G O L D M A N  S A C H S

G L O B A L  S T E E L C E O  F O R U M

N O V E M B E R  2,

2

0

0

5

We are proud of what we

have accomplished

And even more excited

about what comes next

Exhibit 99.1

1

Safe harbor provision

During this presentation, we will make forward-looking

statements subject to known and unknown risks and

uncertainties that could cause actual results to differ

materially from those expressed or implied by such

statements. Such risks and uncertainties include, but are not

limited to, the volatility in metals demand and prices, the

cyclicality of the various industries the company serves, and

other risks described in reports filed with the SEC. We

assume no obligation to update the information provided in

this presentation.

2

January 1, 2006

New name:

Ryerson

New ticker symbol:

“RYI”

New company:

Leading market position

Enhanced profit potential

Cash generating capability

Opportunities for organic

and external growth

3

The turnaround

EBITDA*

28.0

(48.7)

19.9

26.6

118.5

246.4

(100)

(50)

0

50

100

150

200

250

300

2000

2001

2002

2003

2004

9 mos. '05

$ in millions

9 mos04

108.8

9 mos04

108.8

* Earnings before discontinued operations, taxes, interest expense, depreciation and

amortization.  (Full reconciliation is attached.)

4

Three Fundamentals

Intense focus on

operating efficiency

Organic growth 

Acquisitions and joint

ventures to structurally

enhance competitive

position

5

Three Fundamentals

Intense focus on

operating efficiency

Organic growth 

Acquisitions and joint

ventures to structurally

enhance competitive

position

•

Streamlined organization

•

Optimized facility

configuration

•

Centralized noncustomer-

facing activities

6

$85mm

$85mm

$85mm

Intense focus on operating efficiency

Inventory turnover*

2000

2000

2004

2004

Square footage

Employees (year end)

Tons shipped per employee

Number of suppliers

Fixed-cost savings versus 2002

3.9x

8.1mm

3,574

822

52

3.4x

11.5mm

4,500

689

150+

—

*Full reconciliation of inventory turnover is attached.

7

Three Fundamentals

Intense focus on operating

efficiency

Organic growth

•

Aggressive marketing 

Acquisitions and joint

ventures to structurally

enhance competitive

position

8

Organic growth

Comprehensive research in 2002 showed:

Ryerson had a great reputation

But awareness was lacking

•

50% of potential customers unaware of Ryerson

Customers want the same things everywhere

•

Available inventory, on-time delivery, competitive

prices, quality product, rapid response

Improved awareness will lead to trial

Performance on service leads to retention and growth

9

Aggressive

marketing

•

Advertising

•

Direct mail

•

Special promotions

•

Coordinated sales

follow-up

•

Direct sales reps

Leads to trial

Good experience

leads to retention

Results

2003–2005

10,000

$200 mil.

Number of new

accounts

Annualized

revenues

10

Three Fundamentals

Intense focus on operating

efficiency

Organic growth

Acquisitions and joint

ventures to structurally

enhance competitive

position

11

Acquisition strategy

Product/supply chain

Product/supply chain

Different

Different

Same

Same

“Add strength

to strength”

Highest overall

potential

Cross-selling

opportunities

“Buying a cash

flow”

Very risky

New markets

Service center industry is fragmented and ripe for consolidation

12

Ryerson Tull acquisition record

Will not overpay

Priority on keeping customers and key employees

Capture integration value

Acquired Integris Metals (2004 sales of $2.0 billion) on January

4,

2005, for $644 million

Creates company with unparalleled product offerings, value-

added capabilities, customer service, and geographic reach

Immediately accretive

Expect annualized cost savings of at least $50 million by the end

of 2006

•

Plan to consolidate 20 facilities; reduce headcount by 400; align

benefits; consolidated overhead, including IT; capture material

cost savings 

Expands business in faster growth, more profitable stainless and

aluminum

13

Broadest geographic footprint in the industry—

opportunities to streamline supply chain

RT

Integris

Estimated savings in

excess of $50 million

14

Rich product mix and diverse customer base

Pro forma 2004 revenues by product1

Other

4%

Carbon flat

rolled

27%

Stainless and

aluminum

51%

Bars, tubing,

structurals

10%

Fabrication and

carbon  plate

8%

2004 pro forma revenue = $5.4 billion

1

Pro forma figures assume the full-year inclusion of J&F Steel and Integris.

Pro forma 2004 sales by end market1

Machinery

manufacturers

28%

Fabricated metal

products producers

29%

Electrical

machinery

producers

14%

Transportation

equipment

producers

11%

Construction-

related

purchasers

4%

Wholesale

distributors

4%

Metals mills

and

foundries

1%

Other

9%

2004 pro forma revenue = $5.4 billion

15

Trailing 12-month revenues (through 3Q05)

Leading metals service center company

Source: Company filings and press releases

1

Pro forma 4th

quarter 2004 includes Integris Metals and

J&F

Steel as if acquired on January 1, 2004.

2

Converted to US$ using exchange rate as of 9/30/2005

$ in millions

$5,893

$3,241

$2,234

$1,715

$1,645

$975

RT pro forma (1)

Reliance Steel

Russel

Metals (2)

Earle M. Jorgensen

Metals USA

Olympic Steel

Stainless

&

aluminum

sales

$3,000

16

Stainless and Aluminum

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

1.6

Stainless

Aluminum

Source: Purchasing Magazine (Stainless)

               BB&T Capital Markets (Aluminum)

Hot Rolled, Cold Rolled and Plate Prices

150

250

350

450

550

650

750

Hot Rolled

Cold Rolled

Carbon Plate

*Figures include surcharges

starting in 1st Quarter 2001

Source: Purchasing Magazine

Current environment—

metals prices indicate strong market fundamentals

17

Current Environment

Mills and raw material providers have consolidated.

Relatively strong demand and pricing, compared to historic

levels:

Carbon flat rolled.

Spot pricing declined sharply from

the 3Q04 peak but at historically solid levels.  4Q05

pricing appear to be stabilizing or even rising.

Aluminum.

Pricing and demand remains strong. 

Indications pricing will rise in the fourth quarter.

Stainless.

Solid end market demand, but inventory

overhang is causing a competitive pricing environment.

Carbon plate.

Very solid.

Bars.

Steady fundamentals.

18

What’s next?

Complete

In process

•

Restructure

organization

•

Integris integration -

$50 million cost savings

•

SAP implementation

•

Six sigma

•

Increase inventory

turnover; reduce

inventory $200 million

•

Aggressive

marketing

•

Expand into new

target markets

•

Integris acquisition

•

JVs in Mexico and

India

•

Global sourcing

•

International

expansion

Three Fundamentals

Intense focus on

operating efficiency

Organic growth 

Structural improvement

Reduce leverage

19

Strong Cash Flow

Not capital intensive

Capex

roughly in line with depreciation

Able to reduce fixed assets with facility consolidation

Earnings are cyclical; cash flow is countercyclical

Inventory and debt reductions during downturns

Plan to improve working capital management

Every 0.25 improvement in inventory turnover generates

$50 million of cash flow

Debt

Debt/capital

3/31/05

9/30/05

$1.3 bil.

$1.1 bil.

74%

67%

20

Improving inventory turns generates cash*

Cumulative Cash Flow Impact on Change in Inventory Turns

0

50

100

150

200

250

300

350

3.8

4

4.25

4.5

4.75

5

5.25

Inventory Turns

* Assumes constant metal prices.  

21

Use of Cash Flow

Short term:

Use to reduce debt/capital to pre-acquisition levels of

55–60%

Expect to take 1–2 years

Long-term considerations:

Growth-oriented capital spending

Selective acquisitions

Unfunded pension liabilities

Stock buyback

22

Incentive compensation aligned with shareholders

Designed to pay for performance and create long-term value

Incentive pay represents at least one-half of executive

officer’s total compensation

Annual incentive tied to OROOA (operating return on

operating assets)

Corporate staff:  Tied to corporate performance

Service center staff:  Tied to individual service center

Long-term incentive

Paid in performance shares

Tied to 4-year return on net assets

Stock ownership guidelines

23

North America’s leading metals service center

Strong in stainless and aluminum

Extensive reorganization drove earnings turnaround

Long-term strategic commitment to continuously improve

operations and competitive position

Programs in place to drive organic growth

Significant upside from recent acquisitions

Opportunities to sell excess assets and increase inventory

turnover

Healthy industry fundamentals 

Strong management team with proven ability to manage

through industry changes

Investment highlights and conclusion

24

EBITDA Reconciliation

Net Income

Cumulative effect of change in

accounting principle

Discontinued operations (gain)/loss

Income tax/(benefit)

Interest on debt

Depreciation and amortization

EBITDA

$(29.9)

–

4.8

(8.4)

29.7

31.8

$28.0

$(60.2)

–

–

(39.6)

19.3

31.8

$(48.7)

$(96.3)

82.2

1.7

(7.3)

14.6

25.0

$19.9

$(14.1)

–

–

(2.0)

18.8

23.9

$26.6

$54.5

–

(7.0)

26.1

23.8

21.1

$118.5

$95.9

–

–

60.3

59.9

30.3

$246.4

2000

2000

2001

2001

2002

2002

2003

2003

2004

2004

9 mos.

2005

9 mos.

2005

25

Inventory reconciliation

Reconciliation of Inventories to Inventory—current value ($)

Reconciliation of Inventory turnover—current value basis calculation ($)

2004

2004

2000

2000

Inventories at stated LIFO value

Excess of replacement cost over stated LIFO value

Inventory—current value

Cost of materials sold

Divided by Average monthly inventory—current value

Inventory turnover—current value basis

601.0

335.2

936.2

2,738.5

694.7

3.9

567.8

41.1

608.9

2,312.7

673.1

3.4