10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2021

or

☐ 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)

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

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

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

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

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

Large accelerated filer	☐	Accelerated filer	☒	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

As of April 30, 2021, there were 38,474,594 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, 2021 and 2020	3
		Condensed Consolidated Statements of Cash Flows (Unaudited)—Three Months Ended March 31, 2021 and 2020	4
		Condensed Consolidated Balance Sheets—March 31, 2021 (Unaudited) and December 31, 2020	5
		Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
	Item 4.	Controls and Procedures	33
Part II. Other Information:
	Item 1.	Legal Proceedings	34
	Item 1A.	Risk Factors	34
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
	Item 3.	Defaults Upon Senior Securities	34
	Item 4.	Mine Safety Disclosures	34
	Item 5.	Other Information	34
	Item 6.	Exhibits	35
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,
	2021			2020
Net sales	$	1,147.3		$	1,010.3
Cost of materials sold		949.4			814.5
Gross profit		197.9			195.8
Warehousing, delivery, selling, general, and administrative		171.8			155.7
Gain on sale of assets		(20.3	)		—
Operating profit		46.4			40.1
Other income and (expense), net		0.3			0.9
Interest and other expense on debt		(13.5	)		(21.7	)
Income before income taxes		33.2			19.3
Provision for income taxes		7.6			2.9
Net income		25.6			16.4
Less: Net income attributable to noncontrolling interest		0.3			—
Net income attributable to Ryerson Holding Corporation	$	25.3		$	16.4
Comprehensive income	$	28.0		$	6.2
Less: Comprehensive income attributable to noncontrolling interest		0.2			—
Comprehensive income attributable to Ryerson Holding Corporation	$	27.8		$	6.2
Basic earnings per share	$	0.66		$	0.43
Diluted earnings per share	$	0.66		$	0.43

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,
	2021			2020
Operating activities:
Net income	$	25.6		$	16.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13.6			13.3
Stock-based compensation		1.6			0.6
Deferred income taxes		4.5			14.6
Provision for allowances, claims, and doubtful accounts		1.6			1.4
Gain on sale of assets		(20.3	)		—
Pension settlement charge		0.2			0.4
Gain on retirement of debt		—			(0.8	)
Non-cash loss from derivatives		9.1			2.7
Other items		—			(0.1	)
Change in operating assets and liabilities:
Receivables		(165.2	)		(69.4	)
Inventories		(12.3	)		(4.1	)
Other assets and liabilities		(19.7	)		5.1
Accounts payable		118.5			98.5
Accrued liabilities		13.0			16.1
Accrued taxes payable/receivable		0.5			(14.2	)
Deferred employee benefit costs		(18.0	)		(7.7	)
Net adjustments		(72.9	)		56.4
Net cash (used in) provided by operating activities		(47.3	)		72.8
Investing activities:
Capital expenditures		(6.5	)		(6.9	)
Proceeds from sale of property, plant, and equipment		29.0			—
Other items		(0.5	)		—
Net cash provided by (used in) investing activities		22.0			(6.9	)
Financing activities:
Repayment of debt		(0.4	)		(54.2	)
Net proceeds of short-term borrowings		1.2			168.2
Net increase (decrease) in book overdrafts		9.4			(31.2	)
Principal payments on finance lease obligations		(2.5	)		(3.4	)
Other items		(0.1	)		—
Net cash provided by financing activities		7.6			79.4
Net increase (decrease) in cash, cash equivalents, and restricted cash		(17.7	)		145.3
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(0.4	)		(0.4	)
Net change in cash, cash equivalents, and restricted cash		(18.1	)		144.9
Cash, cash equivalents, and restricted cash—beginning of period		62.5			59.8
Cash, cash equivalents, and restricted cash—end of period	$	44.4		$	204.7
Supplemental disclosures:
Cash paid during the period for:
Interest paid to third parties, net	$	22.8		$	6.5
Income taxes, net		2.3			1.9
Noncash investing activities:
Asset additions under operating leases		6.1			0.4
Asset additions under finance leases and sale-leasebacks		1.7			0.1

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 and per share data)

	March 31,			December 31,
	2021			2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	43.3		$	61.4
Restricted cash		1.1			1.1
Receivables less provisions of $2.1 at March 31, 2021 and $1.7 at December 31, 2020		544.1			378.9
Inventories		617.2			604.5
Prepaid expenses and other current assets		89.4			57.5
Total current assets		1,295.1			1,103.4
Property, plant, and equipment, at cost		819.1			822.9
Less: Accumulated depreciation		407.2			401.1
Property, plant, and equipment, net		411.9			421.8
Operating lease assets		110.6			108.3
Other intangible assets		42.2			43.2
Goodwill		121.2			120.3
Deferred charges and other assets		5.2			5.1
Total assets	$	1,986.2		$	1,802.1
Liabilities
Current liabilities:
Accounts payable	$	493.2		$	365.1
Salaries, wages, and commissions		62.7			43.1
Other accrued liabilities		98.9			78.3
Short-term debt		18.1			13.8
Current portion of operating lease liabilities		21.8			20.7
Current portion of deferred employee benefits		6.6			6.6
Total current liabilities		701.3			527.6
Long-term debt		723.3			726.2
Deferred employee benefits		211.6			231.6
Noncurrent operating lease liabilities		92.3			93.0
Deferred income taxes		63.3			58.2
Other noncurrent liabilities		19.7			20.4
Total liabilities		1,811.5			1,657.0
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders’ equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at March 31, 2021 and December 31, 2020		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized; 38,329,897 shares issued at March 31, 2021 and December 31, 2020		0.4			0.4
Capital in excess of par value		384.7			383.1
Retained earnings		59.1			33.8
Treasury stock at cost – Common stock of 212,500 shares at March 31, 2021 and December 31, 2020		(6.6	)		(6.6	)
Accumulated other comprehensive loss		(269.4	)		(271.9	)
Total Ryerson Holding Corporation stockholders’ equity		168.2			138.8
Noncontrolling interest		6.5			6.3
Total equity		174.7			145.1
Total liabilities and equity	$	1,986.2		$	1,802.1

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 55% of our issued and outstanding common stock.

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

Results of operations for any interim period are not necessarily indicative of results of any future periods or for the year. The condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 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 U.S. generally accepted accounting principles (“GAAP”). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS

Impact of Recently Issued Accounting Standards—Adopted

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes – Simplifying the Accounting for Income Taxes.” The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. We adopted this guidance as of January 1, 2021 and there was no impact to our consolidated financial statements.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

No accounting pronouncements have been issued that we have not yet adopted.  

NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

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

	March 31,		December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	43.3	$	61.4
Restricted cash		1.1		1.1
Total cash, cash equivalents, and restricted cash	$	44.4	$	62.5

We had cash restricted for the purposes of covering letters of credit that can be presented for potential insurance claims.

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NOTE 4: 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, 2021 and December 31, 2020 as follows:

	March 31,		December 31,
	2021		2020
	(In millions)
In process and finished products	$	617.2	$	604.5

If current cost had been used to value inventories, such inventories would have been $21 million higher and $63 million lower than reported at March 31, 2021 and December 31, 2020, respectively. Approximately 90% and 91% of inventories are accounted for under the LIFO method at March 31, 2021 and December 31, 2020, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

The Company has consignment inventory at certain customer locations, which totaled $6.0 million and $4.8 million at March 31, 2021 and December 31, 2020, respectively.

NOTE 5: LEASES

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment.  The Company has noncancelable operating leases expiring at various times through 2032 and finance leases expiring at various times through 2027.  

The following table summarizes the location and amount of lease assets and lease liabilities reported in our Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020:

		March 31,		December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	110.6	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.0		45.5
Total lease assets		$	151.6	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	21.8	$	20.7
Finance	Other accrued liabilities		8.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		92.3		93.0
Finance	Other noncurrent liabilities		13.8		14.3
Total lease liabilities		$	136.4	$	137.0

(a) Finance lease assets were recorded net of accumulated amortization of $20.5 million and $21.0 million as of March 31, 2021 and December 31, 2020, respectively.

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The following table summarizes the location and amount of lease expense reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Three Months Ended March 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020
		(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	6.2	$	6.0
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		1.5		1.6
Interest on lease liabilities	Interest and other expense on debt		0.2		0.3
Variable lease expense	Warehousing, delivery, selling, general, and administrative		0.8		0.8
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		0.5		0.8
Total lease expense		$	9.2	$	9.5

The following table presents maturity analysis of lease liabilities at March 31, 2021:

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2021	$	19.0		$	7.2
2022		22.5			6.9
2023		17.9			4.4
2024		16.5			3.5
2025		12.9			1.1
After 2025		39.3			0.6
Total lease payments		128.1			23.7
Less: Interest(b)		(14.0	)		(1.4	)
Present value of lease liabilities(c)	$	114.1		$	22.3

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced.

(b) Calculated using the discount rate for each lease.

(c) Includes the current portion of $21.8 million for operating leases and $8.5 million for finance leases.

The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		7.0			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.3	%		3.4	%
Finance leases		4.2	%		4.4	%

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Information reported in our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and 2020 is summarized below:

	Three Months Ended March 31,
Other Information	2021		2020
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.2
Operating cash flows from finance leases		0.2		0.3
Financing cash flows from finance leases		2.5		3.4
Assets obtained in exchange for lease obligations:
Operating leases		6.1		0.4
Finance leases		1.7		0.1

NOTE 6: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $121.2 million and $120.3 million at March 31, 2021 and December 31, 2020, respectively. 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, 2020, and it was determined that no impairment existed.

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.

Our Critical Accounting Policies and Estimates for goodwill and intangibles assets are disclosed in Note 1 to the Consolidated Financial Statements and in Management's Discussion and Analysis of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. We continue to monitor the significant global economic uncertainty as a result of the COVID-19 pandemic to assess the outlook for demand for our products and the impact on our business and our overall financial performance. A lack of further recovery or a deterioration in current market conditions, a trend of weaker than expected financial performance in our business, or a lack of further recovery or a decline in the Company’s market capitalization, among other factors, could result in an impairment charge in future periods which could have a material adverse effect on our financial statements.

NOTE 7: LONG-TERM DEBT

Long-term debt consisted of the following at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	282.0		$	285.0
8.50% Senior Secured Notes due 2028		450.0			450.0
Foreign debt		16.3			12.1
Other debt		7.4			7.8
Unamortized debt issuance costs and discounts		(14.3	)		(14.9	)
Total debt		741.4			740.0
Less: Short-term foreign debt		16.3			12.1
Less: Other short-term debt		1.8			1.7
Total long-term debt	$	723.3		$	726.2

Ryerson Credit Facility

On November 16, 2016, Ryerson entered into an amendment with respect to its $1.0 billion revolving credit facility (as amended, the “Old Credit Facility”), to reduce the total facility size from $1.0 billion to $750 million, reduce the interest rate on outstanding borrowings by 25 basis points, reduce commitment fees on amounts not borrowed by 2.5 basis points, and to extend the maturity date to November 16, 2021. The Old Credit Facility was amended a second time on June 28, 2018, to increase the facility size from $750 million to $1.0 billion. On September 23, 2019, a third amendment was entered into to supplement the facility and add a U.S. “first-in, last-out” sub-facility of $67.9 million (the “Old FILO Facility”). The Old FILO Facility was equal in subordination with the other borrowings under the revolving credit facility and matured as of June 30, 2020. The Old FILO Facility supplemented

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our borrowing capacity by providing additional collateral on eligible accounts receivable and inventory. On November 5, 2020, Ryerson entered into a fourth amendment to extend the maturity date to November 5, 2025 (as amended, the “Ryerson Credit Facility” or “Credit Facility”). The aggregate facility size of $1.0 billion remained unchanged. The fourth amendment also added the ability to convert up to $100 million of commitments under the Ryerson Credit Facility into a “first-in, last-out” sub-facility (the “FILO Facility”). Subject to certain limitations, such conversion can be made from time to time (but no more than twice in the aggregate) prior to the date that is two years after November 5, 2020.

At March 31, 2021, Ryerson had $282 million of outstanding borrowings, $11 million of letters of credit issued, and $509 million available under the Ryerson Credit Facility compared to $285 million of outstanding borrowings, $11 million of letters of credit issued, and $277 million available at December 31, 2020. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.

Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America, N.A.’s prime rate, and the one-month LIBOR rate plus 1.00%, however, in no event shall the base rate be less than 1.25%), or (B) a LIBOR rate (with a floor of 0.25%) 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 commercial loans in U.S. Dollars made at its “base rate”, and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greater of 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 (with a floor of 0.25%) plus 1.00%, or (C) the bankers’ acceptance rate, however, in no event shall the Canadian base rate or the Canadian prime rate be less than 1.25%). Until November 5, 2021 the spread over the base rate and prime rate is fixed at 0.50% and the spread over the LIBOR for the bankers’ acceptances is fixed at 1.50%. After November 5, 2021, the spread over the base rate and prime rate will be between 0.25% and 0.50% and the spread over the LIBOR for the bankers’ acceptances will be between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility. The spread with respect to the FILO Facility, if any, will be determined at the time the commitments under the Ryerson Credit Facility are converted into such FILO Facility. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.225%. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00% above the rate otherwise applicable thereto. Loans advanced under the FILO Facility may only be prepaid if all then outstanding revolving loans are repaid in full.

We attempt to minimize interest rate risk exposure through the utilization of interest rate swaps, which are derivative financial instruments. In June 2019, we entered into an interest rate swap to fix interest on $60 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.729% through June 2022. In November 2019, we entered into another interest rate swap to fix interest on $100 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.539% through November 2022. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility including the interest rate swaps was 2.7% and 2.9% at March 31, 2021 and December 31, 2020, respectively.

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

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

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

Net proceeds of short-term borrowings that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2028 Notes

On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 8.50% senior secured notes due 2028 (the “2028 Notes”). The 2028 Notes bear interest at a rate of 8.50% per annum. The 2028 Notes are fully and unconditionally guaranteed on a senior secured 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 net proceeds from the issuance of the 2028 Notes, along with available cash, were used to (i) redeem all of the 11.0% Senior Secured Notes due 2022 (the “2022 Notes”) and (ii) pay related transaction fees, expenses, and premiums.  During the fourth quarter of 2020, a principal amount of $50.0 million of the 2028 Notes was redeemed for $51.5 million and retired. As a result, $450 million in aggregate principal amount remained outstanding at March 31, 2021.  

The 2028 Notes and the related guarantees are secured by a first-priority security interest in substantially all of JT Ryerson’s and each guarantor’s present and future assets located in the United States (other than receivables, inventory, cash deposit accounts and certain other assets, and proceeds thereof, which are secured pursuant to a second-priority security interest), subject to certain exceptions and customary permitted liens.  The 2028 Notes will be redeemable, in whole or in part, at any time on or after August 1, 2023 at certain redemption prices. The redemption price for the 2028 Notes if redeemed during the twelve months beginning (i) August 1, 2023 is 104.250%, (ii) August 1, 2024 is 102.125%, and (iii) August 1, 2025 and thereafter is 100.000%. All redemption amounts also include accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem some or all of the 2028 Notes before August 1, 2023 at a redemption price of 100.000% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium. In addition, JT Ryerson may redeem up to 40% of the outstanding 2028 Notes before August 1, 2023 with the net cash proceeds from certain equity offerings at a price equal to 108.500% of the principal amount of the Notes, plus accrued but unpaid interest, if any, to, but not including, the redemption date. Furthermore, JT Ryerson may redeem the 2028 Notes at any time and from time to time prior to August 1, 2023 in an aggregate principal amount equal to up to 10% of the original aggregate principal amount of the 2028 Notes during each twelve month period commencing on July 22, 2020 at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem the 2028 Notes at any time prior to August 1, 2022 in an aggregate principal amount equal to $100.0 million on a one-time basis from the net cash proceeds received from the sale of real property, at a redemption price of 104.000% plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, JT Ryerson may be required to make an offer to purchase the 2028 Notes upon the sale of certain assets or upon a change of control.

The Company evaluated the redemption options within the 2028 Notes for embedded derivatives and determined that one redemption option required bifurcation as it is not clearly and closely related to the debt agreement. The Company recorded the

embedded derivative as of December 31, 2020 based on a fair value of $2.3 million within other current assets in the Condensed Consolidated Balance Sheet.  As of March 31, 2021, the fair value was determined to be $2.6 million with the change of $0.3 million recognized within other income and (expense), net on the Condensed Consolidated Statements of Comprehensive Income. Refer to Note 10: Derivatives and Fair Value Measurements for further discussion of the embedded derivative.

The 2028 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.

During the first three months of 2020, a principal amount of $54.6 million of the 2022 Notes were repurchased for $53.8 million and retired, resulting in the recognition of a $0.8 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income.

Foreign Debt

At March 31, 2021, Ryerson China’s foreign borrowings were $16.3 million, which were owed to banks in Asia at a weighted average interest rate of 3.8% per annum and secured by inventory and property, plant, and equipment. At December 31, 2020, Ryerson China’s foreign borrowings were $12.1 million, which were owed to banks in Asia at a weighted average interest rate of 3.6% per annum and secured by inventory and property, plant, and equipment.

Availability under the foreign credit lines was $31 million and $35 million at March 31, 2021 and December 31, 2020, respectively.  Letters of credit issued by our foreign subsidiaries were $5 million and $6 million at March 31, 2021 and December 31, 2020, respectively.

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NOTE 8: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost (credit) for the three months ended March 31, 2021 and 2020 for the Ryerson pension plans and postretirement benefit plans other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	0.9		$	0.8		$	0.1		$	0.1
Interest cost		3.0			5.2			0.3			0.4
Expected return on assets		(5.9	)		(8.1	)		—			—
Settlement charge		0.2			0.4			—			—
Recognized actuarial (gain) loss		3.9			4.2			(1.5	)		(1.7	)
Amortization of prior service credit		—			—			(0.1	)		(0.5	)
Net periodic benefit cost (credit)	$	2.1		$	2.5		$	(1.2	)	$	(1.7	)

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

The Company contributed $17 million to the pension plan funds through the three months ended March 31, 2021, and anticipates that it will have a minimum required pension contribution funding of approximately $5 million for the remaining nine months of 2021. The expected future contributions reflect recent pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021. We will continue to monitor and updated our expected future contributions as further guidance related to ARPA is released.

NOTE 9: COMMITMENTS AND CONTINGENCIES

In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). On January 6, 2017, the EPA issued an initial Record of Decision (“ROD”) regarding the site. The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at an estimated present value cost of $1.05 billion. In a change from its prior stance, at a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JTR is a member, the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the original ROD within the next two to three years. The EPA also indicated that it expected allocation of amounts among the parties to be determined in the same two to three-year time frame. The EPA invited certain PRPs to a May 2, 2019 meeting to discuss starting the remedial design process. The EPA did not include JT Ryerson in those meetings.

The EPA met with various PRPs throughout 2019 and 2020 regarding remedial design.  Included in those meetings was Schnitzer Steel, which is developing a remedial design plan for the river area which includes the area where the former JT Ryerson facilities were located. The EPA did not include JT Ryerson in those meetings. Schnitzer’s 2020 disclosures acknowledged that Schnitzer is the legal successor to the prior operators (including JT Ryerson) in the designated area. On February 12, 2021, the EPA announced that one hundred percent (100%) of the PHS Site is now in the active remedial design phase.

The EPA has stated that it is willing to consider de minimis settlements, which JT Ryerson is trying to pursue; however, the EPA has not begun meeting with any of the smaller parties who have requested de minimis or de micromis status, stating that it does not have sufficient information to determine whether any parties meet such criteria and does not intend to begin those considerations until after the remedial design work is completed. It has met with selected parties that we believe to be larger targets. JT Ryerson has not been invited to meet with the EPA. As a result of the ongoing negotiations and filings over the ROD and the EPA’s decision not to meet with smaller parties, we cannot determine how allocations will be made and whether a de minimus settlement can be reached with the EPA.

The PCI Group has engaged a third party to prepare cost estimates for each of the Sediment Management Areas at the site. That work is still in progress and is expected to be completed in the summer of 2021. Once the cost estimates are completed, the voting parties of the PCI Group (which does not include JTR) will likely begin the advocacy process, which is anticipated to be completed sometime in 2022. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs after which the eventual mediation process in which JTR can participate will likely commence. This is also currently anticipated to occur sometime in 2022 or 2023.

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As the EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.     

There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2021 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. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

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

We have two receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $60 million of “pay fixed” interest at 1.729% through June 2022 and in November 2019, we entered into a forward agreement for $100 million of “pay fixed” interest at 1.539% through November 2022. Upon entering into the swaps, the interest rate reset dates and critical terms matched the terms of our existing debt and anticipated critical terms of future debt under the Old Credit Facility, however, this was no longer the case once the Ryerson Credit Facility was amended on November 5, 2020. As such, effective November 1, 2020 the Company de-designated its interest rate swaps and terminated its hedge accounting treatment. Prior to de-designation, the Company marked these interest rate swaps to market with changes in fair value being recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value are recorded in current earnings. The unrealized loss on the hedges as of the de-designation date remains in accumulated other comprehensive income and is being amortized into earnings as the forecasted interest payments affect earnings. The fair value of the interest rate swaps as of March 31, 2021 was a net liability of $3.4 million.

The Company currently does not account for its commodity and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company has made an accounting policy election to offset the fair value of derivative liabilities with related cash collateral. As of March 31, 2021, and December 31, 2020, the Company had a cash balance of zero held by the counterparty.

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.

In connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Condensed Consolidated Balance Sheet, with the offset to other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income, see Note 7: Long-term debt, for further details. Embedded derivatives are separated from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; (b) the instrument is not measured at fair value under other applicable GAAP standards, and (c) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that the embedded derivative within the 2028 Notes met these criteria and, as such, must be valued separate and apart from the 2028 Notes at fair value each reporting period.

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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, 2021 and December 31, 2020:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments under ASC 815	(In millions)
Metal commodity contracts	Prepaid expenses and other current assets	$	31.4	$	16.0	Other accrued liabilities	$	36.9	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		2.6		2.3	Other accrued liabilities		—		—
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		0.1		0.2
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		3.4		4.0
Total derivatives		$	34.0	$	18.3		$	40.4	$	16.1

The following table presents the volume of the Company’s activity in derivative instruments as of March 31, 2021 and December 31, 2020:

	Notional Amount
Derivative Instruments	At March 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		133,059		125,220	Tons
Aluminum swap contracts		15,676		20,264	Tons
Nickel swap contracts		638		345	Tons
Foreign currency exchange contracts	4.8 million		7.4 million		U.S. dollars
Interest rate swap contracts	160 million		160 million		U.S. dollars

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Recognized in Income on Derivatives						Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Three Months Ended March 31,						Three Months Ended March 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2021			2020
Metal commodity contracts	Cost of materials sold	$	(10.7	)	$	(2.0	)	$	—		$	—
2028 Notes embedded derivative	Other income and (expense), net		0.3			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.1			0.2			—			—
Interest rate swaps	Interest and other expense on debt		—			—			(0.5	)		—
Total		$	(10.3	)	$	(1.8	)	$	(0.5	)	$	—

As of March 31, 2021, the portion of the interest rate swap fair value that would be reclassified into earnings during the next 12 months as interest expense is approximately $2.2 million.

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as hedging instruments	Location of Gain/(Loss) Recognized in Income	Three Months Ended March 31,
under ASC 815	on Derivatives	2021		2020
		(In millions)
Interest rate swaps	Interest and other expense on debt	$	—	$	(0.1	)

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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, 2021:

	At March 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	31.4	$	—
2028 Notes embedded derivative		—		—		2.6
Total derivatives	$	—	$	31.4	$	2.6
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	36.9	$	—
Foreign exchange contracts		—		0.1		—
Interest rate swaps		—		3.4		—
Total derivatives	$	—	$	40.4	$	—

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, 2020:

	At December 31, 2020
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	16.0	$	—
2028 Notes embedded derivative		—		—		2.3
Total derivatives	$	—	$	16.0	$	2.3
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	11.9	$	—
Foreign exchange contracts		—		0.2		—
Interest rate swaps		—		4.0		—
Total derivatives	$	—	$	16.1	$	—

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The fair value of each commodity, diesel fuel, and swap 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 hot roll coil, diesel fuel, iron ore, nickel, and aluminum prices for varying time periods. The fair value of hot roll coil, diesel fuel, iron ore, nickel, 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 Chicago Mercantile Exchange (hot roll coil and diesel fuel), the Singapore Exchange (iron ore), and the London Metals Exchange (nickel and aluminum), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. The fair value of our interest rate swap is based on the sum of all future net present value cash flows for the fixed and floating leg of the swap. The future cash flows are derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward LIBOR rates.

The fair value of the embedded derivative is determined using Level 3 inputs based on the Black-Derman-Toy lattice model and the “with-and-without” approach.  This method estimates the value of the 2028 Notes both with and without the embedded derivative. The value of the embedded derivative is the difference between the two methods. The value of the 2028 Notes with the embedded derivative is based on recent trading prices of the 2028 Notes (Level 1 inputs).  Determining the value of the 2028 Notes without the embedded derivative requires significant judgements made by management such as the probability of redemption linked transactions occurring, the cash flows expected to be generated from these transactions, as well as the timing of these transactions (Level 3 inputs).  The embedded derivative asset balance as of March 31, 2021 and December 31, 2020 was $2.6 million and $2.3 million, respectively. For the three months ended March 31, 2021, a gain of $0.3 million was recorded within other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income. Changes to the projections made by the Company’s management after March 31, 2021 can affect the future value of this asset.

The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows:

	2028 Notes embedded derivative
	(in millions)
As of January 1, 2021	$	2.3
Unrealized gain recorded in net income		0.3
As of March 31, 2021	$	2.6

The carrying and estimated fair values of our financial instruments at March 31, 2021 and December 31, 2020 were as follows:

	At March 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	43.3	$	43.3	$	61.4	$	61.4
Restricted cash		1.1		1.1		1.1		1.1
Receivables less provisions		544.1		544.1		378.9		378.9
Accounts payable		493.2		493.2		365.1		365.1
Long-term debt, including current portion		741.4		796.2		740.0		800.3

The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company’s long-term debt and the current portions thereof is determined by using quoted market prices of Company debt securities (Level 2 inputs).

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

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2021:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap			Non-controlling Interest			Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2021		38,330	$	0.4		213	$	(6.6	)	$	383.1	$	33.8	$	(47.0	)	$	(221.8	)	$	(3.1	)	$	6.3		$	145.1
Net income		—		—		—		—			—		25.3		—			—			—			0.3			25.6
Foreign currency translation		—		—		—		—			—		—		0.1			—			—			(0.1	)		—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.5		—		—		—		—			—		—		—			2.0			—			—			2.0
Stock-based compensation expense		—		—		—		—			1.6		—		—			—			—			—			1.6
Interest rate swap, net of tax of $0.1		—		—		—		—			—		—		—			—			0.4			—			0.4
Balance at March 31, 2021		38,330	$	0.4		213	$	(6.6	)	$	384.7	$	59.1	$	(46.9	)	$	(219.8	)	$	(2.7	)	$	6.5		$	174.7

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2020:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Cash Flow Hedge- Interest Rate Swap			Non-controlling Interest		Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars		Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.2	$	99.6	$	(48.6	)	$	(253.1	)	$	(0.3	)	$	6.0	$	178.6
Net income		—		—		—		—			—		16.4		—			—			—			—		16.4
Foreign currency translation		—		—		—		—			—		—		(8.5	)		—			—			—		(8.5	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6		—		—		—		—			—		—		—			1.8			—			—		1.8
Stock-based compensation expense		—		—		—		—			0.6		—		—			—			—			—		0.6
Cash flow hedge - interest rate swap, net of tax of $1.2		—		—		—		—			—		—		—			—			(3.5	)		—		(3.5	)
Balance at March 31, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.8	$	116.0	$	(57.1	)	$	(251.3	)	$	(3.8	)	$	6.0	$	185.4

The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax
	Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap
	(In millions)
Balance at January 1, 2021	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income before reclassifications		0.1			—			—
Amounts reclassified from accumulated other comprehensive income into net income		—			2.0			0.4
Net current-period other comprehensive income		0.1			2.0			0.4
Balance at March 31, 2021	$	(46.9	)	$	(219.8	)	$	(2.7	)

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The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2021:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amount reclassified from Accumulated
	Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Consolidated
Details about Accumulated Other	March 31, 2021			March 31, 2020			Statements of
Comprehensive Income (Loss) Components	(In millions)						Operations / Consolidated Balance Sheets
Amortization of defined benefit pension and other post-retirement benefit plan items
Actuarial loss	$	2.4		$	2.5		Other income and (expense), net
Pension settlement		0.2			0.4		Other income and (expense), net
Prior service credits		(0.1	)		(0.5	)	Other income and (expense), net
Total before tax		2.5			2.4
Tax benefit		(0.5	)		(0.6	)
Net of tax	$	2.0		$	1.8
Cash flow hedge - Interest rate swap
Realized swap interest (prior to de-designation)	$	—		$	0.1		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.5			—		Interest and other expense on debt
Tax benefit		(0.1	)		—
Net of tax	$	0.4		$	0.1

NOTE 12: REVENUE RECOGNITION

We are a leading value-added processor and distributor of industrial metals with operations in the United States, Canada, Mexico, and China. 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 bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, sawing, scribing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders.  

Disaggregated Revenue

We have one operating and reportable segment, metals service centers.

The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:      

	Three Months Ended
	March 31,
Product Line	2021			2020
Carbon Steel Flat		29	%		25	%
Carbon Steel Plate		9			10
Carbon Steel Long		14			16
Stainless Steel Flat		17			16
Stainless Steel Plate		5			5
Stainless Steel Long		4			5
Aluminum Flat		14			14
Aluminum Plate		2			3
Aluminum Long		4			5
Other		2			1
Total		100	%		100	%

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A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

	Three Months Ended March 31,
	2021		2020
Net Sales	(In millions)
United States		1,025.7	$	913.5
Foreign countries		121.6		96.8
Total	$	1,147.3	$	1,010.3

Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

	Three Months Ended March 31,
Timing of Revenue Recognition	2021			2020
Revenue on products with an alternative use		90	%		88	%
Revenue on products with no alternative use		10			12
Total		100	%		100	%

Contract Balances

A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer.  Payment terms on invoiced amounts are typically 30 days from the invoice date.  We do not have any contracts with significant financing components.  

Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $546.2 million and $380.7 million as of March 31, 2021 and December 31, 2020, respectively.  

Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and estimates of the value of inventory that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets.  Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, estimates of shipping and handling costs associated with performance obligations recorded over time, and bill and hold transactions are reported in other accrued liabilities within the Condensed Consolidated Balance Sheets. Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets		Contract Liabilities
	(In millions)
Beginning Balance at January 1, 2021	$	10.8	$	10.8
Contract liability satisfied during the period		—		(4.1	)
Contract liability incurred during the period		—		5.8
Net change in contract assets and liabilities for products with no alternative use during the period		1.4		—
Changes to reserves		0.6		0.1
Ending Balance at March 31, 2021	$	12.8	$	12.6

The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less.

NOTE 13: PROVISION FOR CREDIT LOSSES

Provisions for allowances and claims on accounts receivables and contract assets are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts.  

The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. The Company’s credit loss reserve

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consists of two parts: a) a provision for estimated credit losses based on historical experience and b) a reserve for specific customer collection issues that the Company has identified. Estimation of credit losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. We have reviewed recent events and circumstances due to the ongoing COVID-19 pandemic in relation to our provision for credit losses and have not made any material adjustments as of March 31, 2021.

The following table provides a reconciliation of the provision for credit losses reported within the Condensed Consolidated Balance Sheets as of March 31, 2021:

	Changes in Provision for Expected Credit Losses
	(In millions)
Balance at January 1, 2021	$	1.7
Current period provision		0.5
Write-offs charged against allowance		(0.2	)
Recoveries		0.1
Balance at March 31, 2021	$	2.1

NOTE 14: INCOME TAXES

For the three months ended March 31, 2021, the Company recorded income tax expense of $7.6 million compared to $2.9 million in the prior year. The tax expense for the three months ended March 31, 2021 and 2020 primarily represent taxes at federal and local statutory rates where the Company operates, but generally exclude any tax benefit for losses in jurisdictions with historical losses. The higher effective tax rate in the first three months of 2021 is primarily a result of the significant changes in actual and forecasted earnings between the two periods as business conditions begin to return to pre-pandemic levels.

As required by ASC 740, 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 $6.2 million at March 31, 2021 and $6.6 million December 31, 2020.

The U.S. Tax Cuts and Jobs Act (the “Act”) subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. After considering the two options, the Company has elected to provide for the tax expense related to GILTI in the year the tax will occur.  For the three-months ended March 31, 2021 and 2020, we have included a tax expense of $0.1 million and $1.2 million, respectively, related to GILTI as part of our tax provision.

The Company accounts for uncertain income tax positions in accordance with ASC 740.  We anticipate that certain statutes of limitation will close within the next twelve months resulting in the reduction of the reserve for uncertain tax benefits related to various intercompany transactions. No changes in the first quarter of 2021 were recorded, therefore, the balance of $1.7 million at December 31, 2020 remains unchanged.    

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NOTE 15: EARNINGS PER SHARE

Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings 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.

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

	Three Months Ended March 31,
Basic and diluted earnings per share		2021		2020
	(In millions, except share and per share data)
Numerator:
Net income attributable to Ryerson Holding Corporation	$	25.3	$	16.4
Denominator:
Weighted average shares outstanding		38,117,397		37,783,761
Dilutive effect of stock-based awards		523,052		441,568
Weighted average shares outstanding adjusted for dilutive securities		38,640,449		38,225,329
Earnings per share
Basic	$	0.66	$	0.43
Diluted	$	0.66	$	0.43

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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 “objectives,” “goals,” “preliminary,” “range,” “believes,” “expects,” “may,” “estimates,” “will,” “should,” “plans,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. 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 anticipated or implied 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 our Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 24, 2021 and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Industry and Operating Trends” and elsewhere in this Quarterly Report on Form    10-Q. 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 our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, “Financial Statements” in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2020 in our Annual Report on Form 10-K filed on February 24, 2021.

Industry and Operating Trends

We are a metals service center providing value-added processing and distribution of industrial metals with operations in the United States, Canada, Mexico, and China. 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. We carry a full line of nearly 75,000 products in stainless steel, aluminum, carbon steel, and alloy steels and a limited line of nickel and red metals in various shapes and forms. In addition to our metals products, we offer numerous value-added processing and fabrication services, and more than 75% of the metals products we sell are processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, sawing, scribing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders.

Similar to other metals service centers, we maintain substantial inventories of metals to accommodate the short lead times and just-in-time delivery requirements of our customers. Accordingly, we purchase metals to maintain our inventory at levels that we believe to be appropriate to satisfy the anticipated needs of our customers based upon customer forecasts, historic buying practices, supply agreements with customers, mill lead times, and market conditions. Our commitments to purchase metals are generally at prevailing market prices in effect at the time we place our orders. At the request of our customers, we have entered into swaps in order to mitigate our customers’ risk of volatility in the price of metals and we have entered into metals hedges to mitigate our own risk of volatility in the price of metals. We have no long-term, fixed-price metals purchase contracts. When metals prices decline, customer demands for lower prices and our competitors’ responses to those demands could result in lower sale prices and, consequently, lower gross profits and earnings as we sell existing metals inventory. When metals prices increase, competitive conditions will influence how much of the price increase we may pass on to our customers.

The metals service center industry is cyclical and volatile in both pricing and demand, and difficult to predict. In the first three months of 2021, Ryerson experienced stronger pricing and weaker demand compared to the three-month period ended March 31, 2020, with average selling prices 18.4% higher and shipments 4.1% lower, reflective of the improved commodity environment and still recovering demand fundamentals. Changes in average selling prices are primarily driven by commodity metals prices, which impact Ryerson’s selling prices over the subsequent three to six-month period.

Key industry indicators that reported weakness as demand conditions were impacted by temporary customer closures as a result of the COVID-19 pandemic showed continued improvement in the first quarter of 2021. This is evidenced by the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), which reported strength in January, February and March with readings above 50%, indicating general expansion in factory activity and marking 10 consecutive months of expanding activity. Additionally, after 18 months of contraction, U.S. Industrial Production increased in March 2021 compared to March 2020 by 1.0%, illustrating improved conditions.

According to the Metal Service Center Institute, North American service center volumes declined by 1.2% in the first three months of 2021 compared to the first three months of 2020. On a North American basis, Ryerson experienced demand contraction more severe than the industry, with tons sold down by 6.1% over the same period. Year-over-year North American demand softness was experienced most strongly in food & agriculture, industrial equipment, metal fabrication & machine shop and oil & gas sectors. At the same time, the sectors with the strongest North American year-over-year growth were HVAC, consumer durable and construction.

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COVID-19

The global outbreak of COVID-19 was declared a pandemic by the World Health Organization and a national emergency by the U.S. government over a year ago. As of the date of this filing, and COVID-19 continues to be a substantial risk factor for business operations and the Company continues to monitor and address these risks and uncertainties as conditions develop. While we are encouraged by U.S. vaccination rates, we note recent national and international trends and confirmed cases, and therefore remain committed to our implemented policies and procedures to continue protecting the health and welfare of our employees first and foremost while operating as an essential business.

Led by our dedicated COVID-19 response team, we continue to follow the United States Centers for Disease Control and Prevention and other relevant local guidance in the U.S., as well as corresponding authorities in Canada, Mexico, and China, carefully monitoring COVID-19 data in the areas in which we operate, and continue to be both safe and nimble in executing our internal response. We remain committed to operating our business under COVID-19 safety policies until we are certain that related risks have subsided. To support the sustainability of current circumstances, we are supporting our workforce beyond contraction prevention by reinforcing the importance of mental health and promoting the use of existing benefits such as prescription delivery and telemedicine. Further, we have encouraged our workforce to receive the flu and COVID-19 vaccines, and in some locations we have provided the opportunity to receive the COVID-19 vaccine on-site.      

The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including the duration and spread of the pandemic and related actions taken by the U.S. government and state and local government officials to prevent disease spread, all of which are uncertain and cannot be predicted. At this time, our business and the business of our customers continue to be impacted by economic pressures as well as supply chain disruptions and tightness stemming from COVID-19. This is perpetuated by increasing demand momentum, and the ultimate impact of COVID-19 remains uncertain.

The Company continues to closely monitor its liquidity position as market conditions improve. Specifically, we continue to actively manage relationships with our customers and vendors to ensure that we balance our receivables and payables cycles, conduct receivables risk assessments, limit discretionary spending and non-essential travel, and have contingency plans in place to reduce costs while supporting business operations should conditions decline. Due to our effective cash management actions and the strong commodity pricing environment, as of March 31, 2021, Ryerson had liquidity of $583 million, composed of $540 million of availability under the Ryerson Credit Facility and foreign debt facilities, and $43 million of cash and cash equivalents.

Q1 2021 vs. Q1 2020 Performance Highlights

$1.15B		17.2%		$25M
Total Revenues		Gross Margin		Net Income Attributable to Ryerson
	14% increase		220 bps decrease		$9M increase
$0.66		$0.26		($47M)
Diluted EPS		Diluted Adj. EPS*		Cash from Operating Activities
	$0.23 increase		$0.15 decrease		$120M decrease

*A reconciliation of the non-GAAP financial measure to the comparable GAAP measure is included in the subsequent table.

Ryerson achieved revenues of $1.15 billion in the first quarter of 2021, an increase of 13.6% compared to $1.01 billion for the first quarter of 2020, with average selling prices 18.4% higher and tons shipped 4.1% lower. Gross margin contracted to 17.2% due to higher cost of goods sold recognition, compared to 19.4% for the first quarter of 2020. Included in first quarter of 2021 cost of materials sold was LIFO expense of $83.8 million, compared to LIFO income of $20.2 million in the first quarter of 2020. Net income attributable to Ryerson Holding Corporation was $25.3 million, or earnings of $0.66 per diluted share, in the first quarter of 2021 compared to $16.4 million of net income attributable to Ryerson Holding Corporation, or $0.43 per diluted share, for the first quarter of 2020.

To provide greater insight into the Company’s first quarter 2021 operating trends apart from the quarter’s one-time transactions, Ryerson provides adjusted net income and diluted adjusted earnings per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to compliment the reported GAAP net income and diluted earnings per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions. Adjusted net income and adjusted diluted earnings per share do not represent, and should not be used as a substitute for, net income or earnings per share determined in accordance with GAAP.  Illustrated in the below table, first quarter 2021 net income attributable to Ryerson of

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$25.3 million includes a gain of $20.3 million generated from the sale of the Renton, Washington facility. After adjusting for this non-core business transaction and the related income tax provision, the adjusted net income attributable to Ryerson for the first quarter of 2021 is $10.2 million, a decrease of $5.6 million compared to the year-ago adjusted net income attributable to Ryerson of $15.8 million which included an adjustment for a gain on retirement of debt related to repurchases of the then 11.00% Senior Secured Notes due 2022 (the “2022 Notes”) and related income taxes.

(Dollars and shares in millions, except per share data)	Q1 2021			Q1 2020
Net income attributable to Ryerson Holding Corporation	$	25.3		$	16.4
Gain on sale of assets		(20.3	)		—
Gain on retirement of debt		—			(0.8	)
Provision for income taxes		5.2			0.2
Adjusted net income attributable to Ryerson Holding Corporation	$	10.2		$	15.8
Diluted earnings per share	$	0.66		$	0.43
Diluted adjusted earnings per share		0.26			0.41
Shares outstanding – diluted		38.6			38.2

Recent Developments

On March 31, 2021, President Biden introduced the American Jobs Plan, a broad $2 trillion, 8-year infrastructure plan. This plan is largely viewed as an opening bid as Congress starts the formal process of developing infrastructure spending legislation. To offset some of the plan’s costs, the Biden Administration proposed a series of tax changes including raising the corporate tax rate to 28%. While changes to corporate taxation, including a higher corporate income tax rate, would adversely affect the Company, we believe the additional government spending on infrastructure projects contemplated under the American Jobs Plan, as proposed, may generate additional demand for our products especially within the industrial equipment, construction, green energy, and transportation industries. Accordingly, we would anticipate that the Jobs Plan would be beneficial to the Company, but ultimately the impact on the Company’s operations and ability to attract new business and retain existing customers is unclear. The prospects for this proposal also remain unclear.

On April 22, 2021, the U.S. International Trade Commission (“USITC”) confirmed the Department of Commerce’s affirmative antidumping duty determinations and injury determinations regarding US imports of common alloy aluminum sheet. As a result, the USITC will issue final antidumping duty orders on U.S. imports of common alloy aluminum sheet from the following sixteen countries: Bahrain, Brazil, Croatia, Egypt, Germany, India, Indonesia, Italy, Oman, Romania, Serbia, Slovenia, South Africa, Spain, Taiwan, and Turkey. Antidumping rates differ greatly depending on country of origin and producing mill and range from the low single digits to as high as 243%. Ryerson anticipates that the actions of the USITC will support the prices of domestically produced aluminum sheet and therefore benefit the Company’s average selling prices.

On March 1, 2018, the White House announced a 25% tariff on all imported steel products and 10% tariff on all imported aluminum products for an indefinite amount of time under Section 232 (“Section 232”) of the Trade Expansion Act. Application of the tariffs commenced March 23, 2018, with temporary or long-term exemptions for a number of countries and subject to a product exemption process. These tariffs, while in effect, have discouraged metal imports from non-exempt countries and have had a favorable impact on the prices of the products we sell and our results of operations. The removal of the Section 232 tariffs could lead to increased levels of imported metals into the U.S. and result in domestic steel producers decreasing the prices of the metals they sell. A rapid decline in metal prices from current levels could result in a significant adverse effect on our revenues, gross profit, and net income. With the current supply constraints and the new administration in the White House, the removal of the Section 232 tariffs is still uncertain.

Components of Results of Operations

We generate substantially all of our revenue from sales of our metals products. The majority of 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. Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over-time basis. Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.

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 are driven by market demand, which is largely determined by overall industrial production and conditions in the 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.

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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 to improve purchasing leverage with suppliers, as we buy larger quantities of metals inventories.

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.

Results of Operations — Comparison of Three Months Ended March 31, 2021 to Three Months Ended March 31, 2020

The following table sets forth our condensed consolidated statements of income data for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021						2020
	$			% of Net Sales			$			% of Net Sales
	($ in millions)
Net sales	$	1,147.3			100.0	%	$	1,010.3			100.0	%
Cost of materials sold		949.4			82.8			814.5			80.6
Gross profit		197.9			17.2			195.8			19.4
Warehousing, delivery, selling, general, and administrative expenses		171.8			15.0			155.7			15.4
Gain on sale of assets		(20.3	)		(1.8	)		—			—
Operating profit		46.4			4.0			40.1			4.0
Other (expenses) and income		(13.2	)		(1.1	)		(20.8	)		(2.1	)
Income before income taxes		33.2			2.9			19.3			1.9
Provision for income taxes		7.6			0.7			2.9			0.3
Net income		25.6			2.2			16.4			1.6
Less: Net income attributable to noncontrolling interest		0.3			—			—			—
Net income attributable to Ryerson Holding Corporation	$	25.3			2.2	%	$	16.4			1.6	%
Basic earnings per share	$	0.66					$	0.43
Diluted earnings per share	$	0.66					$	0.43

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Net sales

The following charts show the Company’s percentage of sales by major product lines for the three months ended March 31, 2021 and 2020:

	March 31,				Dollar			Percentage
	2021		2020		change			change
	($ in millions)
Net sales	$	1,147.3	$	1,010.3	$	137.0			13.6	%
	March 31,				Tons			Percentage
	2021		2020		change			change
	(in thousands)
Tons sold		543		566		(23	)		(4.1	)%
	March 31,				Price			Percentage
	2021		2020		change			change
Average selling price per ton sold	$	2,113	$	1,785	$	328			18.4	%

Revenue for the three-month period ended March 31, 2021 increased from the same period a year ago reflecting metals market business conditions that began to improve in the second half of 2020 after declining sharply at the beginning of the global outbreak of COVID-19. Compared to the year ago period, average selling price increased for all of our product lines in the three-month period ended March 31, 2021 with the largest increases in our carbon flat, carbon plate, and stainless plate products. Tons sold decreased in the three-month period ended March 31, 2021 overall, with decreases in our carbon plate, carbon long, and stainless plate product lines, partially offset by increases from our aluminum flat and carbon flat product lines.

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Cost of materials sold

	March 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Cost of materials sold	$	949.4		82.8	%	$	814.5		80.6	%	$	134.9		16.6	%

	March 31,				Cost		Percentage
	2021		2020		change		change
Average cost of materials sold per ton sold	$	1,748	$	1,439	$	309		21.5	%

The increase in cost of materials sold in the three-month period ended March 31, 2021 compared to the year ago period is primarily due to the increase in average cost of materials sold per ton, partially offset by the decrease in tons sold. The average cost of materials sold increased across all product lines with the largest increase in our carbon plate, carbon flat, and stainless plate product lines during the three-month period ended March 31, 2021. During the first quarter of 2021, LIFO expense was $83.8 million compared to LIFO income of $20.2 million in the first quarter of 2020.

Gross profit

	March 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Gross profit	$	197.9		17.2	%	$	195.8		19.4	%	$	2.1		1.1	%

Gross profit was relatively unchanged in the three-month period ended March 31, 2021 compared to the year ago period as the increase in average selling price was offset by the increase in the average cost of materials sold. While the average selling price per ton sold increased in the three months period ended March 31, 2021 as compared to the three months ended March 31, 2020, average cost of materials sold per ton sold increased at a faster pace resulting in a decrease in gross margin.  

Operating expenses

	March 31,
	2021						2020
	$			% of Net Sales			$		% of Net Sales			Dollar change			Percentage change
	($ in millions)
Warehousing, delivery, selling, general, and administrative expenses	$	171.8			15.0	%	$	155.7		15.4	%	$	16.1			10.3	%
Gain on sale of assets	$	(20.3	)		(1.8	)%	$	—		—		$	(20.3	)		—

Total operating expenses decreased in the three-month period ended March 31, 2021 compared to the year ago period primarily due to a gain on sale of assets of $20.3 million recognized from the sale and leaseback of our Renton, Washington facility in the first quarter of 2021, a decrease in salary and wages of $6.0 million as workforce reductions in 2020 resulted in a lower headcount, and a decrease in selling, general, and administrative costs of $2.8 million mainly from the lower travel and entertainment expenses. Partially offsetting the decreases were a $20.6 million increase in incentive compensation, higher benefit costs of $3.0 million mainly resulting from higher medical costs, and higher operating supplies of $0.9 million.

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Operating profit

	March 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Operating profit	$	46.4		4.0	%	$	40.1		4.0	%	$	6.3		15.7	%

Our operating profit increased in the three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020, primarily due to the decrease in operating expenses discussed above.

Other expenses

	March 31,
	2021						2020
	$			% of Net Sales			$			% of Net Sales			Dollar change			Percentage change
	($ in millions)
Interest and other expense on debt	$	(13.5	)		(1.2	)%	$	(21.7	)		(2.1	)%	$	(8.2	)		(37.8	)%
Other income and (expense), net	$	0.3			0.1	%	$	0.9			—		$	(0.6	)		(66.7	)%

Interest and other expense on debt decreased in the three-month period ended March 31, 2021 compared to the year ago period primarily due to the redemption of our 2022 Notes which had an outstanding balance of $533.3 million at March 31, 2020. The 2022 Notes were replaced by a lower level of debt at a lower interest rate with the issuance of $500.0 million of the 8.50% Senior Secured Notes due 2028 (the “2028 Notes”). In October 2020, $50.0 million of the 2028 Notes were redeemed. In addition, interest and other expense on debt was lower in the three-month period ended March 31, 2021 due to a lower level of Credit Facility borrowings outstanding compared to the year ago period related to lower working capital requirements during 2021 and lower interest rates on credit facility borrowings. In addition, Credit Facility borrowings were at a lower level at March 31, 2021 compared to a year ago when excess funds were borrowed to maintain access to cash during the COVID-19 pandemic. The other income in the first quarter of 2021 includes a $0.3 million gain resulted from the change in the fair value of the embedded derivative connected with the redemption options under the 2028 Notes. The other income in the first quarter of 2020 includes a $0.8 million gain on the repurchase of the 2022 Notes.

Provision for income taxes. In the first quarter of 2021, the Company recorded income tax expense of $7.6 million compared to $2.9 million in the first quarter of 2020. The income tax recorded in all periods primarily represents taxes at federal and local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses.

Earnings per share. Basic and diluted earnings per share were $0.66 in the first quarter of 2021 compared to $0.43 in the first quarter of 2020. The changes in earnings per share are due to the results of operations discussed above.

Liquidity and Cash Flows

Our primary sources of liquidity are cash and cash equivalents, cash flows from operations, and borrowing availability under the Ryerson Credit Facility. Our principal source of operating cash is from the sale of metals and other materials. Our 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, the selling and administrative costs of the business, capital expenditures, and for interest payments on debt.

The global COVID-19 pandemic has led to disruption and volatility in the global capital markets, which, depending on future developments, could adversely impact our capital resources and liquidity in the future. As a proactive, precautionary measure, we borrowed approximately $166 million under the Ryerson Credit Facility in the first quarter of 2020 to maintain access to cash during the COVID-19 pandemic. We reduced this balance to approximately $40 million as of December 31, 2020 and $20 million as of March 31, 2021. Accordingly, we had cash and cash equivalents of $43.3 million at March 31, 2021, compared to $61.4 million at December 31, 2020. Our total debt outstanding at March 31, 2021 increased slightly to $741 million compared to $740 million total debt outstanding at December 31, 2020. We had a debt-to-capitalization ratio of 81% and 84% at March 31, 2021 and at December 31, 2020 respectively. We had total liquidity (defined as cash and cash equivalents and availability under the Ryerson Credit Facility and foreign debt facilities) of $583 million at March 31, 2021 versus $373 million at December 31, 2020. Our net debt (defined as total debt less cash and cash equivalents) was $698 million and $679 million at March 31, 2021 and December 31, 2020, respectively. Total liquidity and net debt are not GAAP financial measures. We believe that total liquidity provides additional information for measuring

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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 GAAP and total liquidity is not necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. We believe that net debt provides a clearer perspective of the Company’s overall debt situation given the excess borrowings discussed above. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP.

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

	March 31, 2021		December 31, 2020
	(In millions)
Cash and cash equivalents	$	43	$	61
Availability under Ryerson Credit Facility and foreign debt facilities		540		312
Total liquidity	$	583	$	373

Below is a reconciliation of total debt to net debt:

	March 31, 2021			December 31, 2020
	(In millions)
Total debt	$	741		$	740
Less: cash and cash equivalents		(43	)		(61	)
Net debt	$	698		$	679

Of the total cash and cash equivalents, as of March 31, 2021, $14.1 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 earnings 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 earnings held in foreign jurisdictions, which could result in higher effective tax rates. We have not recorded a deferred tax liability for the effect of a possible repatriation of these earnings as management intends to permanently reinvest these earnings outside of the U.S. Specific plans for reinvestment include funding for future international acquisitions and funding of existing international operations.

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The following table summarizes the Company’s cash flows:

	Three Months Ended March 31,
	2021			2020
	(In millions)
Net income	$	25.6		$	16.4
Depreciation and amortization		13.6			13.3
Deferred income taxes		4.5			14.6
Gain on sale of assets		(20.3	)		—
Change in operating assets and liabilities:
Receivables		(165.2	)		(69.4	)
Inventories		(12.3	)		(4.1	)
Accounts payable		118.5			98.5
Accrued liabilities		13.0			16.1
Deferred employee benefit costs		(18.0	)		(7.7	)
Other operating asset and liability balances		(19.2	)		(9.1	)
All other operating cash flows		12.5			4.2
Net cash provided by (used in) operating activities		(47.3	)		72.8
Capital expenditures		(6.5	)		(6.9	)
Proceeds from sale of property, plant, and equipment		29.0			—
All other investing cash flows		(0.5	)		—
Net cash provided by (used in) investing activities		22.0			(6.9	)
Repayment of debt		(0.4	)		(54.2	)
Net proceeds of short-term borrowings		1.2			168.2
Net increase (decrease) in book overdrafts		9.4			(31.2	)
All other financing cash flows		(2.6	)		(3.4	)
Net cash provided by financing activities		7.6			79.4
Effect of exchange rates on cash and cash equivalents		(0.4	)		(0.4	)
Net increase (decrease) in cash and cash equivalents	$	(18.1	)	$	144.9

Operating activities. Working capital fluctuates throughout the year based on business needs. Working capital needs tend to be counter-cyclical, meaning that in periods of expansion the Company will use cash to fund working capital requirements, but in periods of contraction the Company will generate cash from reduced working capital requirements. The increase in accounts receivable in both first quarter periods is the result of higher sales levels during the second half of the first quarter compared to the second half of the fourth quarter of the prior year. Inventory levels did not increase significantly in the first quarter of 2021 as stronger metals market conditions were offset by supply constraints in replacing tons in inventory. The increase in accounts payable at the end of the first quarter in both periods is related to increased purchases and operating activities in the first quarter associated with increased sales compared to the fourth quarter of the prior year.

Investing activities. The Company's main investing activities are capital expenditures and proceeds from the sale of property, plant, and equipment. Capital expenditures have decreased slightly year-over-year to $6.5 million for the first three months of 2021 compared to $6.9 million in the first three months of 2020. The Company sold property, plant, and equipment and assets held for sale generating cash proceeds of $29.0 million during the first three months of 2021.

Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on its Credit Facility. Net cash provided by financing activities in the first three months of 2021 was $7.6 million compared to $79.4 million in the first three months of 2020. Net cash provided by financing activities in the first three months of 2021 was primarily related to an increase in book overdrafts of $9.4 million. Net cash provided by financing activities in the first three months of 2020 was primarily related to approximately $166 million of additional funds borrowed at March 31, 2020 to maintain access to cash during the COVID-19 pandemic, partially offset by the repurchase of $54.2 million of our 2022 Notes and a decrease in book overdrafts of $31.2 million in the first quarter of 2020.

As market conditions warrant and subject to our contractual restrictions, liquidity position, and other factors, we may from time to time seek to repurchase or retire our outstanding debt through cash purchases and/or exchanges for other debt or equity securities in open market transactions, privately negotiated transactions, by tender offer, or otherwise. Any such cash repurchases by us may be funded by cash on hand or incurring new debt. The amounts involved in any such transactions, individually or in the aggregate, may be material. Furthermore, any such repurchases or exchanges may result in our acquiring and retiring a substantial amount of such indebtedness, which would impact the trading liquidity of such indebtedness.

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In the normal course of business with customers, vendors, and others, we have entered into off-balance sheet arrangements, such as letters of credit, which totaled $16 million as of March 31, 2021. We do not have any other material off-balance sheet financing arrangements. Our off-balance sheet arrangements are not likely to have a material effect on our current or future financial condition, results of operations, liquidity, or capital resources.  

Capital Resources

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.

Total debt in the Condensed Consolidated Balance Sheet increased to $741.4 million at March 31, 2021 from $740.0 million at December 31, 2020, mainly due to the net cash used in operating activities in the first three months of 2021, partially offset by a reduction in cash on hand to lower debt balances as well as cash generated from asset sale proceeds.  

Total debt outstanding as of March 31, 2021 consisted of the following amounts: $282.0 million borrowings under the Ryerson Credit Facility, $450.0 million under the 2028 Notes, $16.3 million of foreign debt, and $7.4 million of other debt, less $14.3 million of unamortized debt issuance costs. For further information, see Note 7: Long Term Debt in Part I, Item I - Notes to the Condensed Consolidated Financial Statements.

Pension Funding

At December 31, 2020, pension liabilities exceeded plan assets by $154 million. Through the three months ended March 31, 2021, we have made $17 million in pension contributions and we anticipate an additional minimum required pension contribution of approximately $5 million in the remaining nine months of 2021 under the Employee Retirement Income Security Act of 1974 (“ERISA”) and Pension Protection Act in the U.S. and Ontario Pension Benefits Act in Canada. The expected future contributions reflect recent pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021. We will continue to monitor and update our expected contributions as further guidance related to ARPA is released. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. We are 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 our financial position or cash flows.

As financial markets continue to stabilize from the negative effects of COVID-19, the return on our pension assets continue to be impacted. Changes in returns on plan assets may affect our plan funding, cash flows, and financial condition. Differences between actual plan asset returns and the expected long-term rate of return on plan assets impact the measurement of the following year’s pension expense and pension funding requirements. However, we believe that cash flow from operations and the Ryerson Credit Facility described above will provide sufficient funds to make the minimum required contributions in 2021.

Material Cash Requirements

The Company expects to make approximately $756 million in principal payments to satisfy its debt obligations, consisting of $16 million in foreign debt coming due within a year, $8 million of other debt coming due between 2021 through 2024, $282 million for the Ryerson Credit Facility coming due in 2025, and $450 million for the 2028 Notes due in 2028. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 7: Long Term Debt for further information.  

The Company expects to pay approximately $47 million of interest on the 2028 Notes, Ryerson Credit Facility, foreign debt, and other debt over the next 12 months and $271 million thereafter. Interest payments related to the variable rate debt were estimated using the weighted average interest rate for the Ryerson Credit Facility, including the effect of the interest rate swap.

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. We have noncancelable operating leases expiring at various times through 2032, and finance leases expiring at various times through 2027. The total amount of future lease payments is estimated to be $152 million with $34 million for the next 12 months. Please refer to Part I, Item I - Notes to the Condensed Consolidated Financial Statements, Note 5: Leases for further information.  

Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of March 31, 2021, we had outstanding purchase obligations of approximately $34 million expiring within a year.

Income Taxes

In accordance with ASC 740, “Income Taxes,” the Company calculates its quarterly tax provision based on an estimated effective tax rate for the year, applies it to the results of each interim period, and then adjusts that amount by certain discrete items. Due to volatile macro-economic conditions associated with the COVID-19 pandemic, we may experience fluctuations in our forecasted earnings before income taxes as a result of events which cannot be predicted. As such, the Company's effective tax rate could be subject to unusual volatility as forecasted earnings before income taxes change.

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We maintain 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, we determine that these deferred tax assets are more likely than not realizable.

We anticipate that certain statutes of limitation will close within the next twelve months resulting in the reduction of $0.7 million in the reserve for uncertain tax benefits related to various intercompany transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our primary areas of market risk include changes in interest rates, foreign currency exchange rates, and commodity prices. We continually monitor these risks and develop strategies to manage them.

Interest rate risk

Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. We are exposed to market risk related to our fixed-rate and variable-rate long-term debt. 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 $796.2 million at March 31, 2021 and $800.3 million at December 31, 2020 as compared with the carrying value of $741.4 million and $740.0 million at March 31, 2021 and December 31, 2020, respectively. We manage interest rate risk in our capital structure by holding a combination of variable and fixed-rate debt.

We use interest rate swaps to manage our exposure to interest rate changes. As of March 31, 2021, we have two receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $60 million of “pay fixed” interest at 1.729% through June 2022 and in November 2019, we entered into a forward agreement for $100 million of “pay fixed” interest at 1.539% through November 2022.

Effective November 1, 2020, the Company de-designated its interest rate swaps as cash flow hedges and terminated its hedge accounting treatment. Prior to de-designation, the Company would mark these interest rate swaps to market with all changes in fair value recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value are recorded in current earnings. The fair value of the interest rate swaps as of March 31, 2021 was a net liability of $3.4 million. The Company recognized a gain of $0.6 million related to mark-to-market changes and interest expense of $0.6 million in current earnings for three months ended March 31, 2021. After de-designation, the amounts reclassified from other comprehensive income relate to prior gains and losses that are being amortized into income as the forecasted interest payments affect earnings. The amount reclassified from other comprehensive income for the three-month period ended March 31, 2021 into earnings was a loss of $0.5 million.

After considering the effects of our interest rate swaps, 81% of our debt was at fixed interest rates as of March 31, 2021. Considering the impact of interest rate swaps, a hypothetical 1% increase in interest rates on variable debt would have increased interest expense for the first three months of 2021 by approximately $1.9 million

Foreign exchange rate risk

We are subject to foreign currency risks primarily through our operations in Canada, Mexico, and China and we use foreign currency exchange contracts to reduce our exposure to currency price fluctuations. Foreign currency contracts are principally used to purchase U.S. dollars. We had foreign currency contracts with a U.S. dollar notional amount of $4.8 million outstanding at March 31, 2021 and a net 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, 2021, the Company recognized a $0.1 million loss 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, 2021 would increase or decrease the fair value of the foreign currency contracts by $0.5 million and $0.6 million, respectively.

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 condensed consolidated statements of comprehensive income until there is a liquidation or sale of those foreign subsidiaries.

Commodity price risk

In general, we purchase metals in an effort to maintain our inventory at levels that we believe to be appropriate to satisfy the anticipated needs of our customers based upon historic buying practices, customer contracts, and market conditions. Our commitments to purchase metals are generally at prevailing market prices in effect at the time we place our orders.

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. Derivative financial instruments are used to manage a limited portion of our exposure to fluctuations in the cost of certain commodities. No derivatives are held for trading purposes.

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As of March 31, 2021, we had 133,059 tons of hot roll coil swaps contracts with a net liability value of $12.6 million, 15,676 tons of aluminum swap contracts with a net asset value of $6.1 million, and 638 tons of nickel swap contracts with a net asset value of $1.0 million. We do not currently account for these swaps as hedges, but rather mark these contracts to market with a corresponding offset to current earnings. For the three months ended March 31, 2021, the Company recognized a loss of $10.7 million associated with its commodity derivatives.

A hypothetical strengthening or weakening of 10% in the commodity prices underlying the commodity derivative contracts from the market rate as of March 31, 2021 would increase or decrease the fair value of commodity derivative contracts by $1.8 million.

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 evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2021.

Changes in Internal Controls Over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting that have materially affected or are reasonably likely to materially affect the Company’s controls over financial reporting during the quarter ended March 31, 2021.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For information concerning legal proceedings as of March 31, 2021, please refer to Note 9 – “Commitments and Contingencies” in the notes to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report on Form 10-Q, which is incorporated into this item by reference.

Item 1A. Risk Factors

Except for the risk factors below, 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, 2020.

The right to receive payment on the 2028 Notes and the guarantees will be subordinated to the liabilities of non-guarantor subsidiaries.

The notes and related guarantees are structurally subordinated to all indebtedness of our subsidiaries that are not guarantors of the 2028 Senior Secured Notes (the “2028 Notes”). While the indenture governing the 2028 Notes limits the indebtedness and activities of these non-guarantor subsidiaries, holders of indebtedness of, and trade creditors of, non-guarantor subsidiaries, including lenders under bank financing agreements, are entitled to payments of their claims from the assets of such subsidiaries before those assets are made available for distribution to any guarantor, as direct or indirect shareholder. While the non-guarantor subsidiaries have agreed under the indenture not to pledge or encumber their assets (other than with respect to permitted liens) without equally and ratably securing the notes, they will not guarantee the 2028 Notes notwithstanding any such pledge or encumbrance in favor of the 2028 Notes.

The non-guarantor subsidiaries represented, respectively, 10.6% and 20.8% of our net sales and EBITDA for the three months ended March 31, 2021. In addition, these non-guarantor subsidiaries represented respectively, 12.7% and 8.1% of our assets and liabilities, as of March 31, 2021.

Accordingly, in the event that any of the non-guarantor subsidiaries or joint venture entities become insolvent, liquidates, or otherwise reorganizes:

• the creditors of the guarantors (including the holders of the 2028 Notes) will have no right to proceed against such subsidiary’s assets; and

• the creditors of such non-guarantor subsidiary, including trade creditors, will generally be entitled to payment in full from the sale or other disposal of assets of such subsidiary, as direct or indirect shareholder, and will be entitled to receive any distributions from such subsidiary.

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

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Item 6. Exhibits

Exhibit		Incorporated by Reference			Filed
Number	Exhibit Description	Form	File No.	Filing Date		Herewith
10.1	Ryerson Holding Corporation 2014 Omnibus Incentive Plan Nonqualified Stock Option Agreement					X
31.1	Certificate of the Principal Executive Officer of the Company, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
31.2	Certificate of the Principal Financial Officer of the Company, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
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.					X
32.2*	Written Statement of James J. Claussen, Executive Vice President and 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.					X
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.					X
101.SCH	Inline XBRL Taxonomy Extension Schema Document.					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.					X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.					X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.					X
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

*In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished herewith and not filed.

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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/ James J. Claussen
	James J. Claussen Executive Vice President and Chief Financial Officer (duly authorized signatory and principal financial officer of the registrant)

Date: May 5, 2021

36

EX-10.1

Exhibit 10.1

Form
Ryerson holding corporation
Stock Option Grant Notice
(2014 omnibus INCENTIVE PLAN)

Ryerson Holding Corporation (the “Company”), pursuant to its 2014 Omnibus Incentive Plan (the “Plan”), hereby grants to Participant an option to purchase the number of shares of the Company’s Stock set forth below (the “Award”).  The Award is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice (this “Grant Notice”), in the Option Agreement (attached hereto as Attachment I), the Planand the Vesting Schedule (attached hereto as Attachment II) both of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms in this Grant Notice and the Plan, the terms of the Plan will control.

Name of Participant:

Date of Grant:

Number of Shares Subject to Option:

Exercise Price (Per Share):

Expiration Date:

Type of Grant: Nonqualified Stock Option

Exercise Schedule: Same as Vesting Schedule

Vesting Schedule: Attached hereto as Attachment II

Additional Terms/Acknowledgements:  Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the Option Agreement and the Plan.  Participant acknowledges and agrees that this Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan. Participant further acknowledges that, as of the Date of Grant, this Grant Notice, the Option Agreement and the Plan set forth the entire agreement and understanding between Participant and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) Awards previously granted and delivered to the Participant, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law, and (iii) any written employment or severance arrangement that would provide for vesting acceleration of this Award upon the terms and conditions set forth therein.By accepting this Award, Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

Ryerson Holding Corporation By: Signature Title: Date: Participant:   Signature Date:

Attachments:  Option Agreement and Vesting Schedule

.

41089584.3

Attachment I
Ryerson Holding corporation2014 omnibus INCENTIVE PLAN

Nonqualified Stock Option Agreement

Pursuant to the Stock Option Grant Notice (the “Grant Notice”) and this Option Agreement (this “Agreement”), Ryerson Holding Corporation (the “Company”) has granted you an Award of an Option under its 2014 Omnibus Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice.  The Option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”).  Capitalized terms not explicitly defined in this Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan.

If there is any conflict between the terms in this Agreement and the Plan, the terms of the Plan will control.  The details of your option (this or your “Option”), in addition to those set forth in the Grant Notice and the Plan, are as follows:

1.Vesting.  Subject to the limitations contained herein, your Option will vest as provided in your Grant Notice.  Vesting will cease upon your Termination.  Upon your Termination, the portion of your Option that is not vested pursuant to vesting terms provided in Attachment II as of the date of such Termination will be forfeited at no cost to the Company and you will have no further right, title or interest in or to such underlying shares of Stock.

2.Number of Shares and Exercise Price.  The number of shares of Stock subject to your Option and your exercise price per share in your Grant Notice will be adjusted from time to time for capitalization adjustments, as provided in the Plan.  Any additional shares become subject to the Option pursuant to this Section 2, if any, shall be subject, in a manner determined by the Committee, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other shares covered by your Option.  Notwithstanding the provisions of this Section 2, no fractional shares or rights for fractional shares of Stock shall be created pursuant to this Section 2.  Any fraction of a share will be rounded down to the nearest whole share.

3.Method of Payment.  You must pay the full amount of the exercise price for the shares you wish to exercise.  You may pay the exercise price in a manner approved by the Committee and in accordance with applicable law, which may include any of the following payment methods:  (i) in immediately available funds in U.S. dollars, or by certified or bank cashier’s check, (ii)  by delivery of shares of Stock having a value equal to the exercise price, (iii) by a broker-assisted cashless exercise in accordance with procedures approved by the Committee, whereby payment of the Option exercise price or tax withholding obligations may be satisfied, in whole or in part, with shares of Stock subject to the Option by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Committee) to sell shares of Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price and, if applicable, the amount necessary to satisfy the Company’s withholding

2

obligations, or (iv) by any other means approved by the Committee.  Notwithstanding anything herein to the contrary, if the Committee determines that any form of payment available hereunder would be in violation of Section 402 of the Sarbanes-Oxley Act of 2002, such form of payment shall not be available.

4.Whole Shares.  You may exercise your Option only for whole shares of Stock.

5.Securities Law Compliance.  In no event may you exercise your Option unless the shares of Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act.  The exercise of your Option also must comply with all other applicable laws and regulations governing your Option and the Company’s policies, including without limitation the Company’s Insider Trading Policy, as amended from time to time, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws, regulations or Company policies, if applicable.

6.Term.  You may not exercise your Option before the Date of Grant or after the Expiration Date set forth in the Grant Notice.  The term of your Option shall expire upon a Termination in accordance with Section 5(f) of the Plan, and such Section 5(f) of the Plan is incorporated herein by reference and made a part hereof.

7.Exercise.

(a)You may exercise the vested portion of your Option during its term by (i) completing such documents and/or procedures designated by the Company, or a third party designated by the Company, for exercise, and (ii) paying the exercise price and any applicable withholding taxes, together with such additional documents as the Company may then require.

(b)By exercising your Option you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your Option, or (ii) the disposition of shares of Stock acquired upon such exercise.

8.Transferability of Options.  Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you.  Upon receiving written permission from the Committee or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this Option and receive the Stock or other consideration resulting from such exercise.  In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this Option and receive, on behalf of your estate, the Stock or other consideration resulting from such exercise.

9.Dividends.  You shall receive no benefit or adjustment to your Option with respect to any cash dividend, stock dividend or other distribution that does not result from the adjustment provided in Section 10(a) of the Plan.

10.Restrictive Legends.  The shares of Stock issued under your Option shall be endorsed with appropriate legends, if applicable, as determined by the Company.

11.Award Not A Service Contract.  This Agreement is not an employment or service contract, and nothing in this Agreement will be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment or service.

12.Withholding Obligations.

(a)At the time you exercise your Option, in whole or in part, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the shares of Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your exercise (the “Withholding Taxes”).  Additionally, the Company or any Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your exercise by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day sale” commitment, whereby Withholding Taxes may be satisfied with a portion of the shares of Stock to be delivered in connection with your exercise by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Committee) to sell a portion of the shares of Stock and to deliver all or part of the sale proceeds to the Company and/or its Affiliates in payment of the amount necessary to satisfy the Withholding Taxes obligation; (iv) withholding shares of Stock from the shares of Stock issued or otherwise issuable to you in connection with the Option with a Fair Market Value (measured as of the date of exercise) equal to the amount of such Withholding Taxes; provided, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Committee; or (v) such other arrangements as are satisfactory to the Committee.

(b)You may not exercise your Option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied.  Accordingly, you may not be able to exercise your Option when desired even though your Option is vested, and the Company will have no obligation to issue a certificate for such shares of Stock or release such shares of Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied.

(c)In the event the Company’s obligation to withhold arises prior to the delivery to you of shares of Stock or it is determined after the delivery of shares of Stock to you that the amount of the Company’s withholding obligations was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

13.Tax Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its officers, directors, employees or Affiliates related to tax liabilities arising from your Option or your other

2

compensation. In particular, you acknowledge that this Option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the Option.

14.Notices.  Any notices provided for in your Option or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.  The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Option by electronic means or to request your consent to participate in the Plan by electronic means.  By accepting this Option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

15.Governing Plan Document.  Your Option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Option, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  If there is any conflict between the provisions of your Option and those of the Plan, the provisions of the Plan will control.  This Agreement shall be governed by and construed in accordance with the laws of the State of delaware, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

16.Clawback/Recoupment Policy.  Your Option (and any compensation paid or shares issued under your Option) is subject to recoupment in accordance with The Dodd Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable law.

17.Other Documents.  You hereby acknowledge receipt of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  In addition, you hereby acknowledge receipt of the Company’s Insider Trading Policy as in effect from time to time, which, among other things, prohibit certain individuals from selling shares during certain “black-out” periods.

18.Effect On Other Employee Benefit Plans. The value of this Option will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides.  The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

19.Voting Rights. You will not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Option until such shares are issued to you.  Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Option, and no action taken pursuant to its provisions,

3

will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

20.Severability. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

21.Data Privacy. You explicitly and unambiguously consent to the collection, use, and transfer, in electronic or other form, of personal data as described in Section 20(c) of the Plan (such Section 20(c) of the Plan is incorporated herein by reference and made a part hereof) by and among, as applicable, the Company, its Affiliates, third-party administrator(s) and other possible recipients for the exclusive purpose of implementing, administering, and managing the Plan and Awards and your participation in the Plan.  You acknowledge, understand and agree that Data may be transferred to third parties, which will assist the Company with the implementation, administration and management of the Plan.

22.Miscellaneous.

(a)The rights and obligations of the Company under your Option will be transferable to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

(b)You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Option.

(c)You acknowledge and agree that you have reviewed your Option in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Option, and fully understand all provisions of your Option.

(d)This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

(e)All obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

*        *        *

This Agreement will be deemed to be signed by you upon the signing by you of the Stock Option Grant Notice to which it is attached.

4

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, 2021

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

EX-31.2

Exhibit 31.2

CERTIFICATE OF THE

CHIEF FINANCIAL OFFICER

I, James J. Claussen, 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, 2021

Signature:	/s/James J. Claussen
	James J. Claussen
	Executive Vice President and 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, 2021, 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, 2021

EX-32.2

Exhibit 32.2

Written Statement of the Principal Financial Officer

In connection with the Quarterly Report of Ryerson Holding Corporation, (the “Company”) on Form 10-Q for the period ended March 31, 2021, 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/ James J. Claussen

James J. Claussen

Executive Vice President and

Chief Financial Officer

(Principal Financial Officer)

May 5, 2021

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	RYERSON HOLDING CORPORATION
Entity Central Index Key	0001481582
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,474,594
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-34735
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1251524
Entity Address, Address Line One	227 W. Monroe St.
Entity Address, Address Line Two	27th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	292-5000
Title of 12(b) Security	Common Stock, $0.01 par value, 100,000,000 shares authorized
Trading Symbol	RYI
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net sales	$ 1,147.3	$ 1,010.3
Cost of materials sold	949.4	814.5
Gross profit	197.9	195.8
Warehousing, delivery, selling, general, and administrative	171.8	155.7
Gain on sale of assets	(20.3)
Operating profit	46.4	40.1
Other income and (expense), net	0.3	0.9
Interest and other expense on debt	(13.5)	(21.7)
Income before income taxes	33.2	19.3
Provision for income taxes	7.6	2.9
Net income	25.6	16.4
Less: Net income attributable to noncontrolling interest	0.3
Net income attributable to Ryerson Holding Corporation	25.3	16.4
Comprehensive income	28.0	6.2
Less: Comprehensive income attributable to noncontrolling interest	0.2
Comprehensive income attributable to Ryerson Holding Corporation	$ 27.8	$ 6.2
Basic earnings per share	$ 0.66	$ 0.43
Diluted earnings per share	$ 0.66	$ 0.43

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 25.6	$ 16.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13.6	13.3
Stock-based compensation	1.6	0.6
Deferred income taxes	4.5	14.6
Provision for allowances, claims, and doubtful accounts	1.6	1.4
Gain on sale of assets	(20.3)
Pension settlement charge	0.2	0.4
Gain on retirement of debt		(0.8)
Non-cash loss from derivatives	9.1	2.7
Other items		(0.1)
Change in operating assets and liabilities:
Receivables	(165.2)	(69.4)
Inventories	(12.3)	(4.1)
Other assets and liabilities	(19.7)	5.1
Accounts payable	118.5	98.5
Accrued liabilities	13.0	16.1
Accrued taxes payable/receivable	0.5	(14.2)
Deferred employee benefit costs	(18.0)	(7.7)
Net adjustments	(72.9)	56.4
Net cash (used in) provided by operating activities	(47.3)	72.8
Investing activities:
Capital expenditures	(6.5)	(6.9)
Proceeds from sale of property, plant, and equipment	29.0
Other items	(0.5)
Net cash provided by (used in) investing activities	22.0	(6.9)
Financing activities:
Repayment of debt	(0.4)	(54.2)
Net proceeds of short-term borrowings	1.2	168.2
Net increase (decrease) in book overdrafts	9.4	(31.2)
Principal payments on finance lease obligations	(2.5)	(3.4)
Other items	(0.1)
Net cash provided by financing activities	7.6	79.4
Net increase (decrease) in cash, cash equivalents, and restricted cash	(17.7)	145.3
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(0.4)	(0.4)
Net change in cash, cash equivalents, and restricted cash	(18.1)	144.9
Cash, cash equivalents, and restricted cash—beginning of period	62.5	59.8
Cash, cash equivalents, and restricted cash—end of period	44.4	204.7
Cash paid during the period for:
Interest paid to third parties, net	22.8	6.5
Income taxes, net	2.3	1.9
Noncash investing activities:
Asset additions under operating leases	6.1	0.4
Asset additions under finance leases and sale-leasebacks	$ 1.7	$ 0.1

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 43.3	$ 61.4
Restricted cash	1.1	1.1
Receivables less provisions of $2.1 at March 31, 2021 and $1.7 at December 31, 2020	544.1	378.9
Inventories	617.2	604.5
Prepaid expenses and other current assets	89.4	57.5
Total current assets	1,295.1	1,103.4
Property, plant, and equipment, at cost	819.1	822.9
Less: Accumulated depreciation	407.2	401.1
Property, plant, and equipment, net	411.9	421.8
Operating lease assets	110.6	108.3
Other intangible assets	42.2	43.2
Goodwill	121.2	120.3
Deferred charges and other assets	5.2	5.1
Total assets	1,986.2	1,802.1
Current liabilities:
Accounts payable	493.2	365.1
Salaries, wages, and commissions	62.7	43.1
Other accrued liabilities	98.9	78.3
Short-term debt	18.1	13.8
Current portion of operating lease liabilities	21.8	20.7
Current portion of deferred employee benefits	6.6	6.6
Total current liabilities	701.3	527.6
Long-term debt	723.3	726.2
Deferred employee benefits	211.6	231.6
Noncurrent operating lease liabilities	92.3	93.0
Deferred income taxes	63.3	58.2
Other noncurrent liabilities	19.7	20.4
Total liabilities	1,811.5	1,657.0
Commitments and contingencies
Ryerson Holding Corporation stockholders’ equity:
Preferred stock, value
Common stock, $0.01 par value; 100,000,000 shares authorized; 38,329,897 shares issued at March 31, 2021 and December 31, 2020	0.4	0.4
Capital in excess of par value	384.7	383.1
Retained earnings	59.1	33.8
Treasury stock at cost - Common stock, value	(6.6)	(6.6)
Accumulated other comprehensive loss	(269.4)	(271.9)
Total Ryerson Holding Corporation stockholders’ equity	168.2	138.8
Noncontrolling interest	6.5	6.3
Total equity	174.7	145.1
Total liabilities and equity	$ 1,986.2	$ 1,802.1

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Receivables, provisions	$ 2.1	$ 1.7
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	38,329,897	38,329,897
Treasury stock at cost - Common stock, shares	212,500	212,500

XML

Financial Statements

3 Months Ended

Mar. 31, 2021

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 55% of our issued and outstanding common stock.

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

Results of operations for any interim period are not necessarily indicative of results of any future periods or for the year. The condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 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 U.S. generally accepted accounting principles (“GAAP”). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

XML

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes – Simplifying the Accounting for Income Taxes.” The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. We adopted this guidance as of January 1, 2021 and there was no impact to our consolidated financial statements.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

No accounting pronouncements have been issued that we have not yet adopted.  

XML

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2021

Cash And Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash

NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

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

	March 31,		December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	43.3	$	61.4
Restricted cash		1.1		1.1
Total cash, cash equivalents, and restricted cash	$	44.4	$	62.5

We had cash restricted for the purposes of covering letters of credit that can be presented for potential insurance claims.

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Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

NOTE 4: 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, 2021 and December 31, 2020 as follows:

	March 31,		December 31,
	2021		2020
	(In millions)
In process and finished products	$	617.2	$	604.5

If current cost had been used to value inventories, such inventories would have been $21 million higher and $63 million lower than reported at March 31, 2021 and December 31, 2020, respectively. Approximately 90% and 91% of inventories are accounted for under the LIFO method at March 31, 2021 and December 31, 2020, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products.

The Company has consignment inventory at certain customer locations, which totaled $6.0 million and $4.8 million at March 31, 2021 and December 31, 2020, respectively.

XML

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

NOTE 5: LEASES

The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment.  The Company has noncancelable operating leases expiring at various times through 2032 and finance leases expiring at various times through 2027.  

The following table summarizes the location and amount of lease assets and lease liabilities reported in our Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020:

		March 31,		December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	110.6	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.0		45.5
Total lease assets		$	151.6	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	21.8	$	20.7
Finance	Other accrued liabilities		8.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		92.3		93.0
Finance	Other noncurrent liabilities		13.8		14.3
Total lease liabilities		$	136.4	$	137.0

(a) Finance lease assets were recorded net of accumulated amortization of $20.5 million and $21.0 million as of March 31, 2021 and December 31, 2020, respectively.

The following table summarizes the location and amount of lease expense reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Three Months Ended March 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020
		(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	6.2	$	6.0
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		1.5		1.6
Interest on lease liabilities	Interest and other expense on debt		0.2		0.3
Variable lease expense	Warehousing, delivery, selling, general, and administrative		0.8		0.8
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		0.5		0.8
Total lease expense		$	9.2	$	9.5

The following table presents maturity analysis of lease liabilities at March 31, 2021:

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2021	$	19.0		$	7.2
2022		22.5			6.9
2023		17.9			4.4
2024		16.5			3.5
2025		12.9			1.1
After 2025		39.3			0.6
Total lease payments		128.1			23.7
Less: Interest(b)		(14.0	)		(1.4	)
Present value of lease liabilities(c)	$	114.1		$	22.3

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced.

(b) Calculated using the discount rate for each lease.

(c) Includes the current portion of $21.8 million for operating leases and $8.5 million for finance leases.

The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		7.0			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.3	%		3.4	%
Finance leases		4.2	%		4.4	%

Information reported in our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and 2020 is summarized below:

	Three Months Ended March 31,
Other Information	2021		2020
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.2
Operating cash flows from finance leases		0.2		0.3
Financing cash flows from finance leases		2.5		3.4
Assets obtained in exchange for lease obligations:
Operating leases		6.1		0.4
Finance leases		1.7		0.1

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 6: GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $121.2 million and $120.3 million at March 31, 2021 and December 31, 2020, respectively. 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, 2020, and it was determined that no impairment existed.

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.

Our Critical Accounting Policies and Estimates for goodwill and intangibles assets are disclosed in Note 1 to the Consolidated Financial Statements and in Management's Discussion and Analysis of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. We continue to monitor the significant global economic uncertainty as a result of the COVID-19 pandemic to assess the outlook for demand for our products and the impact on our business and our overall financial performance. A lack of further recovery or a deterioration in current market conditions, a trend of weaker than expected financial performance in our business, or a lack of further recovery or a decline in the Company’s market capitalization, among other factors, could result in an impairment charge in future periods which could have a material adverse effect on our financial statements.

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Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 7: LONG-TERM DEBT

Long-term debt consisted of the following at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	282.0		$	285.0
8.50% Senior Secured Notes due 2028		450.0			450.0
Foreign debt		16.3			12.1
Other debt		7.4			7.8
Unamortized debt issuance costs and discounts		(14.3	)		(14.9	)
Total debt		741.4			740.0
Less: Short-term foreign debt		16.3			12.1
Less: Other short-term debt		1.8			1.7
Total long-term debt	$	723.3		$	726.2

Ryerson Credit Facility

On November 16, 2016, Ryerson entered into an amendment with respect to its $1.0 billion revolving credit facility (as amended, the “Old Credit Facility”), to reduce the total facility size from $1.0 billion to $750 million, reduce the interest rate on outstanding borrowings by 25 basis points, reduce commitment fees on amounts not borrowed by 2.5 basis points, and to extend the maturity date to November 16, 2021. The Old Credit Facility was amended a second time on June 28, 2018, to increase the facility size from $750 million to $1.0 billion. On September 23, 2019, a third amendment was entered into to supplement the facility and add a U.S. “first-in, last-out” sub-facility of $67.9 million (the “Old FILO Facility”). The Old FILO Facility was equal in subordination with the other borrowings under the revolving credit facility and matured as of June 30, 2020. The Old FILO Facility supplemented

our borrowing capacity by providing additional collateral on eligible accounts receivable and inventory. On November 5, 2020, Ryerson entered into a fourth amendment to extend the maturity date to November 5, 2025 (as amended, the “Ryerson Credit Facility” or “Credit Facility”). The aggregate facility size of $1.0 billion remained unchanged. The fourth amendment also added the ability to convert up to $100 million of commitments under the Ryerson Credit Facility into a “first-in, last-out” sub-facility (the “FILO Facility”). Subject to certain limitations, such conversion can be made from time to time (but no more than twice in the aggregate) prior to the date that is two years after November 5, 2020.

At March 31, 2021, Ryerson had $282 million of outstanding borrowings, $11 million of letters of credit issued, and $509 million available under the Ryerson Credit Facility compared to $285 million of outstanding borrowings, $11 million of letters of credit issued, and $277 million available at December 31, 2020. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.

Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America, N.A.’s prime rate, and the one-month LIBOR rate plus 1.00%, however, in no event shall the base rate be less than 1.25%), or (B) a LIBOR rate (with a floor of 0.25%) 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 commercial loans in U.S. Dollars made at its “base rate”, and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greater of 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 (with a floor of 0.25%) plus 1.00%, or (C) the bankers’ acceptance rate, however, in no event shall the Canadian base rate or the Canadian prime rate be less than 1.25%). Until November 5, 2021 the spread over the base rate and prime rate is fixed at 0.50% and the spread over the LIBOR for the bankers’ acceptances is fixed at 1.50%. After November 5, 2021, the spread over the base rate and prime rate will be between 0.25% and 0.50% and the spread over the LIBOR for the bankers’ acceptances will be between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility. The spread with respect to the FILO Facility, if any, will be determined at the time the commitments under the Ryerson Credit Facility are converted into such FILO Facility. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.225%. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00% above the rate otherwise applicable thereto. Loans advanced under the FILO Facility may only be prepaid if all then outstanding revolving loans are repaid in full.

We attempt to minimize interest rate risk exposure through the utilization of interest rate swaps, which are derivative financial instruments. In June 2019, we entered into an interest rate swap to fix interest on $60 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.729% through June 2022. In November 2019, we entered into another interest rate swap to fix interest on $100 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.539% through November 2022. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility including the interest rate swaps was 2.7% and 2.9% at March 31, 2021 and December 31, 2020, respectively.

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

The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson Holding and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets, and acquisitions. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter, 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 could reject a borrowing request if any event, circumstance, or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If Ryerson Holding, JT Ryerson, any of the other borrowers, or any restricted subsidiaries of JT Ryerson becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable.

Net proceeds of short-term borrowings that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2028 Notes

On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 8.50% senior secured notes due 2028 (the “2028 Notes”). The 2028 Notes bear interest at a rate of 8.50% per annum. The 2028 Notes are fully and unconditionally guaranteed on a senior secured 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 net proceeds from the issuance of the 2028 Notes, along with available cash, were used to (i) redeem all of the 11.0% Senior Secured Notes due 2022 (the “2022 Notes”) and (ii) pay related transaction fees, expenses, and premiums.  During the fourth quarter of 2020, a principal amount of $50.0 million of the 2028 Notes was redeemed for $51.5 million and retired. As a result, $450 million in aggregate principal amount remained outstanding at March 31, 2021.  

The 2028 Notes and the related guarantees are secured by a first-priority security interest in substantially all of JT Ryerson’s and each guarantor’s present and future assets located in the United States (other than receivables, inventory, cash deposit accounts and certain other assets, and proceeds thereof, which are secured pursuant to a second-priority security interest), subject to certain exceptions and customary permitted liens.  The 2028 Notes will be redeemable, in whole or in part, at any time on or after August 1, 2023 at certain redemption prices. The redemption price for the 2028 Notes if redeemed during the twelve months beginning (i) August 1, 2023 is 104.250%, (ii) August 1, 2024 is 102.125%, and (iii) August 1, 2025 and thereafter is 100.000%. All redemption amounts also include accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem some or all of the 2028 Notes before August 1, 2023 at a redemption price of 100.000% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium. In addition, JT Ryerson may redeem up to 40% of the outstanding 2028 Notes before August 1, 2023 with the net cash proceeds from certain equity offerings at a price equal to 108.500% of the principal amount of the Notes, plus accrued but unpaid interest, if any, to, but not including, the redemption date. Furthermore, JT Ryerson may redeem the 2028 Notes at any time and from time to time prior to August 1, 2023 in an aggregate principal amount equal to up to 10% of the original aggregate principal amount of the 2028 Notes during each twelve month period commencing on July 22, 2020 at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem the 2028 Notes at any time prior to August 1, 2022 in an aggregate principal amount equal to $100.0 million on a one-time basis from the net cash proceeds received from the sale of real property, at a redemption price of 104.000% plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, JT Ryerson may be required to make an offer to purchase the 2028 Notes upon the sale of certain assets or upon a change of control.

The Company evaluated the redemption options within the 2028 Notes for embedded derivatives and determined that one redemption option required bifurcation as it is not clearly and closely related to the debt agreement. The Company recorded the

embedded derivative as of December 31, 2020 based on a fair value of $2.3 million within other current assets in the Condensed Consolidated Balance Sheet.  As of March 31, 2021, the fair value was determined to be $2.6 million with the change of $0.3 million recognized within other income and (expense), net on the Condensed Consolidated Statements of Comprehensive Income. Refer to Note 10: Derivatives and Fair Value Measurements for further discussion of the embedded derivative.

The 2028 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.

During the first three months of 2020, a principal amount of $54.6 million of the 2022 Notes were repurchased for $53.8 million and retired, resulting in the recognition of a $0.8 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income.

Foreign Debt

At March 31, 2021, Ryerson China’s foreign borrowings were $16.3 million, which were owed to banks in Asia at a weighted average interest rate of 3.8% per annum and secured by inventory and property, plant, and equipment. At December 31, 2020, Ryerson China’s foreign borrowings were $12.1 million, which were owed to banks in Asia at a weighted average interest rate of 3.6% per annum and secured by inventory and property, plant, and equipment.

Availability under the foreign credit lines was $31 million and $35 million at March 31, 2021 and December 31, 2020, respectively.  Letters of credit issued by our foreign subsidiaries were $5 million and $6 million at March 31, 2021 and December 31, 2020, respectively.

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Employee Benefits

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

NOTE 8: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost (credit) for the three months ended March 31, 2021 and 2020 for the Ryerson pension plans and postretirement benefit plans other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	0.9		$	0.8		$	0.1		$	0.1
Interest cost		3.0			5.2			0.3			0.4
Expected return on assets		(5.9	)		(8.1	)		—			—
Settlement charge		0.2			0.4			—			—
Recognized actuarial (gain) loss		3.9			4.2			(1.5	)		(1.7	)
Amortization of prior service credit		—			—			(0.1	)		(0.5	)
Net periodic benefit cost (credit)	$	2.1		$	2.5		$	(1.2	)	$	(1.7	)

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

The Company contributed $17 million to the pension plan funds through the three months ended March 31, 2021, and anticipates that it will have a minimum required pension contribution funding of approximately $5 million for the remaining nine months of 2021. The expected future contributions reflect recent pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021. We will continue to monitor and updated our expected future contributions as further guidance related to ARPA is released.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9: COMMITMENTS AND CONTINGENCIES

In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). On January 6, 2017, the EPA issued an initial Record of Decision (“ROD”) regarding the site. The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at an estimated present value cost of $1.05 billion. In a change from its prior stance, at a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JTR is a member, the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the original ROD within the next two to three years. The EPA also indicated that it expected allocation of amounts among the parties to be determined in the same two to three-year time frame. The EPA invited certain PRPs to a May 2, 2019 meeting to discuss starting the remedial design process. The EPA did not include JT Ryerson in those meetings.

The EPA met with various PRPs throughout 2019 and 2020 regarding remedial design.  Included in those meetings was Schnitzer Steel, which is developing a remedial design plan for the river area which includes the area where the former JT Ryerson facilities were located. The EPA did not include JT Ryerson in those meetings. Schnitzer’s 2020 disclosures acknowledged that Schnitzer is the legal successor to the prior operators (including JT Ryerson) in the designated area. On February 12, 2021, the EPA announced that one hundred percent (100%) of the PHS Site is now in the active remedial design phase.

The EPA has stated that it is willing to consider de minimis settlements, which JT Ryerson is trying to pursue; however, the EPA has not begun meeting with any of the smaller parties who have requested de minimis or de micromis status, stating that it does not have sufficient information to determine whether any parties meet such criteria and does not intend to begin those considerations until after the remedial design work is completed. It has met with selected parties that we believe to be larger targets. JT Ryerson has not been invited to meet with the EPA. As a result of the ongoing negotiations and filings over the ROD and the EPA’s decision not to meet with smaller parties, we cannot determine how allocations will be made and whether a de minimus settlement can be reached with the EPA.

The PCI Group has engaged a third party to prepare cost estimates for each of the Sediment Management Areas at the site. That work is still in progress and is expected to be completed in the summer of 2021. Once the cost estimates are completed, the voting parties of the PCI Group (which does not include JTR) will likely begin the advocacy process, which is anticipated to be completed sometime in 2022. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs after which the eventual mediation process in which JTR can participate will likely commence. This is also currently anticipated to occur sometime in 2022 or 2023.

As the EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.     

There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2021 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. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

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Derivatives and Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Investments All Other Investments [Abstract]

Derivatives and Fair Value Measurements

NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS

Derivatives

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

We have two receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $60 million of “pay fixed” interest at 1.729% through June 2022 and in November 2019, we entered into a forward agreement for $100 million of “pay fixed” interest at 1.539% through November 2022. Upon entering into the swaps, the interest rate reset dates and critical terms matched the terms of our existing debt and anticipated critical terms of future debt under the Old Credit Facility, however, this was no longer the case once the Ryerson Credit Facility was amended on November 5, 2020. As such, effective November 1, 2020 the Company de-designated its interest rate swaps and terminated its hedge accounting treatment. Prior to de-designation, the Company marked these interest rate swaps to market with changes in fair value being recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value are recorded in current earnings. The unrealized loss on the hedges as of the de-designation date remains in accumulated other comprehensive income and is being amortized into earnings as the forecasted interest payments affect earnings. The fair value of the interest rate swaps as of March 31, 2021 was a net liability of $3.4 million.

The Company currently does not account for its commodity and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company has made an accounting policy election to offset the fair value of derivative liabilities with related cash collateral. As of March 31, 2021, and December 31, 2020, the Company had a cash balance of zero held by the counterparty.

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.

In connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Condensed Consolidated Balance Sheet, with the offset to other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income, see Note 7: Long-term debt, for further details. Embedded derivatives are separated from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; (b) the instrument is not measured at fair value under other applicable GAAP standards, and (c) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that the embedded derivative within the 2028 Notes met these criteria and, as such, must be valued separate and apart from the 2028 Notes at fair value each reporting period.

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, 2021 and December 31, 2020:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments under ASC 815	(In millions)
Metal commodity contracts	Prepaid expenses and other current assets	$	31.4	$	16.0	Other accrued liabilities	$	36.9	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		2.6		2.3	Other accrued liabilities		—		—
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		0.1		0.2
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		3.4		4.0
Total derivatives		$	34.0	$	18.3		$	40.4	$	16.1

The following table presents the volume of the Company’s activity in derivative instruments as of March 31, 2021 and December 31, 2020:

	Notional Amount
Derivative Instruments	At March 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		133,059		125,220	Tons
Aluminum swap contracts		15,676		20,264	Tons
Nickel swap contracts		638		345	Tons
Foreign currency exchange contracts	4.8 million		7.4 million		U.S. dollars
Interest rate swap contracts	160 million		160 million		U.S. dollars

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Recognized in Income on Derivatives						Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Three Months Ended March 31,						Three Months Ended March 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2021			2020
Metal commodity contracts	Cost of materials sold	$	(10.7	)	$	(2.0	)	$	—		$	—
2028 Notes embedded derivative	Other income and (expense), net		0.3			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.1			0.2			—			—
Interest rate swaps	Interest and other expense on debt		—			—			(0.5	)		—
Total		$	(10.3	)	$	(1.8	)	$	(0.5	)	$	—

As of March 31, 2021, the portion of the interest rate swap fair value that would be reclassified into earnings during the next 12 months as interest expense is approximately $2.2 million.

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as hedging instruments	Location of Gain/(Loss) Recognized in Income	Three Months Ended March 31,
under ASC 815	on Derivatives	2021		2020
		(In millions)
Interest rate swaps	Interest and other expense on debt	$	—	$	(0.1	)

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, 2021:

	At March 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	31.4	$	—
2028 Notes embedded derivative		—		—		2.6
Total derivatives	$	—	$	31.4	$	2.6
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	36.9	$	—
Foreign exchange contracts		—		0.1		—
Interest rate swaps		—		3.4		—
Total derivatives	$	—	$	40.4	$	—

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, 2020:

	At December 31, 2020
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	16.0	$	—
2028 Notes embedded derivative		—		—		2.3
Total derivatives	$	—	$	16.0	$	2.3
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	11.9	$	—
Foreign exchange contracts		—		0.2		—
Interest rate swaps		—		4.0		—
Total derivatives	$	—	$	16.1	$	—

The fair value of each commodity, diesel fuel, and swap 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 hot roll coil, diesel fuel, iron ore, nickel, and aluminum prices for varying time periods. The fair value of hot roll coil, diesel fuel, iron ore, nickel, 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 Chicago Mercantile Exchange (hot roll coil and diesel fuel), the Singapore Exchange (iron ore), and the London Metals Exchange (nickel and aluminum), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. The fair value of our interest rate swap is based on the sum of all future net present value cash flows for the fixed and floating leg of the swap. The future cash flows are derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward LIBOR rates.

The fair value of the embedded derivative is determined using Level 3 inputs based on the Black-Derman-Toy lattice model and the “with-and-without” approach.  This method estimates the value of the 2028 Notes both with and without the embedded derivative. The value of the embedded derivative is the difference between the two methods. The value of the 2028 Notes with the embedded derivative is based on recent trading prices of the 2028 Notes (Level 1 inputs).  Determining the value of the 2028 Notes without the embedded derivative requires significant judgements made by management such as the probability of redemption linked transactions occurring, the cash flows expected to be generated from these transactions, as well as the timing of these transactions (Level 3 inputs).  The embedded derivative asset balance as of March 31, 2021 and December 31, 2020 was $2.6 million and $2.3 million, respectively. For the three months ended March 31, 2021, a gain of $0.3 million was recorded within other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income. Changes to the projections made by the Company’s management after March 31, 2021 can affect the future value of this asset.

The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows:

	2028 Notes embedded derivative
	(in millions)
As of January 1, 2021	$	2.3
Unrealized gain recorded in net income		0.3
As of March 31, 2021	$	2.6

The carrying and estimated fair values of our financial instruments at March 31, 2021 and December 31, 2020 were as follows:

	At March 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	43.3	$	43.3	$	61.4	$	61.4
Restricted cash		1.1		1.1		1.1		1.1
Receivables less provisions		544.1		544.1		378.9		378.9
Accounts payable		493.2		493.2		365.1		365.1
Long-term debt, including current portion		741.4		796.2		740.0		800.3

The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company’s long-term debt and the current portions thereof is determined by using quoted market prices of Company debt securities (Level 2 inputs).

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

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

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

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

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2021:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap			Non-controlling Interest			Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2021		38,330	$	0.4		213	$	(6.6	)	$	383.1	$	33.8	$	(47.0	)	$	(221.8	)	$	(3.1	)	$	6.3		$	145.1
Net income		—		—		—		—			—		25.3		—			—			—			0.3			25.6
Foreign currency translation		—		—		—		—			—		—		0.1			—			—			(0.1	)		—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.5		—		—		—		—			—		—		—			2.0			—			—			2.0
Stock-based compensation expense		—		—		—		—			1.6		—		—			—			—			—			1.6
Interest rate swap, net of tax of $0.1		—		—		—		—			—		—		—			—			0.4			—			0.4
Balance at March 31, 2021		38,330	$	0.4		213	$	(6.6	)	$	384.7	$	59.1	$	(46.9	)	$	(219.8	)	$	(2.7	)	$	6.5		$	174.7

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2020:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Cash Flow Hedge- Interest Rate Swap			Non-controlling Interest		Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars		Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.2	$	99.6	$	(48.6	)	$	(253.1	)	$	(0.3	)	$	6.0	$	178.6
Net income		—		—		—		—			—		16.4		—			—			—			—		16.4
Foreign currency translation		—		—		—		—			—		—		(8.5	)		—			—			—		(8.5	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6		—		—		—		—			—		—		—			1.8			—			—		1.8
Stock-based compensation expense		—		—		—		—			0.6		—		—			—			—			—		0.6
Cash flow hedge - interest rate swap, net of tax of $1.2		—		—		—		—			—		—		—			—			(3.5	)		—		(3.5	)
Balance at March 31, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.8	$	116.0	$	(57.1	)	$	(251.3	)	$	(3.8	)	$	6.0	$	185.4

The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax
	Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap
	(In millions)
Balance at January 1, 2021	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income before reclassifications		0.1			—			—
Amounts reclassified from accumulated other comprehensive income into net income		—			2.0			0.4
Net current-period other comprehensive income		0.1			2.0			0.4
Balance at March 31, 2021	$	(46.9	)	$	(219.8	)	$	(2.7	)

The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2021:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amount reclassified from Accumulated
	Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Consolidated
Details about Accumulated Other	March 31, 2021			March 31, 2020			Statements of
Comprehensive Income (Loss) Components	(In millions)						Operations / Consolidated Balance Sheets
Amortization of defined benefit pension and other post-retirement benefit plan items
Actuarial loss	$	2.4		$	2.5		Other income and (expense), net
Pension settlement		0.2			0.4		Other income and (expense), net
Prior service credits		(0.1	)		(0.5	)	Other income and (expense), net
Total before tax		2.5			2.4
Tax benefit		(0.5	)		(0.6	)
Net of tax	$	2.0		$	1.8
Cash flow hedge - Interest rate swap
Realized swap interest (prior to de-designation)	$	—		$	0.1		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.5			—		Interest and other expense on debt
Tax benefit		(0.1	)		—
Net of tax	$	0.4		$	0.1

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Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

NOTE 12: REVENUE RECOGNITION

We are a leading value-added processor and distributor of industrial metals with operations in the United States, Canada, Mexico, and China. 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 bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, sawing, scribing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders.  

Disaggregated Revenue

We have one operating and reportable segment, metals service centers.

The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:      

	Three Months Ended
	March 31,
Product Line	2021			2020
Carbon Steel Flat		29	%		25	%
Carbon Steel Plate		9			10
Carbon Steel Long		14			16
Stainless Steel Flat		17			16
Stainless Steel Plate		5			5
Stainless Steel Long		4			5
Aluminum Flat		14			14
Aluminum Plate		2			3
Aluminum Long		4			5
Other		2			1
Total		100	%		100	%

A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

	Three Months Ended March 31,
	2021		2020
Net Sales	(In millions)
United States		1,025.7	$	913.5
Foreign countries		121.6		96.8
Total	$	1,147.3	$	1,010.3

Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

	Three Months Ended March 31,
Timing of Revenue Recognition	2021			2020
Revenue on products with an alternative use		90	%		88	%
Revenue on products with no alternative use		10			12
Total		100	%		100	%

Contract Balances

A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer.  Payment terms on invoiced amounts are typically 30 days from the invoice date.  We do not have any contracts with significant financing components.  

Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $546.2 million and $380.7 million as of March 31, 2021 and December 31, 2020, respectively.  

Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and estimates of the value of inventory that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets.  Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, estimates of shipping and handling costs associated with performance obligations recorded over time, and bill and hold transactions are reported in other accrued liabilities within the Condensed Consolidated Balance Sheets. Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets		Contract Liabilities
	(In millions)
Beginning Balance at January 1, 2021	$	10.8	$	10.8
Contract liability satisfied during the period		—		(4.1	)
Contract liability incurred during the period		—		5.8
Net change in contract assets and liabilities for products with no alternative use during the period		1.4		—
Changes to reserves		0.6		0.1
Ending Balance at March 31, 2021	$	12.8	$	12.6

The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less.

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Provision for Credit Losses

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Provision for Credit Losses

NOTE 13: PROVISION FOR CREDIT LOSSES

Provisions for allowances and claims on accounts receivables and contract assets are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts.  

The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. The Company’s credit loss reserve

consists of two parts: a) a provision for estimated credit losses based on historical experience and b) a reserve for specific customer collection issues that the Company has identified. Estimation of credit losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. We have reviewed recent events and circumstances due to the ongoing COVID-19 pandemic in relation to our provision for credit losses and have not made any material adjustments as of March 31, 2021.

The following table provides a reconciliation of the provision for credit losses reported within the Condensed Consolidated Balance Sheets as of March 31, 2021:

	Changes in Provision for Expected Credit Losses
	(In millions)
Balance at January 1, 2021	$	1.7
Current period provision		0.5
Write-offs charged against allowance		(0.2	)
Recoveries		0.1
Balance at March 31, 2021	$	2.1

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 14: INCOME TAXES

For the three months ended March 31, 2021, the Company recorded income tax expense of $7.6 million compared to $2.9 million in the prior year. The tax expense for the three months ended March 31, 2021 and 2020 primarily represent taxes at federal and local statutory rates where the Company operates, but generally exclude any tax benefit for losses in jurisdictions with historical losses. The higher effective tax rate in the first three months of 2021 is primarily a result of the significant changes in actual and forecasted earnings between the two periods as business conditions begin to return to pre-pandemic levels.

As required by ASC 740, 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 $6.2 million at March 31, 2021 and $6.6 million December 31, 2020.

The U.S. Tax Cuts and Jobs Act (the “Act”) subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. After considering the two options, the Company has elected to provide for the tax expense related to GILTI in the year the tax will occur.  For the three-months ended March 31, 2021 and 2020, we have included a tax expense of $0.1 million and $1.2 million, respectively, related to GILTI as part of our tax provision.

The Company accounts for uncertain income tax positions in accordance with ASC 740.  We anticipate that certain statutes of limitation will close within the next twelve months resulting in the reduction of the reserve for uncertain tax benefits related to various intercompany transactions. No changes in the first quarter of 2021 were recorded, therefore, the balance of $1.7 million at December 31, 2020 remains unchanged.    

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Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 15: EARNINGS PER SHARE

Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings 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.

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

	Three Months Ended March 31,
Basic and diluted earnings per share		2021		2020
	(In millions, except share and per share data)
Numerator:
Net income attributable to Ryerson Holding Corporation	$	25.3	$	16.4
Denominator:
Weighted average shares outstanding		38,117,397		37,783,761
Dilutive effect of stock-based awards		523,052		441,568
Weighted average shares outstanding adjusted for dilutive securities		38,640,449		38,225,329
Earnings per share
Basic	$	0.66	$	0.43
Diluted	$	0.66	$	0.43

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Summary of Accounting and Financial Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Impact of Recently Issued Accounting Standards—Adopted

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes – Simplifying the Accounting for Income Taxes.” The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. We adopted this guidance as of January 1, 2021 and there was no impact to our consolidated financial statements.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

No accounting pronouncements have been issued that we have not yet adopted.  

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Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2021

Cash And Cash Equivalents [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

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

	March 31,		December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	43.3	$	61.4
Restricted cash		1.1		1.1
Total cash, cash equivalents, and restricted cash	$	44.4	$	62.5

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Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, at stated LIFO value, were classified at March 31, 2021 and December 31, 2020 as follows:

	March 31,		December 31,
	2021		2020
	(In millions)
In process and finished products	$	617.2	$	604.5

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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Summary of Location and Amount of Lease Assets and Lease Liabilities

The following table summarizes the location and amount of lease assets and lease liabilities reported in our Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020:

		March 31,		December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	110.6	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.0		45.5
Total lease assets		$	151.6	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	21.8	$	20.7
Finance	Other accrued liabilities		8.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		92.3		93.0
Finance	Other noncurrent liabilities		13.8		14.3
Total lease liabilities		$	136.4	$	137.0

(a) Finance lease assets were recorded net of accumulated amortization of $20.5 million and $21.0 million as of March 31, 2021 and December 31, 2020, respectively.

Summary of Location and Amount of Lease Expense

The following table summarizes the location and amount of lease expense reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Three Months Ended March 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020
		(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	6.2	$	6.0
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		1.5		1.6
Interest on lease liabilities	Interest and other expense on debt		0.2		0.3
Variable lease expense	Warehousing, delivery, selling, general, and administrative		0.8		0.8
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		0.5		0.8
Total lease expense		$	9.2	$	9.5

Schedule of Maturity Analysis of Lease Liabilities

The following table presents maturity analysis of lease liabilities at March 31, 2021:

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2021	$	19.0		$	7.2
2022		22.5			6.9
2023		17.9			4.4
2024		16.5			3.5
2025		12.9			1.1
After 2025		39.3			0.6
Total lease payments		128.1			23.7
Less: Interest(b)		(14.0	)		(1.4	)
Present value of lease liabilities(c)	$	114.1		$	22.3

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced.

(b) Calculated using the discount rate for each lease.

(c) Includes the current portion of $21.8 million for operating leases and $8.5 million for finance leases.

Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases

The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		7.0			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.3	%		3.4	%
Finance leases		4.2	%		4.4	%

Schedule of Information Reported in Condensed Consolidated Statement of Cash Flows

Information reported in our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and 2020 is summarized below:

	Three Months Ended March 31,
Other Information	2021		2020
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.2
Operating cash flows from finance leases		0.2		0.3
Financing cash flows from finance leases		2.5		3.4
Assets obtained in exchange for lease obligations:
Operating leases		6.1		0.4
Finance leases		1.7		0.1

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following at March 31, 2021 and December 31, 2020:

	March 31,			December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	282.0		$	285.0
8.50% Senior Secured Notes due 2028		450.0			450.0
Foreign debt		16.3			12.1
Other debt		7.4			7.8
Unamortized debt issuance costs and discounts		(14.3	)		(14.9	)
Total debt		741.4			740.0
Less: Short-term foreign debt		16.3			12.1
Less: Other short-term debt		1.8			1.7
Total long-term debt	$	723.3		$	726.2

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Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost (Credit)

The following table summarizes the components of net periodic benefit cost (credit) for the three months ended March 31, 2021 and 2020 for the Ryerson pension plans and postretirement benefit plans other than pension:

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	0.9		$	0.8		$	0.1		$	0.1
Interest cost		3.0			5.2			0.3			0.4
Expected return on assets		(5.9	)		(8.1	)		—			—
Settlement charge		0.2			0.4			—			—
Recognized actuarial (gain) loss		3.9			4.2			(1.5	)		(1.7	)
Amortization of prior service credit		—			—			(0.1	)		(0.5	)
Net periodic benefit cost (credit)	$	2.1		$	2.5		$	(1.2	)	$	(1.7	)

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Derivatives and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments under ASC 815	(In millions)
Metal commodity contracts	Prepaid expenses and other current assets	$	31.4	$	16.0	Other accrued liabilities	$	36.9	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		2.6		2.3	Other accrued liabilities		—		—
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		0.1		0.2
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		3.4		4.0
Total derivatives		$	34.0	$	18.3		$	40.4	$	16.1

Volume of Company 's Activity in Derivative Instruments

The following table presents the volume of the Company’s activity in derivative instruments as of March 31, 2021 and December 31, 2020:

	Notional Amount
Derivative Instruments	At March 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		133,059		125,220	Tons
Aluminum swap contracts		15,676		20,264	Tons
Nickel swap contracts		638		345	Tons
Foreign currency exchange contracts	4.8 million		7.4 million		U.S. dollars
Interest rate swap contracts	160 million		160 million		U.S. dollars

Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Recognized in Income on Derivatives						Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Three Months Ended March 31,						Three Months Ended March 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2021			2020
Metal commodity contracts	Cost of materials sold	$	(10.7	)	$	(2.0	)	$	—		$	—
2028 Notes embedded derivative	Other income and (expense), net		0.3			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.1			0.2			—			—
Interest rate swaps	Interest and other expense on debt		—			—			(0.5	)		—
Total		$	(10.3	)	$	(1.8	)	$	(0.5	)	$	—

Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income

As of March 31, 2021, the portion of the interest rate swap fair value that would be reclassified into earnings during the next 12 months as interest expense is approximately $2.2 million.

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020:

		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as hedging instruments	Location of Gain/(Loss) Recognized in Income	Three Months Ended March 31,
under ASC 815	on Derivatives	2021		2020
		(In millions)
Interest rate swaps	Interest and other expense on debt	$	—	$	(0.1	)

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, 2021:

	At March 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	31.4	$	—
2028 Notes embedded derivative		—		—		2.6
Total derivatives	$	—	$	31.4	$	2.6
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	36.9	$	—
Foreign exchange contracts		—		0.1		—
Interest rate swaps		—		3.4		—
Total derivatives	$	—	$	40.4	$	—

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, 2020:

	At December 31, 2020
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	16.0	$	—
2028 Notes embedded derivative		—		—		2.3
Total derivatives	$	—	$	16.0	$	2.3
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	11.9	$	—
Foreign exchange contracts		—		0.2		—
Interest rate swaps		—		4.0		—
Total derivatives	$	—	$	16.1	$	—

Financial Instruments Measured at Fair Value

The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows:

	2028 Notes embedded derivative
	(in millions)
As of January 1, 2021	$	2.3
Unrealized gain recorded in net income		0.3
As of March 31, 2021	$	2.6

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of our financial instruments at March 31, 2021 and December 31, 2020 were as follows:

	At March 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	43.3	$	43.3	$	61.4	$	61.4
Restricted cash		1.1		1.1		1.1		1.1
Receivables less provisions		544.1		544.1		378.9		378.9
Accounts payable		493.2		493.2		365.1		365.1
Long-term debt, including current portion		741.4		796.2		740.0		800.3

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

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

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

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2021:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap			Non-controlling Interest			Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars			Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2021		38,330	$	0.4		213	$	(6.6	)	$	383.1	$	33.8	$	(47.0	)	$	(221.8	)	$	(3.1	)	$	6.3		$	145.1
Net income		—		—		—		—			—		25.3		—			—			—			0.3			25.6
Foreign currency translation		—		—		—		—			—		—		0.1			—			—			(0.1	)		—
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.5		—		—		—		—			—		—		—			2.0			—			—			2.0
Stock-based compensation expense		—		—		—		—			1.6		—		—			—			—			—			1.6
Interest rate swap, net of tax of $0.1		—		—		—		—			—		—		—			—			0.4			—			0.4
Balance at March 31, 2021		38,330	$	0.4		213	$	(6.6	)	$	384.7	$	59.1	$	(46.9	)	$	(219.8	)	$	(2.7	)	$	6.5		$	174.7

The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2020:

														Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock					Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation			Benefit Plan Liabilities			Cash Flow Hedge- Interest Rate Swap			Non-controlling Interest		Total Equity
	Shares		Dollars		Shares		Dollars			Dollars		Dollars		Dollars			Dollars			Dollars			Dollars		Dollars
	(In millions, except shares in thousands)
Balance at January 1, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.2	$	99.6	$	(48.6	)	$	(253.1	)	$	(0.3	)	$	6.0	$	178.6
Net income		—		—		—		—			—		16.4		—			—			—			—		16.4
Foreign currency translation		—		—		—		—			—		—		(8.5	)		—			—			—		(8.5	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6		—		—		—		—			—		—		—			1.8			—			—		1.8
Stock-based compensation expense		—		—		—		—			0.6		—		—			—			—			—		0.6
Cash flow hedge - interest rate swap, net of tax of $1.2		—		—		—		—			—		—		—			—			(3.5	)		—		(3.5	)
Balance at March 31, 2020		37,996	$	0.4		213	$	(6.6	)	$	381.8	$	116.0	$	(57.1	)	$	(251.3	)	$	(3.8	)	$	6.0	$	185.4

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

The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021:

	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax
	Foreign Currency Translation			Benefit Plan Liabilities			Interest Rate Swap
	(In millions)
Balance at January 1, 2021	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income before reclassifications		0.1			—			—
Amounts reclassified from accumulated other comprehensive income into net income		—			2.0			0.4
Net current-period other comprehensive income		0.1			2.0			0.4
Balance at March 31, 2021	$	(46.9	)	$	(219.8	)	$	(2.7	)

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, 2021:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
	Amount reclassified from Accumulated
	Other Comprehensive Income (Loss)
	Three Months Ended						Affected line item in the Consolidated
Details about Accumulated Other	March 31, 2021			March 31, 2020			Statements of
Comprehensive Income (Loss) Components	(In millions)						Operations / Consolidated Balance Sheets
Amortization of defined benefit pension and other post-retirement benefit plan items
Actuarial loss	$	2.4		$	2.5		Other income and (expense), net
Pension settlement		0.2			0.4		Other income and (expense), net
Prior service credits		(0.1	)		(0.5	)	Other income and (expense), net
Total before tax		2.5			2.4
Tax benefit		(0.5	)		(0.6	)
Net of tax	$	2.0		$	1.8
Cash flow hedge - Interest rate swap
Realized swap interest (prior to de-designation)	$	—		$	0.1		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.5			—		Interest and other expense on debt
Tax benefit		(0.1	)		—
Net of tax	$	0.4		$	0.1

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Summary of Disaggregated Revenue

The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:      

	Three Months Ended
	March 31,
Product Line	2021			2020
Carbon Steel Flat		29	%		25	%
Carbon Steel Plate		9			10
Carbon Steel Long		14			16
Stainless Steel Flat		17			16
Stainless Steel Plate		5			5
Stainless Steel Long		4			5
Aluminum Flat		14			14
Aluminum Plate		2			3
Aluminum Long		4			5
Other		2			1
Total		100	%		100	%

A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated:

	Three Months Ended March 31,
	2021		2020
Net Sales	(In millions)
United States		1,025.7	$	913.5
Foreign countries		121.6		96.8
Total	$	1,147.3	$	1,010.3

Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:

	Three Months Ended March 31,
Timing of Revenue Recognition	2021			2020
Revenue on products with an alternative use		90	%		88	%
Revenue on products with no alternative use		10			12
Total		100	%		100	%

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets		Contract Liabilities
	(In millions)
Beginning Balance at January 1, 2021	$	10.8	$	10.8
Contract liability satisfied during the period		—		(4.1	)
Contract liability incurred during the period		—		5.8
Net change in contract assets and liabilities for products with no alternative use during the period		1.4		—
Changes to reserves		0.6		0.1
Ending Balance at March 31, 2021	$	12.8	$	12.6

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Provision for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Schedule of Reconciliation of Provision for Credit Losses

The following table provides a reconciliation of the provision for credit losses reported within the Condensed Consolidated Balance Sheets as of March 31, 2021:

	Changes in Provision for Expected Credit Losses
	(In millions)
Balance at January 1, 2021	$	1.7
Current period provision		0.5
Write-offs charged against allowance		(0.2	)
Recoveries		0.1
Balance at March 31, 2021	$	2.1

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended March 31,
Basic and diluted earnings per share		2021		2020
	(In millions, except share and per share data)
Numerator:
Net income attributable to Ryerson Holding Corporation	$	25.3	$	16.4
Denominator:
Weighted average shares outstanding		38,117,397		37,783,761
Dilutive effect of stock-based awards		523,052		441,568
Weighted average shares outstanding adjusted for dilutive securities		38,640,449		38,225,329
Earnings per share
Basic	$	0.66	$	0.43
Diluted	$	0.66	$	0.43

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Financial Statements - Additional Information (Detail)	Mar. 31, 2021 shares
Accounting Policies [Abstract]
Parent company shares owned by affiliates	21,037,500
Parent company percentage owned by affiliates	55.00%

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Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 43.3	$ 61.4
Restricted cash	1.1	1.1
Total cash, cash equivalents, and restricted cash	$ 44.4	$ 62.5

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Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
In process and finished products	$ 617.2	$ 604.5

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Inventories - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Amount by which inventory stated at other than the last-in first-out (LIFO) is in excess of inventory stated at current cost	$ 21.0
Amount by which inventory stated at last-in first-out (LIFO) is less than (in excess of) inventory stated at current cost		$ 63.0
Inventories accounted under the LIFO method	90.00%	91.00%
Consignment inventory	$ 6.0	$ 4.8

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Leases - Additional Information (Detail) - Maximum [Member]	3 Months Ended
	Mar. 31, 2021
Lessee Lease Description [Line Items]
Noncancelable operating leases expire period	2032
Finance leases expire period	2027

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Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Assets
Operating lease assets		$ 110.6	$ 108.3
Finance lease assets		$ 41.0	$ 45.5
Finance lease, Right-of-use asset, Statement of financial position [Extensible List]	[1]	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Total lease assets		$ 151.6	$ 153.8
Liabilities
Operating lease liabilities, current		21.8	20.7
Finance lease liabilities, current		$ 8.5	$ 9.0
Finance lease, Liability, Current, Statement of financial position [Extensible List]		Other accrued liabilities	Other accrued liabilities
Operating lease liabilities, noncurrent		$ 92.3	$ 93.0
Finance lease liabilities, noncurrent		$ 13.8	$ 14.3
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other noncurrent liabilities	Other noncurrent liabilities
Total lease liabilities		$ 136.4	$ 137.0

[1] Finance lease assets were recorded net of accumulated amortization of $20.5 million and $21.0 million as of March 31, 2021 and December 31, 2020, respectively.

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Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Accumulated amortization	$ 407.2	$ 401.1
Finance Lease [Member]
Lessee Lease Description [Line Items]
Accumulated amortization	$ 20.5	$ 21.0

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Leases - Summary of Location and Amount of Lease Expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Expense
Total lease expense	$ 9.2	$ 9.5
Warehousing, Delivery, Selling, General, and Administrative [Member]
Lease Expense
Operating lease expense	6.2	6.0
Finance lease expense
Amortization of lease assets	1.5	1.6
Variable lease expense	0.8	0.8
Short-term lease expense	0.5	0.8
Interest and Other Expense on Debt [Member]
Finance lease expense
Interest on lease liabilities	$ 0.2	$ 0.3

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Leases - Schedule of Maturity Analysis of Lease Liabilities (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Operating Leases
2021	$ 19.0	[1]
2022	22.5	[1]
2023	17.9	[1]
2024	16.5	[1]
2025	12.9	[1]
After 2025	39.3	[1]
Total lease payments	128.1	[1]
Less: Interest	(14.0)	[1],[2]
Present value of lease liabilities	114.1	[1],[3]
Finance Leases
2021	7.2
2022	6.9
2023	4.4
2024	3.5
2025	1.1
After 2025	0.6
Total lease payments	23.7
Less: Interest	(1.4)	[2]
Present value of lease liabilities	$ 22.3	[3]

[1] There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced.

[2] Calculated using the discount rate for each lease.

[3] Includes the current portion of $21.8 million for operating leases and $8.5 million for finance leases.

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Leases - Schedule of Maturity Analysis of Lease Liabilities (Parenthetical) (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases with options to extend lease terms that are reasonably certain of being exercised	$ 0
Legally binding minimum lease payments for leases signed but not yet commenced	0
Operating leases, current portion	21,800,000	$ 20,700,000
Finance leases, current portion	$ 8,500,000	$ 9,000,000.0

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Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases (Detail)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	7 years	7 years 3 months 18 days
Finance leases, Weighted-average remaining lease term	2 years 10 months 24 days	2 years 9 months 18 days
Operating leases, Weighted-average discount rate	3.30%	3.40%
Finance leases, Weighted-average discount rate	4.20%	4.40%

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Leases - Schedule of Information Reported in Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6.8	$ 6.2
Operating cash flows from finance leases	0.2	0.3
Financing cash flows from finance leases	2.5	3.4
Assets obtained in exchange for lease obligations:
Operating leases	6.1	0.4
Finance leases	$ 1.7	$ 0.1

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Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 121,200,000	$ 120,300,000
Annual goodwill impairment test date	Oct. 01, 2020
Impairment charge	$ 0

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Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Foreign debt	$ 16.3	$ 12.1
Other debt	7.4	7.8
Unamortized debt issuance costs and discounts	(14.3)	(14.9)
Total debt	741.4	740.0
Less: Other short-term debt	1.8	1.7
Total long-term debt	723.3	726.2
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Ryerson Credit Facility	282.0	285.0
2028 Notes [Member]
Debt Instrument [Line Items]
Senior secured notes	$ 450.0	$ 450.0

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Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($)		1 Months Ended		3 Months Ended
	Nov. 16, 2016	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Dec. 31, 2020	Sep. 23, 2019	Jun. 28, 2018
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity				$ 1,000,000,000.0			$ 1,000,000,000.0
Credit facility maturity date				Nov. 05, 2025
Outstanding borrowings				$ 282,000,000.0	$ 285,000,000.0
Letters of credit				11,000,000	11,000,000
Available credit facility				$ 509,000,000	$ 277,000,000
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 in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders.
Default bear interest rate				2.00%
Commitment fees on amounts not borrowed				0.225%
Ryerson Credit Facility [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Interest rate swap agreement date			2019-06
Hedged debt amount			$ 60,000,000
Derivative fixed interest rate			1.729%
Derivative maturity period			2022-06
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member]
Debt Instrument [Line Items]
Interest rate swap agreement date		2019-11
Hedged debt amount		$ 100,000,000
Derivative fixed interest rate		1.539%
Derivative maturity period		2022-11
Ryerson Credit Facility [Member] | All Interest Rate Swap [Member]
Debt Instrument [Line Items]
Weighted average interest rate				2.70%	2.90%
Ryerson Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				0.50%
Ryerson Credit Facility [Member] | Base Rate
Debt Instrument [Line Items]
Fixed floor of the base rate				1.25%
Ryerson Credit Facility [Member] | Prime Rate and One Month LIBOR Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				1.00%
Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Fixed floor of the LIBOR rate				0.25%
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				0.50%
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | 30 Day LIBOR Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				1.00%
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | One Month Canadian Bankers Acceptance Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				1.00%
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | Banker's Acceptance Rate [Member]
Debt Instrument [Line Items]
Fixed floor of Canadian base rate or Canadian prime rate				1.25%
Ryerson Credit Facility [Member] | Minimum [Member] | Canadian Subsidiaries [Member] | Base Rate And Canadian Prime Rate
Debt Instrument [Line Items]
Fixed floor of Canadian base rate or Canadian prime rate				0.25%
Old Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity	$ 1,000,000,000.0
Reduction in interest rate on outstanding borrowing	0.25%
Reduction in commitment fees on amounts not borrowed	0.025%
Old Revolving Credit Facility [Member] | Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maturity date				Nov. 16, 2021
Amended Old Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity	$ 750,000,000
First In Last Out Subfacility | Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity						$ 67,900,000
Credit facility maturity date				Jun. 30, 2020
Amount of borrow under FILO Facility				$ 100,000,000
After November 5, 2021 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Spread over base interest rate				0.50%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate And Canadian Prime Rate
Debt Instrument [Line Items]
Spread over base interest rate				0.25%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				1.25%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate				1.50%
Until November 5, 2021 [Member] | Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over base interest rate				1.50%
Until November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate And Canadian Prime Rate
Debt Instrument [Line Items]
Spread over base interest rate				0.50%

XML

Long-Term Debt - 2028 Notes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jul. 22, 2020
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2.6	$ 2.3
Change in debt instrument, face amount	0.3
Gain (loss) on retirement of debt			$ 0.8
2028 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	450.0	450.0		$ 500.0
Debt Instrument Interest Rate Stated Percentage				8.50%
Principal amount of debt instrument repurchased		50.0
Debt instruments senior notes retired		51.5
Debt instrument, face amount	2.6	$ 2.3
Change in debt instrument, face amount	$ 0.3
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2023 [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	104.25%
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2024 [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	102.125%
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2025 and thereafter [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	100.00%
2028 Notes [Member] | Redeemable before August 1, 2023 Including Make Whole Premium [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	100.00%
2028 Notes [Member] | Redeemable before August 1, 2023 with the net cash proceeds from certain equity offerings [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	108.50%
Percentage of principal amount debt can be redeemed	40.00%
2028 Notes [Member] | Redeemable each twelve months commencing on July 22, 2020 and prior to August 1, 2023 [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	103.00%
Percentage of principal amount debt can be redeemed	10.00%
2028 Notes [Member] | Redeemable one time prior to August 1, 2022 from the net cash proceeds received from the sale of real property [Member]
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	104.00%
Principal Amount Debt Can Be Redeemed	$ 100.0
2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage				11.00%
Principal amount of debt instrument repurchased			54.6
Debt instruments senior notes retired			53.8
2022 Notes [Member] | Other Income and (Expense), Net [Member]
Debt Instrument [Line Items]
Gain (loss) on retirement of debt			$ 0.8

XML

Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Foreign debt	$ 16.3	$ 12.1
Foreign Debt [Member]
Debt Instrument [Line Items]
Available credit facility	31.0	35.0
Letters of credit issued by our foreign subsidiaries	5.0	6.0
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member]
Debt Instrument [Line Items]
Foreign debt	$ 16.3	$ 12.1
Weighted average interest rate	3.80%	3.60%

XML

Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charge	$ 0.2	$ 0.4
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.9	0.8
Interest cost	3.0	5.2
Expected return on assets	(5.9)	(8.1)
Settlement charge	0.2	0.4
Recognized actuarial (gain) loss	3.9	4.2
Net periodic benefit cost (credit)	2.1	2.5
Other Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1
Interest cost	0.3	0.4
Recognized actuarial (gain) loss	(1.5)	(1.7)
Amortization of prior service credit	(0.1)	(0.5)
Net periodic benefit cost (credit)	$ (1.2)	$ (1.7)

XML

Employee Benefits - Additional Information (Detail) - Pension Benefits [Member] - American Rescue Plan Act $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contribution to the pension plan fund	$ 17
Anticipated minimum required pension contribution funding	$ 5

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Jan. 02, 2020	Mar. 31, 2021
Loss Contingencies [Line Items]
Record of decision description		The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery
Estimated present value cost for construction and recovery		$ 1,050
Remediation plan description		the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the original ROD within the next two to three years. The EPA also indicated that it expected allocation of amounts among the parties to be determined in the same two to three-year time frame.
Percentage of acreage on remediation	100.00%
Minimum [Member]
Loss Contingencies [Line Items]
Remediation plan due date		2 years
Remediation plan allocation of amount due date		2 years
Maximum [Member]
Loss Contingencies [Line Items]
Remediation plan due date		3 years
Remediation plan allocation of amount due date		3 years

XML

Derivatives and Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($) DerivativeInstrument	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Derivatives Fair Value [Line Items]
Fair value of interest rate swaps	$ 3,400,000
Derivative liabilities, offset against cash collateral	0	$ 0
Debt instrument, face amount	2,600,000	$ 2,300,000
Change in debt instrument, face amount	$ 300,000
Minimum [Member]
Derivatives Fair Value [Line Items]
General term for commodity and exchange contracts	1 month
Maximum [Member]
Derivatives Fair Value [Line Items]
General term for commodity and exchange contracts	12 months
Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount	$ 160,000,000		$ 160,000,000
Derivative gain (loss) to be reclassified into interest income during next 12 months	$ 2,200,000
Ryerson Credit Facility [Member]
Derivatives Fair Value [Line Items]
Number of derivative instruments | DerivativeInstrument	2
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount				$ 100,000,000
Derivative fixed interest rate				1.539%
Ryerson Credit Facility [Member] | Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount					$ 60,000,000
Derivative fixed interest rate					1.729%

XML

Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 34.0	$ 18.3
Liability Derivatives, Fair Value	40.4	16.1
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	31.4	16.0
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	36.9	11.9
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	2.6	2.3
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	0.1	0.2
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 3.4	$ 4.0

XML

Derivatives and Fair Value Measurements - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) T	Dec. 31, 2019 USD ($) T
Hot Roll Coil Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	133,059	125,220
Aluminum Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	15,676	20,264
Nickel Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	638	345
Foreign Exchange Contract [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount | $	$ 4.8	$ 7.4
Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount | $	$ 160.0	$ 160.0

XML

Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	$ (9.1)	$ (2.7)
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	(10.3)	(1.8)
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income	(0.5)
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Cost of Materials Sold [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	(10.7)	(2.0)
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Other Income and (Expense), Net [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	0.3
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contract [Member] | Other Income and (Expense), Net [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	0.1	$ 0.2
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swap [Member] | Interest and Other Expense on Debt [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income	$ (0.5)

XML

Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Derivatives designated as hedging instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | Interest and Other Expense on Debt [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income	$ (0.1)

XML

Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 34.0	$ 18.3
Liability Derivatives, Fair Value	40.4	16.1
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	40.4	16.1
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	31.4	16.0
Liability Derivatives, Fair Value	36.9	11.9
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contract [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	0.1	0.2
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	3.4	4.0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 2.6	$ 2.3

XML

Derivatives and Fair Value Measurements - Financial Instruments Measured at Fair Value (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
As of January 1, 2021	$ 2.3
Unrealized gain recorded in net income	0.3
As of March 31, 2021	2.6
2028 Notes Embedded Derivative [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
As of January 1, 2021	2.3
Unrealized gain recorded in net income	0.3
As of March 31, 2021	$ 2.6

XML

Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount [Member]
Derivatives Fair Value [Line Items]
Cash and cash equivalents	$ 43.3	$ 61.4
Restricted cash	1.1	1.1
Receivables less provisions	544.1	378.9
Accounts payable	493.2	365.1
Long-term debt, including current portion	741.4	740.0
Fair Value [Member]
Derivatives Fair Value [Line Items]
Cash and cash equivalents	43.3	61.4
Restricted cash	1.1	1.1
Receivables less provisions	544.1	378.9
Accounts payable	493.2	365.1
Long-term debt, including current portion	$ 796.2	$ 800.3

XML

Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning Balance	$ 145.1	$ 178.6
Beginning Balance, shares	38,329,897
Beginning Balance Treasury Stock, shares	212,500
Net income	$ 25.6	16.4
Foreign currency translation		(8.5)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	2.0	1.8
Stock-based compensation expense	1.6	0.6
Interest rate swap, net of tax	0.4
Cash flow hedge - interest rate swap, net of tax		(3.5)
Ending Balance	$ 174.7	185.4
Ending Balance, shares	38,329,897
Ending Balance Treasury Stock, shares	212,500
Common Stock [Member]
Beginning Balance	$ 0.4	$ 0.4
Beginning Balance, shares	38,330,000	37,996,000
Ending Balance	$ 0.4	$ 0.4
Ending Balance, shares	38,330,000	37,996,000
Treasury Stock [Member]
Beginning Balance	$ (6.6)	$ (6.6)
Beginning Balance Treasury Stock, shares	213,000	213,000
Ending Balance	$ (6.6)	$ (6.6)
Ending Balance Treasury Stock, shares	213,000	213,000
Capital in Excess of Par Value [Member]
Beginning Balance	$ 383.1	$ 381.2
Stock-based compensation expense	1.6	0.6
Ending Balance	384.7	381.8
Retained Earnings (Accumulated Deficit) [Member]
Beginning Balance	33.8	99.6
Net income	25.3	16.4
Ending Balance	59.1	116.0
Foreign Currency Translation [Member]
Beginning Balance	(47.0)	(48.6)
Foreign currency translation	0.1	(8.5)
Ending Balance	(46.9)	(57.1)
Benefit Plan Liabilities [Member]
Beginning Balance	(221.8)	(253.1)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	2.0	1.8
Ending Balance	(219.8)	(251.3)
Interest Rate Swap [Member]
Beginning Balance	(3.1)
Interest rate swap, net of tax	0.4
Ending Balance	(2.7)
Cash Flow Hedge - Interest Rate Swap [Member]
Beginning Balance		(0.3)
Cash flow hedge - interest rate swap, net of tax		(3.5)
Ending Balance		(3.8)
Non-controlling Interest [Member]
Beginning Balance	6.3	6.0
Net income	0.3
Foreign currency translation	(0.1)
Ending Balance	$ 6.5	$ 6.0

XML

Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Changes in defined benefit pension and other post-retirement benefit plans, tax	$ 0.5	$ 0.6
Changes in interest rate swap, tax	$ 0.1	$ 1.2

XML

Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	$ (271.9)
Accumulated other comprehensive income (loss) net of tax, ending balance	(269.4)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(47.0)
Other comprehensive income before reclassifications	0.1
Net current-period other comprehensive income	0.1
Accumulated other comprehensive income (loss) net of tax, ending balance	(46.9)
Benefit Plan Liabilities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(221.8)
Amounts reclassified from accumulated other comprehensive income into net income	2.0
Net current-period other comprehensive income	2.0
Accumulated other comprehensive income (loss) net of tax, ending balance	(219.8)
Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(3.1)
Amounts reclassified from accumulated other comprehensive income into net income	0.4
Net current-period other comprehensive income	0.4
Accumulated other comprehensive income (loss) net of tax, ending balance	$ (2.7)

XML

Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 2.4	$ 2.5
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	(0.1)	(0.5)
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Pension Settlement [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	0.2	0.4
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	2.5	2.4
Tax benefit	(0.5)	(0.6)
Net of tax	2.0	1.8
Accumulated Gain Loss Net Cash Flow Hedge Parent Realized Swap Interest Prior to De-Designation [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Realized swap interest		0.1
Accumulated Gain Loss Net Cash Flow Hedge Parent Realized Swap Interest Subsequent to De-Designation [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Realized swap interest	0.5
Cash Flow Hedge - Interest Rate Swap [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(0.4)
Tax benefit	(0.1)
Net of tax	$ 0.4	$ 0.1

XML

Revenue Recognition - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of operating segments	1
Number of reportable segments	1
Payment terms on invoiced amounts	30 days
Accounts receivables from contracts with customers | $	$ 546.2	$ 380.7
Minimum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of revenue from product sales	75.00%

XML

Revenue Recognition - Percentage of Sales by Major Product Lines (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Product Line
Percentage of sales by major product lines	100.00%	100.00%
Carbon Steel Flat [Member]
Product Line
Percentage of sales by major product lines	29.00%	25.00%
Carbon Steel Plate [Member]
Product Line
Percentage of sales by major product lines	9.00%	10.00%
Carbon Steel Long [Member]
Product Line
Percentage of sales by major product lines	14.00%	16.00%
Stainless Steel Flat [Member]
Product Line
Percentage of sales by major product lines	17.00%	16.00%
Stainless Steel Plate [Member]
Product Line
Percentage of sales by major product lines	5.00%	5.00%
Stainless Steel Long [Member]
Product Line
Percentage of sales by major product lines	4.00%	5.00%
Aluminum Flat [Member]
Product Line
Percentage of sales by major product lines	14.00%	14.00%
Aluminum Plate [Member]
Product Line
Percentage of sales by major product lines	2.00%	3.00%
Aluminum Long [Member]
Product Line
Percentage of sales by major product lines	4.00%	5.00%
Other [Member]
Product Line
Percentage of sales by major product lines	2.00%	1.00%

XML

Revenue Recognition - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 1,147.3	$ 1,010.3
United States [Member]
Disaggregation Of Revenue [Line Items]
Net sales	1,025.7	913.5
Foreign Countries [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 121.6	$ 96.8

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Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total	100.00%	100.00%
Revenue Recognized Point In Time
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue on products with an alternative use	90.00%	88.00%
Revenue Recognized Over Time
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue on products with no alternative use	10.00%	12.00%

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Revenue Recognition - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Changes in the Contract Assets
Beginning Balance	$ 10.8
Net change in contract assets for products with no alternative use during the period	1.4
Changes to reserves	0.6
Ending Balance	12.8
Changes in the Contract Liabilities
Beginning Balance	10.8
Contract liability satisfied during the period	(4.1)
Contract liability incurred during the period	5.8
Changes to reserves	0.1
Ending Balance	$ 12.6

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Revenue Recognition - Additional Information 1 (Detail)	Mar. 31, 2021
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligations on contracts have expected duration	1 year

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Provision for Credit Losses - Schedule of Reconciliation of Provision for Credit Losses (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Credit Loss [Abstract]
Balance at January 1, 2021	$ 1.7
Current period provision	0.5
Write-offs charged against allowance	(0.2)
Recoveries	0.1
Balance at March 31, 2021	$ 2.1

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax [Line Items]
Provision for income taxes	$ 7.6	$ 2.9
Valuation allowance	6.2		$ 6.6
Unrecognized tax benefits balance	1.7		$ 1.7
GILTI [Member]
Income Tax [Line Items]
Provision for income taxes	$ (0.1)	$ (1.2)

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Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to Ryerson Holding Corporation	$ 25.3	$ 16.4
Denominator:
Weighted average shares outstanding	38,117,397	37,783,761
Dilutive effect of stock-based awards	523,052	441,568
Weighted average shares outstanding adjusted for dilutive securities	38,640,449	38,225,329
Earnings per share
Basic	$ 0.66	$ 0.43
Diluted	$ 0.66	$ 0.43