Slides
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Ryerson Quarterly Release Presentation Q3 2025
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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 provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at https://ir.ryerson.com/financials/sec-filings/default.aspx. This site also provides additional information about Ryerson. 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 annual report on Form 10-K for the year ended December 31, 2024, 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. Non-GAAP Measures Certain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles (“GAAP”). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes. A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is included in the Appendix. 2
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Commodity prices since Dec. 2020 Sources: Bloomberg, prices through October 27, 2025; US ISM Purchasing Managers Index from Trading Economics Q3 MARKET & PERFORMANCE Futures 3 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 prior quarter • Net loss of $14.8M1, or diluted loss per share of $0.46, and Adjusted EBITDA, excluding LIFO2 of $40.3M • Debt of $500M and net debt3 of $470M, a sequential decrease of $10M and $9M, respectively • Declared a fourth-quarter 2025 dividend of $0.1875 per share 1Net loss attributable to Ryerson Holding Corporation; 2For EBITDA, Adjusted EBITDA and Adj EBITDA excluding LIFO please see Appendix; 3Net Debt is defined as Long Term Debt plus Short-Term Debt less Cash and Cash Equivalents and excludes Restricted Cash
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1Net loss attributable to Ryerson Holding Corporation; 2Diluted EPS of $(0.25) represents the midpoint of our $(0.28) –$(0.22) guidance range. See Ryerson’s 8-K filed on October 28, 2025 Net sales Net Loss1 Adj. EBITDA, 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 paired with persisting demand challenges • Average selling prices flat to up 2% as we expect that the current tariff structure will remain supportive Diluted Earnings (loss) per Share 4 Q4 2025 GUIDANCE 2
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A reconciliation of Net Debt as well as other non-GAAP financial measures to comparable GAAP measures is included in the Appendix. See Ryerson’s 8-K filed on October 28, 2025. $491 $451 $490 $485 $521 $487 $440 $464 $479 $470 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Liquidity Net Debt • Net Leverage of 3.7x in Q3 ’25 remains above but moves closer to target range of 0.5x to 2.0x • Global liquidity remained strong at $521 million CAPITAL MANAGEMENT Liquidity & Net Debt, $M Cash and Cash Equivalents Foreign Availability North American Availability 409 376 409 407 443 47 47 47 47 4835 28 34 31 30$491 $451 $490 $485 $521 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5
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Q3 2025 KEY FINANCIAL METRICS 1 Net income (loss) attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. See Ryerson’s 8-K filed on October 28, 2025. Net Sales Gross Margin Net Loss1 Diluted Loss per Share Total Debt $1.16B 17.2% $14.8M ($0.46) $500M -0.7% QoQ (70) bps QoQ -$16.7M QoQ -$0.52 QoQ -$10M QoQ 6 Tons Shipped Gross Margin, excl. LIFO Adj. EBITDA excl. LIFO Adjusted Diluted Loss per Share Net Debt 485k 18.3% $40.3M ($0.46) $470M -3.2% QoQ -70 bps QoQ -$4.7M QoQ -$0.54 QoQ -$9M QoQ
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• Diversified (metals mix, ~40k customers, ~75k products) • Availability, speed, ease, consistency • Hundreds of “virtual” locations • 24/7 e-commerce • Digitalized customer experience • Building the value chain of the future INTELLIGENT NETWORK 7
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Appendix
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QUARTERLY FINANCIAL HIGHLIGHTS *Net Income (Loss) attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix Average Selling Price Per TonTons Sold (000’s) Net Income (Loss) & Adj. EBITDA excl. LIFO 10
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NON-GAAP RECONCILIATION: ADJUSTED EBITDA, EXCL. LIFO 11 ($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 247.2 217.6 223.5 202.0 191.1 204.4 209.4 199.5 Gross Margin 22.2% 17.6% 18.2% 17.9% 19.0% 18.0% 17.9% 17.2% LIFO expense (income) (59.3) 1.0 (10.0) (18.1) (25.4) 6.8 13.2 13.2 Gross Profit, excluding LIFO 187.9$ 218.6$ 213.5$ 183.9$ 165.7$ 211.2$ 222.6$ 212.7$ Gross Margin, excluding LIFO 16.9% 17.6% 17.4% 16.3% 16.4% 18.6% 19.0% 18.3% Net income (loss) attributable to Ryerson Holding Corporation 25.8$ (7.6)$ 9.9$ (6.6)$ (4.3)$ (5.6)$ 1.9$ (14.8)$ Interest and other expense on debt 9.5 10.1 11.3 11.5 10.1 9.5 9.8 10.1 Provision (benefit) for income taxes 7.5 (2.1) 3.0 (0.4) (0.6) (1.6) (8.4) 4.1 Depreciation and amortization expense 20.1 17.4 18.0 19.5 22.7 19.2 19.4 20.2 EBITDA 62.9$ 17.8$ 42.2$ 24.0$ 27.9$ 21.5$ 22.7$ 19.6$ Reorganization 21.0 20.1 12.7 15.8 9.5 4.0 5.0 7.3 Gain on insurance settlements - - - (1.3) (0.3) - (1.0) - Benefit Plan curtailment gain (0.8) (0.3) - - - - - - Foreign currency transaction (gains) losses 0.7 (1.2) (0.4) 0.6 (3.2) - 2.7 (1.1) Pension settlement (gain) loss - 2.2 - - (0.1) - - - Impairment charges on assets - - - - - - 1.8 0.1 Purchase consideration and other transaction costs (credits) 0.5 0.1 (1.1) (0.4) 0.6 0.4 0.5 0.3 Other adjustments 0.9 0.5 (0.8) 0.4 1.3 0.1 0.1 0.9 Adjusted EBITDA 85.2$ 39.2$ 52.6$ 39.1$ 35.7$ 26.0$ 31.8$ 27.1$ LIFO expense (income) (59.3) 1.0 (10.0) (18.1) (25.4) 6.8 13.2 13.2 Adjusted EBITDA, excluding LIFO 25.9$ 40.2$ 42.6$ 21.0$ 10.3$ 32.8$ 45.0$ 40.3$ Adjusted EBITDA Margin, excluding LIFO 2.3% 3.2% 3.5% 1.9% 1.0% 2.9% 3.8% 3.5%
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NON-GAAP RECONCILIATION: ADJUSTED NET INCOME (LOSS) 12 (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 charges on assets - - - 1.8 0.1 Gain on insurance settlement (1.3) (0.3) - (1.0) - Pension settlement gain - (0.1) - - - Provision (benefit) for income taxes 0.1 - - (0.2) - Adjusted net income (loss) attributable to Ryerson Holding Corporation ($6.7) ($4.4) ($5.6) $2.5 ($14.7) Diluted earnings (loss) per share ($0.20) ($0.13) ($0.18) $0.06 ($0.46) Adjusted diluted earnings (loss) per share ($0.20) ($0.14) ($0.18) $0.08 ($0.46) Shares outstanding - diluted 32.7 31.8 31.9 32.4 32.2
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NON-GAAP RECONCILIATION: LEVERAGE RATIO AND FREE CASH FLOW 13 ($M) Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Cash Flow from (used in) Operations $134.6 $92.2 ($41.2) $23.8 ($8.3) Capital Expenditures (31.6) (23.5) (8.0) (9.9) (12.8) Proceeds from Sale of Property, Plant, and Equipment 0.4 0.2 0.1 0.2 2.3 Free Cash Flow $103.4 $68.9 ($49.1) $14.1 ($18.8) ($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 cash from sales of property, plant, and equipment - - - - - - Net Debt $1,170.9 $487.1 $439.7 $463.7 $479.4 $469.9 TTM Adj. EBITDA, excl. LIFO $217.5 $129.7 $114.1 $106.7 $109.1 $128.4 Net Debt / Adj. EBITDA excl. LIFO 5.4x 3.8x 3.9x 4.3x 4.4x 3.7x
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NON-GAAP RECONCILIATION ($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 $1,670 $1,503 $1,682 $1,944 $1,891 $1,726 $2,709 $3,117 $2,629 $2,374 Gross Profit 593.8 567.7 570.6 582.5 758.1 827.9 621.1 1,146.8 1,310.1 1,021.6 834.2 Gross Profit per Ton 293 299 300 291 334 348 309 547 646 526 431 Gross Margin 16.4% 17.9% 20.0% 17.3% 17.2% 18.4% 17.9% 20.2% 20.7% 20.0% 18.1% LIFO Expense (Income), net 42.3 (59.5) (6.6) 19.9 90.2 (69.1) (12.3) 366.4 (58.1) (97.7) (52.5) Gross Profit, excluding LIFO 636.1 508.2 564.0 602.4 848.3 758.8 608.8 1,513.2 1,252.0 923.9 781.7 Gross Profit, excluding LIFO per Ton 314 268 296 301 374 319 303 722 617 476 404 Gross Margin, excluding LIFO 17.6% 16.0% 19.7% 17.9% 19.2% 16.9% 17.6% 26.7% 19.8% 18.1% 17.0% Operating Expenses 507.4 459.1 437.4 472.5 618.9 617.1 556.5 601.6 731.4 793.5 802.7 Warehousing, delivery, selling, general and administrative expenses 509.2 450.8 436.4 472.5 614.7 636.8 554.3 711.2 735.2 793.5 801.2 Depreciation and amortization expense 45.6 43.7 42.5 47.1 52.9 58.4 53.9 55.9 59.0 62.5 77.6 IPO-related expenses 32.7 - - - - - - - - - - Warehousing, delivery, selling, general and administrative expenses excluding depreciation and amortization and IPO-related expenses 430.9 407.1 393.9 425.4 561.8 578.4 500.4 655.3 676.2 731.0 723.6 Warehousing, delivery, selling, general, and administrative expenses excluding depreciation and amortization % of net sales 11.9% 12.9% 13.8% 12.6% 12.7% 12.8% 14.4% 11.5% 10.7% 14.3% 15.7% Net Income (Loss) attributable to Ryerson Holding Corporation (25.7) (0.5) 18.7 17.1 106.0 82.4 (65.8) 294.3 391.0 145.7 (8.6) Interest and other expense on debt 107.4 96.3 89.9 91.0 99.2 93.2 76.4 51.0 33.2 34.7 43.0 Provision (benefit) for income taxes (0.7) 3.7 7.2 (1.3) 10.3 32.5 (24.8) 93.7 131.4 47.3 (0.1) Depreciation and amortization expense 45.6 43.7 42.5 47.1 52.9 58.4 53.9 55.9 59.0 62.5 77.6 EBITDA 126.6 143.2 158.3 153.9 268.4 266.5 39.7 494.9 614.6 290.2 111.9 Reorganization 5.4 9.7 6.6 4.1 6.1 9.3 13.1 3.5 6.9 35.7 58.1 Gain on sale of assets (1.8) (1.9) - - - (20.6) - (109.6) (3.8) - - Gain on settlements (0.4) (4.4) - - - (1.5) - - - - (1.6) Advisory service fee 28.3 - - - - - - - - - - (Gain) loss on retirement of debt 11.2 (0.3) 8.7 - 1.7 0.2 17.7 5.5 21.3 - - Benefit plan curtailment gain - - - - - - - - - (0.8) (0.3) Foreign currency transaction (gains) losses (5.3) (1.5) 3.9 2.0 (2.5) 1.1 (0.5) (0.5) 1.3 1.1 (4.2) Pension settlement charge - - - - - - 64.6 98.3 - - 2.1 Impairment charges on assets - 20.0 5.2 0.2 - - - - - - - Gain on bargain purchase - - - - (70.0) - - - (0.6) - - Purchase consideration and other transaction costs (credits) 11.2 3.7 1.5 3.9 14.3 4.1 0.4 - 0.2 1.5 (0.8) Other adjustments - - 0.4 0.1 (0.2) 0.1 (2.7) 2.1 0.2 1.1 1.4 Adjusted EBITDA 175.2 168.5 184.6 164.2 217.8 259.2 132.3 494.2 640.1 328.8 166.6 LIFO (Income) Expense, net 42.3 (59.5) (6.6) 19.9 90.2 (69.1) (12.3) 366.4 (58.1) (97.7) (52.5) Adjusted EBITDA, excluding LIFO 217.5 109.0 178.0 184.1 308.0 190.1 120.0 860.6 582.0 231.1 114.1 Adjusted EBITDA Margin, excluding LIFO, net 6.0% 3.4% 6.2% 5.5% 7.0% 4.2% 3.5% 15.2% 9.2% 4.5% 2.5% 14
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RYERSON.COM 3.0 - NEXTGEN ECOMMERCE • Investing in digitalization to improve the customer experience 15
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University Park – New CS&W HQ • 900,000 sq ft facility • Significant automation and technological enhancements INVESTING IN THE BUSINESS West Shelbyville expansion • State-of-the-art cut-to-length line (CTL) and automated storage and retrieval system for sheet products Centralia Pacific NW • 214,000 sq ft facility • Advanced processing capabilities for sheet, plate, and long products Ryerson.com 3.0 • Hub targeting transactional sales Atlanta Tube Laser Center • Expanded tube processing facility ERP Integration Progress • Opened cross-selling opportunities ✓ ✓ ✓ ✓ ✓ ✓ 16
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NEXT PHASE TARGET SEQUENCE PHASE 1 PHASE 2 PHASE 3 Invest in modernization and automation/ cure legacy investment deficit Integrate North American service center network through common digital and ERP platforms Optimize network to increase operating leverage and improve the customer experience De-lever high-yield debt Monetize legacy assets Re-orient focus toward public shareholders Gain market share vs MSCI1 ✓ Margin accretion led by value-add and transactional sales growth, and supply chain and cost to serve efficiencies Next phase targets $350 - $400M thru-the-cycle adjusted EBITDA 1MSCI = Metals Service Center Institute, the industry benchmark for volume market share 17
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10 YEAR PROGRESS Net PP&EBook Value of Equity Pension LiabilityNet Debt2 Improved Operating Model Balance Sheet Transformation Improved Capital Allocation 1For EBITDA, Adjusted EBITDA and Adj EBITDA excluding LIFO please see Ryerson’s 8-K filed on February 20, 2025; 10-year view represents 2015 - 2024; 2Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash Adj. EBITDA ex. LIFO1 10-Year Total $2.9B Annual Average $288M Cash from Operations 10-Year Total $1.9B Annual Average $192M 10-Year Total Investment Capex $567M Acquisitions $482M 10-Year Total Shareholder Return Dividends $76M Repurchase $217M Share Repurchases 2021- 2024 Shares Bought (8M) Shares at IPO 32M Shares at YE ’24 32M ; ▼$731M ▼$224M ▲$209M ▲$950M ▲$29.5/share 18