8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2022

Ryerson Holding Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-34735

(Commission File Number)

26-1251524

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

227 W. Monroe St., 27^th Floor, Chicago, IL 60606

(Address of principal executive offices and zip code)

(312) 292-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))    Securities registered pursuant to Section 12(b) of the Act:  

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

      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.   ☐

Item 2.02.   Results of Operations and Financial Condition.

The information contained within Item 2.02 of this Form 8-K and Exhibit 99.1 and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On May 4, 2022, Ryerson Holding Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company also provided a presentation as a supplement to its press release. A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 8.01.   Other Events.

On May 4, 2022, the Company’s Board of Directors approved a bond repurchase program authorizing the Company to repurchase up to $172,000,000 of its 8.50% senior secured notes due 2028 (the “Notes”), through December 31, 2022.  This bond repurchase program is in addition to the Company’s special redemption right to redeem up to $50 million in principal at a redemption price of 103.0%, plus accrued and unpaid interest, if any, under the indenture (the “Indenture”) with the guarantors party thereto and Wells Fargo Bank, National Association, as trustee and collateral agent.

Under the bond repurchase program, management is authorized to purchase Notes from time to time through open market purchases or privately negotiated transactions, including by making a tender offer to the holders of the Notes, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, subject to market conditions and other factors. The Company expects to fund any repurchases under the note repurchase program or the special redemption right with cash and cash equivalents on hand.

The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security (“Security”) of Ryerson Holdings Corporation or its affiliates (“Ryerson”) in any jurisdiction. Ryerson does not intend to solicit and IS not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this Form 8-K, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in the United States, or to US persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

Item 9.01. Financial Statements and Exhibits.

d) Exhibits

The following exhibits are being furnished or filed, as applicable, with this Current Report on Form 8-K:

Exhibit Number	Exhibit Title or Description
99.1	Ryerson Holding Corporation press release dated May 4, 2022.
99.2	Ryerson Holding Corporation quarterly release presentation dated May 4, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

Dated: May 4, 2022

RYERSON HOLDING CORPORATION
By:	/s/ James J. Claussen
Name:	James J. Claussen
Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Ryerson Reports First Quarter 2022 Results

Outstanding quarterly results bolstered by supportive global metals pricing and recovering North American demand. First quarter results feature record EPS, a sequential reduction in debt primarily from opportunistic bond buybacks, and a dividend raise. Proceeding apace with value-add investments to enhance our intelligent service center network and the customer experience.

CHICAGO – May 4, 2022 –Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the first quarter ended March 31, 2022. 

Highlights:

• Record revenue of $1.75 billion on sequential volume increase of 11.4%

• Record diluted EPS of $4.17 and adjusted diluted EPS of $4.27

• Net Income of $163.6 million and Adjusted EBITDA, excluding LIFO of $250.6 million

• Reduced leverage ratio¹ to 0.5x with $551 million in debt and $507 million in net debt²  

• Warehousing, delivery, selling, general, and administrative expense declined 3.1% sequentially to $175.3 million

• Book value³ rose to $706 million up from $545 million at year-end 2021 

• Announced a second quarter 2022 dividend of $0.125 per share, a 25% increase from last quarter

• Repurchased $63.1 million of 8.50% senior secured notes due 2028 (the “Notes”), reducing amount outstanding to $236.9 million

• Announced Board authorization to repurchase up to $172 million of outstanding Notes

$ in millions, except tons (in thousands), average selling prices, and earnings per share
Financial Highlights:	Q1 2022			Q1 2021			Q4 2021			YoY			QoQ
Revenues	$	1,748.8		$	1,147.3		$	1,533.9			52.4	%		14.0	%
Tons shipped		528			543			474			(2.8	%)		11.4	%
Average selling price/ton	$	3,312		$	2,113		$	3,236			56.7	%		2.3	%
Gross margin		23.5	%		17.2	%		21.3	%	630 bps			220 bps
Gross margin, excl. LIFO		23.6	%		24.6	%		26.3	%	-100 bps			-270 bps
Warehousing, delivery, selling, general, & administrative expenses	$	175.3		$	171.8		$	180.9			2.0	%		(3.1	%)
As a percentage of revenue		10.1	%		15.0	%		11.8	%	-490 bps			-170 bps
Net income (loss) attributable to Ryerson Holding Corporation	$	163.6		$	25.3		$	106.4			546.6	%		53.8	%
Diluted earnings (loss) per share	$	4.17		$	0.66		$	2.71			531.8	%		53.9	%
Adjusted diluted earnings (loss) per share	$	4.27		$	0.26		$	2.68			1517.0	%		59.5	%
Adj. EBITDA, excl. LIFO	$	250.6		$	123.5		$	238.7			102.9	%		5.0	%
Adj. EBITDA, excl. LIFO margin		14.3	%		10.8	%		15.6	%	360 bps			-130 bps
Balance Sheet and Cash Flow Highlights:
Total debt	$	551.3		$	741.4		$	639.3			(25.6	%)		(13.8	%)
Cash and cash equivalents	$	44.7		$	43.3		$	51.2			3.2	%		(12.7	%)
Net debt	$	506.6		$	698.1		$	588.1			(27.4	%)		(13.9	%)
Net debt / LTM Adj. EBITDA, excl. LIFO		0.5	x		3.3	x		0.7	x		(2.8	x)		(0.2	x)
Cash Conversion Cycle (days)		76.8			52.9			83.8			23.9			(7.0	)
Net cash provided by (used in) operating activities	$	82.5		$	(47.3	)	$	106.8		$	129.8		$	(24.3	)

A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

Management Commentary

Eddie Lehner, Ryerson’s President and Chief Executive Officer, said “Thank you to all of my Ryerson teammates for performing brilliantly in the quarter amidst existing and new adversities currently pervading and invading our world. I am grateful for the manner and result in which we continue pulling together with our valued customers and suppliers in determined

pursuit of healthier, safer, more peaceful and more prosperous days. During the first quarter of 2022, Ryerson made the most of its opportunities illuminated by lower net debt, higher net book value of equity, a 25% increase in the quarterly dividend, significant expense leverage realizations, positive operating cash flow and record quarterly earnings per share. As we continue on our 180-year journey to provide great customer experiences across our intelligent network of value-added industrial metal service centers, our optimism around enduring secular drivers favoring recyclable industrial metals as a core enabler of sustainable growth and well-being is undiminished.”  

Market Commentary

Our record revenue of $1.75 billion in the first quarter was driven by Average Selling Price (ASP) gaining 2.3% to $3,312 quarter-over-quarter and volume growth of 11.4% to 528 thousand tons sold. This compares to our guidance of ASP down 2% to 4% and volume guidance of 7% to 9% growth. Strong commercial and operational execution, coupled with continued improvement in underlying customer demand, drove this sequential improvement. According to Metal Service Center Institute (MSCI), North American service center volumes grew by 9.3% sequentially in the first three months of 2022 compared to the last three months of 2021. On a North American basis, Ryerson’s sales outpaced MSCI volume growth, with tons sold increasing 14.8% sequentially quarter-over-quarter.

Ryerson saw strong sequential volume shipment improvement in most of its end-markets in North America in the first quarter, notably led by increases in Commercial Ground Transportation of 20% and Construction Equipment of 19% as second half 2021 supply constraints in these markets eased. Heating, Ventilation and Air Conditioning (HVAC) grew 13% and continued to benefit from increased demand in the construction and home building sectors. While near-term supply constraints, cascading COVID-related shutdowns and war-hazards persisted throughout the first quarter of 2022, the North America manufacturing outlook for 2022 remains optimistic. Our base-case expectations are of a lessening of supply-chain disruptions and an accelerating demand release as the year unfolds, supported by price bellwethers holding well above their ten-year averages and improving customer backlog turnover.

First Quarter Results

Ryerson achieved record revenues of $1.75 billion in the first quarter of 2022, a sequential increase of 14.0% compared to $1.53 billion for the fourth quarter of 2021. Gross margin expanded sequentially by 220 basis points to 23.5% in the first quarter of 2022 compared to 21.3% in the fourth quarter of 2021. First quarter of 2022 cost of goods sold included LIFO⁴ expense of $2 million, compared to LIFO expense of $76 million in the fourth quarter of 2021. Excluding the impact of LIFO, gross margin contracted 270 basis points to 23.6% in the first quarter of 2022 compared to 26.3% in the fourth quarter of 2021. The Company maintained noteworthy expense leverage in the first quarter of 2022 as warehousing, delivery, selling, general and administrative expenses as a percent of revenue declined to 10.1% compared to 11.8% in the fourth quarter of 2021.

Net income attributable to Ryerson Holding Corporation for the first quarter of 2022 was $163.6 million, or $4.17 per diluted share, compared to $106.4 million, or $2.71 per diluted share in the previous quarter. The first quarter of 2022 includes a charge of $5.3 million related to loss on the retirement of debt, compared to a $1.9 million gain on the sale of assets in fourth quarter of 2021. Excluding these one-time items and the associated income taxes, adjusted net income attributable to Ryerson Holding Corporation for the first quarter was $167.5 million, or $4.27 per diluted share, compared to $105.0 million, or $2.68 per diluted share, for the fourth quarter of 2021. Ryerson generated first quarter Adjusted EBITDA, excluding LIFO of $250.6 million in the first quarter of 2022 compared to fourth quarter 2021 Adjusted EBITDA, excluding LIFO of $238.7 million.

Liquidity & Debt Management

Ryerson generated $82.5 million of operating cash in the first quarter of 2022 driven by strong operating profit, net of $75.6 million in working capital use. The Company’s cash conversion cycle improved to 77 days in the first quarter of 2022 from 84 days in the fourth quarter of 2021. Ryerson’s leverage ratio for the first quarter of 2022 improved quarter-over-quarter to 0.5x from 0.7x, a record low since our Initial Public Offering in 2014. The Company ended the first quarter of 2022 with $551 million of debt and $507 million of net debt, a decrease in net debt of $81 million compared to $588 million for the fourth quarter of 2021 driven by strong operating results. The Company’s available global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to $760 million as of March 31, 2022 compared to $741 million as of December 31, 2021.

Growth Initiatives

Acquisitions. On March 2, 2022, Ryerson announced the acquisition of Apogee Steel Fabrication Incorporated, a sheet metal fabricator based in Mississauga, Ontario Canada. Apogee is a full-line fabrication company providing shearing, punching, forming, and laser cut processing in addition to welding and hardware assembly services. Apogee provides complex fabrication assemblies in stainless steel, aluminum and carbon sheet and strengthens Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business.

Modernization projects. We are progressing toward the completion of two new state-of-the-art service center facilities in Centralia, Washington, and University Park, Illinois, at an estimated combined capital improvement budget of $45 million in 2022. The Centralia project is on schedule to become fully operational by year-end. Our University Park campus, where site preparation recently began, is the future hub of Central Steel & Wire. These projects illustrate Ryerson’s “monetize and modernize” approach as both projects utilize sales proceeds of prior locations, while maintaining customer loyalty and delivering vastly improved facilities to enhance the customer experience.

Shareholder Return Activity

Dividends. On May 4, 2022, the Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, payable on June 16, 2022 to stockholders of record as of June 2, 2022. During the first quarter of 2022, Ryerson returned approximately $4.3 million to shareholders in the form of dividends and share buybacks. We paid a quarterly dividend in the amount of $0.10 per share, amounting to a cash return of $3.8 million for the first quarter of 2022. Further, we repurchased a total of 20,510 shares at an average price per share of $25.27 resulting in a return to shareholders of approximately $0.5 million for the first quarter. Ryerson made these repurchases in accordance with its share repurchase program, which authorizes the Company to acquire up to an aggregate amount of $50.0 million of the Company’s common stock through August 4, 2023 with $47.7 million of authorization remaining. 

Bond buyback. During the first quarter of 2022, Ryerson repurchased $63.1 million of its Notes using cash generated from operations at an average cost of 108.5%. As of March 31, 2022, there was $236.9 million of Notes outstanding. A $5.3 million loss on retirement of debt associated with the notes repurchases was recorded in our first quarter 2022 income statement and is excluded from adjusted net income and adjusted diluted earnings per share.

Bond Repurchase Authorization. On May 4, 2022, the Board of Directors approved a bond repurchase program authorizing the Company to repurchase up to $172 million of its Notes. This bond repurchase program is in addition to the Company’s special redemption right to redeem up to $50 million in principal.  

Jim Claussen, Executive Vice President & Chief Financial Officer commented, “Our balance sheet continues to make step-change improvements, with our net debt declining to $507 million, a record low since our IPO in 2014. Taking advantage of market conditions during the first quarter, we were able to opportunistically repurchase $63.1 million of our 8.5% Notes, which is estimated to be accretive to earnings by approximately $0.10 per share on a tax-effected annualized basis. Adding to this, our board approved repurchasing an additional $172 million of Notes, which the Company may execute by December 31, 2022. Lastly, for the third quarter in a row, we were pleased to announce a sequentially higher quarterly dividend, boosting our payout by 25.0% to $0.125 per quarter. These achievements underscore the thoughtful redeployment of free cash flow toward increased shareholder returns.”  

Outlook Commentary

Ryerson remains optimistic about the industrial metals and manufacturing environment. We expect to see seasonal sequential improvement in company shipments during the second quarter of 2022. To date, carbon products have experienced a favorable price recovery relative to the first quarter, while aluminum and nickel prices have again improved quarter-over-quarter. The Company’s diversified commodities mix, which sales includes approximately 50% stainless steel and aluminum, stands to benefit from strength in its bright metals franchise. Therefore, Ryerson anticipates second quarter 2022 revenues in the range of $1.75 billion to $1.80 billion, with sequential average selling prices to be up 0% to 2%, and shipments up 0% to 2%. LIFO expense in the second quarter of 2022 is expected to be zero. Adjusted EBITDA, excluding LIFO is expected to be in the range of $250 to $260 million and earnings per diluted share is expected to be in the range of $4.30 to $4.49.

First Quarter 2022 Major Product Metrics
	Tons Shipped (thousands)												Average Selling Prices
	Q1 2022		Q1 2021		Q4 2021		Year-over-year			Quarter-over-quarter			Year-over-year			Quarter-over-quarter
Carbon Steel		405		414		363		(2.2	%)		11.6	%		64.1	%		0.1	%
Aluminum		50		53		47		(6.4	%)		7.1	%		36.3	%		7.9	%
Stainless Steel		71		74		62		(3.1	%)		14.1	%		63.1	%		2.9	%
	Net Sales (millions)
	Q1 2022		Q1 2021		Q4 2021		Year-over-year			Quarter-over-quarter
Carbon Steel	$	942	$	587	$	843		60.5	%		11.8	%
Aluminum	$	307	$	241	$	266		27.6	%		15.5	%
Stainless Steel	$	478	$	302	$	407		58.0	%		17.4	%

Earnings Call Information

Ryerson will host a conference call to discuss first quarter 2022 financial results for the period ended March 31, 2022, on Thursday, May 5th, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company’s investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.

About Ryerson

Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,000 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.

Vice President - Finance:

Jorge Beristain

312.292.5040

investorinfo@ryerson.com

Legal Disclaimer  

The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security (“Security”) of the Company or its affiliates (“Ryerson”) in any jurisdiction.

Ryerson does not intend to solicit and IS not soliciting, any action with respect to any Security or any other contractual relationship with the Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in the United States, or to US persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

Safe Harbor Provision

Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “objectives,” “goals,” “preliminary,” “range,” "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events, including Russia’s invasion of the Ukraine and global trade sanctions; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2021, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.

Notes:

¹Leverage ratio – Net debt divided by trailing twelve month adjusted EBITDA, excluding LIFO expense/income

²Net debt – Total debt less cash and cash equivalents.

³Book value of equity – Total assets minus total liabilities.

⁴In the first quarter of 2022, we changed the method we use to estimate LIFO on an interim basis. This is a change in accounting estimate that is inseparable from a change in accounting principle. Historically, interim LIFO calculations were based on actual inventory levels and costs at each interim period. In the first quarter of 2022, we elected to recognize the interim effects of the LIFO inventory valuation method by projecting expected year-end inventory levels and LIFO costs and allocating that projection to the interim quarters on a pro-rata basis. We believe this change is preferable as it results in a better estimate of LIFO for the full year, creates less volatility in earnings on an interim basis, and makes our results more comparable to our peers.

RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars and Shares in Millions, except Per Share and Per Ton Data)
							Fourth
	First Quarter						Quarter
	2022			2021			2021
NET SALES	$	1,748.8		$	1,147.3		$	1,533.9
Cost of materials sold		1,338.7			949.4			1,206.6
Gross profit		410.1			197.9			327.3
Warehousing, delivery, selling, general, and administrative		175.3			171.8			180.9
Gain on sale of assets (1)		—			(20.3	)		(1.9	)
OPERATING PROFIT		234.8			46.4			148.3
Other income and (expense), net		(5.7	)		0.3			(0.1	)
Interest and other expense on debt		(10.3	)		(13.5	)		(10.2	)
INCOME BEFORE INCOME TAXES		218.8			33.2			138.0
Provision for income taxes		55.0			7.6			31.5
NET INCOME		163.8			25.6			106.5
Less: Net income attributable to noncontrolling interest		0.2			0.3			0.1
NET INCOME ATTRIBUTABLE TO RYERSON HOLDING CORPORATION	$	163.6		$	25.3		$	106.4
EARNINGS PER SHARE
Basic	$	4.26		$	0.66		$	2.77
Diluted	$	4.17		$	0.66		$	2.71
Shares outstanding - basic		38.4			38.1			38.4
Shares outstanding - diluted		39.2			38.6			39.2
Dividends declared per share	$	0.100		$             —			$	0.085
Supplemental Data :
Tons shipped  (000)		528			543			474
Shipping days		63			63			61
Average selling price/ton	$	3,312		$	2,113		$	3,236
Gross profit/ton		777			364			691
Operating profit/ton		445			85			313
LIFO expense per ton		4			154			159
LIFO expense		2.2			83.8			75.5
Depreciation and amortization expense		13.5			13.6			15.4
Cash flow provided by (used in) operating activities		82.5			(47.3	)		106.8
Capital expenditures		(18.8	)		(6.5	)		(34.3	)
(1)  In the first quarter of 2021, we recorded a $20.3 million gain on the sale and leaseback of a property in Renton, Washington with net proceeds of approximately $26.3 million.
See Schedule 1 for Condensed Consolidated Balance Sheets
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation
See Schedule 3 for Adjusted EPS reconciliation
See Schedule 4 for Free Cash Flow reconciliation
See Schedule 5 for Second Quarter 2022 Guidance reconciliation

Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
	March 31,			December 31,
	2022			2021
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	44.7		$	51.2
Restricted cash		1.1			1.2
Receivables, less provisions of $2.7 at March 31, 2022 and $2.2 at December 31, 2021		788.7			630.8
Inventories		839.1			832.1
Prepaid expenses and other current assets		96.9			77.7
Total current assets		1,770.5			1,593.0
Property, plant, and equipment, at cost		813.6			792.8
Less: accumulated depreciation		414.3			404.5
Property, plant, and equipment, net		399.3			388.3
Operating lease assets		205.6			211.1
Other intangible assets		40.8			42.2
Goodwill		124.9			124.1
Deferred charges and other assets		7.6			6.9
Total assets	$	2,548.7		$	2,365.6
Liabilities
Current liabilities:
Accounts payable	$	602.6		$	481.2
Salaries, wages, and commissions		56.5			76.6
Other accrued liabilities		149.7			133.4
Short-term debt		24.7			28.8
Current portion of operating lease liabilities		24.7			24.9
Current portion of deferred employee benefits		6.2			6.1
Total current liabilities		864.4			751.0
Long-term debt		526.6			610.5
Deferred employee benefits		159.1			163.3
Noncurrent operating lease liabilities		180.8			184.8
Deferred income taxes		95.0			94.1
Other noncurrent liabilities		17.3			17.3
Total liabilities		1,843.2			1,821.0
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders' equity:
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at March 31, 2022 and December 31, 2021		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized; 39,058,018 and 38,687,094 shares issued at March 31, 2022 and December 31, 2021, respectively		0.4			0.4
Capital in excess of par value		389.9			388.6
Retained earnings		481.4			321.7
Treasury stock, at cost - Common stock of 390,417 shares at March 31, 2022 and 292,932 shares at December 31, 2021		(11.6	)		(8.4	)
Accumulated other comprehensive loss		(162.2	)		(165.1	)
Total Ryerson Holding Corporation Stockholders' Equity		697.9			537.2
Noncontrolling interest		7.6			7.4
Total Equity		705.5			544.6
Total Liabilities and Stockholders' Equity	$	2,548.7		$	2,365.6

Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Income Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO
(Dollars in millions)
							Fourth
	First Quarter						Quarter
	2022			2021			2021
Net income attributable to Ryerson Holding Corporation	$	163.6		$	25.3		$	106.4
Interest and other expense on debt		10.3			13.5			10.2
Provision for income taxes		55.0			7.6			31.5
Depreciation and amortization expense		13.5			13.6			15.4
EBITDA	$	242.4		$	60.0		$	163.5
Gain on sale of assets		—			(20.3	)		(1.9	)
Reorganization		0.4			0.3			1.6
Foreign currency transaction gains		—			—			(0.3	)
Loss on retirement of debt		5.3			—			—
Other adjustments		0.3			(0.3	)		0.3
Adjusted EBITDA	$	248.4		$	39.7		$	163.2
Adjusted EBITDA	$	248.4		$	39.7		$	163.2
LIFO expense		2.2			83.8			75.5
Adjusted EBITDA, excluding LIFO expense	$	250.6		$	123.5		$	238.7
Net sales	$	1,748.8		$	1,147.3		$	1,533.9
Adjusted EBITDA, excluding LIFO expense, as a percentage of net sales		14.3	%		10.8	%		15.6	%
Gross profit	$	410.1		$	197.9		$	327.3
Gross margin		23.5	%		17.2	%		21.3	%
Gross profit	$	410.1		$	197.9		$	327.3
LIFO expense		2.2			83.8			75.5
Gross profit, excluding LIFO expense	$	412.3		$	281.7		$	402.8
Gross margin, excluding LIFO expense		23.6	%		24.6	%		26.3	%

Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, provides useful information to investors regarding our operational performance because they enhance an investor’s overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense, to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense, which is calculated as gross profit minus LIFO expense, divided by net sales. We have excluded LIFO expense from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense, gross margin, excluding LIFO expense, and Adjusted EBITDA, excluding LIFO expense, as a percentage of sales may differ from that of other companies.

Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Income and Earnings per Share to Adjusted Net Income and Adjusted Earnings per Share
(Dollars and Shares in Millions, Except Per Share Data)
							Fourth
	First Quarter						Quarter
	2022			2021			2021
Net income attributable to Ryerson Holding Corporation	$	163.6		$	25.3		$	106.4
Gain on sale of assets		—			(20.3	)		(1.9	)
Loss on retirement of debt		5.3			—			—
Provision (benefit) for income taxes		(1.4	)		5.2			0.5
Adjusted net income attributable to Ryerson Holding Corporation	$	167.5		$	10.2		$	105.0
Diluted adjusted earnings per share	$	4.27		$	0.26		$	2.68
Shares outstanding - diluted		39.2			38.6			39.2
Note: Adjusted net income and Adjusted earnings per share is presented to provide a means of comparison with periods that do not include similar adjustments.
Schedule 4
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Cash Flow from Operations to Free Cash Flow Yield
(Dollars in Millions)
							Fourth
	First Quarter						Quarter
	2022			2021			2021
Net cash provided by (used in) operating activities	$	82.5		$	(47.3	)	$	106.8
Capital expenditures		(18.8	)		(6.5	)		(34.3	)
Proceeds from sales of property, plant, and equipment		1.0			29.0			0.3
Free cash flow	$	64.7		$	(24.8	)	$	72.8
Market capitalization	$	1,354.1		$	649.5		$	1,000.2
Free cash flow yield		4.8	%		(3.8	%)		7.3	%
Note: Market capitalization is calculated using March 31, 2022, December 31, 2021, and March 31, 2021 stock prices and shares outstanding.

Schedule 5
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Guidance for Second Quarter 2022 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO
(Dollars in Millions, except Per Share Data)
	Second Quarter 2022
	Low		High
Net income attributable to Ryerson Holding Corporation	$	168	$	176
Diluted earnings per share	$	4.30	$	4.49
Interest and other expense on debt		9		9
Provision for income taxes		59		62
Depreciation and amortization expense		14		14
EBITDA	$	250	$	260
Adjustments		-		-
Adjusted EBITDA	$	250	$	260
LIFO expense/(income)		-		-
Adjusted EBITDA, excluding LIFO	$	250	$	260
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.

EX-99.2

Exhibit 99.2

31 Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) or its subsidiaries and no investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at https://ir.ryerson.com/financials/sec-filings/default.aspx. This site also provides additional information about Ryerson. Safe Harbor Provision Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “objectives,” “goals,” “preliminary,” “range,” "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2021, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise. Non-GAAP Measures Certain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles (“GAAP”). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes. A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is included in the Appendix.  2

Q1 2022 Highlights 1 Net Income attributable to Ryerson Holding Corporation ; 2Leverage ratio – Net debt divided by trailing twelve month adjusted EBITDA, excluding LIFO expense/income; 3Net debt – Total debt less cash and cash equivalents; 4Book value of equity – Total assets minus total liabilities. Record revenue of $1.75 billion on sequential volume increase of 11.4% Record diluted EPS of $4.17 and adjusted diluted EPS of $4.27 Net Income1 of $163.6 million and Adjusted EBITDA, excluding LIFO of $250.6 million Reduced leverage ratio2 to 0.5x with $551 million in debt and $507 million in net debt3 Warehousing, delivery, selling, general, and administrative expense declined 3.1% sequentially to $175.3 million Book value4 rose to $706 million up from $545 million at year-end 2021  Announced a second quarter 2022 dividend of $0.125 per share, a 25% increase from last quarter Repurchased $63.1 million of 8.50% senior secured notes due 2028 (the “Notes”), reducing amount outstanding to $236.9 million Announced Board authorization to repurchase up to $172 million of outstanding Notes 3

Macro & Commodities 4 Carbon steel inflected, bright metals remain elevated while demand indicators show ongoing strength Sources: Bloomberg: prices through Apr 30, 2022, futures prices from May 2, 2022; Federal Reserve, Industrial Production Index monthly year-over-year change; Bloomberg, U.S. Manufacturing PMI Commodity Prices Since Dec. 2017 U.S. Industrial Production U.S. ISM Purchasing Manager’s Index

Sequential Q1 2022 End-Market Trends 5 North American volumes increased in most end-markets quarter-over-quarter *Excludes Other Industry Sectors which represent approximately 4% of Ryerson sales mix **Sales product mix based on 2021 results as disclosed in Ryerson’s Annual Report on Form 10-K for the year ended December 31, 2021. 2021 Sales Mix Commentary QoQ Volume While near-term supply constraints and COVID-related issues persisted into the first quarter of 2022, the outlook for 2022 remains optimistic. Our base-case estimate is a lessening of supply-chain disruptions and a demand recovery as the year unfolds against a backdrop of price bellwethers holding well above their ten-year averages. We acknowledge the uncertain potential impact of inflation, government policy, public health and geo-political events to our base-case. 

Q2 2022 Guidance 6 Ryerson anticipates a solid continuation to 2022 with increased end-market demand Second quarter revenue guidance of $1.75B to $1.80B assumes: Average Selling Price increase of up 0% to 2% Shipments increase of up 0% to 2%.  Diluted Earnings per Share2 1 Net Income attributable to Ryerson Holding Corporation 2Diluted EPS of $4.39 represents the midpoint of our $4.30-$4.49 guidance range. See Ryerson’s 8-K filed on May 4, 2022.

7 Ryerson has driven down net debt and fixed cash commitments as part of its financial transformation strategy, significantly reducing annual interest payments Net debt decreased in the first quarter and Ryerson achieved a leverage ratio of 0.5x which is better than the low end of our long-term target range.  During the quarter, Ryerson redeemed $63M of its 2028 Senior Secured Notes at an average cost of 108.5% using cash on hand. Reduced Net Debt ($M) Reduced Interest Exercising Optional Redemption Features *Cash refers to cash, cash equivalents, and restricted cash from sale of property, plant & equipment. See appendix for details.

Q1 2022 Selected Financial & Operating Metrics Update 8 See Ryerson’s 8-K filed on May 4, 2022. 2Free Cash Flow Yield is calculated based on quarterly cash flow divided by quarterly average market capitalization Capital Investment Expense Management Compared to Q4 2021 Asset Management Cash Flow Investing in speed, value-add, automation and digitalization Expenses decreased $5.6M, or 3.1%, sequentially First quarter cash flow generation was driven by strong operating profit generation, despite an increase in working capital requirements The Company’s cash conversion cycle reflects a decrease in days of supply

Ryerson distributed its third quarterly cash dividend and completed $0.5M in share repurchases. On May 4, 2022 the Board of Directors approved a third dividend increase, raising the Company’s second quarter dividend to $0.125 per share  $0.100 per Share Return of capital to investors and $0.5M  Share repurchases completed in 1Q22 from the $50M authorized within 2-year period ending August 2023  Q1 22 Allocation: $0.125 per Share Return of capital to investors Q2 22 Announced:  Ryerson’s dividend increase reflects the continued decrease in fixed cash commitments and legacy liabilities as well as management’s confidence in the future trajectory of the Company Capital Allocation Plan Update 9

1 Net Income attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. See Ryerson’s 8-K filed on May 4, 2022. Q1 2022 Key Financial Metrics  10 Outstanding quarterly results bolstered by supportive global metals pricing and recovering North American demand

Intelligent Network of Industrial Metals Service Centers Say “yes” culture ~100 company-operated locations Hundreds of “virtual” locations Dedicated logistics network Availability, speed, ease, consistency Advanced value-add Diversified (metals mix, 40k customers, 75k products) 24/7 e-commerce platform 180 years of continuous operations as an industry leader beginning in 1842 11 Great customer experiences at speed, scale and consistency

Appendix

13 Ryerson’s North American availability remains strong Ryerson’s global liquidity increased during the period from $741M as of December 31, 2021 to $760M as of March 31, 2022. Strong Liquidity to Fund Operations and Investments *Restricted Cash refers to restricted cash from sales of property, plant & equipment.

Tons Sold (000’s) Quarterly Financial Highlights 14 1 Net Income attributable to Ryerson Holding Corporation A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix. Average Selling Price Per Ton Gross Margin & Gross Margin, excl. LIFO Adj EBITDA, excl. LIFO & Net Income 1 Margin

Ryerson EV/EBITDA Multiple Re-Rating Still Lagging Results 15 *Avg. Competitor includes Klockner, Olympic, Reliance and Russel. 2021 includes $12M of deferred pension contributions as allowed under the CARES Act Fixed Cash Commitments

Non-GAAP Reconciliation: Adjusted EBITDA, excl. LIFO 16

Adjusted Net Income Reconciliation 17 Q1 2022 reported net income of $163.6 million reflects a $5.3 million cash loss on the early retirement of debt. Excluding this tax effected impact of $3.9 million, adjusted earnings were $167.5 million in Q1 2022

Non-GAAP Reconciliations: Expenses excl. D&A and one-time Items and Net Debt 18

31 Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sale of assets, gain or loss on retirement of debt, loss on pension settlement, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor’s overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies. Adjusted Net income (loss) and Adjusted Earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. Non-GAAP Reconciliation 19

XML

Document and Entity Information	May 04, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 04, 2022
Entity Registrant Name	Ryerson Holding Corp
Entity Central Index Key	0001481582
Entity Emerging Growth Company	false
Entity File Number	001-34735
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1251524
Entity Address, Address Line One	227 W. Monroe St.
Entity Address, Address Line Two	27th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	292-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value, 100,000,000 shares authorized
Trading Symbol	RYI
Security Exchange Name	NYSE