehner, Ryerson's President, Chief Executive Officer & Director, said, "Self-help and execution are the name of the game amidst ongoing recessed demand conditions in the overall manufacturing and industrial metals sectors of the economy. Looking at macro-indicators such as PMI prints which continue to show contracting manufacturing conditions that square-up with our own internal demand indicators of quoting activity and order rates, we continue realizing the benefits of better execution around service center fundamentals of faster lead times, inventory placement, and on-time delivery. We grew market share and transactional business across the network as more capex and systems projects became fully operational and normalized despite ongoing sluggishness within OEM program accounts. On the pricing side of the house, we have seen falling stainless and carbon prices begin to stabilize while aluminum prices have trended higher, but the key is duration of this relative price stability as price discounting in the market is still prevalent. I want to thank all of my Ryerson colleagues for working safely and productively as we continue advancing our ability to create great customer experiences at speed, scale, value-add, and consistency across our network of intelligently connected service centers."
Second Quarter Results
Ryerson generated net sales of $1.17 billion in the second quarter of 2025, an increase of 3.0% compared to the prior quarter and within our guidance range. Average selling prices increased by 2.8% and tons shipped increased by 0.2% quarter-over-quarter. Revenue performance during the quarter was influenced by a combination of tariff-supported higher average selling prices for our carbon and aluminum products partially offset by slowed customer activity following first quarter pre-buying and a continuation of trade policy uncertainty.
Gross margin contracted by 10 basis points to 17.9% in the second quarter of 2025 compared to 18.0% in the first quarter of 2025, driven by the increase in cost of goods sold outpacing the increase in average selling prices for our product mix. In addition, due to the rising commodity price environment, increasing inventory values resulted in a higher-than-expected LIFO expense of $13.2 million compared to the previous quarter's LIFO expense of $6.8 million. Excluding the impact of LIFO, gross margin expanded by 40 basis points to 19.0% in the second quarter of 2025, compared to 18.6% in the first quarter.
Second quarter warehousing, delivery, selling, general, and administrative expenses of $203.6 million represents an increase of 0.7% compared to the first quarter of 2025 due to an additional business day. Expenses decreased sequentially both on a percentage of revenue and on a per day basis, illustrating management's commitment to tightly managing operating expenses. Compared to the prior year period, second quarter 2025 operating expenses increased by $4.6 million, or 2.3%, primarily driven by increased delivery expenses as well as the addition of Production Metals, which was acquired in August 2024.
Net income attributable to Ryerson Holding Corporation for the second quarter of 2025 was $1.9 million, or $0.06 per diluted share, compared to net loss of $5.6 million, or $0.18 per diluted share, in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $45.0 million in the second quarter of 2025 compared to $32.8 million in the first quarter of 2025.
Liquidity & Debt Management
Ryerson generated cash from operating activities of $23.8 million in the second quarter of 2025 compared to a usage of $41.2 million in the first quarter as accounts receivable normalized but were partially offset by modest inventory replacement. The Company ended the second quarter of 2025 with debt of $510 million and net debt of $479 million, a sequential increase of $12 million and $15 million, respectively, compared to the first quarter of 2025. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $485 million as of June 30, 2025, compared to $490 million as of March 31, 2025.
Shareholder Return Activity
Dividends. On July 29, 2025, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on September 18, 2025, to stockholders of record as of September 4, 2025. During the second quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of approximately $6.0 million.
Share Repurchases and Authorization. Ryerson did not repurchase shares during the second quarter of 2025. As of June 30, 2025, $38.4 million remained under the existing authorization.
Outlook Commentary
For the third quarter of 2025, Ryerson expects customer shipments to decrease by 2% to 4% quarter-over-quarter, reflecting both normal seasonality patterns as well as overall recessed manufacturing and industrial metal demand conditions driving cautious customer behavior, particularly in our larger OEM contractual customers book of business. The Company anticipates third quarter net sales to be in the range of $1.14 billion to $1.18 billion, with average selling prices increasing 1% to 3%. LIFO expense in the third quarter of 2025 is expected to be between $9 million to $11 million. We therefore expect adjusted EBITDA, excluding LIFO in the range of $40 million to $45 million and earnings per diluted share in the range of $0.00 to $0.06.
Second Quarter 2025 Major Product Metrics | ||||||||||||
Net Sales (millions) | ||||||||||||
Q2 2025 | Q1 2025 | Q2 2024 | Quarter-over-quarter | Year-over-year | ||||||||
Carbon Steel | $ | 578 | $ | 563 | $ | 644 | 2.7 % | (10.2 %) | ||||
Aluminum | $ | 306 | $ | 275 | $ | 277 | 11.3 % | 10.5 % | ||||
Stainless Steel | $ | 271 | $ | 281 | $ | 286 | (3.6 %) | (5.2 %) | ||||
Tons Shipped (thousands) | ||||||||||||
Q2 2025 | Q1 2025 | Q2 2024 | Quarter-over-quarter | Year-over-year | ||||||||
Carbon Steel | 391 | 389 | 397 | 0.5 % | (1.5 %) | |||||||
Aluminum | 50 | 48 | 49 | 4.2 % | 2.0 % | |||||||
Stainless Steel | 60 | 61 | 59 | (1.6 %) | 1.7 % | |||||||
Average Selling Prices (per ton) | ||||||||||||
Q2 2025 | Q1 2025 | Q2 2024 | Quarter-over-quarter | Year-over-year | ||||||||
Carbon Steel | $ | 1,478 | $ | 1,447 | $ | 1,622 | 2.1 % | (8.9 %) | ||||
Aluminum | $ | 6,120 | $ | 5,729 | $ | 5,653 | 6.8 % | 8.3 % | ||||
Stainless Steel | $ | 4,517 | $ | 4,607 | $ | 4,847 | (2.0 %) | (6.8 %) | ||||
First Half 2025 Major Product Metrics | ||||||||||||
Net Sales (millions) | ||||||||||||
1H 2025 | 1H 2024 | Year-over-year | ||||||||||
Carbon Steel | $ | 1,141 | $ | 1,288 | (11.4 %) | |||||||
Aluminum | $ | 581 | $ | 556 | 4.5 % | |||||||
Stainless Steel | $ | 552 | $ | 583 | (5.3 %) | |||||||
Tons Shipped (thousands) | ||||||||||||
1H 2025 | 1H 2024 | Year-over-year | ||||||||||
Carbon Steel | 780 | 781 | (0.1 %) | |||||||||
Aluminum | 98 | 99 | (1.0 %) | |||||||||
Stainless Steel | 121 | 120 | 0.8 % | |||||||||
Average Selling Prices (per ton) | ||||||||||||
1H 2025 | 1H 2024 | Year-over-year | ||||||||||
Carbon Steel | $ | 1,463 | $ | 1,649 | (11.3 %) | |||||||
Aluminum | $ | 5,929 | $ | 5,616 | 5.6 % | |||||||
Stainless Steel | $ | 4,562 | $ | 4,858 | (6.1 %) | |||||||
Earnings Call Information
Ryerson will host a conference call to discuss second quarter 2025 financial results for the period ended June 30, 2025, on Wednesday, July 30, 2025, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has approximately 4,300 employees and over 110 locations. Visit Ryerson at www.ryerson.com.
Notes:
1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2
2Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
3North American Industry shipments declined by 2.1% in the second quarter (per the Metals Service Center Institute) while Ryerson North American shipments declined by 1.2%, implying Ryerson market share growth
Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.
Safe Harbor Provision
Certain statements made in this release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events; fluctuating metal prices; our indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; the influence of a single investor group over our policies and procedures; work stoppages; obligations under certain employee retirement benefit plans; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our most recent our annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Selected Income and Cash Flow Data - Unaudited | ||||||||||||||||||||
(Dollars and Shares in Millions, except Per Share and Per Ton Data) | ||||||||||||||||||||
2025 | 2024 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2025 | 2024 | ||||||||||||||||
NET SALES | $ | 1,169.3 | $ | 1,135.7 | $ | 1,225.5 | $ | 2,305.0 | $ | 2,464.7 | ||||||||||
Cost of materials sold | 959.9 | 931.3 | 1,002.0 | 1,891.2 | 2,023.6 | |||||||||||||||
Gross profit | 209.4 | 204.4 | 223.5 | 413.8 | 441.1 | |||||||||||||||
Warehousing, delivery, selling, general, and administrative | 203.6 | 202.1 | 199.0 | 405.7 | 415.8 | |||||||||||||||
Restructuring and other charges | - | - | 1.7 | - | 1.7 | |||||||||||||||
OPERATING PROFIT | 5.8 | 2.3 | 22.8 | 8.1 | 23.6 | |||||||||||||||
Other income and (expense), net | (2.3) | 0.3 | 1.8 | (2.0) | 1.6 | |||||||||||||||
Interest and other expense on debt | (9.8) | (9.5) | (11.3) | (19.3) | (21.4) | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (6.3) | (6.9) | 13.3 | (13.2) | 3.8 | |||||||||||||||
Provision (benefit) for income taxes | (8.4) | (1.6) | 3.0 | (10.0) | 0.9 | |||||||||||||||
NET INCOME (LOSS) | 2.1 | (5.3) | 10.3 | (3.2) | 2.9 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON | $ | 1.9 | $ | (5.6) | $ | 9.9 | $ | (3.7) | $ | 2.3 | ||||||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||||||||||
Basic | $ | 0.06 | $ | (0.18) | $ | 0.29 | $ | (0.12) | $ | 0.07 | ||||||||||
Diluted | $ | 0.06 | $ | (0.18) | $ | 0.29 | $ | (0.12) | $ | 0.07 | ||||||||||
Shares outstanding - basic | 32.2 | 31.9 | 34.2 | 32.0 | 34.1 | |||||||||||||||
Shares outstanding - diluted | 32.4 | 31.9 | 34.4 | 32.0 | 34.6 | |||||||||||||||
Dividends declared per share | $ | 0.1875 | $ | 0.1875 | $ | 0.1875 | $ | 0.375 | $ | 0.375 | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Tons shipped (000) | 501 | 500 | 508 | 1,001 | 1,005 | |||||||||||||||
Shipping days | 64 | 63 | 64 | 127 | 128 | |||||||||||||||
Average selling price/ton | $ | 2,334 | $ | 2,271 | $ | 2,412 | $ | 2,303 | $ | 2,452 | ||||||||||
Gross profit/ton | 418 | 409 | 440 | 413 | 439 | |||||||||||||||
Operating profit/ton | 12 | 5 | 45 | 8 | 23 | |||||||||||||||
LIFO expense (income) per ton | 26 | 14 | (20) | 20 | (9) | |||||||||||||||
LIFO expense (income) | 13.2 | 6.8 | (10.0) | 20.0 | (9.0) | |||||||||||||||
Depreciation and amortization expense | 19.4 | 19.2 | 18.0 | 38.6 | 35.4 | |||||||||||||||
Cash flow provided by (used in) operating activities | 23.8 | (41.2) | 25.9 | (17.4) | (21.9) | |||||||||||||||
Capital expenditures | (9.9) | (8.0) | (22.7) | (17.9) | (44.5) | |||||||||||||||
See Schedule 1 for Condensed Consolidated Balance Sheets | ||||||||||||||||||||
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | ||||||||||||||||||||
See Schedule 3 for Adjusted EPS reconciliation | ||||||||||||||||||||
See Schedule 4 for Free Cash Flow reconciliation | ||||||||||||||||||||
See Schedule 5 for Third Quarter 2025 Guidance reconciliation | ||||||||||||||||||||
Schedule 1 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In millions, except shares) | ||||||||
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 30.8 | $ | 27.7 | ||||
Restricted cash | 1.4 | 1.6 | ||||||
Receivables, less provisions of $3.4 at June 30, 2025 and $2.5 at December 31, 2024 | 532.8 | 425.6 | ||||||
Inventories | 675.6 | 684.6 | ||||||
Prepaid expenses and other current assets | 84.0 | 68.1 | ||||||
Total current assets | 1,324.6 | 1,207.6 | ||||||
Property, plant, and equipment, at cost | 1,163.9 | 1,152.0 | ||||||
Less: accumulated depreciation | 544.6 | 515.3 | ||||||
Property, plant, and equipment, net | 619.3 | 636.7 | ||||||
Operating lease assets | 343.4 | 344.6 | ||||||
Other intangible assets | 63.5 | 68.3 | ||||||
Goodwill | 161.5 | 161.8 | ||||||
Deferred charges and other assets | 25.8 | 20.5 | ||||||
Total assets | $ | 2,538.1 | $ | 2,439.5 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 506.3 | $ | 440.8 | ||||
Salaries, wages, and commissions | 39.6 | 35.7 | ||||||
Other accrued liabilities | 66.9 | 67.1 | ||||||
Short-term debt | 1.4 | 0.7 | ||||||
Current portion of operating lease liabilities | 33.2 | 32.1 | ||||||
Current portion of deferred employee benefits | 3.8 | 3.7 | ||||||
Total current liabilities | 651.2 | 580.1 | ||||||
Long-term debt | 508.8 | 466.7 | ||||||
Deferred employee benefits | 81.1 | 90.9 | ||||||
Noncurrent operating lease liabilities | 336.0 | 334.6 | ||||||
Deferred income taxes | 127.7 | 129.0 | ||||||
Other noncurrent liabilities | 12.1 | 13.7 | ||||||
Total liabilities | 1,716.9 | 1,615.0 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Ryerson Holding Corporation stockholders' equity: | ||||||||
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at June | - | - | ||||||
Common stock, $0.01 par value; 100,000,000 shares authorized; 40,360,234 and | 0.4 | 0.4 | ||||||
Capital in excess of par value | 430.6 | 423.5 | ||||||
Retained earnings | 763.7 | 779.6 | ||||||
Treasury stock, at cost - Common stock of 8,164,148 shares at June 30, 2025 and | (237.0) | (234.4) | ||||||
Accumulated other comprehensive loss | (146.2) | (153.8) | ||||||
Total Ryerson Holding Corporation Stockholders' Equity | 811.5 | 815.3 | ||||||
Noncontrolling interest | 9.7 | 9.2 | ||||||
Total Equity | 821.2 | 824.5 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,538.1 | $ | 2,439.5 | ||||
Schedule 2 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
2025 | 2024 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2025 | 2024 | ||||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 1.9 | $ | (5.6) | $ | 9.9 | $ | (3.7) | $ | 2.3 | ||||||||||
Interest and other expense on debt | 9.8 | 9.5 | 11.3 | 19.3 | 21.4 | |||||||||||||||
Provision (benefit) for income taxes | (8.4) | (1.6) | 3.0 | (10.0) | 0.9 | |||||||||||||||
Depreciation and amortization expense | 19.4 | 19.2 | 18.0 | 38.6 | 35.4 | |||||||||||||||
EBITDA | $ | 22.7 | $ | 21.5 | $ | 42.2 | $ | 44.2 | $ | 60.0 | ||||||||||
Gain on insurance settlement | (1.0) | - | - | (1.0) | - | |||||||||||||||
Reorganization | 5.0 | 4.0 | 12.7 | 9.0 | 32.8 | |||||||||||||||
Impairment charges on assets | 1.8 | - | - | 1.8 | - | |||||||||||||||
Pension settlement loss | - | - | - | - | 2.2 | |||||||||||||||
Benefit plan curtailment gain | - | - | - | - | (0.3) | |||||||||||||||
Foreign currency transaction (gains) losses | 2.7 | - | (0.4) | 2.7 | (1.6) | |||||||||||||||
Purchase consideration and other transaction costs (credits) | 0.5 | 0.4 | (1.1) | 0.9 | (1.0) | |||||||||||||||
Other adjustments | 0.1 | 0.1 | (0.8) | 0.2 | (0.3) | |||||||||||||||
Adjusted EBITDA | $ | 31.8 | $ | 26.0 | $ | 52.6 | $ | 57.8 | $ | 91.8 | ||||||||||
Adjusted EBITDA | $ | 31.8 | $ | 26.0 | $ | 52.6 | $ | 57.8 | $ | 91.8 | ||||||||||
LIFO expense (income) | 13.2 | 6.8 | (10.0) | 20.0 | (9.0) | |||||||||||||||
Adjusted EBITDA, excluding LIFO expense (income) | $ | 45.0 | $ | 32.8 | $ | 42.6 | $ | 77.8 | $ | 82.8 | ||||||||||
Net sales | $ | 1,169.3 | $ | 1,135.7 | $ | 1,225.5 | $ | 2,305.0 | $ | 2,464.7 | ||||||||||
Adjusted EBITDA, excluding LIFO expense (income), as a | 3.8 | % | 2.9 | % | 3.5 | % | 3.4 | % | 3.4 | % | ||||||||||
Gross profit | $ | 209.4 | $ | 204.4 | $ | 223.5 | $ | 413.8 | $ | 441.1 | ||||||||||
Gross margin | 17.9 | % | 18.0 | % | 18.2 | % | 18.0 | % | 17.9 | % | ||||||||||
Gross profit | $ | 209.4 | $ | 204.4 | $ | 223.5 | $ | 413.8 | $ | 441.1 | ||||||||||
LIFO expense (income) | 13.2 | 6.8 | (10.0) | 20.0 | (9.0) | |||||||||||||||
Gross profit, excluding LIFO expense (income) | $ | 222.6 | $ | 211.2 | $ | 213.5 | $ | 433.8 | $ | 432.1 | ||||||||||
Gross margin, excluding LIFO expense (income) | 19.0 | % | 18.6 | % | 17.4 | % | 18.8 | % | 17.5 | % | ||||||||||
Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and | ||||||||||||||||||||
Schedule 3 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share | ||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||||||||||
2025 | 2024 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2025 | 2024 | ||||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 1.9 | $ | (5.6) | $ | 9.9 | $ | (3.7) | $ | 2.3 | ||||||||||
Gain on insurance settlement | (1.0) | - | - | (1.0) | - | |||||||||||||||
Restructuring and other charges | - | - | 1.7 | - | 1.7 | |||||||||||||||
Impairment charges on assets | 1.8 | - | - | 1.8 | - | |||||||||||||||
Pension settlement loss | - | - | - | - | 2.2 | |||||||||||||||
Benefit plan curtailment gain | - | - | - | - | (0.3) | |||||||||||||||
Benefit for income taxes | (0.2) | - | (0.4) | (0.2) | (0.9) | |||||||||||||||
Adjusted net income (loss) attributable to Ryerson Holding Corporation | $ | 2.5 | $ | (5.6) | $ | 11.2 | $ | (3.1) | $ | 5.0 | ||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.08 | $ | (0.18) | $ | 0.33 | $ | (0.10) | $ | 0.14 | ||||||||||
Shares outstanding - diluted | 32.4 | 31.9 | 34.4 | 32.0 | 34.6 | |||||||||||||||
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with | ||||||||||||||||||||
Schedule 4 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
2025 | 2024 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2025 | 2024 | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 23.8 | $ | (41.2) | $ | 25.9 | $ | (17.4) | $ | (21.9) | ||||||||||
Capital expenditures | (9.9) | (8.0) | (22.7) | (17.9) | (44.5) | |||||||||||||||
Proceeds from sales of property, plant, and equipment | 0.2 | 0.1 | 0.1 | 0.3 | 1.5 | |||||||||||||||
Free cash flow | $ | 14.1 | $ | (49.1) | $ | 3.3 | $ | (35.0) | $ | (64.9) | ||||||||||
Market capitalization | $ | 694.5 | $ | 739.2 | $ | 657.0 | $ | 694.5 | $ | 657.0 | ||||||||||
Free cash flow yield | 2.0 | % | (6.6) | % | 0.5 | % | (5.0) | % | (9.9) | % | ||||||||||
Note: Market capitalization is calculated using June 30, 2025, March 31, 2025, and June 30, 2024 stock | ||||||||||||||||||||
Schedule 5 | |||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||
Reconciliation of Third Quarter 2025 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO | |||
(Dollars in Millions, except Per Share Data) | |||
Third Quarter 2025 | |||
Low | High | ||
Net income attributable to Ryerson Holding Corporation | $- | $2 | |
Diluted earnings per share | $- | $0.06 | |
Interest and other expense on debt | 10 | 10 | |
Provision for income taxes | - | 1 | |
Depreciation and amortization expense | 20 | 20 | |
EBITDA | $30 | $33 | |
Adjustments | 1 | 1 | |
Adjusted EBITDA | $31 | $34 | |
LIFO expense | 9 | 11 | |
Adjusted EBITDA, excluding LIFO expense | $40 | $45 | |
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. | |||
SOURCE Ryerson Holding Corporation
