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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-34735

RYERSON HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

     Delaware

     26-1251524

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

227 W. Monroe St., 27th Floor

Chicago, Illinois 60606

(Address of principal executive offices)

(312) 292-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value, 100,000,000 shares authorized	RYI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒	Emerging growth company	☐

Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of October 24, 2025, there were 32,209,364 shares of Common Stock, par value $0.01 per share, outstanding.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

INDEX


			PAGE NO.
Part I. Financial Information:

	Item 1.	Financial Statements:

		Condensed Consolidated Statements of Comprehensive Income (Unaudited)—Three and Nine Months Ended September 30, 2025 and 2024	3

		Condensed Consolidated Statements of Cash Flows (Unaudited)—Nine Months Ended September 30, 2025 and 2024	4

		Condensed Consolidated Balance Sheets—September 30, 2025 (Unaudited) and December 31, 2024	5

		Notes to Condensed Consolidated Financial Statements (Unaudited)	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

	Item 4.	Controls and Procedures	33

Part II. Other Information:

	Item 1.	Legal Proceedings	34

	Item 1A.	Risk Factors	34

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

	Item 3.	Defaults Upon Senior Securities	35

	Item 4.	Mine Safety Disclosures	35

	Item 5.	Other Information	35

	Item 6.	Exhibits	36

Signature			37

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In millions, except per share data)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net sales	$	1,161.5		$	1,126.6		$	3,466.5		$	3,591.3
Cost of materials sold		962.0			924.6			2,853.2			2,948.2
Gross profit		199.5			202.0			613.3			643.1
Warehousing, delivery, selling, general, and administrative		200.5			196.9			606.2			612.7
Gain on insurance settlement		—			(1.3	)		—			(1.3	)
Restructuring and other charges		—			1.1			—			2.8
Operating profit (loss)		(1.0	)		5.3			7.1			28.9
Other income and (expense), net		0.8			(0.2	)		(1.2	)		1.4
Interest and other expense on debt		(10.1	)		(11.5	)		(29.4	)		(32.9	)
Loss before income taxes		(10.3	)		(6.4	)		(23.5	)		(2.6	)
Provision (benefit) for income taxes		4.1			(0.4	)		(5.9	)		0.5
Net loss		(14.4	)		(6.0	)		(17.6	)		(3.1	)
Less: Net income attributable to noncontrolling interest		0.4			0.6			0.9			1.2
Net loss attributable to Ryerson Holding Corporation	$	(14.8	)	$	(6.6	)	$	(18.5	)	$	(4.3	)
Comprehensive loss	$	(17.0	)	$	(5.4	)	$	(12.6	)	$	(8.9	)
Less: Comprehensive income attributable to noncontrolling interest		0.4			0.6			0.9			1.1
Comprehensive loss attributable to Ryerson Holding Corporation	$	(17.4	)	$	(6.0	)	$	(13.5	)	$	(10.0	)
Basic loss per share	$	(0.46	)	$	(0.20	)	$	(0.58	)	$	(0.13	)
Diluted loss per share	$	(0.46	)	$	(0.20	)	$	(0.58	)	$	(0.13	)

Dividends declared per share	$	0.1875		$	0.1875		$	0.5625		$	0.5625

See Notes to Condensed Consolidated Financial Statements.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)


	Nine Months Ended
	September 30,
	2025			2024
Operating activities:
Net loss	$	(17.6	)	$	(3.1	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		58.8			54.9
Stock-based compensation		6.1			10.8
Deferred income taxes		(5.4	)		(2.0	)
Provision for allowances, claims, and doubtful accounts		2.5			3.7
Restructuring and other charges		—			2.8
Pension and other postretirement benefits curtailment gain		—			(0.3	)
Pension settlement (gain) charge		(0.7	)		0.6
Non-cash gain from derivatives		(1.9	)		(3.5	)
Other items		1.1			(1.3	)
Change in operating assets and liabilities:
Receivables		(95.1	)		(30.6	)
Inventories		8.0			125.3
Other assets and liabilities		9.7			2.5
Accounts payable		26.3			(10.9	)
Accrued liabilities		(2.0	)		(23.6	)
Accrued taxes payable/receivable		(2.5	)		(2.4	)
Deferred employee benefit costs		(14.7	)		(10.2	)
Tenant improvement allowance		1.7			—
Net adjustments		(8.1	)		115.8
Net cash provided by (used in) operating activities		(25.7	)		112.7
Investing activities:
Acquisitions, net of cash acquired		—			(44.1	)
Capital expenditures		(30.7	)		(76.1	)
Proceeds from sale of property, plant, and equipment		2.6			1.9
Proceeds from insurance settlement		1.9			—
Other items		(4.7	)		(0.5	)
Net cash used in investing activities		(30.9	)		(118.8	)
Financing activities:
Repayment of debt		—			(2.2	)
Proceeds from borrowings		583.3			530.5
Payments made on borrowings		(552.0	)		(443.7	)
Net increase (decrease) in book overdrafts		48.0			(13.1	)
Principal payments on finance lease obligations		(4.4	)		(5.1	)
Dividends paid to shareholders		(18.0	)		(18.8	)
Share repurchases		—			(51.0	)
Proceeds from exercise of common stock options		—			0.1
Contingent payments related to acquisitions		(1.6	)		(5.3	)
Proceeds from finance lease obligations		4.1			—
Tax withholdings on stock-based compensation awards		(2.6	)		(3.7	)
Net cash provided by (used in) financing activities		56.8			(12.3	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		0.2			(18.4	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		0.9			(0.2	)
Net change in cash, cash equivalents, and restricted cash		1.1			(18.6	)
Cash, cash equivalents, and restricted cash—beginning of period		29.3			55.4
Cash, cash equivalents, and restricted cash—end of period	$	30.4		$	36.8
Supplemental disclosures:
Cash paid during the period for:
Interest paid to third parties, net	$	30.5		$	32.2
Income taxes, net		4.8			8.5
Noncash investing activities:
Asset additions under operating leases		11.9			25.4
Asset additions under finance leases		4.7			5.3

See Notes to Condensed Consolidated Financial Statements.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Balance Sheets

(In millions, except shares and per share data)


	September 30,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	29.8		$	27.7
Restricted cash		0.6			1.6
Receivables less provisions of $3.2 at September 30, 2025 and $2.5 at December 31, 2024		520.9			425.6
Inventories		678.7			684.6
Prepaid expenses and other current assets		73.5			68.1
Total current assets		1,303.5			1,207.6
Property, plant, and equipment, at cost		1,157.4			1,152.0
Less: Accumulated depreciation		550.1			515.3
Property, plant, and equipment, net		607.3			636.7
Operating lease assets		330.9			344.6
Other intangible assets less accumulated amortization of $100.3 at September 30, 2025 and $93.1 at December 31, 2024		61.1			68.3
Goodwill		161.5			161.8
Deferred charges and other assets		25.7			20.5
Total assets	$	2,490.0		$	2,439.5
Liabilities
Current liabilities:
Accounts payable	$	514.5		$	440.8
Salaries, wages, and commissions		37.9			35.7
Other accrued liabilities		66.0			67.1
Short-term debt		1.5			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		656.9			580.1
Long-term debt		498.2			466.7
Deferred employee benefits		78.1			90.9
Noncurrent operating lease liabilities		323.7			334.6
Deferred income taxes		122.9			129.0
Other noncurrent liabilities		12.8			13.7
Total liabilities		1,692.6			1,615.0
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders’ equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized; no shares issued and outstanding at September 30, 2025 and December 31, 2024		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized; 40,363,173 and 39,899,093 shares issued at September 30, 2025 and December 31, 2024, respectively		0.4			0.4
Capital in excess of par value		429.9			423.5
Retained earnings		742.8			779.6
Treasury stock at cost – Common stock of 8,164,148 and 8,051,266 shares at September 30, 2025 and December 31, 2024, respectively		(237.0	)		(234.4	)
Accumulated other comprehensive loss		(148.8	)		(153.8	)
Total Ryerson Holding Corporation stockholders’ equity		787.3			815.3
Noncontrolling interest		10.1			9.2
Total equity		797.4			824.5
Total liabilities and equity	$	2,490.0		$	2,439.5

See Notes to Condensed Consolidated Financial Statements.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1: FINANCIAL STATEMENTS

Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own 3,924,478 shares of our common stock, which is approximately 12.2% of our outstanding common stock as of September 30, 2025.

We are a leading value-added processor and distributor of industrial metals with operations in the U.S. through JT Ryerson and other U.S. subsidiaries, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”), a Chinese limited liability company. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico, together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

Basis of Presentation

The Company's Condensed Consolidated Financial Statements (Unaudited) as of September 30, 2025 and for the three-month and nine-month periods ended September 30, 2025 and 2024 have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and therefore do not include all information and disclosures normally included in the annual Consolidated Financial Statements. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from these estimated amounts. In the opinion of the Company’s management, the Condensed Consolidated Financial Statements reflect all adjustments, which are normal and recurring in nature, and necessary for fair financial statement presentation. Results of operations for any interim period are not necessarily indicative of results for any future periods or for the year. The year-end Condensed Consolidated Balance Sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In 2024, we presented our proceeds and repayments of borrowings under our $1.3 billion revolving credit facility (“the Ryerson Credit Facility”) on a net basis as the borrowings had original maturities of three months or less and qualified for net presentation. During 2025, the Company executed certain borrowings under the Ryerson Credit Facility with original maturities greater than three months and we no longer qualified for net reporting. Thus we are presenting the borrowing activity on a gross basis in the statement of cash flows. We have reclassified prior year presentation to conform with current year presentation for comparability.

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Standards—Adopted

No accounting pronouncements have been issued and adopted in 2025 that impact our financial statements.

Recently Issued Accounting Standards—Not Yet Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, “Income Taxes (Topic 740)”. The amendments in this update require public businesses to disclose specific categories in the rate reconciliation and further information for reconciling items that meet a quantitative threshold. This update also requires further disclosures of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as by the individual jurisdiction in which income taxes are paid if the amount paid is equal to or greater than five percent of total income taxes paid. Further, this update requires a disclosure of income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. The amendments may be applied on either a retrospective or prospective basis. We plan to adopt this ASU as of December 31, 2025. We do not expect there to be an impact to the consolidated financial statements, other than enhanced disclosures.

In November 2024, FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” and in January 2025 issued an update through ASU 2025-01. The amendment requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The categories required to be disclosed under the amendment include; purchases of inventory, employee

compensation, depreciation, and intangible asset amortization, as well as a qualitative description of the amount remaining in relevant expense captions that are not disaggregated quantitatively. Additionally, disclosure is required of the total amount of selling expenses and the entity's definition of selling expenses in the annual reporting periods only. This update is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied on either a retrospective or prospective basis. We are assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements, other than enhanced disclosures.

In September 2025, FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. The amendment changes certain aspects of the accounting and disclosure of software costs. Under the amendment, companies will no longer use the concept of "development stages" in determining the relevant software costs to be capitalized. Software costs will be capitalizable if management, implicitly or explicitly, authorizes and commits to funding a software project and the probable-to-complete threshold is met. This update is effective for annual periods beginning after December 15, 2027 and early adoption is permitted. These amendments can be applied prospectively to new software costs incurred as of the beginning of the adoption period for all projects, prospectively to new software costs incurred only for projects that meet the new capitalization requirements, or retrospectively by recasting comparative periods and recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the first period presented. We are assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements.

NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows:


	September 30,		December 31,
	2025		2024
	(In millions)
Cash and cash equivalents	$	29.8	$	27.7
Restricted cash		0.6		1.6
Total cash, cash equivalents, and restricted cash	$	30.4	$	29.3

We had cash restricted for the purpose of covering letters of credit that can be presented for potential insurance claims and material purchases.

NOTE 4: INVENTORIES

The Company primarily uses the last-in, first-out ("LIFO") method of valuing inventory. Under this method, older costs are included in inventory, which may be higher or lower than current costs. Interim LIFO calculations are based on projections of expected year-end inventory levels and costs. The year-end projection is then allocated to the interim quarters on a pro-rata basis. Year-end LIFO calculations are based on actual inventory levels and costs.

See the Condensed Consolidated Balance Sheets for the September 30, 2025 and December 31, 2024 values of our in process and finished goods inventory.

If current cost had been used to value inventories, such inventories would have been $128 million and $95 million higher than reported at September 30, 2025 and December 31, 2024, respectively. Approximately 88% and 89% of inventories were accounted for under the LIFO method at September 30, 2025 and December 31, 2024, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities, where we use the moving average cost and the specific cost methods to value inventory. Substantially all of our inventories consist of finished products.

The Company has consignment inventory at certain customer locations, which totaled $5.4 million and $5.0 million at September 30, 2025 and December 31, 2024, respectively.

NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $161.5 million and $161.8 million at September 30, 2025 and December 31, 2024, respectively. We recorded a reduction of goodwill of $0.3 million during the first six months of 2025 related to purchase accounting adjustments for the acquisition completed in the third quarter of 2024. No adjustments to goodwill were made during the third quarter of 2025.

Pursuant to FASB ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur that might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2024, and it was determined that no impairment existed.

Other intangible assets with finite useful lives are amortized over their useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable.

NOTE 6: LONG-TERM DEBT

Long-term debt consisted of the following at September 30, 2025 and December 31, 2024:


	September 30,			December 31,
	2025			2024
	(In millions)
Ryerson Credit Facility	$	500.5		$	470.0
Foreign debt		1.5			0.7
Unamortized debt issuance costs and discounts		(2.3	)		(3.3	)
Total debt		499.7			467.4
Less: Short-term foreign debt		1.5			0.7
Total long-term debt	$	498.2		$	466.7

Ryerson Credit Facility

On June 29, 2022, Ryerson entered into a fifth amendment of its revolving credit facility to, among other things, increase the facility size from $1.0 billion to $1.3 billion and to extend the maturity date from November 5, 2025 to June 29, 2027. On June 10, 2024, Ryerson entered into a sixth amendment of its revolving credit facility to make conforming changes to effectuate the transition of the reference rate for revolving loans borrowed in Canadian Dollars from the Canadian Dollar Offered Rate to the forward-looking term rate based on the Canadian Overnight Repo Rate Average ("CORRA").

At September 30, 2025, Ryerson had $500.5 million of outstanding borrowings, $1 million of letters of credit issued, and $443 million available under the Ryerson Credit Facility compared to $470.0 million of outstanding borrowings, $1 million of letters of credit issued, and $376 million available at December 31, 2024. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.

Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America’s prime rate, and the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00%) or (B) a Term SOFR rate or (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) the prime rate or base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s commercial loan rate, and the Term SOFR rate plus 1.00%), (B) a Term SOFR rate (for loans denominated in US Dollars), or (C) the CORRA rate (for loans denominated in Canadian Dollars).

The spread over the base rate is between 0.25% and 0.50% and the spread over the SOFR rate is between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility; provided that such spreads shall be reduced by 0.125% if the leverage ratio set forth in the most recently delivered compliance certificate is less than or equal to 3.50 to 1.00. The spread over the CORRA rate is 0.30% for a one-month interest period or 0.32% for a three-month interest period. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.20%. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00% above the rate otherwise applicable thereto. The weighted average interest rate on outstanding borrowings under the Ryerson Credit Facility was 5.6% and 5.9% at September 30, 2025 and December 31, 2024, respectively.

Borrowings under the Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivables, lockbox accounts, and related assets of the borrowers and the guarantors.

The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson Holding and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets, and acquisitions. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter.

The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees, and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments, the occurrence of a change of control of Ryerson, and a cross-default to other financing arrangements. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors.

The lenders under the Ryerson Credit Facility could reject a borrowing request if any event, circumstance, or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If Ryerson Holding, JT Ryerson, any of the other borrowers, or any restricted subsidiaries of JT Ryerson becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable.

Foreign Debt

At September 30, 2025, Ryerson China had $0.3 million of debt related to letter of credit drawdowns that incur an initiation fee of 0.05%, rather than interest. These balances are secured with Ryerson China's accounts receivables. Additionally, Ryerson China had $1.2 million of debt related to letter of credit drawdowns that incur initiation fee of 0.15%, rather than interest. These balances are not secured with any of Ryerson China's assets. At December 31, 2024, Ryerson China had $0.6 million of debt related to letter of credit drawdowns that incur an initiation fee of 0.05%, rather than interest. These balances are secured with Ryerson China's accounts receivables. Additionally, Ryerson China had $0.1 million of debt related to letter of credit drawdowns that incur an initiation fee of 0.004%, rather than interest. These balances are not secured with any of Ryerson China's assets.

Availability under the foreign credit lines was $48 million and $47 million at September 30, 2025 and December 31, 2024, respectively. Letters of credit issued by our foreign subsidiaries were zero and $1 million at September 30, 2025 and December 31, 2024, respectively.

NOTE 7: EMPLOYEE BENEFITS

The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension:


	Three Months Ended September 30,
	Pension Benefits						Other Benefits
	2025			2024			2025			2024
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	0.4		$	0.3		$	—		$	—
Interest cost		3.7			3.7			0.4			0.5
Expected return on assets		(3.9	)		(3.8	)		—			—
Settlement gain		(0.2	)		(0.5	)		—			—
Recognized actuarial (gain) loss		1.1			1.1			(1.7	)		(1.9	)
Net periodic benefit cost (credit)	$	1.1		$	0.8		$	(1.3	)	$	(1.4	)


	Nine Months Ended September 30,
	Pension Benefits						Other Benefits
	2025			2024			2025			2024
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	1.1		$	1.1			0.1		$	0.1
Interest cost		11.0			11.2			1.2			1.3
Expected return on assets		(11.5	)		(11.4	)		—			—
Settlement (gain) expense		(0.7	)		0.6			—			—
Curtailment gain		—			(0.2	)		—			(0.1	)
Recognized actuarial (gain) loss		3.3			3.1			(5.1	)		(5.5	)
Net periodic benefit cost (credit)	$	3.2		$	4.4		$	(3.8	)	$	(4.2	)

Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income.

Due to the closure of the Central Steel & Wire ("CSW") headquarters in Chicago, IL and move to University Park, IL, a significant reduction in the service years of employees occurred between the fourth quarter of 2023 and first quarter of 2024, triggering curtailment accounting. The CSW Pension and Postretirement Benefits plans were remeasured as of February 29, 2024, resulting in a curtailment gain. As the curtailment was a net gain, the gain is required to be reflected in the periods in which the terminations occurred, resulting in a curtailment gain of $0.3 million recognized in the first quarter of 2024 and $0.5 million recognized in the fourth quarter of 2023 for those terminations occurring during the respective periods. Additionally, the CSW Pension Plan lump sum payments for 2024 were in excess of service cost and interest cost, therefore, a settlement gain of $1.6 million was recorded in the first nine months of 2024. In 2025, the CSW Pension Plan is expecting lump sum payments to be in excess of service cost and interest cost, therefore, a settlement gain of $0.7 million was recorded in the first nine months of 2025.

In the first quarter of 2024, the Ryerson Canada Bargaining Unit Pension Plan made $1.2 million of lump sum payments to plan participants and purchased $5.0 million of annuities on behalf of plan participants. The lump sum payments and annuity purchases consisted of all of the existing liabilities of the Ryerson Canada Bargaining Unit Pension Plan, resulting in the termination of the plan. The Ryerson Canada Bargaining Unit Pension Plan was fully funded as of the termination date, and as such, all lump sum payments and annuity purchases were funded with pension plan assets. As a result of the termination, the Company recorded a $2.2 million settlement loss in the first quarter of 2024.

In the second quarter of 2025, the Company announced that the Ryerson Canada Salaried Pension Plan will be frozen effective June 30, 2027. The Ryerson Canada Salaried Pension Plan was remeasured as of June 30, 2025. The remeasurement did not have an impact on the Condensed Consolidated Statement of Comprehensive Income and did not have a material impact on the Condensed Consolidated Balance Sheet.

The net pension settlements and the curtailment gain were recorded within Other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income for the nine months ended September 30, 2025 and 2024.

The Company contributed $13.4 million to the pension plan funds through the nine months ended September 30, 2025, and anticipates that it will have a minimum required pension contribution funding of approximately $1.8 million for the remaining three months of 2025.

NOTE 8: COMMITMENTS AND CONTINGENCIES

There have been no material changes to the contingencies and legal matters from those disclosed in Part I, Item 1: Business - Environment, Health, and Safety Matters and in Note 12 of the Notes to the Consolidated Financial Statements, in Part II, Item 8: Financial Statements in the Company's 2024 Form 10-K.

NOTE 9: SEGMENT INFORMATION

Edward Lehner, our Chief Executive Officer, serves as our chief operating decision maker ("CODM"). The CODM views our business globally, therefore we have one operating and reportable segment, metals service centers. There are no differences from the last annual report in our basis of segmentation or measurement of segment profit or loss.

The Company’s segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(Dollars in millions)						(Dollars in millions)
Net sales	$	1,161.5		$	1,126.6		$	3,466.5		$	3,591.3
Less 1 :
Cost of materials sold, excluding LIFO (income) expense		948.8			942.7			2,820.0			2,975.3
LIFO (income) expense		13.2			(18.1	)		33.2			(27.1	)
Delivery expense		31.4			28.2			93.2			86.0
Compensation and benefits expense		91.2			86.4			280.7			272.2
Selling, general, and administrative expense		16.3			17.0			53.1			55.1
Operating expense - fixed		18.3			17.9			57.0			54.6
Operating expense - variable		15.2			14.1			45.5			47.1
Reorganization expense 2		7.3			15.8			16.3			48.6
Depreciation and amortization expense		20.2			19.5			58.8			54.9
Interest and other expense on debt		10.1			11.5			29.4			32.9
Other segment items 3		(0.2	)		(2.0	)		2.8			(5.7	)
Loss before income taxes		(10.3	)		(6.4	)		(23.5	)		(2.6	)
Provision (benefit) for income taxes		4.1			(0.4	)		(5.9	)		0.5
Net loss		(14.4	)		(6.0	)		(17.6	)		(3.1	)
Less: Net income attributable to noncontrolling interest		0.4			0.6			0.9			1.2
Net loss attributable to Ryerson Holding Corporation	$	(14.8	)	$	(6.6	)	$	(18.5	)	$	(4.3	)

(1) The significant expense categories and amounts align with the information that is regularly provided to the CODM.

(2) Reorganization expense is used by management to capture excess costs associated with one-time events or with implementing significant Company projects or changes and allows the CODM to assess performance without the impact of these items. It is not a GAAP financial measure. Expenses excluding reorganization expense should not be used as a substitute for total expenses reported on our Condensed Consolidated Statements of Comprehensive Income.

(3) Other segment items include foreign exchange gain and loss, pension settlement and curtailment gains and losses, pension and postretirement benefit costs other than service costs, gains or losses on investments, purchase consideration, gains on insurance settlements, impairment charges on assets, and discounts on accounts receivable factoring.

The measure of segment assets used by the CODM is reported on the Condensed Consolidated Balance Sheets as total consolidated assets. The primary measure of segment profit or loss that is most consistent with GAAP is net income (loss) attributable to Ryerson Holding Corporation as reported on the Condensed Consolidated Statements of Comprehensive Income. Net income (loss) is used by the CODM for planning and forecasting future periods, analyzing the core operating performance of the business, as well as to allocate resources, including for employee compensation and capital investment.

Capital expenditures are regularly provided to the CODM on a consolidated basis. See our Condensed Consolidated Statement of Cash Flows for capital expenditure amounts as of September 30, 2025 and 2024.

NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost or risk of hedging particular exposures. There can be no assurance that the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps may be entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge variability in cash flows in our Canada, Mexico, and China operations when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. We may also enter into natural gas and diesel fuel future and option contracts to manage the price risk of forecasted purchases of these energy costs.

The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but, rather marks them to market with a corresponding offset to current earnings.

The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements.

The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $1.9 million and zero as of September 30, 2025 and December 31, 2024, respectively.


	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	September 30, 2025		December 31, 2024		Balance Sheet Location	September 30, 2025		December 31, 2024
Derivatives not designated as hedging instruments under ASC 815	(In millions)
Metal commodity contracts	Prepaid expenses and other current assets	$	4.7	$	1.8	Other accrued liabilities	$	2.9	$	2.0
Energy commodity contracts	Prepaid expenses and other current assets		0.1		0.1	Other accrued liabilities		—		—
Foreign currency exchange contracts	Prepaid expenses and other current assets		—		0.1	Other accrued liabilities		—		—
Total derivatives		$	4.8	$	2.0		$	2.9	$	2.0

The following table presents the volume of the Company’s activity in derivative instruments as of September 30, 2025 and December 31, 2024:


	Notional Amount
Derivative Instruments	September 30, 2025		December 31, 2024		Unit of Measurement
Hot roll coil swap contracts		14,800		31,658	Tons
Aluminum swap contracts		12,404		15,711	Tons
Nickel swap contracts		312		298	Tons
Copper swap contracts		2,552		1,319	Tons
Natural gas swap contracts		181,120		283,000	Gallons
Diesel fuel swap contracts		1,940,000		1,176,000	Gallons
Foreign currency exchange contracts	3.4 million		1.6 million		U.S. dollars

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024:


		Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025		2024

Metal commodity contracts	Cost of materials sold	$	(0.8	)	$	0.7		$	6.3	$	5.1
Foreign exchange contracts	Other income and (expense), net		0.1			(0.1	)		—		—
Total		$	(0.7	)	$	0.6		$	6.3	$	5.1

Fair Value Measurements

The Company has various commodity derivatives to lock in hot roll coil, nickel, aluminum, copper, natural gas, and diesel fuel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil, hot-dipped galvanized premium, copper, Midwest Premium, natural gas, and diesel fuel) and the London Metals Exchange (nickel and aluminum), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. As the fair value of each commodity and foreign exchange contract is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) and the market approach valuation technique, as described in ASC 820, "Fair Value Measurement", these derivative balances are classified as Level 2 within the fair value hierarchy.

As of September 30, 2025 and December 31, 2024, the Company had $5.8 million and $0.3 million of assets held for sale, respectively, classified within "Prepaid expenses and other current assets" on the Condensed Consolidated Balance Sheet. The assets were recognized at fair value less cost to sell, in accordance with ASC 360, "Property Plant and Equipment". For the nine-month period ended September 30, 2025, $1.9 million of impairment charges related to a portion of these assets were recorded within Warehousing, delivery, selling, general, and administrative expense on the Condensed Consolidated Statement of Comprehensive Income. The fair value less costs to sell of long-lived assets held for sale is assessed each reporting period that the assets remain classified as held for sale. Any increase or decrease in the held for sale long-lived asset's fair value less cost to sell is reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. The fair value of the properties and machinery and equipment were determined based on listing agreements with third-party brokerage firms and appraisals performed by a third-party. As the fair value of the properties and machinery and equipment is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) these asset balances are classified as Level 2 within the fair value hierarchy on a non-recurring basis.

The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof approximate the carrying amounts in the consolidated financial statements due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility. See the Condensed Consolidated Balance Sheets for the September 30, 2025 and December 31, 2024 values of these assets and liabilities.

NOTE 11: STOCKHOLDERS’ EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months and nine months ended September 30, 2025:


																	Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock						Capital in Excess of Par Value			Retained Earnings			Foreign Currency Translation			Benefit Plan Liabilities			Non-controlling Interest			Total Equity
	Shares		Dollars		Shares			Dollars			Dollars			Dollars			Dollars			Dollars			Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2025		39,899	$	0.4		(8,051	)	$	(234.4	)	$	423.5		$	779.6		$	(67.5	)	$	(86.3	)	$	9.2		$	824.5
Net income (loss)		—		—		—			—			—			(5.6	)		—			—			0.3			(5.3	)
Foreign currency translation		—		—		—			—			—			—			0.3			—			(0.1	)		0.2
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.2		—		—		—			—			—			—			—			(1.0	)		—			(1.0	)
Stock-based compensation expense, net		459		—		(113	)		(2.6	)		3.3			—			—			—			—			0.7
Cash dividends and dividend equivalents		—		—		—			—			0.3			(6.1	)		—			—			—			(5.8	)
Balance at March 31, 2025		40,358	$	0.4		(8,164	)	$	(237.0	)	$	427.1		$	767.9		$	(67.2	)	$	(87.3	)	$	9.4		$	813.3
Net income		—		—		—			—			—			1.9			—			—			0.2			2.1
Foreign currency translation		—		—		—			—			—			—			8.5			—			0.1			8.6
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6		—		—		—			—			—			—			—			(0.2	)		—			(0.2	)
Stock-based compensation expense, net		2		—		—			—			3.5			—			—			—			—			3.5
Cash dividends and dividend equivalents		—		—		—			—			—			(6.1	)		—			—			—			(6.1	)
Balance at June 30, 2025		40,360	$	0.4		(8,164	)	$	(237.0	)	$	430.6		$	763.7		$	(58.7	)	$	(87.5	)	$	9.7		$	821.2
Net income (loss)		—		—		—			—			—			(14.8	)		—			—			0.4			(14.4	)
Foreign currency translation		—		—		—			—			—			—			(2.0	)		—			—			(2.0	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.2		—		—		—			—			—			—			—			(0.6	)		—			(0.6	)
Stock-based compensation expense, net		3		—		—			—			(0.7	)		—			—			—			—			(0.7	)
Cash dividends and dividend equivalents		—		—		—			—			—			(6.1	)		—			—			—			(6.1	)
Balance at September 30, 2025		40,363	$	0.4		(8,164	)	$	(237.0	)	$	429.9		$	742.8		$	(60.7	)	$	(88.1	)	$	10.1		$	797.4

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months and nine months ended September 30, 2024:


																Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock						Capital in Excess of Par Value		Retained Earnings			Foreign Currency Translation			Benefit Plan Liabilities			Non-controlling Interest			Total Equity
	Shares		Dollars		Shares			Dollars			Dollars		Dollars			Dollars			Dollars			Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2024		39,451	$	0.4		(5,413	)	$	(179.3	)	$	411.6	$	813.2		$	(52.2	)	$	(87.8	)	$	8.6		$	914.5
Net income (loss)		—		—		—			—			—		(7.6	)		—			—			0.2			(7.4	)
Foreign currency translation		—		—		—			—			—		—			(3.3	)		—			(0.1	)		(3.4	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.7		—		—		—			—			—		—			—			1.1			—			1.1
Share repurchases, net of tax of zero				—		(31	)		(1.0	)		—		—			—			—			—			(1.0	)
Stock-based compensation expense, net		436		—		(111	)		(3.7	)		3.3		—			—			—			—			(0.4	)
Cash dividends and dividend equivalents

Ryerson Holding Corp 10-Q