10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2016

or

o 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., 27^th Floor

Chicago, Illinois 60606

(Address of principal executive offices)

(312) 292-5000

(Registrant’s telephone number, including area code)

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  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  x    No  o

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

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o

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

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 May 2, 2016 there were 32,099,700 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 Months ended March 31, 2016 and 2015	3
		Condensed Consolidated Statements of Cash Flows (Unaudited)—Three Months ended March 31, 2016 and 2015	4
		Condensed Consolidated Balance Sheets—March 31, 2016 (Unaudited) and December 31, 2015	5
		Notes to Condensed Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
	Item 4.	Controls and Procedures	34
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	34
	Item 3.	Defaults Upon Senior Securities	34
	Item 4.	Mine Safety Disclosures	34
	Item 5.	Other Information	34
	Item 6.	Exhibits	34
Signature			36

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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
	March 31,
	2016			2015
Net sales	$	702.6		$	868.0
Cost of materials sold		555.0			718.0
Gross profit		147.6			150.0
Warehousing, delivery, selling, general and administrative		109.3			116.4
Operating profit		38.3			33.6
Other income and (expense), net		5.3			(11.3	)
Interest and other expense on debt		(22.0	)		(25.3	)
Income (loss) before income taxes		21.6			(3.0	)
Provision (benefit) for income taxes		8.1			(0.2	)
Net income (loss)		13.5			(2.8	)
Less: Net loss attributable to noncontrolling interest		—			(0.3	)
Net income (loss) attributable to Ryerson Holding Corporation	$	13.5		$	(2.5	)
Comprehensive income (loss)	$	21.9		$	(9.1	)
Less: Comprehensive loss attributable to noncontrolling interest		—			(0.3	)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$	21.9		$	(8.8	)
Basic and diluted earnings (loss) per share	$	0.42		$	(0.08	)

See Notes to Condensed Consolidated Financial Statements.

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RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

	Three Months Ended
	March 31,
	2016			2015
Operating activities:
Net income (loss)	$	13.5		$	(2.8	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		10.9			11.1
Stock-based compensation		0.2			—
Deferred income taxes		8.4			(1.0	)
Provision for allowances, claims and doubtful accounts		0.9			1.5
(Gain) loss on retirement of debt		(8.2	)		0.5
Other-than-temporary impairment charge on available-for-sale investments		—			12.3
Other items		(0.1	)		(0.2	)
Change in operating assets and liabilities:
Receivables		(36.0	)		(16.9	)
Inventories		(12.6	)		70.8
Other assets		6.0			2.5
Accounts payable		54.6			31.9
Accrued liabilities		16.9			6.8
Accrued taxes payable/receivable		0.2			(1.3	)
Deferred employee benefit costs		(7.7	)		(13.6	)
Net adjustments		33.5			104.4
Net cash provided by operating activities		47.0			101.6
Investing activities:
Increase in restricted cash		(0.9	)		—
Capital expenditures		(5.4	)		(5.7	)
Proceeds from sale of property, plant and equipment		1.2			0.1
Net cash used in investing activities		(5.1	)		(5.6	)
Financing activities:
Repayment of debt		(16.9	)		(30.3	)
Net repayments of short term borrowings		(23.5	)		(26.9	)
Net increase (decrease) in book overdrafts		4.4			(25.1	)
Principal payments on capital lease obligations		(1.3	)		(0.4	)
Net cash used in financing activities		(37.3	)		(82.7	)
Net increase in cash and cash equivalents		4.6			13.3
Effect of exchange rate changes on cash and cash equivalents		2.7			(2.5	)
Net change in cash and cash equivalents		7.3			10.8
Cash and cash equivalents—beginning of period		63.2			60.0
Cash and cash equivalents—end of period	$	70.5		$	70.8
Supplemental disclosures:
Cash paid during the period for:
Interest paid to third parties	$	3.5		$	5.2
Income taxes, net		0.4			0.9
Noncash investing activities:
Asset additions under capital leases	$	0.5		$	1.1

See Notes to Condensed Consolidated Financial Statements.

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RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Balance Sheets

(In millions, except shares)

	March 31,			December 31,
	2016			2015
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	70.5		$	63.2
Restricted cash		2.1			1.2
Receivables less provision for allowances, claims and doubtful accounts of $5.9 in    2016 and $5.2 in 2015		343.0			305.7
Inventories		571.1			555.8
Prepaid expenses and other current assets		28.1			32.8
Total current assets		1,014.8			958.7
Property, plant, and equipment, at cost		661.1			654.5
Less: Accumulated depreciation		263.3			254.2
Property, plant and equipment, net		397.8			400.3
Deferred income taxes		17.1			31.8
Other intangible assets		44.7			46.2
Goodwill		103.2			103.2
Deferred charges and other assets		5.2			5.0
Total assets	$	1,582.8		$	1,545.2
Liabilities
Current liabilities:
Accounts payable	$	265.9		$	206.3
Salaries, wages and commissions		30.9			26.3
Other accrued liabilities		63.0			52.0
Short-term debt		20.8			22.0
Current portion of deferred employee benefits		9.2			9.1
Total current liabilities		389.8			315.7
Long-term debt		955.8			1,001.5
Deferred employee benefits		320.9			327.7
Taxes and other credits		35.0			41.1
Total liabilities		1,701.5			1,686.0
Commitments and contingencies
Redeemable noncontrolling interest		(0.1	)		0.1
Equity
Ryerson Holding Corporation stockholders’ equity (deficit):
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares    issued at 2016 and 2015		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized; 32,312,200 shares        issued at 2016 and 2015		0.3			0.3
Capital in excess of par value		302.8			302.6
Accumulated deficit		(117.4	)		(130.9	)
Treasury stock at cost – Common stock of 212,500 shares in 2016 and 2015		(6.6	)		(6.6	)
Accumulated other comprehensive loss		(298.6	)		(307.0	)
Total Ryerson Holding Corporation stockholders’ equity (deficit)		(119.5	)		(141.6	)
Noncontrolling interest		0.9			0.7
Total equity (deficit)		(118.6	)		(140.9	)
Total liabilities and equity	$	1,582.8		$	1,545.2

See Notes to Condensed Consolidated Financial Statements.

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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 approximately 21,037,500 shares of our common stock, which is approximately 66%of our issued and outstanding common stock.

Ryerson Holding conducts materials distribution operations in the United States through JT Ryerson, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its 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 distribution operations in China through Ryerson China Limited (“Ryerson China”), and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have a 50% direct ownership percentage. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

The following table shows our percentage of sales by major product lines for the three months ended March 31, 2016 and 2015, respectively:

	Three Months Ended
	March 31,
Product Line	2016			2015
Carbon Steel Flat		25	%		23	%
Carbon Steel Plate		10			11
Carbon Steel Long		16			17
Stainless Steel Flat		16			16
Stainless Steel Plate		4			4
Stainless Steel Long		3			4
Aluminum Flat		16			16
Aluminum Plate		3			3
Aluminum Long		5			4
Other		2			2
Total		100	%		100	%

Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 are unaudited, but in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. 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 accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS

Impact of Recently Issued Accounting Standards—Adopted

In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption resulted in the reclassification of $11.0 million of capitalized debt issuance costs from deferred charges and other assets to long-term debt at December 31, 2015.

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In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments in this update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the update specifies that the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. The update further specifies that the customer should account for a cloud computing arrangement as a service contract if the arrangement does not include a software license. ASU 2015-05 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption of this guidance did not have an impact on our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The amendment eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead the acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The update is effective for fiscal years beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements on prior acquisitions.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which creates Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers” and supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition.” The update outlines a comprehensive model for all entities to use in accounting for revenue arising from contracts with customers as well as required disclosures. Entities have the option of using either a full retrospective or modified approach to adopt the new guidance. The new revenue standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The amendment clarifies the implementation guidance on principal versus agent considerations, and affects the guidance in ASU 2014-09 “Revenue from Contracts with Customers,” which is not yet effective. The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” The amendment clarifies the implementation guidance on identifying performance obligations and accounting for licenses of intellectual property, and affects the guidance in ASU 2014-09 “Revenue from Contracts with Customers,” which is not yet effective. The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual periods, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early adoption is permitted. We will adopt this guidance for our fiscal year ending December 31, 2016. The adoption of this guidance is not expected to have an impact on our consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01 change the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in net income.  Under current guidance, changes in fair value for investments of this nature are recognized in accumulated other comprehensive income as a component of stockholders’ equity. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments without readily determinable fair values; requires entities to use the exit price when estimating the fair value of financial

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instruments; and modifies various presentation disclosure requirements for financial instruments. The update is effective for interim and annual reporting periods beginning after December 15, 2017.  Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases” codified in ASC 842, “Leases.” The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The amendment also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2019. We are still assessing the impact of adoption on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, “Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting.” The amendment eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The update is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2017, including interim periods within that reporting period. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” The amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are still assessing the impact of adoption on our consolidated financial statements.

NOTE 3: INVENTORIES

The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels.

Inventories, at stated LIFO value, were classified at March 31, 2016 and December 31, 2015 as follows:

	March 31,		December 31,
	2016		2015
	(In millions)
In process and finished products	$	571.1	$	555.8

If current cost had been used to value inventories, such inventories would have been $149 million lower and $122 million lower than reported at March 31, 2016 and December 31, 2015, respectively. Approximately 91% of inventories are accounted for under the LIFO method at March 31, 2016 and December 31, 2015. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

Inventories are stated at the lower of cost or market value. We record amounts required, if any, to reduce the carrying value of inventory to its lower of cost or market as a charge to cost of materials sold. Due to the decline in metals prices, we recorded a lower of cost or market charge of $11.8 million and zero for the three months ended March 31, 2016 and 2015, respectively, to cost of materials sold to reflect this lower value. The lower of cost or market reserve totaled $49.7 million and $37.9 million at March 31, 2016 and December 31, 2015, respectively.

The Company has consignment inventory at certain customer locations, which totaled $8.3 million and $9.9 million at March 31, 2016 and December 31, 2015, respectively.

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NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $103.2  million at March 31, 2016 and December 31, 2015. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2015, and it was determined that no impairment existed in 2015.

Other intangible assets with finite useful lives continue to be 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 5: ACQUISITIONS

Southern Tool Steel

On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN.The acquisition is not material to our consolidated financial statements.

NOTE 6: LONG-TERM DEBT

Long-term debt consisted of the following at March 31, 2016 and December 31, 2015:

	March 31,			December 31,
	2016			2015
	(In millions)
Ryerson Credit Facility	$	249.9		$	272.2
9% Senior Secured Notes due 2017		569.9			569.9
11.25% Senior Notes due 2018		145.3			170.4
Foreign debt		20.8			22.0
Unamortized debt issuance costs		(9.3	)		(11.0	)
Total debt		976.6			1,023.5
Less:
Short-term foreign debt		20.8			22.0
Total long-term debt	$	955.8		$	1,001.5

Ryerson Credit Facility

On July 24, 2015, Ryerson terminated its $1.35 billion revolving credit facility agreement (the “Old Credit Facility”) and entered into a new $1.0 billion revolving credit agreement (the “Ryerson Credit Facility”). Borrowings under the Ryerson Credit Facility were used to repay indebtedness under the Old Credit Facility. The Ryerson Credit Facility has a maturity date of the earlier of (a) July 24, 2020 or (b) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. As a result of the Ryerson Credit Facility, the Company recorded a $2.9 million charge in the third quarter of 2015 to write-off a portion of the issuance costs associated with the Old Credit Facility.

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At March 31, 2016, Ryerson had$249.9million of outstanding borrowings, $16 million of letters of credit issued and $240million available under the Ryerson Credit Facility compared to $272.2 million of outstanding borrowings, $17 million of letters of credit issued and $185 million available at December 31, 2015. 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 (and in the case of Canadian accounts, a Canadian guarantor) 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 aggregate value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor), with such inventory adjusted to exclude various ineligible inventory, including, among other things, (i) any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business, (ii) 50% of the value of any inventory that (A) has not been sold or processed within a 180 day period and (B) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption, and (iii) 50% of the value of inventory classified as partial inventory pieces on the basis that the inventory has been cut below sales lengths customary for such inventory.Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. The weighted average interest rate on the borrowings under the Ryerson Credit Facilitywas 2.5 percent and 2.1 percent at March 31, 2016 and December 31, 2015, respectively.

The total $1.0 billion Ryerson Credit Facility has an allocation of $925 million to the Company’s subsidiaries in the United States and an allocation of $75 million to Ryerson Holding’s Canadian subsidiary that is a borrower. 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, N.A.’s prime rate and the one-month LIBOR rate plus 1.00%) or (B) a LIBOR rate or, (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) a rate determined by reference to the Canadian base rate (the greatest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s “base rate” for pricing loans in U.S. Dollars made at its “base rate” and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greatest of the Bank of Canada overnight rate plus 0.50%, Bank of America-Canada Branch’s “prime rate” for commercial loans made by it in Canada in Canadian Dollars and the one-month Canadian bankers’ acceptance rate plus 1.00%) or (C) the bankers’ acceptance rate. The spread over the base rate and prime rate is between 0.25% and 0.75% and the spread over the LIBOR and for the bankers’ acceptances is between 1.25% and 1.75%, depending on the amount available to be borrowed under the Ryerson Credit Facility. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.25%.

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 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, and includes defaults upon (among other things) the occurrence of a change of control of Ryerson and a cross-default to other financing arrangements.

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 and the occurrence of a change of control of Ryerson. 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 have the ability to 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.

10

Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2017 and 2018 Notes

On October 10, 2012, JT Ryerson issued $600 million in aggregate principal amount of the 2017 Notes (the “2017 Notes”) and $300 million in aggregate principal amount of the 2018 Notes (together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility.

The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset.

The 2017 Notes became redeemable by the Company, in whole or in part on April 15, 2015 and the 2018 Notes became redeemable, in whole or in part, on October 15, 2015, in each case at specified redemption prices.If a change of control occurs, JT Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest.

As of March 31, 2016, $569.9million and $145.3 million of the original outstanding principal amount of the 2017 and 2018 Notes remain outstanding, respectively. The Company has repurchased and in the future may repurchase 2017 and 2018 Notes in the open market. During the first three months of 2016, a principal amount of $25.1 million of the 2018 Notes were repurchased for $16.9 million and retired, resulting in the recognition of a $8.2 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $16.8million of the 2017 Notes were repurchased for $17.0 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $13.0 million of the 2018 Notes were repurchased for $13.3 million and retired, resulting in the recognition of a $0.3 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income.

Foreign Debt

At March 31, 2016, Ryerson China’s total foreign borrowings were $20.6 million, which were owed to banks in Asia at a weighted average interest rate of 4.4% per annum and secured by inventory and property, plant and equipment. At December 31, 2015, Ryerson China’s total foreign borrowings were $21.8 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% per annum and secured by inventory and property, plant and equipment. Açofran’s total foreign borrowings were $0.2 million at March 31, 2016 and December 31, 2015.

Availability under the foreign credit lines was $25million and $23 million at March 31, 2016 and December 31, 2015, respectively. Letters of credit issued by our foreign subsidiaries totaled $1 million and $2 million at March 31, 2016 and December 31, 2015, respectively.

11

NOTE 7: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost for the three months ended March 31, 2016 and 2015 for the Ryerson pension plans and postretirement benefits other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2016			2015			2016			2015
	(In millions)
Components of net periodic benefit (credit) cost
Service cost	$	—		$	1		$	—		$	—
Interest cost		7			9			1			1
Expected return on assets		(11	)		(12	)		—			—
Recognized actuarial (gain) loss		3			3			(2	)		(2	)
Amortization of prior service credit		—			—			(1	)		(1	)
Net periodic benefit (credit) cost	$	(1	)	$	1		$	(2	)	$	(2	)

Contributions

The Company has contributed $2 million to the pension plan fund through the three months ended March 31, 2016 and anticipates that it will have a minimum required pension contribution funding of approximately $20 million for the remaining nine months of 2016.

NOTE 8: COMMITMENTS AND CONTINGENCIES

From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

In October 2011, the United States Environmental Protection Agency (the “EPA”) named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). On February 9, 2016, we received correspondence from the EPA stating that its initial Remedial Investigation and Feasibility Study will be completed in “early 2016,” a Proposed Plan for the site should be released in April 2016, and a final cleanup decision for the site should be published in the Record of Decision by December 31, 2016. As of May 5, 2016, the EPA’s Proposed Plan for the site has not been released. We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.

There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2016 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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NOTE 9: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the 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 periodically to reduce volatility in the price of metals. We may also enter into natural gas and diesel fuel price swaps to manage the price risk of forecasted purchases of natural gas and diesel fuel. The Company currently does not account for its 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 March 31, 2016 and December 31, 2015:

Asset Derivatives

Liability Derivatives

March 31, 2016

December 31, 2015

March 31, 2016

December 31, 2015

Balance

Balance

Balance

Balance

Sheet

Fair

Sheet

Fair

Sheet

Fair

Sheet

Fair

Location

Value

Location

Value

Location

Value

Location

Value

(In millions)

Derivatives not designated as hedging    instruments under ASC 815

Foreign exchange contracts

Prepaidexpenses and other current assets

$

—

Prepaidexpenses and other current assets

$

0.1

Other accrued liabilities

$

0.1

Other accrued liabilities

$

—

Commodity contracts

Prepaidexpenses and other current assets

1.5

Prepaidexpenses and other current assets

—

Other accrued liabilities

1.8

Other accrued liabilities

3.5

Total derivatives

$

1.5

$

0.1

$

1.9

$

3.5

As of March 31, 2016 and December 31, 2015, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $2.2million and $1.6 million, respectively. As of March 31, 2016 and December 31, 2015, the Company had123tons and 177 tons, respectively, of nickel futures or option contracts related to forecasted purchases. As of March 31, 2016 and December 31, 2015, the Company had 34,940tons and 15,120 tons, respectively, of hot roll coil option contracts related to forecasted purchases and sales. The Company has aluminum price swaps related to forecasted purchases, which had a notional amount of14,876tons and 13,878 tons as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016 and December 31, 2015, the Company has390,000gallons and 533,000 gallons, respectively, of diesel fuel hedge contracts related to forecasted purchases.

The following table summarizes the location and amount of gains and losses reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015:

Derivativesnot designated as	Location of Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Derivatives
hedging instruments under	Recognized in Income on	Three Months Ended March 31,
ASC 815	Derivatives	2016			2015
		(In millions)
Foreign exchange contracts	Other income and (expense), net	$	(0.2	)	$	0.1
Commodity contracts	Cost of materials sold		2.2			(3.8	)
Diesel fuel hedges	Warehousing, delivery, selling, general and administrative		—			(0.1	)
Total		$	2.0		$	(3.8	)

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Fair Value Measurements

To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.

2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability.

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock—available-for-sale investment	$	3.8	$	—	$	—
Mark-to-market derivatives:
Commodity contracts	$	—	$	1.5	$	—
Liabilities
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Commodity contracts		—		1.8		—
Total liability derivatives	$	—	$	1.9	$	—

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock – available-for-sale investment	$	2.2	$	—	$	—
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Liabilities
Mark-to-market derivatives:
Commodity contracts	$	—	$	3.5	$	—

14

The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel 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 London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of hot roll coil and aluminum 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 New York Mercantile Exchange and the London Metals Exchange, respectively, for the commodity on the valuation date. The Company has various commodity derivatives to lock in diesel 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 of the Platts Index for Gulf Coast Ultra Low Sulfur Diesel on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. 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 contract term varies in the number of months, but on average is between 3 to 12 months in length.

The carrying and estimated fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 were as follows:

	At March 31, 2016				At December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	70.5	$	70.5	$	63.2	$	63.2
Restricted cash		2.1		2.1		1.2		1.2
Receivables less provision for allowances, claims and    doubtful accounts		343.0		343.0		305.7		305.7
Accounts payable		265.9		265.9		206.3		206.3
Long-term debt, including current portion		976.6		848.9		1,023.5		855.3

The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts 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 is determined by using quoted market prices of Company debt securities (Level 2 inputs).

Assets Held for Sale

The Company had $3.1million and $4.2 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of March 31, 2016 and December 31, 2015, respectively. The Company recorded a $0.4 million gain in the three months ended March 31, 2015, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “Property, Plant and Equipment – Other Presentation Matters.” The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period that they 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 values of each property were determined based on appraisals obtained from a third-party, pending sales contracts, or recent listing agreements with third-party brokerage firms.

The following table presents those assets that were measured at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	3.1	$	—

15

The following table presents those assets that were measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	4.2	$	—

Available-For-Sale Investments

The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its market value at the end of the period in which it is determined that an other-than-temporary decline has occurred. The investment was in a gross unrealized loss position for twelve months as of March 31, 2015. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized a $12.3 million impairment charge within other income and (expense), net in the first quarter of 2015.  As of March 31, 2016, the investment has been in an unrealized loss position from its adjusted cost basis for nine months. Management does not currently intend to sell the investment before recovery of its adjusted cost basis.  Realized gains and losses are recorded within the Condensed Consolidated Statement of Comprehensive Income upon sale of the security and are based on specific identification.

The Company’s available-for-sale securities as of March 31, 2016 can be summarized as follows:

	At March 31, 2016
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(1.3	)	$	3.8

The Company’s available-for-sale securities as of December 31, 2015 can be summarized as follows:

	At December 31, 2015
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(2.9	)	$	2.2

There is no maturity date for these investments and there have been no salesduring the three months ended March 31, 2016.

16

NOTE 10: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND REDEEMABLE NONCONTROLLING INTEREST

The following table details changes in these accounts:

	Ryerson Holding Corporation Stockholders
															Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of ParValue		Accumulated Deficit			Foreign Currency Translation			Benefit Plan Liabilities			Available-For-Sale Investments			Noncontrolling Interest		Total Equity			Redeemable Noncontrolling Interest
	Shares		Dollars		Shares		Dollars			Dollars		Dollars			Dollars			Dollars			Dollars			Dollars		Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.6	$	(130.9	)	$	(53.8	)	$	(252.5	)	$	(0.7	)	$	0.7	$	(140.9	)	$	0.1
Net income (loss)		—		—		—		—			—		13.5			—			—			—			0.2		13.7			(0.2	)
Foreign currency translation		—		—		—		—			—		—			4.2			—			—			—		4.2			—
Gain on intra-entity foreign currency transactions		—		—		—		—			—		—			3.0			—			—			—		3.0			—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.1		—		—		—		—			—		—			—			0.3			—			—		0.3			—
Unrealized gain on available-for-sale investment, net of tax of $0.6		—		—		—		—			—		—			—			—			0.9			—		0.9			—
Stock-based compensation expense		—		—		—		—			0.2		—			—			—			—			—		0.2			—
Balance at March 31, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.8	$	(117.4	)	$	(46.6	)	$	(252.2	)	$	0.2		$	0.9	$	(118.6	)	$	(0.1	)

The following table details the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2016:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component
	Foreign Currency Translation			Benefit Plan Liabilities			Available- For-Sale Investments
	(In millions)
Balance at January 1, 2016	$	(53.8	)	$	(252.5	)	$	(0.7	)
Other comprehensive income before    reclassifications		7.2			—			0.9
Amounts reclassified from accumulated other    comprehensive income		—			0.3			—
Net current-period other comprehensive income		7.2			0.3			0.9
Balance at March 31, 2016	$	(46.6	)	$	(252.2	)	$	0.2

17

The following table details the reclassifications out of accumulated other comprehensive income (loss) for thethree months ended March 31, 2016 and 2015:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Condensed
Details about Accumulated Other	March 31, 2016			March 31, 2015			Consolidated Statements of
Comprehensive Income (Loss) Components	(In millions)						Comprehensive Income
Other-than-temporary impairment
Other-than-temporary impairment charge	$	—		$	12.3		Other income and (expense) net
Tax benefit		—			(4.7	)
Net of tax	$	—		$	7.6
Amortization of defined    benefit pension and other    post-retirement benefit plan items
Actuarial loss	$	1.1		$	1.5		Warehousing, delivery, selling, general and administrative
Prior service credit		(0.7	)		(0.6	)	Warehousing, delivery, selling, general and administrative
Total before tax		0.4			0.9
Tax provision		0.1			0.3
Net of tax	$	0.3		$	0.6

NOTE 11: RELATED PARTIES

JT Ryerson, one of our subsidiaries, was party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provided JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering of Ryerson Holding common stock, which occurred on August 13, 2014. As consideration for terminating the advisory fee services agreement, Platinum Advisors and its affiliates were paid $15.0 million in August 2014, with an additional $10.0 million paid in August 2015. The total advisory fee recorded was zero for the three months ended March 31, 2016 and 2015.

NOTE 12: INCOME TAXES

For the three months ended March 31, 2016, the Company recorded income tax expense from operations of$8.1 million compared to an income tax benefit of $0.2 million in the prior year. The $8.1 million tax expense in the first three months of 2016 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses.

In accordance with FASB ASC 740, “Income Taxes,” the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $24.3 million and $22.6 million at March 31, 2016 and December 31, 2015, respectively.

18

NOTE 13: EARNINGS PER SHARE

Basic earnings (loss) per share attributable to Ryerson Holding’s common stock is determined based on earnings (loss) for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. Potentially dilutive securities whose effect would have been antidilutive were not significant for the three months ended March 31, 2016 and 2015.

The following table sets forth the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended March 31,
Basic and diluted earnings (loss) per share		2016		2015
	(In millions, except share and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	13.5	$	(2.5	)
Denominator:
Weighted average shares outstanding		32,099,700		32,037,500
Dilutive effect of stock-based awards		—		—
Weighted average shares outstanding adjusted for dilutive securities		32,099,700		32,037,500
Earnings (loss) per share
Basic	$	0.42	$	(0.08	)
Diluted	$	0.42	$	(0.08	)

19

NOTE 14: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

On October 10, 2012, JT Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. On December 30, 2014, Ryerson Holding entered into agreements with JT Ryerson, as issuer, Wells Fargo Bank, as trustee, and each of the guarantors party to the 2017 and 2018 Notes, whereby Ryerson Holding provided unconditional guarantees of the 2017 and 2018 Notes, jointly and severally with the other guarantors of the 2017 and 2018 Notes. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson Holding and the guarantees are joint and several. JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson Holding and its subsidiaries as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015.

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	601.2		$	465.3	$	89.3		$	(453.2	)	$	702.6
Cost of materials sold		—			477.6			456.5		74.1			(453.2	)		555.0
Gross profit		—			123.6			8.8		15.2			—			147.6
Warehousing, delivery, selling, general and    administrative		0.1			91.0			5.3		12.9			—			109.3
Operating profit (loss)		(0.1	)		32.6			3.5		2.3			—			38.3
Other income and (expense), net		—			8.2			—		(2.9	)		—			5.3
Interest and other expense on debt		—			(21.5	)		—		(0.5	)		—			(22.0	)
Intercompany transactions:
Interest expense on intercompany loans		—			(2.1	)		—		(0.9	)		3.0			—
Interest income on intercompany loans		—			—			3.0		—			(3.0	)		—
Income (loss) before income taxes		(0.1	)		17.2			6.5		(2.0	)		—			21.6
Provision (benefit) for income taxes		(0.1	)		5.0			3.3		(0.1	)		—			8.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7		—			13.1			—
Net income (loss)		13.5			13.5			1.5		(1.9	)		(13.1	)		13.5
Less: Net income (loss) attributable to noncontrolling    interest		—			—			—		—			—			—
Net income (loss) attributable to Ryerson Holding    Corporation	$	13.5		$	13.5		$	1.5	$	(1.9	)	$	(13.1	)	$	13.5
Comprehensive income	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9
Less: Comprehensive income (loss) attributable to    noncontrolling interest		—			—			—		—			—			—
Comprehensive income attributable to Ryerson    Holding Corporation	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9

20

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	738.1		$	531.4		$	102.2		$	(503.7	)	$	868.0
Cost of materials sold		—			615.5			518.5			87.7			(503.7	)		718.0
Gross profit		—			122.6			12.9			14.5			—			150.0
Warehousing, delivery, selling, general and    administrative		0.1			93.8			7.7			14.8			—			116.4
Operating profit (loss)		(0.1	)		28.8			5.2			(0.3	)		—			33.6
Other income and (expense), net		—			(0.5	)		(12.3	)		1.5			—			(11.3	)
Interest and other expense on debt		—			(24.5	)		—			(0.8	)		—			(25.3	)
Intercompany transactions:
Interest expense on intercompany loans		—			(0.9	)		—			(1.0	)		1.9			—
Interest income on intercompany loans		—			—			1.9			—			(1.9	)		—
Income (loss) before income taxes		(0.1	)		2.9			(5.2	)		(0.6	)		—			(3.0	)
Provision (benefit) for income taxes		—			2.2			(3.1	)		0.7			—			(0.2	)
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Net loss		(2.5	)		(2.4	)		(2.9	)		(1.3	)		6.3			(2.8	)
Less: Net loss attributable to noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Net loss attributable to Ryerson Holding Corporation	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.0	)	$	6.3		$	(2.5	)
Comprehensive income (loss)	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.4	)	$	15.0		$	(9.1	)
Less: Comprehensive loss attributable to    noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Comprehensive income (loss) attributable to    Ryerson Holding Corporation	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.1	)	$	15.0		$	(8.8	)

21

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	13.5		$	13.5		$	1.5		$	(1.9	)	$	(13.1	)	$	13.5
Non-cash (income) expenses		(0.6	)		7.2			4.9			0.6			—			12.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7			—			13.1			—
Changes in working capital		0.6			3.4			11.1			6.3			—			21.4
Net adjustments		(13.5	)		9.3			17.7			6.9			13.1			33.5
Net cash provided by operating activities		—			22.8			19.2			5.0			—			47.0
INVESTING ACTIVITIES:
Capital expenditures		—			(5.2	)		—			(0.2	)		—			(5.4	)
Loan to related companies		—			—			(24.6	)		—			24.6			—
Other investing activities		—			(0.1	)		—			0.2			0.2			0.3
Net cash used in investing activities		—			(5.3	)		(24.6	)		—			24.8			(5.1	)
FINANCING ACTIVITIES:
Repayment of debt		—			(16.9	)		—			—			—			(16.9	)
Net repayments of short-term borrowings		—			(22.3	)		—			(1.2	)		—			(23.5	)
Proceeds from intercompany borrowings		—			24.6			—			—			(24.6	)		—
Other financing activities		—			(2.1	)		5.2			0.2			(0.2	)		3.1
Net cash provided by (used in) financing activities		—			(16.7	)		5.2			(1.0	)		(24.8	)		(37.3	)
Net increase (decrease) in cash and cash equivalents		—			0.8			(0.2	)		4.0			—			4.6
Effect of exchange rates on cash and cash equivalents		—			—			—			2.7			—			2.7
Net change in cash and cash equivalents		—			0.8			(0.2	)		6.7			—			7.3
Beginning cash and cash equivalents		—			5.2			0.4			57.6			—			63.2
Ending cash and cash equivalents	$	—		$	6.0		$	0.2		$	64.3		$	—		$	70.5

22

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net loss	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.3	)	$	6.3		$	(2.8	)
Non-cash expenses		—			12.0			9.9			2.3			—			24.2
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Changes in working capital		0.1			50.5			26.3			3.3			—			80.2
Net adjustments		2.5			65.6			37.0			5.6			(6.3	)		104.4
Net cash provided by operating activities		—			63.2			34.1			4.3			—			101.6
INVESTING ACTIVITIES:
Capital expenditures		—			(4.9	)		(0.3	)		(0.5	)		—			(5.7	)
Loan repayment from related companies		—			—			8.4			—			(8.4	)		—
Other investing activities		—			—			—			0.1			—			0.1
Net cash provided by (used in) investing activities		—			(4.9	)		8.1			(0.4	)		(8.4	)		(5.6	)
FINANCING ACTIVITIES:
Repayment of debt		—			(30.3	)		—			—			—			(30.3	)
Net proceeds/(repayments) of short-term borrowings		—			(27.9	)		—			1.0			—			(26.9	)
Repayment of intercompany borrowings		—			(8.4	)		—			—			8.4			—
Net increase (decrease) in book overdrafts		—			16.0			(41.1	)		—			—			(25.1	)
Other financing activities		—			(0.4	)		—			—			—			(0.4	)
Net cash provided by (used in) financing activities		—			(51.0	)		(41.1	)		1.0			8.4			(82.7	)
Net increase in cash and cash equivalents		—			7.3			1.1			4.9			—			13.3
Effect of exchange rates on cash and cash equivalents		—			—			—			(2.5	)		—			(2.5	)
Net change in cash and cash equivalents		—			7.3			1.1			2.4			—			10.8
Beginning cash and cash equivalents		11.1			4.6			0.7			43.6			—			60.0
Ending cash and cash equivalents	$	11.1		$	11.9		$	1.8		$	46.0		$	—		$	70.8

23

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	6.0		$	0.2	$	64.3		$	—		$	70.5
Receivables less provision for allowances, claims    and doubtful accounts		—			264.9			6.7		71.4			—			343.0
Inventories		—			501.2			10.8		59.1			—			571.1
Intercompany receivable		—			—			160.4		—			(160.4	)		—
Other current assets		—			15.8			3.9		10.5			—			30.2
Total current assets		—			787.9			182.0		205.3			(160.4	)		1,014.8
Investments in subsidiaries		—			469.0			285.5		—			(754.5	)		—
Intercompany notes receivable		—			—			325.7		—			(325.7	)		—
Property, plant and equipment net of accumulated    depreciation		—			367.7			3.1		27.0			—			397.8
Deferred charges		—			4.2			—		1.0			—			5.2
Other noncurrent assets		30.0			90.4			57.1		4.5			(17.0	)		165.0
Total assets	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	56.6		$	174.3	$	35.0		$	—		$	265.9
Intercompany payable		0.8			136.6			—		23.0			(160.4	)		—
Salaries, wages, and commissions		—			30.1			0.1		0.7			—			30.9
Short-term debt		—			—			—		20.8			—			20.8
Other current liabilities		—			62.7			0.6		8.9			—			72.2
Total current liabilities		0.8			286.0			175.0		88.4			(160.4	)		389.8
Dividends in excess of investment in subsidiaries		148.7			—			—		—			(148.7	)		—
Long-term debt		—			955.8			—		—			—			955.8
Long-term debt – intercompany		—			279.9			—		45.8			(325.7	)		—
Deferred employee benefits		—			300.9			—		20.0			—			320.9
Other noncurrent liabilities		—			45.3			2.6		4.1			(17.0	)		35.0
Total liabilities		149.5			1,867.9			177.6		158.3			(651.8	)		1,701.5
Redeemable noncontrolling interest		—			—			—		(0.1	)		—			(0.1	)
Ryerson Holding Corporation stockholders’ equity		(119.5	)		(148.7	)		675.8		78.7			(605.8	)		(119.5	)
Noncontrolling interest		—			—			—		0.9			—			0.9
Total liabilities and equity	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8

24

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	5.2		$	0.4	$	57.6	$	—		$	63.2
Receivables less provision for allowances, claims    and doubtful accounts		—			228.7			6.6		70.4		—			305.7
Inventories		—			488.2			13.5		54.1		—			555.8
Intercompany receivable		—			—			132.7		—		(132.7	)		—
Other current assets		—			17.0			2.3		12.2		2.5			34.0
Total current assets		—			739.1			155.5		194.3		(130.2	)		958.7
Investments in subsidiaries		—			462.0			287.4		0.1		(749.5	)		—
Intercompany notes receivable		—			—			301.0		—		(301.0	)		—
Property, plant and equipment net of accumulated    depreciation		—			370.3			3.7		26.3		—			400.3
Deferred charges		—			3.9			—		1.1		—			5.0
Other noncurrent assets		29.9			91.5			60.1		4.1		(4.4	)		181.2
Total assets	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	45.0		$	132.4	$	28.9	$	—		$	206.3
Intercompany payable		—			111.8			—		20.9		(132.7	)		—
Salaries, wages, and commissions		—			24.8			0.5		1.0		—			26.3
Short-term debt		—			—			—		22.0		—			22.0
Other current liabilities		0.6			48.0			0.6		9.8		2.1			61.1
Total current liabilities		0.6			229.6			133.5		82.6		(130.6	)		315.7
Dividends in excess of investment in subsidiaries		170.9			—			—		—		(170.9	)		—
Long-term debt		—			1,001.5			—		—		—			1,001.5
Long-term debt – intercompany		—			258.1			—		42.9		(301.0	)		—
Deferred employee benefits		—			308.2			—		19.5		—			327.7
Other noncurrent liabilities		—			40.3			0.7		4.1		(4.0	)		41.1
Total liabilities		171.5			1,837.7			134.2		149.1		(606.5	)		1,686.0
Redeemable noncontrolling interest		—			—			—		0.1		—			0.1
Ryerson Holding Corporation stockholders’ equity		(141.6	)		(170.9	)		673.5		76.0		(578.6	)		(141.6	)
Noncontrolling interest		—			—			—		0.7		—			0.7
Total liabilities and equity	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2

25

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

This Quarterly Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as “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. Readers are cautioned 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. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under “Special Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed on March 9, 2016 and the caption “Industry and Operating Trends” included herein “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report. Moreover, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Quarterly Report or to reflect the occurrence of unanticipated events.

The following discussion should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “FINANCIAL STATEMENTS” in this Quarterly Report on Form 10-Q and the Company’s Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2015 in the Company’s Annual Report on Form 10-K filed on March 9, 2016.

Industry and Operating Trends

We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. More than 75% of the metals products sold are processed by us by burning, sawing, slitting, blanking, cutting to length or other techniques. We sell our products and services to many industries, including commercial ground transportation manufacturing, metal fabrication and machine shops, industrial machinery and equipment manufacturing, consumer durable production, HVAC manufacturing, construction equipment manufacturing, food processing and agricultural equipment manufacturing and oil and gas. Revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of delivery to customers given the proximity of our distribution sites to our customers.

Sales, cost of materials sold, gross profit and operating expense control are the principal factors that impact our profitability:

Net sales. Our sales volume and pricing is driven by market demand, which is largely determined by overall industrial production and conditions in specific industries in which our customers operate. Sales prices are also primarily driven by market factors such as overall demand and availability of product. Our net sales include revenue from product sales, net of returns, allowances, customer discounts and incentives.

Cost of materials sold. Cost of materials sold includes metal purchase and in-bound freight costs, third-party processing costs and direct and indirect internal processing costs. The cost of materials sold fluctuates with our sales volume and our ability to purchase metals at competitive prices. Increases in sales volume generally enable us both to improve purchasing leverage with suppliers, as we buy larger quantities of metals inventories, and to reduce operating expenses per ton sold.

Gross profit. Gross profit is the difference between net sales and the cost of materials sold. Our sales prices to our customers are subject to market competition. Achieving acceptable levels of gross profit is dependent on our acquiring metals at competitive prices, our ability to manage the impact of changing prices and efficiently managing our internal and external processing costs.

Operating expenses.  Optimizing business processes and asset utilization to lower fixed expenses such as employee, facility and truck fleet costs which cannot be rapidly reduced in times of declining volume, and maintaining a low fixed cost structure in times of increasing sales volume, have a significant impact on our profitability. Operating expenses include costs related to warehousing and distributing our products as well as selling, general and administrative expenses.

The metals service center industry is generally considered cyclical with periods of strong demand and higher prices followed by periods of weaker demand and lower prices due to the cyclical nature of the industries in which the largest consumers of metals operate. However, domestic metals prices are volatile and remain difficult to predict due to their commodity nature and the extent which prices are affected by interest rates, foreign exchange rates, energy prices, international supply/demand imbalances, surcharges and other factors.

26

Results of Operations—Comparison of First Quarter 2016 to First Quarter 2015

	Three Months Ended March 31, 2016			% of Net Sales			Three Months Ended March 31, 2015			% of Net Sales
	($ in millions)
Net sales	$	702.6			100.0	%	$	868.0			100.0	%
Cost of materials sold		555.0			79.0			718.0			82.7
Gross profit		147.6			21.0			150.0			17.3
Warehousing, delivery, selling, general and administrative expenses		109.3			15.5			116.4			13.4
Operating profit		38.3			5.5			33.6			3.9
Other expenses		(16.7	)		(2.4	)		(36.6	)		(4.2	)
Income (loss) before income taxes		21.6			3.1			(3.0	)		(0.3	)
Provision (benefit) for income taxes		8.1			1.2			(0.2	)		—
Net income (loss)		13.5			1.9			(2.8	)		(0.3	)
Less: Net loss attributable to noncontrolling interest		—			—			(0.3	)		—
Net income (loss) attributable to Ryerson Holding Corporation	$	13.5			1.9	%	$	(2.5	)		(0.3	)%
Basic and diluted earnings (loss) per share	$	0.42					$	(0.08	)

The following table shows the Company’s percentage of sales revenue by major product lines for the first quarter of 2016 and 2015:

	Three Months Ended March 31,
Product Line	2016			2015
Carbon Steel Flat		25	%		23	%
Carbon Steel Plate		10			11
Carbon Steel Long		16			17
Stainless Steel Flat		16			16
Stainless Steel Plate		4			4
Stainless Steel Long		3			4
Aluminum Flat		16			16
Aluminum Plate		3			3
Aluminum Long		5			4
Other		2			2
Total		100	%		100	%

Net sales. Revenue for the first quarter of 2016 decreased 19.1% from the same period a year ago to $702.6 million. Average selling price decreased 19.4% from the price levels in the first quarter of 2015 reflecting weaker economic conditions in the metals market. Average selling price decreased for all of our product lines with the largest decreases in our stainless plate, stainless flat and carbon plate products. Tons sold increased 0.4% in the first quarter of 2016 compared to the first quarter of 2015 with increases in shipments of stainless plate and carbon flat product lines offset by decreases in our carbon plate and carbon long products.

Cost of materials sold. Cost of materials sold decreased 22.7% to $555.0 million in thefirst quarter of 2016 compared to $718.0 million in the first quarter of 2015. The decrease in cost of materials sold in the first quarter of 2016 compared to the same period a year ago is primarily due to a decrease in average cost of materials sold per ton in the first quarter of 2016 compared to the year ago period. The average cost of materials sold per ton decreased to $1,161 in the first quarter of 2016 from $1,509 in the first quarter of 2015. The average cost of materials sold for our stainless plate, stainless flat and carbon plate product lines decreased more than our other products, in line with the change in average selling price per ton for these products. During the first quarter of 2016, LIFO income was $26.6 million compared to LIFO income of $12.0million in the first quarter of 2015. As a result of falling average selling prices, LIFO income in the first quarter of 2016 was partially offset by an $11.8 million charge to record inventory at the lower of cost or market.

Gross profit. Gross profit decreased by $2.4 million to $147.6 million in the first quarter of 2016. Gross profit as a percent of sales in the first quarter of 2016 increased to 21.0%from 17.3% in the first quarter of 2015. While our revenue per ton decreased in the first quarter of 2016 as compared to the first quarter of 2015, cost of materials sold per ton decreased at a faster pace resulting in higher gross margins.

27

Operating expenses. Total operating expenses decreased by $7.1 million to $109.3 millionin thefirst quarter of 2016from $116.4million in the first quarter of2015. The decrease was primarily due tolower employee benefit costs of $4.1 million resulting mainly from a reduction in the net periodic benefit cost for pensions, lower facility costs of $1.8 million resulting mainly from lower utility and repair and maintenance costs, and lower salaries and wages of $1.2 million in the first quarter of 2016 compared to the first quarter of 2015. On a per ton basis, first quarter of 2016 operating expenses decreased to $229 per ton from $244 per ton in the first quarter of 2015.

Operating profit. For the first quarter of 2016, the Company reported an operating profit of $38.3 million, or $80 per ton, compared to an operating profit of $33.6 million, or $71per ton, for the first quarter of 2015, as a result of the factors discussed above.

Other expenses. Interest and other expense on debt decreased to $22.0 million in the first quarter of 2016 from $25.3 million in the first quarter of 2015, primarily due to a lower principal amount outstanding of our 11.25% Senior Notes due 2018 (the “2018 Notes”) and our 9% Senior Notes due 2017 (the “2017 Notes” and together with the 2018 Notes, the “2017 and 2018 Notes”) after the redemption of $30.1 million of the 2017 Notes and $30.1 million of the 2018 Notes in 2015, as well as the redemption of $25.1 million of the 2018 Notes in the first three months of 2016. Other income and (expense), net was income of $5.3 million in the first quarter of 2016 as compared to a charge of $11.3 million in the same period a year ago. The first quarter of 2016 included an $8.2 million gain on the early redemption of $25.1 million of principal amount of our 2018 Notes, which was partially offset by $2.9 million of foreign exchange losses related to our foreign operations. The other expense in the first quarter of 2015 is primarily related to a $12.3 million charge due to an other-than-temporary impairment charge recognized on an available-for-sale investment. Other expense in the first quarter of 2015 also included a $0.5 million loss on the early redemption of $16.8 million of principal amount of our 2017 Notes and $13.0 million of principal amount of our 2018 Notes. These expenses in the first quarter of 2015 were partially offset by $1.6 million of foreign exchange gains related to our foreign operations.

Provision for income taxes. In the first quarter of 2016, the Company recorded income tax expense of $8.1 million compared to an income tax benefit of $0.2million in the first quarter of 2015. The $8.1 million income tax expense in the first quarter of 2016 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses. The $0.2 million income tax benefit in the first quarter of 2015 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses, and the discrete tax effect of the other-than-temporary impairment charge recorded during the quarter.

Earnings per share. Basic and diluted earnings per share was $0.42 in the first quarter of 2016 compared to loss per share of $0.08 in the first quarter of 2015. The changes in earnings per share are due to the results of operations discussed above.

Liquidity and Capital Resources

The Company’s primary sources of liquidity are cash and cash equivalents, cash flows from operations and borrowing availability under the $1.0 billion revolving credit facility (the “Ryerson Credit Facility”) that matures on the earlier of (a) July 24, 2020 or (b) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. Its principal source of operating cash is from the sale of metals and other materials. Its principal uses of cash are for payments associated with the procurement and processing of metals and other materials inventories, costs incurred for the warehousing and delivery of inventories and the selling and administrative costs of the business, capital expenditures, and for interest payments on debt.

The following table summarizes the Company’s cash flows:

	Three Months Ended March 31,
	2016			2015
	(In millions)
Net cash provided by operating activities	$	47.0		$	101.6
Net cash used in investing activities		(5.1	)		(5.6	)
Net cash used in financing activities		(37.3	)		(82.7	)
Effect of exchange rates on cash and cash equivalents		2.7			(2.5	)
Net increase in cash and cash equivalents	$	7.3		$	10.8

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The Company had cash and cash equivalents of $70.5 millionat March 31, 2016, compared to $63.2 million at December 31, 2015. The Company had $27 million and zero of qualified cash pledged as collateral at March 31, 2016 and December 31, 2015, respectively. The Company had $977 million and $1,024 million of total debt outstanding at March 31, 2016 and December 31, 2015, respectively, and a debt-to-capitalization ratio of 114% at March 31, 2016 and 116% at December 31, 2015. The Company had total liquidity (defined as cash and cash equivalents, marketable securities and availability under the Ryerson Credit Facility and foreign debt facilities, less qualified cash pledged as collateral) of $313 million at March 31, 2016 versus $273 million at December 31, 2015. Total liquidity is not a U.S. generally accepted accounting principles (“GAAP”) financial measure. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements.

Below is a reconciliation of cash and cash equivalents to total liquidity:

	March 31, 2016			December 31, 2015
	(In millions)
Cash and cash equivalents	$	71		$	63
Less: Qualified cash pledged as collateral		(27	)		—
Marketable securities		4			2
Availability under Ryerson Credit Facility and foreign debt facilities		265			208
Total liquidity	$	313		$	273

Of the total cash and cash equivalents, as of March 31, 2016, $63.8 million was held in subsidiaries outside the United States which is deemed to be permanently reinvested. Ryerson does not currently foresee a need to repatriate funds from its non-U.S. subsidiaries. Although Ryerson has historically satisfied needs for more capital in the U.S. through debt or equity issuances, Ryerson could elect to repatriate funds held in foreign jurisdictions, which could result in higher effective tax rates. The Company has not recorded a deferred tax liability for the effect of a possible repatriation of these assets as management intends to permanently reinvest these assets outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.

Net cash provided by operating activities of $47.0 million in the first three months of 2016 was primarily due to an increase in accounts payable of $54.6 million resulting from a higher level of material purchases at the end of the first quarter of 2016 compared to year-end 2015, an increase in accrued liabilities of $16.9 million, net income of $13.5 million and non-cash depreciation and amortization expense of $10.9 million. Partially offsetting the cash inflows were an increase in accounts receivable of $36.0 million resulting from higher sales levels in the first three months of 2016 compared to year-end 2015 and an increase of $12.6 million in inventory. Net cash provided by operating activities of $101.6 million in the first three months of 2015 was primarily due to a decrease in inventory of $70.8 million as we reduced inventory as metal prices weakened during the period. In addition, accounts payable increased $31.9 million resulting from a higher level of material purchases at the end of the first quarter of 2015 compared to year-end 2014 and non-cash depreciation and amortization expense was $11.1 million. Partially offsetting the cash inflows were pension contributions of $11.0 million.

Capital expenditures during the first three months of 2016 totaled $5.4 million compared to $5.7 million in the first three months of 2015. The Company sold property, plant and equipment and assets held for sale generating cash proceeds of $1.2 million and $0.1 million during the first three months of 2016 and 2015, respectively.

Net cash used in financing activities in the first threemonths of 2016 was $37.3 million compared to net cash used in financing activities of $82.7 million in the first three months of 2015. Net cash used in financing activities in the first three months of 2016 was primarily related to the early redemption of $25.1 million principal amount of the 2018 Notes repurchased for $16.9 million and $23.5 million of repayments of credit facility borrowings with cash provided by operations discussed above, partially offset by an increase in book overdrafts of $4.4 million. Net cash used in financing activities in the first three months of 2015 was primarily related to the early redemption of $16.8 million principal amount of the 2017 Notes repurchased for $17.0 million and the early redemption of $13.0 million principal amount of the 2018 Notes repurchased for $13.3 million, $26.9 million of repayments of credit facility borrowings with cash provided by operations discussed above, and a decrease in book overdrafts of $25.1 million.

We believe that cash flow from operations and proceeds from the Ryerson Credit Facility will provide sufficient funds to meet our contractual obligations and operating requirements in the normal course of business.

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Total Debt

As a result of net cash provided by operating activities, total debt in the Condensed Consolidated Balance Sheets decreased to $976.6 million at March 31, 2016 from $1,023.5 million at December 31, 2015.

Total debt outstanding as of March 31, 2016 consisted of the following amounts: $249.9 million borrowing under the Ryerson Credit Facility, $569.9 million under the 2017 Notes, $145.3 million under the 2018 Notes, and $20.8 million of foreign debt, less $9.3 million of unamortized debt issuance costs. Discussion of each of these borrowings follows.

Ryerson Credit Facility

On July 24, 2015, Ryerson terminated its $1.35 billion revolving credit facility agreement (the “Old Credit Facility”) and entered into the Ryerson Credit Facility. Borrowings under the Ryerson Credit Facility were used to repay indebtedness under the Old Credit Facility. The Ryerson Credit Facility has a maturity date of the earlier of (a) July 24, 2020 or (b) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. As a result of the Ryerson Credit Facility, the Company recorded a $2.9 million charge in the third quarter of 2015 to write-off a portion of the issuance costs associated with the Old Credit Facility.

At March 31, 2016, Ryerson had $249.9 million of outstanding borrowings, $16 million of letters of credit issued and $240 million available under the Ryerson Credit Facility compared to $272.2 million of outstanding borrowings, $17 million of letters of credit issued and $185 million available at December 31, 2015. 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 (and in the case of Canadian accounts, a Canadian guarantor) 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 aggregate value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor), with such inventory adjusted to exclude various ineligible inventory, including, among other things, (i) any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business, (ii) 50% of the value of any inventory that (A) has not been sold or processed within a 180 day period and (B) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption, and (iii) 50% of the value of inventory classified as partial inventory pieces on the basis that the inventory has been cut below sales lengths customary for such inventory. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.5 percent and 2.1 percent at March 31, 2016 and December 31, 2015, respectively.

The total $1.0 billion Ryerson Credit Facility has an allocation of $925 million to the Company’s subsidiaries in the United States and an allocation of $75 million to Ryerson Holding’s Canadian subsidiary that is a borrower. 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, N.A.’s prime rate and the one-month LIBOR rate plus 1.00%) or (B) a LIBOR rate or, (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) a rate determined by reference to the Canadian base rate (the greatest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s “base rate” for pricing loans in U.S. Dollars made at its “base rate” and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greatest of the Bank of Canada overnight rate plus 0.50%, Bank of America-Canada Branch’s “prime rate” for commercial loans made by it in Canada in Canadian Dollars and the one-month Canadian bankers’ acceptance rate plus 1.00%) or (C) the bankers’ acceptance rate. The spread over the base rate and prime rate is between 0.25% and 0.75% and the spread over the LIBOR and for the bankers’ acceptances is between 1.25% and 1.75%, depending on the amount available to be borrowed under the Ryerson Credit Facility. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.25%.

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 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,

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Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter, and includes defaults upon (among other things) the occurrence of a change of control of Ryerson and a cross-default to other financing arrangements.

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 and the occurrence of a change of control of Ryerson. 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 have the ability to 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.

Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2017 and 2018 Notes

On October 10, 2012, JT Ryerson issued $600 million in aggregate principal amount of the 2017 Notes and $300 million in aggregate principal amount of the 2018 Notes. The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility.

The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset.

The 2017 Notes became redeemable by the Company, in whole or in part on April 15, 2015 and the 2018 Notes became redeemable, in whole or in part, on October 15, 2015, in each case at specified redemption prices. If a change of control occurs, JT Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest.

As of March 31, 2016, $569.9 million and $145.3 million of the original outstanding principal amount of the 2017 and 2018 Notes remain outstanding, respectively. The Company has repurchased and in the future may repurchase 2017 and 2018 Notes in the open market. During the first three months of 2016, a principal amount of $25.1 million of the 2018 Notes were repurchased for $16.9 million and retired, resulting in the recognition of a $8.2 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $16.8 million of the 2017 Notes were repurchased for $17.0 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $13.0 million of the 2018 Notes were repurchased for $13.3 million and retired, resulting in the recognition of a $0.3 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income.

Foreign Debt

At March 31, 2016, Ryerson China’s total foreign borrowings were $20.6 million, which were owed to banks in Asia at a weighted average interest rate of 4.4% per annum and secured by inventory and property, plant and equipment. At December 31, 2015, Ryerson China’s total foreign borrowings were $21.8 million, which were owed to banks in Asia at a weighted average interest

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rate of 4.3% per annum and secured by inventory and property, plant and equipment. Açofran’s total foreign borrowings were $0.2 million at March 31, 2016 and December 31, 2015.

Availability under the foreign credit lines was $25 million and $23 million at March 31, 2016 and December 31, 2015, respectively. Letters of credit issued by our foreign subsidiaries totaled $1 million and $2 million at March 31, 2016 and December 31, 2015, respectively.

Pension Funding

At December 31, 2015, pension liabilities exceeded plan assets by $238 million. The Company anticipates that it will have a minimum required pension contribution of approximately $22 million in 2016 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S and the Ontario Pension Benefits Act in Canada. Through the three months ended March 31, 2016, the Company has made $2 million in pension contributions, and anticipates an additional $20 million of contributions in the remaining nine months of 2016. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. The Company is unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on the Company’s financial position or cash flows. The Company believes that cash flow from operations and the Ryerson Credit Facility described above will provide sufficient funds to make the minimum required contribution in 2016.

Contractual Obligations

The following table presents contractual obligations at March 31, 2016:

	Payments Due by Period
Contractual Obligations (1) (2)	Total		Less than 1 year		1 – 3 years		4 – 5 years		After 5 years
	(In millions)
2017 Notes	$	570	$	—	$	570	$	—	$	—
2018 Notes		145		—		145		—		—
Ryerson Credit Facility		250		—		250		—		—
Foreign Debt		21		21		—		—		—
Interest on 2017 Notes, 2018 Notes,      Foreign Debt and Ryerson Credit Facility (3)		130		74		56		—		—
Purchase Obligations (4)		24		24		—		—		—
Operating Leases		101		26		36		22		17
Pension Withdrawal Liability		1		—		—		—		1
Capital Lease Obligations		14		5		6		3		—
Total	$	1,256	$	150	$	1,063	$	25	$	18

(1) The contractual obligations disclosed above do not include the Company’s potential future pension funding obligations (see discussion under “Pension Funding” caption).

(2) Due to uncertainty regarding the completion of tax audits and possible outcomes, we do not know the timing of when our obligations related to unrecognized tax benefits will occur, if at all.

(3) Interest payments related to the variable rate debt were estimated using the weighted average interest rate for the Ryerson Credit Facility.

(4) The purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers.

Income Taxes

The Company maintains a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence and consistent with its past determinations, the Company determines that these deferred tax assets are more likely than not realizable.

The Company anticipates that certain statutes of limitation will close within the next twelve months resulting in the reduction of its reserve for uncertain tax benefits related to various intercompany transactions, with a corresponding income tax benefit of less than $1 million.

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Recent legislative proposals in the U.S. would repeal the use of the last-in-first-out method of accounting (“LIFO method”) for inventory for U.S. tax purposes. If legislation repealing the use of the LIFO method for tax purposes becomes law, we would expect an increase in the cash taxes the Company will need to pay over a 10 year period.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest rate risk

We are exposed to market risk related to our fixed-rate and variable-rate long-term debt. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. Changes in interest rates may affect the market value of our fixed-rate debt. The estimated fair value of our long-term debt and the current portions thereof using quoted market prices of Company debt securities recently traded and market-based prices of similar securities for those securities not recently traded was $849 million at March 31, 2016 and $855 million at December 31, 2015 as compared with the carrying value of $977 million and $1,024 million at March 31, 2016 and December 31, 2015, respectively.

A hypothetical 1% increase in interest rates on variable rate debt would have increased interest expense for the first three months of 2016 by approximately $1 million.

Foreign exchange rate risk

We are subject to exposure from fluctuations in foreign currencies. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency. The Canadian subsidiaries’ foreign currency contracts were principally used to purchase U.S. dollars. We had foreign currency contracts with a U.S. dollar notional amount of $2.2 million outstanding at March 31, 2016 and a liability value of $0.1 million. We do not currently account for these contracts as hedges but rather mark these contracts to market with a corresponding offset to current earnings. For the three months ended March 31, 2016, the Company recognized a loss of $0.2 million associated with its foreign currency contracts. A hypothetical strengthening or weakening of 10% in the foreign exchange rates underlying the foreign currency contracts from the market rate as of March 31, 2016 would increase or decrease the fair value of the foreign currency contracts by $0.2 million.

The currency effects of translating the financial statements of our foreign subsidiaries are included in accumulated other comprehensive loss and will not be recognized in the statement of operations until there is a liquidation or sale of those foreign subsidiaries.

Commodity price risk

Metal prices can fluctuate significantly due to several factors including changes in foreign and domestic production capacity, raw material availability, metals consumption and foreign currency rates. Declining metal prices could reduce our revenues, gross profit and net income. 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.

As of March 31, 2016, we had 123 tons of nickel futures or option contracts, 34,940 tons of hot roll coil option contracts and 14,876 tons of aluminum price swaps outstanding with a net liability value of $0.1 million, a net asset value of $0.6 million, and a net liability value of $0.6 million, respectively. We do not currently account for these contracts as hedges, but rather mark these contracts to market with a corresponding offset to current earnings. For the three months ended March 31, 2016, the Company recognized a gain of $2.2 millionassociated with its metal commodity derivatives.

As of March 31, 2016, we had diesel fuel price swaps with respect to the purchase of 390,000 gallons of diesel fuel in order to fix the prices at which we purchase that volume of fuel for our trucking fleet.  We do not currently account for these contracts as hedges, but rather mark these contracts to market with a corresponding offset to current earnings.  As of March 31, 2016, our diesel fuel hedges outstanding had a liability value of $0.2 million.  For the three months ended March 31, 2016 the Company recognized no gain or loss associated with the diesel fuel hedges.

A hypothetical strengthening or weakening of 10% in the commodity prices underlying the commodity derivative contracts from the market rate as of March 31, 2016 would increase or decrease the fair value of commodity derivative contracts by $4.1 million.

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Item 4. Controls and Procedures 

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by SEC Rule 15d-15(b), we carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2016.

Changes in Internal Controls Over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting that has materially affected or is reasonably likely to materially affect the Company’s controls over financial reporting during the quarter ended March 31, 2016.

PART II. OTHER INFORMATION

Item  1. Legal Proceedings

From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

For additional information concerning legal proceedings, see Note 8, “Commitments and Contingencies” of the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes relating to this Item from those set forth in Item 1A on the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Items 2, 3, 4, and 5 are not applicable and have been omitted.

Item 6. Exhibits

Exhibit No.	Description
31.1	Certificate of the Principal Executive Officer of the Company, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certificate of the Principal Financial Officer of the Company, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Written Statement of Edward J. Lehner, President and Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Written Statement of Erich S. Schnaufer, Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document

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Exhibit No.	Description
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.CAL	XBRL Taxonomy Calculation Linkbase Document
101.LAB	XBRL Taxonomy Label Linkbase Document
101.PRE	XBRL Taxonomy Presentation Linkbase Document

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

RYERSON HOLDING CORPORATION
By:	/s/ ERICH S. SCHNAUFER
	Erich S. Schnaufer Chief Financial Officer (duly authorized signatory and principal financial officer of the registrant)

Date: May 5, 2016

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EX-31.1

Exhibit 31.1

CERTIFICATE OF THE

PRINCIPAL EXECUTIVE OFFICER

I, Edward J. Lehner, President & Chief Executive Officer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ryerson Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2016

Signature:	/s/ Edward J. Lehner
	Edward J. Lehner
	President & Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATE OF THE

PRINCIPAL FINANCIAL OFFICER

I, Erich S. Schnaufer, as Chief Financial Officer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ryerson Holding Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2016

Signature:	/s/ Erich S. Schnaufer
	Erich S. Schnaufer
	Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

Written Statement of the Chief Executive Officer

In connection with the Quarterly Report of Ryerson Holding Corporation, (the “Company”) on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Edward J. Lehner

Edward J. Lehner

President & Chief Executive Officer

(Principal Executive Officer)

May 5, 2016

EX-32.2

Exhibit 32.2

Written Statement of the Chief Financial Officer

In connection with the Quarterly Report of Ryerson Holding Corporation, (the “Company”) on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Erich S. Schnaufer

Erich S. Schnaufer

Chief Financial Officer

(Principal Financial Officer)

May 5, 2016

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	RYI
Entity Registrant Name	RYERSON HOLDING CORPORATION
Entity Central Index Key	0001481582
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,099,700

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net sales	$ 702.6	$ 868.0
Cost of materials sold	555.0	718.0
Gross profit	147.6	150.0
Warehousing, delivery, selling, general and administrative	109.3	116.4
Operating profit	38.3	33.6
Other income and (expense), net	5.3	(11.3)
Interest and other expense on debt	(22.0)	(25.3)
Income (loss) before income taxes	21.6	(3.0)
Provision (benefit) for income taxes	8.1	(0.2)
Net income (loss)	13.5	(2.8)
Less: Net loss attributable to noncontrolling interest		(0.3)
Net income (loss) attributable to Ryerson Holding Corporation	13.5	(2.5)
Comprehensive income (loss)	21.9	(9.1)
Less: Comprehensive loss attributable to noncontrolling interest		(0.3)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$ 21.9	$ (8.8)
Basic and diluted earnings (loss) per share	$ 0.42	$ (0.08)

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income (loss)	$ 13.5	$ (2.8)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	10.9	11.1
Stock-based compensation	0.2
Deferred income taxes	8.4	(1.0)
Provision for allowances, claims and doubtful accounts	0.9	1.5
(Gain) loss on retirement of debt	(8.2)	0.5
Other-than-temporary impairment charge on available-for-sale investments		12.3
Other items	(0.1)	(0.2)
Change in operating assets and liabilities:
Receivables	(36.0)	(16.9)
Inventories	(12.6)	70.8
Other assets	6.0	2.5
Accounts payable	54.6	31.9
Accrued liabilities	16.9	6.8
Accrued taxes payable/receivable	0.2	(1.3)
Deferred employee benefit costs	(7.7)	(13.6)
Net adjustments	33.5	104.4
Net cash provided by operating activities	47.0	101.6
Investing activities:
Increase in restricted cash	(0.9)
Capital expenditures	(5.4)	(5.7)
Proceeds from sale of property, plant and equipment	1.2	0.1
Net cash used in investing activities	(5.1)	(5.6)
Financing activities:
Repayment of debt	(16.9)	(30.3)
Net repayments of short term borrowings	(23.5)	(26.9)
Net increase (decrease) in book overdrafts	4.4	(25.1)
Principal payments on capital lease obligations	(1.3)	(0.4)
Net cash used in financing activities	(37.3)	(82.7)
Net increase in cash and cash equivalents	4.6	13.3
Effect of exchange rate changes on cash and cash equivalents	2.7	(2.5)
Net change in cash and cash equivalents	7.3	10.8
Cash and cash equivalents—beginning of period	63.2	60.0
Cash and cash equivalents—end of period	70.5	70.8
Cash paid during the period for:
Interest paid to third parties	3.5	5.2
Income taxes, net	0.4	0.9
Noncash investing activities:
Asset additions under capital leases	$ 0.5	$ 1.1

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 70.5	$ 63.2
Restricted cash	2.1	1.2
Receivables less provision for allowances, claims and doubtful accounts	343.0	305.7
Inventories	571.1	555.8
Prepaid expenses and other current assets	28.1	32.8
Total current assets	1,014.8	958.7
Property, plant, and equipment, at cost	661.1	654.5
Less: Accumulated depreciation	263.3	254.2
Property, plant and equipment, net	397.8	400.3
Deferred income taxes	17.1	31.8
Other intangible assets	44.7	46.2
Goodwill	103.2	103.2
Deferred charges and other assets	5.2	5.0
Total assets	1,582.8	1,545.2
Current liabilities:
Accounts payable	265.9	206.3
Salaries, wages and commissions	30.9	26.3
Other accrued liabilities	63.0	52.0
Short-term debt	20.8	22.0
Current portion of deferred employee benefits	9.2	9.1
Total current liabilities	389.8	315.7
Long-term debt	955.8	1,001.5
Deferred employee benefits	320.9	327.7
Taxes and other credits	35.0	41.1
Total liabilities	$ 1,701.5	$ 1,686.0
Commitments and contingencies
Redeemable noncontrolling interest	$ (0.1)	$ 0.1
Ryerson Holding Corporation stockholders’ equity (deficit):
Preferred stock, value
Common stock, value	$ 0.3	$ 0.3
Capital in excess of par value	302.8	302.6
Accumulated deficit	(117.4)	(130.9)
Treasury stock at cost – Common stock, value	(6.6)	(6.6)
Accumulated other comprehensive loss	(298.6)	(307.0)
Total Ryerson Holding Corporation stockholders’ equity (deficit)	(119.5)	(141.6)
Noncontrolling interest	0.9	0.7
Total equity (deficit)	(118.6)	(140.9)
Total liabilities and equity	$ 1,582.8	$ 1,545.2

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Receivables, provision for allowances, claims and doubtful accounts	$ 5.9	$ 5.2
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	7,000,000	7,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,312,200	32,312,200
Treasury stock at cost - Common stock, shares	212,500	212,500

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Financial Statements

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Financial Statements

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 approximately 21,037,500 shares of our common stock, which is approximately 66%of our issued and outstanding common stock.

Ryerson Holding conducts materials distribution operations in the United States through JT Ryerson, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its 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 distribution operations in China through Ryerson China Limited (“Ryerson China”), and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have a 50% direct ownership percentage. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

The following table shows our percentage of sales by major product lines for the three months ended March 31, 2016 and 2015, respectively:

	Three Months Ended
	March 31,
Product Line	2016			2015
Carbon Steel Flat		25	%		23	%
Carbon Steel Plate		10			11
Carbon Steel Long		16			17
Stainless Steel Flat		16			16
Stainless Steel Plate		4			4
Stainless Steel Long		3			4
Aluminum Flat		16			16
Aluminum Plate		3			3
Aluminum Long		5			4
Other		2			2
Total		100	%		100	%

Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 are unaudited, but in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. 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 accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2016

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS

Impact of Recently Issued Accounting Standards—Adopted

In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption resulted in the reclassification of $11.0 million of capitalized debt issuance costs from deferred charges and other assets to long-term debt at December 31, 2015.

In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments in this update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the update specifies that the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. The update further specifies that the customer should account for a cloud computing arrangement as a service contract if the arrangement does not include a software license. ASU 2015-05 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption of this guidance did not have an impact on our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The amendment eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead the acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The update is effective for fiscal years beginning after December 15, 2015. We adopted this guidance for our fiscal year beginning January 1, 2016. The adoption of this guidance did not have a material impact on our consolidated financial statements on prior acquisitions.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which creates Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers” and supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition.” The update outlines a comprehensive model for all entities to use in accounting for revenue arising from contracts with customers as well as required disclosures. Entities have the option of using either a full retrospective or modified approach to adopt the new guidance. The new revenue standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The amendment clarifies the implementation guidance on principal versus agent considerations, and affects the guidance in ASU 2014-09 “Revenue from Contracts with Customers,” which is not yet effective. The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” The amendment clarifies the implementation guidance on identifying performance obligations and accounting for licenses of intellectual property, and affects the guidance in ASU 2014-09 “Revenue from Contracts with Customers,” which is not yet effective. The update is effective for interim reporting periods within annual reporting periods beginning after December 15, 2017. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual periods, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early adoption is permitted. We will adopt this guidance for our fiscal year ending December 31, 2016. The adoption of this guidance is not expected to have an impact on our consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01 change the accounting for non-consolidated equity investments that are not accounted for under the equity method of accounting by requiring changes in fair value to be recognized in net income.  Under current guidance, changes in fair value for investments of this nature are recognized in accumulated other comprehensive income as a component of stockholders’ equity. Additionally, ASU 2016-01 simplifies the impairment assessment of equity investments without readily determinable fair values; requires entities to use the exit price when estimating the fair value of financial instruments; and modifies various presentation disclosure requirements for financial instruments. The update is effective for interim and annual reporting periods beginning after December 15, 2017.  Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases” codified in ASC 842, “Leases.” The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The amendment also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2019. We are still assessing the impact of adoption on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, “Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting.” The amendment eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The update is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2017, including interim periods within that reporting period. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” The amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are still assessing the impact of adoption on our consolidated financial statements.

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Inventories

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

NOTE 3: INVENTORIES

The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels.

Inventories, at stated LIFO value, were classified at March 31, 2016 and December 31, 2015 as follows:

	March 31,		December 31,
	2016		2015
	(In millions)
In process and finished products	$	571.1	$	555.8

If current cost had been used to value inventories, such inventories would have been $149 million lower and $122 million lower than reported at March 31, 2016 and December 31, 2015, respectively. Approximately 91% of inventories are accounted for under the LIFO method at March 31, 2016 and December 31, 2015. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

Inventories are stated at the lower of cost or market value. We record amounts required, if any, to reduce the carrying value of inventory to its lower of cost or market as a charge to cost of materials sold. Due to the decline in metals prices, we recorded a lower of cost or market charge of $11.8 million and zero for the three months ended March 31, 2016 and 2015, respectively, to cost of materials sold to reflect this lower value. The lower of cost or market reserve totaled $49.7 million and $37.9 million at March 31, 2016 and December 31, 2015, respectively.

The Company has consignment inventory at certain customer locations, which totaled $8.3 million and $9.9 million at March 31, 2016 and December 31, 2015, respectively.

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $103.2  million at March 31, 2016 and December 31, 2015. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2015, and it was determined that no impairment existed in 2015.

Other intangible assets with finite useful lives continue to be 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.

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Acquisitions

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisitions

NOTE 5: ACQUISITIONS

Southern Tool Steel

On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN.The acquisition is not material to our consolidated financial statements.

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Long-Term Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 6: LONG-TERM DEBT

Long-term debt consisted of the following at March 31, 2016 and December 31, 2015:

	March 31,			December 31,
	2016			2015
	(In millions)
Ryerson Credit Facility	$	249.9		$	272.2
9% Senior Secured Notes due 2017		569.9			569.9
11.25% Senior Notes due 2018		145.3			170.4
Foreign debt		20.8			22.0
Unamortized debt issuance costs		(9.3	)		(11.0	)
Total debt		976.6			1,023.5
Less:
Short-term foreign debt		20.8			22.0
Total long-term debt	$	955.8		$	1,001.5

Ryerson Credit Facility

On July 24, 2015, Ryerson terminated its $1.35 billion revolving credit facility agreement (the “Old Credit Facility”) and entered into a new $1.0 billion revolving credit agreement (the “Ryerson Credit Facility”). Borrowings under the Ryerson Credit Facility were used to repay indebtedness under the Old Credit Facility. The Ryerson Credit Facility has a maturity date of the earlier of (a) July 24, 2020 or (b) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. As a result of the Ryerson Credit Facility, the Company recorded a $2.9 million charge in the third quarter of 2015 to write-off a portion of the issuance costs associated with the Old Credit Facility.

At March 31, 2016, Ryerson had$249.9 million of outstanding borrowings, $16 million of letters of credit issued and $240million available under the Ryerson Credit Facility compared to $272.2 million of outstanding borrowings, $17 million of letters of credit issued and $185 million available at December 31, 2015. 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 (and in the case of Canadian accounts, a Canadian guarantor) 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 aggregate value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor), with such inventory adjusted to exclude various ineligible inventory, including, among other things, (i) any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business, (ii) 50% of the value of any inventory that (A) has not been sold or processed within a 180 day period and (B) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption, and (iii) 50% of the value of inventory classified as partial inventory pieces on the basis that the inventory has been cut below sales lengths customary for such inventory. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.5 percent and 2.1 percent at March 31, 2016 and December 31, 2015, respectively.

The total $1.0 billion Ryerson Credit Facility has an allocation of $925 million to the Company’s subsidiaries in the United States and an allocation of $75 million to Ryerson Holding’s Canadian subsidiary that is a borrower. 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, N.A.’s prime rate and the one-month LIBOR rate plus 1.00%) or (B) a LIBOR rate or, (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) a rate determined by reference to the Canadian base rate (the greatest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s “base rate” for pricing loans in U.S. Dollars made at its “base rate” and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greatest of the Bank of Canada overnight rate plus 0.50%, Bank of America-Canada Branch’s “prime rate” for commercial loans made by it in Canada in Canadian Dollars and the one-month Canadian bankers’ acceptance rate plus 1.00%) or (C) the bankers’ acceptance rate. The spread over the base rate and prime rate is between 0.25% and 0.75% and the spread over the LIBOR and for the bankers’ acceptances is between 1.25% and 1.75%, depending on the amount available to be borrowed under the Ryerson Credit Facility. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.25%.

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 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, and includes defaults upon (among other things) the occurrence of a change of control of Ryerson and a cross-default to other financing arrangements.

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 and the occurrence of a change of control of Ryerson. 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 have the ability to 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.

Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2017 and 2018 Notes

On October 10, 2012, JT Ryerson issued $600 million in aggregate principal amount of the 2017 Notes (the “2017 Notes”) and $300 million in aggregate principal amount of the 2018 Notes (together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility.

The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset.

The 2017 Notes became redeemable by the Company, in whole or in part on April 15, 2015 and the 2018 Notes became redeemable, in whole or in part, on October 15, 2015, in each case at specified redemption prices.If a change of control occurs, JT Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest.

As of March 31, 2016, $569.9million and $145.3 million of the original outstanding principal amount of the 2017 and 2018 Notes remain outstanding, respectively. The Company has repurchased and in the future may repurchase 2017 and 2018 Notes in the open market. During the first three months of 2016, a principal amount of $25.1 million of the 2018 Notes were repurchased for $16.9 million and retired, resulting in the recognition of a $8.2 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $16.8million of the 2017 Notes were repurchased for $17.0 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. During the first three months of 2015, a principal amount of $13.0 million of the 2018 Notes were repurchased for $13.3 million and retired, resulting in the recognition of a $0.3 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income.

Foreign Debt

At March 31, 2016, Ryerson China’s total foreign borrowings were $20.6 million, which were owed to banks in Asia at a weighted average interest rate of 4.4% per annum and secured by inventory and property, plant and equipment. At December 31, 2015, Ryerson China’s total foreign borrowings were $21.8 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% per annum and secured by inventory and property, plant and equipment. Açofran’s total foreign borrowings were $0.2 million at March 31, 2016 and December 31, 2015.

Availability under the foreign credit lines was $25million and $23 million at March 31, 2016 and December 31, 2015, respectively. Letters of credit issued by our foreign subsidiaries totaled $1 million and $2 million at March 31, 2016 and December 31, 2015, respectively.

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Employee Benefits

3 Months Ended

Mar. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

NOTE 7: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost for the three months ended March 31, 2016 and 2015 for the Ryerson pension plans and postretirement benefits other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2016			2015			2016			2015
	(In millions)
Components of net periodic benefit (credit) cost
Service cost	$	—		$	1		$	—		$	—
Interest cost		7			9			1			1
Expected return on assets		(11	)		(12	)		—			—
Recognized actuarial (gain) loss		3			3			(2	)		(2	)
Amortization of prior service credit		—			—			(1	)		(1	)
Net periodic benefit (credit) cost	$	(1	)	$	1		$	(2	)	$	(2	)

Contributions

The Company has contributed $2 million to the pension plan fund through the three months ended March 31, 2016 and anticipates that it will have a minimum required pension contribution funding of approximately $20 million for the remaining nine months of 2016.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8: COMMITMENTS AND CONTINGENCIES

From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

In October 2011, the United States Environmental Protection Agency (the “EPA”) named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). On February 9, 2016, we received correspondence from the EPA stating that its initial Remedial Investigation and Feasibility Study will be completed in “early 2016,” a Proposed Plan for the site should be released in April 2016, and a final cleanup decision for the site should be published in the Record of Decision by December 31, 2016. As of May 5, 2016, the EPA’s Proposed Plan for the site has not been released. We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.

There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2016 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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Derivatives and Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Investments All Other Investments [Abstract]

Derivatives and Fair Value Measurements

NOTE 9: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the 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 periodically to reduce volatility in the price of metals. We may also enter into natural gas and diesel fuel price swaps to manage the price risk of forecasted purchases of natural gas and diesel fuel. The Company currently does not account for its 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 March 31, 2016 and December 31, 2015:

Asset Derivatives

Liability Derivatives

March 31, 2016

December 31, 2015

March 31, 2016

December 31, 2015

Balance

Balance

Balance

Balance

Sheet

Fair

Sheet

Fair

Sheet

Fair

Sheet

Fair

Location

Value

Location

Value

Location

Value

Location

Value

(In millions)

Derivatives not designated as hedging    instruments under ASC 815

Foreign exchange contracts

Prepaidexpenses and other current assets

$

—

Prepaidexpenses and other current assets

$

0.1

Other accrued liabilities

$

0.1

Other accrued liabilities

$

—

Commodity contracts

Prepaidexpenses and other current assets

1.5

Prepaidexpenses and other current assets

—

Other accrued liabilities

1.8

Other accrued liabilities

3.5

Total derivatives

$

1.5

$

0.1

$

1.9

$

3.5

As of March 31, 2016 and December 31, 2015, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $2.2million and $1.6 million, respectively. As of March 31, 2016 and December 31, 2015, the Company had123tons and 177 tons, respectively, of nickel futures or option contracts related to forecasted purchases. As of March 31, 2016 and December 31, 2015, the Company had 34,940tons and 15,120 tons, respectively, of hot roll coil option contracts related to forecasted purchases and sales. The Company has aluminum price swaps related to forecasted purchases, which had a notional amount of14,876tons and 13,878 tons as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016 and December 31, 2015, the Company has390,000gallons and 533,000 gallons, respectively, of diesel fuel hedge contracts related to forecasted purchases.

The following table summarizes the location and amount of gains and losses reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015:

Derivativesnot designated as	Location of Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Derivatives
hedging instruments under	Recognized in Income on	Three Months Ended March 31,
ASC 815	Derivatives	2016			2015
		(In millions)
Foreign exchange contracts	Other income and (expense), net	$	(0.2	)	$	0.1
Commodity contracts	Cost of materials sold		2.2			(3.8	)
Diesel fuel hedges	Warehousing, delivery, selling, general and administrative		—			(0.1	)
Total		$	2.0		$	(3.8	)

Fair Value Measurements

To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.

2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.

3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability.

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock—available-for-sale investment	$	3.8	$	—	$	—
Mark-to-market derivatives:
Commodity contracts	$	—	$	1.5	$	—
Liabilities
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Commodity contracts		—		1.8		—
Total liability derivatives	$	—	$	1.9	$	—

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock – available-for-sale investment	$	2.2	$	—	$	—
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Liabilities
Mark-to-market derivatives:
Commodity contracts	$	—	$	3.5	$	—

The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel 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 London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of hot roll coil and aluminum 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 New York Mercantile Exchange and the London Metals Exchange, respectively, for the commodity on the valuation date. The Company has various commodity derivatives to lock in diesel 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 of the Platts Index for Gulf Coast Ultra Low Sulfur Diesel on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. 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 contract term varies in the number of months, but on average is between 3 to 12 months in length.

The carrying and estimated fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 were as follows:

	At March 31, 2016				At December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	70.5	$	70.5	$	63.2	$	63.2
Restricted cash		2.1		2.1		1.2		1.2
Receivables less provision for allowances, claims and    doubtful accounts		343.0		343.0		305.7		305.7
Accounts payable		265.9		265.9		206.3		206.3
Long-term debt, including current portion		976.6		848.9		1,023.5		855.3

The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts 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 is determined by using quoted market prices of Company debt securities (Level 2 inputs).

Assets Held for Sale

The Company had $3.1million and $4.2 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of March 31, 2016 and December 31, 2015, respectively. The Company recorded a $0.4 million gain in the three months ended March 31, 2015, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “Property, Plant and Equipment – Other Presentation Matters.” The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period that they 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 values of each property were determined based on appraisals obtained from a third-party, pending sales contracts, or recent listing agreements with third-party brokerage firms.

The following table presents those assets that were measured at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	3.1	$	—

The following table presents those assets that were measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	4.2	$	—

Available-For-Sale Investments

The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its market value at the end of the period in which it is determined that an other-than-temporary decline has occurred. The investment was in a gross unrealized loss position for twelve months as of March 31, 2015. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized a $12.3 million impairment charge within other income and (expense), net in the first quarter of 2015.  As of March 31, 2016, the investment has been in an unrealized loss position from its adjusted cost basis for nine months. Management does not currently intend to sell the investment before recovery of its adjusted cost basis.  Realized gains and losses are recorded within the Condensed Consolidated Statement of Comprehensive Income upon sale of the security and are based on specific identification.

The Company’s available-for-sale securities as of March 31, 2016 can be summarized as follows:

	At March 31, 2016
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(1.3	)	$	3.8

The Company’s available-for-sale securities as of December 31, 2015 can be summarized as follows:

	At December 31, 2015
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(2.9	)	$	2.2

There is no maturity date for these investments and there have been no salesduring the three months ended March 31, 2016.

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Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest

NOTE 10: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND REDEEMABLE NONCONTROLLING INTEREST

The following table details changes in these accounts:

	Ryerson Holding Corporation Stockholders
															Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of ParValue		Accumulated Deficit			Foreign Currency Translation			Benefit Plan Liabilities			Available-For-Sale Investments			Noncontrolling Interest		Total Equity			Redeemable Noncontrolling Interest
	Shares		Dollars		Shares		Dollars			Dollars		Dollars			Dollars			Dollars			Dollars			Dollars		Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.6	$	(130.9	)	$	(53.8	)	$	(252.5	)	$	(0.7	)	$	0.7	$	(140.9	)	$	0.1
Net income (loss)		—		—		—		—			—		13.5			—			—			—			0.2		13.7			(0.2	)
Foreign currency translation		—		—		—		—			—		—			4.2			—			—			—		4.2			—
Gain on intra-entity foreign currency transactions		—		—		—		—			—		—			3.0			—			—			—		3.0			—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.1		—		—		—		—			—		—			—			0.3			—			—		0.3			—
Unrealized gain on available-for-sale investment, net of tax of $0.6		—		—		—		—			—		—			—			—			0.9			—		0.9			—
Stock-based compensation expense		—		—		—		—			0.2		—			—			—			—			—		0.2			—
Balance at March 31, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.8	$	(117.4	)	$	(46.6	)	$	(252.2	)	$	0.2		$	0.9	$	(118.6	)	$	(0.1	)

The following table details the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2016:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component
	Foreign Currency Translation			Benefit Plan Liabilities			Available- For-Sale Investments
	(In millions)
Balance at January 1, 2016	$	(53.8	)	$	(252.5	)	$	(0.7	)
Other comprehensive income before    reclassifications		7.2			—			0.9
Amounts reclassified from accumulated other    comprehensive income		—			0.3			—
Net current-period other comprehensive income		7.2			0.3			0.9
Balance at March 31, 2016	$	(46.6	)	$	(252.2	)	$	0.2

The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2016 and 2015:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Condensed
Details about Accumulated Other	March 31, 2016			March 31, 2015			Consolidated Statements of
Comprehensive Income (Loss) Components	(In millions)						Comprehensive Income
Other-than-temporary impairment
Other-than-temporary impairment charge	$	—		$	12.3		Other income and (expense) net
Tax benefit		—			(4.7	)
Net of tax	$	—		$	7.6
Amortization of defined    benefit pension and other    post-retirement benefit plan items
Actuarial loss	$	1.1		$	1.5		Warehousing, delivery, selling, general and administrative
Prior service credit		(0.7	)		(0.6	)	Warehousing, delivery, selling, general and administrative
Total before tax		0.4			0.9
Tax provision		0.1			0.3
Net of tax	$	0.3		$	0.6

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Related Parties

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Parties

NOTE 11: RELATED PARTIES

JT Ryerson, one of our subsidiaries, was party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provided JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering of Ryerson Holding common stock, which occurred on August 13, 2014. As consideration for terminating the advisory fee services agreement, Platinum Advisors and its affiliates were paid $15.0 million in August 2014, with an additional $10.0 million paid in August 2015. The total advisory fee recorded was zero for the three months ended March 31, 2016 and 2015.

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Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12: INCOME TAXES

For the three months ended March 31, 2016, the Company recorded income tax expense from operations of$8.1 million compared to an income tax benefit of $0.2 million in the prior year. The $8.1 million tax expense in the first three months of 2016 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses.

In accordance with FASB ASC 740, “Income Taxes,” the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $24.3 million and $22.6 million at March 31, 2016 and December 31, 2015, respectively.

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 13: EARNINGS PER SHARE

Basic earnings (loss) per share attributable to Ryerson Holding’s common stock is determined based on earnings (loss) for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. Potentially dilutive securities whose effect would have been antidilutive were not significant for the three months ended March 31, 2016 and 2015.

The following table sets forth the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended March 31,
Basic and diluted earnings (loss) per share		2016		2015
	(In millions, except share and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	13.5	$	(2.5	)
Denominator:
Weighted average shares outstanding		32,099,700		32,037,500
Dilutive effect of stock-based awards		—		—
Weighted average shares outstanding adjusted for dilutive securities		32,099,700		32,037,500
Earnings (loss) per share
Basic	$	0.42	$	(0.08	)
Diluted	$	0.42	$	(0.08	)

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Condensed Consolidating Guarantor Financial Statements

3 Months Ended

Mar. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Guarantor Financial Statements

NOTE 14: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

On October 10, 2012, JT Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. On December 30, 2014, Ryerson Holding entered into agreements with JT Ryerson, as issuer, Wells Fargo Bank, as trustee, and each of the guarantors party to the 2017 and 2018 Notes, whereby Ryerson Holding provided unconditional guarantees of the 2017 and 2018 Notes, jointly and severally with the other guarantors of the 2017 and 2018 Notes. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson Holding and the guarantees are joint and several. JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson Holding and its subsidiaries as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015.

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	601.2		$	465.3	$	89.3		$	(453.2	)	$	702.6
Cost of materials sold		—			477.6			456.5		74.1			(453.2	)		555.0
Gross profit		—			123.6			8.8		15.2			—			147.6
Warehousing, delivery, selling, general and    administrative		0.1			91.0			5.3		12.9			—			109.3
Operating profit (loss)		(0.1	)		32.6			3.5		2.3			—			38.3
Other income and (expense), net		—			8.2			—		(2.9	)		—			5.3
Interest and other expense on debt		—			(21.5	)		—		(0.5	)		—			(22.0	)
Intercompany transactions:
Interest expense on intercompany loans		—			(2.1	)		—		(0.9	)		3.0			—
Interest income on intercompany loans		—			—			3.0		—			(3.0	)		—
Income (loss) before income taxes		(0.1	)		17.2			6.5		(2.0	)		—			21.6
Provision (benefit) for income taxes		(0.1	)		5.0			3.3		(0.1	)		—			8.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7		—			13.1			—
Net income (loss)		13.5			13.5			1.5		(1.9	)		(13.1	)		13.5
Less: Net income (loss) attributable to noncontrolling    interest		—			—			—		—			—			—
Net income (loss) attributable to Ryerson Holding    Corporation	$	13.5		$	13.5		$	1.5	$	(1.9	)	$	(13.1	)	$	13.5
Comprehensive income	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9
Less: Comprehensive income (loss) attributable to    noncontrolling interest		—			—			—		—			—			—
Comprehensive income attributable to Ryerson    Holding Corporation	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	738.1		$	531.4		$	102.2		$	(503.7	)	$	868.0
Cost of materials sold		—			615.5			518.5			87.7			(503.7	)		718.0
Gross profit		—			122.6			12.9			14.5			—			150.0
Warehousing, delivery, selling, general and    administrative		0.1			93.8			7.7			14.8			—			116.4
Operating profit (loss)		(0.1	)		28.8			5.2			(0.3	)		—			33.6
Other income and (expense), net		—			(0.5	)		(12.3	)		1.5			—			(11.3	)
Interest and other expense on debt		—			(24.5	)		—			(0.8	)		—			(25.3	)
Intercompany transactions:
Interest expense on intercompany loans		—			(0.9	)		—			(1.0	)		1.9			—
Interest income on intercompany loans		—			—			1.9			—			(1.9	)		—
Income (loss) before income taxes		(0.1	)		2.9			(5.2	)		(0.6	)		—			(3.0	)
Provision (benefit) for income taxes		—			2.2			(3.1	)		0.7			—			(0.2	)
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Net loss		(2.5	)		(2.4	)		(2.9	)		(1.3	)		6.3			(2.8	)
Less: Net loss attributable to noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Net loss attributable to Ryerson Holding Corporation	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.0	)	$	6.3		$	(2.5	)
Comprehensive income (loss)	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.4	)	$	15.0		$	(9.1	)
Less: Comprehensive loss attributable to    noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Comprehensive income (loss) attributable to    Ryerson Holding Corporation	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.1	)	$	15.0		$	(8.8	)

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	13.5		$	13.5		$	1.5		$	(1.9	)	$	(13.1	)	$	13.5
Non-cash (income) expenses		(0.6	)		7.2			4.9			0.6			—			12.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7			—			13.1			—
Changes in working capital		0.6			3.4			11.1			6.3			—			21.4
Net adjustments		(13.5	)		9.3			17.7			6.9			13.1			33.5
Net cash provided by operating activities		—			22.8			19.2			5.0			—			47.0
INVESTING ACTIVITIES:
Capital expenditures		—			(5.2	)		—			(0.2	)		—			(5.4	)
Loan to related companies		—			—			(24.6	)		—			24.6			—
Other investing activities		—			(0.1	)		—			0.2			0.2			0.3
Net cash used in investing activities		—			(5.3	)		(24.6	)		—			24.8			(5.1	)
FINANCING ACTIVITIES:
Repayment of debt		—			(16.9	)		—			—			—			(16.9	)
Net repayments of short-term borrowings		—			(22.3	)		—			(1.2	)		—			(23.5	)
Proceeds from intercompany borrowings		—			24.6			—			—			(24.6	)		—
Other financing activities		—			(2.1	)		5.2			0.2			(0.2	)		3.1
Net cash provided by (used in) financing activities		—			(16.7	)		5.2			(1.0	)		(24.8	)		(37.3	)
Net increase (decrease) in cash and cash equivalents		—			0.8			(0.2	)		4.0			—			4.6
Effect of exchange rates on cash and cash equivalents		—			—			—			2.7			—			2.7
Net change in cash and cash equivalents		—			0.8			(0.2	)		6.7			—			7.3
Beginning cash and cash equivalents		—			5.2			0.4			57.6			—			63.2
Ending cash and cash equivalents	$	—		$	6.0		$	0.2		$	64.3		$	—		$	70.5

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net loss	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.3	)	$	6.3		$	(2.8	)
Non-cash expenses		—			12.0			9.9			2.3			—			24.2
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Changes in working capital		0.1			50.5			26.3			3.3			—			80.2
Net adjustments		2.5			65.6			37.0			5.6			(6.3	)		104.4
Net cash provided by operating activities		—			63.2			34.1			4.3			—			101.6
INVESTING ACTIVITIES:
Capital expenditures		—			(4.9	)		(0.3	)		(0.5	)		—			(5.7	)
Loan repayment from related companies		—			—			8.4			—			(8.4	)		—
Other investing activities		—			—			—			0.1			—			0.1
Net cash provided by (used in) investing activities		—			(4.9	)		8.1			(0.4	)		(8.4	)		(5.6	)
FINANCING ACTIVITIES:
Repayment of debt		—			(30.3	)		—			—			—			(30.3	)
Net proceeds/(repayments) of short-term borrowings		—			(27.9	)		—			1.0			—			(26.9	)
Repayment of intercompany borrowings		—			(8.4	)		—			—			8.4			—
Net increase (decrease) in book overdrafts		—			16.0			(41.1	)		—			—			(25.1	)
Other financing activities		—			(0.4	)		—			—			—			(0.4	)
Net cash provided by (used in) financing activities		—			(51.0	)		(41.1	)		1.0			8.4			(82.7	)
Net increase in cash and cash equivalents		—			7.3			1.1			4.9			—			13.3
Effect of exchange rates on cash and cash equivalents		—			—			—			(2.5	)		—			(2.5	)
Net change in cash and cash equivalents		—			7.3			1.1			2.4			—			10.8
Beginning cash and cash equivalents		11.1			4.6			0.7			43.6			—			60.0
Ending cash and cash equivalents	$	11.1		$	11.9		$	1.8		$	46.0		$	—		$	70.8

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	6.0		$	0.2	$	64.3		$	—		$	70.5
Receivables less provision for allowances, claims    and doubtful accounts		—			264.9			6.7		71.4			—			343.0
Inventories		—			501.2			10.8		59.1			—			571.1
Intercompany receivable		—			—			160.4		—			(160.4	)		—
Other current assets		—			15.8			3.9		10.5			—			30.2
Total current assets		—			787.9			182.0		205.3			(160.4	)		1,014.8
Investments in subsidiaries		—			469.0			285.5		—			(754.5	)		—
Intercompany notes receivable		—			—			325.7		—			(325.7	)		—
Property, plant and equipment net of accumulated    depreciation		—			367.7			3.1		27.0			—			397.8
Deferred charges		—			4.2			—		1.0			—			5.2
Other noncurrent assets		30.0			90.4			57.1		4.5			(17.0	)		165.0
Total assets	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	56.6		$	174.3	$	35.0		$	—		$	265.9
Intercompany payable		0.8			136.6			—		23.0			(160.4	)		—
Salaries, wages, and commissions		—			30.1			0.1		0.7			—			30.9
Short-term debt		—			—			—		20.8			—			20.8
Other current liabilities		—			62.7			0.6		8.9			—			72.2
Total current liabilities		0.8			286.0			175.0		88.4			(160.4	)		389.8
Dividends in excess of investment in subsidiaries		148.7			—			—		—			(148.7	)		—
Long-term debt		—			955.8			—		—			—			955.8
Long-term debt – intercompany		—			279.9			—		45.8			(325.7	)		—
Deferred employee benefits		—			300.9			—		20.0			—			320.9
Other noncurrent liabilities		—			45.3			2.6		4.1			(17.0	)		35.0
Total liabilities		149.5			1,867.9			177.6		158.3			(651.8	)		1,701.5
Redeemable noncontrolling interest		—			—			—		(0.1	)		—			(0.1	)
Ryerson Holding Corporation stockholders’ equity		(119.5	)		(148.7	)		675.8		78.7			(605.8	)		(119.5	)
Noncontrolling interest		—			—			—		0.9			—			0.9
Total liabilities and equity	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	5.2		$	0.4	$	57.6	$	—		$	63.2
Receivables less provision for allowances, claims    and doubtful accounts		—			228.7			6.6		70.4		—			305.7
Inventories		—			488.2			13.5		54.1		—			555.8
Intercompany receivable		—			—			132.7		—		(132.7	)		—
Other current assets		—			17.0			2.3		12.2		2.5			34.0
Total current assets		—			739.1			155.5		194.3		(130.2	)		958.7
Investments in subsidiaries		—			462.0			287.4		0.1		(749.5	)		—
Intercompany notes receivable		—			—			301.0		—		(301.0	)		—
Property, plant and equipment net of accumulated    depreciation		—			370.3			3.7		26.3		—			400.3
Deferred charges		—			3.9			—		1.1		—			5.0
Other noncurrent assets		29.9			91.5			60.1		4.1		(4.4	)		181.2
Total assets	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	45.0		$	132.4	$	28.9	$	—		$	206.3
Intercompany payable		—			111.8			—		20.9		(132.7	)		—
Salaries, wages, and commissions		—			24.8			0.5		1.0		—			26.3
Short-term debt		—			—			—		22.0		—			22.0
Other current liabilities		0.6			48.0			0.6		9.8		2.1			61.1
Total current liabilities		0.6			229.6			133.5		82.6		(130.6	)		315.7
Dividends in excess of investment in subsidiaries		170.9			—			—		—		(170.9	)		—
Long-term debt		—			1,001.5			—		—		—			1,001.5
Long-term debt – intercompany		—			258.1			—		42.9		(301.0	)		—
Deferred employee benefits		—			308.2			—		19.5		—			327.7
Other noncurrent liabilities		—			40.3			0.7		4.1		(4.0	)		41.1
Total liabilities		171.5			1,837.7			134.2		149.1		(606.5	)		1,686.0
Redeemable noncontrolling interest		—			—			—		0.1		—			0.1
Ryerson Holding Corporation stockholders’ equity		(141.6	)		(170.9	)		673.5		76.0		(578.6	)		(141.6	)
Noncontrolling interest		—			—			—		0.7		—			0.7
Total liabilities and equity	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2

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Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Percentage of Sales by Major Product Lines

The following table shows our percentage of sales by major product lines for the three months ended March 31, 2016 and 2015, respectively:

	Three Months Ended
	March 31,
Product Line	2016			2015
Carbon Steel Flat		25	%		23	%
Carbon Steel Plate		10			11
Carbon Steel Long		16			17
Stainless Steel Flat		16			16
Stainless Steel Plate		4			4
Stainless Steel Long		3			4
Aluminum Flat		16			16
Aluminum Plate		3			3
Aluminum Long		5			4
Other		2			2
Total		100	%		100	%

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Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, at stated LIFO value, were classified at March 31, 2016 and December 31, 2015 as follows:

	March 31,		December 31,
	2016		2015
	(In millions)
In process and finished products	$	571.1	$	555.8

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following at March 31, 2016 and December 31, 2015:

	March 31,			December 31,
	2016			2015
	(In millions)
Ryerson Credit Facility	$	249.9		$	272.2
9% Senior Secured Notes due 2017		569.9			569.9
11.25% Senior Notes due 2018		145.3			170.4
Foreign debt		20.8			22.0
Unamortized debt issuance costs		(9.3	)		(11.0	)
Total debt		976.6			1,023.5
Less:
Short-term foreign debt		20.8			22.0
Total long-term debt	$	955.8		$	1,001.5

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Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the three months ended March 31, 2016 and 2015 for the Ryerson pension plans and postretirement benefits other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2016			2015			2016			2015
	(In millions)
Components of net periodic benefit (credit) cost
Service cost	$	—		$	1		$	—		$	—
Interest cost		7			9			1			1
Expected return on assets		(11	)		(12	)		—			—
Recognized actuarial (gain) loss		3			3			(2	)		(2	)
Amortization of prior service credit		—			—			(1	)		(1	)
Net periodic benefit (credit) cost	$	(1	)	$	1		$	(2	)	$	(2	)

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Derivatives and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Investments All Other Investments [Abstract]

Location and Fair Value Amount of Derivative Instruments

The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015:

Asset Derivatives

Liability Derivatives

March 31, 2016

December 31, 2015

March 31, 2016

December 31, 2015

Balance

Balance

Balance

Balance

Sheet

Fair

Sheet

Fair

Sheet

Fair

Sheet

Fair

Location

Value

Location

Value

Location

Value

Location

Value

(In millions)

Derivatives not designated as hedging    instruments under ASC 815

Foreign exchange contracts

Prepaidexpenses and other current assets

$

—

Prepaidexpenses and other current assets

$

0.1

Other accrued liabilities

$

0.1

Other accrued liabilities

$

—

Commodity contracts

Prepaidexpenses and other current assets

1.5

Prepaidexpenses and other current assets

—

Other accrued liabilities

1.8

Other accrued liabilities

3.5

Total derivatives

$

1.5

$

0.1

$

1.9

$

3.5

Location and Amount of Gains and Losses Reported in Condensed Consolidated Statements of Comprehensive Income

The following table summarizes the location and amount of gains and losses reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015:

Derivativesnot designated as	Location of Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Derivatives
hedging instruments under	Recognized in Income on	Three Months Ended March 31,
ASC 815	Derivatives	2016			2015
		(In millions)
Foreign exchange contracts	Other income and (expense), net	$	(0.2	)	$	0.1
Commodity contracts	Cost of materials sold		2.2			(3.8	)
Diesel fuel hedges	Warehousing, delivery, selling, general and administrative		—			(0.1	)
Total		$	2.0		$	(3.8	)

Assets and Liabilities Measured and Recorded at Fair Value

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock—available-for-sale investment	$	3.8	$	—	$	—
Mark-to-market derivatives:
Commodity contracts	$	—	$	1.5	$	—
Liabilities
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Commodity contracts		—		1.8		—
Total liability derivatives	$	—	$	1.9	$	—

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid and other current assets:
Common stock – available-for-sale investment	$	2.2	$	—	$	—
Mark-to-market derivatives:
Foreign exchange contracts	$	—	$	0.1	$	—
Liabilities
Mark-to-market derivatives:
Commodity contracts	$	—	$	3.5	$	—

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 were as follows:

	At March 31, 2016				At December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	70.5	$	70.5	$	63.2	$	63.2
Restricted cash		2.1		2.1		1.2		1.2
Receivables less provision for allowances, claims and    doubtful accounts		343.0		343.0		305.7		305.7
Accounts payable		265.9		265.9		206.3		206.3
Long-term debt, including current portion		976.6		848.9		1,023.5		855.3

Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis

The following table presents those assets that were measured at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at March 31, 2016:

	At March 31, 2016
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	3.1	$	—

The following table presents those assets that were measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at December 31, 2015:

	At December 31, 2015
	Level 1		Level 2		Level 3
	(In millions)
Assets
Prepaid expenses and other current assets – assets held for sale	$	—	$	4.2	$	—

Available-for-sale Securities

The Company’s available-for-sale securities as of March 31, 2016 can be summarized as follows:

	At March 31, 2016
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(1.3	)	$	3.8

The Company’s available-for-sale securities as of December 31, 2015 can be summarized as follows:

	At December 31, 2015
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Common stock	$	5.1	$	—	$	(2.9	)	$	2.2

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Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest

The following table details changes in these accounts:

	Ryerson Holding Corporation Stockholders
															Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of ParValue		Accumulated Deficit			Foreign Currency Translation			Benefit Plan Liabilities			Available-For-Sale Investments			Noncontrolling Interest		Total Equity			Redeemable Noncontrolling Interest
	Shares		Dollars		Shares		Dollars			Dollars		Dollars			Dollars			Dollars			Dollars			Dollars		Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.6	$	(130.9	)	$	(53.8	)	$	(252.5	)	$	(0.7	)	$	0.7	$	(140.9	)	$	0.1
Net income (loss)		—		—		—		—			—		13.5			—			—			—			0.2		13.7			(0.2	)
Foreign currency translation		—		—		—		—			—		—			4.2			—			—			—		4.2			—
Gain on intra-entity foreign currency transactions		—		—		—		—			—		—			3.0			—			—			—		3.0			—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.1		—		—		—		—			—		—			—			0.3			—			—		0.3			—
Unrealized gain on available-for-sale investment, net of tax of $0.6		—		—		—		—			—		—			—			—			0.9			—		0.9			—
Stock-based compensation expense		—		—		—		—			0.2		—			—			—			—			—		0.2			—
Balance at March 31, 2016		32,312	$	0.3		213	$	(6.6	)	$	302.8	$	(117.4	)	$	(46.6	)	$	(252.2	)	$	0.2		$	0.9	$	(118.6	)	$	(0.1	)

Changes in Accumulated Other Comprehensive Income/(Loss) by Component

The following table details the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2016:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component
	Foreign Currency Translation			Benefit Plan Liabilities			Available- For-Sale Investments
	(In millions)
Balance at January 1, 2016	$	(53.8	)	$	(252.5	)	$	(0.7	)
Other comprehensive income before    reclassifications		7.2			—			0.9
Amounts reclassified from accumulated other    comprehensive income		—			0.3			—
Net current-period other comprehensive income		7.2			0.3			0.9
Balance at March 31, 2016	$	(46.6	)	$	(252.2	)	$	0.2

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2016 and 2015:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Condensed
Details about Accumulated Other	March 31, 2016			March 31, 2015			Consolidated Statements of
Comprehensive Income (Loss) Components	(In millions)						Comprehensive Income
Other-than-temporary impairment
Other-than-temporary impairment charge	$	—		$	12.3		Other income and (expense) net
Tax benefit		—			(4.7	)
Net of tax	$	—		$	7.6
Amortization of defined    benefit pension and other    post-retirement benefit plan items
Actuarial loss	$	1.1		$	1.5		Warehousing, delivery, selling, general and administrative
Prior service credit		(0.7	)		(0.6	)	Warehousing, delivery, selling, general and administrative
Total before tax		0.4			0.9
Tax provision		0.1			0.3
Net of tax	$	0.3		$	0.6

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended March 31,
Basic and diluted earnings (loss) per share		2016		2015
	(In millions, except share and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	13.5	$	(2.5	)
Denominator:
Weighted average shares outstanding		32,099,700		32,037,500
Dilutive effect of stock-based awards		—		—
Weighted average shares outstanding adjusted for dilutive securities		32,099,700		32,037,500
Earnings (loss) per share
Basic	$	0.42	$	(0.08	)
Diluted	$	0.42	$	(0.08	)

XML

Condensed Consolidating Guarantor Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Statement of Comprehensive Income (Unaudited)

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	601.2		$	465.3	$	89.3		$	(453.2	)	$	702.6
Cost of materials sold		—			477.6			456.5		74.1			(453.2	)		555.0
Gross profit		—			123.6			8.8		15.2			—			147.6
Warehousing, delivery, selling, general and    administrative		0.1			91.0			5.3		12.9			—			109.3
Operating profit (loss)		(0.1	)		32.6			3.5		2.3			—			38.3
Other income and (expense), net		—			8.2			—		(2.9	)		—			5.3
Interest and other expense on debt		—			(21.5	)		—		(0.5	)		—			(22.0	)
Intercompany transactions:
Interest expense on intercompany loans		—			(2.1	)		—		(0.9	)		3.0			—
Interest income on intercompany loans		—			—			3.0		—			(3.0	)		—
Income (loss) before income taxes		(0.1	)		17.2			6.5		(2.0	)		—			21.6
Provision (benefit) for income taxes		(0.1	)		5.0			3.3		(0.1	)		—			8.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7		—			13.1			—
Net income (loss)		13.5			13.5			1.5		(1.9	)		(13.1	)		13.5
Less: Net income (loss) attributable to noncontrolling    interest		—			—			—		—			—			—
Net income (loss) attributable to Ryerson Holding    Corporation	$	13.5		$	13.5		$	1.5	$	(1.9	)	$	(13.1	)	$	13.5
Comprehensive income	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9
Less: Comprehensive income (loss) attributable to    noncontrolling interest		—			—			—		—			—			—
Comprehensive income attributable to Ryerson    Holding Corporation	$	21.9		$	22.0		$	2.4	$	2.6		$	(27.0	)	$	21.9

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
Net sales	$	—		$	738.1		$	531.4		$	102.2		$	(503.7	)	$	868.0
Cost of materials sold		—			615.5			518.5			87.7			(503.7	)		718.0
Gross profit		—			122.6			12.9			14.5			—			150.0
Warehousing, delivery, selling, general and    administrative		0.1			93.8			7.7			14.8			—			116.4
Operating profit (loss)		(0.1	)		28.8			5.2			(0.3	)		—			33.6
Other income and (expense), net		—			(0.5	)		(12.3	)		1.5			—			(11.3	)
Interest and other expense on debt		—			(24.5	)		—			(0.8	)		—			(25.3	)
Intercompany transactions:
Interest expense on intercompany loans		—			(0.9	)		—			(1.0	)		1.9			—
Interest income on intercompany loans		—			—			1.9			—			(1.9	)		—
Income (loss) before income taxes		(0.1	)		2.9			(5.2	)		(0.6	)		—			(3.0	)
Provision (benefit) for income taxes		—			2.2			(3.1	)		0.7			—			(0.2	)
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Net loss		(2.5	)		(2.4	)		(2.9	)		(1.3	)		6.3			(2.8	)
Less: Net loss attributable to noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Net loss attributable to Ryerson Holding Corporation	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.0	)	$	6.3		$	(2.5	)
Comprehensive income (loss)	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.4	)	$	15.0		$	(9.1	)
Less: Comprehensive loss attributable to    noncontrolling interest		—			—			—			(0.3	)		—			(0.3	)
Comprehensive income (loss) attributable to    Ryerson Holding Corporation	$	(8.8	)	$	(8.8	)	$	0.9		$	(7.1	)	$	15.0		$	(8.8	)

Condensed Consolidating Statement of Cash Flows (Unaudited)

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	13.5		$	13.5		$	1.5		$	(1.9	)	$	(13.1	)	$	13.5
Non-cash (income) expenses		(0.6	)		7.2			4.9			0.6			—			12.1
Equity in (earnings) loss of subsidiaries		(13.5	)		(1.3	)		1.7			—			13.1			—
Changes in working capital		0.6			3.4			11.1			6.3			—			21.4
Net adjustments		(13.5	)		9.3			17.7			6.9			13.1			33.5
Net cash provided by operating activities		—			22.8			19.2			5.0			—			47.0
INVESTING ACTIVITIES:
Capital expenditures		—			(5.2	)		—			(0.2	)		—			(5.4	)
Loan to related companies		—			—			(24.6	)		—			24.6			—
Other investing activities		—			(0.1	)		—			0.2			0.2			0.3
Net cash used in investing activities		—			(5.3	)		(24.6	)		—			24.8			(5.1	)
FINANCING ACTIVITIES:
Repayment of debt		—			(16.9	)		—			—			—			(16.9	)
Net repayments of short-term borrowings		—			(22.3	)		—			(1.2	)		—			(23.5	)
Proceeds from intercompany borrowings		—			24.6			—			—			(24.6	)		—
Other financing activities		—			(2.1	)		5.2			0.2			(0.2	)		3.1
Net cash provided by (used in) financing activities		—			(16.7	)		5.2			(1.0	)		(24.8	)		(37.3	)
Net increase (decrease) in cash and cash equivalents		—			0.8			(0.2	)		4.0			—			4.6
Effect of exchange rates on cash and cash equivalents		—			—			—			2.7			—			2.7
Net change in cash and cash equivalents		—			0.8			(0.2	)		6.7			—			7.3
Beginning cash and cash equivalents		—			5.2			0.4			57.6			—			63.2
Ending cash and cash equivalents	$	—		$	6.0		$	0.2		$	64.3		$	—		$	70.5

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non- guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net loss	$	(2.5	)	$	(2.4	)	$	(2.9	)	$	(1.3	)	$	6.3		$	(2.8	)
Non-cash expenses		—			12.0			9.9			2.3			—			24.2
Equity in loss of subsidiaries		2.4			3.1			0.8			—			(6.3	)		—
Changes in working capital		0.1			50.5			26.3			3.3			—			80.2
Net adjustments		2.5			65.6			37.0			5.6			(6.3	)		104.4
Net cash provided by operating activities		—			63.2			34.1			4.3			—			101.6
INVESTING ACTIVITIES:
Capital expenditures		—			(4.9	)		(0.3	)		(0.5	)		—			(5.7	)
Loan repayment from related companies		—			—			8.4			—			(8.4	)		—
Other investing activities		—			—			—			0.1			—			0.1
Net cash provided by (used in) investing activities		—			(4.9	)		8.1			(0.4	)		(8.4	)		(5.6	)
FINANCING ACTIVITIES:
Repayment of debt		—			(30.3	)		—			—			—			(30.3	)
Net proceeds/(repayments) of short-term borrowings		—			(27.9	)		—			1.0			—			(26.9	)
Repayment of intercompany borrowings		—			(8.4	)		—			—			8.4			—
Net increase (decrease) in book overdrafts		—			16.0			(41.1	)		—			—			(25.1	)
Other financing activities		—			(0.4	)		—			—			—			(0.4	)
Net cash provided by (used in) financing activities		—			(51.0	)		(41.1	)		1.0			8.4			(82.7	)
Net increase in cash and cash equivalents		—			7.3			1.1			4.9			—			13.3
Effect of exchange rates on cash and cash equivalents		—			—			—			(2.5	)		—			(2.5	)
Net change in cash and cash equivalents		—			7.3			1.1			2.4			—			10.8
Beginning cash and cash equivalents		11.1			4.6			0.7			43.6			—			60.0
Ending cash and cash equivalents	$	11.1		$	11.9		$	1.8		$	46.0		$	—		$	70.8

Condensed Consolidating Balance Sheet

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

MARCH 31, 2016

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non- guarantor			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	6.0		$	0.2	$	64.3		$	—		$	70.5
Receivables less provision for allowances, claims    and doubtful accounts		—			264.9			6.7		71.4			—			343.0
Inventories		—			501.2			10.8		59.1			—			571.1
Intercompany receivable		—			—			160.4		—			(160.4	)		—
Other current assets		—			15.8			3.9		10.5			—			30.2
Total current assets		—			787.9			182.0		205.3			(160.4	)		1,014.8
Investments in subsidiaries		—			469.0			285.5		—			(754.5	)		—
Intercompany notes receivable		—			—			325.7		—			(325.7	)		—
Property, plant and equipment net of accumulated    depreciation		—			367.7			3.1		27.0			—			397.8
Deferred charges		—			4.2			—		1.0			—			5.2
Other noncurrent assets		30.0			90.4			57.1		4.5			(17.0	)		165.0
Total assets	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	56.6		$	174.3	$	35.0		$	—		$	265.9
Intercompany payable		0.8			136.6			—		23.0			(160.4	)		—
Salaries, wages, and commissions		—			30.1			0.1		0.7			—			30.9
Short-term debt		—			—			—		20.8			—			20.8
Other current liabilities		—			62.7			0.6		8.9			—			72.2
Total current liabilities		0.8			286.0			175.0		88.4			(160.4	)		389.8
Dividends in excess of investment in subsidiaries		148.7			—			—		—			(148.7	)		—
Long-term debt		—			955.8			—		—			—			955.8
Long-term debt – intercompany		—			279.9			—		45.8			(325.7	)		—
Deferred employee benefits		—			300.9			—		20.0			—			320.9
Other noncurrent liabilities		—			45.3			2.6		4.1			(17.0	)		35.0
Total liabilities		149.5			1,867.9			177.6		158.3			(651.8	)		1,701.5
Redeemable noncontrolling interest		—			—			—		(0.1	)		—			(0.1	)
Ryerson Holding Corporation stockholders’ equity		(119.5	)		(148.7	)		675.8		78.7			(605.8	)		(119.5	)
Noncontrolling interest		—			—			—		0.9			—			0.9
Total liabilities and equity	$	30.0		$	1,719.2		$	853.4	$	237.8		$	(1,257.6	)	$	1,582.8

RYERSON HOLDING CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	5.2		$	0.4	$	57.6	$	—		$	63.2
Receivables less provision for allowances, claims    and doubtful accounts		—			228.7			6.6		70.4		—			305.7
Inventories		—			488.2			13.5		54.1		—			555.8
Intercompany receivable		—			—			132.7		—		(132.7	)		—
Other current assets		—			17.0			2.3		12.2		2.5			34.0
Total current assets		—			739.1			155.5		194.3		(130.2	)		958.7
Investments in subsidiaries		—			462.0			287.4		0.1		(749.5	)		—
Intercompany notes receivable		—			—			301.0		—		(301.0	)		—
Property, plant and equipment net of accumulated    depreciation		—			370.3			3.7		26.3		—			400.3
Deferred charges		—			3.9			—		1.1		—			5.0
Other noncurrent assets		29.9			91.5			60.1		4.1		(4.4	)		181.2
Total assets	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	45.0		$	132.4	$	28.9	$	—		$	206.3
Intercompany payable		—			111.8			—		20.9		(132.7	)		—
Salaries, wages, and commissions		—			24.8			0.5		1.0		—			26.3
Short-term debt		—			—			—		22.0		—			22.0
Other current liabilities		0.6			48.0			0.6		9.8		2.1			61.1
Total current liabilities		0.6			229.6			133.5		82.6		(130.6	)		315.7
Dividends in excess of investment in subsidiaries		170.9			—			—		—		(170.9	)		—
Long-term debt		—			1,001.5			—		—		—			1,001.5
Long-term debt – intercompany		—			258.1			—		42.9		(301.0	)		—
Deferred employee benefits		—			308.2			—		19.5		—			327.7
Other noncurrent liabilities		—			40.3			0.7		4.1		(4.0	)		41.1
Total liabilities		171.5			1,837.7			134.2		149.1		(606.5	)		1,686.0
Redeemable noncontrolling interest		—			—			—		0.1		—			0.1
Ryerson Holding Corporation stockholders’ equity		(141.6	)		(170.9	)		673.5		76.0		(578.6	)		(141.6	)
Noncontrolling interest		—			—			—		0.7		—			0.7
Total liabilities and equity	$	29.9		$	1,666.8		$	807.7	$	225.9	$	(1,185.1	)	$	1,545.2

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Financial Statements - Additional Information (Detail)	Mar. 31, 2016 shares
Summary Of Accounting And Financial Policies [Line Items]
Parent company shares owned by affiliates	21,037,500
Parent company percentage owned by affiliates	66.00%
Acofran Acos e Metais Ltda [Member]
Summary Of Accounting And Financial Policies [Line Items]
Ownership percentage by parent	50.00%

XML

Financial Statements - Percentage of Sales by Major Product Line (Detail) - Product Concentration Risk - Sales Revenue Product Line	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%
Carbon Steel Flat [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	25.00%	23.00%
Carbon Steel Plate [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	10.00%	11.00%
Carbon Steel Long [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	16.00%	17.00%
Stainless Steel Flat [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	16.00%	16.00%
Stainless Steel Plate [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	4.00%	4.00%
Stainless Steel Long [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	3.00%	4.00%
Aluminum Flat [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	16.00%	16.00%
Aluminum Plate [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	3.00%	3.00%
Aluminum Long [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	5.00%	4.00%
Other [Member]
Revenue from External Customer [Line Items]
Concentration risk percentage	2.00%	2.00%

XML

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Capitalized debt issuance costs	$ 9.3	$ 11.0

XML

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
In process and finished products	$ 571.1	$ 555.8

XML

Inventories - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Inventory Disclosure [Abstract]
Amount by which current cost used to value inventories is lower than LIFO valued inventories	$ 149,000,000		$ 122,000,000
Inventories accounted under the LIFO method	91.00%		91.00%
Market charge of cost to material sold	$ 11,800,000	$ 0
Lower of cost or market reserve	49,700,000		$ 37,900,000
Consignment inventory	$ 8,300,000		$ 9,900,000

XML

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	Oct. 01, 2015	Mar. 31, 2016	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill		$ 103,200,000	$ 103,200,000
Impairment charge	$ 0

XML

Acquisitions - Additional Information (Detail) - Southern Tool [Member]	3 Months Ended
	Mar. 31, 2016
Business Acquisition [Line Items]
Effective date of acquisition	Aug. 03, 2015
Description of business acquisition	On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN.

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Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Foreign debt	$ 20.8	$ 22.0
Unamortized debt issuance costs	(9.3)	(11.0)
Total debt	976.6	1,023.5
Total long-term debt	955.8	1,001.5
2017 Notes [Member]
Debt Instrument [Line Items]
Senior Notes	569.9	569.9
2018 Notes [Member]
Debt Instrument [Line Items]
Senior Notes	145.3	170.4
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Ryerson Credit Facility	$ 249.9	$ 272.2

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Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($)		3 Months Ended
	Jul. 24, 2015	Mar. 31, 2016	Dec. 31, 2015
Old Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity	$ 1,350,000,000
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity	1,000,000,000	$ 1,000,000,000
Charge to write-off a portion of the issuance costs	2,900,000
Outstanding borrowings		249,900,000	$ 272,200,000
Letters of credit		16,000,000	17,000,000
Available credit facility		$ 240,000,000	$ 185,000,000
Weighted average interest rate		2.50%	2.10%
Line of credit facility, description of collateral		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 (and in the case of Canadian accounts, a Canadian guarantor) 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 aggregate value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor), with such inventory adjusted to exclude various ineligible inventory, including, among other things, (i) any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business, (ii) 50% of the value of any inventory that (A) has not been sold or processed within a 180 day period and (B) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption, and (iii) 50% of the value of inventory classified as partial inventory pieces on the basis that the inventory has been cut below sales lengths customary for such inventory. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.
Default bear interest rate		2.00%
Commitment fees on amounts not borrowed		0.25%
Ryerson Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		0.50%
Ryerson Credit Facility [Member] | Prime Rate and One Month LIBOR Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		1.00%
Ryerson Credit Facility [Member] | 30 Day LIBOR Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		1.00%
Ryerson Credit Facility [Member] | Bank of Canada Overnight Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		0.50%
Ryerson Credit Facility [Member] | One Month Canadian Bankers Acceptance Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		1.00%
Ryerson Credit Facility [Member] | Base Rate and Canadian Prime Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		0.25%
Ryerson Credit Facility [Member] | Base Rate and Canadian Prime Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		0.75%
Ryerson Credit Facility [Member] | LIBOR and Banker's Acceptance Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		1.25%
Ryerson Credit Facility [Member] | LIBOR and Banker's Acceptance Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		1.75%
Ryerson Credit Facility [Member] | US Subsidiaries [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity		$ 925,000,000
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity		$ 75,000,000
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Percentage of spread over amount available to be borrowed		0.50%
Ryerson Credit Facility [Member] | Scenario 1 [Member]
Debt Instrument [Line Items]
Credit facility maturity date		Jul. 24, 2020
Ryerson Credit Facility [Member] | Scenario 2 [Member]
Debt Instrument [Line Items]
Credit facility scenario 2 maturity description of ("2017 Notes")		60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more.
Minimum indebtedness including principal amount	$ 50,000,000

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Long-Term Debt - 2017 and 2018 Notes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Oct. 10, 2012
Debt Instrument [Line Items]
Gain (loss) on retirement of debt	$ 8,200,000	$ (500,000)
2017 Notes [Member]
Debt Instrument [Line Items]
Aggregate amount of senior notes issued				$ 600,000,000
Debt Instrument Percentage				9.00%
Notes redemption date	Apr. 15, 2015
Senior Notes	$ 569,900,000		$ 569,900,000
Principal amount of debt instrument repurchased		16,800,000
Debt instruments senior notes retired		17,000,000
2017 Notes [Member] | Other Income and (Expense), Net [Member]
Debt Instrument [Line Items]
Gain (loss) on retirement of debt		(200,000)
2018 Notes [Member]
Debt Instrument [Line Items]
Aggregate amount of senior notes issued				$ 300,000,000
Debt Instrument Percentage				11.25%
Notes redemption date	Oct. 15, 2015
Senior Notes	$ 145,300,000		$ 170,400,000
Principal amount of debt instrument repurchased	25,100,000	13,000,000
Debt instruments senior notes retired	16,900,000	13,300,000
2018 Notes [Member] | Other Income and (Expense), Net [Member]
Debt Instrument [Line Items]
Gain (loss) on retirement of debt	$ 8,200,000	$ (300,000)
2017 and 2018 Notes [Member] | Joseph T. Ryerson [Member]
Debt Instrument [Line Items]
Maximum percentage of dividend of future net income	50.00%
Redemption price as a percentage of principal amount	101.00%

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Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Foreign debt	$ 20.8	$ 22.0
Owed to Banks [Member] | Ryerson China [Member]
Debt Instrument [Line Items]
Foreign debt	20.6	21.8
Owed to Banks [Member] | Acofran [Member]
Debt Instrument [Line Items]
Foreign debt	0.2	0.2
Foreign Debt [Member]
Debt Instrument [Line Items]
Available credit facility	25.0	23.0
Letters of credit issued by our foreign subsidiaries	$ 1.0	$ 2.0
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member]
Debt Instrument [Line Items]
Weighted average interest rate	4.40%	4.30%

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Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 1
Interest cost	$ 7	9
Expected return on assets	(11)	(12)
Recognized actuarial (gain) loss	3	3
Net periodic benefit (credit) cost	(1)	1
Other Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	1	1
Recognized actuarial (gain) loss	(2)	(2)
Amortization of prior service credit	(1)	(1)
Net periodic benefit (credit) cost	$ (2)	$ (2)

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Employee Benefits - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Compensation And Retirement Disclosure [Abstract]
Contribution to the pension plan fund	$ 2
Anticipated minimum required pension contribution funding for the remainder of fiscal period	$ 20

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Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 1.5	$ 0.1
Other Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	1.9	3.5
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		0.1
Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	0.1
Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	1.5
Commodity Contracts [Member] | Other Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 1.8	$ 3.5

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Derivatives and Fair Value Measurements - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($) T gal	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) T gal
Derivatives Fair Value [Line Items]
Gain on assets held for sale		$ 400,000
Other-than-temporary impairment charge on available-for-sale investments		$ 12,300,000
Proceeds from sale of investments	$ 0
Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Prepaid expenses and other current assets - assets held for sale	$ 3,100,000		$ 4,200,000
Minimum [Member]
Derivatives Fair Value [Line Items]
Contract term for exchange contracts	3 months
Maximum [Member]
Derivatives Fair Value [Line Items]
Contract term for exchange contracts	12 months
Diesel Fuel Hedge Contracts [Member]
Derivatives Fair Value [Line Items]
Commodity notional value | gal	390,000		533,000
Foreign Exchange Forward [Member]
Derivatives Fair Value [Line Items]
Notional amount of foreign currency exchange contracts	$ 2,200,000		$ 1,600,000
Nickel Futures or Option Contracts [Member]
Derivatives Fair Value [Line Items]
Commodity notional value | T	123		177
Hot Roll Steel Coil Option [Member]
Derivatives Fair Value [Line Items]
Commodity notional value | T	34,940		15,120
Aluminum Price Swaps [Member]
Derivatives Fair Value [Line Items]
Commodity notional value | T	14,876		13,878

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Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total	$ 2.0	$ (3.8)
Foreign Exchange Contracts [Member] | Other Income and (Expense), Net [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total	(0.2)	0.1
Commodity Contracts [Member] | Cost of Materials Sold [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total	$ 2.2	(3.8)
Diesel Fuel Hedges [Member] | Warehousing Delivery Selling General and Administrative [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total		$ (0.1)

XML

Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mark-to-market derivatives, liabilities	$ 1.9
Level 2 [Member] | Commodity Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mark-to-market derivatives, assets	1.5
Mark-to-market derivatives, liabilities	1.8	$ 3.5
Level 2 [Member] | Foreign Exchange Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mark-to-market derivatives, assets		0.1
Mark-to-market derivatives, liabilities	0.1
Common Stock [Member] | Level 1 [Member] | Prepaid and Other Current Assets [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale investment	$ 3.8	$ 2.2

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Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Cash and cash equivalents, Carrying Amount	$ 70.5	$ 63.2	$ 70.8	$ 60.0
Restricted cash, Carrying Amount	2.1	1.2
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount	343.0	305.7
Accounts payable, Carrying Amount	265.9	206.3
Long-term debt, including current portion, Carrying Amount	976.6	1,023.5
Cash and cash equivalents, Fair Value	70.5	63.2
Restricted cash, Fair Value	2.1	1.2
Receivables less provision for allowances, claims and doubtful accounts, Fair Value	343.0	305.7
Accounts payable, Fair Value	265.9	206.3
Long-term debt, including current portion, Fair Value	$ 848.9	$ 855.3

XML

Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Prepaid expenses and other current assets - assets held for sale	$ 3.1	$ 4.2

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Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) - Common Stock [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Cost	$ 5.1	$ 5.1
Gross Unrealized Losses	(1.3)	(2.9)
Fair Value	$ 3.8	$ 2.2

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Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Beginning Balance	$ (140.9)
Beginning Balance, Redeemable Noncontrolling Interest	$ 0.1
Beginning Balance, shares	32,312,200
Net income (loss)	$ 13.5	$ (2.5)
Net income (loss)	13.7
Foreign currency translation	4.2
Gain on intra-entity foreign currency transactions	3.0
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	0.3
Unrealized gain on available-for-sale investment, net of tax	0.9
Stock-based compensation expense	0.2
Ending Balance	(118.6)
Ending Balance, Redeemable Noncontrolling Interest	$ (0.1)
Ending Balance, shares	32,312,200
Common Stock [Member]
Beginning Balance	$ 0.3
Beginning Balance, shares	32,312,000
Ending Balance	$ 0.3
Ending Balance, shares	32,312,000
Treasury Stock [Member]
Beginning Balance	$ (6.6)
Beginning Balance, shares	213,000
Ending Balance	$ (6.6)
Ending Balance, shares	213,000
Capital in Excess of Par Value [Member]
Beginning Balance	$ 302.6
Stock-based compensation expense	0.2
Ending Balance	302.8
Accumulated Deficit [Member]
Beginning Balance	(130.9)
Net income (loss)	13.5
Ending Balance	(117.4)
Foreign Currency Translation [Member]
Beginning Balance	(53.8)
Foreign currency translation	4.2
Gain on intra-entity foreign currency transactions	3.0
Ending Balance	(46.6)
Benefit Plan Liabilities [Member]
Beginning Balance	(252.5)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	0.3
Ending Balance	(252.2)
Available-For-Sale Investments [Member]
Beginning Balance	(0.7)
Unrealized gain on available-for-sale investment, net of tax	0.9
Ending Balance	0.2
Noncontrolling Interest [Member]
Beginning Balance	0.7
Net income (loss)	0.2
Ending Balance	0.9
Redeemable Non- controlling Interest [Member]
Beginning Balance, Redeemable Noncontrolling Interest	0.1
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.2)
Ending Balance, Redeemable Noncontrolling Interest	$ 0.1

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Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Equity [Abstract]
Changes in defined benefit pension and other post-retirement benefit plans, tax	$ 0.1
Unrealized loss on available-for-sale investment, tax	$ 0.6

XML

Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	$ (307.0)
Accumulated other comprehensive income (loss) net of tax, ending balance	(298.6)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(53.8)
Other comprehensive income before reclassifications	7.2
Net current-period other comprehensive income	7.2
Accumulated other comprehensive income (loss) net of tax, ending balance	(46.6)
Benefit Plan Liabilities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(252.5)
Amounts reclassified from accumulated other comprehensive income	0.3
Net current-period other comprehensive income	0.3
Accumulated other comprehensive income (loss) net of tax, ending balance	(252.2)
Available-For-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(0.7)
Other comprehensive income before reclassifications	0.9
Net current-period other comprehensive income	0.9
Accumulated other comprehensive income (loss) net of tax, ending balance	$ 0.2

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Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other income and (expense), net	$ 5.3	$ (11.3)
Tax benefit	(8.1)	0.2
Net income (loss)	13.5	(2.8)
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Loss [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	1.1	1.5
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Credits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	(0.7)	(0.6)
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	0.4	0.9
Tax provision	0.1	0.3
Net of tax	$ 0.3	0.6
Reclassification out of Accumulated Other Comprehensive Income [Member] | Other-than-temporary Impairment [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other income and (expense), net		12.3
Tax benefit		(4.7)
Net income (loss)		$ 7.6

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Related Parties - Additional Information (Detail) - Platinum Advisors [Member] - USD ($)		1 Months Ended	3 Months Ended
	Aug. 13, 2014	Aug. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Payment of advisory services termination fee	$ 15,000,000	$ 10,000,000
Payment of advisory fee recorded			$ 0	$ 0

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 8.1	$ (0.2)
Valuation allowance	$ 24.3		$ 22.6

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Earnings Per Share - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$ 13.5	$ (2.5)
Denominator:
Weighted average shares outstanding	32,099,700	32,037,500
Weighted average shares outstanding adjusted for dilutive securities	32,099,700	32,037,500
Earnings (loss) per share
Basic	$ 0.42	$ (0.08)
Diluted	$ 0.42	$ (0.08)

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Condensed Consolidating Guarantor Financial Statements - Additional Information (Detail) - 2017 and 2018 Notes [Member]	3 Months Ended
	Mar. 31, 2016
Guarantor [Member]
Condensed Financial Statements Captions [Line Items]
Ownership percentage by parent	100.00%
Joseph T. Ryerson [Member]
Condensed Financial Statements Captions [Line Items]
Maximum percentage of dividend of future net income	50.00%

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Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Unaudited) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Statement Of Income Captions [Line Items]
Net sales	$ 702.6	$ 868.0
Cost of materials sold	555.0	718.0
Gross profit	147.6	150.0
Warehousing, delivery, selling, general and administrative	109.3	116.4
Operating profit	38.3	33.6
Other income and (expense), net	5.3	(11.3)
Interest and other expense on debt	(22.0)	(25.3)
Income (loss) before income taxes	21.6	(3.0)
Provision (benefit) for income taxes	8.1	(0.2)
Net income (loss)	13.5	(2.8)
Less: Net income (loss) attributable to noncontrolling interest		(0.3)
Net income (loss) attributable to Ryerson Holding Corporation	13.5	(2.5)
Comprehensive income (loss)	21.9	(9.1)
Less: Comprehensive income (loss) attributable to noncontrolling interest		(0.3)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	21.9	(8.8)
Parent [Member]
Condensed Statement Of Income Captions [Line Items]
Warehousing, delivery, selling, general and administrative	0.1	0.1
Operating profit	(0.1)	(0.1)
Income (loss) before income taxes	(0.1)	(0.1)
Provision (benefit) for income taxes	(0.1)
Equity in (earnings) loss of subsidiaries	(13.5)	2.4
Net income (loss)	13.5	(2.5)
Net income (loss) attributable to Ryerson Holding Corporation	13.5	(2.5)
Comprehensive income (loss)	21.9	(8.8)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	21.9	(8.8)
Joseph T. Ryerson [Member]
Condensed Statement Of Income Captions [Line Items]
Net sales	601.2	738.1
Cost of materials sold	477.6	615.5
Gross profit	123.6	122.6
Warehousing, delivery, selling, general and administrative	91.0	93.8
Operating profit	32.6	28.8
Other income and (expense), net	8.2	(0.5)
Interest and other expense on debt	(21.5)	(24.5)
Interest expense on intercompany loans	(2.1)	(0.9)
Income (loss) before income taxes	17.2	2.9
Provision (benefit) for income taxes	5.0	2.2
Equity in (earnings) loss of subsidiaries	(1.3)	3.1
Net income (loss)	13.5	(2.4)
Net income (loss) attributable to Ryerson Holding Corporation	13.5	(2.4)
Comprehensive income (loss)	22.0	(8.8)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	22.0	(8.8)
Guarantor [Member]
Condensed Statement Of Income Captions [Line Items]
Net sales	465.3	531.4
Cost of materials sold	456.5	518.5
Gross profit	8.8	12.9
Warehousing, delivery, selling, general and administrative	5.3	7.7
Operating profit	3.5	5.2
Other income and (expense), net		(12.3)
Interest income on intercompany loans	3.0	1.9
Income (loss) before income taxes	6.5	(5.2)
Provision (benefit) for income taxes	3.3	(3.1)
Equity in (earnings) loss of subsidiaries	1.7	0.8
Net income (loss)	1.5	(2.9)
Net income (loss) attributable to Ryerson Holding Corporation	1.5	(2.9)
Comprehensive income (loss)	2.4	0.9
Comprehensive income (loss) attributable to Ryerson Holding Corporation	2.4	0.9
Non-guarantor [Member]
Condensed Statement Of Income Captions [Line Items]
Net sales	89.3	102.2
Cost of materials sold	74.1	87.7
Gross profit	15.2	14.5
Warehousing, delivery, selling, general and administrative	12.9	14.8
Operating profit	2.3	(0.3)
Other income and (expense), net	(2.9)	1.5
Interest and other expense on debt	(0.5)	(0.8)
Interest expense on intercompany loans	(0.9)	(1.0)
Income (loss) before income taxes	(2.0)	(0.6)
Provision (benefit) for income taxes	(0.1)	0.7
Net income (loss)	(1.9)	(1.3)
Less: Net income (loss) attributable to noncontrolling interest		(0.3)
Net income (loss) attributable to Ryerson Holding Corporation	(1.9)	(1.0)
Comprehensive income (loss)	2.6	(7.4)
Less: Comprehensive income (loss) attributable to noncontrolling interest		(0.3)
Comprehensive income (loss) attributable to Ryerson Holding Corporation	2.6	(7.1)
Eliminations [Member]
Condensed Statement Of Income Captions [Line Items]
Net sales	(453.2)	(503.7)
Cost of materials sold	(453.2)	(503.7)
Interest expense on intercompany loans	3.0	1.9
Interest income on intercompany loans	(3.0)	(1.9)
Equity in (earnings) loss of subsidiaries	13.1	(6.3)
Net income (loss)	(13.1)	6.3
Net income (loss) attributable to Ryerson Holding Corporation	(13.1)	6.3
Comprehensive income (loss)	(27.0)	15.0
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$ (27.0)	$ 15.0

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Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income (loss)	$ 13.5	$ (2.8)
Non-cash (income) expenses	12.1	24.2
Changes in working capital	21.4	80.2
Net adjustments	33.5	104.4
Net cash provided by operating activities	47.0	101.6
Investing activities:
Capital expenditures	(5.4)	(5.7)
Other investing activities	0.3	0.1
Net cash used in investing activities	(5.1)	(5.6)
Financing activities:
Repayment of debt	(16.9)	(30.3)
Net proceeds/(repayments) of short-term borrowings	(23.5)	(26.9)
Net increase (decrease) in book overdrafts	4.4	(25.1)
Other financing activities	3.1	(0.4)
Net cash used in financing activities	(37.3)	(82.7)
Net increase in cash and cash equivalents	4.6	13.3
Effect of exchange rates on cash and cash equivalents	2.7	(2.5)
Net change in cash and cash equivalents	7.3	10.8
Cash and cash equivalents—beginning of period	63.2	60.0
Cash and cash equivalents—end of period	70.5	70.8
Parent [Member]
Operating activities:
Net income (loss)	13.5	(2.5)
Non-cash (income) expenses	(0.6)
Equity in (earnings) loss of subsidiaries	(13.5)	2.4
Changes in working capital	0.6	0.1
Net adjustments	(13.5)	2.5
Financing activities:
Cash and cash equivalents—beginning of period		11.1
Cash and cash equivalents—end of period		11.1
Joseph T. Ryerson [Member]
Operating activities:
Net income (loss)	13.5	(2.4)
Non-cash (income) expenses	7.2	12.0
Equity in (earnings) loss of subsidiaries	(1.3)	3.1
Changes in working capital	3.4	50.5
Net adjustments	9.3	65.6
Net cash provided by operating activities	22.8	63.2
Investing activities:
Capital expenditures	(5.2)	(4.9)
Other investing activities	(0.1)
Net cash used in investing activities	(5.3)	(4.9)
Financing activities:
Repayment of debt	(16.9)	(30.3)
Net proceeds/(repayments) of short-term borrowings	(22.3)	(27.9)
Proceeds from intercompany borrowings	24.6
Repayment of intercompany borrowings		(8.4)
Net increase (decrease) in book overdrafts		16.0
Other financing activities	(2.1)	(0.4)
Net cash used in financing activities	(16.7)	(51.0)
Net increase in cash and cash equivalents	0.8	7.3
Net change in cash and cash equivalents	0.8	7.3
Cash and cash equivalents—beginning of period	5.2	4.6
Cash and cash equivalents—end of period	6.0	11.9
Guarantor [Member]
Operating activities:
Net income (loss)	1.5	(2.9)
Non-cash (income) expenses	4.9	9.9
Equity in (earnings) loss of subsidiaries	1.7	0.8
Changes in working capital	11.1	26.3
Net adjustments	17.7	37.0
Net cash provided by operating activities	19.2	34.1
Investing activities:
Capital expenditures		(0.3)
Loan to related companies	(24.6)
Loan repayment from related companies		8.4
Net cash used in investing activities	(24.6)	8.1
Financing activities:
Net increase (decrease) in book overdrafts		(41.1)
Other financing activities	5.2
Net cash used in financing activities	5.2	(41.1)
Net increase in cash and cash equivalents	(0.2)	1.1
Net change in cash and cash equivalents	(0.2)	1.1
Cash and cash equivalents—beginning of period	0.4	0.7
Cash and cash equivalents—end of period	0.2	1.8
Non-guarantor [Member]
Operating activities:
Net income (loss)	(1.9)	(1.3)
Non-cash (income) expenses	0.6	2.3
Changes in working capital	6.3	3.3
Net adjustments	6.9	5.6
Net cash provided by operating activities	5.0	4.3
Investing activities:
Capital expenditures	(0.2)	(0.5)
Other investing activities	0.2	0.1
Net cash used in investing activities		(0.4)
Financing activities:
Net proceeds/(repayments) of short-term borrowings	(1.2)	1.0
Other financing activities	0.2
Net cash used in financing activities	(1.0)	1.0
Net increase in cash and cash equivalents	4.0	4.9
Effect of exchange rates on cash and cash equivalents	2.7	(2.5)
Net change in cash and cash equivalents	6.7	2.4
Cash and cash equivalents—beginning of period	57.6	43.6
Cash and cash equivalents—end of period	64.3	46.0
Eliminations [Member]
Operating activities:
Net income (loss)	(13.1)	6.3
Equity in (earnings) loss of subsidiaries	13.1	(6.3)
Net adjustments	13.1	(6.3)
Investing activities:
Loan to related companies	24.6
Loan repayment from related companies		(8.4)
Other investing activities	0.2
Net cash used in investing activities	24.8	(8.4)
Financing activities:
Proceeds from intercompany borrowings	(24.6)
Repayment of intercompany borrowings		8.4
Other financing activities	(0.2)
Net cash used in financing activities	$ (24.8)	$ 8.4

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Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 70.5	$ 63.2	$ 70.8	$ 60.0
Receivables less provision for allowances, claims and doubtful accounts	343.0	305.7
Inventories	571.1	555.8
Other current assets	30.2	34.0
Total current assets	1,014.8	958.7
Property, plant and equipment net of accumulated depreciation	397.8	400.3
Deferred charges	5.2	5.0
Other noncurrent assets	165.0	181.2
Total assets	1,582.8	1,545.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	265.9	206.3
Salaries, wages and commissions	30.9	26.3
Short-term debt	20.8	22.0
Other current liabilities	72.2	61.1
Total current liabilities	389.8	315.7
Long-term debt	955.8	1,001.5
Deferred employee benefits	320.9	327.7
Other noncurrent liabilities	35.0	41.1
Total liabilities	1,701.5	1,686.0
Redeemable noncontrolling interest	(0.1)	0.1
Ryerson Holding Corporation stockholders’ equity	(119.5)	(141.6)
Noncontrolling interest	0.9	0.7
Total liabilities and equity	1,582.8	1,545.2
Parent [Member]
Assets
Cash and cash equivalents			11.1	11.1
Other noncurrent assets	30.0	29.9
Total assets	30.0	29.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Intercompany payable	0.8
Other current liabilities		0.6
Total current liabilities	0.8	0.6
Dividends in excess of investment in subsidiaries	148.7	170.9
Total liabilities	149.5	171.5
Ryerson Holding Corporation stockholders’ equity	(119.5)	(141.6)
Total liabilities and equity	30.0	29.9
Joseph T. Ryerson [Member]
Assets
Cash and cash equivalents	6.0	5.2	11.9	4.6
Receivables less provision for allowances, claims and doubtful accounts	264.9	228.7
Inventories	501.2	488.2
Other current assets	15.8	17.0
Total current assets	787.9	739.1
Investments in subsidiaries	469.0	462.0
Property, plant and equipment net of accumulated depreciation	367.7	370.3
Deferred charges	4.2	3.9
Other noncurrent assets	90.4	91.5
Total assets	1,719.2	1,666.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	56.6	45.0
Intercompany payable	136.6	111.8
Salaries, wages and commissions	30.1	24.8
Other current liabilities	62.7	48.0
Total current liabilities	286.0	229.6
Long-term debt	955.8	1,001.5
Long-term debt – intercompany	279.9	258.1
Deferred employee benefits	300.9	308.2
Other noncurrent liabilities	45.3	40.3
Total liabilities	1,867.9	1,837.7
Ryerson Holding Corporation stockholders’ equity	(148.7)	(170.9)
Total liabilities and equity	1,719.2	1,666.8
Guarantor [Member]
Assets
Cash and cash equivalents	0.2	0.4	1.8	0.7
Receivables less provision for allowances, claims and doubtful accounts	6.7	6.6
Inventories	10.8	13.5
Intercompany receivable	160.4	132.7
Other current assets	3.9	2.3
Total current assets	182.0	155.5
Investments in subsidiaries	285.5	287.4
Intercompany notes receivable	325.7	301.0
Property, plant and equipment net of accumulated depreciation	3.1	3.7
Other noncurrent assets	57.1	60.1
Total assets	853.4	807.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	174.3	132.4
Salaries, wages and commissions	0.1	0.5
Other current liabilities	0.6	0.6
Total current liabilities	175.0	133.5
Other noncurrent liabilities	2.6	0.7
Total liabilities	177.6	134.2
Ryerson Holding Corporation stockholders’ equity	675.8	673.5
Total liabilities and equity	853.4	807.7
Non-guarantor [Member]
Assets
Cash and cash equivalents	64.3	57.6	$ 46.0	$ 43.6
Receivables less provision for allowances, claims and doubtful accounts	71.4	70.4
Inventories	59.1	54.1
Other current assets	10.5	12.2
Total current assets	205.3	194.3
Investments in subsidiaries		0.1
Property, plant and equipment net of accumulated depreciation	27.0	26.3
Deferred charges	1.0	1.1
Other noncurrent assets	4.5	4.1
Total assets	237.8	225.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	35.0	28.9
Intercompany payable	23.0	20.9
Salaries, wages and commissions	0.7	1.0
Short-term debt	20.8	22.0
Other current liabilities	8.9	9.8
Total current liabilities	88.4	82.6
Long-term debt – intercompany	45.8	42.9
Deferred employee benefits	20.0	19.5
Other noncurrent liabilities	4.1	4.1
Total liabilities	158.3	149.1
Redeemable noncontrolling interest	(0.1)	0.1
Ryerson Holding Corporation stockholders’ equity	78.7	76.0
Noncontrolling interest	0.9	0.7
Total liabilities and equity	237.8	225.9
Eliminations [Member]
Assets
Intercompany receivable	(160.4)	(132.7)
Other current assets		2.5
Total current assets	(160.4)	(130.2)
Investments in subsidiaries	(754.5)	(749.5)
Intercompany notes receivable	(325.7)	(301.0)
Other noncurrent assets	(17.0)	(4.4)
Total assets	(1,257.6)	(1,185.1)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Intercompany payable	(160.4)	(132.7)
Other current liabilities		2.1
Total current liabilities	(160.4)	(130.6)
Dividends in excess of investment in subsidiaries	(148.7)	(170.9)
Long-term debt – intercompany	(325.7)	(301.0)
Other noncurrent liabilities	(17.0)	(4.0)
Total liabilities	(651.8)	(606.5)
Ryerson Holding Corporation stockholders’ equity	(605.8)	(578.6)
Total liabilities and equity	$ (1,257.6)	$ (1,185.1)