10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 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 No. 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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

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, a smaller reporting company, or 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	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth 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. Yes  ☐    No  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of a share of the registrant’s common stock on June 30, 2021 as reported by the New York Stock Exchange on such date was approximately $239,876,301. Shares of the registrant’s common stock held by each executive officer, director, and holder of 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.

As of February 18, 2022 there were 38,394,162 shares of our Common Stock, par value $0.01 per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The information required to be furnished pursuant to Part III of this Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the annual meeting of stockholders (the “2021 Proxy Statement”), which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2021.

TABLE OF CONTENTS

		Page
Special Note Regarding Forward-Looking Statements		3
PART I
Item 1.	Business	4
Item 1A.	Risk Factors	14
Item 1B.	Unresolved Staff Comments	25
Item 2.	Properties	25
Item 3.	Legal Proceedings	27
Item 4.	Mine Safety Disclosures	27
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	28
Item 6.	Reserved	30
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	47
Item 8.	Financial Statements and Supplementary Data	49
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	99
Item 9A.	Controls and Procedures	99
Item 9B.	Other Information	99
PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	100
Item 11.	Executive Compensation	100
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	100
Item 13.	Certain Relationships and Related Transactions, and Director Independence	101
Item 14.	Principal Accounting Fees and Services	101
PART IV
Item 15.	Exhibits and Financial Statement Schedules	102
Signatures		107

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report contains “forward-looking statements.” 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. Among the factors that significantly impact the metals distribution industry and our business are:

• the effects of the COVID-19 pandemic;

• highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold;

• remaining competitive and maintaining market share in the highly competitive and fragmented metals distribution industry;

• managing the costs of purchased metals relative to the price at which we sell our products during periods of rapid price escalation;

• the management of inventory and other costs and expenses;

• customer, supplier, and competitor consolidation, bankruptcy, or insolvency;

• the impairment of goodwill that could result from, among other things, volatility in the markets in which we operate;

• future funding for postretirement employee benefits may require substantial payments from current cash flow;

• the failure to effectively integrate newly acquired operations;

• the regulatory and other operational risks associated with our operations located outside of the United States (“U.S.”);

• the ability of management to focus on North American and foreign operations;

• currency fluctuations in the U.S. dollar versus the Canadian dollar, the Chinese renminbi, and the Hong Kong dollar;

• the adequacy of our efforts to mitigate cyber security risks and threats;

• reduced production schedules, layoffs or work stoppages by our own, our suppliers’, or customers’ personnel;

• certain employee retirement benefit plans are underfunded and the actual costs could exceed current estimates;

• prolonged disruption of our processing centers;

• the ability to retain and attract management and key personnel;

• our risk management strategies may result in losses;

• the incurrence of substantial costs or liabilities to comply with, or as a result of violations of, environmental laws;

• the impact of new or pending litigation against us;

• the risk of product liability claims;

• changes in the method of determining LIBOR or the replacement of LIBOR with an alternative reference rate;

• our substantial indebtedness and the covenants in instruments governing such indebtedness;

• the ability to comply with the terms of our asset-based credit facility and our indenture; and

• the ownership of a majority of our equity securities by a single investor group.

These risks and uncertainties 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 in this Annual Report under “Risk Factors” and the caption “Industry and Operating Trends” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Annual Report. Moreover, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to revise or publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.

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PART I

ITEM 1. BUSINESS.

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 metals service center, 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 processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

Our Company

We are one of the largest value-add processors and distributors of industrial metals in North America measured in terms of sales. We have approximately 4,000 employees across 91 facilities in North America and four facilities in China. Through this network we serve approximately 40,000 customers across a wide range of manufacturing end-markets. Our customers range from local, independently owned fabricators and machine shops to large, international original equipment manufacturers. 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 nearly 80% of the products we sell are processed to meet customer requirements.  

Our business strategy includes providing a superior level of customer service and responsiveness, technical services, and inventory management solutions while maintaining low operating costs in order to maximize financial results. Our growth strategy is based on increasing our operating results through organic growth activities and strategic acquisitions.  

To that end, we continue to focus on our interconnected network, systems, and to enhance our value-added services and online presence to provide increased access, functionality, and flexibility to our customers. We are using advanced analytics to improve pricing and inventory utilization. Our service centers are strategically located near our customers, which permits us to quickly process and deliver our products and services, often the day after receiving an order. We own, lease, or contract a fleet of tractors and trailers, allowing us to efficiently meet our customers’ delivery demands. Our range of products together with our breadth of services allows us to service a diverse customer base and to create long-term partnerships with our customers and enhances our profitability.

We focus on strategic acquisitions that complement and enhance our product, customer, and geographic diversification. Ryerson’s M&A strategy includes both transformative turnaround acquisitions and value-add, bolt-on acquisitions. Recently, Ryerson has focused on bolt-on acquisitions such as its September 1, 2021 acquisition of Specialty Metals Processing, Inc. (“SMP”).  SMP is a toll processor of stainless steel, aluminum, titanium, and nickel alloy products that expanded the Company’s value-add services in a variety of industries including aerospace. SMP was purchased for $14.0 million, net of cash acquired.

Industry Overview

Metals service centers serve as key intermediaries between metal producers and end users of metal products. They purchase in scale and sell in smaller quantities.  End-users often look for “one-stop” suppliers that offer lower order volumes, shorter lead times, more reliable delivery, and processing services. Metal producers mainly sell metals in the form of standard-sized coils, sheets, plates, structurals, bars, and tubes in large quantities, with longer lead times, and limited inventory. Metal service centers serve as key intermediaries closing the gap between metal producers’ supply and end-users’ demand.

By aggregating end-users’ demand and purchasing metal in bulk to take advantage of economies of scale, metals service centers may purchase, process, and deliver metal to end‑users in a more efficient and cost‑effective manner than the end‑user may achieve by dealing directly with the primary producer. Further, specialized metals processing equipment is costly and requires high‑volume production to be cost effective. In addition, many customers are not able or willing to invest in the necessary technology, equipment, and warehousing of inventory to efficiently and effectively perform metal processing for their own operations.  Due to this, many customers have reduced their in-house processing capabilities, opting to source processed metal from service centers like us.  This saves our customers time, labor, and expense, reducing their overall manufacturing costs, while permitting us to focus on value-added

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services and increasing our fabrication mix. This supports our capital expenditures on processing equipment to grow annual gross profit margin. Our industry is highly fragmented with the largest companies accounting for only a small percentage of total market share. The majority of metals services companies have limited product lines and inventories, with customers located in a specific geographic area. In general, competition is based on quality, service, price, and geographic proximity. We primarily compete with other metals service centers and to a lesser extent with metal producers.  

The metals service center industry typically experiences cash flow trends that are counter-cyclical to the revenue and volume growth of the industry. During an industry downturn, companies generally reduce working capital assets and generate cash as inventory and accounts receivable balances decline. As a result, operating cash flow and liquidity tend to increase during a downturn, which typically facilitates industry participants’ ability to cover fixed costs and repay outstanding debt.

Competitive Strengths

Leading Market Position in North America.

Based on sales, we believe we are one of the largest service center companies for carbon, stainless steel, and aluminum in the North American market where we have a broad geographic presence with 91 facilities.

Our service centers are located near our customer locations, enabling us to provide timely delivery to customers across numerous geographic markets. Additionally, our widespread network of locations in the United States, Canada, and Mexico helps us to utilize our expertise to more efficiently serve customers with complex supply chain requirements across multiple manufacturing locations. We believe this is a key differentiator for customers who need a supplier that can reliably and consistently support them. Our ability to transfer inventory among our facilities better enables us to more timely and profitably source and process specialized items at regional locations throughout our network than if we were required to maintain inventory of all products and specialized equipment at each location.

Broad Geographic Reach Across Attractive End Markets.

Our operations serve a diverse range of industries including commercial ground transportation, metal fabrication and machine shops, industrial machinery and equipment manufacturing, consumer durable equipment, HVAC manufacturing, construction equipment manufacturing, food processing and agricultural equipment manufacturing, and oil and gas. We believe this broad range of industries in which we sell our products and services reduces our risk related to a downturn in a specific industry. We believe that our ability to quickly adjust our offering based on regional and industry specific trends creates stability while also providing the opportunity to access specific growth markets.

Established Platform for Organic and Acquisition Growth.

Our growth strategy is based on increasing our operating results through organic growth activities and strategic acquisitions that enhance our product, customer, and geographic diversification. Our strategies, include investing in value-added processing capabilities, analytically targeting attractive customers and end markets with our supply chain optimization service model, industry consolidation through targeted M&A, and providing customers faster and easier solutions to their metal needs, which we believe will provide us with growth opportunities.

Given the highly fragmented nature of the metals service center industry, we believe there are numerous additional opportunities to acquire businesses and incorporate them into our existing infrastructure. In addition, due to our large scale and geographic reach, we believe we can improve operating performance through efficiencies by integrating acquired businesses into our operational model, thus providing greater purchasing power, improving expense and working capital management, access to additional end markets, and broadening product mix.

Lean Operating Structure Providing Operating Leverage.

Ryerson has demonstrated the ability to effectively manage expenses through tactical productivity and spending improvements.  In a stronger metals service center environment characterized by increases in demand and/or pricing, we believe that most additional expenses to service higher revenue and margins would come from variable expenses while further leveraging economies of scale on our existing fixed expenses. In 2021, although impacted by supply chain tightness, industry volumes improved compared to 2020. In response to increased volumes, our warehousing, selling, general, and administrative expenses increased by $156.9 million compared to 2020, but decreased as a percentage of sales by 350 basis points, illustrating our ability to manage cost pressures and realize expense leverage.

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Throughout 2021, we continued to focus on and execute strong inventory management and had average inventory days excluding LIFO of 73 days in 2021, within our target inventory range.

Extensive Breadth of Products and Services for Diverse Customer Base.

We believe our broad product mix and marketing approach provides customers with a “one-stop shop” solution few other metals service center companies are able to offer. We provide a broad range of processing and fabrication services to meet the needs of our approximately 40,000 customers and typically fulfill more than 1,100,000 orders per year. We provide supply chain solutions, including just-in-time delivery and value-added processing to many original equipment manufacturing customers.

For the year ended December 31, 2021, no single customer, including their subcontractors, accounted for more than 5% of our sales, and our top 10 customers, including their subcontractors accounted for less than 13% of our sales.

Strong Relationships with Suppliers.

We are among the largest purchasers of metals in North America and have long-term relationships with many of our North American suppliers. We believe we are frequently one of the largest customers of our suppliers and that concentrating our orders among a core group of suppliers is effective for obtaining favorable pricing and service. We believe we have the opportunity to further leverage this strength through continued focus on price and volume using an analytics-driven approach to procurement. In addition, we view our strategic suppliers as supply chain partners. We focus on logistics, lead times, rolling schedules, and scrap return programs to drive value-based buying that is advantageous for us. Metals producers worldwide are consolidating, and large, geographically diversified customers, such as Ryerson, are desirable partners for these larger suppliers. Our relationships with suppliers often provide us with access to metals when supply is constrained. Through our knowledge of the global metals marketplace and capabilities of specific mills, we believe we have developed an advantageous global purchasing strategy.

Experienced Management Team with Deep Industry Knowledge.

Our senior management team has extensive industry and operational experience and has been instrumental in optimizing and implementing our strategy. Our senior management has an average of more than 30 years of experience in the metals or service center industries. Our Chief Executive Officer (“CEO”) and President, Mr. Edward Lehner, who joined the Company in August 2012 as Chief Financial Officer (“CFO”) and became CEO in June 2015, has 30 years of experience, predominantly in the metals industry. Mr. Mike Burbach, our Chief Operating Officer, has over 38 years of experience with the Company and previously served as the President, North-West Region of the Company. Mr. Jim Claussen, Executive Vice President & CFO, has 27 years of industry experience.

Industry Outlook

The Institute for Supply Management’s Purchasing Managers’ Index (“PMI”) reported growth throughout 2021 with readings above 50%, indicating expansion in factory activity. This growth trend continued into 2022 with a reading of 57.6 for January. While PMI reported contraction in March, April, and May of 2020 due to the onset of the COVID-19 pandemic in the U.S., PMI has overall reported general economic expansion for the last three years as readings have exceeded 50% for 28 of the last 36 months. The PMI measures the economic health of the manufacturing sector and is a composite index based on five indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment. PMI readings can be a good indicator of industrial activity and general economic growth.

Additionally, the Department of Commerce announced that real GDP increased 5.7 percent in 2021 and the Federal Reserve projected that the median growth rate in real GDP would be 4.0%, 2.2%, and 2.0% for 2022, 2023, and 2024, respectively.

Steel demand in North America is largely dependent on growth of the automotive, industrial equipment, consumer appliance, and construction end markets. Our end markets are supported by the strength of the manufacturing economy, and according to the latest Livingston Survey, published by the Federal Reserve Bank of Philadelphia, U.S. industrial production is expected to have expanded by 5.5% in 2021 and is further expected to grow by 4.2% in 2022 and 2.8% in 2023.

Products and Services

We carry a full line of carbon steel, stainless steel, alloy steels, and aluminum, and a limited line of nickel and red metals. These materials are stocked in a number of shapes, including coils, sheets, rounds, hexagons, square and flat bars, plates, structurals, and tubing.

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We also provide a wide variety of processing services to meet our customers’ needs. Most of the products that we carry require expensive specialized equipment for material handling and processing. We believe few of our customers have the capability to process the metal into the desired sizes, forms, or finishes or they are unwilling to incur the significant capital expenditures to acquire the necessary equipment. We are growing and diversifying our product mix mainly as a result of our targeted growth strategy to provide increased levels of value-added processing services. We believe our enhanced processing capabilities will increase our ability to sell higher-margin metals processing services to a larger group of customers. We expect this, together and with our focus on maintaining pricing discipline related to our processing services, will increase our gross profit margin.

We had capital expenditures of $194.6 million in the five-year period ended December 31, 2021. We are increasing our investments in processing equipment due to customers requesting higher levels of value-added processing.  We expect this to increase our profitability. We currently perform processing services on nearly 80% of the materials sold by us.

The following pie charts show our percentage of sales by major product lines for 2021 and 2020:

We are not dependent on any particular customer group or industry because we process and distribute a variety of metals. This diversity of product type and material reduces our exposure to fluctuations or other weaknesses in the financial or economic stability of particular customers or industries. We are also less dependent on any particular suppliers as a result of our product diversification. See pie charts showing our sales by metal consuming industry within “Customers and Markets” discussion below.

Customers and Markets

Our customer base is diverse, numbering approximately 40,000 in a variety of industries, including metal fabrication and machine shops, industrial machinery and equipment, commercial ground transportation, consumer durable, food processing and agricultural equipment, construction equipment, and HVAC. Although we sell directly to many large original equipment manufacturers, the majority of our sales are to smaller customers, including small machine shops and fabricators, in small quantities with frequent deliveries, helping them manage their working capital and credit needs more efficiently.

For the year ended December 31, 2021, no single customer, including their subcontractors, accounted for more than 5% of our sales, and our top 10 customers, including their subcontractors accounted for approximately 13% of our sales. Substantially all of our sales are attributable to our U.S. operations and substantially all of our long-lived assets are located in the United States.

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The following pie charts show the Company’s percentage of sales by metal consuming industry for 2021 and 2020:

Our customers are primarily located throughout the United States, but we also have international customers. Most customers are located near one of our facilities, thus enabling an efficient delivery system capable of handling a high frequency of short lead time orders. We transport our products directly to customers via our in-house and dedicated truck fleet, which further supports the just-in-time delivery requirements of our customers, and via third-party trucking firms.

We process our metals to specific customer orders as well as for stocking programs. Many of our larger customers commit to purchase on a regular basis at agreed upon or indexed prices for periods ranging from three to twelve months. To help mitigate price volatility risks, these price commitments are generally matched with corresponding supply arrangements, or to a lesser degree by commodity hedges. Customers notify us of specific release dates for processed products. Customers typically notify us of release dates anywhere from on a just-in-time basis to one month before the release date. Consequently, we are required to carry sufficient inventory to meet the short lead time and just-in-time delivery requirements of our customers.

We also have international facilities located in Canada, Mexico, and China.  Net sales of our international locations (based on where the shipments originated) accounted for 9.7% of our consolidated 2021 net sales, or $551.6 million. See Note 14 — “Segment information” of Part II, Item 8 “Financial Statements and Supplementary Data” for further information on U.S. and foreign revenues and assets.

Customer demand may change from time to time based on, among other things, general economic conditions and industry capacity. Many of the industries in which our customers compete are cyclical in nature. We believe that our various and diverse offerings, ways-to-markets, and end markets reduce the volatility of our business in the aggregate, thus somewhat reducing earnings volatility.  A portion of our customers experience seasonal slowdowns. Our sales, as measured in tonnage sold, in the months of July, November, and December traditionally have been lower than in other months because of a reduced number of shipping days and holiday or vacation closures for some customers. Consequently, our sales in the first two quarters of the year are usually higher than in the third and fourth quarters.

Suppliers

We purchase the majority of our inventories from key domestic metals suppliers. Because of our total volume of purchases and our long‑term relationships with our suppliers, we believe that we are generally able to purchase inventory at the best prices offered by our suppliers.

For the year ended December 31, 2021, our top 25 suppliers, including their subcontractors, accounted for approximately 77% of our purchase dollars. We are generally able to meet our materials requirements because we use many suppliers, there is a substantial overlap of product offerings from these suppliers, and there are several other suppliers able to provide identical or similar products. While the metals producing supply base has experienced significant consolidation and supply interruptions during the past

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year, we believe both our size and our long-term relationships with our suppliers has enabled us to meet our material requirements and will continue to allow us to do so in the future.

Sales and Marketing

We maintain our own professional sales force. In addition to our office sales staff, we market and sell our products through the use of our field sales force that we believe has extensive product and customer knowledge and offers a comprehensive catalog of our products. Our office and field sales staff, which together consist of approximately 800 employees, include technical personnel. Additionally, we offer our customers the ability to purchase our products through our e-commerce website.

Because much of our business is relationship-based, we operate under many different trade names. Businesses we acquire often have strong customer relationships and solid reputations, and we will often continue to use the acquired business name to maintain existing customer relationships.

Capital Expenditures

In 2021, we continued to focus on organic growth by expanding existing facilities and adding processing equipment. Investments by us in property, plant, and equipment, together with asset retirements for the five years ended December 31, 2021, excluding the initial purchase price of acquisitions are set forth below. The net capital change during such period aggregated to an increase of $38.0 million.

	Additions		Retirements or Sales		Net
	(In millions)
2021	$	59.3	$	68.5		(9.2	)
2020		26.0		0.2		25.8
2019		45.8		57.5		(11.7	)
2018		38.4		5.5		32.9
2017		25.1		24.9		0.2

The net reductions in 2019 and 2021 are related to sale lease-back transactions. See Part II, Item 8, Note 5: Property, Plant, and Equipment for additional information on the 2021 sale-leaseback transactions. The lower amount of additions in 2020 was caused by maintenance capital expenditures deferred to 2021 as spending was reduced due to uncertainties surrounding the COVID-19 pandemic. We currently anticipate capital expenditures, excluding acquisitions, of up to approximately $100 million for 2022, much of which is related to organic activities comprised of maintenance and purchases geared towards highly accretive growth projects. We expect nearly half of the 2022 capital expenditures to be funded using proceeds from the 2021 sale-leasebacks of two properties with the remainder funded from cash generated by operations and available borrowings. We will continue to evaluate and execute each growth project in light of the economic conditions and outlook at the time of investment and may significantly reduce our capital expenditures if economic conditions warrant a more conservative approach to capital allocation. For the long term, we expect capital expenditures to normalize to a rate that approximates depreciation.

Environmental, Health, and Safety Matters

Our facilities and operations are subject to many foreign, federal, state, and local laws and regulations relating to the protection of the environment and to health and safety. In particular, our operations are subject to extensive requirements relating to waste disposal, recycling, air and water emissions, the handling of regulated materials, remediation, underground storage tanks, asbestos-containing building materials, workplace exposure, and other matters. We believe that our operations are currently in substantial compliance with all such laws and do not presently anticipate substantial expenditures in the foreseeable future in order to meet environmental, workplace health or safety requirements, or to pay for any investigations, corrective action, or claims. However, claims, enforcement actions, or investigations regarding personal injury, property damage, or violation of environmental laws could result in substantial costs to us, divert our management’s attention, and result in significant liabilities, fines, or the suspension or interruption of our facilities.

We continue to analyze and implement safeguards to mitigate any environmental, health, and safety risks we may face. As a result, additional costs and liabilities may be incurred to comply with future requirements or to address newly discovered conditions, and these costs and liabilities could have a material adverse effect on the results of operations, financial condition, or cash flows. For example, there is increasing likelihood that additional regulation of greenhouse gas emissions will occur at the foreign, federal, state, and local level, which could affect us, our suppliers, and our customers. While the costs of compliance could be significant, given the uncertain outcome and timing of future action by the U.S. federal government and states on this issue, we cannot accurately predict the

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financial impact of future greenhouse gas regulations on our operations or our customers at this time. We do not currently anticipate any new programs disproportionately impacting us compared to our competitors.

Some of the properties currently or previously owned or leased by us are located in industrial areas or have a long history of heavy industrial use. We may incur environmental liabilities with respect to these properties in the future including costs of investigations, corrective action, claims for natural resource damages, claims by third parties relating to property damages, or claims relating to contamination at sites where we have sent waste for treatment or disposal. Based on currently available information we do not expect any investigation, remediation matters, or claims related to properties presently or formerly owned, operated, or to which we have sent waste for treatment or disposal would have a material adverse effect on our financial condition, results of operations, or cash flows.

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. At a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JT Ryerson 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 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 met with various PRPs throughout 2019 and 2020 regarding remedial design. The EPA did not include JT Ryerson in those meetings.  It did include 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. Schnitzer Steel’s 2020 disclosures filed with the EPA acknowledged that Schnitzer Steel 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.

In June 2021, the EPA issued a Fact Sheet setting forth the status of the entire site. The primary area of relevance for JT Ryerson is River Mile 3.5 East, with Swan Island Basin being of secondary interest. For River Mile 3.5, remedial design work is ongoing; the Sufficiency Assessment and the Pre-Design Investigation work plans are finalized, and design investigation sampling is underway. Schnitzer Steel and MMGL Corp. are the working parties for River Mile 3.5. For Swan Island, remedial design is just beginning, with Daimler Trucks, Shipyard Commerce, and various government entities as the working parties. JT Ryerson has not been asked to participate in the remedial design phase.

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 early 2022. Once the cost estimates are completed, the voting parties of the PCI Group (which does not include JT Ryerson) will likely begin the “advocacy process,” during which the voting parties submit written arguments to the Allocation Team regarding how costs should be allocated among the various PRPs. This process is anticipated to be completed sometime in 2022. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs among the PRPs. All PRPs, including JT Ryerson, will then participate in the “mediation process,” during which the PRPs will attempt to agree on a final cost allocation. The mediation process is currently anticipated to occur sometime in 2022 or 2023.

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.

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 as of December 31, 2021 is not determinable but, in the opinion of management, such liability, if any, will not have a material

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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.

Our United States operations are also subject to the Department of Transportation Federal Motor Carrier Safety Regulations. We operate a private trucking motor fleet for making deliveries to some of our customers. Our drivers do not carry any material quantities of hazardous materials. Our foreign operations are subject to similar regulations. Future regulations could increase maintenance, replacement, and fuel costs for our fleet. These costs could have a material adverse effect on our results of operations, financial condition, or cash flows.

Intellectual Property

We own several U.S. and foreign trademarks, service marks, and copyrights. Certain of the trademarks are registered with the U.S. Patent and Trademark Office and, in certain circumstances, with the trademark offices of various foreign countries. We consider certain other information owned by us to be trade secrets. We protect our trade secrets by, among other things, entering into confidentiality agreements with our employees regarding such matters and implementing measures to restrict access to sensitive data and computer software source code on a need-to-know basis. We believe that these safeguards adequately protect our proprietary rights and we vigorously defend these rights. While we consider all our intellectual property rights as a whole to be important, we do not consider any single right to be essential to our operations as a whole.

Environmental, Social and Governance

Ryerson is committed to operating with a high level of integrity. We are driven by our dedication to support our employees and the communities we serve, deliver products that meet our stringent quality and compliance standards, and maintain high environmental, health, and safety standards to protect our people and the places where we operate. We work to continually improve each of these areas to make Ryerson an even better company for tomorrow.

Below are some highlights of our corporate responsibility programs.

Sustainability

As part of our efforts to operate with a high level of integrity, we continuously monitor and analyze ourselves and our supply-chain relationships.  We strive, and expect our suppliers, to comply with all applicable laws and regulations, and Ryerson's Human Rights Policy, Conflict Minerals Policy, and Code of Ethics and Business Conduct.

We are committed to mitigating the impact our operations and products have on the environment. As an operator of metals service centers, our day-to-day business consists of the sale, distribution, and processing of a broad variety of metal products sourced from numerous primary metal producers. Our operations, by their nature, do not emit significant amounts of carbon dioxide or other greenhouse gases. Further, according to the Steel Recycling Institute, we believe steel, one of our most significant products, is the most recycled material on the planet—more than plastic, paper, and glass combined each year—which provides a strong foundation for our sustainability efforts. The Steel Recycling Institute notes that two out of every three tons of new steel are produced from old steel. As part of our commitment to environmental sustainability, we:

• Sell carbon, steel, and aluminum, which are 100% recyclable and can be recycled many times over to create new products without loss of quality

• Purchase significant volumes of metal that have been produced using recycled materials or scrap melted in Electric Arc Furnaces

• Source most of our steel from North American metal producers, which have substantially lower greenhouse gas emissions compared to other world producers

• Sell scrap material generated in our operations to recyclers

• Work with our customers to reduce carbon emissions throughout their value chain

We also use propane fuel to operate forklifts, have installed energy efficient lighting in many of our facilities, and utilize energy efficient diesel tractors that consume less fuel and reduce emissions for the majority of our trucking fleet to further mitigate our impact on the environment.  

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Community & Social Vitality

Being a responsible neighbor and helping build better communities in the areas we operate is a central part of our company culture. We understand that supporting our communities through giving back is an important and increasing interest of our current and future employees.

Employees are provided the opportunity to volunteer their time in the communities they call home through the Ryerson Gives Back program. Established in 2017, Ryerson Gives Back encourages teams across the Company to volunteer in their community, allotting four paid volunteer hours annually to each employee. From food banks to local construction projects, we have watched employees step up to support underserved groups and areas on behalf of Ryerson.

In addition to giving back, we encourage employees to exercise their civic responsibilities. Employees were granted an additional four hours of paid time off to vote in the 2020 presidential election. We also support various charitable organizations, including those that promote social justice and equality, good health, children's causes, educational advancement, and community programs.

Human Capital

In order to provide best in class customer experiences, it is crucial that we continue to work to attract and retain top talent. To facilitate talent attraction and retention, we strive to create a diverse, inclusive, and safe workplace, with opportunities for our employees to grow and develop in their careers, supported by strong compensation, benefits, and wellness programs, and by programs that build connections between our employees and their communities.

Employees. As of December 31, 2021, we employed approximately 3,700 persons in North America and 300 persons in China. Our North American workforce was comprised of approximately 1,600 office employees and approximately 2,100 plant employees. Seventeen percent of our plant employees were members of various unions, including the United Steel Workers and The International Brotherhood of Teamsters.

Five renewal contracts covering 100 employees were successfully negotiated in 2021. Four contracts covering 104 employees are currently scheduled to expire in 2022.

Employee Development & Engagement. Ryerson believes in promoting from within and provides the resources for long-term career development.  Our summer internship program and Ryerson Academy provide meaningful training to entry-level employees.  Ryerson Academy is a unique, 12-week immersive training program that runs three sessions per year for entry-level inside sales associates. The program provides intensive training and experience in sales and customer service with up to 15 participants in each session. Ryerson Academy also teaches critical communication, negotiation, and presentation skills, and participants regularly interact with Ryerson’s senior leadership and subject matter experts.

For decades, we have supported the continuing education of our employees’ families through a college scholarship program. In 2021, as part of this program, we awarded almost $32,000 in academic scholarships to students graduating from high school that are children or dependents of Ryerson employees. We also support the continuing education of our employees through tuition reimbursement programs.

We have a robust training platform, Ryerson EDvantage, available to all employees which offers Ryerson product training along with general skills courses that are customized for our employees’ development.  We focus on succession planning and ensure that proper cross-training and knowledge transfer is in place.

Our commitment to listening to and working with our employees led to the launch of our company-wide engagement survey in 2018. Using Quantum Workplace, a leading engagement survey software, our employees anonymously provided their perspectives on a variety of topics. Ryerson achieved overall favorability of 67% with a participation rate of nearly 80%, which exceeded industry benchmarks. We distributed the results to our department heads and managers to hold team meetings to discuss the outcomes and gain additional insights. We identified key improvement opportunities and established advisory teams to address them. In early 2020, we conducted a follow-up “pulse” survey with a subset of the organization and, encouragingly, found that favorability scores increased in locations where leaders had worked to affect change. From this collective effort came company-wide initiatives including new health and wellness programs and improved sick, vacation, and parental leave policies for U.S. employees.

Diversity and Inclusion. Ryerson is dedicated to building a diverse workplace of associates from a variety of cultures, educational backgrounds, and life experiences. A well-rounded community of talent helps cultivate new ideas and perspectives that help the Company expand its thinking and refine its practices and processes to continue growing in a smart way. Ryerson is aggressively working to engage diverse and under-represented individuals through its recruiting efforts in diverse and underserved communities. We have a Diversity & Inclusion Council whose mission is to foster an environment across the organization that values

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diversity of experiences and perspectives and encourages inclusivity in all aspects of the business. Only by respecting each of our unique perspectives, experiences, and needs can we unlock the full potential of our workforce and attract the best talent. The council seeks to achieve this through:

• Developing cultural competence and responsiveness as an organization,

• Building capacity, capability, and competency to lead a diverse workforce,

• Creating a work environment that provides equal access to information and opportunities for professional growth and advancement, and

• Developing, implementing, and continuously improving guided conversations across the organization on diversity and inclusion.

We promote the advancement of women in our organization through our Women’s Sponsorship Program which provides sponsorship of women in various levels and positions throughout the organization. Ryerson’s employees also participate in Association of Women in the Metals Industry membership and events. Additionally, effective January 1, 2022, we adopted a new parental leave policy which provides all U.S. non-union, full-time employees with four weeks of fully paid parental leave plus eight weeks of fully paid maternity leave.

From a governance perspective, Ryerson has adopted a Code of Ethics & Business Conduct, a Board Corporate Governance Guidelines and Nominating Corporate Governance Committee Charter, an Equal Employment Opportunity Policy, and Anti-harassment Policy to support our diversity, equity, and inclusion values. Our Board of Directors and Compensation Committee provide oversight of our policies, programs, and initiatives focusing on workforce diversity and inclusion.

Employee Safety.  Upholding a safe workplace is one of our core values and a part of the company's culture. Our safety standards, which go beyond the minimum requirements required by applicable law, have helped protect the well-being of our people and prevent workplace injuries that can impact business productivity. We continuously work to maintain a safety performance rating that consistently outperforms the industry average and have implemented an Environmental, Health, and Safety policy that reinforces the goal of a zero-injury workplace. Our low recordable injury rate compared to our peers in the metal services industry, based on U.S. Occupational Safety and Health Administration (“OSHA”) criteria, reflects our effectiveness in protecting our employees. Our 2021 performance at our facilities, measured as the number of OSHA recordable injuries per 200,000 labor hours, was 2.08, which was better than the industry average as reported by the Bureau of Labor Statistics.

Health and Wellness. The success of our business is fundamentally connected to the well-being of our people. Accordingly, we are committed to the health and wellness of our employees. We provide our employees and their families with access to a variety of innovative, flexible, and convenient health and wellness programs, including benefits that provide protection and security so they can have peace of mind concerning events that may require time away from work or that impact their financial well-being; that support their physical and mental health by providing tools and resources to help them improve or maintain their health status, and encourage engagement in healthy behaviors; and that offer choice where possible so they can customize their benefits to meet their needs and the needs of their families. In response to the COVID-19 pandemic, we implemented significant changes that we determined were in the best interests of our employees and the communities in which we operate, and which comply with government regulations, such as having office employees work from home and implementing additional safety measures for employees continuing critical on-site work.

Compensation and Benefits. We provide robust compensation and benefits programs to help meet the financial needs of our employees. In addition to salaries, we provide annual and quarterly sales incentive plans, healthcare and insurance benefits, health savings and flexible spending accounts, retirement savings contribution matching, paid time off, parental and maternity leave, employee assistance programs, and tuition assistance. Additionally, we have targeted equity-based grant programs with vesting conditions to facilitate retention of personnel, particularly those with critical skills and experience.

Available Information

All periodic and current reports and other filings that we are required to file with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant Section 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge from the SEC’s website (www.sec.gov) or through our Investor Relations website at http://ir.ryerson.com. Such documents are available as soon as reasonably practicable after electronic filing of the material with the SEC. Copies of these reports (excluding exhibits) may also be obtained free of charge, upon written request to: Investor Relations, Ryerson Holding Corporation, 227 W. Monroe St., 27th Floor, Chicago, Illinois 60606.

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The Company also posts its Code of Ethics on its website. See Part III, Item 10 for more information regarding our Code of Ethics.

Our website address is included in this report for informational purposes only. Our website and the information contained therein or connected thereto are not incorporated into this annual report on Form 10-K.

ITEM 1A. RISK FACTORS.

Our business faces many risks. You should carefully consider the risks and uncertainties described below, together with the other information in this report, including the consolidated financial statements and notes to consolidated financial statements. We cannot assure you that any of the events discussed in the risk factors below will not occur. These risks could have a material and adverse impact on our business, results of operations, financial condition, and cash flows.

RISKS RELATED TO OUR INDUSTRY

Weakness in the economy, market trends, and other conditions affecting the profitability and financial stability of our customers could negatively impact our sales growth and results of operations.

Economic and industry trends affect our business environments. We serve several metals-consuming industries in which the demand for our products and services is sensitive to the production activity, capital spending, and demand for products and services of our customers. Many of these customers operate in markets that are subject to highly cyclical fluctuations resulting from seasonality, market uncertainty, costs of goods sold, currency exchange rates, foreign competition, offshoring of production, oil and natural gas prices, geopolitical developments, and a variety of other factors beyond our control. Any of these factors could cause customers to idle or close facilities, delay purchases, reduce production levels, or experience reductions in the demand for their own products or services.

Any of these events could impair the ability of our customers to make full and timely payments or reduce the volume of products and services these customers purchase from us and could cause increased pressure on our selling prices and terms of sale.

We do not expect the cyclical nature of our industry to change and any downturn in our customers’ industries could reduce our revenues and profitability or a significant or prolonged slowdown in activity in the U.S., Canada, or any other major world economy, or a segment of any such economy, could negatively impact our sales growth and results of operations.

The metals services business is very competitive and increased competition could reduce our revenues and gross margins.

We face competition in all markets we serve, from metals producers that sell directly to certain customers or segments of the market, to other metal services companies.  The metals services industry itself is highly fragmented and competitive. There are a few large competitors, but most of the market is served by small local and regional competitors. Competition is based principally on price, service, quality, production capabilities, inventory availability, and timely delivery.

We are experiencing increased pressure from online businesses that compete with price transparency. We expect technological advancements and the increased use of e-commerce solutions within the industry to continue to evolve at a rapid pace. As a result, our ability to effectively compete requires us to respond and adapt to new industry trends and developments, and implement new technology and innovations that may result in unexpected costs or may take longer than expected.

To remain competitive, we must be willing and able to respond to market pressures. These pressures, and the implementation, timing, and results of our strategic pricing and other responses, could have a material effect on our sales and profitability. If we are unable to grow sales or reduce costs, among other actions, to wholly or partially offset the effect on profitability of our pricing actions, our results of operations and financial condition may be adversely affected.  

Changing metals prices may have a significant impact on our liquidity, net sales, gross margins, operating income, and net income.

The metals services industry as a whole is cyclical and, at times, pricing and availability of metal can be volatile due to numerous factors beyond our control, including general domestic and international economic conditions, labor costs, sales levels, competition, levels of inventory held by other metals service centers, consolidation of metals producers, higher raw material costs for the producers of metals, import duties and tariffs, and currency exchange rates. This volatility can significantly affect the availability and cost of materials for us.  Our ability to pass on increases in costs in a timely manner depends on market conditions and may result in lower gross margins. In addition, higher prices could impact demand for these products, resulting in lower sales volumes. Moreover, we maintain substantial inventories of metal to accommodate the short lead times and just-in-time delivery requirements of our customers. Accordingly, we purchase metals in an effort to maintain inventory at levels that we believe to be appropriate to satisfy

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the anticipated needs of our customers based upon historic buying practices, contracts with customers, and market conditions. Commitments for metal purchases are generally at prevailing market prices in effect at the time orders are placed or at the time of shipment. During periods of rising metal prices, we may be negatively impacted by delays between the time of increases in the cost of metals to us and increases in the prices that we charge for our products if we are unable to pass these increased costs on to our customers. In addition, when metal prices decline, this could result in lower selling prices for our products and, as we use existing inventory that we purchased at higher metal prices, lower gross profit margins. Declines in prices or further reductions in sales volumes could adversely impact our ability to maintain our liquidity and to remain in compliance with certain financial covenants under our $1.0 billion revolving credit facility (“the Ryerson Credit Facility”), as well as result in us incurring inventory or goodwill impairment charges. Consequently, changing metals prices could significantly impact our liquidity, net sales, gross margins, operating income, and net income.

Unexpected product shortages could negatively impact customer relationships, resulting in an adverse impact on results of operations.

Disruptions could occur due to factors beyond our control, including economic downturns, political unrest, port slowdowns, trade issues, including increased export or import duties or trade restrictions, health crises, and other factors, any of which could adversely affect a supplier’s ability to manufacture or deliver products to us. Public health problems may result in quarantines, business closures, transportation restrictions, import and export complications, and otherwise cause shortages in the supply of materials, higher costs for available supplies, or cause other disruptions within our operations and supply chain. Public health problems may cause increased costs of certain supplies and disruptions and delays within our supply chain, and may expose us to unanticipated liability or require us to change our business practices.

Any disruption resulting from these events could cause significant delays in shipments of products or difficulties in obtaining products, any of which may expose us to unanticipated liability or require us to change our business practices in a manner materially adverse to our business, results of operations, and financial condition. For our sources of lower cost products from Asia and other areas of the world, the effect of disruptions is typically increased due to the additional lead time required and distances involved.  Further, the risk of disruption is increased due to the current political climate seeking trade reform. In addition, we have strategic relationships with a number of vendors. In the event we are unable to maintain those relations, there might be a loss of competitive pricing advantages which could, in turn, adversely affect results of operations.

Changes in customer or product mix could cause our gross margin percentage to decline.

From time to time, we experience changes in customer and product mix that affect gross margin. Changes in customer and product mix result primarily from business acquisitions, changes in customer demand, customer acquisitions, selling and marketing activities, and competition. If rapid growth with lower margin customers occurs, we will face pressure to maintain current gross margins, as these customers receive more discounted pricing due to their higher sales volume. There can be no assurance that we will be able to maintain historical gross margins in the future.

We may not be able to retain or expand our customer base if the North American manufacturing industry erodes through acquisition and merger or consolidation activity in our customers’ industries.

Our customer base primarily includes manufacturing and industrial firms. Some of our customers operate in industries that are undergoing consolidation through acquisition and merger activity and some customers have closed as they were unable to compete successfully with overseas competitors. Our facilities are predominately located in the United States and Canada. To the extent that our customers cease U.S. operations or relocate to regions in which we do not have a presence, we could lose their business. Acquirers of manufacturing and industrial firms may have suppliers of choice that do not include us, which could impact our customer base and market share.

Global metal overcapacity and imports of metal products into the United States have adversely affected, and may again adversely affect, United States metal prices, which could impact our sales and results of operations.

At times, global metal production capacity may exceed global consumption of metal products. Such excess capacity sometimes results in metal manufacturers in certain countries exporting steel at prices that are lower than prevailing domestic prices and sometimes at or below their cost of production. Excessive imports of metal into the United States, such as in recent years, have exerted and may exert in the future, downward pressure on United States steel prices which may negatively affect our results of operations.

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Lead time and the cost of our products could increase if we were to lose one of our primary suppliers.

If, for any reason, our primary suppliers of aluminum, carbon steel, stainless steel, or other metals should curtail or discontinue their delivery of such metals in the quantities needed and at prices that are competitive, our business could suffer. The number of available suppliers could be reduced by factors such as industry consolidation and bankruptcies affecting steel and metal producers. For the year ended December 31, 2021, our top 25 suppliers represented approximately 77% of our purchases. We could be significantly and adversely affected if delivery were disrupted from a major supplier. If, in the future, we were unable to obtain sufficient amounts of the necessary metals at competitive prices and on a timely basis from our traditional suppliers, we may not be able to obtain such metals from alternative sources at competitive prices to meet our delivery schedules, which could have a material adverse effect on our sales and profitability.

RISKS RELATED TO MARKET AND ECONOMIC VOLATILITY

Changes in inflation may adversely affect financial performance.

Fluctuations in inflation, could result in lower revenues, higher costs, and decreased margins, profits, and earnings. Rapid or significant inflation could increase the costs we incur to procure, process, package, and deliver our metal to customers and we may not be able to increase selling prices to customers at the same rate, resulting in decreased margins and operating profits. Prolonged periods of deflation could adversely affect the degree to which we are able to maintain or increase selling prices resulting in decreased revenues, margins, and operating profits.  

We monitor the risk that the principal markets in which we operate could experience increased inflationary conditions. The onset, duration, and severity of an inflationary period cannot be estimated with precision.

The volatility of the market could result in a material impairment of goodwill.

We evaluate goodwill annually on October 1 and whenever events or changes in circumstances indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant underperformance relative to our historical or projected future operating results, significant changes in the manner or the use of our assets or the strategy for our overall business, and significant negative industry or economic trends. We test for impairment of goodwill by assessing various qualitative factors with respect to development in our business and the overall economy and calculating the fair value of a reporting unit using a combination of an income approach based on discounted future cash flows and a market approach at the date of valuation, as necessary. Under the discounted cash flow method, the fair value of each reporting unit is estimated based on expected future economic benefits discounted to a present value at a rate of return commensurate with the risk associated with the investment. Projected cash flows are discounted to present value using an estimated weighted average cost of capital, which considers both returns to equity and debt investors. Please refer to the Section titled “Critical Accounting Estimates - Goodwill,” of Item 7, “Management’s Discussion and Analysis of Financial Conditions and Results of Operations,” and Note 1 — “Summary of Accounting and Financial Policies” of Part II, Item 8 "Financial Statements and Supplementary Data" for further information.

Poor investment performance or other factors could require us to make significant unplanned contributions to our pension plan and future funding for postretirement employee benefits other than pensions also may require substantial payments from current cash flow.

We provide defined benefit pension plans for certain eligible employees and retirees. The performance of the debt and equity markets affect the value of plan assets. A decline in the market value may increase the funding requirements for these plans. The cost of providing pension benefits is also affected by other factors, including interest rates used to measure the required minimum funding levels, the rate of return on plan assets, discount rates used in determining future benefit obligations, future government regulation, and prior contributions to the plans. Significant unanticipated changes in any of these factors may have an adverse effect on our financial condition, results of operations, liquidity, and cash flows.

RISKS RELATED TO EXPANSION AND INTERNATIONAL OPERATIONS

We may not be able to successfully consummate and complete the integration of future acquisitions, and if we are unable to do so, it could disrupt operations and cause unanticipated increases in costs and/or decreases in revenues and results of operations.

We have grown through a combination of internal expansion, acquisitions, and joint ventures. We intend to continue to grow through selective acquisitions, but we may not be able to identify appropriate acquisition candidates, obtain financing on satisfactory terms, consummate acquisitions, or integrate acquired businesses effectively and profitably into our existing operations. Restrictions contained in the agreements governing our notes, the Ryerson Credit Facility, or our other existing or future debt may also inhibit our ability to make certain investments, including acquisitions, and participations in joint ventures.

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Acquisitions, partnerships, joint ventures, and other business combination transactions, both foreign and domestic, involve various inherent risks, such as uncertainties in assessing value, strengths, weaknesses, liabilities, and potential profitability. There is also risk relating to our ability to achieve identified operating and financial synergies anticipated to result from the transactions. Additionally, problems could arise from the integration of acquired businesses, including unanticipated changes in the business or industry or general economic conditions that affect the assumptions underlying the acquisition. Our future success will depend on our ability to complete the integration of these future acquisitions successfully into our operations. Specifically, after any acquisition, customers may choose to diversify their supply chains to reduce reliance on a single supplier for a portion of their metals needs. We may not be able to retain all of our and an acquisition’s customers, which may adversely affect our business and sales. Integrating acquisitions, particularly large acquisitions, requires us to enhance our operational and financial systems and employ additional qualified personnel, management, and financial resources, and may adversely affect our business by diverting management away from day-to-day operations. Further, failure to successfully integrate acquisitions may adversely affect our profitability by creating significant operating inefficiencies that could increase our operating expenses as a percentage of sales and reduce our operating income. In addition, we may not realize expected cost savings from acquisitions. Any one or more of these factors could cause us to not realize the benefits anticipated or have a negative impact on the fair value of the reporting units. Accordingly, goodwill and intangible assets recorded as a result of acquisitions could become impaired.

Certain of our operations are located outside of the United States, which subjects us to risks associated with international activities.

Certain of our operations are located outside of the United States, primarily in Canada, China, and Mexico. We are subject to the Foreign Corrupt Practices Act (“FCPA”), which generally prohibits U.S. companies and their intermediaries from making corrupt payments or otherwise corruptly giving anything of value to foreign officials for the purpose of obtaining or keeping business or otherwise obtaining favorable treatment, and requires companies to maintain adequate record-keeping and internal accounting practices. The FCPA applies to covered companies, individual directors, officers, employees, and agents. Under the FCPA, U.S. companies may be held liable for some actions taken by strategic or local partners or representatives. If we or our intermediaries fail to comply with the requirements of the FCPA, governmental authorities in the United States could seek to impose civil and/or criminal penalties.

Our international operations and potential joint ventures may cause us to incur costs and risks that may distract management from effectively operating our North American business, and such operations or joint ventures may not be profitable.

We maintain foreign operations in Canada, China, and Mexico. International operations are subject to certain risks inherent in conducting business in, and with, foreign countries, including price controls, exchange controls, export controls, economic sanctions, duties, tariffs, limitations on participation in local enterprises, nationalization, expropriation and other governmental action, and changes in currency exchange rates. In addition, we may be subject to business disruptions created by health crises and outbreaks of communicable diseases. While we believe that our current arrangements with local partners provide us with experienced business partners in foreign countries, events or issues, including disagreements with our partners, may occur that require attention of our senior executives and may result in expenses or losses that erode the profitability of our foreign operations or cause our capital investments abroad to be unprofitable.

We may be adversely affected by currency fluctuations in the U.S. dollar versus the Canadian dollar, the Chinese renminbi, and the Hong Kong dollar.

We have significant operations in Canada which incur the majority of their metal supply costs in U.S. dollars but earn the majority of their sales in Canadian dollars. Additionally, we have significant assets in China. We may from time to time experience losses when the value of the U.S. dollar strengthens against the Canadian dollar, the Chinese renminbi, or the Hong Kong dollar, which could have a material adverse effect on our results of operations. In addition, we are subject to translation risk when we consolidate our Canadian and Chinese subsidiaries’ net assets into our balance sheet. Fluctuations in the value of the U.S. dollar versus the Canadian dollar, Chinese renminbi, or the Hong Kong dollar could reduce the value of these assets as reported in our financial statements, which could, as a result, reduce our stockholders’ equity.

The Chinese government exerts substantial influence over the manner in which we must conduct our business activities, particularly with regards to the land our facilities are located on.

The Chinese government has exercised and continues to exercise substantial control over the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, import and export tariffs, environmental regulations, land use rights, property, and other matters. We believe that our operations in China are in material compliance with all applicable legal and regulatory requirements. However, the central or local governments of the jurisdictions in which we operate may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.

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Moreover, the Chinese court system does not provide the same property and contract right guarantees as do courts in the United States and, accordingly, disputes may be protracted and resolution of claims may result in significant economic loss.

Additionally, there is no private ownership of land in China and all land ownership is held by the government of China, its agencies, and collectives, which issue land use rights that are generally renewable. We lease the land where our Chinese facilities are located from the Chinese government. If the Chinese government decided to terminate our land use rights agreements, our assets could become impaired and our ability to meet customer orders could be impacted.

RISKS RELATED TO CYBERSECURITY

Damage to our information technology infrastructure could harm our business.

The unavailability of any of our computer-based systems for any significant period of time could have a material adverse effect on our operations. In particular, our ability to manage inventory levels successfully largely depends on the efficient operation of our computer hardware and software systems. We use management information systems to track inventory information at individual facilities, communicate customer information, and aggregate daily sales, margin, and promotional information. Difficulties associated with upgrades, installations of major software or hardware, and integration with new systems could have a material adverse effect on results of operations. We could be required to expend substantial resources to integrate our information systems with the systems of companies we have acquired. The integration of these systems may disrupt our business or lead to operating inefficiencies. In addition, these systems are vulnerable to, among other things, damage or interruption from fire, flood, tornado, and other natural disasters, power loss, computer system and network failures, operator negligence, physical and electronic loss of data, or security breaches and computer viruses.

We are subject to cybersecurity risks and may incur increasing costs in an effort to minimize those risks.

We depend on the proper functioning and availability of our information technology platform, including communications and data processing systems, in operating our business. These systems include software programs that are integral to the efficient operation of our business. We have established security measures, controls, and procedures, including established recovery procedures for critical systems and business functions, to safeguard our information technology systems and to prevent unauthorized access to such systems and any data processed or stored in such systems, and we periodically evaluate and test the adequacy of such systems, measures, controls, and procedures; however, there can be no guarantee that such systems, measures, controls, and procedures will be effective. Security breaches could expose us to a risk of loss or misuse of our information, litigation, and potential liability. In addition, cyber incidents that impact the availability, reliability, speed, accuracy, or other proper functioning of these systems could have a significant impact on our operations, and potentially on our results.  We may not have the resources or technical sophistication to anticipate or prevent rapidly evolving types of cyberattacks. A significant cyber incident, including system failure, security breach, disruption by malware, or other damage could interrupt or delay our operations, result in a violation of applicable privacy and other laws, damage our reputation, cause a loss of customers, or give rise to monetary fines and other penalties, which could be significant.

RISKS RELATED TO OPERATING OUR BUSINESS

Any significant work stoppages can harm our business.

As of December 31, 2021, we employed approximately 3,700 persons in North America and 300 persons in China. Our North American workforce was comprised of approximately 1,600 office employees and approximately 2,100 plant employees. Seventeen percent of our plant employees were members of various unions, including the United Steel Workers and The International Brotherhood of Teamsters.

Five renewal contracts covering 100 employees were successfully negotiated in 2021. Four contracts covering 104 employees are currently scheduled to expire in 2022.

Certain employee retirement benefit plans are underfunded and the actual cost of those benefits could exceed current estimates, which would require us to fund the shortfall.

As of December 31, 2021, our pension plan had an unfunded liability of $96 million. Our actual costs for benefits required to be paid may exceed those projected and future actuarial assessments to the extent that those costs exceed the current assessment. Under those circumstances, the adjustments required to be made to our recorded liability for these benefits could have a material adverse effect on our results of operations and financial condition and cash payments to fund these plans could have a material adverse effect on our cash flows. We may be required to make substantial future contributions to improve the plan’s funded status.

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Any prolonged disruption of our processing centers could harm our business.

We have dedicated processing centers that permit us to produce standardized products in large volumes while maintaining low operating costs. We may suffer prolonged disruption in the operations of any of these facilities, whether due to labor or technical difficulties, destruction, or damage to any of the facilities or otherwise, which could adversely affect our operating results.

If we are unable to retain, attract, and motivate management and key personnel, it may adversely affect our business.

In order to compete and have continued growth, we must attract, retain, and motivate executives and other key employees, including those in managerial, technical, sales, marketing, and support positions. We believe that our success is due, in part, to our experienced management team. Losing the services of one or more members of our management team such as our CEO, Edward J. Lehner, could adversely affect our business and possibly prevent us from improving our operational, financial, and information management systems and controls. We compete to hire employees and then must train them and develop their skills and competencies. In the future, we may need to retain and hire additional qualified sales, marketing, administrative, operating, and technical personnel, and to train and manage new personnel. Our ability to implement our business plan is dependent on our ability to retain, hire, and train a large number of qualified employees each year. Our results of operations could be adversely affected by increased costs due to increased competition for employees, higher employee turnover, or increased employee benefit costs.

Our risk management strategies may result in losses.

From time to time, we may use fixed-price and/or fixed-volume supplier contracts to offset contracts with customers. Some of our existing supply agreements have required minimum purchase quantities. Under adverse economic conditions, those minimums may exceed our needs. Absent exceptions for force majeure and other circumstances affecting the legal enforceability of the agreements, these minimum purchase requirements may compel us to purchase quantities of raw materials that could significantly exceed our anticipated needs or pay damages to the supplier for shortfalls. In these circumstances, we would attempt to negotiate agreements for new purchase quantities. There is a risk, however, that we would not be successful in reducing purchase quantities, either through negotiation or litigation. If that occurred, we would likely be required to purchase more of a particular raw material in a particular year than we need, negatively affecting our results of operations and cash flows.

Additionally, we may use commodity contracts, foreign exchange contracts, and interest rate swaps to manage our exposure to commodity price risk, foreign currency exchange risk, and interest rate risk. These risk management strategies pose certain risks, including the risk that losses on a hedge position may exceed the amount invested in such instruments. Moreover, a party in a hedging transaction may be unavailable or unwilling to settle our obligations, which could cause us to suffer corresponding losses. A hedging instrument may not be effective in eliminating all of the risks inherent in any particular position. Our profitability may be adversely affected during any period as a result of the use of such instruments.

RISKS RELATED TO REGULATORY AND LEGAL MATTERS

We could incur substantial costs related to environmental, health, and safety laws.

Our operations are subject to increasingly stringent environmental, health, and safety laws. These include laws that impose limitations on the discharge of pollutants into the air and water and establish standards for the treatment, storage, and disposal of regulated materials, and the investigation and remediation of contaminated soil, surface water, and groundwater. Failure to maintain or achieve compliance with these laws or with the permits required for our operations could result in substantial increases in operating costs and capital expenditures. In addition, we may be subject to fines and civil or criminal sanctions, third party claims for property damage or personal injury, worker’s compensation or personal injury claims, cleanup costs, or temporary or permanent discontinuance of operations. Certain of our facilities are located in industrial areas, have a history of heavy industrial use, and have been in operation for many years and, over time, we and other predecessor operators of these facilities have generated, used, handled, and disposed of hazardous and other regulated wastes. Environmental liabilities could exist, including cleanup obligations at these facilities or at off-site locations where materials from our operations were disposed of, which could result in future expenditures that cannot be currently quantified and which could have a material adverse effect on our financial position, results of operations, or cash flows. Such liabilities may be imposed without regard to fault or the legality of a party’s conduct and may, in certain circumstances, be joint and several. Future changes to environmental, health, and safety laws, including those related to climate change, could result in material liabilities and costs, constrain operations, or make such operations more costly for us, our suppliers, and our customers.

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 for the Portland Harbor Superfund Site. See Note 13: Commitments and Contingencies in the notes to the consolidated financial statements included in Part II, Item 8 of this Report on Form 10-K.

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 Record of Decision will be executed

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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.

Regulations related to conflict-free minerals may force us to incur additional expenses and place us at a competitive disadvantage.

On August 22, 2012, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), the SEC adopted new requirements for reporting companies that use certain minerals and metals, known as “conflict minerals”, in their products, whether or not these products are manufactured by third parties. These requirements require companies to diligence, disclose, and report whether or not such minerals originate from the Democratic Republic of Congo and adjoining countries. Since our supply chain is complex, we may not be able to conclusively verify the origins for all metals used in our products and we may face reputational challenges with our customers. Additionally, as there may be only a limited number of suppliers offering “conflict free” metals, we cannot be sure that we will be able to obtain necessary metals from such suppliers in sufficient quantities or at competitive prices. Accordingly, we could incur significant costs related to the compliance process, including potential difficulty or added costs in satisfying the disclosure requirements. Moreover, we may encounter challenges to satisfy those customers who require that all of the components of our products be certified as conflict free which could place us at a competitive disadvantage if we are unable to do so.

Tax changes could affect our effective tax rate, the value of our deferred tax assets, and future profitability.

Our future results could be adversely affected by changes in the effective tax rate or changes in the treatment of deferred tax assets as a result of changes in Ryerson’s overall profitability, changes in the mix of earnings in countries with differing statutory tax rates, changes in tax legislation, the results of the examination of previously filed tax returns, and continuing assessment of the Company’s tax exposures. In particular, although the passage of the Tax Cut and Jobs Act of 2017 reduced the U.S. tax rate to 21%, our future earnings could be negatively impacted by changes in tax legislation including changing tax rates and tax base such as limiting, phasing-out, or eliminating deductions or tax credits, changing rules for earnings repatriations, and changing other tax laws in the U.S. or other countries.

We are subject to litigation that could strain our resources and distract management.

From time to time, we are involved in a variety of claims, lawsuits, and other disputes arising in the ordinary course of business. These suits concern issues including product liability, contract disputes, employee-related matters, and personal injury matters. It is not feasible to predict the outcome of all pending suits and claims, and the ultimate resolution of these matters as well as future lawsuits that could have a material adverse effect on our business, financial condition, results of operations, cash flows, or reputation.

We may face product liability claims that are costly and create adverse publicity.

If any of the products that we sell cause harm to any of our customers, we could be exposed to product liability lawsuits. If we were found liable under product liability claims, we could be required to pay substantial monetary damages. Further, even if we successfully defended ourselves against this type of claim, we could be forced to spend a substantial amount of money in litigation expenses, our management could be required to spend valuable time in the defense against these claims, and our reputation could suffer.  

Changes in the method of determining the London Interbank Offered Rate (“LIBOR”), or the replacement of LIBOR with an alternative reference rate, may adversely affect interest rates on our outstanding variable rate indebtedness.

Certain of our variable rate debt, including the Ryerson Credit Facility, currently uses LIBOR as a benchmark for establishing certain interest rates. LIBOR is the subject of recent proposals for reform, and on July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the U.K. Financial Conduct Authority confirmed its intention to cease publication of the one-week and two-month USD LIBOR tenors and all tenors for EUR, CHF, JPY, and GBP LIBOR after December 31, 2021 and to cease publication of all other USD LIBOR after June 30, 2023. The Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has identified the Secured Overnight Financing Rate (“SOFR”) as the recommended risk-free alternative rate for USD LIBOR. On June 30, 2023, when LIBOR rates cease to be published, the interest rate on the Ryerson Credit Facility will be replaced with SOFR. At this time, it is not possible to predict the effect any discontinuance, modification, or other reforms to LIBOR, or the establishment of alternative reference rates such as SOFR, or any other reference rate, will have on the Company or its borrowing costs. The consequences of these developments with respect to LIBOR cannot be entirely predicted but may result in an increase in the interest cost of our variable rate indebtedness. In addition, the overall financial market may be disrupted as a result of the phase-out or replacement of LIBOR. Disruption in the financial market could have a material adverse effect on our financial position, results of operations, and liquidity.

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RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK

The market price for our common stock may be volatile.

Historically, there has been volatility in the market price for our common stock. Furthermore, the market price of our common stock could fluctuate substantially in the future in response to a number of factors, including, but not limited to, the risk factors described herein. Examples include:

• changes in commodity prices, especially metals;

• announcement of our quarterly operating results or the operating results of other metals service centers;

• changes in financial estimates or recommendations by stock market analysts regarding us or our competitors;

• the operating and stock performance of other companies that investors may deem comparable;

• press releases, earnings releases, or publicity relating to us or our competitors or relating to trends in the metals service center industry;

• inability to meet securities analysts’ and investors’ quarterly or annual estimates or targets of our performance;

• sales of our common stock by large or controlling shareholders;

• the amount of shares acquired for short-term investments;

• general domestic or international economic, market, and political conditions; and

• announcements by us or our competitors of significant acquisitions, dispositions or joint ventures, or other material events impacting the domestic or global metals industry.

In the past, the stock market has experienced significant price and volume fluctuations. This volatility has had a significant effect on the market prices of securities issued by many companies for reasons unrelated to their specific operating performance. These factors may adversely affect the trading price of our common stock, regardless of actual operating performance.

In addition, stock markets from time to time experience extreme price and volume fluctuations that may be unrelated or disproportionate to the operating performance of companies. In the past, some shareholders have brought securities class action lawsuits against companies following periods of volatility in the market price of their securities. In the future we may be the target of similar litigation. Securities litigation, regardless of whether our defense is ultimately successful, could result in substantial costs and divert management’s attention and resources.

We paid cash dividends on our common stock in the third and fourth quarter of 2021 but any future dividend payments are at the discretion of our Board of Directors.

The amounts that may be available to us to pay cash dividends are restricted under our debt agreements. Any payment of cash dividends on our common stock in the future will be at the discretion of our Board of Directors and will depend upon our results of operations, earnings, capital requirements, financial condition, future prospects, contractual restrictions, and other factors deemed relevant by our Board of Directors. Therefore, you should not rely on dividend income from shares of our common stock. For more information, see “Dividend Policy.” Your only opportunity to achieve a return on your investment in us may be if the market price of our common stock appreciates and you sell your shares at a profit, but there is no guarantee that the market price for our common stock will ever exceed the price that you pay for our common stock.

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Our corporate documents and Delaware law contain provisions that could discourage, delay, or prevent a change in control of the Company.

Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult without the approval of our Board of Directors. These provisions:

• establish a classified Board of Directors so that not all members of our Board of Directors are elected at one time;

• authorize the issuance of undesignated preferred stock, the terms of which may be established and the shares of which may be issued without stockholder approval, and which may include super voting, special approval, dividend, or other rights or preferences superior to the rights of the holders of common stock;

• provide that the Board of Directors is expressly authorized to make, alter, or repeal our amended and restated bylaws;

• prohibit stockholders from acting by written consent if less than a majority of the voting power of our outstanding stock is controlled by Platinum; and

• establish advance notice requirements for nominations for elections to our Board of Directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

These anti-takeover provisions and other provisions under Delaware law could discourage, delay, or prevent a transaction involving a change in control of our company, even if doing so would benefit our stockholders. These provisions could also discourage proxy contests and make it more difficult for our stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire.

Any issuance of preferred stock could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.

Our Board of Directors will have the authority to issue preferred stock and to determine the preferences, limitations, and relative rights of shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend, and other rights superior to the rights of our common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our common stock at a premium over the market price, and adversely affect the market price and the voting and other rights of the holders of our common stock.

RISKS RELATED TO OUR CAPITAL STRUCTURE

We have a substantial amount of indebtedness, which could adversely affect our financial position and prevent us from fulfilling our financial obligations.

We currently have a substantial amount of indebtedness. As of December 31, 2021, our total indebtedness was $639.3 million and we had approximately $670 million of unused capacity under the Ryerson Credit Facility. Our substantial indebtedness may:

• make it difficult for us to satisfy our financial obligations, including making scheduled principal and interest payments on our outstanding notes and our other indebtedness;

• limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions, or other general corporate purposes;

• limit our ability to use our cash flow for future working capital, capital expenditures, acquisitions, or other general corporate purposes;

• require us to use a substantial portion of our cash flow from operations to make debt service payments;

• limit our flexibility to plan for, or react to, changes in our business and industry;

• place us at a competitive disadvantage compared to our less leveraged competitors; and

• increase our vulnerability to the impact of adverse economic and industry conditions.

We may also incur additional indebtedness in the future. The terms of the Ryerson Credit Facility and the indenture governing our outstanding notes restrict but do not prohibit us from doing so, and the indebtedness incurred in compliance with these restrictions could be substantial. If new indebtedness is added to our current debt levels, the related risks that we now face could intensify.

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The covenants in the Ryerson Credit Facility and the indenture governing our notes impose, and covenants contained in agreements governing indebtedness that we incur in the future may impose, restrictions that may limit our operating and financial flexibility.

The Ryerson Credit Facility and the indenture governing our outstanding notes contain a number of significant restrictions and covenants that limit our ability and the ability of our restricted subsidiaries, including JT Ryerson, to:

• incur additional debt;

• pay dividends on our capital stock or repurchase our capital stock;

• make certain investments or other restricted payments;

• create liens or use assets as security in other transactions;

• merge, consolidate, transfer, or dispose of substantially all of our assets; and

• engage in transactions with affiliates.

The terms of the Ryerson Credit Facility require that, in the event availability under the facility declines to a certain level, we maintain a minimum fixed charge coverage ratio at the end of each fiscal quarter. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. As of December 31, 2021, total credit availability under the Ryerson Credit Facility was $670 million. See discussion regarding the Ryerson Credit Facility in Note 10: “Debt” of Part II, Item 8 “Financial Statements and Supplementary Data” as well as the discussion within the “Liquidity and Capital Resources” section of Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Additionally, subject to certain exceptions, the indenture governing the outstanding notes restricts JT Ryerson’s ability to pay Ryerson Holding dividends. Our future indebtedness may contain covenants more restrictive in certain respects than the restrictions contained in the Ryerson Credit Facility and the indenture governing the notes. Operating results below current levels or other adverse factors, including a significant increase in interest rates, could result in our being unable to comply with financial covenants that are contained in the Ryerson Credit Facility or that may be contained in any future indebtedness. In addition, complying with these covenants may also cause us to take actions that are not favorable to holders of our notes and may make it more difficult for us to successfully execute our business strategy and compete against companies that are not subject to such restrictions.

We may not be able to generate sufficient cash to service all of our indebtedness.

We are highly leveraged. Our ability to make payments on our indebtedness depends on our ability to generate cash in the future. Our outstanding notes, the Ryerson Credit Facility, and our other outstanding indebtedness are expected to account for significant cash interest expenses. Accordingly, we will have to generate significant cash flows from operations to meet our debt service requirements. If we do not generate sufficient cash flow to meet our debt service and working capital requirements, we may be required to sell assets, seek additional capital, reduce capital expenditures, restructure or refinance all or a portion of our existing indebtedness, or seek additional financing. Moreover, insufficient cash flow may make it more difficult for us to obtain financing on terms that are acceptable to us, or at all.

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 non-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, 9.7% and 14.3% of our net sales and EBITDA for the fiscal year ended December 31, 2021. In addition, these non-guarantor subsidiaries represented respectively, 12.7% and 8.5% of our assets and liabilities, as of December 31, 2021.

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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.

Because a portion of our indebtedness bears interest at rates that fluctuate with changes in certain prevailing short-term interest rates, we are vulnerable to interest rate increases.

A portion of our indebtedness, including the Ryerson Credit Facility, bears interest at rates that fluctuate with changes in certain short-term prevailing interest rates. As of December 31, 2021, we had $316.0 million of outstanding borrowings under the Ryerson Credit Facility, with an additional $670 million available for borrowing under such facility. Assuming a consistent level of debt through-out 2021 and considering the impact of interest rate swaps, a 100 basis point increase in the interest rate on our floating rate debt effective from the beginning of the year would increase our interest expense under the Ryerson Credit Facility and the China credit facility by approximately $2.0 million, on an annual basis. If interest rates increase dramatically, we could be unable to service our debt, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.

Changes in our credit ratings and outlook may reduce access to capital and increase borrowing costs.

Our credit ratings are based on a number of factors, including our financial strength and factors outside of our control, such as conditions affecting our industry generally or the introduction of new rating practices and methodologies. We cannot provide assurances that our current credit ratings will remain in effect or that the ratings will not be lowered, suspended, or withdrawn entirely by the rating agencies. If rating agencies lower, suspend, or withdraw the ratings, the market price or marketability of our securities may be adversely affected. In addition, any negative change in ratings could make it more difficult for us to raise capital on acceptable terms, impact the ability to obtain adequate financing, and result in higher interest costs for our existing credit facilities, including the Ryerson Credit Facility, or on future financings.

RISKS RELATED TO OUR STOCKHOLDER BASE

Platinum owns a significant percentage of our stock and has the right to nominate a majority of the members of the Corporation’s board and will be able to exert control over matters subject to stockholder approval.

Platinum owns approximately 21,037,500 shares of our common stock, which is approximately 55% of our issued and outstanding common stock. Therefore, Platinum may be able to determine all matters requiring stockholder approval. For example, Platinum may be able to control elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets, or other major corporate transaction. This may prevent or discourage unsolicited acquisition proposals or offers for our common stock that our stockholders may believe are in their best interest as stockholders.

The Company is party to an investor rights agreement (the “Investor Rights Agreement”) with certain affiliates of Platinum which provides, among other things, that for so long as Platinum collectively beneficially owns (i) at least 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate for election to the board of directors of the Company no fewer than that number of directors that would constitute a majority of the number of directors if there were no vacancies on the board, (ii) at least 15% but less than 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate two directors, and (iii) at least 5% but less than 15% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate one director. The agreement also provides that if the size of the board of directors is increased or decreased at any time, Platinum’s nomination rights will be proportionately increased or decreased, respectively, rounded up to the nearest whole number. As a result of Platinum’s ownership of a majority of the Company’s outstanding capital stock as well its board nomination rights pursuant to the Investor Rights Agreement, Platinum may significantly influence or effectively control our policies and operations, including the appointment of management, future issuances of our common stock or other securities, and the payment of dividends. In addition, Platinum has significant control over our decisions to enter into any other corporate transaction.

The interests of Platinum may not in all cases be aligned with the interests of the other holders of our common stock. For example, a sale of a substantial number of shares of stock in the future by Platinum could cause our stock price to decline. Further, Platinum could cause us to make acquisitions that increase the amount of the indebtedness that is secured or senior to the Company’s existing debt or sell revenue-generating assets, impairing our ability to make payments under such debt. Additionally, Platinum is in the business of making investments in companies and may from time to time acquire and hold interests in businesses that compete

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directly or indirectly with us. Accordingly, Platinum may also pursue acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us. In addition, Platinum may have an interest in pursuing acquisitions, divestitures, and other transactions that, in their judgment, could enhance their equity investment, even though such transactions might involve risks to holders of our common stock.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not applicable.

ITEM 2. PROPERTIES.

As of December 31, 2021, the Company’s facilities are set forth below:

Operations in the United States

JT Ryerson maintains 78 operational facilities, including 6 locations that are dedicated to administration services. All of our metals service center facilities are in good condition and are adequate for JT Ryerson’s existing operations. Approximately 65% of these facilities are leased. The lease terms expire at various times through 2036. JT Ryerson’s properties and facilities are adequate to serve its present and anticipated needs.

Location	Own/Lease
Birmingham, AL	Owned
Mobile, AL	Owned
Fort Smith, AR	Owned
Hickman, AR**	Leased
Little Rock, AR**	Leased
Phoenix, AZ	Leased
Fresno, CA	Leased
Livermore, CA	Leased
Vernon, CA	Owned
Commerce City, CO	Owned
Wilmington, DE	Leased
Jacksonville, FL	Owned
Tampa Bay, FL	Leased
Lavonia, GA	Leased
Norcross, GA	Owned
Des Moines, IA	Owned
Eldridge, IA**	Leased
Marshalltown, IA	Owned
Chicago, IL (Headquarters)*	Leased
Chicago, IL	Leased
Dekalb, IL	Leased
Elgin, IL	Leased
Lisle, IL*	Leased
Burns Harbor, IN	Owned
Indianapolis, IN	Owned
Portage, IN**	Owned
Wichita, KS	Leased
Shelbyville, KY**	Leased
Shreveport, LA	Owned
St. Rose, LA	Owned
Devens, MA	Owned
Grand Rapids, MI*	Leased
Lansing, MI	Leased
Minneapolis, MN	Leased
Plymouth, MN	Owned
Maryland Heights, MO	Leased
North Kansas City, MO	Leased
Jackson, MS	Owned

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Charlotte, NC**	Owned
Greensboro, NC (2)	Owned
Pikeville, NC	Leased
Youngsville, NC	Leased
Omaha, NE	Owned
Hampstead, NH*	Leased
Lancaster, NY	Leased
Cincinnati, OH	Owned
Columbus, OH	Leased
Hamilton, OH*	Leased
Hilliard, OH	Leased
Stow, OH	Leased
Streetsboro, OH	Leased
Strongsville, OH	Leased
Oklahoma City, OK	Leased
Tulsa, OK	Leased
Ambridge, PA**	Leased
Fairless Hills, PA	Leased/Vacated
Charleston, SC**	Owned
Greenville, SC	Owned
Wellford, SC	Owned
Chattanooga, TN	Leased
Gallatin, TN	Leased
Knoxville, TN*	Leased
Memphis, TN	Leased
Dallas, TX	Leased
El Paso, TX	Leased
Houston, TX	Leased
Houston, TX (2)	Leased
McAllen, TX	Leased
Odessa, TX	Leased/Vacated
Salt Lake City, UT	Leased
Pounding Mill, VA	Leased
Richmond, VA	Leased
Renton, WA	Leased
Spokane, WA	Leased
Green Bay, WI	Owned
Green Bay, WI	Leased
Hammond, WI	Leased
Milwaukee, WI	Owned

* Office space only

** Processing centers

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Operations in Canada

Ryerson Canada, a wholly-owned indirect Canadian subsidiary of Ryerson Holding, has nine operational facilities in Canada. All of the metals service center facilities are in good condition and are adequate for Ryerson Canada’s existing and anticipated operations. Four facilities are leased. The lease terms expire at various times through 2025.

Location	Own/Lease
Calgary, AB	Owned
Edmonton, AB	Owned
Richmond, BC	Owned
Winnipeg, MB	Owned
Winnipeg, MB	Leased
Saint John, NB	Owned
Brampton, ON	Leased
Burlington, ON (includes Canadian Headquarters)	Leased
Vaudreuil, QC	Leased

Operations in China

Ryerson China, an indirect wholly-owned subsidiary of Ryerson Holding, has four service and processing centers in China, in Guangzhou, Dongguan, Kunshan, and Tianjin, performing coil processing, sheet metal fabrication, and plate processing. Ryerson China’s headquarters office building is located in Kunshan. We own all of our China facilities and have purchased the related land use rights. All of the facilities are in good condition and are adequate for Ryerson China’s existing and anticipated operations.

Operations in Mexico

Ryerson Mexico, an indirect wholly-owned subsidiary of Ryerson Holding, has four facilities in Mexico. We have service centers in Monterrey, Tijuana, Hermosillo, and Queretaro, all of which are leased. The lease terms expire at various times through 2029. The facilities are in good condition and are adequate for Ryerson Mexico’s existing and anticipated operations.

ITEM 3. LEGAL PROCEEDINGS.

For information concerning legal proceedings as of December 31, 2021, please refer to Note 13: Commitments and Contingencies in the notes to the consolidated financial statements included in Part II, Item 8 of this Report on Form 10-K, which is incorporated into this item by reference.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM  5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information for Common Stock

Our common stock has been listed on the New York Stock Exchange under the symbol “RYI” and was first traded on August 13, 2014.

Holders

As of February 21, 2022, there were 2 stockholders of record of our common stock. Because many shares of our common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial stockholders represented by these record holders.

Dividend Policy

We paid cash dividends on our common stock in the third and fourth quarter of 2021, of $0.08 and $0.085 per share, respectively. Any payment of cash dividends on our common stock in the future will be at the discretion of our Board of Directors and will depend upon our results of operations, earnings, capital requirements, financial condition, future prospects, contractual restrictions, including under the Ryerson Credit Facility and our outstanding notes, and other factors deemed relevant by our Board of Directors.

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Performance Graph

The following graph and accompanying table show the cumulative total return to stockholders of Ryerson Holding’s common stock relative to the cumulative total returns of the S&P 500 and a metals service center peer group (the “Peer Group”). The graph tracks the performance of a $100 investment in each of the indices (with reinvestment of dividends) from December 31, 2016 to December 31, 2021. While there is no nationally-recognized industry index consisting of metals service center companies, Ryerson considers its Peer Group to consist of Reliance Steel & Aluminum Co., Olympic Steel Inc., and Worthington Industries, Inc., each of which has securities listed for trading on the NASDAQ; and Russel Metals Inc., which has securities listed for trading on the Toronto Stock Exchange. The returns of each member of the Peer Group are weighted according to that member’s stock market capitalization. The stock price performance included in this graph is not necessarily indicative of future stock price performance.

Comparison of 5 Year Cumulative Total Return

Assumes Initial Investment of $100

This graph is not deemed to be “filed” with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934 (“the Exchange Act”), and should not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act of 1933 or the Exchange Act.

	12/31/16		12/31/17		12/31/18		12/31/19		12/31/20		12/31/21
Ryerson Holding	$	100.00	$	77.93	$	47.51	$	88.64	$	102.20	$	197.70
S&P 500	$	100.00	$	121.61	$	116.56	$	151.49	$	177.56	$	225.37
Peer Group	$	100.00	$	110.34	$	94.62	$	146.71	$	163.00	$	216.47

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

On August 4, 2021, our Board of Directors authorized a share repurchase program that permits the purchase of up to $50 million of the Company’s outstanding shares of common stock. The authorization is effective through August 4, 2023, unless terminated. Under the share repurchase program, management is not obligated to repurchase, but has discretion in determining the conditions under which shares may be purchased from time to time. We may opportunistically repurchase shares through open market purchases, privately negotiated transactions, and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 or Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. Repurchased shares are reverted to the status of Treasury Stock. During the year ended December 31, 2021, we repurchased 80,432 shares at an average cost of $22.39 per share, or $1.8 million in total. As of December 31, 2021, we had remaining authorization to purchase an additional $48.2 million of shares.

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Our share repurchase activity during the three months ended December 31, 2021 was as follows:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Maximum Dollar Value of Shares that May Yet be Purchased under the Program
	(In millions, except shares and per share data)
October 1, 2021 - October 31, 2021		41,505	$	22.46		41,505	$	48.2
November 1, 2021 - November 30, 2021		—		—		—		48.2
December 1, 2021 - December 31, 2021		—		—		—		48.2
		41,505				41,505

Recent Sale of Unregistered Securities and Use of Proceeds

None.

ITEM  6. RESERVED.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements of Ryerson Holding Corporation and Subsidiaries and the Notes thereto in Item 8. “Financial Statements and Supplementary Data.” This discussion contains forward-looking statements that involve risks and uncertainties. See the section entitled “Special Note Regarding Forward-Looking Statements.” Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of certain factors, including those discussed in Item 1A. “Risk Factors” and elsewhere in this Form 10-K.

This section of this Form 10-K generally discusses 2021 and 2020 items and year-over-year comparisons between 2021 and 2020. Discussions of 2019 items and year-over-year comparisons between 2020 and 2019 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Overview

Business

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 metals service center, 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 processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (“Ryerson China”). 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.”

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 nearly 80% 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 demand and pricing, and difficult to predict. In 2021, Ryerson experienced both stronger pricing and demand compared to 2020, with average selling prices 57.0% higher and shipments 4.3% higher, as steel supply was limited throughout much of the year while end-market demand was strong. Changes in average selling

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prices are primarily driven by commodity metals prices, which impact Ryerson’s selling prices over the subsequent three to six-month period.

Throughout 2021, indicators in the key steel industry end markets that had previously reported weakness as a result of the COVID-19 pandemic, reported growth.  This is evidenced by the Institute for Supply Management’s Purchasing Managers’ Index (“PMI”), which reported strength in each month of the year with readings above 50%, indicating general expansion in factory activity. This strength has continued into 2022 with a January reading of 57.6, which marks the twentieth consecutive month of expansion. Similarly, U.S. Industrial Production, which reports year-over-year industrial sector business output, reported growth in output for the eleventh consecutive month in January 2022.

According to the Metal Service Center Institute, North American service center volumes increased by 7.6% in 2021 compared to 2020. On a North American basis, this volume growth outpaced Ryerson’s, as Ryerson’s North American volumes increased by 4.5% over the same period. Ryerson’s demand growth was experienced most significantly in HVAC, commercial ground transportation, and construction sectors on a year-over-year basis.

COVID-19

At this time, our business, financial results, and the business of our customers continue to be impacted by COVID-19, including economic pressures, as well as supply chain disruptions and tightness stemming from COVID-19. This is perpetuated by increasing demand momentum. There is uncertainty in the nature and degree of COVID-19’s continued effects over time.  Meanwhile, we remain committed to ensuring the safety of our employees and protecting the health and well-being of the communities in which we operate. We continue to operate our business under COVID-19 safety policies until we are certain that related risks have subsided.

2021 Performance Highlights

These key metrics illustrate Ryerson’s financial performance for the full year 2021 compared to 2020:

$5.7B		20.2%			$294M
Total Revenues		Gross Margin			Net Income Attributable to Ryerson Holding Corporation
	64% increase		230bps increase			$360M increase
$7.56		$7.46			$35M
Diluted EPS		Adjusted Diluted EPS			Cash from Operating Activities
	$9.29 increase			$7.54 increase		$243M decrease

A reconciliation of diluted EPS to adjusted diluted EPS is provided below.

Domestic steel demand was strong in 2021 while supply remained limited throughout much of the year, driving significant increases in average selling prices. Compared to 2020, average selling prices increased by 57.0% and tons shipped increased by 4.3%, resulting in a year-over-year revenue increase of 63.7%. Gross margin expanded by 230 bps from 2020 as rapidly increasing market prices outpaced inventory costs. Warehousing, delivery, selling, general, and administrative expenses for 2021 increased by $156.9 million compared to 2020 driven by increased variable compensation. However, expenses as a percentage of sales decreased from 16.0% to 12.5% as the Company effectively managed inflationary pressures in labor, logistics, and operating supplies. As a result of the Company’s exceptional performance amidst the year’s supportive conditions, we generated record net income attributable to Ryerson Holding Corporation of $294.3 million, or $7.56 per diluted share, in 2021. This compares to a net loss attributable to Ryerson Holding Corporation of $65.8 million, or a loss of $1.73 per diluted share, for 2020.

To provide greater insight into the Company’s 2021 operating trends apart from the year’s one-time transactions, Ryerson provides adjusted net income (loss) and diluted adjusted earnings (loss) per share figures, which are not U.S. generally accepted accounting principles (“GAAP”) financial measures, to compliment the reported GAAP net income (loss) and diluted earnings (loss) per share figures. Management uses these metrics to assess year-over-year performance excluding non-recurring transactions.  Adjusted net income (loss) and adjusted diluted earnings (loss) 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, the 2021 net income attributable to Ryerson Holding Corporation of $294.3 million includes a $109.6 million gain related to the sale-leaseback transactions

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completed during the year. It also includes $5.5 million of expenses related to the redemption of $100.0 million of the 8.50% senior secured notes due 2028 (the “2028 Notes”), which was enabled by the sale-leaseback transaction proceeds, as well as a $50 million redemption utilizing cash on hand. Both of these 2028 Notes redemptions were exercised in-line with the optional redemption features secured in the Company’s 2020 bond issuance. 2021 net income additionally includes $98.3 million of nonrecurring pension settlement expenses driven by the third quarter partial annuitization of our pension liabilities. See “Pension Funding” discussion below for further details on this transaction. After adjusting for these non-core business transactions and the related provision for income taxes, the adjusted net income attributable to Ryerson Holding Corporation for 2021 is $290.0 million, an increase of $293.1 million compared to the prior year’s adjusted net loss attributable to Ryerson Holding Corporation of $3.1 million which included adjustments for restructuring and other charges, loss on retirement of debt related to the redemption price paid to creditors as well as unamortized debt issuance costs written off related to the refinance of the 11.0% Senior Secured Notes, pension settlement charges related to a partial annuitization of pension liabilities, and a lump sum settlement offering in 2020, and related income taxes.

(Dollars and shares in millions, except per share data)		2021		2020
Net income (loss) attributable to Ryerson Holding Corporation	$	294.3	$	(65.8)
Gain on sale of assets		(109.6)		—
Restructuring and other charges		—		2.2
Loss on retirement of debt		5.5		17.7
Pension settlement charge		98.3		64.6
Provision (benefit) for income taxes		1.5		(21.8)
Adjusted net income (loss) attributable to Ryerson Holding Corporation	$	290.0	$	(3.1)
Diluted earnings (loss) per share	$	7.56	$	(1.73)
Adjusted diluted earnings (loss) per share		7.46		(0.08)
Shares outstanding - diluted		38.9		38.0

Ryerson generated cash from operating activities of $35 million in 2021, a decrease compared to $278 million generated in 2020 driven by increased working capital requirements amidst recovering demand and rising costs in the industry.

Ryerson’s 2021 Strategy Achievements

Ryerson’s market strategy focuses on providing excellent customer experiences consistently with speed at scale. Our culture is based on our trademarked “say yes, figure it out” mantra as we strive to grow volume and sustainably expand margins by increasing our fabrication business and improving our speed through our use of both tools and analytics.

Ryerson’s financial strategy includes a focus on generating strong cash from operating activities, enabled by industry-leading working capital management and an improved through the cycle operating model to effectively decrease both net debt and fixed cash commitments. In 2021, the Company continued to progress its financial strategy and recorded several milestone achievements. During the year, Ryerson successfully executed sale-leaseback transactions pursuant to which the Company sold thirteen properties and generated proceeds of $163 million. The Company subsequently utilized the proceeds to redeem $100 million of its 2028 Notes. In addition to this redemption, Ryerson also redeemed another $50 million of the 2028 Notes at a price of 103%. After these partial redemptions, $300 million aggregate principal amount of the 2028 Notes remains outstanding, a decrease of 40% compared to the $500 million in original principal issued in July of 2020. This $200 million reduction in the Notes decreased the Company’s annual interest expense by $17 million. As a result of the Notes redemptions, total debt decreased from $740 million as of December 31, 2020 to $639 million as of December 31, 2021 and net debt (defined as total debt less cash and cash equivalents, and restricted cash from sales of property, plant, and equipment) decreased from $679 million to $588 million. Net debt is not a GAAP financial measure. We believe that net debt provides a clearer perspective of the Company’s overall debt situation. Net debt should not be used as a substitute for total debt outstanding as determined in accordance with GAAP. A reconciliation of debt to net debt is provided with the “Liquidity and Capital Resources” discussion below.

In addition, Ryerson furthered its financial transformation by completing another partial pension obligation annuitization in the third quarter of 2021. This $206 million annuitization not only reduced the Company’s legacy liability risks but is also expected to yield economic savings of approximately $5 million on a net present value basis.

In August, Ryerson’s Board of Directors declared a first-time quarterly cash dividend of $0.08 per share of common stock which was paid on September 16, 2021. At the same time, the Board also approved a share repurchase program authorizing the Company to purchase up to an aggregate of $50 million of the Company’s common stock over the following two years. These additions to Ryerson’s capital allocation plan reflect the Company’s commitment of delivering value to shareholders and underscore its confidence in its transformed balance sheet and improved operating model while also providing the ability to purchase shares below intrinsic value. Further underscoring this commitment and confidence, Ryerson’s Board of Directors approved a half-cent increase to the dividend in November 2021. The Company distributed this increased dividend of $0.085 per share of common stock to

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holders on December 16, 2021. As of December 31, 2021, the Company had repurchased approximately 80,000 shares at an average price of $22.46, resulting in a return to shareholders of approximately $1.8 million. Combined with distributed dividend payments, Ryerson returned a total of $8.2 million to shareholders in 2021.   

In recognition of the Company’s substantially reduced debt, Ryerson received credit upgrades from each of its covering agencies in 2021. Moody’s upgraded Ryerson’s corporate rating to B1 from B2, Standard & Poor’s (“S&P”) upgraded it to B+ from B, and Fitch issued an upgrade to BB- from B+. The following table summarizes the Company’s ratings by agency as of December 31, 2021.

Agency	Corporate	Revolving Credit Facility	Senior Secured	Outlook
Moody's	B1	N/A	B2	Stable
S&P	B+	N/A	B+	Stable
Fitch	BB-	BB+	BB-	Stable

As a result of the July 2020 bond refinance and subsequent debt reductions, cash interest payments in 2021 totaled $51 million, compared to $62 million in 2020. Pension and retiree medical contributions increased compared to the prior year to $27 million as Ryerson paid an additional $12 million of pension contributions in 2021 that were deferred from 2020 as allowed under the Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”). Additionally, given the improved operating environment of 2021, the Company increased its capital expenditure budget, driving cash contributions to maintenance capital expenditures up to $37 million for the year, which includes maintenance capital expenditures that were deferred from 2020 as spending was reduced due to uncertainties surrounding the COVID-19 pandemic. In all, fixed cash commitments totaled $115 million in 2021, an increase compared to $88 million in the previous year.

Industry Developments

On August 10, 2021, the Senate passed the Infrastructure Investment and Jobs Act, a $1.2 trillion bill which features $550 billion in new federal spending over 5 years. Included in this spending is investment in roads, bridges, passenger and freight rail, electrical grid improvements, expansion of broadband access, transit systems, infrastructure for electric vehicles, and improvements to water systems. As of the date of this report, the bill is yet to receive passage by the House of Representatives. The Company believes that the additional government spending on infrastructure projects contemplated under the Infrastructure Investment and Jobs Act, 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 Infrastructure Investment and Jobs Act would be beneficial to the Company, but ultimately the impact on the Company’s operations is 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 has issued 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.

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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 of the Trade Expansion Act (“Section 232”). 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. Over the weekend of October 30th and 31st, 2021, the US and European Union agreed to revise Section 232 tariffs applied to the import of European steel and aluminum, allowing for the duty-free import of European steel and aluminum into the US, subject to tariff rate quotas. Specifically, the tariff rate quota includes the duty-free import of 3.3 million metric tons of steel melted and poured in the EU, 18 thousand metric tons of unwrought aluminum, and 366 thousand metric tons of semi-finished aluminum. The revision was to be applied on January 1, 2022. At this time, the scope of this agreement and its impact to Ryerson are unclear.

Acquisitions

On September 1, 2021, JT Ryerson acquired Specialty Metals Processing, Inc. (“SMP”), a toll processor located in Stow, Ohio, for $14.0 million, net of cash acquired. SMP processes stainless steel, aluminum, titanium, and nickel alloy products in a variety of industries including aerospace. SMP's expertise in buffing, grinding, and polishing finishes adds to Ryerson's value-added processing capabilities.

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

Cost of materials sold. Cost of materials sold includes metal purchase and in-bound freight costs, third-party processing costs, and direct and indirect internal processing costs. The cost of materials sold fluctuates with our sales volume and our ability to purchase metals at competitive prices. Increases in sales volume generally enable us 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 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.

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Results of Operations

The following table sets forth our condensed consolidated statements of operations data:

	Year Ended December 31, 2021			% of Net Sales			Year Ended December 31, 2020			% of Net Sales
Net sales	$	5,675.3			100.0	%	$	3,466.6			100.0	%
Cost of materials sold		4,528.5			79.8			2,845.5			82.1
Gross profit		1,146.8			20.2			621.1			17.9
Warehousing, delivery, selling, general, and    administrative expenses		711.2			12.5			554.3			16.0
Gain on sale of assets		(109.6	)		(1.9	)		—			—
Restructuring and other charges		—			—			2.2			—
Operating profit		545.2			9.6			64.6			1.9
Other expenses		(156.1	)		(2.7	)		(154.7	)		(4.5	)
Income (loss) before income taxes		389.1			6.9			(90.1	)		(2.6	)
Provision (benefit) for income taxes		93.7			1.7			(24.8	)		(0.7	)
Net income (loss)		295.4			5.2			(65.3	)		(1.9	)
Less: Net income attributable to noncontrolling interest		1.1			—			0.5			—
Net income (loss) attributable to Ryerson Holding    Corporation	$	294.3			5.2	%	$	(65.8	)		(1.9	)%
Basic earnings (loss) per share	$	7.67					$	(1.73	)
Diluted earnings (loss) per share	$	7.56					$	(1.73	)

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The following charts show the Company’s percentage of sales by major product lines for 2021 and 2020:

Comparison of the year ended December 31, 2021 with the year ended December 31, 2020

Net Sales

	Year Ended December 31,				Dollar		Percentage
	2021		2020		change		change
	($ in millions)
Net sales	$	5,675.3	$	3,466.6	$	2,208.7		63.7	%
	Year Ended December 31,				Tons		Percentage
	2021		2020		change		change
	(in thousands)
Tons sold		2,095		2,009		86		4.3	%
	Year Ended December 31,				Price		Percentage
	2021		2020		change		change
Average selling price per ton sold	$	2,709	$	1,726	$	983		57.0	%

Revenue for the year ended December 31, 2021, increased from the same period a year ago due to higher average selling prices caused by supply constraints in 2021 and higher tons sold as metals market conditions began to improve in the second half of 2020 after declining sharply at the beginning of 2020 due to the global outbreak of COVID-19. Compared to the year ago period, average selling price increased for all of our product lines in 2021 with the largest increases in our carbon plate, carbon flat, stainless flat, and stainless plate products. Tons sold increased in 2021 overall, with increases in our aluminum flat, stainless flat, and aluminum long product lines partially offset by decreases in our carbon plate, aluminum plate, and stainless plate product lines. Tons sold per ship day were 8,313 in 2021 as compared to 7,941 in 2020.     

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Cost of Materials Sold

	Year Ended December 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Cost of materials sold	$	4,528.5		79.8	%	$	2,845.5		82.1	%	$	1,683.0		59.1	%
						Year Ended December 31,					Dollar		Percentage
						2021		2020			change		change
Average cost of materials per ton sold						$	2,162	$	1,417		$	745		52.6	%

The increase in cost of materials sold in 2021 compared to the year ago period is primarily due to an increase in average cost of materials sold per ton driven by supply constraints and the increase in tons sold. The average cost of materials sold increased across all of our product lines with the average cost of materials sold for our carbon plate, carbon flat, and carbon long product lines increasing more than our other product lines during 2021.    

During 2021, LIFO expense was $366 million related to increases in pricing for all product lines with the largest impact from carbon products. During 2020, LIFO income was $12 million related to decreases in pricing for all product lines, which was muted by the impact of a reduction in tons in inventory, which led to the liquidation of older LIFO layers that were at a higher cost.  

Gross Profit

	Year Ended December 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Gross profit	$	1,146.8		20.2	%	$	621.1		17.9	%	$	525.7		84.6	%

Gross profit dollars increased in 2021 compared to 2020 due to an increase in volume as well as average selling price increasing faster than the increase in the average cost of materials sold, which resulted in an increase in gross margin.

Operating Expenses

	Year Ended December 31,
	2021						2020
	$			% of Net Sales			$		% of Net Sales			Dollar change			Percentage change
	($ in millions)
Warehousing, delivery, selling, general, and administrative expenses	$	711.2			12.5	%	$	554.3		16.0	%	$	156.9			28.3	%
Gain on sale of assets	$	(109.6	)		(1.9	)%	$	—		—		$	(109.6	)		—
Restructuring and other charges	$	—			—		$	2.2		—		$	(2.2	)		(100.0	)%

Total operating expenses in 2021 were $45.1 million higher than in 2020. The increase in operating expenses in 2021 was primarily due to higher employee related costs as incentive compensation increased $76.3 million due to higher profitability, employee benefit expense increased by $21.0 million due to higher discretionary bonus program expenses, medical costs, and payroll taxes on higher incentive compensation, and salaries and wages expense increased by $16.2 million due to an increase in headcount, and higher salaries as 2020 included workforce and compensation reductions as a result of the pandemic, as well as higher overtime and temporary help due to labor shortages in some areas in 2021. In addition, expenses were impacted by changes in the following categories:

• higher operating expenses of $25.4 million primarily due to increased operating supplies and higher rent expense after the sale and leaseback of 13 facilities in 2021;

• higher selling, general, and administrative expenses of $12.1 million primarily due to increased use of outside technical services and increased travel and entertainment expenses;

• higher delivery expenses of $11.4 million due to higher shipments and increased fuel and delivery costs; and

• higher depreciation of $2.1 million.

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Partially offsetting these increases were gains on the sale and leaseback of facilities in 2021. In the first quarter of 2021, we recognized a gain on sale of assets of $20.3 million from the sale and leaseback of our Renton, Washington, facility. In the second quarter of 2021, we recognized a gain of $87.4 million on the sale-leaseback of twelve of our facilities across the United States. In the fourth quarter of 2021, we recognized a gain of $1.9 million on the sale of a purchase option for a facility in Ohio.

In addition, reorganization costs were $9.6 million lower in 2021 compared to 2020.  Included in the reorganization costs in 2020 was $3.7 million of system implementation costs and a restructuring charge of $2.2 million of severance costs for staff reductions.

On a per ton basis, operating expenses increased to $287 per ton in 2021 from $277 per ton in 2020.

Operating Profit

	Year Ended December 31,
	2021					2020
	$		% of Net Sales			$		% of Net Sales			Dollar change		Percentage change
	($ in millions)
Operating profit	$	545.2		9.6	%	$	64.6		1.9	%	$	480.6		744.0	%

Our operating profit increased in 2021 compared to 2020 primarily due to increases in average selling prices and the increase in tons sold.

Other Expenses

	Year Ended December 31,
	2021						2020
	$			% of Net Sales			$			% of Net Sales			Dollar change			Percentage change
	($ in millions)
Interest and other expense on debt	$	(51.0	)		(0.9	)%	$	(76.4	)		(2.2	)%	$	25.4			(33.2	)%
Other income and (expense), net	$	(0.9	)		—		$	5.3			0.1	%	$	(6.2	)		(117.0	)%
Pension settlement charges	$	(98.7	)		(1.7	)%	$	(65.9	)		(1.9	)%	$	(32.8	)		49.8	%
Loss on retirement of debt	$	(5.5	)		(0.1	)%	$	(17.7	)		(0.5	)%	$	12.2			(68.9	)%

Interest and other expense on debt decreased in 2021 compared to 2020 primarily due to the redemption of our 11.00% Senior Secured Notes due 2022 (the “2022 Notes”) which had an outstanding balance of $530.3 million at the redemption date of August 21, 2020 following the redemption of $57.6 million of the 2022 Notes during the first six months of 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 8.50% senior secured notes due 2028 (the “2028 Notes”). In October 2020, $50.0 million of the 2028 Notes were redeemed and in July 2021, $150 million of the 2028 Notes were redeemed. In addition, interest and other expense on debt was lower in 2021 due to a lower level of borrowings outstanding under our $1.0 billion revolving credit facility (“the Ryerson Credit Facility”) compared to 2020 as excess funds were borrowed in 2020 to maintain access to cash during the COVID-19 pandemic. Interest expense in 2021 included a $2.8 million charge to write-off unamortized bond issuance costs related to the $150.0 million of 2028 Notes redeemed in July 2021. Interest expense in 2020 included a $1.0 million charge to write-off unamortized bond issuance costs related to the $50.0 million of 2028 Notes redeemed in October 2020 and a $0.4 million charge to write-off unamortized bond issuance costs related to the $57.6 million of 2022 Notes repurchased during the first six months of 2020.

The year 2021 includes a $98.7 million pension settlement loss due to the annuitization and lump-sum payouts of a portion of our pension liability and a $5.5 million loss on the repurchase of $150.0 million of the 2028 Notes. In addition, the other income and (expense), net in 2021 includes a $2.1 million loss from the change in the fair value of an embedded derivative within the 2028 Notes indenture, and a $0.7 million credit from net periodic benefit cost other than service cost. The year 2020 includes a $65.9 million pension settlement loss due the annuitization and lump-sum buyouts of a portion of our pension liability, a $16.2 million loss on the repurchase and redemption of the 2022 Notes, and a $1.5 million loss on the redemption of $50.0 million of the 2028 Notes. In addition, other income and (expense), net in 2020 included a $2.3 million gain on the recognition of the fair value of an embedded derivative in the 2028 Notes indenture and a $2.1 million credit from net periodic benefit cost other than service cost. See the Pension Funding section below for further details on the transactions that resulted in the pension settlement losses in both years.  

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Provision for Income Taxes

The $93.7 million income tax provision in 2021 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. During 2021, the Company recorded a $1.6 million benefit as a result of releasing valuation allowances on certain state and foreign net operating losses, and a $0.8 million benefit related to the statute of limitations expiring on an uncertain tax position.

The $24.8 million income tax benefit in 2020 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. During 2020, the Company recorded a benefit of $1.8 million related to the statute of limitations expiring on an uncertain tax position.  

Noncontrolling Interest

In both 2021 and 2020, Ryerson China’s results of operations was income and the portion attributable to the noncontrolling interest was $1.1 million and $0.5 million, respectively.

Earnings Per Share

Basic and diluted earnings per share was $7.67 and $7.56, respectively, in 2021. Basic and diluted loss per share was $1.73 in 2020. The changes in earnings per share are due to the results of operations discussed above.

Liquidity and Capital Resources

The Company’s primary sources of liquidity are cash and cash equivalents, cash flows from operations, and borrowing availability under the Ryerson Credit Facility that matures on November 5, 2025. 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 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. As of December 31, 2021, we are no longer holding excess cash due to COVID-19 concerns. We had cash and cash equivalents of $51.2 million at December 31, 2021, compared to $61.4 million at December 31, 2020. Our total debt outstanding at December 31, 2021 decreased to $639 million compared to $740 million of total debt outstanding at December 31, 2020 due to proceeds received from the facility sale and leaseback transactions and cash flow from operations in 2021. See Part II. Item 8, Financial Statements and Supplementary Data, Note 5: Property, Plant, and Equipment for further discussion. We had a debt-to-capitalization ratio of 54% and 84% at December 31, 2021 and at December 31, 2020, respectively. We had total liquidity (defined as cash and cash equivalents, restricted cash from sales of property, plant, and equipment, and availability under the Ryerson Credit Facility and foreign debt facilities) of $741 million at December 31, 2021 versus $373 million at December 31, 2020. Our net debt (defined as total debt less cash and cash equivalents, and restricted cash from sales of property, plant, and equipment) was $588 million and $679 million at December 31, 2021 and December 31, 2020, respectively. Total liquidity and net debt are not U.S. generally accepted accounting principles (“GAAP”) financial measures. We believe that total liquidity provides additional information for measuring our ability to fund our operations. Total liquidity does not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with 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:

	December 31, 2021		December 31, 2020		December 31, 2019
	(In millions)
Cash and cash equivalents	$	51	$	61	$	11
Restricted cash from sales of property, plant, and equipment		—		—		48
Availability under Ryerson Credit Facility and foreign debt facilities		690		312		380
Total liquidity	$	741	$	373	$	439

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Below is a reconciliation of total debt to net debt:

	December 31, 2021			December 31, 2020			December 31, 2019
	(In millions)
Total debt	$	639		$	740		$	982
Less: cash and cash equivalents		(51	)		(61	)		(11	)
Less: restricted cash from sales of property, plant, and equipment		—			—			(48	)
Net debt	$	588		$	679		$	923

Of the total cash and cash equivalents, as of December 31, 2021, $20.9 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.

The following table summarizes the Company’s cash flows:

	Year Ended December 31,
	2021			2020
	(In millions)
Net income (loss)	$	295.4		$	(65.3	)
Depreciation and amortization		55.9			53.9
Pension settlement charge		98.7			65.9
Gain on sale of assets		(109.6	)		—
Change in operating assets and liabilities:
Receivables		(252.5	)		46.7
Inventories		(227.9	)		138.9
Accounts payable		123.6			25.8
Accrued liabilities		32.0			16.7
Deferred employee benefit costs		(25.0	)		(10.6	)
Other operating asset and liability balances		1.9			11.8
All other operating cash flows		42.5			(5.9	)
Net cash provided by operating activities		35.0			277.9
Acquisitions		(14.5	)		—
Capital expenditures		(59.3	)		(26.0	)
Proceeds from sale of property, plant, and equipment		166.3			0.1
Proceeds from other investing activities		1.9			—
Net cash provided by (used in) investing activities		94.4			(25.9	)
Long term debt issued		—			500.0
Repayment of debt		(157.3	)		(654.7	)
Net proceeds (repayments) of short-term borrowings		45.8			(93.8	)
Bond issuance costs		—			(10.9	)
Net increase (decrease) in book overdrafts		(7.7	)		27.4
All other financing cash flows		(18.7	)		(18.2	)
Net cash used in financing activities		(137.9	)		(250.2	)
Effect of exchange rates on cash and cash equivalents		(1.6	)		0.9
Net increase (decrease) in cash and cash equivalents	$	(10.1	)	$	2.7

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. Working capital requirements in 2021 increased significantly as improved economic conditions increased demand and supply constraints increased metals pricing, which increased sales and the related accounts receivable.  Inventory quantities were increased to meet the higher demand and inventory costs increased due to rising metal prices throughout the year. The higher inventory investment also increased accounts payable balances. In 2020, working capital requirements significantly decreased, contributing to the operating cash flows generated in the period, as the Company had lower sales levels driven by lower tons sold and lower average selling prices due to weak economic

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conditions resulting from the COVID-19 pandemic. Consequently, the Company brought inventory levels down significantly in line with the weak market conditions. The Company also increased the days payable cycle in 2020 by working with our vendors on payment terms resulting in an increase in accounts payable year over year.  Pension contributions were higher in 2021 than in 2020 as the Company elected in 2020 to defer $12 million of U.S. contributions due in 2020 to 2021, as permitted under the CARES Act that was passed in March 2020. The Company made contributions of $23.7 million in 2021 to the Company’s pension plans compared to contributions of $7.1 million in 2020. Interest paid to third parties was $10.9 million lower in 2021 compared to 2020 due to lower outstanding debt and interest rates, mainly due to the repurchase in 2020 of our 2022 Notes at 11% and the issuance of our 2028 Notes at 8.5% and lower LIBOR rates on our revolving line of credit borrowings.

Investing activities. The Company's main investing activities are capital expenditures and proceeds from the sale of property, plant, and equipment. In 2021, we sold and leased back a group of properties with net proceeds of approximately $163.2 million. Capital expenditures increased year-over-year as the Company reduced the 2020 annual capital expenditures budget due to the COVID-19 pandemic. In 2021, we acquired SMP for $14.0 million, net of cash acquired.

Financing activities. The Company's main source of liquidity to fund working capital requirements is borrowings on our credit facility. In 2021, we redeemed $150.0 million of our 2028 Notes, which was partially offset by credit facility borrowings. At December 31, 2020, we borrowed approximately $40 million of excess credit facility funds to maintain access to cash during the COVID-19 pandemic. This borrowing was offset by credit facility repayments from operating cash flows that were generated in 2020. In addition, during 2020 we redeemed and repurchased the outstanding principal amount of $587.9 million of our 2022 Notes. In the third quarter of 2020, we issued $500 million of our 2028 Notes to replace the 2022 Notes at a lower interest rate and debt level and paid $10.9 million of issuance fees on the transaction. In the fourth quarter of 2020, we redeemed $50.0 million of our 2028 Notes. Book overdrafts fluctuate based on the timing of payments.

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.

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 $20 million as of December 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.  

Total Debt

Total debt at December 31, 2021 decreased $100.7 million to $639.3 million from $740.0 million at December 31, 2020, mainly due to cash generated from sale-leaseback transactions and the net cash provided by operating activities in 2021.

Total debt outstanding as of December 31, 2021 consisted of the following amounts: $316.0 million borrowings under the Ryerson Credit Facility, $300.0 million under the 2028 Notes, $27.0 million of foreign debt, and $6.0 million of other debt, less $9.7 million of unamortized debt issuance costs. Availability under the Ryerson Credit Facility was $670 million and $277 million at December 31, 2021 and December 31, 2020, respectively. For further information, see Note 10: Debt in Part II, Item 8 – Financial Statements and Supplementary Data.

Pension Funding

The Company made contributions of $23.7 million in 2021, $7.1 million in 2020, and $25.7 million in 2019 to improve the Company’s pension plans funded status. At December 31, 2021, as reflected in Part II. Item 8, Financial Statements and Supplementary Data, Note 11, pension liabilities exceeded plan assets by $95.8 million. The Company anticipates that it will have a minimum required pension contribution of approximately $5.8 million in 2022 under the Employee Retirement Income Security Act of 1974 (“ERISA”), Pension Protection Act in the U.S., and the 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. Future contribution requirements depend on the investment returns on plan assets, the impact of discount rates on pension liabilities, and changes in regulatory requirements. The Company is unable to determine the amount or timing of any such contributions required by ERISA or whether any such contributions would have a material adverse effect on the Company’s financial position or cash flows.

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Effective September 24, 2021, the Ryerson Pension Plan purchased $206.6 million of annuities on behalf of a portion of plan participants which, due to the size of the transaction, resulted in settlement accounting. The pension plan was remeasured as of September 30, 2021. The remeasurement resulted in a settlement loss of $98.3 million which was recorded within Other income and (expense), net in the Statement of Operations as of September 30, 2021.

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.

Income Tax Payments

The Company made income tax payments of $70.2 million in 2021 and received income tax refunds of $5.7 million and $6.6 million in 2020 and 2019, respectively. Income tax payments in 2021 increased as the Company fully utilized existing federal income tax net operating loss carryforwards and had increased pre-tax income year over year.  See Part II. Item 8, Financial Statements and Supplementary Data, Note 19: Income Taxes for further discussion.

Material Cash Requirements

The Company expects to make approximately $649 million in principal payments to satisfy its debt obligations, consisting of $27 million in foreign debt coming due in 2022, $6 million of other debt coming due between 2023 and 2024, $316 million for the Ryerson Credit Facility coming due in 2025, and $300 million for the 2028 Notes due in 2028. Please refer to Part II. Item 8, Financial Statements and Supplementary Data, Note 10: Debt for further information.  

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 2036, and finance leases expiring at various times through 2027. The total amount of future lease payments is estimated to be $278 million with $44 million for the next 12 months. Including leases signed but not yet commenced as of December 31, 2021, total lease payments are $471 million. Please refer to Part II, Item 8 – Financial Statements and Supplementary Data, Note 6: Leases for further information.

The Company expects to pay approximately $32 million of interest on the 2028 Notes, Ryerson Credit Facility, foreign debt, and other debt over the next 12 months and $160 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 swaps.

Purchase obligations with suppliers are entered into when we receive firm sales commitments with certain of our customers. As of December 31, 2021, we had outstanding purchase obligations of approximately $14 million expiring in 2022.

Restructuring

2021

During 2021, the Company paid the remaining $0.5 million of employee-related costs related to prior year staff reductions. The Company has a $0.7 million reserve for tenancy-related costs for facilities closed in prior years, which are expected to be paid through 2025.

2020

In 2020, the Company recorded a $2.2 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.9 million of the employee costs related to these actions. In addition, the Company paid $0.8 million related to 2019 staff reductions.

During 2020, the Company also paid $0.3 million for costs related to facilities closed in prior years and recorded an addition of $0.1 million to the reserve for tenancy-related costs, which was charged to warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations.

2019

In 2019, the Company recorded a $2.1 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.2 million for employee costs related to these actions. In addition, the Company paid $0.3 million related to 2018 staff reductions.

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During 2019, the Company also recorded a $0.3 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.9 million in 2019 for costs related to facilities closed in prior years.

Deferred Tax Amounts

At December 31, 2021, the Company had a net deferred tax liability of $94 million comprised primarily of a deferred tax asset of $24 million related to pension liabilities, a deferred tax asset related to postretirement benefits other than pensions of $15 million, deferred tax assets of $10 million related to state, local, and foreign tax loss carryforwards, and $26 million of other deferred taxes relating to accrued compensation and other items, offset by a valuation allowance of $5 million and deferred tax liabilities of $57 million related to fixed assets, $97 million related to inventory, and $10 million related to intangibles. The Company’s deferred tax assets include $10 million related to state net operating loss (“NOL”) carryforwards and $0.3 million related to foreign NOL carryforwards at December 31, 2021. Due to the 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, which could affect our deferred tax balances.

In accordance with ASC Topic 740, “Income Taxes,” the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies, and future income. After considering both the positive and negative evidence available, in the second quarter of 2009, the Company determined that it was more-likely-than-not that it would not realize a portion of its U.S. deferred tax assets. As a result, the Company established a valuation allowance against a portion of its U.S. deferred tax assets. The Company released a portion of the valuation allowance related to one of its U.S. subsidiaries, JT Ryerson, during 2012. The Company released most of the remaining U.S. related valuation allowance during 2013. In 2018, the Company further reduced its valuation allowance related to state and foreign net operating losses. As of December 31, 2019, the Company had a valuation allowance of $13.7 million, a decrease of $15.6 million from the prior year mainly related to expiring NOLs and changes to U.S. foreign tax credits previously recorded. As of December 31, 2020, the company had a valuation allowance of $6.6 million, a decrease of $7.1 million from the prior year mainly related to expiring NOLs and changes to U.S foreign tax credits previously recorded. As of December 31, 2021, the Company had a valuation allowance of $5.0 million, a decrease of $1.6 million from the prior year mainly related to a release of a valuation allowance on state NOL deferred tax assets, which we now expect to realize due to improved profitability.

As described in Note 1 to the Consolidated Financial Statements, the Company assesses the need for a valuation allowance considering all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies.

The Company will continue to maintain a valuation allowance on certain U.S. federal and foreign 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.

Critical Accounting Estimates

Preparation of this Form 10-K requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of sales and expenses during the reporting period. Our critical accounting policies, including the assumptions and judgments underlying them, are disclosed in Item 8 within Note 1: Summary of Accounting and Financial Policies. These policies have been consistently applied and address such matters as revenue recognition, depreciation methods, inventory valuation, asset impairment recognition, and pension and postretirement expense. While policies associated with estimates and judgments may be affected by different assumptions or conditions, we believe our estimates and judgments associated with the reported amounts are appropriate in the circumstances. Actual results may differ from those estimates.

We consider the policies discussed below as critical to an understanding of our financial statements, as application of these policies places the most significant demands on management’s judgment, with financial reporting results relying on estimation of matters that are uncertain.

Provision for allowances, claims, and doubtful accounts: We perform ongoing credit evaluations of customers and set credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. We monitor customer payments and maintain a provision for estimated credit losses based on historical experience and specific customer collection issues that we have identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. We cannot

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guarantee that the rate of future credit losses will be similar to past experience. Provisions for allowances and claims are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. We consider all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts.

Inventory valuation: Our inventories are stated at the lower of cost or market. The valuation of our inventories at the lower of cost or market could be subject to certain estimates; however, the measurement is primarily based on historical purchasing and sales information rather than forecasted metals pricing. Inventory costs reflect metal and in-bound freight purchase costs, third-party processing costs, and internal direct and allocated indirect processing costs. Cost is primarily determined by the LIFO method. We regularly review inventory on hand and record provisions for obsolete and slow-moving inventory based on historical and current sales trends. Changes in product demand and our customer base may affect the value of inventory on hand which may require higher provisions for obsolete inventory.

Income Taxes: Our income tax expense, deferred tax assets and liabilities, and reserve for uncertain tax positions reflect our best estimate of taxes to be paid. The Company is subject to income taxes in the U.S. and several foreign jurisdictions. The determination of the consolidated income tax expense requires judgment and estimation by management. It is possible that actual results could differ from the estimates that management has used to determine its consolidated income tax expense.

We record operating loss and tax credit carryforwards and the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in the Consolidated Balance Sheet. We follow detailed guidelines in each tax jurisdiction when reviewing tax assets recorded on the balance sheet and provide for valuation allowances as required. Deferred tax assets are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax planning strategies, and on forecasts of future taxable income. The forecasts of future taxable income require assumptions regarding volume, selling prices, margins, expense levels, and industry cyclicality. If we are unable to generate sufficient future taxable income in certain tax jurisdictions, we may be required to record additional valuation allowances against our deferred tax assets related to those jurisdictions.

The Company’s income tax provisions are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. Although the Company believes that the positions taken on filed tax returns are reasonable, it has established tax and interest reserves in recognition that various taxing authorities may challenge the positions taken. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate.  

Long-lived Assets and Other Intangible Assets: Long-lived assets held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We estimate the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired long-lived or intangible asset would be written down to fair value, based on various available valuation techniques, including the discounted cash flow method.

Goodwill: We assess the recoverability of the carrying value of recorded goodwill annually in the fourth quarter of each year or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. Factors that may be considered indicators of impairment include: deterioration in general economic conditions; declines in the market conditions of our products, including metals prices; a sustained significant decline in our share price and market capitalization; reduced future cash flow estimates; and slower growth rates in our industry, among others. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the goodwill impairment test. We compare the fair value of the reporting unit in which goodwill resides to its carrying value. If the carrying amount exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of our fair value in an orderly transaction between market participants. An income approach based on discounted future cash flows requires us to estimate income from operations based on projected results and discount rates based on a weighted average cost of capital of comparable companies. A market approach estimates fair value using market multiples of various financial measures of comparable

45

public companies. If these estimates or their related assumptions for commodity prices and demand change in the future, we may be required to record impairment charges for these assets.

Based on the impairment test performed on October 1, 2021, the Company concluded that the fair value of the reporting unit tested for impairment exceeded the carrying value. The discount rate for the reporting unit was estimated to be 15.5% at October 1, 2021. The Company determines a discount rate based on an estimate of a reasonable risk-adjusted return an investor would expect to realize on an investment in the reporting unit. Deterioration in market conditions in our industry or products, changes in expected future cash flows, expected growth rates, or to discount rates could result in impairment charges in future periods.

Purchase Price Accounting: Business combinations are accounted for using the acquisition method of accounting. This method requires the Company to record assets and liabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any shortfall in the cost of the acquisition compared to the fair value of the net assets acquired is recorded in the Statement of Operations as a bargain gain. The Company uses valuation specialists, where necessary, to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities.

Pension and postretirement benefit plan assumptions: We sponsor various benefit plans covering a portion of our employees for pension and postretirement medical costs. Statistical methods are used to anticipate future events when calculating expenses and liabilities related to the plans. The statistical methods include assumptions about, among other things, the discount rate, expected return on plan assets, rate of increase of health care costs, and the rate of future compensation increases. Our actuarial consultants also use subjective factors such as withdrawal and mortality rates when estimating expenses and liabilities. The discount rate used for U.S. plans reflects the market rate for high-quality fixed-income investments on our annual measurement date (December 31) and is subject to change each year. The discount rate was determined by matching, on an approximate basis, the coupons and maturities for a portfolio of corporate bonds (rated Aa or better by Moody’s Investor Services or AA or better by Standard and Poor’s) to the expected plan benefit payments defined by the projected benefit obligation. The discount rates used for plans outside the U.S. are based on the yield of long term high quality corporate bonds, the duration of the liability, and appropriate judgment.  

When calculating pension expense for 2021, we assumed the pension plans’ assets would generate a long-term rate of return between 4.35% and 5.05% for the JT Ryerson plan (adjusted for the remeasurement in 2021) and 2.05% for the Central Steel and Wire Company, a JT Ryerson subsidiary, plan, and between 1.75% and 4.25% for the Canadian plans. The expected long-term rate of return assumption was developed based on historical experience and input from the trustee managing the plans’ assets. The expected long-term rate of return on plan assets is based on a target allocation of assets, which is based on a goal of earning the highest rate of return while maintaining risk at acceptable levels. Our projected long-term rate of return for the JT Ryerson pension plan is slightly higher than some market indices due to the active management of our plans’ assets, and is supported by the historical returns on our plans’ assets. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio. We regularly review actual asset allocation and the pension plans’ investments are periodically rebalanced to the targeted allocation when considered appropriate. Pension expense increases as the expected rate of return on plan assets decreases. Lowering the expected long-term rate of return on plan assets by 50 basis points would have increased 2021 pension expense by approximately $2 million.

Future pension obligations for the U.S. plans were discounted using rates between of 2.84% and 3.27% at December 31, 2021. Future pension obligations for the Canadian plans were discounted using 2.85% at December 31, 2021. Lowering the discount rate by 50 basis points would increase the pension liability at December 31, 2021 by approximately $26 million.

The calculation of other postretirement benefit obligations requires the use of a number of assumptions, including the assumed discount rate for measuring future payment obligations. A decrease in the weighted average discount rate of 50 basis points would increase the postretirement benefit liability by approximately $3 million.

The assumptions used in the actuarial calculation of expenses and liabilities may differ materially from actual results due to changing market and economic conditions, higher or lower withdrawal rates, or longer or shorter life spans of participants. These differences may result in a significant impact on the amount of pension or postretirement benefit expense we may record in the future.

Legal contingencies: We are involved in a number of legal and regulatory matters including those discussed in Item 8 within Note 13: Commitments and Contingencies. We determine whether an estimated loss from a loss contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We analyze our legal matters based on available information to assess potential liability. We consult with outside counsel involved in our legal matters when analyzing potential outcomes. We cannot determine at this time whether any potential liability related to this litigation would materially affect our financial position, results of operations, or cash flows.

46

Recent Accounting Pronouncements

Recent accounting pronouncements are discussed within Note 1: Summary of Accounting and Financial Policies in Part II, Item 8 Financial Statements and Supplementary Data.

ITEM 7A. 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 $666.8 million at December 31, 2021 and $800.3 million at December 31, 2020 as compared with the carrying value of $639.3 million and $740.0 million at December 31, 2021 and 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 December 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 December 31, 2021 was a net liability of $1.4 million.  For the year ended December 31, 2021, the Company recognized a mark-to-market gain of $2.6 million, which was partially offset by a $2.5 million loss recognized from other comprehensive income. 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.

After considering the effects of our interest rate swaps, 71% of our debt was at fixed interest rates as of December 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 2021 by approximately $2.0 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 $4.5 million outstanding at December 31, 2021 and a net liability value of zero. 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 year ended December 31, 2021, the Company recognized a gain of $0.2 million associated with its foreign currency contracts. A hypothetical strengthening or weakening of 10% in the foreign exchange rates underlying the foreign currency contracts from the market rate as of December 31, 2021 would increase or decrease the fair value of the foreign currency contracts by $0.4 million and $0.5 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 statement of operations 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 have been used to manage a limited portion of our exposure to fluctuations in the cost of certain commodities. No derivatives are held for trading purposes.

47

As of December 31, 2021, we had 176,859 tons of hot roll coil swap contracts with a net liability value of $19.8 million, 857 tons of nickel swap contracts with a net liability value of $1.6 million, 20,949 tons of aluminum swap contracts with a net liability value of $0.7 million, and 840,000 gallons of diesel swap contracts with a net value of zero. 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 year ended December 31, 2021, the Company recognized a loss of $47.3 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 December 31, 2021 would increase or decrease the fair value of the commodity derivative contracts by $2.8 million.

48

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Index to Consolidated Financial Statements

	Page
Financial Statements
Management’s Report on Internal Control over Financial Reporting	50
The report of Ryerson Holding Corporation’s independent registered public accounting firm (PCAOB ID: 42) with respect to the financial statements and their report on internal control over financial reporting are included in Item 8 of this Form 10-K at the page numbers referenced below. Their consent appears as Exhibit 23.1 of this Form 10-K.
Reports of Independent Registered Public Accounting Firm	51
Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019	54
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019	55
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019	56
Consolidated Balance Sheets at December 31, 2021 and 2020	57
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2021, 2020, and 2019	58
Notes to Consolidated Financial Statements	59
Financial Statements Schedule
I—Condensed Financial Information of Registrant	93
II—Valuation and Qualifying Accounts	98
All other schedules are omitted because they are not applicable. The required information is shown in the Financial Statements or Notes thereto.

49

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of Ryerson Holding Corporation (“the Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control system was designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements under all potential conditions. Therefore, effective internal control over financial reporting provides only reasonable, and not absolute, assurance with respect to the preparation and presentation of financial statements.

The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). Based on its assessment under that framework and the criteria established therein, the Company’s management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2021.

Ernst & Young LLP, an independent registered public accounting firm, has audited the Company’s internal control over financial reporting as of December 31, 2021, as stated in their report, which is included herein.

50

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of Ryerson Holding Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Ryerson Holding Corporation and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedules listed in the Index at 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework, and our report dated February 23, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Defined Benefit Pension Obligation

Description of the Matter At December 31, 2021, the Company’s projected benefit obligation related to its defined benefit plan was $429.6 million and exceeded the fair value of pension plan assets of $333.8 million, resulting in an unfunded defined benefit pension obligation of $95.8 million. As explained in Note 11 of the consolidated financial statements, the Company remeasures the qualified defined benefit pension assets and obligations at the end of each year or more frequently upon the occurrence of certain events. The amounts are measured using actuarial valuations, which are dependent, in part, on the selection of certain actuarial assumptions. Auditing the defined benefit pension obligation was complex and required the involvement of specialists as a result of the judgmental nature of the actuarial assumptions, such as discount rates and participant longevity, used in the Company’s interim and annual remeasurement processes.  These assumptions had a significant effect on the projected benefit obligation.

51

How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s valuation of the projected benefit obligation. For example, we tested the Company’s controls over management’s review of the significant assumptions utilized in the valuation, including discount and participant longevity rates. To test the projected benefit obligation, we performed audit procedures that included, among others, evaluating the methodology used, the significant actuarial assumptions described above, and the underlying data used by the Company. We compared the actuarial assumptions used by management to historical trends and evaluated the change in the projected benefit obligation from the prior year due to the change in interest cost, actuarial gains and losses, benefit payments, plan settlements, and other activities. In addition, we involved our actuary to assist in evaluating management’s methodology for selecting the appropriate discount rates that reflect the maturity and duration of the expected benefits payments and applying those discount rates to the benefit payments used to measure the projected benefit obligation. To evaluate the participant longevity, we assessed whether the information is consistent with publicly available information, and whether any adjustments for entity-specific factors were applied. We also tested the completeness and accuracy of the underlying data, including the participant data used in the actuarial calculations.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2006.

Chicago, Illinois

February 23, 2022

52

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Ryerson Holding Corporation

Opinion on Internal Control over Financial Reporting

We have audited Ryerson Holding Corporation and subsidiaries’ internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Ryerson Holding Corporation and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2021 consolidated financial statements of the Company and our report dated February 23, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting.  Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.  

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Chicago, Illinois

February 23, 2022

53

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

	Year Ended December 31,
	2021			2020			2019
Net sales	$	5,675.3		$	3,466.6		$	4,501.6
Cost of materials sold		4,528.5			2,845.5			3,673.7
Gross profit		1,146.8			621.1			827.9
Warehousing, delivery, selling, general, and administrative		711.2			554.3			636.8
Gain on sale of assets		(109.6	)		—			(20.6	)
Gain on insurance settlement		—			—			(1.5	)
Restructuring and other charges		—			2.2			2.4
Operating profit		545.2			64.6			210.8
Other income (expense):
Interest and other expense on debt		(51.0	)		(76.4	)		(93.2	)
Pension settlement charges		(98.7	)		(65.9	)		(1.6	)
Loss on retirement of debt		(5.5	)		(17.7	)		(0.2	)
Other income and (expense), net		(0.9	)		5.3			(0.6	)
Income (loss) before income taxes		389.1			(90.1	)		115.2
Provision (benefit) for income taxes		93.7			(24.8	)		32.5
Net income (loss)		295.4			(65.3	)		82.7
Less: Net income attributable to noncontrolling interest		1.1			0.5			0.3
Net income (loss) attributable to Ryerson Holding Corporation	$	294.3		$	(65.8	)	$	82.4
Basic earnings (loss) per share	$	7.67		$	(1.73	)	$	2.19
Diluted earnings (loss) per share	$	7.56		$	(1.73	)	$	2.17
Dividends declared per share	$	0.165		$	—		$	—

See Notes to Consolidated Financial Statements

54

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

	Year Ended December 31,
	2021			2020			2019
Net income (loss)	$	295.4		$	(65.3	)	$	82.7
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(2.1	)		1.6			4.3
Gain (loss) on cash flow hedges		2.1			(3.8	)		(1.8	)
Changes in defined benefit pension and other    post-retirement benefit plans		142.4			41.8			14.0
Other comprehensive income, before tax		142.4			39.6			16.5
Income tax provision related to items of other    comprehensive income		35.6			9.5			2.6
Comprehensive income (loss), after tax		402.2			(35.2	)		96.6
Less: Comprehensive income attributable to the    noncontrolling interest		1.1			0.5			0.4
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$	401.1		$	(35.7	)	$	96.2

See Notes to Consolidated Financial Statements

55

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

	Year Ended December 31,
	2021			2020			2019
Operating activities:
Net income (loss)	$	295.4		$	(65.3	)	$	82.7
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Depreciation and amortization		55.9			53.9			58.4
Stock-based compensation		5.5			1.9			3.1
Deferred income taxes		0.6			(16.6	)		48.0
Provision for allowances, claims, and doubtful accounts		3.2			(0.7	)		3.5
Restructuring and other charges		—			2.2			2.4
Loss on retirement of debt		5.5			17.7			0.2
Gain on sale of assets		(109.6	)		—			(20.6	)
Non-cash (gain) loss from derivatives		27.6			(10.6	)		0.6
Gain on insurance settlement		—			—			(1.5	)
Pension settlement charge		98.7			65.9			1.6
Other items		0.1			0.2			1.2
Change in operating assets and liabilities, net of effects of acquisitions:
Receivables		(252.5	)		46.7			92.5
Inventories		(227.9	)		138.9			65.9
Other assets and liabilities		(23.3	)		13.0			4.9
Accounts payable		123.6			25.8			(78.2	)
Accrued liabilities		32.0			16.7			(34.6	)
Accrued taxes payable/receivable		25.2			(1.2	)		(7.6	)
Deferred employee benefit costs		(25.0	)		(10.6	)		(29.4	)
Net adjustments		(260.4	)		343.2			110.4
Net cash provided by operating activities		35.0			277.9			193.1
Investing activities:
Acquisitions, net of cash acquired		(14.5	)		—			—
Capital expenditures		(59.3	)		(26.0	)		(45.8	)
Proceeds from sale of property, plant, and equipment		166.3			0.1			70.4
Proceeds from insurance settlement		—			—			1.8
Proceeds from other investing activities		1.9			—			—
Net cash provided by (used in) investing activities		94.4			(25.9	)		26.4
Financing activities:
Long term debt issued		—			500.0			—
Repayment of debt		(157.3	)		(654.7	)		(12.7	)
Net proceeds (repayments) of short-term borrowings		45.8			(93.8	)		(164.6	)
Bond issuance costs		—			(10.9	)		—
Credit facility issuance costs		—			(4.9	)		—
Net increase (decrease) in book overdrafts		(7.7	)		27.4			0.1
Principal payments on finance lease obligations		(10.5	)		(13.1	)		(13.6	)
Contingent payment related to acquisitions		—			—			(1.3	)
Proceeds from sale leaseback transactions		—			—			8.3
Dividends paid to shareholders		(6.4	)		—			—
Dividends paid to non-controlling interest		—			(0.2	)		—
Share repurchases		(1.8	)		—			—
Net cash used in financing activities		(137.9	)		(250.2	)		(183.8	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(8.5	)		1.8			35.7
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(1.6	)		0.9			(0.2	)
Net change in cash, cash equivalents, and restricted cash		(10.1	)		2.7			35.5
Cash, cash equivalents, and restricted cash—beginning of period		62.5			59.8			24.3
Cash, cash equivalents, and restricted cash—end of period	$	52.4		$	62.5		$	59.8
Supplemental disclosures:
Cash paid (received) during the period for:
Interest paid to third parties, net	$	51.1		$	62.0		$	88.3
Income taxes, net		70.2			(5.7	)		(6.6	)
Noncash investing activities:
Asset additions under adoption of accounting principal ASC 842		—			—			82.3
Asset additions under operating leases		129.6			1.6			64.8
Asset additions under finance leases and failed sale-leasebacks		15.8			3.6			2.2
Asset additions under financing arrangements		—			—			2.2
Noncash financing activities:
Short term debt converted to finance lease		—			—			7.6

See Notes to Consolidated Financial Statements

56

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(In millions, except shares and per share data)

	At December 31,
	2021			2020
Assets
Current assets:
Cash and cash equivalents	$	51.2		$	61.4
Restricted cash (Note 3)		1.2			1.1
Receivables less provisions of $2.2 at December 31, 2021 and $1.7 at December 31, 2020 (Note 18)		630.8			378.9
Inventories (Note 4)		832.1			604.5
Prepaid expenses and other current assets		77.7			57.5
Total current assets		1,593.0			1,103.4
Property, plant, and equipment, net of accumulated depreciation (Note 5)		388.3			421.8
Operating lease assets (Note 6)		211.1			108.3
Other intangible assets (Note 7)		42.2			43.2
Goodwill (Note 8)		124.1			120.3
Deferred charges and other assets		6.9			5.1
Total assets	$	2,365.6		$	1,802.1
Liabilities
Current liabilities:
Accounts payable	$	481.2		$	365.1
Accrued liabilities:
Salaries, wages, and commissions		76.6			43.1
Other accrued liabilities		133.4			78.3
Short-term debt (Note 10)		28.8			13.8
Current portion of operating lease liabilities (Note 6)		24.9			20.7
Current portion of deferred employee benefits (Note 11)		6.1			6.6
Total current liabilities		751.0			527.6
Long-term debt (Note 10)		610.5			726.2
Deferred employee benefits (Note 11)		163.3			231.6
Noncurrent operating lease liabilities (Note 6)		184.8			93.0
Deferred income taxes (Note 19)		94.1			58.2
Other noncurrent liabilities		17.3			20.4
Total liabilities		1,821.0			1,657.0
Commitments and contingencies (Note 13)
Equity
Ryerson Holding Corporation stockholders’ equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020		0.4			0.4
Capital in excess of par value		388.6			383.1
Retained earnings		321.7			33.8
Treasury stock at cost – Common stock of 292,932 shares at December 31, 2021 and 212,500 shares at December 31, 2020		(8.4	)		(6.6	)
Accumulated other comprehensive loss (Note 16)		(165.1	)		(271.9	)
Total Ryerson Holding Corporation stockholders’ equity		537.2			138.8
Noncontrolling interest		7.4			6.3
Total equity		544.6			145.1
Total liabilities and equity	$	2,365.6		$	1,802.1

See Notes to Consolidated Financial Statements

57

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions, except shares in thousands)

	Ryerson Holding Corporation Stockholders
																	Accumulated Other Comprehensive Income (Loss)
	Common Stock				Treasury Stock						Capital in Excess of Par Value			Retained Earnings (Accumulated Deficit)			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
Balance at January 1, 2019		37,656	$	0.4		(213	)	$	(6.6	)	$	381.0		$	14.2		$	(52.8	)	$	(264.0	)	$	1.0		$	2.7		$	75.9
Net income		—		—		—			—			—			82.4			—			—			—			0.3			82.7
Foreign currency translation		—		—		—			—			—			—			4.2			—			—			0.1			4.3
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $3.1		—		—		—			—			—			—			—			10.9			—			—			10.9
Adoption of accounting principle ASU 2016-02		—		—		—			—			—			3.0			—			—			—			—			3.0
Stock-based compensation expense	340			—		—			—			3.1			—			—			—			—			—			3.1
Purchase of subsidiary shares from noncontrolling interest		—		—		—			—			(2.9	)		—			—			—			—			2.9			—
Cash flow hedge - interest rate swap, net of tax of $0.5		—		—		—			—			—			—			—			—			(1.3	)		—			(1.3	)
Balance at December 31, 2019		37,996	$	0.4		(213	)	$	(6.6	)	$	381.2		$	99.6		$	(48.6	)	$	(253.1	)	$	(0.3	)	$	6.0		$	178.6
Net income (loss)		—		—		—			—			—			(65.8	)		—			—			—			0.5			(65.3	)
Foreign currency translation		—		—		—			—			—			—			1.6			—			—			—			1.6
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $10.5		—		—		—			—			—			—			—			31.3			—			—			31.3
Stock-based compensation expense	334			—		—			—			1.9			—			—			—			—			—			1.9
Dividends paid to noncontrolling interest		—		—		—			—			—			—			—			—			—			(0.2	)		(0.2	)
Cash flow hedge - interest rate swap, net of tax of $1.0		—		—		—			—			—			—			—			—			(2.8	)		—			(2.8	)
Balance at December 31, 2020		38,330	$	0.4		(213	)	$	(6.6	)	$	383.1		$	33.8		$	(47.0	)	$	(221.8	)	$	(3.1	)	$	6.3		$	145.1
Net income		—		—		—			—			—			294.3			—			—			—			1.1			295.4
Foreign currency translation		—		—		—			—			—			—			(2.1	)		—			—			—			(2.1	)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $35.1		—		—		—			—			—			—			—			107.3			—			—			107.3
Share repurchases		—		—		(80	)		(1.8	)		—			—			—			—			—			—			(1.8	)
Stock-based compensation expense		357		—		—			—			5.5			—			—			—			—			—			5.5
Cash dividends and dividend equivalents		—		—		—			—			—			(6.4	)		—			—			—			—			(6.4	)
Cash flow hedge - interest rate swap, net of tax of $0.5		—		—		—			—			—			—			—			—			1.6			—			1.6
Balance at December 31, 2021		38,687	$	0.4		(293	)	$	(8.4	)	$	388.6		$	321.7		$	(49.1	)	$	(114.5	)	$	(1.5	)	$	7.4		$	544.6

See Notes to Consolidated Financial Statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Summary of Accounting and Financial Policies

Business Description and Basis of Presentation. 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, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation.

Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280.

Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.  

Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 17: Revenue Recognition for further details.

Provision for allowances, claims, and doubtful accounts. The Company follows the guidance under ASC 326 “Financial Instruments – Credit Losses” (“ASC 326”). The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 18: Provision for Credit Losses for further details.

Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs totaled $125.2 million, $113.7 million, and $126.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. In accordance with ASC 606, the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known.

Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the

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requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned.

Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $77.3 million and $84.9 million to accounts payable at December 31, 2021 and 2020, respectively.

Inventory Valuation. Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories.

Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:

Land improvements	20 years
Buildings	45 years
Machinery and equipment	10-15 years
Furniture and fixtures	10 years
Transportation equipment	3-6 years
Land use rights	50 years

Expenditures for normal repairs and maintenance are charged against income in the period incurred.

Leases. Leases are recognized in accordance with FASB ASC 842, “Leases” (“ASC 842”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See Note 6: Leases, for further details.

Goodwill. In accordance with FASB ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants.  

Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method.

Accrued Vacation Liability. In 2019, the Company changed its vacation policy such that employees earn their vacation for the current year as work is performed throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap. Under the previous policy, vacation was earned in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded a reduction of $11.0 million to accrued vacation expense, which is included within warehousing, delivery, general, and administrative expense within the Consolidated Statement of Operations in 2019.

Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using either the effective interest method or straight line method over the life of the debt in accordance with FASB ASC 470, “Debt” (“ASC 470”). Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability.

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Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year.

For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized $0.2 million exchange loss, zero exchange gains/losses, and a $2.4 million exchange loss for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts are classified either in Other income and (expense), net or Warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations.  

Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality.

Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known.

The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Earnings Per Share Data. Basic earnings per share (“EPS”) is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all dilutive potential common shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. Basic earnings per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings per share, assuming dilution, includes such dilutive effects.

Stock-Based Compensation. All of our stock-based compensation plans are classified as equity awards. The fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is determined based on the fair value of our common stock on the grant date. The fair value of stock options is estimated based on a Monte Carlo simulation and considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of stock options, RSUs, and PSUs is expensed on a straight-line basis over their respective vesting periods. We have elected to recognize forfeitures as they occur. See Note 12: Stock-Based Compensation for further details.

Recent Accounting Pronouncements

Impact of Recently Issued Accounting Standards–Adopted

In December 2019, the FASB issued 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 tax 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.

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In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The amendments in this update clarify the accounting to address diversity in practice and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The update is effective for interim and annual reporting periods beginning after December 15, 2022 and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. We adopted this guidance as of October 1, 2021 and there was no impact to our consolidated financial statements or disclosures.

Impact of Recently Issued Accounting Standards–Not Yet Adopted

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

Note 2: Acquisitions

 On September 1, 2021, JT Ryerson acquired Specialty Metals Processing, Inc. (“SMP”), a toll processor located in Stow, Ohio. SMP processes stainless steel, aluminum, titanium, and nickel alloy products in a variety of industries including aerospace. SMP's expertise in buffing, grinding, and polishing finishes adds to Ryerson's value-added processing capabilities. The acquisition is not material to our consolidated financial statements.

Note 3: Cash, Cash Equivalents, and Restricted Cash

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

	At December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	51.2	$	61.4
Restricted cash		1.2		1.1
Total cash, cash equivalents, and restricted cash	$	52.4	$	62.5

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

Note 4: Inventories

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

	At December 31,
	2021		2020
	(In millions)
In process and finished products	$	832.1	$	604.5

If current cost had been used to value inventories, such inventories would have been $303 million higher and $63 million lower than reported at December 31, 2021 and 2020, respectively. Approximately 88% and 91% of inventories are accounted for under the LIFO method at December 31, 2021 and 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 $8.8 million and $4.8 million at December 31, 2021 and 2020, respectively.

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Note 5: Property, Plant, and Equipment

Property, plant, and equipment consisted of the following at December 31, 2021 and 2020:

	At December 31,
	2021			2020
	(In millions)
Land and land improvements	$	65.0		$	88.0
Buildings and leasehold improvements		141.2			202.3
Machinery, equipment, and other		482.4			451.6
Finance leases		56.8			66.5
Construction in progress		47.4			14.5
Total		792.8			822.9
Less: Accumulated depreciation		(404.5	)		(401.1	)
Net property, plant, and equipment	$	388.3		$	421.8

The Company recognized gains on the sale of assets classified as held for sale of zero, zero, and $0.4 million for the years ended December 31, 2021, 2020, and 2019 respectively. The Company had $1.2 million and $4.0 million of assets held for sale classified within “Prepaid expenses and other current assets” on the Consolidated Balance Sheet as of December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, the Company completed several asset sales in the form of sale-leasebacks to generate cash proceeds that were, in part, utilized to redeem a portion of the 8.50% senior secured notes due 2028 (the “2028 Notes”), and also in a continued effort to optimize our facility footprint. Each of these sale-leasebacks were for varying periods of time, ranging from 21 months to 15 years, and therefore the Company recorded right of use assets of $95.1 million and lease liabilities of $86.4 million. See Note 6: Leases for further discussion of the individually significant leaseback transaction. As a result of these transactions, $65.4 million of land and building assets, net of accumulated depreciation, were sold for net cash proceeds of $163.2 million, resulting in a total gain of $107.7 million. The Company also had normal course asset sale activity which generated additional cash proceeds of $3.1 million for the year ended December 31, 2021.

Note 6: 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 2036, and finance leases expiring at various times through 2027.  

Policy Elections & Practical Expedients

The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date.

Significant Judgments

Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred.

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The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of November 5, 2020 (the “Ryerson Credit Facility”).

In December 2019, we sold and leased back a group of service center properties located in Arizona, Arkansas, Georgia, New York, Ohio, Texas, Virginia, and Washington for net proceeds of approximately $61.5 million. The total annual rent for the properties was approximately $4.3 million for the first year and is subject to annual rent escalations over the 12-year lease term. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities and is required to adequately maintain the properties for the lease term. The lease includes two renewal options for five years each.

The 2019 transaction met the requirements for sale leaseback accounting under ASC 842 and ASC 606. Accordingly, the Company recognized the sale of the properties, which resulted in a gain of approximately $20.6 million recorded in the Consolidated Statement of Operations.

Similarly, in June 2021, we sold and leased back a group of service center properties located in Delaware, Florida, Kentucky, Minnesota, Missouri, Oklahoma, Pennsylvania, Tennessee, Texas, and Virginia for net proceeds of approximately $104 million. The total annual rent for the properties starts at approximately $6.4 million per year, with the amount increasing at 1.5% annually over the 15-year lease term, including, without limitation, during any renewal term. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities and is required to adequately maintain the properties for the lease term. The lease includes two renewal options for five years each.

The 2021 transaction met the requirements for sale leaseback accounting under ASC 842 and ASC 606. Accordingly, the Company recognized the sale of the properties, which resulted in a gain of approximately $62.5 million recorded in the Consolidated Statement of Operations. The related land and buildings were removed from property, plant, and equipment and operating lease assets and liabilities of $84.4 million, respectively, were recorded in the Consolidated Balance Sheets.

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

		At December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	211.1	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.2		45.5
Total lease assets		$	252.3	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	24.9	$	20.7
Finance	Other accrued liabilities		12.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		184.8		93.0
Finance	Other noncurrent liabilities		16.0		14.3
Total lease liabilities		$	238.2	$	137.0

(a) Finance lease assets are recorded net of accumulated amortization of $15.6 million and $21.0 million as of December 31, 2021 and 2020, respectively.

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The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2021, 2020 and, 2019:

		Year Ended December 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020		2019
				(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	30.5	$	23.9	$	20.7
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		5.4		6.4		6.9
Interest on lease liabilities	Interest and other expense on debt		1.0		1.2		1.6
Variable lease expense	Warehousing, delivery, selling, general, and administrative		2.8		3.1		3.1
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		2.7		2.4		3.0
Total lease expense		$	42.4	$	37.0	$	35.3

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

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2022	$	31.1		$	13.0
2023		27.9			6.6
2024		26.2			4.9
2025		22.4			3.6
2026		18.8			1.7
After 2026		121.5			0.2
Total lease payments		247.9			30.0
Less: Interest(b)		(38.2	)		(1.5	)
Present value of lease liabilities(c)	$	209.7		$	28.5

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

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

(c) Includes the current portion of $24.9 million for operating leases and $12.5 million for finance leases.

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

	At December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		10.4			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.2	%		3.4	%
Finance leases		3.4	%		4.4	%

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Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2021, 2020, and 2019 is summarized below:

	Year Ended December 31,
Other Information	2021		2020		2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	29.7	$	25.3	$	21.4
Operating cash flows from finance leases		1.0		1.2		1.6
Financing cash flows from finance leases		10.5		13.1		13.6
Assets obtained in exchange for lease obligations:
Adoption of accounting principal ASC 842		—		—		82.3
Operating leases		129.6		1.6		64.8
Finance leases		15.8		3.6		2.2

Note 7: Definite-Lived Intangible Assets

The following summarizes the components of definite-lived intangible assets at December 31, 2021 and 2020:

			At December 31, 2021							At December 31, 2020
	Remaining Weighted Average Amortizable Life in Years		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
			(In millions)
Amortizable intangible assets
Customer relationships		13.3	$	62.3	$	(44.5	)	$	17.8	$	57.7	$	(41.4	)	$	16.3
Developed technology / product know-how		9.3		4.8		(3.3	)		1.5		4.6		(3.0	)		1.6
Non-compete agreements		3.2		0.6		(0.5	)		0.1		0.5		(0.4	)		0.1
Trademarks		13.7		43.1		(20.3	)		22.8		42.3		(17.1	)		25.2
Licenses		—		—		—			—		0.5		(0.5	)		—
Total definite-lived intangible assets			$	110.8	$	(68.6	)	$	42.2	$	105.6	$	(62.4	)	$	43.2

Amortization expense related to intangible assets reported in warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019 was $6.7 million, $7.4 million, and $7.5 million, respectively.

Estimated amortization expense related to intangible assets at December 31, 2021, for each of the years in the five year period ending December 31, 2026 and thereafter is as follows:

	Estimated Amortization Expense
	(In millions)
For the year ended December 31, 2022		7.0
For the year ended December 31, 2023		5.8
For the year ended December 31, 2024		5.7
For the year ended December 31, 2025		5.5
For the year ended December 31, 2026		5.4
For the years ended thereafter		12.8

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Note 8: Goodwill

Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020:

	Cost		Accumulated Impairment			Carrying Amount
			(In millions)
Balance at January 1, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		—		—		$	—
Balance at December 31, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		3.8		—			3.8
Balance at December 31, 2021	$	132.4	$	(8.3	)	$	124.1

In 2021, the Company recognized $3.8 million of goodwill within the US Reporting unit which is deductible for income tax purposes. See Note 2: Acquisitions for further information.

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. Based on our October 1, annual goodwill impairment test, we determined there was no goodwill impairment in 2021.

Note 9: Restructuring and Other Charges

The following summarizes restructuring accrual activity for the years ended December 31, 2021, 2020, and 2019:

	Employee Related Costs			Tenancy and Other Costs			Total Restructuring Costs
	(In millions)
Balance at January 1, 2019	$	0.4		$	1.5		$	1.9
Restructuring charges		2.1			0.3			2.4
Cash payments		(1.5	)		(0.9	)		(2.4	)
Balance at December 31, 2019	$	1.0		$	0.9		$	1.9
Restructuring charges		2.2			—			2.2
Cash payments		(2.7	)		(0.3	)		(3.0	)
Addition to reserve		—			0.1			0.1
Balance at December 31, 2020	$	0.5		$	0.7		$	1.2
Cash payments		(0.5	)		—			(0.5	)
Balance at December 31, 2021	$	—		$	0.7		$	0.7

2021

During 2021, the Company paid the remaining $0.5 million of employee-related costs related to prior year staff reductions. The Company has a $0.7 million reserve for tenancy-related costs for a facility closed in 2015, which are expected to be paid through 2025.

2020

In 2020, the Company recorded a $2.2 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.9 million of the employee costs related to these actions. In addition, the Company paid $0.8 million related to 2019 staff reductions. 

During 2020, the Company also paid $0.3 million for costs related to facilities closed in prior years and recorded an addition of $0.1 million to the reserve for tenancy-related costs, which was charged to warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. 

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2019

In 2019, the Company recorded a $2.1 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.2 million of the employee costs related to these actions. In addition, the Company paid $0.3 million related to 2018 staff reductions.

During 2019, the Company also recorded a $0.3 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.9 million in 2019 for costs related to facilities closed in prior years.                    

Note 10: Debt

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

	At December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	316.0		$	285.0
8.50% Senior Secured Notes due 2028		300.0			450.0
Foreign debt		27.0			12.1
Other debt		6.0			7.8
Unamortized debt issuance costs and discounts		(9.7	)		(14.9	)
Total debt		639.3			740.0
Less:
Short-term foreign debt		27.0			12.1
Other short-term debt		1.8			1.7
Total long-term debt	$	610.5		$	726.2

The principal payments required to be made on debt during the next five fiscal years are shown below:

	Amount
	(In millions)
For the year ended December 31, 2022	$	28.8
For the year ended December 31, 2023		1.8
For the year ended December 31, 2024		2.4
For the year ended December 31, 2025		316.0
For the year ended December 31, 2026	—
For the years ended thereafter		300.0

Ryerson Credit Facility

On November 5, 2020, the Ryerson Credit Facility was amended to extend the maturity date from November 16, 2021 to November 5, 2025. 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 December 31, 2021, Ryerson had $316.0 million of outstanding borrowings, $14 million of letters of credit issued, and $670 million available under the Ryerson Credit Facility compared to $285.0 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.

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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%).  Through November 5, 2021 the spread over the base rate and prime rate was fixed at 0.50% and the spread over the LIBOR for the bankers’ acceptances was fixed at 1.50%. After November 5, 2021, the spread over the base rate and prime rate is between 0.25% and 0.50% and the spread over the LIBOR for the bankers’ acceptances is 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. LIBOR rates will stop being published on June 30, 2023, at that time the interest rate on the Ryerson Credit Facility will be replaced by the Secured Overnight Financing Rate (“SOFR”).

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 swap was 2.5% and 2.9 % at December 31, 2021 and 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 Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2022 and 2028 Notes

On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 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 (“2022 Notes”) and (ii) pay related transaction fees, expenses, and premiums.

The Company applied the provisions of ASC 470-50, “Modifications and Extinguishments” in accounting for the issuance of the 2028 Notes and redemption of the 2022 Notes. It was determined that while the issuance was private, the terms of the issuance were

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similar to a public debt issuance due to the facts that (i) no single investor or small group of investors held a significant concentration of both the old and the new debt, (ii) none of the old investors were included in negotiations with the underwriter in setting the terms of the debt issuance, and (iii) and the old investors had the opportunity to participate in the new issuance in the same manner as new investors. As the issuance was similar to a public debt issuance, extinguishment accounting was applied. The Company recorded a $17.1 million loss within other income and (expense), net on the Consolidated Statement of Operations during the third quarter of 2020, which consists of the redemption fees paid to the creditors and unamortized debt issuance costs written off related to the 2022 Notes. Additionally, the costs incurred with third parties for arrangement fees, legal, and other services related to the 2028 Notes were capitalized and are being amortized over the life of the new debt using the effective interest method.

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 U.S. (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.

During the fourth quarter of 2020, JT Ryerson completed a partial redemption of $50 million of aggregate principal amount of the 2028 Notes at a redemption price in cash of 103.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded this redemption with cash available on hand. Additionally, on July 9, 2021, JT Ryerson completed a partial redemption of $100 million of aggregate principal amount of the 2028 Notes at a redemption price in cash of 104.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded the partial redemption using the proceeds of a sale leaseback transaction that closed on June 9, 2021. See Note 6: Leases for further discussion of the sale leaseback transaction. Finally, on July 23, 2021, JT Ryerson completed a partial redemption of $50 million aggregate principal amount of the 2028 Notes at a redemption price in cash of 103.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded this redemption with cash available on hand. As a result, $300 million in aggregate principal amount of the 2028 Notes remained outstanding at December 31, 2021.  All losses on debt redemptions were recorded within other income and (expense), net on the Consolidated Statement of Operations in the respective period.

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 determined the fair value of the embedded derivative as of December 31, 2020 was $2.3 million and recorded it within other current assets in the Consolidated Balance Sheet. As of December 31, 2021, the fair value was determined to be $0.2 million with the change of $2.1 million recognized within other income and (expense), net on the Consolidated Statements of Operations. Refer to Note 15: 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. As a result of these restrictions, the restricted net assets of consolidated subsidiaries exceeded 25 percent of consolidated net assets as of December 31, 2021. Restricted net assets as of December 31, 2021 were $588.5 million.

During the first six months of 2020, a principal amount of $57.6 million of the 2022 Notes were repurchased for $56.7 million and retired, resulting in the recognition of a $0.9 million gain within other income and (expense), net on the Consolidated Statement of Operations. During 2019, a principal amount of $11.6 million of the 2022 Notes were repurchased for $11.8 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Consolidated Statement of Operations.

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Foreign Debt

At December 31, 2021, Ryerson China’s total foreign borrowings were $27.0 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. At December 31, 2020, Ryerson China’s total 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 Ryerson China’s credit facility was $20 million and $35 million at December 31, 2021 and 2020, respectively. Letters of credit issued by our foreign subsidiaries totaled $6 million at December 31, 2021 and 2020.

Note 11: Employee Benefits

The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “Compensation – Retirement Benefits” (“ASC 715”). In addition to requirements for an employer to recognize in its Consolidated Balance Sheet an asset for a plan’s overfunded status or a liability for a plan’s underfunded status and to recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur, ASC 715 requires an employer to measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year.

Prior to January 1, 1998, the Company’s non-contributory defined benefit pension plan (“Ryerson Pension Plan” or “RPP”) covered certain employees, retirees, and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements.

Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Company’s defined contribution plan. Employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement.

The Company offers a defined contribution plan to eligible employees. For the years ended December 31, 2021, 2020, and 2019, expense recognized for the defined contribution plans was $8.9 million, $4.3 million, and $8.8 million, respectively. The company match on defined contribution plans was suspended for a portion of 2020 as part of the Company’s pandemic response, resulting in decreased expense in 2020.

Effective September 28, 2020, the Ryerson Pension Plan purchased $95.2 million of annuities on behalf of a portion of plan participants which resulted in settlement accounting. The pension plan was remeasured as of September 30, 2020. The remeasurement resulted in a settlement loss of $52.5 million. At the time of remeasurement, the discount rate decreased from 3.15% to 2.59% and the expected long-term rate of return on pension assets decreased from 5.75% to 5.25%.

Effective December 1, 2020, Ryerson offered a lump sum payout to terminated vested participants of the Ryerson Pension Plan. Lump sums of $19.7 million were paid out to plan participants that elected the lump sum option in early December 2020 and the pension plan was remeasured as of November 30, 2020. The remeasurement resulted in a settlement loss of $10.5 million. At the time of remeasurement, the discount rate decreased from 2.59% to 2.42% and the expected long-term rate of return on pension assets decreased from 5.25% to 5.15%.

Effective September 24, 2021, the Ryerson Pension Plan purchased $206.6 million of annuities on behalf of a portion of plan participants which, due to the size of the transaction, resulted in settlement accounting. The pension plan was remeasured as of September 30, 2021. The remeasurement resulted in a settlement loss of $98.3 million. As a result of the remeasurement, the discount rate increased from 2.42% to 2.80% and the expected long-term rate of return on pension assets decreased from 5.05% to 4.35%.

Central Steel and Wire Company (“CSW”), a subsidiary of JT Ryerson, also has a non-contributory defined benefit pension plan (“Central Steel and Wire Retirement Plan” or “CSWPP”), which covers certain employees, retirees, and their beneficiaries. CSWPP paid $7.5 million in lump sums and annuity purchases during 2021, $14.3 million in 2020, and $14.3 million in 2019. Because the payouts were more than the fiscal year service cost plus interest in 2021, 2020, and 2019, settlement accounting was reflected at each year end resulting in a settlement loss of $0.4 million, $2.9 million, and $1.6 million in 2021, 2020, and 2019, respectively. The payouts in 2021, 2020, and 2019 are based on normal, recurring activity for the CSWPP therefore, they have been reflected within the benefits paid lines of the pension obligation and pension asset rollforward table below.

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In August 2019, the Central Steel and Wire Retirement Plan was closed to new entrants such that employees hired after July 1, 2018 are not entered into the plan.

The Company’s U.S. other postretirement benefit plans include the Ryerson Postretirement Welfare Plans (“Ryerson OPEB”) and Central Steel and Wire Postretirement Medical Plan (“CSW OPEB”).

The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled $14.3 million and $15.5 million at December 31, 2021 and 2020, respectively.  

Summary of Assumptions and Activity

The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. The Company had additional measurement dates of September 30, 2021, November 30, 2020, and September 30, 2020 due to the annuitization and lump sum transactions described above. The expected rate of return on plan assets is determined based on the market-related value of the assets, recognizing any gains or losses over a four year period.

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows:

Ryerson Pension Plan	Year Ended December 31, 2021			January 1 to September 30, 2021			Year Ended December 31, 2020			October 1 to November 30, 2020			January 1 to September 30, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.80	%		2.42	%		2.42	%		2.59	%		3.15	%
Discount rate for calculating service cost		2.95			2.61			2.59			2.76			3.38			4.53
Discount rate for calculating interest cost		2.08			1.72			1.76			1.87			2.72			3.93
Expected rate of return on plan assets		4.35			5.05			5.15			5.25			5.75			6.35
Rate of compensation increase – benefit obligations		3.00			3.00			3.00			3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00			3.00			3.00			3.00

Central Steel and Wire Retirement Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		3.27	%		3.09	%		3.53	%
Discount rate for calculating service cost		3.20			3.63			4.67
Discount rate for calculating interest cost		2.76			3.33			4.43
Expected rate of return on plan assets		2.05			3.20			4.00
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

The expected rate of return on plan assets is 4.85% for RPP and 1.80% for CSWPP for 2022.

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The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:

Ryerson Postretirement Welfare Plans	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.45	%		3.13	%
Discount rate for calculating service cost		2.80			3.37			4.43
Discount rate for calculating interest cost		1.68			2.66			3.82
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

Central Steel and Wire Postretirement Medical Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.79	%		2.37	%		3.08	%
Discount rate for calculating service cost		2.68			3.30			4.45
Discount rate for calculating interest cost		1.67			2.63			3.82

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:

	Year Ended December 31,
	2021						2020						2019
	Salaried			Bargaining			Salaried			Bargaining			Salaried			Bargaining
Discount rate for calculating obligations		2.85	%		2.85	%		2.32	%		2.34	%		3.00	%		3.01	%
Discount rate for calculating net periodic benefit cost		2.32			2.34			3.00			3.01			3.56			3.58
Expected rate of return on plan assets		4.25			1.75			4.75			3.00			5.25			3.50
Rate of compensation increase		3.00			3.00			3.00			3.00			3.00			3.00

The expected rate of return on Canadian plan assets for 2022 is 4.25% for the Ryerson Salaried Plan (approximately 80% of total Canadian plan assets) and 2.25% for the Ryerson Bargaining Unit Plan (approximately 20% of total Canadian plan assets).

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:

	Year Ended December 31,
	2021			2020			2019
Discount rate for calculating obligations		2.75	%		2.19	%		2.97	%
Discount rate for calculating net periodic benefit cost		2.19			2.97			3.53
Rate of compensation increase		3.00			3.00			3.00

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	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Change in Benefit Obligation
Benefit obligation at beginning of year	$	674.7		$	771.8		$	68.3		$	69.2
Service cost		3.5			3.4			0.5			0.6
Interest cost		11.1			18.7			1.1			1.7
Actuarial (gain) loss		(10.0	)		54.5			(7.0	)		0.7
Effect of changes in exchange rates		0.2			1.0			0.1			0.3
Company restructuring		—			0.2			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions and subsidies)		(46.3	)		(60.0	)		(3.7	)		(4.2	)
Benefit obligation at end of year	$	429.6		$	674.7		$	59.3		$	68.3
Accumulated benefit obligation at end of year	$	421.2		$	661.4		N/A			N/A
Change in Plan Assets
Plan assets at fair value at beginning of year	$	520.3		$	631.8		$	—		$	—
Actual return on plan assets		39.5			55.4			—			—
Employer contributions		23.7			7.1			3.7			4.3
Effect of changes in exchange rates		0.2			0.9			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions)		(46.3	)		(60.0	)		(3.7	)		(4.3	)
Plan assets at fair value at end of year	$	333.8		$	520.3		$	—		$	—
Reconciliation of Amount Recognized
Funded status	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)
Amounts recognized in balance sheet consist of:
Non-current assets	$	0.9		$	0.9		$	—		$	—
Current liabilities		—			—			(5.1	)		(5.6	)
Non-current liabilities		(96.7	)		(155.3	)		(54.2	)		(62.7	)
Net benefit liability at the end of the year	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)

Canadian benefit obligations represented $44.5 million and $48.3 million of the Company’s total Pension Benefits obligations at December 31, 2021 and 2020, respectively. Canadian plan assets represented $44.5 million and $45.1 million of the Company’s total plan assets at fair value at December 31, 2021 and 2020, respectively. In addition, Canadian benefit obligations represented $13.5 million and $14.9 million of the Company’s total Other Benefits obligation at December 31, 2021 and 2020, respectively.

The pension benefit obligations recorded as of December 31, 2021 and 2020 were impacted by changes in assumptions. During the year ended December 31, 2021 the pension benefit obligation decreased by $18.2 million due to an increase in the year over discount rate and increased by $9.8 million due to updated mortality tables. During the year ended December 31, 2020 the pension benefit obligation increased by $62.4 million due to a decrease in the year over year discount rate, decreased $5.7 million due to updated mortality tables, and decreased $1.2 million due to salary scale updates.  

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2021 and 2020 consist of the following:

	At December 31,
	Pension Benefits				Other Benefits
	2021		2020		2021			2020
	(In millions)
Amounts recognized in accumulated other    comprehensive income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	173.0	$	314.3	$	(42.2	)	$	(41.2	)
Prior service credit		—		—		(0.1	)		(0.6	)
Net loss (gain)	$	173.0	$	314.3	$	(42.3	)	$	(41.8	)

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Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2020 consist of the following:

	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Amounts recognized in other comprehensive    income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	(28.7	)	$	29.9		$	(7.0	)	$	0.8
Amortization of net actuarial loss (gain)		(14.0	)		(16.4	)		6.0			6.9
Amortization of prior service cost (credit)		—			(0.1	)		0.5			2.2
Settlement charge		(98.7	)		(65.9	)		—			—
Net loss (gain)	$	(141.4	)	$	(52.5	)	$	(0.5	)	$	9.9

For benefit obligation measurement purposes for Ryerson U.S. plans at December 31, 2021, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.1 percent, grading down to 4.5 percent in 2030, the level at which it is expected to remain. The rate for participants over 65 was 6.3 percent grading down to 4.5 percent in 2030. For measurement purposes for U.S. plans at December 31, 2020, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.2 percent, grading down to 4.5 percent in 2030, the level at which it is expected to remain. The rate for participants over 65 was 6.5 percent grading down to 4.5 percent in 2030.

For benefit obligation measurement purposes for Canadian plans, at December 31, 2021 and 2020, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain.

The components of the Company’s net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 are as follows:

	Year Ended December 31,
	Pension Benefits									Other Benefits
	2021			2020			2019			2021			2020			2019
	(In millions)
Components of net periodic benefit cost
Service cost	$	3.5		$	3.4		$	3.4		$	0.5		$	0.6		$	0.6
Interest cost		11.1			18.7			28.7			1.1			1.7			2.5
Expected return on assets		(20.7	)		(30.6	)		(36.4	)		—			—			—
Recognized actuarial loss (gain)		14.0			16.4			14.8			(6.0	)		(6.9	)		(7.7	)
Amortization of prior service cost (credit)		—			0.1			0.1			(0.5	)		(2.2	)		(3.1	)
Settlement expense		98.7			65.9			1.6			—			—			—
Net periodic benefit cost (credit)	$	106.6		$	73.9		$	12.2		$	(4.9	)	$	(6.8	)	$	(7.7	)

The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capita cost of covered health care benefits for pre-65 and post-65 participants was 6.2 percent and 6.5 percent, respectively, grading down to 4.5 percent in 2030, the level at which it is expected to remain. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain.

Pension Trust Assets

The expected long-term rate of return on pension trust assets is 1.80% to 4.85% based on the historical investment returns of the trust, the forecasted returns of the asset classes, and a survey of comparable pension plan sponsors.

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The Company’s pension trust asset allocations at December 31, 2021 and 2020, by asset category were as follows:

	Trust Assets at December 31,
	2021			2020
Equity securities		29	%		34	%
Debt securities		51			47
Real Estate		13			12
Other		7			7
Total		100	%		100	%

The investment policies and plan asset target allocations are established by Ryerson’s internal management Employee Benefits Committee, as delegated by the Board of Directors, in consultation with investment advisors. The Employee Benefits Committee provides on-going oversight of the plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss investment managers. The investment policy objectives are to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. As plan funded status improves, the asset allocations will move along a predetermined, de-risking glide path that reallocates capital from growth assets to fixed income assets in order to preserve asset gains and reduce funded status volatility. The currently approved asset investment classes are cash, fixed income, domestic equities, international equities, real estate, private equities, and hedge funds of funds. 

The approved weighted-average target ranges and allocations as of the December 31, 2021 measurement date were as follows:

	Range	Target
Equity securities	0-49%		31	%
Debt securities	48-100		56
Real estate	0-11		9
Other	0-6		4
Total			100	%

The fair value of our pension plan assets at December 31, 2021 by asset category are as follows. See Note 15 for the definitions of Level 1, 2, and 3 fair value measurements.

	Fair Value Measurements at December 31, 2021
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	10.3	$	10.3	$	—	$	—
Equity securities:
US large cap		30.8		—		30.8		—
US small/mid cap		5.2		—		5.2		—
International companies		22.3		—		22.3		—
Global companies		39.6		—		39.6		—
Fixed income securities:
Investment grade debt		167.3		—		167.3		—
Non investment grade debt		1.3		—		1.3		—
Real estate		0.7		—		0.7		—
Investments valued at net asset value		56.3		—		—		—
Total	$	333.8	$	10.3	$	267.2	$	—

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The fair value of our pension plan assets at December 31, 2020 by asset category are as follows:

	Fair Value Measurements at December 31, 2020
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	6.6	$	6.6	$	—	$	—
Equity securities:
US large cap		53.5		—		53.5		—
US small/mid cap		10.8		—		10.8		—
International companies		45.4		—		45.4		—
Global companies		68.3		—		68.3		—
Fixed income securities:
Investment grade debt		242.2		—		242.2		—
Non investment grade debt		3.1		—		3.1		—
Other types of investments:
Hedge fund		2.3		—		2.3		—
Real estate		0.6		—		0.6		—
Investments valued at net asset value		87.5		—		—		—
Total	$	520.3	$	6.6	$	426.2	$	—

The pension assets classified as Level 2 in 2021 are part of common collective trust investments. The pension assets classified as Level 2 investments in 2020 were part of common collective trust investments and hedge funds.

Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).”

Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers. The non-publicly traded securities, other securities, or instruments for which reliable market quotations are not available are valued at each investment manager’s discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods.

Contributions

The Company contributed $23.7 million, $7.1 million, and $25.7 million for the years ended December 31, 2021, 2020, and 2019, respectively, to improve the funded status of the plans. The Company anticipates that it will have a minimum required pension contribution funding of approximately $5.8 million in 2022.

Estimated Future Benefit Payments

	Pension Benefits		Other Benefits
	(In millions)
2022	$	31	$	5
2023		36		5
2024		29		4
2025		29		4
2026		28		4
2027-2031		137		18

Multiemployer Pension and Other Postretirement Plans

We participate in two multiemployer pension plans covering 39 employees at 4 locations. Total contributions to the plans were $0.4 million, $0.3 million, and $0.4 million for the years ended 2021, 2020, and 2019, respectively. Our contributions represent less

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than 5% of the total contributions to the plans. The Company maintains positive employee relations at all locations. During 2012, the Company exited and reentered the pension plan at one of the covered locations in an effort to reduce the overall pension liability. The transaction resulted in a withdrawal liability of $1.0 million, which will be paid over a period of 25 years. The balance of the withdrawal liability was $0.4 million as of both December 31, 2021 and 2020. The Company’s participation in these plans is not material to our financial statements.

Note 12: Stock-Based Compensation

Under the 2014 Omnibus Incentive Plan (“2014 Plan”), as amended, which is the Company’s only equity compensation plan, we may grant stock options and other equity-based awards, including RSUs and PSUs, to certain employees. At December 31, 2021, an aggregate of 2,057,906 shares were authorized for future grant. Awards that expire or are forfeited without delivery of shares generally become available for future issuance under the plan. As stock options are exercised, and RSUs and PSUs vest, we issue new shares of Ryerson common stock.

Compensation expense for stock options, RSUs, and PSUs is recognized ratably over the service period of the award and reflects forfeitures as they occur. Compensation expense for RSUs and PSUs is based on the market price of the shares underlying the awards on the grant date, and further for PSUs, reflects the estimated level of performance condition attainment.

Compensation expense and total recognized tax benefit related to stock options, RSUs, and PSUs are as follows:

	Year Ended December 31,
	2021			2020		2019
	(In millions)
Stock-based compensation expense, pre-tax	$	5.5		$	1.9	$	3.1
Tax benefit recognized in earnings		(1.3	)		—		(0.2	)

On March 31, 2021, the Company granted 125,000 market condition options to certain employees under the 2014 Plan. The options are subject to a graded vesting schedule over a four-year period provided two vesting conditions are both satisfied on each applicable vesting date, with a fifth year catch up provision that allows for vesting if any of the four individual vesting tranche conditions are not met. Once vested, the employee can exercise the option in exchange for one share of the Company’s common stock. Options expire 10 years from the grant date, or generally within 90 days of employee termination. Options, whether vested or unvested, do not participate in dividends.

The fair value of options is estimated based on a Monte Carlo simulation. The Monte Carlo simulation considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of the 2021 stock options granted is between $0.92 and $10.50, differing at each vesting tranche.  

The assumptions used in the Monte Carlo simulation were as follows:

	2021
Risk-free rate		1.73	%
Expected volatility		73.9	%
Dividend yield		0.0	%
Exercise multiple	2.8x

Stock option activity under the plan is as follows:

	Option Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021		—	$	—		—
Granted		125		16.50		9.25
Outstanding at December 31, 2021		125	$	16.50		9.25	$	1.2
Vested and Exercisable at December 31, 2021		—		—		—		—

In 2021, 2020, and 2019, we granted 168,700, 158,525, and 152,625 RSUs, and 251,150, 225,675, and 215,375 PSUs, respectively, to certain employees. Each RSU and PSU consists of the right to receive one share of our common stock. RSUs also have dividend equivalent rights equal to the accrued cash dividends where the record date for such dividends is after the grant date but before the shares vest. All rights under RSUs and PSUs are generally forfeited upon employee termination. The Company’s RSU awards vest in three separate and equal tranches over a three-year period. PSUs cliff vest on the third anniversary of the grant date,

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subject to achieving market or performance conditions. Each tranche vests annually on March 31, following the date of grant. RSUs and PSUs are measured based on the fair value of the underlying stock on the grant date. The statutory tax on the value of common stock shares issued to employees upon vesting are either paid through the sale of registered shares of our common stock or funded with cash.

The fair value of the 2021, 2020, and 2019 RSUs and PSUs granted was $17.04, $5.32, and $8.56 per share, respectively, determined by the closing price of our common stock on the grant date.

A summary of the status of our unvested RSUs and PSUs as of December 31, 2021 and changes during the year then ended is as follows:

	Shares (in thousands)			Weighted Average Grant Date Fair Value Per Unit		Aggregate Fair Value (in millions)
Restricted Stock Units
Unvested at January 1, 2021		301		$	6.80
Granted		169			17.04
Vested		(146	)		7.27
Forfeited		(7	)		8.47
Unvested at December 31, 2021		317		$	12.00	$	8.2
Performance Stock Units
Unvested at January 1, 2021		657		$	7.32
Granted		251			17.04
Vested		(211	)		8.15
Forfeited		(13	)		8.06
Unvested at December 31, 2021		684		$	10.62	$	17.8

The total fair value of RSUs and PSUs vested during 2021, 2020, and 2019 was $6.1 million, $1.8 million and $2.8 million, respectively.

As of December 31, 2021, unrecognized compensation cost related to unvested RSUs, PSUs, and stock options was $1.7 million, $3.8 million, and $0.9 million, respectively. That cost is expected to be recognized over a weighted-average period of 1.5 years for RSUs, 2.0 years for PSUs, and 2.5 years for stock options.

Note 13: Commitments and Contingencies

Purchase Obligations

To fulfill contractual requirements for certain customers, the Company entered into certain fixed price noncancellable contractual obligations. At December 31, 2021, these purchase obligations aggregated to $14.0 million due in 2022.  

Concentrations of Various Risks

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, derivative instruments, accounts payable, and notes payable. In the case of cash, accounts receivable, and accounts payable, the carrying amount on the balance sheet approximates the fair value due to the short-term nature of these instruments. The derivative instruments are marked to market each period. The fair value of notes payable is disclosed in Note 15: Derivatives and Fair Value Measurements.

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas.

Approximately 9% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in 2022, which cover 3% of our total labor force. We believe that our overall relationship with our employees is good.

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Litigation

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. At a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JT Ryerson 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 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 met with various PRPs throughout 2019 and 2020 regarding remedial design. The EPA did not include JT Ryerson in those meetings.  It did include 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. Schnitzer Steel’s 2020 disclosures filed with the EPA acknowledged that Schnitzer Steel 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.

In June 2021, the EPA issued a Fact Sheet setting forth the status of the entire site. The primary area of relevance for JT Ryerson is River Mile 3.5 East, with Swan Island Basin being of secondary interest. For River Mile 3.5, remedial design work is ongoing; the Sufficiency Assessment and the Pre-Design Investigation work plans are finalized, and design investigation sampling is underway. Schnitzer Steel and MMGL Corp. are the working parties for River Mile 3.5. For Swan Island, remedial design is just beginning, with Daimler Trucks, Shipyard Commerce, and various government entities as the working parties. JT Ryerson has not been asked to participate in the remedial design phase.

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 early 2022. Once the cost estimates are completed, the voting parties of the PCI Group (which does not include JT Ryerson) will likely begin the “advocacy process,” during which the voting parties submit written arguments to the Allocation Team regarding how costs should be allocated among the various PRPs. This process is anticipated to be completed sometime in 2022. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs among the PRPs. All PRPs, including JT Ryerson, will then participate in the “mediation process,” during which the PRPs will attempt to agree on a final cost allocation. The mediation process is currently anticipated to occur sometime in 2022 or 2023.

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.

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 as of December 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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Note 14: Segment Information

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

The Company derives substantially all of its sales from the distribution of metals. See Note 17: Revenue Recognition for the Company’s percentage of sales by major product line.

No customer, including their subcontractors, accounted for more than 6 percent of Company sales for the years ended December 31, 2021, 2020, and 2019. The top ten customers accounted for less than 15 percent of our sales for the years ended December 31, 2021, 2020, and 2019. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the United States. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico.

The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:

	Year Ended December 31,
Net Sales	2021				2020				2019
	(Dollars in millions)
United States	$	5,123.7	90	%	$	3,089.7	89	%	$	4,076.8	91	%
Foreign countries		551.6	10	%		376.9	11	%		424.8	9	%
Total	$	5,675.3	100	%	$	3,466.6	100	%	$	4,501.6	100	%

	At December 31,
Long-Lived Assets	2021				2020				2019
	(Dollars in millions)
United States	$	557.8	93	%	$	485.1	92	%	$	519.1	91	%
Foreign countries		41.6	7	%		45.0	8	%		48.8	9	%
Total	$	599.4	100	%	$	530.1	100	%	$	567.9	100	%

Note 15: 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 Ryerson 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 December 31, 2021 was a net liability of $1.4 million.

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The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements.

In connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Consolidated Balance Sheet, with changes in value recorded within other income and (expense), net within the Consolidated Statement of Operations, see Note 10: 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 Consolidated Balance Sheet as of December 31, 2021 and 2020:

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	13.0	$	16.0	Other accrued liabilities	$	35.1	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		0.2		2.3	Other accrued liabilities		—		—
Interest rate swaps	Prepaid expenses and other current assets		—		—	Other accrued liabilities		1.4		—
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		—		4.0
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		—		0.2
Total derivatives		$	13.2	$	18.3		$	36.5	$	16.1

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

	Notional Amount
Derivative Instruments	At December 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		176,859		125,220	Tons
Aluminum swap contracts		20,949		20,264	Tons
Nickel swap contracts		857		345	Tons
Diesel fuel swap contracts		840,000		—	Gallons
Foreign currency exchange contracts	4.5 million		7.4 million		U.S. dollars
Interest rate swaps	160 million		160 million		U.S. dollars

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The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/ (Loss) Recognized in Income on Derivatives									Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,									Year Ended December 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2019			2021			2020			2019
		(In millions)
Metal commodity contracts	Cost of materials sold	$	(47.3	)	$	5.3		$	(9.1	)	$	—		$	—		$	—
Diesel fuel commodity contracts	Warehousing, delivery, selling, general, and administrative		—			—			0.7			—			—			—
2028 Notes embedded derivative	Other income and (expense), net		(2.1	)		2.3			—			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.2			(0.2	)		(0.1	)		—			—			—
Interest rate swaps (subsequent to de-designation)	Interest and other expense on debt		0.1			0.3			—			(2.1	)	$	(0.2	)	$	—
Total		$	(49.1	)	$	7.7		$	(8.5	)	$	(2.1	)	$	(0.2	)	$	—

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,
Derivatives designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021		2020			2019
		(In millions)
Interest rate swaps (prior to de-designation)	Interest and other expense on debt	$	—	$	(1.3	)	$	1.1

As of December 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 $1.9 million.

Fair Value Measurements

To increase consistency and comparability, FASB ASC 820 “Fair Value Measurement” (“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.

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The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021:

	At December 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	13.0	$	—
2028 Notes embedded derivative		—		—		0.2
Total derivatives	$	—	$	13.0	$	0.2
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	35.1	$	—
Interest rate swaps		—		1.4		—
Total derivatives	$	—	$	36.5	$	—

The following table presents assets and liabilities measured and recorded at fair value on our 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, aluminum prices, nickel, and diesel fuel for varying time periods. The fair value of hot roll coil, aluminum, nickel, and diesel fuel 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), and the London Metals Exchange (aluminum and nickel), 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.

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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).  As of December 31, 2020 the embedded derivative was initially recorded as an asset of $2.3 million and the gain associated with initially recording this balance was recorded within other income and (expense), net within the Consolidated Statement of Operations. As this Level 3 balance was initially recorded in the fourth quarter of 2020 a 2020 rollforward of Level 3 asset balances is not presented.  Changes to the projections made by the Company’s management after December 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)
Balance at January 1, 2021	$	2.3
Unrealized loss recorded in other income and (expense), net		(2.1	)
Balance at December 31, 2021	$	0.2

The carrying and estimated fair values of the Company’s financial instruments at December 31, 2021 and 2020 were as follows:

	At December 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	51.2	$	51.2	$	61.4	$	61.4
Restricted cash		1.2		1.2		1.1		1.1
Receivables less provision		630.8		630.8		378.9		378.9
Accounts payable		481.2		481.2		365.1		365.1
Long-term debt, including current portion		639.3		666.8		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).

Note 16: Accumulated Other Comprehensive Income

The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	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, 2020	$	(48.6	)	$	(253.1	)	$	(0.3	)
Other comprehensive income (loss) before reclassifications		1.6			(23.4	)		(4.1	)
Amounts reclassified from accumulated other    comprehensive income (loss)		—			54.7			1.3
Net current-period other comprehensive income (loss)		1.6			31.3			(2.8	)
Balance at December 31, 2020	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income (loss) before reclassifications		(2.1	)		28.0			—
Amounts reclassified from accumulated other    comprehensive income (loss)		—			79.3			1.6
Net current-period other comprehensive income (loss)		(2.1	)		107.3			1.6
Balance at December 31, 2021	$	(49.1	)	$	(114.5	)	$	(1.5	)

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The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2021
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	8.1		Other income and (expense), net
Pension settlement		98.7		Other income and (expense), net
Prior service credit		(0.4	)	Other income and (expense), net
Total before tax		106.4
Tax benefit		(27.1	)
Net of tax	$	79.3
Interest rate swap
Realized swap interest (subsequent to de-designation)		2.1		Interest and other expense on debt
Tax benefit		(0.5	)
Net of tax	$	1.6

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2020
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	9.6		Other income and (expense), net
Pension settlement		65.9		Other income and (expense), net
Prior service credit		(2.0	)	Other income and (expense), net
Total before tax		73.5
Tax benefit		(18.8	)
Net of tax	$	54.7
Cash flow hedge - interest rate swap
Realized swap interest (prior to de-designation)	$	1.3		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.3		Interest and other expense on debt
Total before tax		1.6
Tax benefit		(0.3	)
Net of tax	$	1.3

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Note 17: 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. Nearly 80% 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.  

Revenue Accounting Policy

Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation.  

The majority of our revenue is recognized at a point in time.  The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC 606 are met.  Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage.

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.  Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that have been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications.  Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.  

Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed.  Input methods are used for complex processing with multiple steps occurring over multiple days.  Under the input method, the measure of performance, commonly called percentage of completion, is the ratio of costs incurred to date to the total estimated costs at completion for the products.  Output methods are used for products with minimal processing where the normal pattern of production is less than one day. In these cases, the progress towards completion is measured based on the number of products on hand and ready for delivery in comparison to the total number of products in the order.

Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion.  

Revenue is recorded net of returns, allowances, customer discounts, and incentives.  Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates.  Cash discounts and returns and allowances are calculated based on historical experience.  Customer rebates are estimated based on actual sales and projections over the rebate period.  

The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was a net contract liability of $0.1 at December 31, 2021 and was zero at December 31, 2020.

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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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:      

	Year Ended December 31,
	2021			2020			2019
Product Line	(Percentage of Sales)
Carbon Steel Flat		31	%		27	%		26	%
Carbon Steel Plate		10			9			11
Carbon Steel Long		13			14			16
Stainless Steel Flat		18			16			15
Stainless Steel Plate		5			5			4
Stainless Steel Long		4			5			4
Aluminum Flat		12			14			15
Aluminum Plate		2			3			2
Aluminum Long		4			5			5
Other		1			2			2
Total		100	%		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.  See Note 14: Segment Information for the Company’s consolidated financial information of our operations by geographic location based on where sales originated.

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:

	Years Ended December 31,
Timing of Revenue Recognition	2021			2020			2019
Revenue on products with an alternative use		90	%		89	%		88	%
Revenue on products with no alternative use		10			11			12
Total		100	%		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 Consolidated Balance Sheet, from contracts with customers were $633.0 million and $380.7 million as of December 31, 2021 and December 31, 2020, respectively.  

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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 Consolidated Balance Sheet.  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, customer prepayments, 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 Consolidated Balance Sheet. Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets					Contract Liabilities
	2021		2020			2021			2020
	(In millions)
Beginning Balance	$	10.8	$	13.5		$	10.8		$	10.5
Contract liability satisfied during the period				—			(14.8	)		(11.8	)
Contract liability incurred during the period				—			17.8			12.9
Net change in contract assets and liabilities for products with no alternative use during the period		10.4		(2.0	)		0.1			—
Changes to reserves		0.1		(0.7	)		1.2			(0.8	)
Ending Balance	$	21.3	$	10.8		$	15.1		$	10.8

Note 18: 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.

The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2021 and 2020:

	Changes in Provision for Expected Credit Losses
	2021			2020
	(In millions)
Beginning Balance	$	1.7		$	3.5
Current period provision		1.4			0.3
Write-offs charged against allowance		(1.1	)		(2.3	)
Recoveries against allowance		0.2			0.2
Ending Balance	$	2.2		$	1.7

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Note 19: Income Taxes

The elements of the provision (benefit) for income taxes were as follows:

	Year Ended December 31,
	2021		2020			2019
	(In millions)
Income (loss) before income tax:
U.S.	$	323.0	$	(106.0	)	$	103.4
Foreign		66.1		15.9			11.8
	$	389.1	$	(90.1	)	$	115.2
Current income tax provision (benefit):
Federal	$	64.3	$	(11.6	)	$	(19.0	)
Foreign		16.5		1.5			2.1
State		12.3		1.9			1.4
		93.1		(8.2	)		(15.5	)
Deferred income tax provision (benefit)		0.6		(16.6	)		48.0
Total income tax provision (benefit)	$	93.7	$	(24.8	)	$	32.5

Income taxes differ from the amounts computed by applying the federal tax rate as follows:

	Year Ended December 31,
	2021			2020			2019
	(In millions)
Federal income tax expense (benefit) computed at statutory    tax rate of 21%	$	81.7		$	(18.9	)	$	24.2
Additional taxes or credits from:
State and local income taxes, net of federal income tax    effect		11.7			(4.6	)		4.9
Non-deductible expenses and non-taxable income		1.2			0.3			1.8
Foreign income not includable in federal taxable income		3.4			0.8			0.7
Valuation allowance changes, net		(1.6	)		(0.4	)		(0.4	)
Changes in uncertain tax positions		(0.8	)		(1.9	)		(1.5	)
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI		0.4			(0.6	)		2.4
All other, net		(2.3	)		0.5			0.4
Total income tax provision (benefit)	$	93.7		$	(24.8	)	$	32.5

  The U.S. Tax Cuts and Jobs Act subjects a US 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 year ending December 31, 2021, we have included $0.4 million of tax expense related to GILTI.

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The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows:

	At December 31,
	2021			2020
	(In millions)
Deferred tax assets:
Post-retirement benefits other than pensions	$	15		$	18
Federal and foreign net operating loss carryforwards		—			30
State net operating loss carryforwards		10			18
Pension liability		24			43
Other deductible temporary differences		26			13
Less: valuation allowances		(5	)		(7	)
	$	70		$	115
Deferred tax liabilities:
Fixed asset basis difference	$	57		$	63
Inventory basis difference		97			100
Other intangibles		10			10
		164			173
Net deferred tax liability	$	(94	)	$	(58	)

The Company will maintain a valuation allowance on certain 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. For the year ending December 31, 2021, the Company has determined that the deferred tax assets related to all state net operating loss (“NOL”) carryforwards and a part of the foreign net operating loss carryforwards are more likely than not realizable due to positive income forecasted and has released $1.1 million and $0.5 million, respectively, of valuation allowance. The Company’s deferred tax assets include  $10 million related to state NOL carryforwards which expire generally in 1 to 20 years, and $0.3 million related to foreign NOL carryforwards, which do not expire, available at December 31, 2021.

Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes or foreign withholding tax has been made in our consolidated financial statements related to the indefinitely reinvested earnings. At December 31, 2021, the Company had approximately $80 million of undistributed foreign earnings, predominately in Canada and China. As a result of the US Tax Cuts and Jobs Act passed during 2017, a significant portion of these earnings are deemed repatriated. Were the Company to distribute these non-U.S. earnings in the form of dividends or otherwise in the future, it would no longer be subject to U.S. federal income taxes. A determination of the amount of any unrecognized deferred income tax liability on the undistributed earnings is predominately dependent upon the applicability of foreign withholding taxes and potential U.S. state income taxes. Modeling of the many future potential scenarios and the related unrecognized deferred tax liability is therefore not practicable. None of the Company’s other foreign subsidiaries have a material amount of assets available for repatriation.

The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Unrecognized Tax Benefits
	(In millions)
Unrecognized tax benefits balance at January 1, 2019	$	5.9
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.5	)
Unrecognized tax benefits balance at December 31, 2019	$	4.4
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.9	)
Unrecognized tax benefits balance at December 31, 2020	$	2.5
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(0.8	)
Unrecognized tax benefits balance at December 31, 2021	$	1.7

91

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for all years through 2009. Substantially all state and local income tax matters have been concluded through 2006. The Company has substantially concluded foreign income tax matters through 2009 for all significant foreign jurisdictions.

We recognize interest and penalties related to uncertain tax positions in income tax expense. We had approximately $0.9 million and $0.8 million of accrued interest related to uncertain tax positions at December 31, 2021 and 2020, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $0.8 million and $1.7 million as of December 31, 2021 and 2020, respectively.  

Note 20: Earnings (Loss) Per Share

On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. On August 13, 2014, Ryerson Holding completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. On July 25, 2016, Ryerson Holding closed an underwritten public offering of 5 million shares of common stock at a price to the public of $15.25 per share. All shares outstanding are common shares and have equal voting, liquidation, and preference rights.

Basic earnings (loss) per share attributable to Ryerson Holding’s common stock is determined based on earnings or loss for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded were 31,697, 289,759, and zero for years ended December 31, 2021, 2020, and 2019, respectively.

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

	Years Ended December 31,
Basic and diluted earnings (loss) per share		2021		2020			2019
	(In millions, except number of shares which are reflected in thousands and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	294.3	$	(65.8	)	$	82.4
Denominator:
Weighted average shares outstanding		38,362		38,025			37,698
Dilutive effect of stock-based awards		547		—			264
Weighted average shares outstanding adjusted for dilutive securities		38,909		38,025			37,962
Earnings (loss) per share
Basic	$	7.67	$	(1.73	)	$	2.19
Diluted	$	7.56	$	(1.73	)	$	2.17

Note 21: Subsequent Events

In January and February of 2022, we repurchased $9.3 million outstanding principal of our 2028 Notes for $10.1 million, resulting in the recognition of a loss of $0.8 million within other income (expense) within the Statement of Operations. As a result, we will write off $0.2 million of debt issuance costs in the first quarter 2022 within interest expense in the Statement of Operations

On February 17, 2022, the Board of Directors declared a quarterly cash dividend in the amount of $0.10 per share of common stock, payable on March 17, 2022 to stockholders of record as of March 3, 2022. Future quarterly dividends, if any, will be subject to Board approval.

92

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF OPERATIONS

(In millions)

	Year ended December 31,
	2021			2020			2019
Administrative and other expenses	$	(1.3	)	$	(1.0	)	$	(1.0	)
Interest income on intercompany loans		4.3			6.4			6.5
Equity in income (loss) of subsidiaries		291.9			(69.9	)		77.6
Income (loss) before income taxes		294.9			(64.5	)		83.1
Provision for income taxes		0.6			1.3			0.7
Net income (loss)	$	294.3		$	(65.8	)	$	82.4

See Notes to Condensed Financial Statements.

93

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

	Year Ended December 31,
	2021			2020			2019
Net income (loss)	$	294.3		$	(65.8	)	$	82.4
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(2.1	)		1.6			4.2
Gain (loss) on cash flow hedges		2.1			(3.8	)		(1.8	)
Changes in defined benefit pension and other post-retirement benefit    plans		142.4			41.8			14.0
Other comprehensive income, before tax		142.4			39.6			16.4
Income tax provision related to items of other comprehensive    income		35.6			9.5			2.6
Comprehensive income (loss), after tax	$	401.1		$	(35.7	)	$	96.2

See Notes to Condensed Financial Statements.

94

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF CASH FLOWS

(In millions)

	Year ended December 31,
	2021			2020			2019
Operating activities:
Net income (loss)	$	294.3		$	(65.8	)	$	82.4
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Equity in (earnings) losses of subsidiaries		(291.9	)		69.9			(77.6	)
Deferred income taxes		4.0			22.1			(3.3	)
Decrease (increase) in receivables/payables from subsidiaries		2.0			(26.2	)		(1.6	)
Increase in other assets		(0.2	)		—			—
Increase in accrued liabilities		—			—			0.1
Net adjustments		(286.1	)		65.8			(82.4	)
Net cash provided by operating activities		8.2			—			—
Financing activities:
Dividends paid to shareholders		(6.4	)		—			—
Share repurchases		(1.8	)		—			—
Net cash used in financing activities		(8.2	)		—			—
Net increase in cash, cash equivalents, and restricted cash		—			—			—
Cash, cash equivalents, and restricted cash—beginning of period		0.1			0.1			0.1
Cash, cash equivalents, and restricted cash—end of period	$	0.1		$	0.1		$	0.1

See Notes to Condensed Financial Statements.

95

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

BALANCE SHEETS

(In millions, except shares and per share data)

	At December 31,
	2021			2020
Assets
Cash and cash equivalents	$	0.1		$	0.1
Prepaid expenses and other assets		0.2			0.1
Receivable from subsidiaries		35.3			37.3
Total current assets		35.6			37.5
Investment in subsidiaries		429.4			25.2
Long-term receivable from subsidiaries		71.7			71.7
Deferred income taxes		0.6			4.6
Deferred charges and other assets		0.1			—
Total assets	$	537.4		$	139.0
Liabilities
Accrued liabilities	$	0.2		$	0.2
Total current liabilities		0.2			0.2
Total liabilities		0.2			0.2
Ryerson Holding Corporation Stockholders’ equity
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020		0.4			0.4
Capital in excess of par value		388.6			383.1
Retained earnings		321.7			33.8
Treasury stock at cost – Common stock of 292,932 shares at December 31, 2021 and 212,500 shares at December 31, 2020		(8.4	)		(6.6	)
Accumulated other comprehensive loss		(165.1	)		(271.9	)
Total Ryerson Holding Corporation stockholders’ equity		537.2			138.8
Total liabilities and stockholders’ equity	$	537.4		$	139.0

See Notes to Condensed Financial Statements.

96

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

NOTES TO FINANCIAL STATEMENTS

Note 1: Basis of presentation

In the parent company only financial statements, Ryerson Holding’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Ryerson Holding’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.

Note 2: Guarantees

Ryerson Holding unconditionally guarantees the 2028 Notes, jointly and severally with the other guarantors of the 2028 Notes.

Note 3: Dividends from subsidiaries

There were no cash dividends paid to Ryerson Holding from its consolidated subsidiaries for the years ended December 31, 2021, 2020, and 2019.

97

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019

(In millions)

	Balance at Beginning of Period		Additions Charged (Credited) to Income			Deductions from Reserves				Balance at End of Period
Year Ended December 31, 2021
Allowance for doubtful accounts	$	1.7	$	1.4		$	(0.9	)	(A)	$	2.2
Valuation allowance—deferred tax assets		6.6		—			(1.6	)	(B)		5.0
Year Ended December 31, 2020
Allowance for doubtful accounts	$	3.5	$	0.3		$	(2.1	)	(A)	$	1.7
Valuation allowance—deferred tax assets		13.7		(0.4	)		(6.7	)	(C)		6.6
Year Ended December 31, 2019
Allowance for doubtful accounts	$	2.5	$	4.0		$	(3.0	)	(A)	$	3.5
Valuation allowance—deferred tax assets		29.3		(0.4	)		(15.2	)	(C)		13.7

NOTES:

(A) Bad debts written off of $1.1 million, $2.3 million, and $3.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(B) Reversals of valuation allowances due to change in realizability of state and foreign net operating loss deferred tax assets.

(C) Reversals of valuation allowances due to the expiration of state net operating losses and changes to the foreign tax credits.

98

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM  9A. 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 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 pursuant to SEC Rule 13a-15 as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2021.

Management’s Annual Report on Internal Control Over Financial Reporting and Attestation Report of Independent Registered Public Accounting Firm

The report of management on our internal control over financial reporting as of December 31, 2021 and the attestation report of our independent registered public accounting firm on our internal control over financial reporting are set forth in Part II, "Item 8. Financial Statements and Supplementary Data" in this report.

Changes in Internal Control over Financial Reporting

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

ITEM  9B. OTHER INFORMATION.

None.

99

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

The information required by this item is incorporated by reference to our Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (“SEC”) within 120 days of the fiscal year ended December 31, 2021.

Code of Ethics

Our Board of Directors has adopted a Code of Ethics and Business Conduct applicable to all officers, directors, and employees, which contains the ethical principles by which our chief executive officer, chief financial officer, and general counsel, among others, are expected to conduct themselves when carrying out their duties and responsibilities. A copy of our Code of Ethics may be found on our Investor Relations website under “Governance Documents” at http://ir.ryerson.com. Our website is not incorporated by reference into this Annual Report. We will provide a copy of our Code of Ethics to any person, without charge, upon request, by writing to the Compliance Officer, Ryerson Holding Corporation, 227 West Monroe Street, 27^th Floor, Chicago, Illinois 60606 (telephone number (312) 292-5000). We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of our Code of Ethics and Business Conduct by posting such information on our website at http://ir.ryerson.com or by filing a Form 8-K with the SEC.

ITEM 11. EXECUTIVE COMPENSATION.

Information concerning compensation of our executive officers and directors for the year ended December 31, 2021, is presented under the captions “Executive Compensation,” “Compensation Tables,” and “Director Compensation” in our proxy statement. This information is incorporated herein by reference.

Information concerning compensation committee interlocks is presented under the caption “Compensation Committee—Compensation Committee Interlocks and Insider Participation” in our proxy statement and is incorporated herein by reference.

The report of our Compensation Committee can be found under the caption “Compensation Committee Report” in our proxy statement and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Information concerning the security ownership of certain beneficial owners as of February 21, 2022, is set forth under the caption “Stock Ownership—Ownership of More Than 5% of Ryerson Stock” in our proxy statement and is incorporated herein by reference.

Information concerning the security ownership of our directors and executive officers as of February 21, 2022, is set forth under the caption “Stock Ownership—Directors and Executive Officers” in our proxy statement and is incorporated herein by reference.

Securities Authorized for Issuance under Equity Compensation Plans

Our stockholders have approved our 2014 Omnibus Incentive Plan, or 2014 Plan, which is the Company’s only equity compensation plan.

100

Securities Authorized for Issuance under Equity Compensation Plans

The following table sets forth, as of December 31, 2021, information concerning equity compensation plans under which our securities are authorized for issuance. The table does not reflect grants, awards, exercises, terminations, or expirations since that date.

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants, and rights		Weighted-average exercise price of outstanding options, warrants, and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in first column)
	(1)		(2)		(3)
Equity compensation plans approved by    security holders		1,125,959	$	16.50		931,947
Equity compensation plans not approved by    security holders		—		—		—
Total		1,125,959	$	16.50		931,947

(1) Includes (i) 684,375 shares of our common stock subject to performance units, which vest depending on continued employment or service and the level of attainment of certain performance metrics, (ii) 316,584 shares of our common stock subject to restricted stock units, which vest depending on continued employment or service, and (iii) 125,000 shares of our common stock subject to stock options, which vest over a 5-year period depending on continued employment or service and the level of attainment of certain stock market metrics.

(2) Once vested, each stock option can be exercised at a price of $16.50 in exchange for one share of the Company’s common stock.

(3) All the shares of common stock that remained available for future issuance as of December 31, 2021, were available under the 2014 Plan. Subject to certain express limits of the 2014 Plan, shares available for award purposes under the 2014 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. The number of common shares reserved and available for delivery under the 2014 Plan is subject to adjustment.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Information concerning the independence of our directors, certain relationships, and related transactions during 2021, and our policies with respect to such transactions is set forth under the captions “Board of Directors” and “Related Party Transactions” in our proxy statement and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Information concerning principal accountant fees and services is set forth under the captions “Items You May Vote On—Ratification of the Appointment of Independent Registered Public Accounting Firm,” “Audit Committee—Audit, Audit-Related, and Other Non-Audit Services,” and “Audit Committee—Pre-Approval Policies” in our proxy statement and is incorporated herein by reference.

101

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a) Financial Statements and Schedules

The following financial statements and schedules listed below are included in this Form 10-K:

Financial Statements (See Item 8)

Schedule I

Schedule II

All other schedules are omitted because the required information is not present or is not present in amounts sufficient to require submission of the schedules.

(b) Exhibits

EXHIBIT INDEX

Exhibit		Incorporated by Reference			Filed
Number	Exhibit Description	Form	File No.	Filing Date		Herewith
2.1	Agreement and Plan of Merger, dated as of June 4, 2018, by and among Joseph T. Ryerson & Son, Inc., Hunter MergerCo, Inc., Central Steel and Wire Company, and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the Stockholder Representative thereunder.*	8-K	001-34735	June 5, 2018
3.1	Form of Third Amended and Restated Certificate of Incorporation of Ryerson Holding Corporation.	S-1/A-22	333-164484	August 6, 2014
3.2	Form of Amended and Restated Bylaws of Ryerson Holding Corporation.	S-1/A-15	333-164484	May 6, 2013
4.1	Form of Common Stock Certificate of Ryerson Holding Corporation.	10-K	001-34735	March 9, 2016
4.2	Indenture, dated as of July 22, 2020, by and among Joseph T. Ryerson & Son, Inc., the guarantors party thereto and Wells Fargo Bank, National Association, as trustee and collateral agent.	8-K	001-34735	July 22, 2020
4.3	Form of Investor Rights Agreement, by and among Ryerson Holding Corporation, Platinum Equity Capital Partners, L.P., Platinum Equity Capital Partners-PF, L.P., Platinum Equity Capital Partners-A, L.P., Platinum Equity Capital Partners II, L.P., Platinum Equity Capital Partners-PF II, L.P., Platinum Equity Capital Partners-A II, L.P. and Platinum Rhombus Principals, LLC.	S-1/A-15	333-164484	May 6, 2013
4.4	Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934					X

102

10.1	Ryerson Nonqualified Savings Plan.	S-4/A-2	333-152102	February 24, 2009
10.2	Ryerson Annual Incentive Plan (as amended through June 14, 2007).	S-1	333-164484	January 22, 2010
10.3	Ryerson Holding Corporation 2014 Omnibus Incentive Plan.	S-1/A-21	333-164484	July 24, 2014
10.4	Offer Letter Agreement, dated May 7, 2015, by and between Ryerson Holding Corporation and Edward J. Lehner.	8-K	001-34735	May 8, 2015
10.5	Confidentiality, Non-Competition and Non-Solicitation Agreement, dated June 1, 2015, by and between Ryerson Holding Corporation and Edward J. Lehner.	8-K	001-34735	June 5, 2015
10.6	Form of 2015 Restricted Stock Unit Agreement.	10-Q	001-34735	August 12, 2015
10.7	Form of 2015 Performance Unit Agreement.	10-Q	001-34735	August 12, 2015
10.8	Form of Director and Officer Indemnification Agreement.	S-1/A18	333-164484	March 27, 2014
10.9	Employment Agreement, dated January 3, 2005, between Ryerson Tull, Inc. and Michael Burbach, as amended.	10-Q	001-34735	May 7, 2015
10.10	Directors Compensation Summary Sheet.	10-K	001-34735	March 9, 2016
10.11	Intercreditor Agreement by and between Bank of America, N.A. as ABL Collateral Agent and Wells Fargo Bank, National Association, as Notes Collateral Agent Dated as of October 10, 2012.	10-K	001-34735	March 9, 2016
10.12	Amendment No. 1, dated as of March 11, 2015, to the Intercreditor Agreement dated as of October 10, 2012, by and between Bank of America, N.A. as ABL Collateral Agent and Wells Fargo Bank, National Association, as Notes Collateral Agent.	10-K	001-34735	March 9, 2016
10.13	Joinder Agreement dated as of July 24, 2015, to Intercreditor Agreement dated as of October 10, 2012 and amended as of March 11, 2015 by and between Bank of America, N.A. as ABL Collateral Agent and Wells Fargo Bank, National Association, as Notes Collateral Agent.	10-K	001-34735	March 9, 2016

103

10.14	Credit Agreement, dated as of July 24, 2015, among Ryerson Holding Corporation, Joseph T. Ryerson & Son, Inc., Sunbelt-Turret Steel, Inc., Turret Steel Industries, Inc., Imperial Trucking Company, LLC, Wilcox-Turret Cold Drawn, Inc., Fay Industries, Inc., Ryerson Procurement Corporation, Ryerson Canada, Inc., and each of the other borrowers and guarantors, the lenders party thereto from time to time, and Bank of America, N.A., as the administrative agent and collateral agent.	8-K	001-34735	July 29, 2015
10.15	Amendment No. 1, dated as of November 16, 2016, to the Credit Agreement, dated as of July 24, 2015, by and among Ryerson Holding Corporation, Joseph T. Ryerson & Son, Inc., Ryerson Canada, Inc., and each of the other borrowers and guarantors, the lenders party thereto from time to time, and Bank of America, N.A., as the administrative agent and collateral agent.	8-K	001-34735	November 17, 2016
10.16	Security Agreement, dated as of July 24, 2015, Ryerson Holding Corporation, Joseph T. Ryerson & Son, Inc. (“Ryerson”), and the domestic subsidiaries of Ryerson from time to time party thereto in their capacities as pledgors, assignors and debtors thereunder in favor of Bank of America, N.A., in its capacity as collateral agent, as pledgee, assignee and secured party for the benefit of the secured parties.	8-K	001-34735	July 29, 2015
10.17	Canadian Security Agreement dated as of July 24, 2015 between Ryerson Canada, Inc. and Bank of America, N.A., in its capacity as collateral agent.	8-K	001-34735	July 29, 2015
10.18	Canadian Security Agreement dated as of July 24, 2015 between Turret Steel Canada, ULC, and Bank of America, N.A., in its capacity as collateral agent.	8-K	001-34735	July 29, 2015
10.19	Amendment No. 2, dated as of June 28, 2018 to Credit Agreement dated as of July 24, 2015, among Ryerson Holding Corporation, Joseph T. Ryerson  & Son, Inc., Wilcox-Turret Cold Drawn, Inc., Ryerson Procurement Corporation, Southern Tool Steel, LLC, Ryerson Canada, Inc., and each of the other borrowers and guarantors, the lenders party thereto, and Bank of America, N.A., as the administrative agent and collateral agent.	8-K	001-34735	June 29, 2018

104

10.20	Amendment No. 3, dated as of September 23, 2019 to Credit Agreement dated as of July 24, 2015, among Ryerson Holding Corporation, Joseph T. Ryerson  & Son, Inc., Wilcox-Turret Cold Drawn, Inc., Ryerson Procurement Corporation, Southern Tool Steel, LLC, Ryerson Canada, Inc., and each of the other borrowers and guarantors, the lenders party thereto, and Bank of America, N.A., as the administrative agent and collateral agent.	8-K	001-34735	September 27, 2019
10.21	Amendment No. 4, dated as of November 5, 2020 to Credit Agreement dated as of July 24, 2015, among Ryerson Holding Corporation, Joseph T. Ryerson & Son, Inc., Ryerson Canada, Inc., and each of the other borrowers and guarantors, the lenders party thereto, and Bank of America, N.A., as the administrative agent and collateral agent.	8-K	001-34735	November 9, 2020
10.22	Employment Agreement, dated February 22, 2021, between Ryerson Holding Corporation and James Claussen, as amended and restated.	10-K	001-34735	February 24, 2021
10.23	Ryerson Holding Corporation Stock Option Grant Notice	10-Q	001-34735	May 5, 2021
21.1	List of Subsidiaries of Ryerson Holding Corporation.				X
23.1	Consent of Independent Registered Public Accounting Firm.				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 & 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

105

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)

* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Ryerson agrees to furnish supplementally to the Securities and Exchange Commission a copy of any omitted schedule or exhibit upon request, subject to Ryerson’s right to request confidential treatment of any requested schedule or exhibit.

**   Furnished herewith.

106

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Ryerson Holding Corporation 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:  February 23, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Edward J. Lehner	President and Chief Executive Officer (Principal Executive Officer)	February 23, 2022
Edward J. Lehner
/s/ James J. Claussen	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 23, 2022
James J. Claussen
/s/ Molly D. Kannan	Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)	February 23, 2022
Molly D. Kannan
/s/ Kirk K. Calhoun	Director	February 23, 2022
Kirk K. Calhoun
/s/ Court D. Carruthers	Director	February 23, 2022
Court D. Carruthers
/s/ Eva M. Kalawski	Director	February 23, 2022
Eva M. Kalawski
/s/ Jacob Kotzubei	Director	February 23, 2022
Jacob Kotzubei
/s/ Stephen P. Larson	Director	February 23, 2022
Stephen P. Larson
/s/ Philip E. Norment	Director	February 23, 2022
Philip E. Norment
/s/ Mary Ann Sigler	Director	February 23, 2022
Mary Ann Sigler

107

EX-4.4

Exhibit 4.4

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

The following summary describes the material terms of the securities of Ryerson Holding Corporation (the “Company”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended. This description also summarizes relevant provisions of Delaware law. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, applicable law and our amended and restated certificate of incorporation and our bylaws, copies of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.4 is a part. We encourage you to read our certificate of incorporation, our bylaws and the applicable provisions of Delaware law for additional information.

Our amended and restated certificate of incorporation provides that our authorized capital stock consists of 100 million shares of common stock, par value $0.01 per share, and 7 million shares of preferred stock, par value $0.01 per share, that are undesignated as to series.

The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and are not entitled to cumulative votes with respect to the election of directors. The holders of common stock are entitled to receive dividends as may be declared by our Board of Directors out of legally available funds. Upon our liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets that are legally available for distribution after payment of all debts and other liabilities, subject to the prior rights of any holders of preferred stock then outstanding. The holders of common stock have no other preemptive, subscription, redemption, sinking fund or conversion rights. All outstanding shares of our common stock are fully paid and nonassessable. The shares of common stock to be issued upon completion of the offering will also be fully paid and nonassessable. The rights, preferences and privileges of holders of common stock are subject to, and may be negatively impacted by, the rights of the holders of shares of any series of preferred stock which we may designate and issue in the future.

Our transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

Our common stock is listed on the New York Stock Exchange under the symbol “RYI.”

Anti-Takeover Provisions of Delaware Law

We are subject to Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder, unless the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an interested stockholder is a person who, together with affiliates and associates, owns or, in the case of affiliates or associates of the corporation, within three years prior to the determination of interested stockholder status, owned 15% or more of a corporation’s voting stock.

The existence of this provision could have anti-takeover effects with respect to transactions not approved in advance by our Board of Directors, such as discouraging takeover attempts that might result in a premium over the market price of our common stock. For these purposes Platinum Equity, LLC (“Platinum”), does not constitute “interested stockholders.”

Stockholders are not entitled to cumulative voting in the election of directors. The authorization of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to effect a change of control of our company. The foregoing provisions of our amended and restated certificate of incorporation and the Delaware General Corporation Law may have the effect of deterring or discouraging hostile takeovers or delaying changes in control of our company.

Charter and Bylaws Anti-Takeover Provisions

Our amended and restated certificate of incorporation and our amended and restated bylaws each provide that on and following the date that Platinum no longer beneficially owns a majority of the voting power of all of our capital stock, any action required or permitted to be taken by our stockholders at an annual meeting or special meeting of the stockholders may only be taken at such annual or special meeting, and not by written consent without a meeting, if it is properly brought before such annual or special meeting.

Our amended and restated certificate of incorporation provides that our Board of Directors will be divided into three classes of directors, with the number of directors in each class to be as nearly equal as possible. Our classified board staggers terms of the three classes and, following the initial public offering of 11 million of our common stock completed on August 13, 2014, was implemented through one, two and three-year terms for the initial three classes, followed in each case by full three-year terms. With a classified board, only one-third of the members of our Board of Directors are elected each year. This classification of directors has the effect of making it more difficult for stockholders to change the composition of our Board of Directors. Our amended and restated certificate of incorporation and our amended and restated bylaws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our Board of Directors, but must consist of not less than three directors. This provision prevents stockholders from circumventing the provisions of our classified board.

Our amended and restated certificate of incorporation provides that, on and following the date that Platinum no longer beneficially owns a majority of the voting power of all of our capital stock, the affirmative vote of the holders of at least 66 2/3% of the voting power of our issued and outstanding capital stock, voting together as a single class, is required for the following:

• alteration, amendment or repeal of the staggered Board of Directors provisions in our amended and restated certificate of incorporation; and

• alteration, amendment or repeal of certain provisions of our amended and restated bylaws, including the provisions relating to our stockholders’ ability to call special meetings, notice provisions for stockholder business to be conducted at an annual meeting, requests for stockholder lists and corporate records, nomination and removal of directors and filling of vacancies on our Board of Directors.

Our amended and restated certificate of incorporation provides for the issuance by the Board of Directors of up to 7 million shares of preferred stock, with voting power, designations, preferences and other special rights. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of common stock or could adversely affect the rights and powers, including voting rights, of holders of common stock. In certain circumstances, such issuance could have the effect of decreasing the market price of the common stock. Preferred stockholders could also make it more difficult for a third party to acquire our company. No shares of preferred stock are outstanding and we currently have no plans to issue any shares of preferred stock.

Our amended and restated bylaws establish an advance notice procedure for stockholders to bring matters before special stockholder meetings, including proposed nominations of persons for election to our Board of Directors. These procedures specify the information stockholders must include in their notice and the timeframe in which they must give us notice. At a special stockholder meeting, stockholders may only consider nominations or proposals specified in the notice of meeting. A special stockholder meeting for any purpose may only be called by our Board of Directors, our Chairman, our Chief Executive Officer or, prior to the date that Platinum no longer beneficially owns a majority of the voting power of all of our capital stock, the holders of a majority of the voting power of our then outstanding voting stock.

2

Our amended and restated bylaws do not give the Board of Directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a meeting. However, our amended and restated bylaws may have the effect of precluding the conduct of that item of business at a meeting if the proper procedures are not followed. These provisions may discourage or deter a potential third party from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of our company.

The foregoing provisions of our amended and restated certificate of incorporation, our amended and restated bylaws and the Delaware General Corporation Law may have the effect of deterring or discouraging hostile takeovers or delaying changes in control of the company.

Limitation on Liability and Indemnification of Directors and Officers

Our amended and restated certificate of incorporation and bylaws limit our directors’ and officers’ liability to the fullest extent permitted under Delaware corporate law. Specifically, our directors and officers are not liable to us or our stockholders for monetary damages for any breach of fiduciary duty by a director or officer, except for liability:

• for any breach of the director’s or officer’s duty of loyalty to us or our stockholders;

• for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

• under Section 174 of the Delaware General Corporation Law; or

• for any transaction from which a director or officer derives an improper personal benefit.

If the Delaware General Corporation Law is amended to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Company shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended.

The provision regarding indemnification of our directors and officers in our amended and restated certificate of incorporation will generally not limit liability under state or federal securities laws.

Delaware law and our amended and restated certificate of incorporation and bylaws provide that we will, in certain situations, indemnify any person made or threatened to be made a party to a proceeding by reason of that person’s former or present official capacity with our company against judgments, penalties, fines, settlements and reasonable expenses including reasonable attorney’s fees. Any person is also entitled, subject to certain limitations, to payment or reimbursement of reasonable expenses in advance of the final disposition of the proceeding. In addition, Ryerson is party to certain indemnification agreements pursuant to which it has agreed to indemnify the employees who are party thereto.

The limitation of liability and indemnification provisions in our amended and restated certificate of incorporation may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

3

EX-21.1

Exhibit 21.1

SIGNIFICANT SUBSIDIARIES OF RYERSON HOLDING CORPORATION

Ryerson Holding Corporation, a Delaware corporation, owns, directly or indirectly, the following significant subsidiaries:

Name of Subsidiary	State or Jurisdiction of Incorporation or Organization
Joseph T. Ryerson & Son, Inc.	Delaware
Ryerson Procurement Corporation	Delaware
Central Steel and Wire Company, LLC	Delaware
Ryerson Canada, Inc.	Canada

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-236890) pertaining to the Omnibus Incentive Plan of Ryerson Holding Corporation, and

(2) Registration Statement (Form S-3 No. 333-252568) of Ryerson Holding Corporation;

of our reports dated February 23, 2022, with respect to the consolidated financial statements and schedules of Ryerson Holding Corporation and the effectiveness of internal control over financial reporting of Ryerson Holding Corporation, included in this Annual Report (Form 10-K) of Ryerson Holding Corporation for the year ended December 31, 2021.

/s/ Ernst & Young LLP

Chicago, Illinois

February 23, 2022

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 Annual Report on Form 10-K 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: February 23, 2022

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

EX-31.2

Exhibit 31.2

CERTIFICATE OF THE

PRINCIPAL FINANCIAL OFFICER

I, James J. Claussen, as Principal Financial Officer, Executive Vice President, and Chief Financial Officer, certify that:

1. I have reviewed this Annual Report on Form 10-K 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: February 23, 2022

Signature:	/s/   James J. Claussen
	James J. Claussen
	Principal Financial Officer, Executive Vice President & Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Ryerson Holding Corporation (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward J. Lehner, the President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

February 23, 2022

EX-32.2

Exhibit 32.2

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Ryerson Holding Corporation (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James J. Claussen, the Executive Vice President & Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

Signature:	/s/    James J. Claussen
	James J. Claussen Executive Vice President & Chief Financial Officer
	(Principal Financial Officer)

February 23, 2022

XML

Document and Entity Information - USD ($)

12 Months Ended

Dec. 31, 2021

Feb. 18, 2022

Jun. 30, 2021

Cover [Abstract]

Document Type

10-K

Amendment Flag

false

Document Annual Report

true

Document Transition Report

false

Document Period End Date

Dec. 31, 2021

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

FY

Trading Symbol

RYI

Entity Registrant Name

RYERSON HOLDING CORPORATION

Entity Central Index Key

0001481582

Current Fiscal Year End Date

--12-31

Entity Well-known Seasoned Issuer

No

Entity Current Reporting Status

Yes

Entity Voluntary Filers

No

Entity Filer Category

Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

Entity Shell Company

false

Entity Interactive Data Current

Yes

Entity File Number

001-34735

Entity Incorporation, State or Country Code

DE

Entity Common Stock, Shares Outstanding

38,394,162

Entity Public Float

$ 239,876,301

Title of 12(b) Security

Common Stock, $0.01 par value, 100,000,000 shares authorized

Security Exchange Name

NYSE

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

ICFR Auditor Attestation Flag

true

Auditor Firm ID

42

Auditor Name

Ernst & Young LLP

Auditor Location

Chicago, Illinois

Documents Incorporated by Reference

The information required to be furnished pursuant to Part III of this Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the annual meeting of stockholders (the “2021 Proxy Statement”), which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2021.

XML

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 5,675.3	$ 3,466.6	$ 4,501.6
Cost of materials sold	4,528.5	2,845.5	3,673.7
Gross profit	1,146.8	621.1	827.9
Warehousing, delivery, selling, general, and administrative	711.2	554.3	636.8
Gain on sale of assets	(109.6)		(20.6)
Gain on insurance settlement			(1.5)
Restructuring and other charges		2.2	2.4
Operating profit	545.2	64.6	210.8
Other income (expense):
Interest and other expense on debt	(51.0)	(76.4)	(93.2)
Pension settlement charges	(98.7)	(65.9)	(1.6)
Loss on retirement of debt	(5.5)	(17.7)	(0.2)
Other income and (expense), net	(0.9)	5.3	(0.6)
Income (loss) before income taxes	389.1	(90.1)	115.2
Provision (benefit) for income taxes	93.7	(24.8)	32.5
Net income (loss)	295.4	(65.3)	82.7
Less: Net income attributable to noncontrolling interest	1.1	0.5	0.3
Net income (loss) attributable to Ryerson Holding Corporation	$ 294.3	$ (65.8)	$ 82.4
Basic earnings (loss) per share	$ 7.67	$ (1.73)	$ 2.19
Diluted earnings (loss) per share	7.56	$ (1.73)	$ 2.17
Dividends declared per share	$ 0.165

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 295.4	$ (65.3)	$ 82.7
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(2.1)	1.6	4.3
Gain (loss) on hedges	2.1	(3.8)	(1.8)
Changes in defined benefit pension and other post-retirement benefit plans	142.4	41.8	14.0
Other comprehensive income, before tax	142.4	39.6	16.5
Income tax provision related to items of other comprehensive income	35.6	9.5	2.6
Comprehensive income (loss), after tax	402.2	(35.2)	96.6
Less: Comprehensive income attributable to the noncontrolling interest	1.1	0.5	0.4
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$ 401.1	$ (35.7)	$ 96.2

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income (loss)	$ 295.4	$ (65.3)	$ 82.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	55.9	53.9	58.4
Stock-based compensation	5.5	1.9	3.1
Deferred income taxes	0.6	(16.6)	48.0
Provision for allowances, claims, and doubtful accounts	3.2	(0.7)	3.5
Restructuring and other charges		2.2	2.4
Loss on retirement of debt	5.5	17.7	0.2
Gain on sale of assets	(109.6)		(20.6)
Non-cash (gain) loss from derivatives	27.6	(10.6)	0.6
Gain on insurance settlement			(1.5)
Pension settlement charge	98.7	65.9	1.6
Other items	0.1	0.2	1.2
Change in operating assets and liabilities, net of effects of acquisitions:
Receivables	(252.5)	46.7	92.5
Inventories	(227.9)	138.9	65.9
Other assets and liabilities	(23.3)	13.0	4.9
Accounts payable	123.6	25.8	(78.2)
Accrued liabilities	32.0	16.7	(34.6)
Accrued taxes payable/receivable	25.2	(1.2)	(7.6)
Deferred employee benefit costs	(25.0)	(10.6)	(29.4)
Net adjustments	(260.4)	343.2	110.4
Net cash provided by operating activities	35.0	277.9	193.1
Investing activities:
Acquisitions, net of cash acquired	(14.5)
Capital expenditures	(59.3)	(26.0)	(45.8)
Proceeds from sale of property, plant, and equipment	166.3	0.1	70.4
Proceeds from insurance settlement			1.8
Proceeds from other investing activities	1.9
Net cash provided by (used in) investing activities	94.4	(25.9)	26.4
Financing activities:
Long term debt issued		500.0
Repayment of debt	(157.3)	(654.7)	(12.7)
Net proceeds (repayments) of short-term borrowings	45.8	(93.8)	(164.6)
Bond issuance costs		(10.9)
Credit facility issuance costs		(4.9)
Net increase (decrease) in book overdrafts	(7.7)	27.4	0.1
Principal payments on finance lease obligations	(10.5)	(13.1)	(13.6)
Contingent payment related to acquisitions			(1.3)
Proceeds from sale leaseback transactions			8.3
Dividends paid to shareholders	(6.4)
Dividends paid to non-controlling interest		(0.2)
Share repurchases	(1.8)
Net cash used in financing activities	(137.9)	(250.2)	(183.8)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(8.5)	1.8	35.7
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1.6)	0.9	(0.2)
Net change in cash, cash equivalents, and restricted cash	(10.1)	2.7	35.5
Cash, cash equivalents, and restricted cash—beginning of period	62.5	59.8	24.3
Cash, cash equivalents, and restricted cash—end of period	52.4	62.5	59.8
Cash paid (received) during the period for:
Interest paid to third parties, net	51.1	62.0	88.3
Income taxes, net	70.2	(5.7)	(6.6)
Noncash investing activities:
Asset additions under adoption of accounting principal ASC 842			82.3
Asset additions under operating leases	129.6	1.6	64.8
Asset additions under finance leases and failed sale-leasebacks	$ 15.8	$ 3.6	2.2
Asset additions under financing arrangements			2.2
Noncash financing activities:
Short term debt converted to finance lease			$ 7.6

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 51.2	$ 61.4
Restricted cash (Note 3)	1.2	1.1
Receivables less provisions of $2.2 at December 31, 2021 and $1.7 at December 31, 2020 (Note 18)	630.8	378.9
Inventories (Note 4)	832.1	604.5
Prepaid expenses and other current assets	77.7	57.5
Total current assets	1,593.0	1,103.4
Property, plant, and equipment, net of accumulated depreciation (Note 5)	388.3	421.8
Operating lease assets (Note 6)	211.1	108.3
Other intangible assets (Note 7)	42.2	43.2
Goodwill (Note 8)	124.1	120.3
Deferred charges and other assets	6.9	5.1
Total assets	2,365.6	1,802.1
Current liabilities:
Accounts payable	481.2	365.1
Accrued liabilities:
Salaries, wages, and commissions	76.6	43.1
Other accrued liabilities	133.4	78.3
Short-term debt (Note 10)	28.8	13.8
Current portion of operating lease liabilities (Note 6)	24.9	20.7
Current portion of deferred employee benefits (Note 11)	6.1	6.6
Total current liabilities	751.0	527.6
Long-term debt (Note 10)	610.5	726.2
Deferred employee benefits (Note 11)	163.3	231.6
Noncurrent operating lease liabilities (Note 6)	184.8	93.0
Deferred income taxes (Note 19)	94.1	58.2
Other noncurrent liabilities	17.3	20.4
Total liabilities	1,821.0	1,657.0
Commitments and contingencies (Note 13)
Ryerson Holding Corporation stockholders’ equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020	0.4	0.4
Capital in excess of par value	388.6	383.1
Retained earnings	321.7	33.8
Treasury stock at cost – Common stock of 292,932 shares at December 31, 2021 and 212,500 shares at December 31, 2020	(8.4)	(6.6)
Accumulated other comprehensive loss (Note 16)	(165.1)	(271.9)
Total Ryerson Holding Corporation stockholders’ equity	537.2	138.8
Noncontrolling interest	7.4	6.3
Total equity	544.6	145.1
Total liabilities and equity	$ 2,365.6	$ 1,802.1

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Receivables, provisions	$ 2.2	$ 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	38,687,094	38,329,897
Treasury stock at cost - Common stock, shares	292,932	212,500

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Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings (Accumulated Deficit) [Member]	Foreign Currency Translation [Member]	Benefit Plan Liabilities [Member]	Cash Flow Hedge - Interest Rate Swap [Member]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2018	$ 75.9	$ 0.4	$ (6.6)	$ 381.0	$ 14.2	$ (52.8)	$ (264.0)	$ 1.0	$ 2.7
Beginning Balance, shares at Dec. 31, 2018		37,656,000
Beginning Balance Treasury Stock, shares at Dec. 31, 2018			(213,000)
Net income (loss)	82.7				82.4				0.3
Foreign currency translation	4.3					4.2			0.1
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	10.9						10.9
Adoption of accounting principle | ASU 2016-02 [Member]	3.0				3.0
Stock-based compensation expense	3.1			3.1
Stock-based compensation expense, shares		340,000
Purchase of subsidiary shares from noncontrolling interest				(2.9)					2.9
Cash flow hedge - interest rate swap, net of tax	(1.3)							(1.3)
Ending Balance at Dec. 31, 2019	178.6	$ 0.4	$ (6.6)	381.2	99.6	(48.6)	(253.1)	(0.3)	6.0
Ending Balance, shares at Dec. 31, 2019		37,996,000
Ending Balance Treasury Stock, shares at Dec. 31, 2019			(213,000)
Net income (loss)	(65.3)				(65.8)				0.5
Foreign currency translation	1.6					1.6
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	31.3						31.3
Stock-based compensation expense	1.9			1.9
Stock-based compensation expense, shares		334,000
Dividends paid to noncontrolling interest	(0.2)								(0.2)
Cash flow hedge - interest rate swap, net of tax	(2.8)							(2.8)
Ending Balance at Dec. 31, 2020	$ 145.1	$ 0.4	$ (6.6)	383.1	33.8	(47.0)	(221.8)	(3.1)	6.3
Ending Balance, shares at Dec. 31, 2020	38,329,897	38,330,000
Ending Balance Treasury Stock, shares at Dec. 31, 2020	212,500		(213,000)
Net income (loss)	$ 295.4				294.3				1.1
Foreign currency translation	(2.1)					(2.1)
Changes in defined benefit pension and other post-retirement benefit plans, net of tax	107.3						107.3
Share repurchases	(1.8)		$ (1.8)
Share repurchase, shares			(80,000)
Stock-based compensation expense	5.5			5.5
Stock-based compensation expense, shares		357,000
Cash dividends and dividend equivalents	(6.4)				(6.4)
Cash flow hedge - interest rate swap, net of tax	1.6							1.6
Ending Balance at Dec. 31, 2021	$ 544.6	$ 0.4	$ (8.4)	$ 388.6	$ 321.7	$ (49.1)	$ (114.5)	$ (1.5)	$ 7.4
Ending Balance, shares at Dec. 31, 2021	38,687,094	38,687,000
Ending Balance Treasury Stock, shares at Dec. 31, 2021	292,932		(293,000)

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Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Stockholders Equity [Abstract]
Changes in defined benefit pension and other post-retirement benefit plans, tax benefit (provision)	$ 35.1	$ 10.5	$ 3.1
Changes in interest rate swap, tax	$ 0.5	$ 1.0	$ 0.5

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Summary of Accounting and Financial Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Accounting and Financial Policies

Note 1: Summary of Accounting and Financial Policies

Business Description and Basis of Presentation. 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, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation.

Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280.

Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.  

Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 17: Revenue Recognition for further details.

Provision for allowances, claims, and doubtful accounts. The Company follows the guidance under ASC 326 “Financial Instruments – Credit Losses” (“ASC 326”). The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 18: Provision for Credit Losses for further details.

Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs totaled $125.2 million, $113.7 million, and $126.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. In accordance with ASC 606, the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known.

Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the

requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned.

Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $77.3 million and $84.9 million to accounts payable at December 31, 2021 and 2020, respectively.

Inventory Valuation. Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories.

Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:

Land improvements	20 years
Buildings	45 years
Machinery and equipment	10-15 years
Furniture and fixtures	10 years
Transportation equipment	3-6 years
Land use rights	50 years

Expenditures for normal repairs and maintenance are charged against income in the period incurred.

Leases. Leases are recognized in accordance with FASB ASC 842, “Leases” (“ASC 842”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See Note 6: Leases, for further details.

Goodwill. In accordance with FASB ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants.  

Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method.

Accrued Vacation Liability. In 2019, the Company changed its vacation policy such that employees earn their vacation for the current year as work is performed throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap. Under the previous policy, vacation was earned in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded a reduction of $11.0 million to accrued vacation expense, which is included within warehousing, delivery, general, and administrative expense within the Consolidated Statement of Operations in 2019.

Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using either the effective interest method or straight line method over the life of the debt in accordance with FASB ASC 470, “Debt” (“ASC 470”). Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability.

Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year.

For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized $0.2 million exchange loss, zero exchange gains/losses, and a $2.4 million exchange loss for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts are classified either in Other income and (expense), net or Warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations.  

Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality.

Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known.

The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Earnings Per Share Data. Basic earnings per share (“EPS”) is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all dilutive potential common shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. Basic earnings per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings per share, assuming dilution, includes such dilutive effects.

Stock-Based Compensation. All of our stock-based compensation plans are classified as equity awards. The fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is determined based on the fair value of our common stock on the grant date. The fair value of stock options is estimated based on a Monte Carlo simulation and considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of stock options, RSUs, and PSUs is expensed on a straight-line basis over their respective vesting periods. We have elected to recognize forfeitures as they occur. See Note 12: Stock-Based Compensation for further details.

Recent Accounting Pronouncements

Impact of Recently Issued Accounting Standards–Adopted

In December 2019, the FASB issued 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 tax 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.

In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The amendments in this update clarify the accounting to address diversity in practice and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The update is effective for interim and annual reporting periods beginning after December 15, 2022 and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. We adopted this guidance as of October 1, 2021 and there was no impact to our consolidated financial statements or disclosures.

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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Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions

Note 2: Acquisitions

 On September 1, 2021, JT Ryerson acquired Specialty Metals Processing, Inc. (“SMP”), a toll processor located in Stow, Ohio. SMP processes stainless steel, aluminum, titanium, and nickel alloy products in a variety of industries including aerospace. SMP's expertise in buffing, grinding, and polishing finishes adds to Ryerson's value-added processing capabilities. The acquisition is not material to our consolidated financial statements.

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Cash, Cash Equivalents, and Restricted Cash

12 Months Ended

Dec. 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 Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows:

	At December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	51.2	$	61.4
Restricted cash		1.2		1.1
Total cash, cash equivalents, and restricted cash	$	52.4	$	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

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 4: Inventories

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

	At December 31,
	2021		2020
	(In millions)
In process and finished products	$	832.1	$	604.5

If current cost had been used to value inventories, such inventories would have been $303 million higher and $63 million lower than reported at December 31, 2021 and 2020, respectively. Approximately 88% and 91% of inventories are accounted for under the LIFO method at December 31, 2021 and 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 $8.8 million and $4.8 million at December 31, 2021 and 2020, respectively.

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 5: Property, Plant, and Equipment

Property, plant, and equipment consisted of the following at December 31, 2021 and 2020:

	At December 31,
	2021			2020
	(In millions)
Land and land improvements	$	65.0		$	88.0
Buildings and leasehold improvements		141.2			202.3
Machinery, equipment, and other		482.4			451.6
Finance leases		56.8			66.5
Construction in progress		47.4			14.5
Total		792.8			822.9
Less: Accumulated depreciation		(404.5	)		(401.1	)
Net property, plant, and equipment	$	388.3		$	421.8

The Company recognized gains on the sale of assets classified as held for sale of zero, zero, and $0.4 million for the years ended December 31, 2021, 2020, and 2019 respectively. The Company had $1.2 million and $4.0 million of assets held for sale classified within “Prepaid expenses and other current assets” on the Consolidated Balance Sheet as of December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, the Company completed several asset sales in the form of sale-leasebacks to generate cash proceeds that were, in part, utilized to redeem a portion of the 8.50% senior secured notes due 2028 (the “2028 Notes”), and also in a continued effort to optimize our facility footprint. Each of these sale-leasebacks were for varying periods of time, ranging from 21 months to 15 years, and therefore the Company recorded right of use assets of $95.1 million and lease liabilities of $86.4 million. See Note 6: Leases for further discussion of the individually significant leaseback transaction. As a result of these transactions, $65.4 million of land and building assets, net of accumulated depreciation, were sold for net cash proceeds of $163.2 million, resulting in a total gain of $107.7 million. The Company also had normal course asset sale activity which generated additional cash proceeds of $3.1 million for the year ended December 31, 2021.

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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 6: 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 2036, and finance leases expiring at various times through 2027.  

Policy Elections & Practical Expedients

The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date.

Significant Judgments

Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred.

The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of November 5, 2020 (the “Ryerson Credit Facility”).

In December 2019, we sold and leased back a group of service center properties located in Arizona, Arkansas, Georgia, New York, Ohio, Texas, Virginia, and Washington for net proceeds of approximately $61.5 million. The total annual rent for the properties was approximately $4.3 million for the first year and is subject to annual rent escalations over the 12-year lease term. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities and is required to adequately maintain the properties for the lease term. The lease includes two renewal options for five years each.

The 2019 transaction met the requirements for sale leaseback accounting under ASC 842 and ASC 606. Accordingly, the Company recognized the sale of the properties, which resulted in a gain of approximately $20.6 million recorded in the Consolidated Statement of Operations.

Similarly, in June 2021, we sold and leased back a group of service center properties located in Delaware, Florida, Kentucky, Minnesota, Missouri, Oklahoma, Pennsylvania, Tennessee, Texas, and Virginia for net proceeds of approximately $104 million. The total annual rent for the properties starts at approximately $6.4 million per year, with the amount increasing at 1.5% annually over the 15-year lease term, including, without limitation, during any renewal term. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities and is required to adequately maintain the properties for the lease term. The lease includes two renewal options for five years each.

The 2021 transaction met the requirements for sale leaseback accounting under ASC 842 and ASC 606. Accordingly, the Company recognized the sale of the properties, which resulted in a gain of approximately $62.5 million recorded in the Consolidated Statement of Operations. The related land and buildings were removed from property, plant, and equipment and operating lease assets and liabilities of $84.4 million, respectively, were recorded in the Consolidated Balance Sheets.

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

		At December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	211.1	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.2		45.5
Total lease assets		$	252.3	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	24.9	$	20.7
Finance	Other accrued liabilities		12.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		184.8		93.0
Finance	Other noncurrent liabilities		16.0		14.3
Total lease liabilities		$	238.2	$	137.0

(a) Finance lease assets are recorded net of accumulated amortization of $15.6 million and $21.0 million as of December 31, 2021 and 2020, respectively.

The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2021, 2020 and, 2019:

		Year Ended December 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020		2019
				(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	30.5	$	23.9	$	20.7
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		5.4		6.4		6.9
Interest on lease liabilities	Interest and other expense on debt		1.0		1.2		1.6
Variable lease expense	Warehousing, delivery, selling, general, and administrative		2.8		3.1		3.1
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		2.7		2.4		3.0
Total lease expense		$	42.4	$	37.0	$	35.3

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

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2022	$	31.1		$	13.0
2023		27.9			6.6
2024		26.2			4.9
2025		22.4			3.6
2026		18.8			1.7
After 2026		121.5			0.2
Total lease payments		247.9			30.0
Less: Interest(b)		(38.2	)		(1.5	)
Present value of lease liabilities(c)	$	209.7		$	28.5

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

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

(c) Includes the current portion of $24.9 million for operating leases and $12.5 million for finance leases.

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

	At December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		10.4			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.2	%		3.4	%
Finance leases		3.4	%		4.4	%

Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2021, 2020, and 2019 is summarized below:

	Year Ended December 31,
Other Information	2021		2020		2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	29.7	$	25.3	$	21.4
Operating cash flows from finance leases		1.0		1.2		1.6
Financing cash flows from finance leases		10.5		13.1		13.6
Assets obtained in exchange for lease obligations:
Adoption of accounting principal ASC 842		—		—		82.3
Operating leases		129.6		1.6		64.8
Finance leases		15.8		3.6		2.2

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Definite-Lived Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Definite-Lived Intangible Assets

Note 7: Definite-Lived Intangible Assets

The following summarizes the components of definite-lived intangible assets at December 31, 2021 and 2020:

			At December 31, 2021							At December 31, 2020
	Remaining Weighted Average Amortizable Life in Years		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
			(In millions)
Amortizable intangible assets
Customer relationships		13.3	$	62.3	$	(44.5	)	$	17.8	$	57.7	$	(41.4	)	$	16.3
Developed technology / product know-how		9.3		4.8		(3.3	)		1.5		4.6		(3.0	)		1.6
Non-compete agreements		3.2		0.6		(0.5	)		0.1		0.5		(0.4	)		0.1
Trademarks		13.7		43.1		(20.3	)		22.8		42.3		(17.1	)		25.2
Licenses		—		—		—			—		0.5		(0.5	)		—
Total definite-lived intangible assets			$	110.8	$	(68.6	)	$	42.2	$	105.6	$	(62.4	)	$	43.2

Amortization expense related to intangible assets reported in warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019 was $6.7 million, $7.4 million, and $7.5 million, respectively.

Estimated amortization expense related to intangible assets at December 31, 2021, for each of the years in the five year period ending December 31, 2026 and thereafter is as follows:

	Estimated Amortization Expense
	(In millions)
For the year ended December 31, 2022		7.0
For the year ended December 31, 2023		5.8
For the year ended December 31, 2024		5.7
For the year ended December 31, 2025		5.5
For the year ended December 31, 2026		5.4
For the years ended thereafter		12.8

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Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

Note 8: Goodwill

Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020:

	Cost		Accumulated Impairment			Carrying Amount
			(In millions)
Balance at January 1, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		—		—		$	—
Balance at December 31, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		3.8		—			3.8
Balance at December 31, 2021	$	132.4	$	(8.3	)	$	124.1

In 2021, the Company recognized $3.8 million of goodwill within the US Reporting unit which is deductible for income tax purposes. See Note 2: Acquisitions for further information.

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. Based on our October 1, annual goodwill impairment test, we determined there was no goodwill impairment in 2021.

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Restructuring and Other Charges

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring and Other Charges

Note 9: Restructuring and Other Charges

The following summarizes restructuring accrual activity for the years ended December 31, 2021, 2020, and 2019:

	Employee Related Costs			Tenancy and Other Costs			Total Restructuring Costs
	(In millions)
Balance at January 1, 2019	$	0.4		$	1.5		$	1.9
Restructuring charges		2.1			0.3			2.4
Cash payments		(1.5	)		(0.9	)		(2.4	)
Balance at December 31, 2019	$	1.0		$	0.9		$	1.9
Restructuring charges		2.2			—			2.2
Cash payments		(2.7	)		(0.3	)		(3.0	)
Addition to reserve		—			0.1			0.1
Balance at December 31, 2020	$	0.5		$	0.7		$	1.2
Cash payments		(0.5	)		—			(0.5	)
Balance at December 31, 2021	$	—		$	0.7		$	0.7

2021

During 2021, the Company paid the remaining $0.5 million of employee-related costs related to prior year staff reductions. The Company has a $0.7 million reserve for tenancy-related costs for a facility closed in 2015, which are expected to be paid through 2025.

2020

In 2020, the Company recorded a $2.2 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.9 million of the employee costs related to these actions. In addition, the Company paid $0.8 million related to 2019 staff reductions. 

During 2020, the Company also paid $0.3 million for costs related to facilities closed in prior years and recorded an addition of $0.1 million to the reserve for tenancy-related costs, which was charged to warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. 

2019

In 2019, the Company recorded a $2.1 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.2 million of the employee costs related to these actions. In addition, the Company paid $0.3 million related to 2018 staff reductions.

During 2019, the Company also recorded a $0.3 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.9 million in 2019 for costs related to facilities closed in prior years.                    

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Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Note 10: Debt

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

	At December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	316.0		$	285.0
8.50% Senior Secured Notes due 2028		300.0			450.0
Foreign debt		27.0			12.1
Other debt		6.0			7.8
Unamortized debt issuance costs and discounts		(9.7	)		(14.9	)
Total debt		639.3			740.0
Less:
Short-term foreign debt		27.0			12.1
Other short-term debt		1.8			1.7
Total long-term debt	$	610.5		$	726.2

The principal payments required to be made on debt during the next five fiscal years are shown below:

	Amount
	(In millions)
For the year ended December 31, 2022	$	28.8
For the year ended December 31, 2023		1.8
For the year ended December 31, 2024		2.4
For the year ended December 31, 2025		316.0
For the year ended December 31, 2026	—
For the years ended thereafter		300.0

Ryerson Credit Facility

On November 5, 2020, the Ryerson Credit Facility was amended to extend the maturity date from November 16, 2021 to November 5, 2025. 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 December 31, 2021, Ryerson had $316.0 million of outstanding borrowings, $14 million of letters of credit issued, and $670 million available under the Ryerson Credit Facility compared to $285.0 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%).  Through November 5, 2021 the spread over the base rate and prime rate was fixed at 0.50% and the spread over the LIBOR for the bankers’ acceptances was fixed at 1.50%. After November 5, 2021, the spread over the base rate and prime rate is between 0.25% and 0.50% and the spread over the LIBOR for the bankers’ acceptances is 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. LIBOR rates will stop being published on June 30, 2023, at that time the interest rate on the Ryerson Credit Facility will be replaced by the Secured Overnight Financing Rate (“SOFR”).

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 swap was 2.5% and 2.9 % at December 31, 2021 and 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 Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months.

2022 and 2028 Notes

On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 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 (“2022 Notes”) and (ii) pay related transaction fees, expenses, and premiums.

The Company applied the provisions of ASC 470-50, “Modifications and Extinguishments” in accounting for the issuance of the 2028 Notes and redemption of the 2022 Notes. It was determined that while the issuance was private, the terms of the issuance were

similar to a public debt issuance due to the facts that (i) no single investor or small group of investors held a significant concentration of both the old and the new debt, (ii) none of the old investors were included in negotiations with the underwriter in setting the terms of the debt issuance, and (iii) and the old investors had the opportunity to participate in the new issuance in the same manner as new investors. As the issuance was similar to a public debt issuance, extinguishment accounting was applied. The Company recorded a $17.1 million loss within other income and (expense), net on the Consolidated Statement of Operations during the third quarter of 2020, which consists of the redemption fees paid to the creditors and unamortized debt issuance costs written off related to the 2022 Notes. Additionally, the costs incurred with third parties for arrangement fees, legal, and other services related to the 2028 Notes were capitalized and are being amortized over the life of the new debt using the effective interest method.

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 U.S. (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.

During the fourth quarter of 2020, JT Ryerson completed a partial redemption of $50 million of aggregate principal amount of the 2028 Notes at a redemption price in cash of 103.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded this redemption with cash available on hand. Additionally, on July 9, 2021, JT Ryerson completed a partial redemption of $100 million of aggregate principal amount of the 2028 Notes at a redemption price in cash of 104.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded the partial redemption using the proceeds of a sale leaseback transaction that closed on June 9, 2021. See Note 6: Leases for further discussion of the sale leaseback transaction. Finally, on July 23, 2021, JT Ryerson completed a partial redemption of $50 million aggregate principal amount of the 2028 Notes at a redemption price in cash of 103.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but not including, the redemption date. JT Ryerson funded this redemption with cash available on hand. As a result, $300 million in aggregate principal amount of the 2028 Notes remained outstanding at December 31, 2021.  All losses on debt redemptions were recorded within other income and (expense), net on the Consolidated Statement of Operations in the respective period.

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 determined the fair value of the embedded derivative as of December 31, 2020 was $2.3 million and recorded it within other current assets in the Consolidated Balance Sheet. As of December 31, 2021, the fair value was determined to be $0.2 million with the change of $2.1 million recognized within other income and (expense), net on the Consolidated Statements of Operations. Refer to Note 15: 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. As a result of these restrictions, the restricted net assets of consolidated subsidiaries exceeded 25 percent of consolidated net assets as of December 31, 2021. Restricted net assets as of December 31, 2021 were $588.5 million.

During the first six months of 2020, a principal amount of $57.6 million of the 2022 Notes were repurchased for $56.7 million and retired, resulting in the recognition of a $0.9 million gain within other income and (expense), net on the Consolidated Statement of Operations. During 2019, a principal amount of $11.6 million of the 2022 Notes were repurchased for $11.8 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Consolidated Statement of Operations.

Foreign Debt

At December 31, 2021, Ryerson China’s total foreign borrowings were $27.0 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. At December 31, 2020, Ryerson China’s total 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 Ryerson China’s credit facility was $20 million and $35 million at December 31, 2021 and 2020, respectively. Letters of credit issued by our foreign subsidiaries totaled $6 million at December 31, 2021 and 2020.

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Employee Benefits

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 11: Employee Benefits

The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “Compensation – Retirement Benefits” (“ASC 715”). In addition to requirements for an employer to recognize in its Consolidated Balance Sheet an asset for a plan’s overfunded status or a liability for a plan’s underfunded status and to recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur, ASC 715 requires an employer to measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year.

Prior to January 1, 1998, the Company’s non-contributory defined benefit pension plan (“Ryerson Pension Plan” or “RPP”) covered certain employees, retirees, and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements.

Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Company’s defined contribution plan. Employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement.

The Company offers a defined contribution plan to eligible employees. For the years ended December 31, 2021, 2020, and 2019, expense recognized for the defined contribution plans was $8.9 million, $4.3 million, and $8.8 million, respectively. The company match on defined contribution plans was suspended for a portion of 2020 as part of the Company’s pandemic response, resulting in decreased expense in 2020.

Effective September 28, 2020, the Ryerson Pension Plan purchased $95.2 million of annuities on behalf of a portion of plan participants which resulted in settlement accounting. The pension plan was remeasured as of September 30, 2020. The remeasurement resulted in a settlement loss of $52.5 million. At the time of remeasurement, the discount rate decreased from 3.15% to 2.59% and the expected long-term rate of return on pension assets decreased from 5.75% to 5.25%.

Effective December 1, 2020, Ryerson offered a lump sum payout to terminated vested participants of the Ryerson Pension Plan. Lump sums of $19.7 million were paid out to plan participants that elected the lump sum option in early December 2020 and the pension plan was remeasured as of November 30, 2020. The remeasurement resulted in a settlement loss of $10.5 million. At the time of remeasurement, the discount rate decreased from 2.59% to 2.42% and the expected long-term rate of return on pension assets decreased from 5.25% to 5.15%.

Effective September 24, 2021, the Ryerson Pension Plan purchased $206.6 million of annuities on behalf of a portion of plan participants which, due to the size of the transaction, resulted in settlement accounting. The pension plan was remeasured as of September 30, 2021. The remeasurement resulted in a settlement loss of $98.3 million. As a result of the remeasurement, the discount rate increased from 2.42% to 2.80% and the expected long-term rate of return on pension assets decreased from 5.05% to 4.35%.

Central Steel and Wire Company (“CSW”), a subsidiary of JT Ryerson, also has a non-contributory defined benefit pension plan (“Central Steel and Wire Retirement Plan” or “CSWPP”), which covers certain employees, retirees, and their beneficiaries. CSWPP paid $7.5 million in lump sums and annuity purchases during 2021, $14.3 million in 2020, and $14.3 million in 2019. Because the payouts were more than the fiscal year service cost plus interest in 2021, 2020, and 2019, settlement accounting was reflected at each year end resulting in a settlement loss of $0.4 million, $2.9 million, and $1.6 million in 2021, 2020, and 2019, respectively. The payouts in 2021, 2020, and 2019 are based on normal, recurring activity for the CSWPP therefore, they have been reflected within the benefits paid lines of the pension obligation and pension asset rollforward table below.

In August 2019, the Central Steel and Wire Retirement Plan was closed to new entrants such that employees hired after July 1, 2018 are not entered into the plan.

The Company’s U.S. other postretirement benefit plans include the Ryerson Postretirement Welfare Plans (“Ryerson OPEB”) and Central Steel and Wire Postretirement Medical Plan (“CSW OPEB”).

The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled $14.3 million and $15.5 million at December 31, 2021 and 2020, respectively.  

Summary of Assumptions and Activity

The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. The Company had additional measurement dates of September 30, 2021, November 30, 2020, and September 30, 2020 due to the annuitization and lump sum transactions described above. The expected rate of return on plan assets is determined based on the market-related value of the assets, recognizing any gains or losses over a four year period.

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows:

Ryerson Pension Plan	Year Ended December 31, 2021			January 1 to September 30, 2021			Year Ended December 31, 2020			October 1 to November 30, 2020			January 1 to September 30, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.80	%		2.42	%		2.42	%		2.59	%		3.15	%
Discount rate for calculating service cost		2.95			2.61			2.59			2.76			3.38			4.53
Discount rate for calculating interest cost		2.08			1.72			1.76			1.87			2.72			3.93
Expected rate of return on plan assets		4.35			5.05			5.15			5.25			5.75			6.35
Rate of compensation increase – benefit obligations		3.00			3.00			3.00			3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00			3.00			3.00			3.00

Central Steel and Wire Retirement Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		3.27	%		3.09	%		3.53	%
Discount rate for calculating service cost		3.20			3.63			4.67
Discount rate for calculating interest cost		2.76			3.33			4.43
Expected rate of return on plan assets		2.05			3.20			4.00
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

The expected rate of return on plan assets is 4.85% for RPP and 1.80% for CSWPP for 2022.

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:

Ryerson Postretirement Welfare Plans	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.45	%		3.13	%
Discount rate for calculating service cost		2.80			3.37			4.43
Discount rate for calculating interest cost		1.68			2.66			3.82
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

Central Steel and Wire Postretirement Medical Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.79	%		2.37	%		3.08	%
Discount rate for calculating service cost		2.68			3.30			4.45
Discount rate for calculating interest cost		1.67			2.63			3.82

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:

	Year Ended December 31,
	2021						2020						2019
	Salaried			Bargaining			Salaried			Bargaining			Salaried			Bargaining
Discount rate for calculating obligations		2.85	%		2.85	%		2.32	%		2.34	%		3.00	%		3.01	%
Discount rate for calculating net periodic benefit cost		2.32			2.34			3.00			3.01			3.56			3.58
Expected rate of return on plan assets		4.25			1.75			4.75			3.00			5.25			3.50
Rate of compensation increase		3.00			3.00			3.00			3.00			3.00			3.00

The expected rate of return on Canadian plan assets for 2022 is 4.25% for the Ryerson Salaried Plan (approximately 80% of total Canadian plan assets) and 2.25% for the Ryerson Bargaining Unit Plan (approximately 20% of total Canadian plan assets).

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:

	Year Ended December 31,
	2021			2020			2019
Discount rate for calculating obligations		2.75	%		2.19	%		2.97	%
Discount rate for calculating net periodic benefit cost		2.19			2.97			3.53
Rate of compensation increase		3.00			3.00			3.00

	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Change in Benefit Obligation
Benefit obligation at beginning of year	$	674.7		$	771.8		$	68.3		$	69.2
Service cost		3.5			3.4			0.5			0.6
Interest cost		11.1			18.7			1.1			1.7
Actuarial (gain) loss		(10.0	)		54.5			(7.0	)		0.7
Effect of changes in exchange rates		0.2			1.0			0.1			0.3
Company restructuring		—			0.2			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions and subsidies)		(46.3	)		(60.0	)		(3.7	)		(4.2	)
Benefit obligation at end of year	$	429.6		$	674.7		$	59.3		$	68.3
Accumulated benefit obligation at end of year	$	421.2		$	661.4		N/A			N/A
Change in Plan Assets
Plan assets at fair value at beginning of year	$	520.3		$	631.8		$	—		$	—
Actual return on plan assets		39.5			55.4			—			—
Employer contributions		23.7			7.1			3.7			4.3
Effect of changes in exchange rates		0.2			0.9			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions)		(46.3	)		(60.0	)		(3.7	)		(4.3	)
Plan assets at fair value at end of year	$	333.8		$	520.3		$	—		$	—
Reconciliation of Amount Recognized
Funded status	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)
Amounts recognized in balance sheet consist of:
Non-current assets	$	0.9		$	0.9		$	—		$	—
Current liabilities		—			—			(5.1	)		(5.6	)
Non-current liabilities		(96.7	)		(155.3	)		(54.2	)		(62.7	)
Net benefit liability at the end of the year	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)

Canadian benefit obligations represented $44.5 million and $48.3 million of the Company’s total Pension Benefits obligations at December 31, 2021 and 2020, respectively. Canadian plan assets represented $44.5 million and $45.1 million of the Company’s total plan assets at fair value at December 31, 2021 and 2020, respectively. In addition, Canadian benefit obligations represented $13.5 million and $14.9 million of the Company’s total Other Benefits obligation at December 31, 2021 and 2020, respectively.

The pension benefit obligations recorded as of December 31, 2021 and 2020 were impacted by changes in assumptions. During the year ended December 31, 2021 the pension benefit obligation decreased by $18.2 million due to an increase in the year over discount rate and increased by $9.8 million due to updated mortality tables. During the year ended December 31, 2020 the pension benefit obligation increased by $62.4 million due to a decrease in the year over year discount rate, decreased $5.7 million due to updated mortality tables, and decreased $1.2 million due to salary scale updates.  

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2021 and 2020 consist of the following:

	At December 31,
	Pension Benefits				Other Benefits
	2021		2020		2021			2020
	(In millions)
Amounts recognized in accumulated other    comprehensive income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	173.0	$	314.3	$	(42.2	)	$	(41.2	)
Prior service credit		—		—		(0.1	)		(0.6	)
Net loss (gain)	$	173.0	$	314.3	$	(42.3	)	$	(41.8	)

Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2020 consist of the following:

	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Amounts recognized in other comprehensive    income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	(28.7	)	$	29.9		$	(7.0	)	$	0.8
Amortization of net actuarial loss (gain)		(14.0	)		(16.4	)		6.0			6.9
Amortization of prior service cost (credit)		—			(0.1	)		0.5			2.2
Settlement charge		(98.7	)		(65.9	)		—			—
Net loss (gain)	$	(141.4	)	$	(52.5	)	$	(0.5	)	$	9.9

For benefit obligation measurement purposes for Ryerson U.S. plans at December 31, 2021, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.1 percent, grading down to 4.5 percent in 2030, the level at which it is expected to remain. The rate for participants over 65 was 6.3 percent grading down to 4.5 percent in 2030. For measurement purposes for U.S. plans at December 31, 2020, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.2 percent, grading down to 4.5 percent in 2030, the level at which it is expected to remain. The rate for participants over 65 was 6.5 percent grading down to 4.5 percent in 2030.

For benefit obligation measurement purposes for Canadian plans, at December 31, 2021 and 2020, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain.

The components of the Company’s net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 are as follows:

	Year Ended December 31,
	Pension Benefits									Other Benefits
	2021			2020			2019			2021			2020			2019
	(In millions)
Components of net periodic benefit cost
Service cost	$	3.5		$	3.4		$	3.4		$	0.5		$	0.6		$	0.6
Interest cost		11.1			18.7			28.7			1.1			1.7			2.5
Expected return on assets		(20.7	)		(30.6	)		(36.4	)		—			—			—
Recognized actuarial loss (gain)		14.0			16.4			14.8			(6.0	)		(6.9	)		(7.7	)
Amortization of prior service cost (credit)		—			0.1			0.1			(0.5	)		(2.2	)		(3.1	)
Settlement expense		98.7			65.9			1.6			—			—			—
Net periodic benefit cost (credit)	$	106.6		$	73.9		$	12.2		$	(4.9	)	$	(6.8	)	$	(7.7	)

The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capita cost of covered health care benefits for pre-65 and post-65 participants was 6.2 percent and 6.5 percent, respectively, grading down to 4.5 percent in 2030, the level at which it is expected to remain. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain.

Pension Trust Assets

The expected long-term rate of return on pension trust assets is 1.80% to 4.85% based on the historical investment returns of the trust, the forecasted returns of the asset classes, and a survey of comparable pension plan sponsors.

The Company’s pension trust asset allocations at December 31, 2021 and 2020, by asset category were as follows:

	Trust Assets at December 31,
	2021			2020
Equity securities		29	%		34	%
Debt securities		51			47
Real Estate		13			12
Other		7			7
Total		100	%		100	%

The investment policies and plan asset target allocations are established by Ryerson’s internal management Employee Benefits Committee, as delegated by the Board of Directors, in consultation with investment advisors. The Employee Benefits Committee provides on-going oversight of the plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss investment managers. The investment policy objectives are to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. As plan funded status improves, the asset allocations will move along a predetermined, de-risking glide path that reallocates capital from growth assets to fixed income assets in order to preserve asset gains and reduce funded status volatility. The currently approved asset investment classes are cash, fixed income, domestic equities, international equities, real estate, private equities, and hedge funds of funds. 

The approved weighted-average target ranges and allocations as of the December 31, 2021 measurement date were as follows:

	Range	Target
Equity securities	0-49%		31	%
Debt securities	48-100		56
Real estate	0-11		9
Other	0-6		4
Total			100	%

The fair value of our pension plan assets at December 31, 2021 by asset category are as follows. See Note 15 for the definitions of Level 1, 2, and 3 fair value measurements.

	Fair Value Measurements at December 31, 2021
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	10.3	$	10.3	$	—	$	—
Equity securities:
US large cap		30.8		—		30.8		—
US small/mid cap		5.2		—		5.2		—
International companies		22.3		—		22.3		—
Global companies		39.6		—		39.6		—
Fixed income securities:
Investment grade debt		167.3		—		167.3		—
Non investment grade debt		1.3		—		1.3		—
Real estate		0.7		—		0.7		—
Investments valued at net asset value		56.3		—		—		—
Total	$	333.8	$	10.3	$	267.2	$	—

The fair value of our pension plan assets at December 31, 2020 by asset category are as follows:

	Fair Value Measurements at December 31, 2020
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	6.6	$	6.6	$	—	$	—
Equity securities:
US large cap		53.5		—		53.5		—
US small/mid cap		10.8		—		10.8		—
International companies		45.4		—		45.4		—
Global companies		68.3		—		68.3		—
Fixed income securities:
Investment grade debt		242.2		—		242.2		—
Non investment grade debt		3.1		—		3.1		—
Other types of investments:
Hedge fund		2.3		—		2.3		—
Real estate		0.6		—		0.6		—
Investments valued at net asset value		87.5		—		—		—
Total	$	520.3	$	6.6	$	426.2	$	—

The pension assets classified as Level 2 in 2021 are part of common collective trust investments. The pension assets classified as Level 2 investments in 2020 were part of common collective trust investments and hedge funds.

Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).”

Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers. The non-publicly traded securities, other securities, or instruments for which reliable market quotations are not available are valued at each investment manager’s discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods.

Contributions

The Company contributed $23.7 million, $7.1 million, and $25.7 million for the years ended December 31, 2021, 2020, and 2019, respectively, to improve the funded status of the plans. The Company anticipates that it will have a minimum required pension contribution funding of approximately $5.8 million in 2022.

Estimated Future Benefit Payments

	Pension Benefits		Other Benefits
	(In millions)
2022	$	31	$	5
2023		36		5
2024		29		4
2025		29		4
2026		28		4
2027-2031		137		18

Multiemployer Pension and Other Postretirement Plans

We participate in two multiemployer pension plans covering 39 employees at 4 locations. Total contributions to the plans were $0.4 million, $0.3 million, and $0.4 million for the years ended 2021, 2020, and 2019, respectively. Our contributions represent less

than 5% of the total contributions to the plans. The Company maintains positive employee relations at all locations. During 2012, the Company exited and reentered the pension plan at one of the covered locations in an effort to reduce the overall pension liability. The transaction resulted in a withdrawal liability of $1.0 million, which will be paid over a period of 25 years. The balance of the withdrawal liability was $0.4 million as of both December 31, 2021 and 2020. The Company’s participation in these plans is not material to our financial statements.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 12: Stock-Based Compensation

Under the 2014 Omnibus Incentive Plan (“2014 Plan”), as amended, which is the Company’s only equity compensation plan, we may grant stock options and other equity-based awards, including RSUs and PSUs, to certain employees. At December 31, 2021, an aggregate of 2,057,906 shares were authorized for future grant. Awards that expire or are forfeited without delivery of shares generally become available for future issuance under the plan. As stock options are exercised, and RSUs and PSUs vest, we issue new shares of Ryerson common stock.

Compensation expense for stock options, RSUs, and PSUs is recognized ratably over the service period of the award and reflects forfeitures as they occur. Compensation expense for RSUs and PSUs is based on the market price of the shares underlying the awards on the grant date, and further for PSUs, reflects the estimated level of performance condition attainment.

Compensation expense and total recognized tax benefit related to stock options, RSUs, and PSUs are as follows:

	Year Ended December 31,
	2021			2020		2019
	(In millions)
Stock-based compensation expense, pre-tax	$	5.5		$	1.9	$	3.1
Tax benefit recognized in earnings		(1.3	)		—		(0.2	)

On March 31, 2021, the Company granted 125,000 market condition options to certain employees under the 2014 Plan. The options are subject to a graded vesting schedule over a four-year period provided two vesting conditions are both satisfied on each applicable vesting date, with a fifth year catch up provision that allows for vesting if any of the four individual vesting tranche conditions are not met. Once vested, the employee can exercise the option in exchange for one share of the Company’s common stock. Options expire 10 years from the grant date, or generally within 90 days of employee termination. Options, whether vested or unvested, do not participate in dividends.

The fair value of options is estimated based on a Monte Carlo simulation. The Monte Carlo simulation considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of the 2021 stock options granted is between $0.92 and $10.50, differing at each vesting tranche.  

The assumptions used in the Monte Carlo simulation were as follows:

	2021
Risk-free rate		1.73	%
Expected volatility		73.9	%
Dividend yield		0.0	%
Exercise multiple	2.8x

Stock option activity under the plan is as follows:

	Option Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021		—	$	—		—
Granted		125		16.50		9.25
Outstanding at December 31, 2021		125	$	16.50		9.25	$	1.2
Vested and Exercisable at December 31, 2021		—		—		—		—

In 2021, 2020, and 2019, we granted 168,700, 158,525, and 152,625 RSUs, and 251,150, 225,675, and 215,375 PSUs, respectively, to certain employees. Each RSU and PSU consists of the right to receive one share of our common stock. RSUs also have dividend equivalent rights equal to the accrued cash dividends where the record date for such dividends is after the grant date but before the shares vest. All rights under RSUs and PSUs are generally forfeited upon employee termination. The Company’s RSU awards vest in three separate and equal tranches over a three-year period. PSUs cliff vest on the third anniversary of the grant date,

subject to achieving market or performance conditions. Each tranche vests annually on March 31, following the date of grant. RSUs and PSUs are measured based on the fair value of the underlying stock on the grant date. The statutory tax on the value of common stock shares issued to employees upon vesting are either paid through the sale of registered shares of our common stock or funded with cash.

The fair value of the 2021, 2020, and 2019 RSUs and PSUs granted was $17.04, $5.32, and $8.56 per share, respectively, determined by the closing price of our common stock on the grant date.

A summary of the status of our unvested RSUs and PSUs as of December 31, 2021 and changes during the year then ended is as follows:

	Shares (in thousands)			Weighted Average Grant Date Fair Value Per Unit		Aggregate Fair Value (in millions)
Restricted Stock Units
Unvested at January 1, 2021		301		$	6.80
Granted		169			17.04
Vested		(146	)		7.27
Forfeited		(7	)		8.47
Unvested at December 31, 2021		317		$	12.00	$	8.2
Performance Stock Units
Unvested at January 1, 2021		657		$	7.32
Granted		251			17.04
Vested		(211	)		8.15
Forfeited		(13	)		8.06
Unvested at December 31, 2021		684		$	10.62	$	17.8

The total fair value of RSUs and PSUs vested during 2021, 2020, and 2019 was $6.1 million, $1.8 million and $2.8 million, respectively.

As of December 31, 2021, unrecognized compensation cost related to unvested RSUs, PSUs, and stock options was $1.7 million, $3.8 million, and $0.9 million, respectively. That cost is expected to be recognized over a weighted-average period of 1.5 years for RSUs, 2.0 years for PSUs, and 2.5 years for stock options.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13: Commitments and Contingencies

Purchase Obligations

To fulfill contractual requirements for certain customers, the Company entered into certain fixed price noncancellable contractual obligations. At December 31, 2021, these purchase obligations aggregated to $14.0 million due in 2022.  

Concentrations of Various Risks

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, derivative instruments, accounts payable, and notes payable. In the case of cash, accounts receivable, and accounts payable, the carrying amount on the balance sheet approximates the fair value due to the short-term nature of these instruments. The derivative instruments are marked to market each period. The fair value of notes payable is disclosed in Note 15: Derivatives and Fair Value Measurements.

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas.

Approximately 9% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in 2022, which cover 3% of our total labor force. We believe that our overall relationship with our employees is good.

Litigation

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. At a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JT Ryerson 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 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 met with various PRPs throughout 2019 and 2020 regarding remedial design. The EPA did not include JT Ryerson in those meetings.  It did include 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. Schnitzer Steel’s 2020 disclosures filed with the EPA acknowledged that Schnitzer Steel 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.

In June 2021, the EPA issued a Fact Sheet setting forth the status of the entire site. The primary area of relevance for JT Ryerson is River Mile 3.5 East, with Swan Island Basin being of secondary interest. For River Mile 3.5, remedial design work is ongoing; the Sufficiency Assessment and the Pre-Design Investigation work plans are finalized, and design investigation sampling is underway. Schnitzer Steel and MMGL Corp. are the working parties for River Mile 3.5. For Swan Island, remedial design is just beginning, with Daimler Trucks, Shipyard Commerce, and various government entities as the working parties. JT Ryerson has not been asked to participate in the remedial design phase.

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 early 2022. Once the cost estimates are completed, the voting parties of the PCI Group (which does not include JT Ryerson) will likely begin the “advocacy process,” during which the voting parties submit written arguments to the Allocation Team regarding how costs should be allocated among the various PRPs. This process is anticipated to be completed sometime in 2022. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs among the PRPs. All PRPs, including JT Ryerson, will then participate in the “mediation process,” during which the PRPs will attempt to agree on a final cost allocation. The mediation process is currently anticipated to occur sometime in 2022 or 2023.

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.

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 as of December 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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Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 14: Segment Information

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

The Company derives substantially all of its sales from the distribution of metals. See Note 17: Revenue Recognition for the Company’s percentage of sales by major product line.

No customer, including their subcontractors, accounted for more than 6 percent of Company sales for the years ended December 31, 2021, 2020, and 2019. The top ten customers accounted for less than 15 percent of our sales for the years ended December 31, 2021, 2020, and 2019. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the United States. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico.

The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:

	Year Ended December 31,
Net Sales	2021				2020				2019
	(Dollars in millions)
United States	$	5,123.7	90	%	$	3,089.7	89	%	$	4,076.8	91	%
Foreign countries		551.6	10	%		376.9	11	%		424.8	9	%
Total	$	5,675.3	100	%	$	3,466.6	100	%	$	4,501.6	100	%

	At December 31,
Long-Lived Assets	2021				2020				2019
	(Dollars in millions)
United States	$	557.8	93	%	$	485.1	92	%	$	519.1	91	%
Foreign countries		41.6	7	%		45.0	8	%		48.8	9	%
Total	$	599.4	100	%	$	530.1	100	%	$	567.9	100	%

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Derivatives and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Investments All Other Investments [Abstract]

Derivatives and Fair Value Measurements

Note 15: 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 Ryerson 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 December 31, 2021 was a net liability of $1.4 million.

The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements.

In connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Consolidated Balance Sheet, with changes in value recorded within other income and (expense), net within the Consolidated Statement of Operations, see Note 10: 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 Consolidated Balance Sheet as of December 31, 2021 and 2020:

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	13.0	$	16.0	Other accrued liabilities	$	35.1	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		0.2		2.3	Other accrued liabilities		—		—
Interest rate swaps	Prepaid expenses and other current assets		—		—	Other accrued liabilities		1.4		—
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		—		4.0
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		—		0.2
Total derivatives		$	13.2	$	18.3		$	36.5	$	16.1

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

	Notional Amount
Derivative Instruments	At December 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		176,859		125,220	Tons
Aluminum swap contracts		20,949		20,264	Tons
Nickel swap contracts		857		345	Tons
Diesel fuel swap contracts		840,000		—	Gallons
Foreign currency exchange contracts	4.5 million		7.4 million		U.S. dollars
Interest rate swaps	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 Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/ (Loss) Recognized in Income on Derivatives									Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,									Year Ended December 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2019			2021			2020			2019
		(In millions)
Metal commodity contracts	Cost of materials sold	$	(47.3	)	$	5.3		$	(9.1	)	$	—		$	—		$	—
Diesel fuel commodity contracts	Warehousing, delivery, selling, general, and administrative		—			—			0.7			—			—			—
2028 Notes embedded derivative	Other income and (expense), net		(2.1	)		2.3			—			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.2			(0.2	)		(0.1	)		—			—			—
Interest rate swaps (subsequent to de-designation)	Interest and other expense on debt		0.1			0.3			—			(2.1	)	$	(0.2	)	$	—
Total		$	(49.1	)	$	7.7		$	(8.5	)	$	(2.1	)	$	(0.2	)	$	—

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,
Derivatives designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021		2020			2019
		(In millions)
Interest rate swaps (prior to de-designation)	Interest and other expense on debt	$	—	$	(1.3	)	$	1.1

As of December 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 $1.9 million.

Fair Value Measurements

To increase consistency and comparability, FASB ASC 820 “Fair Value Measurement” (“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 Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021:

	At December 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	13.0	$	—
2028 Notes embedded derivative		—		—		0.2
Total derivatives	$	—	$	13.0	$	0.2
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	35.1	$	—
Interest rate swaps		—		1.4		—
Total derivatives	$	—	$	36.5	$	—

The following table presents assets and liabilities measured and recorded at fair value on our 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, aluminum prices, nickel, and diesel fuel for varying time periods. The fair value of hot roll coil, aluminum, nickel, and diesel fuel 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), and the London Metals Exchange (aluminum and nickel), 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).  As of December 31, 2020 the embedded derivative was initially recorded as an asset of $2.3 million and the gain associated with initially recording this balance was recorded within other income and (expense), net within the Consolidated Statement of Operations. As this Level 3 balance was initially recorded in the fourth quarter of 2020 a 2020 rollforward of Level 3 asset balances is not presented.  Changes to the projections made by the Company’s management after December 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)
Balance at January 1, 2021	$	2.3
Unrealized loss recorded in other income and (expense), net		(2.1	)
Balance at December 31, 2021	$	0.2

The carrying and estimated fair values of the Company’s financial instruments at December 31, 2021 and 2020 were as follows:

	At December 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	51.2	$	51.2	$	61.4	$	61.4
Restricted cash		1.2		1.2		1.1		1.1
Receivables less provision		630.8		630.8		378.9		378.9
Accounts payable		481.2		481.2		365.1		365.1
Long-term debt, including current portion		639.3		666.8		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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Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 16: Accumulated Other Comprehensive Income

The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	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, 2020	$	(48.6	)	$	(253.1	)	$	(0.3	)
Other comprehensive income (loss) before reclassifications		1.6			(23.4	)		(4.1	)
Amounts reclassified from accumulated other    comprehensive income (loss)		—			54.7			1.3
Net current-period other comprehensive income (loss)		1.6			31.3			(2.8	)
Balance at December 31, 2020	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income (loss) before reclassifications		(2.1	)		28.0			—
Amounts reclassified from accumulated other    comprehensive income (loss)		—			79.3			1.6
Net current-period other comprehensive income (loss)		(2.1	)		107.3			1.6
Balance at December 31, 2021	$	(49.1	)	$	(114.5	)	$	(1.5	)

The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2021
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	8.1		Other income and (expense), net
Pension settlement		98.7		Other income and (expense), net
Prior service credit		(0.4	)	Other income and (expense), net
Total before tax		106.4
Tax benefit		(27.1	)
Net of tax	$	79.3
Interest rate swap
Realized swap interest (subsequent to de-designation)		2.1		Interest and other expense on debt
Tax benefit		(0.5	)
Net of tax	$	1.6

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2020
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	9.6		Other income and (expense), net
Pension settlement		65.9		Other income and (expense), net
Prior service credit		(2.0	)	Other income and (expense), net
Total before tax		73.5
Tax benefit		(18.8	)
Net of tax	$	54.7
Cash flow hedge - interest rate swap
Realized swap interest (prior to de-designation)	$	1.3		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.3		Interest and other expense on debt
Total before tax		1.6
Tax benefit		(0.3	)
Net of tax	$	1.3

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Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

Note 17: 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. Nearly 80% 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.  

Revenue Accounting Policy

Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation.  

The majority of our revenue is recognized at a point in time.  The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC 606 are met.  Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage.

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.  Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that have been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications.  Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.  

Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed.  Input methods are used for complex processing with multiple steps occurring over multiple days.  Under the input method, the measure of performance, commonly called percentage of completion, is the ratio of costs incurred to date to the total estimated costs at completion for the products.  Output methods are used for products with minimal processing where the normal pattern of production is less than one day. In these cases, the progress towards completion is measured based on the number of products on hand and ready for delivery in comparison to the total number of products in the order.

Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion.  

Revenue is recorded net of returns, allowances, customer discounts, and incentives.  Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates.  Cash discounts and returns and allowances are calculated based on historical experience.  Customer rebates are estimated based on actual sales and projections over the rebate period.  

The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was a net contract liability of $0.1 at December 31, 2021 and was zero at December 31, 2020.

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.

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:      

	Year Ended December 31,
	2021			2020			2019
Product Line	(Percentage of Sales)
Carbon Steel Flat		31	%		27	%		26	%
Carbon Steel Plate		10			9			11
Carbon Steel Long		13			14			16
Stainless Steel Flat		18			16			15
Stainless Steel Plate		5			5			4
Stainless Steel Long		4			5			4
Aluminum Flat		12			14			15
Aluminum Plate		2			3			2
Aluminum Long		4			5			5
Other		1			2			2
Total		100	%		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.  See Note 14: Segment Information for the Company’s consolidated financial information of our operations by geographic location based on where sales originated.

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:

	Years Ended December 31,
Timing of Revenue Recognition	2021			2020			2019
Revenue on products with an alternative use		90	%		89	%		88	%
Revenue on products with no alternative use		10			11			12
Total		100	%		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 Consolidated Balance Sheet, from contracts with customers were $633.0 million and $380.7 million as of December 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 Consolidated Balance Sheet.  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, customer prepayments, 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 Consolidated Balance Sheet. Significant changes in the contract assets and the contract liabilities balances during the period are as follows:

	Contract Assets					Contract Liabilities
	2021		2020			2021			2020
	(In millions)
Beginning Balance	$	10.8	$	13.5		$	10.8		$	10.5
Contract liability satisfied during the period				—			(14.8	)		(11.8	)
Contract liability incurred during the period				—			17.8			12.9
Net change in contract assets and liabilities for products with no alternative use during the period		10.4		(2.0	)		0.1			—
Changes to reserves		0.1		(0.7	)		1.2			(0.8	)
Ending Balance	$	21.3	$	10.8		$	15.1		$	10.8

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Provision for Credit Losses

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Provision for Credit Losses

Note 18: 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.

The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2021 and 2020:

	Changes in Provision for Expected Credit Losses
	2021			2020
	(In millions)
Beginning Balance	$	1.7		$	3.5
Current period provision		1.4			0.3
Write-offs charged against allowance		(1.1	)		(2.3	)
Recoveries against allowance		0.2			0.2
Ending Balance	$	2.2		$	1.7

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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 19: Income Taxes

The elements of the provision (benefit) for income taxes were as follows:

	Year Ended December 31,
	2021		2020			2019
	(In millions)
Income (loss) before income tax:
U.S.	$	323.0	$	(106.0	)	$	103.4
Foreign		66.1		15.9			11.8
	$	389.1	$	(90.1	)	$	115.2
Current income tax provision (benefit):
Federal	$	64.3	$	(11.6	)	$	(19.0	)
Foreign		16.5		1.5			2.1
State		12.3		1.9			1.4
		93.1		(8.2	)		(15.5	)
Deferred income tax provision (benefit)		0.6		(16.6	)		48.0
Total income tax provision (benefit)	$	93.7	$	(24.8	)	$	32.5

Income taxes differ from the amounts computed by applying the federal tax rate as follows:

	Year Ended December 31,
	2021			2020			2019
	(In millions)
Federal income tax expense (benefit) computed at statutory    tax rate of 21%	$	81.7		$	(18.9	)	$	24.2
Additional taxes or credits from:
State and local income taxes, net of federal income tax    effect		11.7			(4.6	)		4.9
Non-deductible expenses and non-taxable income		1.2			0.3			1.8
Foreign income not includable in federal taxable income		3.4			0.8			0.7
Valuation allowance changes, net		(1.6	)		(0.4	)		(0.4	)
Changes in uncertain tax positions		(0.8	)		(1.9	)		(1.5	)
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI		0.4			(0.6	)		2.4
All other, net		(2.3	)		0.5			0.4
Total income tax provision (benefit)	$	93.7		$	(24.8	)	$	32.5

  The U.S. Tax Cuts and Jobs Act subjects a US 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 year ending December 31, 2021, we have included $0.4 million of tax expense related to GILTI.

The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows:

	At December 31,
	2021			2020
	(In millions)
Deferred tax assets:
Post-retirement benefits other than pensions	$	15		$	18
Federal and foreign net operating loss carryforwards		—			30
State net operating loss carryforwards		10			18
Pension liability		24			43
Other deductible temporary differences		26			13
Less: valuation allowances		(5	)		(7	)
	$	70		$	115
Deferred tax liabilities:
Fixed asset basis difference	$	57		$	63
Inventory basis difference		97			100
Other intangibles		10			10
		164			173
Net deferred tax liability	$	(94	)	$	(58	)

The Company will maintain a valuation allowance on certain 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. For the year ending December 31, 2021, the Company has determined that the deferred tax assets related to all state net operating loss (“NOL”) carryforwards and a part of the foreign net operating loss carryforwards are more likely than not realizable due to positive income forecasted and has released $1.1 million and $0.5 million, respectively, of valuation allowance. The Company’s deferred tax assets include  $10 million related to state NOL carryforwards which expire generally in 1 to 20 years, and $0.3 million related to foreign NOL carryforwards, which do not expire, available at December 31, 2021.

Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes or foreign withholding tax has been made in our consolidated financial statements related to the indefinitely reinvested earnings. At December 31, 2021, the Company had approximately $80 million of undistributed foreign earnings, predominately in Canada and China. As a result of the US Tax Cuts and Jobs Act passed during 2017, a significant portion of these earnings are deemed repatriated. Were the Company to distribute these non-U.S. earnings in the form of dividends or otherwise in the future, it would no longer be subject to U.S. federal income taxes. A determination of the amount of any unrecognized deferred income tax liability on the undistributed earnings is predominately dependent upon the applicability of foreign withholding taxes and potential U.S. state income taxes. Modeling of the many future potential scenarios and the related unrecognized deferred tax liability is therefore not practicable. None of the Company’s other foreign subsidiaries have a material amount of assets available for repatriation.

The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Unrecognized Tax Benefits
	(In millions)
Unrecognized tax benefits balance at January 1, 2019	$	5.9
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.5	)
Unrecognized tax benefits balance at December 31, 2019	$	4.4
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.9	)
Unrecognized tax benefits balance at December 31, 2020	$	2.5
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(0.8	)
Unrecognized tax benefits balance at December 31, 2021	$	1.7

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for all years through 2009. Substantially all state and local income tax matters have been concluded through 2006. The Company has substantially concluded foreign income tax matters through 2009 for all significant foreign jurisdictions.

We recognize interest and penalties related to uncertain tax positions in income tax expense. We had approximately $0.9 million and $0.8 million of accrued interest related to uncertain tax positions at December 31, 2021 and 2020, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $0.8 million and $1.7 million as of December 31, 2021 and 2020, respectively.  

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Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 20: Earnings (Loss) Per Share

On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. On August 13, 2014, Ryerson Holding completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. On July 25, 2016, Ryerson Holding closed an underwritten public offering of 5 million shares of common stock at a price to the public of $15.25 per share. All shares outstanding are common shares and have equal voting, liquidation, and preference rights.

Basic earnings (loss) per share attributable to Ryerson Holding’s common stock is determined based on earnings or loss for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded were 31,697, 289,759, and zero for years ended December 31, 2021, 2020, and 2019, respectively.

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

	Years Ended December 31,
Basic and diluted earnings (loss) per share		2021		2020			2019
	(In millions, except number of shares which are reflected in thousands and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	294.3	$	(65.8	)	$	82.4
Denominator:
Weighted average shares outstanding		38,362		38,025			37,698
Dilutive effect of stock-based awards		547		—			264
Weighted average shares outstanding adjusted for dilutive securities		38,909		38,025			37,962
Earnings (loss) per share
Basic	$	7.67	$	(1.73	)	$	2.19
Diluted	$	7.56	$	(1.73	)	$	2.17

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Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 21: Subsequent Events

In January and February of 2022, we repurchased $9.3 million outstanding principal of our 2028 Notes for $10.1 million, resulting in the recognition of a loss of $0.8 million within other income (expense) within the Statement of Operations. As a result, we will write off $0.2 million of debt issuance costs in the first quarter 2022 within interest expense in the Statement of Operations

On February 17, 2022, the Board of Directors declared a quarterly cash dividend in the amount of $0.10 per share of common stock, payable on March 17, 2022 to stockholders of record as of March 3, 2022. Future quarterly dividends, if any, will be subject to Board approval.

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Schedule I - Condensed Financial Information Of Registrant

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF OPERATIONS

(In millions)

	Year ended December 31,
	2021			2020			2019
Administrative and other expenses	$	(1.3	)	$	(1.0	)	$	(1.0	)
Interest income on intercompany loans		4.3			6.4			6.5
Equity in income (loss) of subsidiaries		291.9			(69.9	)		77.6
Income (loss) before income taxes		294.9			(64.5	)		83.1
Provision for income taxes		0.6			1.3			0.7
Net income (loss)	$	294.3		$	(65.8	)	$	82.4

See Notes to Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

	Year Ended December 31,
	2021			2020			2019
Net income (loss)	$	294.3		$	(65.8	)	$	82.4
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(2.1	)		1.6			4.2
Gain (loss) on cash flow hedges		2.1			(3.8	)		(1.8	)
Changes in defined benefit pension and other post-retirement benefit    plans		142.4			41.8			14.0
Other comprehensive income, before tax		142.4			39.6			16.4
Income tax provision related to items of other comprehensive    income		35.6			9.5			2.6
Comprehensive income (loss), after tax	$	401.1		$	(35.7	)	$	96.2

See Notes to Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

STATEMENTS OF CASH FLOWS

(In millions)

	Year ended December 31,
	2021			2020			2019
Operating activities:
Net income (loss)	$	294.3		$	(65.8	)	$	82.4
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Equity in (earnings) losses of subsidiaries		(291.9	)		69.9			(77.6	)
Deferred income taxes		4.0			22.1			(3.3	)
Decrease (increase) in receivables/payables from subsidiaries		2.0			(26.2	)		(1.6	)
Increase in other assets		(0.2	)		—			—
Increase in accrued liabilities		—			—			0.1
Net adjustments		(286.1	)		65.8			(82.4	)
Net cash provided by operating activities		8.2			—			—
Financing activities:
Dividends paid to shareholders		(6.4	)		—			—
Share repurchases		(1.8	)		—			—
Net cash used in financing activities		(8.2	)		—			—
Net increase in cash, cash equivalents, and restricted cash		—			—			—
Cash, cash equivalents, and restricted cash—beginning of period		0.1			0.1			0.1
Cash, cash equivalents, and restricted cash—end of period	$	0.1		$	0.1		$	0.1

See Notes to Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

BALANCE SHEETS

(In millions, except shares and per share data)

	At December 31,
	2021			2020
Assets
Cash and cash equivalents	$	0.1		$	0.1
Prepaid expenses and other assets		0.2			0.1
Receivable from subsidiaries		35.3			37.3
Total current assets		35.6			37.5
Investment in subsidiaries		429.4			25.2
Long-term receivable from subsidiaries		71.7			71.7
Deferred income taxes		0.6			4.6
Deferred charges and other assets		0.1			—
Total assets	$	537.4		$	139.0
Liabilities
Accrued liabilities	$	0.2		$	0.2
Total current liabilities		0.2			0.2
Total liabilities		0.2			0.2
Ryerson Holding Corporation Stockholders’ equity
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020		0.4			0.4
Capital in excess of par value		388.6			383.1
Retained earnings		321.7			33.8
Treasury stock at cost – Common stock of 292,932 shares at December 31, 2021 and 212,500 shares at December 31, 2020		(8.4	)		(6.6	)
Accumulated other comprehensive loss		(165.1	)		(271.9	)
Total Ryerson Holding Corporation stockholders’ equity		537.2			138.8
Total liabilities and stockholders’ equity	$	537.4		$	139.0

See Notes to Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RYERSON HOLDING CORPORATION

(Parent Company Only)

NOTES TO FINANCIAL STATEMENTS

Note 1: Basis of presentation

In the parent company only financial statements, Ryerson Holding’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Ryerson Holding’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.

Note 2: Guarantees

Ryerson Holding unconditionally guarantees the 2028 Notes, jointly and severally with the other guarantors of the 2028 Notes.

Note 3: Dividends from subsidiaries

There were no cash dividends paid to Ryerson Holding from its consolidated subsidiaries for the years ended December 31, 2021, 2020, and 2019.

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Schedule II -Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2021

Valuation And Qualifying Accounts [Abstract]

Schedule II -Valuation And Qualifying Accounts

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019

(In millions)

	Balance at Beginning of Period		Additions Charged (Credited) to Income			Deductions from Reserves				Balance at End of Period
Year Ended December 31, 2021
Allowance for doubtful accounts	$	1.7	$	1.4		$	(0.9	)	(A)	$	2.2
Valuation allowance—deferred tax assets		6.6		—			(1.6	)	(B)		5.0
Year Ended December 31, 2020
Allowance for doubtful accounts	$	3.5	$	0.3		$	(2.1	)	(A)	$	1.7
Valuation allowance—deferred tax assets		13.7		(0.4	)		(6.7	)	(C)		6.6
Year Ended December 31, 2019
Allowance for doubtful accounts	$	2.5	$	4.0		$	(3.0	)	(A)	$	3.5
Valuation allowance—deferred tax assets		29.3		(0.4	)		(15.2	)	(C)		13.7

NOTES:

(A) Bad debts written off of $1.1 million, $2.3 million, and $3.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

(B) Reversals of valuation allowances due to change in realizability of state and foreign net operating loss deferred tax assets.

(C) Reversals of valuation allowances due to the expiration of state net operating losses and changes to the foreign tax credits.

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Summary of Accounting and Financial Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Business Description and Basis of Presentation

Business Description and Basis of Presentation. 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, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.”

Principles of Consolidation

Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation.

Business Segments

Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280.

Use of Estimates

Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods.

Revenue Recognition

Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 17: Revenue Recognition for further details.

Provision for Allowances, Claims and Doubtful Accounts

Provision for allowances, claims, and doubtful accounts. The Company follows the guidance under ASC 326 “Financial Instruments – Credit Losses” (“ASC 326”). The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 18: Provision for Credit Losses for further details.

Shipping and Handling Fees and Costs

Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs totaled $125.2 million, $113.7 million, and $126.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. In accordance with ASC 606, the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known.

Benefits for Retired Employees

Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the

requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned.

Cash Equivalents

Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $77.3 million and $84.9 million to accounts payable at December 31, 2021 and 2020, respectively.

Inventory Valuation

Inventory Valuation. Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories.

Property, Plant and Equipment

Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:

Land improvements	20 years
Buildings	45 years
Machinery and equipment	10-15 years
Furniture and fixtures	10 years
Transportation equipment	3-6 years
Land use rights	50 years

Expenditures for normal repairs and maintenance are charged against income in the period incurred.

Leases

Leases. Leases are recognized in accordance with FASB ASC 842, “Leases” (“ASC 842”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See Note 6: Leases, for further details.

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 2036, and finance leases expiring at various times through 2027.

Policy Elections & Practical Expedients

The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date.

Significant Judgments

Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred.

The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of November 5, 2020 (the “Ryerson Credit Facility”).

Goodwill

Goodwill. In accordance with FASB ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants.

Long-lived Assets and Other Intangible Assets

Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method.

Accrued Vacation Liability

Accrued Vacation Liability. In 2019, the Company changed its vacation policy such that employees earn their vacation for the current year as work is performed throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap. Under the previous policy, vacation was earned in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded a reduction of $11.0 million to accrued vacation expense, which is included within warehousing, delivery, general, and administrative expense within the Consolidated Statement of Operations in 2019.

Deferred Financing Costs

Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using either the effective interest method or straight line method over the life of the debt in accordance with FASB ASC 470, “Debt” (“ASC 470”). Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability.

Foreign Currency

Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year.

For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized $0.2 million exchange loss, zero exchange gains/losses, and a $2.4 million exchange loss for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts are classified either in Other income and (expense), net or Warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations.  

Income Taxes

Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality.

Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known.

The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Earnings Per Share Data

Earnings Per Share Data. Basic earnings per share (“EPS”) is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all dilutive potential common shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. Basic earnings per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings per share, assuming dilution, includes such dilutive effects.

Stock-Based Compensation

Stock-Based Compensation. All of our stock-based compensation plans are classified as equity awards. The fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is determined based on the fair value of our common stock on the grant date. The fair value of stock options is estimated based on a Monte Carlo simulation and considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of stock options, RSUs, and PSUs is expensed on a straight-line basis over their respective vesting periods. We have elected to recognize forfeitures as they occur. See Note 12: Stock-Based Compensation for further details.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Impact of Recently Issued Accounting Standards–Adopted

In December 2019, the FASB issued 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 tax 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.

In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The amendments in this update clarify the accounting to address diversity in practice and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The update is effective for interim and annual reporting periods beginning after December 15, 2022 and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. We adopted this guidance as of October 1, 2021 and there was no impact to our consolidated financial statements or disclosures.

Impact of Recently Issued Accounting Standards–Not Yet Adopted

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

Revenue Accounting Policy

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. Nearly 80% 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.  

Revenue Accounting Policy

Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation.  

The majority of our revenue is recognized at a point in time.  The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC 606 are met.  Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage.

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.  Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that have been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications.  Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation.  

Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed.  Input methods are used for complex processing with multiple steps occurring over multiple days.  Under the input method, the measure of performance, commonly called percentage of completion, is the ratio of costs incurred to date to the total estimated costs at completion for the products.  Output methods are used for products with minimal processing where the normal pattern of production is less than one day. In these cases, the progress towards completion is measured based on the number of products on hand and ready for delivery in comparison to the total number of products in the order.

Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion.  

Revenue is recorded net of returns, allowances, customer discounts, and incentives.  Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates.  Cash discounts and returns and allowances are calculated based on historical experience.  Customer rebates are estimated based on actual sales and projections over the rebate period.  

The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was a net contract liability of $0.1 at December 31, 2021 and was zero at December 31, 2020.

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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Summary of Accounting and Financial Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Estimated Useful Lives of Assets

The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:

Land improvements	20 years
Buildings	45 years
Machinery and equipment	10-15 years
Furniture and fixtures	10 years
Transportation equipment	3-6 years
Land use rights	50 years

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Cash, Cash Equivalents, and Restricted Cash (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows:

	At December 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	51.2	$	61.4
Restricted cash		1.2		1.1
Total cash, cash equivalents, and restricted cash	$	52.4	$	62.5

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Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

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

	At December 31,
	2021		2020
	(In millions)
In process and finished products	$	832.1	$	604.5

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property Plant and Equipment

Property, plant, and equipment consisted of the following at December 31, 2021 and 2020:

	At December 31,
	2021			2020
	(In millions)
Land and land improvements	$	65.0		$	88.0
Buildings and leasehold improvements		141.2			202.3
Machinery, equipment, and other		482.4			451.6
Finance leases		56.8			66.5
Construction in progress		47.4			14.5
Total		792.8			822.9
Less: Accumulated depreciation		(404.5	)		(401.1	)
Net property, plant, and equipment	$	388.3		$	421.8

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Leases (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheet as of December 31, 2021 and 2020:

		At December 31,
Leases	Balance Sheet Location	2021		2020
		(In millions)
Assets
Operating lease assets	Operating lease assets	$	211.1	$	108.3
Finance lease assets	Property, plant, and equipment, net(a)		41.2		45.5
Total lease assets		$	252.3	$	153.8
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	24.9	$	20.7
Finance	Other accrued liabilities		12.5		9.0
Noncurrent
Operating	Noncurrent operating lease liabilities		184.8		93.0
Finance	Other noncurrent liabilities		16.0		14.3
Total lease liabilities		$	238.2	$	137.0

(a) Finance lease assets are recorded net of accumulated amortization of $15.6 million and $21.0 million as of December 31, 2021 and 2020, respectively.

Summary of Location and Amount of Lease Expense

The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2021, 2020 and, 2019:

		Year Ended December 31,
Lease Expense	Location of Lease Expense Recognized in Income	2021		2020		2019
				(In millions)
Operating lease expense	Warehousing, delivery, selling, general, and administrative	$	30.5	$	23.9	$	20.7
Finance lease expense
Amortization of lease assets	Warehousing, delivery, selling, general, and administrative		5.4		6.4		6.9
Interest on lease liabilities	Interest and other expense on debt		1.0		1.2		1.6
Variable lease expense	Warehousing, delivery, selling, general, and administrative		2.8		3.1		3.1
Short-term lease expense	Warehousing, delivery, selling, general, and administrative		2.7		2.4		3.0
Total lease expense		$	42.4	$	37.0	$	35.3

Schedule of Maturity Analysis of Lease Liabilities

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

Maturity of Lease Liabilities	Operating Leases(a)			Finance Leases
	(In millions)
2022	$	31.1		$	13.0
2023		27.9			6.6
2024		26.2			4.9
2025		22.4			3.6
2026		18.8			1.7
After 2026		121.5			0.2
Total lease payments		247.9			30.0
Less: Interest(b)		(38.2	)		(1.5	)
Present value of lease liabilities(c)	$	209.7		$	28.5

(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

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

(c) Includes the current portion of $24.9 million for operating leases and $12.5 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 December 31, 2021 and 2020:

	At December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)
Operating leases		10.4			7.3
Finance leases		2.9			2.8
Weighted-average discount rate
Operating leases		3.2	%		3.4	%
Finance leases		3.4	%		4.4	%

Schedule of Lease Information Reported in Consolidated Statement of Cash Flows

Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2021, 2020, and 2019 is summarized below:

	Year Ended December 31,
Other Information	2021		2020		2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	29.7	$	25.3	$	21.4
Operating cash flows from finance leases		1.0		1.2		1.6
Financing cash flows from finance leases		10.5		13.1		13.6
Assets obtained in exchange for lease obligations:
Adoption of accounting principal ASC 842		—		—		82.3
Operating leases		129.6		1.6		64.8
Finance leases		15.8		3.6		2.2

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Definite-Lived Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Components of Definite-Lived Intangible Assets

The following summarizes the components of definite-lived intangible assets at December 31, 2021 and 2020:

			At December 31, 2021							At December 31, 2020
	Remaining Weighted Average Amortizable Life in Years		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
			(In millions)
Amortizable intangible assets
Customer relationships		13.3	$	62.3	$	(44.5	)	$	17.8	$	57.7	$	(41.4	)	$	16.3
Developed technology / product know-how		9.3		4.8		(3.3	)		1.5		4.6		(3.0	)		1.6
Non-compete agreements		3.2		0.6		(0.5	)		0.1		0.5		(0.4	)		0.1
Trademarks		13.7		43.1		(20.3	)		22.8		42.3		(17.1	)		25.2
Licenses		—		—		—			—		0.5		(0.5	)		—
Total definite-lived intangible assets			$	110.8	$	(68.6	)	$	42.2	$	105.6	$	(62.4	)	$	43.2

Estimated Amortization Expense Related to Intangible Assets

Estimated amortization expense related to intangible assets at December 31, 2021, for each of the years in the five year period ending December 31, 2026 and thereafter is as follows:

	Estimated Amortization Expense
	(In millions)
For the year ended December 31, 2022		7.0
For the year ended December 31, 2023		5.8
For the year ended December 31, 2024		5.7
For the year ended December 31, 2025		5.5
For the year ended December 31, 2026		5.4
For the years ended thereafter		12.8

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020:

	Cost		Accumulated Impairment			Carrying Amount
			(In millions)
Balance at January 1, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		—		—		$	—
Balance at December 31, 2020	$	128.6	$	(8.3	)	$	120.3
Acquisitions		3.8		—			3.8
Balance at December 31, 2021	$	132.4	$	(8.3	)	$	124.1

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Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring Accrual Activity

The following summarizes restructuring accrual activity for the years ended December 31, 2021, 2020, and 2019:

	Employee Related Costs			Tenancy and Other Costs			Total Restructuring Costs
	(In millions)
Balance at January 1, 2019	$	0.4		$	1.5		$	1.9
Restructuring charges		2.1			0.3			2.4
Cash payments		(1.5	)		(0.9	)		(2.4	)
Balance at December 31, 2019	$	1.0		$	0.9		$	1.9
Restructuring charges		2.2			—			2.2
Cash payments		(2.7	)		(0.3	)		(3.0	)
Addition to reserve		—			0.1			0.1
Balance at December 31, 2020	$	0.5		$	0.7		$	1.2
Cash payments		(0.5	)		—			(0.5	)
Balance at December 31, 2021	$	—		$	0.7		$	0.7

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Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

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

	At December 31,
	2021			2020
	(In millions)
Ryerson Credit Facility	$	316.0		$	285.0
8.50% Senior Secured Notes due 2028		300.0			450.0
Foreign debt		27.0			12.1
Other debt		6.0			7.8
Unamortized debt issuance costs and discounts		(9.7	)		(14.9	)
Total debt		639.3			740.0
Less:
Short-term foreign debt		27.0			12.1
Other short-term debt		1.8			1.7
Total long-term debt	$	610.5		$	726.2

Principal Payments on Debt

The principal payments required to be made on debt during the next five fiscal years are shown below:

	Amount
	(In millions)
For the year ended December 31, 2022	$	28.8
For the year ended December 31, 2023		1.8
For the year ended December 31, 2024		2.4
For the year ended December 31, 2025		316.0
For the year ended December 31, 2026	—
For the years ended thereafter		300.0

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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Components of Benefit Obligation and Net Obligation Recognized in Financial Statements

	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Change in Benefit Obligation
Benefit obligation at beginning of year	$	674.7		$	771.8		$	68.3		$	69.2
Service cost		3.5			3.4			0.5			0.6
Interest cost		11.1			18.7			1.1			1.7
Actuarial (gain) loss		(10.0	)		54.5			(7.0	)		0.7
Effect of changes in exchange rates		0.2			1.0			0.1			0.3
Company restructuring		—			0.2			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions and subsidies)		(46.3	)		(60.0	)		(3.7	)		(4.2	)
Benefit obligation at end of year	$	429.6		$	674.7		$	59.3		$	68.3
Accumulated benefit obligation at end of year	$	421.2		$	661.4		N/A			N/A
Change in Plan Assets
Plan assets at fair value at beginning of year	$	520.3		$	631.8		$	—		$	—
Actual return on plan assets		39.5			55.4			—			—
Employer contributions		23.7			7.1			3.7			4.3
Effect of changes in exchange rates		0.2			0.9			—			—
Annuities purchased and lump sums paid		(203.6	)		(114.9	)		—			—
Benefits paid (net of participant contributions)		(46.3	)		(60.0	)		(3.7	)		(4.3	)
Plan assets at fair value at end of year	$	333.8		$	520.3		$	—		$	—
Reconciliation of Amount Recognized
Funded status	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)
Amounts recognized in balance sheet consist of:
Non-current assets	$	0.9		$	0.9		$	—		$	—
Current liabilities		—			—			(5.1	)		(5.6	)
Non-current liabilities		(96.7	)		(155.3	)		(54.2	)		(62.7	)
Net benefit liability at the end of the year	$	(95.8	)	$	(154.4	)	$	(59.3	)	$	(68.3	)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2021 and 2020 consist of the following:

	At December 31,
	Pension Benefits				Other Benefits
	2021		2020		2021			2020
	(In millions)
Amounts recognized in accumulated other    comprehensive income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	173.0	$	314.3	$	(42.2	)	$	(41.2	)
Prior service credit		—		—		(0.1	)		(0.6	)
Net loss (gain)	$	173.0	$	314.3	$	(42.3	)	$	(41.8	)

Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2020 consist of the following:

	Year Ended December 31,
	Pension Benefits						Other Benefits
	2021			2020			2021			2020
	(In millions)
Amounts recognized in other comprehensive    income (loss), pre–tax, consist of
Net actuarial loss (gain)	$	(28.7	)	$	29.9		$	(7.0	)	$	0.8
Amortization of net actuarial loss (gain)		(14.0	)		(16.4	)		6.0			6.9
Amortization of prior service cost (credit)		—			(0.1	)		0.5			2.2
Settlement charge		(98.7	)		(65.9	)		—			—
Net loss (gain)	$	(141.4	)	$	(52.5	)	$	(0.5	)	$	9.9

Components of Net Periodic Benefit Cost

The components of the Company’s net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 are as follows:

	Year Ended December 31,
	Pension Benefits									Other Benefits
	2021			2020			2019			2021			2020			2019
	(In millions)
Components of net periodic benefit cost
Service cost	$	3.5		$	3.4		$	3.4		$	0.5		$	0.6		$	0.6
Interest cost		11.1			18.7			28.7			1.1			1.7			2.5
Expected return on assets		(20.7	)		(30.6	)		(36.4	)		—			—			—
Recognized actuarial loss (gain)		14.0			16.4			14.8			(6.0	)		(6.9	)		(7.7	)
Amortization of prior service cost (credit)		—			0.1			0.1			(0.5	)		(2.2	)		(3.1	)
Settlement expense		98.7			65.9			1.6			—			—			—
Net periodic benefit cost (credit)	$	106.6		$	73.9		$	12.2		$	(4.9	)	$	(6.8	)	$	(7.7	)

Asset Allocations by Asset Category

The Company’s pension trust asset allocations at December 31, 2021 and 2020, by asset category were as follows:

	Trust Assets at December 31,
	2021			2020
Equity securities		29	%		34	%
Debt securities		51			47
Real Estate		13			12
Other		7			7
Total		100	%		100	%

Fair Values of Pension Plan Assets

The fair value of our pension plan assets at December 31, 2021 by asset category are as follows. See Note 15 for the definitions of Level 1, 2, and 3 fair value measurements.

	Fair Value Measurements at December 31, 2021
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	10.3	$	10.3	$	—	$	—
Equity securities:
US large cap		30.8		—		30.8		—
US small/mid cap		5.2		—		5.2		—
International companies		22.3		—		22.3		—
Global companies		39.6		—		39.6		—
Fixed income securities:
Investment grade debt		167.3		—		167.3		—
Non investment grade debt		1.3		—		1.3		—
Real estate		0.7		—		0.7		—
Investments valued at net asset value		56.3		—		—		—
Total	$	333.8	$	10.3	$	267.2	$	—

The fair value of our pension plan assets at December 31, 2020 by asset category are as follows:

	Fair Value Measurements at December 31, 2020
Asset Category	Total		Level 1		Level 2		Level 3
	(In millions)
Cash and cash equivalents	$	6.6	$	6.6	$	—	$	—
Equity securities:
US large cap		53.5		—		53.5		—
US small/mid cap		10.8		—		10.8		—
International companies		45.4		—		45.4		—
Global companies		68.3		—		68.3		—
Fixed income securities:
Investment grade debt		242.2		—		242.2		—
Non investment grade debt		3.1		—		3.1		—
Other types of investments:
Hedge fund		2.3		—		2.3		—
Real estate		0.6		—		0.6		—
Investments valued at net asset value		87.5		—		—		—
Total	$	520.3	$	6.6	$	426.2	$	—

Estimated Future Benefit Payments

Estimated Future Benefit Payments

	Pension Benefits		Other Benefits
	(In millions)
2022	$	31	$	5
2023		36		5
2024		29		4
2025		29		4
2026		28		4
2027-2031		137		18

Target Ranges and Allocations

Asset Allocations by Asset Category

The approved weighted-average target ranges and allocations as of the December 31, 2021 measurement date were as follows:

	Range	Target
Equity securities	0-49%		31	%
Debt securities	48-100		56
Real estate	0-11		9
Other	0-6		4
Total			100	%

Pension Benefits [Member]

Assumptions Used for Retirement Benefit Plans

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows:

Ryerson Pension Plan	Year Ended December 31, 2021			January 1 to September 30, 2021			Year Ended December 31, 2020			October 1 to November 30, 2020			January 1 to September 30, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.80	%		2.42	%		2.42	%		2.59	%		3.15	%
Discount rate for calculating service cost		2.95			2.61			2.59			2.76			3.38			4.53
Discount rate for calculating interest cost		2.08			1.72			1.76			1.87			2.72			3.93
Expected rate of return on plan assets		4.35			5.05			5.15			5.25			5.75			6.35
Rate of compensation increase – benefit obligations		3.00			3.00			3.00			3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00			3.00			3.00			3.00

Central Steel and Wire Retirement Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		3.27	%		3.09	%		3.53	%
Discount rate for calculating service cost		3.20			3.63			4.67
Discount rate for calculating interest cost		2.76			3.33			4.43
Expected rate of return on plan assets		2.05			3.20			4.00
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:

	Year Ended December 31,
	2021						2020						2019
	Salaried			Bargaining			Salaried			Bargaining			Salaried			Bargaining
Discount rate for calculating obligations		2.85	%		2.85	%		2.32	%		2.34	%		3.00	%		3.01	%
Discount rate for calculating net periodic benefit cost		2.32			2.34			3.00			3.01			3.56			3.58
Expected rate of return on plan assets		4.25			1.75			4.75			3.00			5.25			3.50
Rate of compensation increase		3.00			3.00			3.00			3.00			3.00			3.00

Other Postretirement Benefits [Member]

Assumptions Used for Retirement Benefit Plans

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:

Ryerson Postretirement Welfare Plans	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.84	%		2.45	%		3.13	%
Discount rate for calculating service cost		2.80			3.37			4.43
Discount rate for calculating interest cost		1.68			2.66			3.82
Rate of compensation increase – benefit obligations		3.00			3.00			3.00
Rate of compensation increase – net periodic benefit cost		3.00			3.00			3.00

Central Steel and Wire Postretirement Medical Plan	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Discount rate for calculating obligations		2.79	%		2.37	%		3.08	%
Discount rate for calculating service cost		2.68			3.30			4.45
Discount rate for calculating interest cost		1.67			2.63			3.82

The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:

	Year Ended December 31,
	2021			2020			2019
Discount rate for calculating obligations		2.75	%		2.19	%		2.97	%
Discount rate for calculating net periodic benefit cost		2.19			2.97			3.53
Rate of compensation increase		3.00			3.00			3.00

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

Compensation expense and total recognized tax benefit related to stock options, RSUs, and PSUs are as follows:

	Year Ended December 31,
	2021			2020		2019
	(In millions)
Stock-based compensation expense, pre-tax	$	5.5		$	1.9	$	3.1
Tax benefit recognized in earnings		(1.3	)		—		(0.2	)

Schedule of Fair Value Option Award Weighted Average Assumptions Used

The assumptions used in the Monte Carlo simulation were as follows:

	2021
Risk-free rate		1.73	%
Expected volatility		73.9	%
Dividend yield		0.0	%
Exercise multiple	2.8x

Summary of Stock Options

Stock option activity under the plan is as follows:

	Option Shares (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021		—	$	—		—
Granted		125		16.50		9.25
Outstanding at December 31, 2021		125	$	16.50		9.25	$	1.2
Vested and Exercisable at December 31, 2021		—		—		—		—

Summary of the Activity For Unvested Restricted Stock Units and Performance Stock Unit

A summary of the status of our unvested RSUs and PSUs as of December 31, 2021 and changes during the year then ended is as follows:

	Shares (in thousands)			Weighted Average Grant Date Fair Value Per Unit		Aggregate Fair Value (in millions)
Restricted Stock Units
Unvested at January 1, 2021		301		$	6.80
Granted		169			17.04
Vested		(146	)		7.27
Forfeited		(7	)		8.47
Unvested at December 31, 2021		317		$	12.00	$	8.2
Performance Stock Units
Unvested at January 1, 2021		657		$	7.32
Granted		251			17.04
Vested		(211	)		8.15
Forfeited		(13	)		8.06
Unvested at December 31, 2021		684		$	10.62	$	17.8

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Consolidated Financial Information of our Operations by Geographic Location

The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:

	Year Ended December 31,
Net Sales	2021				2020				2019
	(Dollars in millions)
United States	$	5,123.7	90	%	$	3,089.7	89	%	$	4,076.8	91	%
Foreign countries		551.6	10	%		376.9	11	%		424.8	9	%
Total	$	5,675.3	100	%	$	3,466.6	100	%	$	4,501.6	100	%

	At December 31,
Long-Lived Assets	2021				2020				2019
	(Dollars in millions)
United States	$	557.8	93	%	$	485.1	92	%	$	519.1	91	%
Foreign countries		41.6	7	%		45.0	8	%		48.8	9	%
Total	$	599.4	100	%	$	530.1	100	%	$	567.9	100	%

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Derivatives and Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheet as of December 31, 2021 and 2020:

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	13.0	$	16.0	Other accrued liabilities	$	35.1	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		0.2		2.3	Other accrued liabilities		—		—
Interest rate swaps	Prepaid expenses and other current assets		—		—	Other accrued liabilities		1.4		—
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		—		4.0
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		—		0.2
Total derivatives		$	13.2	$	18.3		$	36.5	$	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 December 31, 2021 and 2020:

	Notional Amount
Derivative Instruments	At December 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		176,859		125,220	Tons
Aluminum swap contracts		20,949		20,264	Tons
Nickel swap contracts		857		345	Tons
Diesel fuel swap contracts		840,000		—	Gallons
Foreign currency exchange contracts	4.5 million		7.4 million		U.S. dollars
Interest rate swaps	160 million		160 million		U.S. dollars

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

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/ (Loss) Recognized in Income on Derivatives									Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,									Year Ended December 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021			2020			2019			2021			2020			2019
		(In millions)
Metal commodity contracts	Cost of materials sold	$	(47.3	)	$	5.3		$	(9.1	)	$	—		$	—		$	—
Diesel fuel commodity contracts	Warehousing, delivery, selling, general, and administrative		—			—			0.7			—			—			—
2028 Notes embedded derivative	Other income and (expense), net		(2.1	)		2.3			—			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.2			(0.2	)		(0.1	)		—			—			—
Interest rate swaps (subsequent to de-designation)	Interest and other expense on debt		0.1			0.3			—			(2.1	)	$	(0.2	)	$	—
Total		$	(49.1	)	$	7.7		$	(8.5	)	$	(2.1	)	$	(0.2	)	$	—

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

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,
Derivatives designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021		2020			2019
		(In millions)
Interest rate swaps (prior to de-designation)	Interest and other expense on debt	$	—	$	(1.3	)	$	1.1

Assets and Liabilities Measured and Recorded at Fair Value

The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021:

	At December 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	13.0	$	—
2028 Notes embedded derivative		—		—		0.2
Total derivatives	$	—	$	13.0	$	0.2
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	35.1	$	—
Interest rate swaps		—		1.4		—
Total derivatives	$	—	$	36.5	$	—

The following table presents assets and liabilities measured and recorded at fair value on our 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)
Balance at January 1, 2021	$	2.3
Unrealized loss recorded in other income and (expense), net		(2.1	)
Balance at December 31, 2021	$	0.2

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of the Company’s financial instruments at December 31, 2021 and 2020 were as follows:

	At December 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	51.2	$	51.2	$	61.4	$	61.4
Restricted cash		1.2		1.2		1.1		1.1
Receivables less provision		630.8		630.8		378.9		378.9
Accounts payable		481.2		481.2		365.1		365.1
Long-term debt, including current portion		639.3		666.8		740.0		800.3

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Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

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

The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	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, 2020	$	(48.6	)	$	(253.1	)	$	(0.3	)
Other comprehensive income (loss) before reclassifications		1.6			(23.4	)		(4.1	)
Amounts reclassified from accumulated other    comprehensive income (loss)		—			54.7			1.3
Net current-period other comprehensive income (loss)		1.6			31.3			(2.8	)
Balance at December 31, 2020	$	(47.0	)	$	(221.8	)	$	(3.1	)
Other comprehensive income (loss) before reclassifications		(2.1	)		28.0			—
Amounts reclassified from accumulated other    comprehensive income (loss)		—			79.3			1.6
Net current-period other comprehensive income (loss)		(2.1	)		107.3			1.6
Balance at December 31, 2021	$	(49.1	)	$	(114.5	)	$	(1.5	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2021
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	8.1		Other income and (expense), net
Pension settlement		98.7		Other income and (expense), net
Prior service credit		(0.4	)	Other income and (expense), net
Total before tax		106.4
Tax benefit		(27.1	)
Net of tax	$	79.3
Interest rate swap
Realized swap interest (subsequent to de-designation)		2.1		Interest and other expense on debt
Tax benefit		(0.5	)
Net of tax	$	1.6

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount reclassified from Accumulated Other Comprehensive Income (Loss)			Affected line item in the Consolidated Statements of Operations
	For the Year Ended December 31, 2020
	(In millions)
Amortization of defined benefit pension   and other post-retirement benefit plan items
Actuarial loss	$	9.6		Other income and (expense), net
Pension settlement		65.9		Other income and (expense), net
Prior service credit		(2.0	)	Other income and (expense), net
Total before tax		73.5
Tax benefit		(18.8	)
Net of tax	$	54.7
Cash flow hedge - interest rate swap
Realized swap interest (prior to de-designation)	$	1.3		Interest and other expense on debt
Realized swap interest (subsequent to de-designation)		0.3		Interest and other expense on debt
Total before tax		1.6
Tax benefit		(0.3	)
Net of tax	$	1.3

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Revenue Recognition (Tables)

12 Months Ended

Dec. 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:      

	Year Ended December 31,
	2021			2020			2019
Product Line	(Percentage of Sales)
Carbon Steel Flat		31	%		27	%		26	%
Carbon Steel Plate		10			9			11
Carbon Steel Long		13			14			16
Stainless Steel Flat		18			16			15
Stainless Steel Plate		5			5			4
Stainless Steel Long		4			5			4
Aluminum Flat		12			14			15
Aluminum Plate		2			3			2
Aluminum Long		4			5			5
Other		1			2			2
Total		100	%		100	%		100	%

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:

	Years Ended December 31,
Timing of Revenue Recognition	2021			2020			2019
Revenue on products with an alternative use		90	%		89	%		88	%
Revenue on products with no alternative use		10			11			12
Total		100	%		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
	2021		2020			2021			2020
	(In millions)
Beginning Balance	$	10.8	$	13.5		$	10.8		$	10.5
Contract liability satisfied during the period				—			(14.8	)		(11.8	)
Contract liability incurred during the period				—			17.8			12.9
Net change in contract assets and liabilities for products with no alternative use during the period		10.4		(2.0	)		0.1			—
Changes to reserves		0.1		(0.7	)		1.2			(0.8	)
Ending Balance	$	21.3	$	10.8		$	15.1		$	10.8

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Provision for Credit Losses (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheets as of December 31, 2021 and 2020:

	Changes in Provision for Expected Credit Losses
	2021			2020
	(In millions)
Beginning Balance	$	1.7		$	3.5
Current period provision		1.4			0.3
Write-offs charged against allowance		(1.1	)		(2.3	)
Recoveries against allowance		0.2			0.2
Ending Balance	$	2.2		$	1.7

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Elements of Provision (Benefit) for Income Taxes

The elements of the provision (benefit) for income taxes were as follows:

	Year Ended December 31,
	2021		2020			2019
	(In millions)
Income (loss) before income tax:
U.S.	$	323.0	$	(106.0	)	$	103.4
Foreign		66.1		15.9			11.8
	$	389.1	$	(90.1	)	$	115.2
Current income tax provision (benefit):
Federal	$	64.3	$	(11.6	)	$	(19.0	)
Foreign		16.5		1.5			2.1
State		12.3		1.9			1.4
		93.1		(8.2	)		(15.5	)
Deferred income tax provision (benefit)		0.6		(16.6	)		48.0
Total income tax provision (benefit)	$	93.7	$	(24.8	)	$	32.5

Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate

Income taxes differ from the amounts computed by applying the federal tax rate as follows:

	Year Ended December 31,
	2021			2020			2019
	(In millions)
Federal income tax expense (benefit) computed at statutory    tax rate of 21%	$	81.7		$	(18.9	)	$	24.2
Additional taxes or credits from:
State and local income taxes, net of federal income tax    effect		11.7			(4.6	)		4.9
Non-deductible expenses and non-taxable income		1.2			0.3			1.8
Foreign income not includable in federal taxable income		3.4			0.8			0.7
Valuation allowance changes, net		(1.6	)		(0.4	)		(0.4	)
Changes in uncertain tax positions		(0.8	)		(1.9	)		(1.5	)
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI		0.4			(0.6	)		2.4
All other, net		(2.3	)		0.5			0.4
Total income tax provision (benefit)	$	93.7		$	(24.8	)	$	32.5

Components of Deferred Income Tax Assets and Liabilities

The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows:

	At December 31,
	2021			2020
	(In millions)
Deferred tax assets:
Post-retirement benefits other than pensions	$	15		$	18
Federal and foreign net operating loss carryforwards		—			30
State net operating loss carryforwards		10			18
Pension liability		24			43
Other deductible temporary differences		26			13
Less: valuation allowances		(5	)		(7	)
	$	70		$	115
Deferred tax liabilities:
Fixed asset basis difference	$	57		$	63
Inventory basis difference		97			100
Other intangibles		10			10
		164			173
Net deferred tax liability	$	(94	)	$	(58	)

Reconciliation of Unrecognized Tax Benefits

The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Unrecognized Tax Benefits
	(In millions)
Unrecognized tax benefits balance at January 1, 2019	$	5.9
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.5	)
Unrecognized tax benefits balance at December 31, 2019	$	4.4
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(1.9	)
Unrecognized tax benefits balance at December 31, 2020	$	2.5
Gross increases – tax positions in current periods		—
Settlements and closing of statute of limitations		(0.8	)
Unrecognized tax benefits balance at December 31, 2021	$	1.7

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Earnings Per Share (Tables)

12 Months Ended

Dec. 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 (loss) per share:

	Years Ended December 31,
Basic and diluted earnings (loss) per share		2021		2020			2019
	(In millions, except number of shares which are reflected in thousands and per share data)
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$	294.3	$	(65.8	)	$	82.4
Denominator:
Weighted average shares outstanding		38,362		38,025			37,698
Dilutive effect of stock-based awards		547		—			264
Weighted average shares outstanding adjusted for dilutive securities		38,909		38,025			37,962
Earnings (loss) per share
Basic	$	7.67	$	(1.73	)	$	2.19
Diluted	$	7.56	$	(1.73	)	$	2.17

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Summary of Accounting and Financial Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Accounting And Financial Policies [Line Items]
Parent company percentage owned by affiliates	55.00%
Parent company shares owned by affiliates | shares	21,037,500
Number of operating segment | Segment	1
Number of reportable segment | Segment	1
Book overdrafts	$ 77.3	$ 84.9
Foreign currency transaction (loss) gain	(0.2)	0.0	$ (2.4)
Warehousing, Delivery, General, and Administrative Expense [Member]
Summary Of Accounting And Financial Policies [Line Items]
Reduction in accrued vacation expense			11.0
Shipping and Handling [Member]
Summary Of Accounting And Financial Policies [Line Items]
Shipping and handling costs	$ 125.2	$ 113.7	$ 126.7
Minimum [Member]
Summary Of Accounting And Financial Policies [Line Items]
Consolidates entities voting shares percentage	50.00%

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Summary of Accounting and Financial Policies - Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2021
Land Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Buildings [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	45 years
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Land Use Rights [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	50 years
Minimum [Member] | Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Minimum [Member] | Transportation Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] | Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Maximum [Member] | Transportation Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	6 years

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Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 51.2	$ 61.4
Restricted cash	1.2	1.1
Total cash, cash equivalents, and restricted cash	$ 52.4	$ 62.5

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Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
In process and finished products	$ 832.1	$ 604.5

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Inventories - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory LIFO reserve	$ 303.0	$ 63.0
Inventories accounted under the LIFO method	88.00%	91.00%
Consignment inventory	$ 8.8	$ 4.8

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Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Land and land improvements	$ 65.0	$ 88.0
Buildings and leasehold improvements	141.2	202.3
Machinery, equipment, and other	482.4	451.6
Finance leases	56.8	66.5
Construction in progress	47.4	14.5
Total	792.8	822.9
Less: Accumulated depreciation	(404.5)	(401.1)
Net property, plant, and equipment	$ 388.3	$ 421.8

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Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Assets held for sale		$ 1.2	$ 4.0
Right of use assets		211.1	108.3
Lease Liabilities	[1],[2]	209.7
Gain from sale leaseback transaction		109.6		$ 20.6
Additional cash proceeds from the sale of assets		3.1
Land and Building
Property Plant And Equipment [Line Items]
Land and building assets, net of accumulated depreciation		65.4
Sale leaseback Transaction, net cash proceeds		163.2
Gain from sale leaseback transaction		$ 107.7
Senior Notes
Property Plant And Equipment [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		8.50%
Sale Lease Back Transaction
Property Plant And Equipment [Line Items]
Right of use assets		$ 95.1
Lease Liabilities		$ 86.4
Gain from sale leaseback transaction				20.6
Minimum [Member]
Property Plant And Equipment [Line Items]
Sale Leaseback Transaction, Lease Terms		21 months
Maximum [Member]
Property Plant And Equipment [Line Items]
Sale Leaseback Transaction, Lease Terms		15 years
Assets Held for Sale [Member]
Property Plant And Equipment [Line Items]
Gain on sale of assets held for sale		$ 0.0	$ 0.0	$ 0.4

[1] Includes the current portion of $24.9 million for operating leases and $12.5 million for finance leases.

[2] There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

XML

Leases - Additional Information (Detail)		1 Months Ended		12 Months Ended
		Jun. 30, 2021 USD ($) Lease	Dec. 31, 2019 USD ($) Lease	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($) Lease	Dec. 31, 2020 USD ($)	Nov. 05, 2020 USD ($)
Lessee Lease Description [Line Items]
Real estate leases option to renew description				Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
Real estate leases, Existence of option to extend [true false]				true
Gain from sale leaseback transaction				$ 109,600,000	$ 20,600,000
Right of use assets				211,100,000		$ 108,300,000
Lease Liabilities	[1],[2]			209,700,000
Sale Lease Back Transaction
Lessee Lease Description [Line Items]
Net proceeds from sale leaseback transaction		$ 104,000,000	$ 61,500,000
Sale leaseback transaction, annual rent payments in year one		$ 6,400,000	$ 4,300,000		$ 4,300,000
Sale leaseback transaction, lease term		15 years	12 years
Sale leaseback transaction, number of renewal options | Lease		2	2		2
Sale leaseback transaction, renewal term		5 years	5 years
Gain from sale leaseback transaction					$ 20,600,000
Percentage Increase of Amount		1.50%
Right of use assets				95,100,000
Lease Liabilities				86,400,000
Significant Sale Lease Back Transaction
Lessee Lease Description [Line Items]
Gain from sale leaseback transaction				62,500,000
Right of use assets				84,400,000
Lease Liabilities				$ 84,400,000
Ryerson Credit Facility [Member]
Lessee Lease Description [Line Items]
Revolving credit facility maximum borrowing capacity							$ 1,000,000,000.0
Maximum [Member]
Lessee Lease Description [Line Items]
Noncancelable operating leases expire period				2036
Finance leases expire period				2027
Real estate leases option to extend lease term				5 years
Minimum [Member]
Lessee Lease Description [Line Items]
Real estate leases option to extend lease term				1 year

[1] Includes the current portion of $24.9 million for operating leases and $12.5 million for finance leases.

[2] There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

XML

Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
Assets
Right of use assets		$ 211.1	$ 108.3
Finance lease assets		$ 41.2	$ 45.5
Finance lease, Right-of-use asset, Statement of financial position [Extensible List]	[1]	Property, plant, and equipment, net of accumulated depreciation (Note 5)	Property, plant, and equipment, net of accumulated depreciation (Note 5)
Total lease assets		$ 252.3	$ 153.8
Liabilities
Operating lease liabilities, current		24.9	20.7
Finance lease liabilities, current		$ 12.5	$ 9.0
Finance lease, Liability, Current, Statement of financial position [Extensible List]		Other accrued liabilities	Other accrued liabilities
Operating lease liabilities, noncurrent		$ 184.8	$ 93.0
Finance lease liabilities, noncurrent		$ 16.0	$ 14.3
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other noncurrent liabilities	Other noncurrent liabilities
Total lease liabilities		$ 238.2	$ 137.0

[1] Finance lease assets are recorded net of accumulated amortization of $15.6 million and $21.0 million as of December 31, 2021 and 2020, respectively.

XML

Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Accumulated amortization	$ 404.5	$ 401.1
Finance Lease [Member]
Lessee Lease Description [Line Items]
Accumulated amortization	$ 15.6	$ 21.0

XML

Leases - Summary of Location and Amount of Lease Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Expense
Total lease expense	$ 42.4	$ 37.0	$ 35.3
Warehousing, Delivery, Selling, General, and Administrative [Member]
Lease Expense
Operating lease expense	30.5	23.9	20.7
Finance lease expense
Amortization of lease assets	5.4	6.4	6.9
Variable lease expense	2.8	3.1	3.1
Short-term lease expense	2.7	2.4	3.0
Interest and Other Expense on Debt [Member]
Finance lease expense
Interest on lease liabilities	$ 1.0	$ 1.2	$ 1.6

XML

Leases - Schedule of Maturity Analysis of Lease Liabilities (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Operating Leases
2022	$ 31.1	[1]
2023	27.9	[1]
2024	26.2	[1]
2025	22.4	[1]
2026	18.8	[1]
After 2026	121.5	[1]
Total lease payments	247.9	[1]
Less: Interest	(38.2)	[1],[2]
Present value of lease liabilities	209.7	[1],[3]
Finance Leases
2022	13.0
2023	6.6
2024	4.9
2025	3.6
2026	1.7
After 2026	0.2
Total lease payments	30.0
Less: Interest	(1.5)	[2]
Present value of lease liabilities	$ 28.5	[3]

[1] There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and the lease payments excluded an estimated amount of $193.6 million of legally binding lease payments for leases signed but not yet commenced.

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

[3] Includes the current portion of $24.9 million for operating leases and $12.5 million for finance leases.

XML

Leases - Schedule of Maturity Analysis of Lease Liabilities (Parenthetical) (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases with options to extend lease terms that are reasonably certain of being exercised	$ 0
Operating leases, current portion	24,900,000	$ 20,700,000
Finance leases, current portion	12,500,000	$ 9,000,000.0
Legally binding minimum lease payments for leases signed but not yet commenced	$ 193,600,000

XML

Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases (Detail)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases, Weighted-average remaining lease term	10 years 4 months 24 days	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	3.20%	3.40%
Finance leases, Weighted-average discount rate	3.40%	4.40%

XML

Leases - Schedule of Information Reported in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 29.7	$ 25.3	$ 21.4
Operating cash flows from finance leases	1.0	1.2	1.6
Financing cash flows from finance leases	10.5	13.1	13.6
Assets obtained in exchange for lease obligations:
Asset additions under adoption of accounting principal ASC 842			82.3
Operating leases	129.6	1.6	64.8
Finance leases	$ 15.8	$ 3.6	2.2
ASU 2016-02 [Member]
Assets obtained in exchange for lease obligations:
Asset additions under adoption of accounting principal ASC 842			$ 82.3

XML

Definite-Lived Intangible Assets - Components of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 110.8	$ 105.6
Accumulated Amortization	(68.6)	(62.4)
Net	$ 42.2	43.2
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortizable Life in Years	13 years 3 months 18 days
Gross Carrying Amount	$ 62.3	57.7
Accumulated Amortization	(44.5)	(41.4)
Net	$ 17.8	16.3
Developed Technology / Product Know-How [Member]
Finite Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortizable Life in Years	9 years 3 months 18 days
Gross Carrying Amount	$ 4.8	4.6
Accumulated Amortization	(3.3)	(3.0)
Net	$ 1.5	1.6
Non-compete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortizable Life in Years	3 years 2 months 12 days
Gross Carrying Amount	$ 0.6	0.5
Accumulated Amortization	(0.5)	(0.4)
Net	$ 0.1	0.1
Trademarks [Member]
Finite Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortizable Life in Years	13 years 8 months 12 days
Gross Carrying Amount	$ 43.1	42.3
Accumulated Amortization	(20.3)	(17.1)
Net	$ 22.8	25.2
Licenses [Member]
Finite Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortizable Life in Years	0 years
Gross Carrying Amount		0.5
Accumulated Amortization		$ (0.5)

XML

Definite-Lived Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Warehousing, Delivery, Selling, General and Administrative Expense [Member]
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 6.7	$ 7.4	$ 7.5

XML

Definite-Lived Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
For the year ended December 31, 2022	$ 7.0
For the year ended December 31, 2023	5.8
For the year ended December 31, 2024	5.7
For the year ended December 31, 2025	5.5
For the year ended December 31, 2026	5.4
For the years ended thereafter	$ 12.8

XML

Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill, carrying amount, beginning balance	$ 120.3
Acquisitions	3.8
Goodwill, carrying amount, ending balance	124.1	$ 120.3
Carrying Amount [Member]
Goodwill [Line Items]
Goodwill, carrying amount, beginning balance	120.3	120.3
Acquisitions	3.8	0.0
Goodwill, carrying amount, ending balance	124.1	120.3
Accumulated Goodwill Impairment [Member]
Goodwill [Line Items]
Goodwill, Accumulated Impairment	(8.3)	(8.3)	$ (8.3)
Cost [Member]
Goodwill [Line Items]
Goodwill cost, beginning balance	128.6	128.6
Acquisitions	3.8	0.0
Goodwill cost, ending balance	$ 132.4	$ 128.6

XML

Goodwill - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill recognized from business acquisitions	$ 3,800,000
Impairment charge	$ 0

XML

Restructuring and Other Charges - Restructuring Accrual Activity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 1.2	$ 1.9	$ 1.9
Restructuring charges		2.2	2.4
Cash payments	(0.5)	(3.0)	(2.4)
Addition to reserve		0.1
Ending balance	0.7	1.2	1.9
Employee Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance	0.5	1.0	0.4
Restructuring charges		2.2	2.1
Cash payments	(0.5)	(2.7)	(1.5)
Ending balance		0.5	1.0
Tenancy and Other Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance	0.7	0.9	1.5
Restructuring charges			0.3
Cash payments		(0.3)	(0.9)
Addition to reserve		0.1
Ending balance	$ 0.7	$ 0.7	$ 0.9

XML

Restructuring and Other Charges - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring payments related to staff reductions		$ 0.8	$ 0.3
Restructuring payments	$ 0.5	3.0	2.4
Restructuring charges		2.2	2.4
Restructuring payments related to employee costs		1.9	1.2
Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring payments related to staff reductions	0.5
Restructuring payments	0.5	2.7	1.5
Restructuring charges		2.2	2.1
Facility Closing [Member] | Tenancy-related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring payments	$ 0.7		0.9
Restructuring charges		$ 0.3	$ 0.3

XML

Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Foreign debt	$ 27.0	$ 12.1
Other debt	6.0	7.8
Unamortized debt issuance costs and discounts	(9.7)	(14.9)
Total debt	639.3	740.0
Other short-term debt	1.8	1.7
Long-term debt (Note 10)	610.5	726.2
Total debt	639.3	740.0
2028 Notes [Member]
Debt Instrument [Line Items]
Senior secured notes	300.0	450.0
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Ryerson Credit Facility	$ 316.0	$ 285.0

XML

Debt - Principal Payments on Debt (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
For the year ended December 31, 2022	$ 28.8
For the year ended December 31, 2023	1.8
For the year ended December 31, 2024	2.4
For the year ended December 31, 2025	316.0
For the years ended thereafter	$ 300.0

XML

Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Nov. 05, 2020
Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maximum borrowing capacity					$ 1,000,000,000.0
Credit facility maturity date			Nov. 05, 2025
Outstanding borrowings			$ 316,000,000.0	$ 285,000,000.0
Letters of credit			14,000,000	11,000,000
Available credit facility			$ 670,000,000	$ 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] | Second 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] | Third 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%			1.539%
Derivative maturity period	2022-11
Ryerson Credit Facility [Member] | All Interest Rate Swap [Member]
Debt Instrument [Line Items]
Weighted average interest rate			2.50%	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 | Federal Funds Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate			0.50%
Ryerson Credit Facility [Member] | Canadian Subsidiaries | 30 Day LIBOR Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate			1.00%
Ryerson Credit Facility [Member] | Canadian Subsidiaries | One Month Canadian Bankers Acceptance Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate			1.00%
Ryerson Credit Facility [Member] | Canadian Subsidiaries | 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 | Base Rate and Canadian Prime Rate [Member]
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
Credit facility maturity date			Nov. 16, 2021
FILO Facility [Member] | Ryerson Credit Facility [Member]
Debt Instrument [Line Items]
Amount of borrow under FILO Facility					$ 100,000,000
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 [Member]
Debt Instrument [Line Items]
Spread over base interest rate			0.50%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over base interest rate			1.25%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate and Prime Rate [Member]
Debt Instrument [Line Items]
Spread over base interest rate			0.25%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Spread over base interest rate			0.50%
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over base interest rate			1.50%

XML

Debt - 2028 Notes - Additional Information (Detail) - USD ($) $ in Millions				12 Months Ended
	Jul. 23, 2021	Jul. 09, 2021	Aug. 21, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 22, 2020
Debt Instrument [Line Items]
Loss on retirement of debt				$ (5.5)	$ (17.7)	$ (0.2)
2028 Notes Embedded Derivative Fair Value					$ 2.3
2028 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 500.0
Debt Instrument, Interest Rate, Stated Percentage							8.50%
Loss on retirement of debt			$ 17.1
Redemption price as a percentage of principal amount	103.00%	104.00%			103.00%
Principal Amount For Partial Redemption	$ 50.0	$ 100.0			$ 50.0
Debt principal amount remained outstanding	$ 300.0
2028 Notes Embedded Derivative Fair Value				0.2	$ 2.3
Change in embedded derivative fair value				$ 2.1
2028 Notes [Member] | Joseph T. Ryerson [Member]
Debt Instrument [Line Items]
Restricted net assets percentage				25.00%
Restricted net assets				$ 588.5
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

XML

Debt - 2022 Notes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 22, 2020
Debt Instrument [Line Items]
Gain (loss) on retirement of debt		$ (5.5)	$ (17.7)	$ (0.2)
Two Thousand Twenty Two Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					11.00%
Principal amount of debt instrument repurchased	$ 57.6			11.6
Debt instruments senior notes retired	56.7			11.8
Two Thousand Twenty Two Senior Notes | Other Nonoperating Income (Expense)
Debt Instrument [Line Items]
Gain (loss) on retirement of debt	$ 0.9			$ 0.2

XML

Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Foreign debt	$ 27.0	$ 12.1
Foreign Debt
Debt Instrument [Line Items]
Available credit facility	20.0	35.0
Letters of Credit Outstanding, Amount	6.0	6.0
Foreign Debt | Owed To Banks | Ryerson China Limited
Debt Instrument [Line Items]
Foreign debt	$ 27.0	$ 12.1
Weighted average interest rate	3.60%	3.60%

XML

Employee Benefits - Additional Information (Detail) $ in Millions							1 Months Ended	2 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 24, 2021 USD ($)	Dec. 01, 2020 USD ($)	Nov. 30, 2020	Sep. 30, 2020 USD ($)	Sep. 28, 2020 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021 USD ($) Employee Location	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2014	Dec. 31, 2012 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan Expense												$ 8.9	$ 4.3	$ 8.8
Payment price for purchased annuities on behalf of participants		$ 206.6	$ 19.7			$ 95.2
Pension settlement charge due to annuitization	$ 98.3				$ 52.5		$ 10.5
Discount rate	2.80%			2.42%	2.59%		2.59%		2.42%	3.15%
Expected long-term rate of return on pension assets	4.35%			5.15%	5.25%		5.25%		5.05%	5.75%
Other deferred employee benefit plans												$ 14.3	15.5
Defined benefit plan return on plan asset gain loss recognized period												4 years
Defined Benefit Plan, Fair Value Of Plan Assets												$ 333.8	520.3
Contribution to the pension plan fund												23.7	7.1	25.7
Anticipated minimum required pension contribution funding												$ 5.8
Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets												1.80%
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets												4.85%
Change in Increase (Decrease) in Discount Rate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan benefit obligation period increase (decrease)												$ 18.2	62.4
Decrease Due to Updated Mortality Tables [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan benefit obligation period increase (decrease)												9.8	5.7
Decrease Due To Salary Scale Updates [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan benefit obligation period increase (decrease)													1.2
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation												429.6	674.7	771.8
Defined Benefit Plan, Fair Value Of Plan Assets												333.8	520.3	631.8
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation												$ 59.3	$ 68.3	$ 69.2
U.S. Plans [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate															4.50%
Annual rate of increase in per capita cost of covered health care benefits, date															2030
U.S. Plans [Member] | Other Postretirement Benefits [Member] | Under 65 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual rate of increase in per capita cost of covered health care benefits, rate												6.10%	6.20%		6.20%
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate												4.50%	4.50%
Annual rate of increase in per capita cost of covered health care benefits, date												2030	2030
U.S. Plans [Member] | Other Postretirement Benefits [Member] | Over 65 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual rate of increase in per capita cost of covered health care benefits, rate												6.30%	6.50%		6.50%
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate												4.50%	4.50%
Annual rate of increase in per capita cost of covered health care benefits, date												2030	2030
Canadian Plans [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation												$ 44.5	$ 48.3
Defined Benefit Plan, Fair Value Of Plan Assets												$ 44.5	$ 45.1
Canadian Plans [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate												2.19%	2.97%	3.53%
Defined benefit plan, benefit obligation												$ 13.5	$ 14.9
Annual rate of increase in per capita cost of covered health care benefits, rate												6.95%	6.95%		6.95%
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate												4.50%	4.50%		4.50%
Annual rate of increase in per capita cost of covered health care benefits, date												2033	2033		2033
Central Steel and Wire Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation, Benefits Paid												$ 7.5	$ 14.3	$ 14.3
Settlement loss												$ 0.4	$ 2.9	$ 1.6
Central Steel and Wire Retirement Plan [Member] | U.S. Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets												2.05%	3.20%	4.00%
Central Steel and Wire Retirement Plan [Member] | U.S. Plans [Member] | Scenario Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets											1.80%
Ryerson Pension Plan [Member] | U.S. Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets								5.25%	5.05%	5.75%		4.35%	5.15%	6.35%
Ryerson Pension Plan [Member] | U.S. Plans [Member] | Scenario Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets											4.85%
Ryerson Salaried Plan [Member] | Canadian Plans [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate												2.32%	3.00%	3.56%
Expected long-term rate of return on pension assets												4.25%	4.75%	5.25%
Defined benefit plan assets, percentage												80.00%
Ryerson Salaried Plan [Member] | Canadian Plans [Member] | Scenario Forecast [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets											4.25%
Ryerson Bargaining Unit Plan [Member] | Canadian Plans [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate												2.34%	3.01%	3.58%
Expected long-term rate of return on pension assets												1.75%	3.00%	3.50%
Defined benefit plan assets, percentage												20.00%
Ryerson Bargaining Unit Plan [Member] | Canadian Plans [Member] | Scenario Forecast [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected long-term rate of return on pension assets											2.25%
Multiemployer Pension and Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multiemployer plans description												Ryerson participate in two multiemployer pension plans covering 39 employees at 4 locations.
Multiemployer pension plan covered employees | Employee												39
Multiemployer pension plan covered locations | Location												4
Multiemployer plan contributions												$ 0.4	$ 0.3	$ 0.4
Pension withdrawal liability												$ 0.4	$ 0.4			$ 1.0
Period of Withdrawal pension liability Payment												25 years
Multiemployer Pension and Other Postretirement Plans [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of contributions to the plans												5.00%

XML

Employee Benefits - Assumptions Used for Retirement Benefit Plans (Detail)				1 Months Ended	2 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Nov. 30, 2020	Sep. 30, 2020	Nov. 30, 2020	Nov. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.80%	2.42%	2.59%	2.59%		2.42%	3.15%
Expected rate of return on plan assets	4.35%	5.15%	5.25%	5.25%		5.05%	5.75%
UNITED STATES | Ryerson Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations	2.80%	2.42%	2.59%	2.42%	2.42%	2.80%	2.59%	2.84%	2.42%	3.15%
Discount rate for calculating service cost					2.76%	2.61%	3.38%	2.95%	2.59%	4.53%
Discount rate for calculating interest cost					1.87%	1.72%	2.72%	2.08%	1.76%	3.93%
Expected rate of return on plan assets					5.25%	5.05%	5.75%	4.35%	5.15%	6.35%
Rate of compensation increase - benefit obligations	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Rate of compensation increase					3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
UNITED STATES | Ryerson Pension Plan [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								2.84%	2.45%	3.13%
Discount rate for calculating service cost								2.80%	3.37%	4.43%
Discount rate for calculating interest cost								1.68%	2.66%	3.82%
Rate of compensation increase - benefit obligations								3.00%	3.00%	3.00%
Rate of compensation increase								3.00%	3.00%	3.00%
UNITED STATES | Central Steel and Wire Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								3.27%	3.09%	3.53%
Discount rate for calculating service cost								3.20%	3.63%	4.67%
Discount rate for calculating interest cost								2.76%	3.33%	4.43%
Expected rate of return on plan assets								2.05%	3.20%	4.00%
Rate of compensation increase - benefit obligations								3.00%	3.00%	3.00%
Rate of compensation increase								3.00%	3.00%	3.00%
UNITED STATES | Central Steel and Wire Postretirement Medical Plan [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								2.79%	2.37%	3.08%
Discount rate for calculating service cost								2.68%	3.30%	4.45%
Discount rate for calculating interest cost								1.67%	2.63%	3.82%
Canadian Plans [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								2.75%	2.19%	2.97%
Discount rate								2.19%	2.97%	3.53%
Rate of compensation increase								3.00%	3.00%	3.00%
Canadian Plans [Member] | Ryerson Salaried Plan [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								2.85%	2.32%	3.00%
Discount rate								2.32%	3.00%	3.56%
Expected rate of return on plan assets								4.25%	4.75%	5.25%
Rate of compensation increase								3.00%	3.00%	3.00%
Canadian Plans [Member] | Ryerson Bargaining Unit Plan [Member] | Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate for calculating obligations								2.85%	2.34%	3.01%
Discount rate								2.34%	3.01%	3.58%
Expected rate of return on plan assets								1.75%	3.00%	3.50%
Rate of compensation increase								3.00%	3.00%	3.00%

XML

Employee Benefits - Components of Benefit Obligation and Net Obligation Recognized in Financial Statements (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in Plan Assets
Beginning balance	$ 520.3
Ending balance	333.8	$ 520.3
Amounts recognized in balance sheet consist of:
Current liabilities	(6.1)	(6.6)
Non-current liabilities	(163.3)	(231.6)
Pension Benefits [Member]
Change in Benefit Obligation
Benefit obligation at beginning of year	674.7	771.8
Service cost	3.5	3.4	$ 3.4
Interest cost	11.1	18.7	28.7
Actuarial (gain) loss	(10.0)	54.5
Effect of changes in exchange rates	0.2	1.0
Annuities purchased and lump sums paid	(203.6)	(114.9)
Benefits paid (net of participant contributions)	(46.3)	(60.0)
Benefit obligation at end of year	429.6	674.7	771.8
Company restructuring		0.2
Accumulated benefit obligation at end of year	421.2	661.4
Change in Plan Assets
Beginning balance	520.3	631.8
Actual return on plan assets	39.5	55.4
Employer contributions	23.7	7.1
Effect of changes in exchange rates	0.2	0.9
Annuities purchased and lump sums paid	(203.6)	(114.9)
Benefits paid (net of participant contributions)	(46.3)	(60.0)
Ending balance	333.8	520.3	631.8
Funded status	(95.8)	(154.4)
Amounts recognized in balance sheet consist of:
Non-current assets	0.9	0.9
Non-current liabilities	(96.7)	(155.3)
Net benefit liability at the end of the year	(95.8)	(154.4)
Other Postretirement Benefits [Member]
Change in Benefit Obligation
Benefit obligation at beginning of year	68.3	69.2
Service cost	0.5	0.6	0.6
Interest cost	1.1	1.7	2.5
Actuarial (gain) loss	(7.0)	0.7
Effect of changes in exchange rates	0.1	0.3
Benefits paid (net of participant contributions)	(3.7)	(4.3)
Benefits paid (net of participant contributions and subsidies)		(4.2)
Benefit obligation at end of year	59.3	68.3	$ 69.2
Change in Plan Assets
Employer contributions	3.7	4.3
Benefits paid (net of participant contributions)	(3.7)	(4.3)
Funded status	(59.3)	(68.3)
Amounts recognized in balance sheet consist of:
Current liabilities	(5.1)	(5.6)
Non-current liabilities	(54.2)	(62.7)
Net benefit liability at the end of the year	$ (59.3)	$ (68.3)

XML

Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss (gain)	$ 173.0	$ 314.3
Net loss (gain)	173.0	314.3
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss (gain)	(42.2)	(41.2)
Prior service credit	(0.1)	(0.6)
Net loss (gain)	$ (42.3)	$ (41.8)

XML

Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charge	$ 98.7	$ 65.9	$ 1.6
Net loss (gain)	(142.4)	(41.8)	(14.0)
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss (gain)	(28.7)	29.9
Amortization of net actuarial loss (gain)	(14.0)	(16.4)
Amortization of prior service cost (credit)		(0.1)
Pension settlement charge	(98.7)	(65.9)	$ (1.6)
Net loss (gain)	(141.4)	(52.5)
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss (gain)	(7.0)	0.8
Amortization of net actuarial loss (gain)	6.0	6.9
Amortization of prior service cost (credit)	0.5	2.2
Net loss (gain)	$ (0.5)	$ 9.9

XML

Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charges	$ (98.7)	$ (65.9)	$ (1.6)
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	3.5	3.4	3.4
Interest cost	11.1	18.7	28.7
Expected return on assets	(20.7)	(30.6)	(36.4)
Recognized actuarial loss (gain)	14.0	16.4	14.8
Amortization of prior service cost (credit)		0.1	0.1
Pension settlement charges	98.7	65.9	1.6
Net periodic benefit cost (credit)	106.6	73.9	12.2
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.5	0.6	0.6
Interest cost	1.1	1.7	2.5
Recognized actuarial loss (gain)	(6.0)	(6.9)	(7.7)
Amortization of prior service cost (credit)	(0.5)	(2.2)	(3.1)
Net periodic benefit cost (credit)	$ (4.9)	$ (6.8)	$ (7.7)

XML

Employee Benefits - Asset Allocation (Detail)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan asset allocation	100.00%	100.00%
Equity Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan asset allocation	29.00%	34.00%
Debt Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan asset allocation	51.00%	47.00%
Real Estate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan asset allocation	13.00%	12.00%
Other [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan asset allocation	7.00%	7.00%

XML

Employee Benefits - Weighted-Average Target Ranges and Allocations (Detail)	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	100.00%
Equity Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	31.00%
Equity Securities [Member] | Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	0.00%
Equity Securities [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	49.00%
Debt Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	56.00%
Debt Securities [Member] | Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	48.00%
Debt Securities [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	100.00%
Real Estate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	9.00%
Real Estate [Member] | Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	0.00%
Real Estate [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	11.00%
Other [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	4.00%
Other [Member] | Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	0.00%
Other [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average target allocation	6.00%

XML

Employee Benefits - Fair Value of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	$ 333.8	$ 520.3
Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	10.3	6.6
Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	267.2	426.2
Cash and Cash Equivalents [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	10.3	6.6
Cash and Cash Equivalents [Member] | Level 1 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	10.3	6.6
US Large Cap [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	30.8	53.5
US Large Cap [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	30.8	53.5
US Small/Mid Cap [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	5.2	10.8
US Small/Mid Cap [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	5.2	10.8
International Companies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	22.3	45.4
International Companies [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	22.3	45.4
Global Companies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	39.6	68.3
Global Companies [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	39.6	68.3
Non Investment Grade Debt [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	1.3	3.1
Non Investment Grade Debt [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	1.3	3.1
Investment Grade Debt [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	167.3	242.2
Investment Grade Debt [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	167.3	242.2
Investments Valued at Net Asset Value [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	56.3	87.5
Real Estate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	0.7	0.6
Real Estate [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets	$ 0.7	0.6
Hedge Fund [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets		2.3
Hedge Fund [Member] | Level 2 [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Fair Value Of Plan Assets		$ 2.3

XML

Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	$ 31
2023	36
2024	29
2025	29
2026	28
2027-2031	137
Other Postretirement Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	5
2023	5
2024	4
2025	4
2026	4
2027-2031	$ 18

XML

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		168,700	158,525	152,625
Weighted Average Grant Date Fair Value		$ 17.04
Unrecognized compensation cost		$ 1.7
Weighted-average period		1 year 6 months
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		251,150	225,675	215,375
Weighted Average Grant Date Fair Value		$ 17.04
Unrecognized compensation cost		$ 3.8
Weighted-average period		2 years
RSUs and PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value		$ 17.04	$ 5.32	$ 8.56
Total fair value		$ 6.1	$ 1.8	$ 2.8
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost		$ 0.9
Weighted-average period		2 years 6 months
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted option per share fair value		$ 0.92
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted option per share fair value		$ 10.50
2014 Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for future grant		2,057,906
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	125,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period catch up provisions	fifth year
Options Expiration Period	10 years
Options Expiration Period, description	90 days of employee termination

XML

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based compensation expense, pre-tax	$ 5.5	$ 1.9	$ 3.1
Tax benefit recognized in earnings	$ (1.3)		$ (0.2)

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Stock-Based Compensation - Schedule of Fair Value Option Award Weighted Average Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free rate	1.73%
Expected volatility	73.90%
Dividend yield	0.00%
Exercise multiple	2.8

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Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Option Shares,Granted | shares	125,000
Option Shares Outstanding, Ending | shares	125,000
Weighted Average Exercise Price,Granted | $ / shares	$ 16.50
Weighted Average Exercise Price Ending, Ending Balance | $ / shares	$ 16.50
Weighted Average Remaining Contractual Term (in years),Granted	9 years 3 months
Weighted Average Remaining Contractual Term (in years),Outstanding at December 31, 2021	9 years 3 months
Aggregate Intrinsic Value Outstanding, Ending Balance | $	$ 1.2

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Stock-Based Compensation - Summary of The Activity for Unvested Restricted Stock Units and Performance Stock Unit (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Unvested, Beginning Balance | shares	301,000
Shares,Granted | shares	169,000
Shares,Vested | shares	(146,000)
Shares,Forfeited | shares	(7,000)
Shares Unvested, Ending Balance | shares	317,000
Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares	$ 6.80
Weighted Average Grant Date Fair Value | $ / shares	17.04
Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares	7.27
Weighted Average Grant Date Fair Value Per Unit,Forfeited | $ / shares	8.47
Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares	$ 12.00
Aggregate Fair Value,Unvested at December 31, 2021 | $	$ 8.2
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Unvested, Beginning Balance | shares	657,000
Shares,Granted | shares	251,000
Shares,Vested | shares	(211,000)
Shares,Forfeited | shares	(13,000)
Shares Unvested, Ending Balance | shares	684,000
Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares	$ 7.32
Weighted Average Grant Date Fair Value | $ / shares	17.04
Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares	8.15
Weighted Average Grant Date Fair Value Per Unit,Forfeited | $ / shares	8.06
Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares	$ 10.62
Aggregate Fair Value,Unvested at December 31, 2021 | $	$ 17.8

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Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Jan. 02, 2020	Dec. 31, 2021
Loss Contingencies [Line Items]
Purchase obligations		$ 14.0
Percentage of total labor force covered by collective bargaining agreements		9.00%
Percentage of total labor force covered by collective bargaining agreements in current fiscal year		3.00%
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		$ 1,050.0
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 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

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Segment Information - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of operating segment	1
Percentage one customer to total sales	6.00%	6.00%	6.00%
Percentage top ten customers to total sales	15.00%	15.00%	15.00%

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Segment Information - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 5,675.3	$ 3,466.6	$ 4,501.6
Net Sales	100.00%	100.00%	100.00%
Long-Lived Assets	$ 599.4	$ 530.1	$ 567.9
Long-Lived Assets	100.00%	100.00%	100.00%
UNITED STATES
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 5,123.7	$ 3,089.7	$ 4,076.8
Net Sales	90.00%	89.00%	91.00%
Long-Lived Assets	$ 557.8	$ 485.1	$ 519.1
Long-Lived Assets	93.00%	92.00%	91.00%
Foreign Countries [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 551.6	$ 376.9	$ 424.8
Net Sales	10.00%	11.00%	9.00%
Long-Lived Assets	$ 41.6	$ 45.0	$ 48.8
Long-Lived Assets	7.00%	8.00%	9.00%

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Derivatives and Fair Value Measurements - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) DerivativeInstrument	Dec. 31, 2020 USD ($)	Nov. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Derivatives Fair Value [Line Items]
Fair value of interest rate swaps	$ 1.4
2028 Notes Embedded Derivative Fair Value		$ 2.3
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
Second Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount	$ 160.0	$ 160.0
Derivative gain (loss) to be reclassified into interest income during next 12 months	$ 1.9
Ryerson Credit Facility [Member]
Derivatives Fair Value [Line Items]
Number of derivative instruments | DerivativeInstrument	2
Ryerson Credit Facility [Member] | Second Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount				$ 60.0
Derivative fixed interest rate				1.729%
Ryerson Credit Facility [Member] | Third Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount			$ 100.0
Derivative fixed interest rate		1.539%	1.539%
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative fixed interest rate				1.729%

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Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 13.2	$ 18.3
Liability Derivatives, Fair Value	36.5	16.1
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	13.0	16.0
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Current Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	35.1	11.9
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Other Current Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		0.2
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Prepaid Expenses and Other Current Assets
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	0.2	2.3
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Second Interest Rate Swap [Member] | Other Current Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 1.4
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Second Interest Rate Swap [Member] | Other Noncurrent Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		$ 4.0

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Derivatives and Fair Value Measurements - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) T gal	Dec. 31, 2020 USD ($) T
Hot Roll Coil Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	176,859	125,220
Aluminum Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	20,949	20,264
Nickel Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount	857	345
Diesel Fuel Swap Contracts [Member]
Derivatives Fair Value [Line Items]
Notional Amount | gal	840,000
Foreign Exchange Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount | $	$ 4.5	$ 7.4
Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount | $	$ 160.0	$ 160.0

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Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives	$ (27.6)	$ 10.6	$ (0.6)
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	(49.1)	7.7	(8.5)
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income	(2.1)	(0.2)
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	(47.3)	5.3	(9.1)
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Other Nonoperating Income (Expense)
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives	0.2	(0.2)	(0.1)
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts | Warehousing, Delivery, Selling, General, and Administrative [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives			$ 0.7
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Other Nonoperating Income (Expense)
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives	(2.1)	2.3
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Second Interest Rate Swap [Member] | Interest and Other Expense on Debt [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain/ (Loss) Recognized in Income on Derivatives	0.1	0.3
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income	$ (2.1)	$ (0.2)

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Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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 Other Comprehensive Income into Income	$ (1.3)	$ 1.1

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Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 13.2	$ 18.3
Liability Derivatives, Fair Value	36.5	16.1
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	13.0	16.0
Liability Derivatives, Fair Value	36.5	16.1
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Metal Commodity Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	13.0	16.0
Liability Derivatives, Fair Value	35.1	11.9
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Interest Rate Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	1.4	4.0
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Foreign Exchange Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value		0.2
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	0.2	2.3
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 3 [Member] | 2028 Notes Embedded Derivative [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 0.2	$ 2.3

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Derivatives and Fair Value Measurements - Financial Instruments Measured at Fair Value (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2021	$ 2.3
2028 Notes Embedded Derivative [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2021	2.3
Unrealized loss recorded in other income and (expense), net	(2.1)
Balance at December 31, 2021	$ 0.2

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Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount [Member]
Derivatives Fair Value [Line Items]
Cash and cash equivalents	$ 51.2	$ 61.4
Restricted cash	1.2	1.1
Receivables less provision	630.8	378.9
Accounts payable	481.2	365.1
Long-term debt, including current portion	639.3	740.0
Fair Value [Member]
Derivatives Fair Value [Line Items]
Cash and cash equivalents	51.2	61.4
Restricted cash	1.2	1.1
Receivables less provision	630.8	378.9
Accounts payable	481.2	365.1
Long-term debt, including current portion	$ 666.8	$ 800.3

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Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	(165.1)	$ (271.9)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(47.0)	(48.6)
Other comprehensive income (loss) before reclassifications	(2.1)	1.6
Net current-period other comprehensive income (loss)	(2.1)	1.6
Accumulated other comprehensive income (loss) net of tax, ending balance	(49.1)	(47.0)
Benefit Plan Liabilities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(221.8)	(253.1)
Other comprehensive income (loss) before reclassifications	28.0	(23.4)
Amounts reclassified from accumulated other comprehensive income (loss)	79.3	54.7
Net current-period other comprehensive income (loss)	107.3	31.3
Accumulated other comprehensive income (loss) net of tax, ending balance	(114.5)	(221.8)
Cash Flow Hedge - Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) net of tax, beginning balance	(3.1)	(0.3)
Other comprehensive income (loss) before reclassifications		(4.1)
Amounts reclassified from accumulated other comprehensive income (loss)	1.6	1.3
Net current-period other comprehensive income (loss)	1.6	(2.8)
Accumulated other comprehensive income (loss) net of tax, ending balance	$ (1.5)	$ (3.1)

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Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	$ 2.1	$ 0.3
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Gain [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	8.1	9.6
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	98.7	65.9
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Credit [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications out of AOCI	(0.4)	(2.0)
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	106.4	73.5
Tax benefit	27.1	18.8
Net of tax	79.3	54.7
Tax benefit	(27.1)	(18.8)
Cash Flow Hedge - Interest Rate Swap [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(1.6)	(1.3)
Realized swap interest		1.6
Tax provision (benefit)	(0.5)	(0.3)
Net of tax	$ 1.6	1.3
Accumulated Gain Loss Net Cash Flow Hedge Parent Realized Swap Interest Prior To De Designation
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Realized swap interest		$ 1.3

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Revenue Recognition - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Net contract liability related to accrued shipping and handling costs | $	$ 0.1	$ 0.0
Number of operating segments | Segment	1
Number of reportable segments | Segment	1
Payment terms on invoiced amounts	30 days
Accounts receivables from contracts with customers | $	$ 633.0	$ 380.7
Minimum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of products processed	80.00%

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

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Revenue Recognition - Percentage of Sales by Major Product Lines (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Line
Percentage of sales by major product lines	100.00%	100.00%	100.00%
Carbon Steel Flat [Member]
Product Line
Percentage of sales by major product lines	31.00%	27.00%	26.00%
Carbon Steel Plate [Member]
Product Line
Percentage of sales by major product lines	10.00%	9.00%	11.00%
Carbon Steel Long [Member]
Product Line
Percentage of sales by major product lines	13.00%	14.00%	16.00%
Stainless Steel Flat [Member]
Product Line
Percentage of sales by major product lines	18.00%	16.00%	15.00%
Stainless Steel Plate [Member]
Product Line
Percentage of sales by major product lines	5.00%	5.00%	4.00%
Stainless Steel Long [Member]
Product Line
Percentage of sales by major product lines	4.00%	5.00%	4.00%
Aluminum Flat [Member]
Product Line
Percentage of sales by major product lines	12.00%	14.00%	15.00%
Aluminum Plate [Member]
Product Line
Percentage of sales by major product lines	2.00%	3.00%	2.00%
Aluminum Long [Member]
Product Line
Percentage of sales by major product lines	4.00%	5.00%	5.00%
Other [Member]
Product Line
Percentage of sales by major product lines	1.00%	2.00%	2.00%

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Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Total	100.00%	100.00%	100.00%
Revenue Recognized Point In Time
Disaggregation Of Revenue [Line Items]
Revenue on products with an alternative use	90.00%	89.00%	88.00%
Revenue Recognized Over Time
Disaggregation Of Revenue [Line Items]
Revenue on products with no alternative use	10.00%	11.00%	12.00%

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Revenue Recognition - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in the Contract Assets
Beginning Balance	$ 10.8	$ 13.5
Net change in contract assets for products with no alternative use during the period	10.4	(2.0)
Changes to reserves	0.1	(0.7)
Ending Balance	21.3	10.8
Changes in the Contract Liabilities
Beginning Balance	10.8	10.5
Contract liability satisfied during the period	(14.8)	(11.8)
Contract liability incurred during the period	17.8	12.9
Net change in contract assets and liabilities for products with no alternative use during the period	0.1
Changes to reserves	1.2	(0.8)
Ending Balance	$ 15.1	$ 10.8

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Provision for Credit Losses - Schedule of Reconciliation of Provision for Credit Losses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Credit Loss [Abstract]
Beginning Balance	$ 1.7	$ 3.5
Current period provision	1.4	0.3
Write-offs charged against allowance	(1.1)	(2.3)
Recoveries against allowance	0.2	0.2
Ending Balance	$ 2.2	$ 1.7

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Income Taxes - Elements of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income tax:
U.S.	$ 323.0	$ (106.0)	$ 103.4
Foreign	66.1	15.9	11.8
Income (loss) before income taxes	389.1	(90.1)	115.2
Current income tax provision (benefit):
Federal	64.3	(11.6)	(19.0)
Foreign	16.5	1.5	2.1
State	12.3	1.9	1.4
Current income taxes	93.1	(8.2)	(15.5)
Deferred income taxes	0.6	(16.6)	48.0
Total income tax provision (benefit)	$ 93.7	$ (24.8)	$ 32.5

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Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax expense (benefit) computed at statutory tax rate of 21%	$ 81.7	$ (18.9)	$ 24.2
Additional taxes or credits from:
State and local income taxes, net of federal income tax effect	11.7	(4.6)	4.9
Non-deductible expenses and non-taxable income	1.2	0.3	1.8
Foreign income not includable in federal taxable income	3.4	0.8	0.7
Valuation allowance changes, net	(1.6)	(0.4)	(0.4)
Changes in uncertain tax positions	(0.8)	(1.9)	(1.5)
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI	0.4	(0.6)	2.4
All other, net	(2.3)	0.5	0.4
Total income tax provision (benefit)	$ 93.7	$ (24.8)	$ 32.5

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Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%	21.00%	21.00%

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Provision for income taxes	$ 93.7	$ (24.8)	$ 32.5
State net operating loss carry-forwards	10.0	18.0
Foreign net operating loss carry-forwards	0.3
Undistributed foreign earnings	80.0
Accrued interest related to uncertain tax positions	0.9	0.8
Unrecognized tax benefits that would affect effective tax rate if recognized	0.8	$ 1.7
GILTI [Member]
Income Tax [Line Items]
Provision for income taxes	0.4
State and Local Jurisdiction [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 1.1
State and Local Jurisdiction [Member] | Minimum [Member]
Income Tax [Line Items]
Net operating loss carry-forwards expiration period	1 year
State and Local Jurisdiction [Member] | Maximum [Member]
Income Tax [Line Items]
Net operating loss carry-forwards expiration period	20 years
Foreign Tax Authority [Member]
Income Tax [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 0.5

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Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Post-retirement benefits other than pensions	$ 15	$ 18
Federal and foreign net operating loss carryforwards		30
State net operating loss carryforwards	10	18
Pension liability	24	43
Other deductible temporary differences	26	13
Less: valuation allowances	(5)	(7)
Deferred tax assets, net	70	115
Deferred tax liabilities:
Fixed asset basis difference	57	63
Inventory basis difference	97	100
Other intangibles	10	10
Deferred tax liabilities	164	173
Net deferred tax liability	$ (94)	$ (58)

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Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits beginning balance	$ 2.5	$ 4.4	$ 5.9
Gross increases – tax positions in current periods		0.0	0.0
Settlements and closing of statute of limitations	(0.8)	(1.9)	(1.5)
Unrecognized tax benefits ending balance	$ 1.7	$ 2.5	$ 4.4

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Earnings Per Share - Additional Information (Detail) - $ / shares			12 Months Ended
	Jul. 25, 2016	Aug. 13, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 16, 2007
Earnings Per Share [Abstract]
Common stock, shares issued			38,687,094	38,329,897		21,250,000
Issuance of common stock in connection with public offering, share	5,000,000	11,000,000
Common stock issued per share	$ 15.25	$ 11.00
Weighted average number of shares excluded from computation of earnings per share			31,697	289,759	0

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Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to Ryerson Holding Corporation	$ 294.3	$ (65.8)	$ 82.4
Denominator:
Weighted average shares outstanding	38,362,000	38,025,000	37,698,000
Dilutive effect of stock-based awards	547,000		264,000
Weighted average shares outstanding adjusted for dilutive securities	38,909,000	38,025,000	37,962,000
Earnings (loss) per share
Basic	$ 7.67	$ (1.73)	$ 2.19
Diluted	$ 7.56	$ (1.73)	$ 2.17

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Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Feb. 17, 2022	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Gain (loss) on retirement of debt			$ (5.5)	$ (17.7)	$ (0.2)
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly Cash Dividends Per Share Declared	$ 0.10
Subsequent Event [Member] | Other Nonoperating Income (Expense)
Subsequent Event [Line Items]
Gain (loss) on retirement of debt		$ 0.8
Subsequent Event [Member] | Interest Expense [Member]
Subsequent Event [Line Items]
Debt issuance cost written off		0.2
Subsequent Event [Member] | 2028 Notes [Member]
Subsequent Event [Line Items]
Principal amount of debt instrument repurchased		9.3
Debt instruments senior notes retired		$ 10.1
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Dividends Payable, Date declared	Feb. 17, 2022
Dividend Payable, Date to be paid	Mar. 17, 2022
Dividends Payable, Date of Record	Mar. 03, 2022

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Condensed Statements of Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements Captions [Line Items]
Provision for income taxes	$ 93.7	$ (24.8)	$ 32.5
Net income (loss) attributable to Ryerson Holding Corporation	294.3	(65.8)	82.4
Parent [Member]
Condensed Financial Statements Captions [Line Items]
Administrative and other expenses	(1.3)	(1.0)	(1.0)
Interest income on intercompany loans	4.3	6.4	6.5
Equity in income (loss) of subsidiaries	291.9	(69.9)	77.6
Income (loss) before income taxes	294.9	(64.5)	83.1
Provision for income taxes	0.6	1.3	0.7
Net income (loss) attributable to Ryerson Holding Corporation	$ 294.3	$ (65.8)	$ 82.4

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Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements Captions [Line Items]
Net income (loss)	$ 294.3	$ (65.8)	$ 82.4
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(2.1)	1.6	4.3
Gain (loss) on hedges	2.1	(3.8)	(1.8)
Changes in defined benefit pension and other post-retirement benefit plans	142.4	41.8	14.0
Other comprehensive income, before tax	142.4	39.6	16.5
Income tax provision related to items of other comprehensive income	35.6	9.5	2.6
Comprehensive income (loss) attributable to Ryerson Holding Corporation	401.1	(35.7)	96.2
Parent [Member]
Condensed Financial Statements Captions [Line Items]
Net income (loss)	294.3	(65.8)	82.4
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(2.1)	1.6	4.2
Gain (loss) on hedges	2.1	(3.8)	(1.8)
Changes in defined benefit pension and other post-retirement benefit plans	142.4	41.8	14.0
Other comprehensive income, before tax	142.4	39.6	16.4
Income tax provision related to items of other comprehensive income	35.6	9.5	2.6
Comprehensive income (loss) attributable to Ryerson Holding Corporation	$ 401.1	$ (35.7)	$ 96.2

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Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net income (loss)	$ 295.4	$ (65.3)	$ 82.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	0.6	(16.6)	48.0
Accrued liabilities	32.0	16.7	(34.6)
Net adjustments	(260.4)	343.2	110.4
Net cash provided by operating activities	35.0	277.9	193.1
Financing activities:
Dividends paid to shareholders	(6.4)
Share repurchases	(1.8)
Net cash used in financing activities	(137.9)	(250.2)	(183.8)
Net increase in cash, cash equivalents, and restricted cash	(10.1)	2.7	35.5
Cash, cash equivalents, and restricted cash—beginning of period	52.4	62.5	59.8	$ 24.3
Parent [Member]
Operating activities:
Net income (loss)	294.3	(65.8)	82.4
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of subsidiaries	(291.9)	69.9	(77.6)
Deferred income taxes	4.0	22.1	(3.3)
Decrease (increase) in receivables/payables from subsidiaries	2.0	(26.2)	(1.6)
Increase in other assets	(0.2)
Accrued liabilities			0.1
Net adjustments	(286.1)	65.8	(82.4)
Net cash provided by operating activities	8.2
Financing activities:
Dividends paid to shareholders	(6.4)
Share repurchases	(1.8)
Net cash used in financing activities	(8.2)
Cash, cash equivalents, and restricted cash—beginning of period	$ 0.1	$ 0.1	$ 0.1

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Condensed Statements of Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 51.2	$ 61.4
Prepaid expenses and other current assets	77.7	57.5
Receivable from subsidiaries	630.8	378.9
Total current assets	1,593.0	1,103.4
Deferred charges and other assets	6.9	5.1
Total assets	2,365.6	1,802.1
Liabilities
Total current liabilities	751.0	527.6
Total liabilities	1,821.0	1,657.0
Ryerson Holding Corporation Stockholders’ equity
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020	0.4	0.4
Capital in excess of par value	388.6	383.1
Retained earnings	321.7	33.8
Treasury stock at cost - Common stock, value	8.4	6.6
Accumulated other comprehensive loss (Note 16)	(165.1)	(271.9)
Total Ryerson Holding Corporation stockholders’ equity	537.2	138.8
Total liabilities and equity	2,365.6	1,802.1
Parent [Member]
Assets
Cash and cash equivalents	0.1	0.1
Prepaid expenses and other current assets	0.2	0.1
Receivable from subsidiaries	35.3	37.3
Total current assets	35.6	37.5
Investment in subsidiaries	429.4	25.2
Long-term receivable from subsidiaries	71.7	71.7
Deferred income taxes	0.6	4.6
Deferred charges and other assets	0.1
Total assets	537.4	139.0
Liabilities
Accrued liabilities	0.2	0.2
Total current liabilities	0.2	0.2
Total liabilities	0.2	0.2
Ryerson Holding Corporation Stockholders’ equity
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at December 31, 2021 and December 31, 2020
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,687,094 shares issued at December 31, 2021; 100,000,000 shares authorized and 38,329,897 issued at December 31, 2020	0.4	0.4
Capital in excess of par value	388.6	383.1
Retained earnings	321.7	33.8
Treasury stock at cost - Common stock, value	(8.4)	(6.6)
Accumulated other comprehensive loss (Note 16)	(165.1)	(271.9)
Total Ryerson Holding Corporation stockholders’ equity	537.2	138.8
Total liabilities and equity	$ 537.4	$ 139.0

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Condensed Statements of Balance Sheets (Parenthetical) (Detail) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Jul. 16, 2007
Condensed Financial Statements Captions [Line Items]
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	38,687,094	38,329,897	21,250,000
Treasury stock at cost - Common stock, shares	292,932	212,500
Parent [Member]
Condensed Financial Statements Captions [Line Items]
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	38,687,094	38,329,897
Treasury stock at cost - Common stock, shares	292,932	212,500

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Condensed Financial Information of Registrant (Dividends from Subsidiaries) - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Parent [Member]
Dividend Declared And Paid [Line Items]
Cash dividends paid	$ 0	$ 0	$ 0

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Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Deductions from Reserves		$ 1.1		$ 2.3		$ 3.0
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		1.7		3.5		2.5
Additions Charged (Credited) to Income		1.4		0.3		4.0
Deductions from Reserves	[1]	(0.9)		(2.1)		(3.0)
Balance at End of Period		2.2		1.7		3.5
Valuation Allowance Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		6.6		13.7		29.3
Additions Charged (Credited) to Income				(0.4)		(0.4)
Deductions from Reserves		(1.6)	[2]	(6.7)	[3]	(15.2)	[3]
Balance at End of Period		$ 5.0		$ 6.6		$ 13.7

[1] Bad debts written off of $1.1 million, $2.3 million, and $3.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

[2] Reversals of valuation allowances due to change in realizability of state and foreign net operating loss deferred tax assets.

[3] Reversals of valuation allowances due to the expiration of state net operating losses and changes to the foreign tax credits.

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Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Bad debts written off	$ 1.1	$ 2.3	$ 3.0