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) February 28, 2006

RYERSON INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-9117	36-3425828
(Commission File Number)	(I.R.S. Employer Identification No.)

2621 West 15th Place, Chicago, Illinois 60608

(Address Of Principal Executive Offices, including Zip Code)

(773) 762-2121

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, If Changed Since Last Report)

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)

7.01 Regulation FD Disclosure

The Registrant is furnishing investors presentation slides containing the information included in Exhibit 99.1 to this report, that have been prepared for investors. Certain slides in Exhibit 99.1 contain non-GAAP financial information. The reconciliation of such non-GAAP financial information to GAAP is included in Exhibit 99.1.

The information contained in this report, including Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, unless this report is specifically incorporated by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Cautionary Statements regarding Presentation

This filing contains historical information as well as estimates and other forward-looking statements (that is, statements that are not historical facts) that are based on assumptions and on anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The principal risk factors that may cause actual results to differ materially from those expressed in the forward statements are described in various documents Registrant files with the Securities and Exchange Commission, including its Registration Statement on Form S-3/A(No. 333-121638), as updated by its most recent Annual Report on Form 10-K for the year ended December 31, Quarterly Report on Form 10-Q for the most recent quarter and Current Reports on Form 8-K.

The Registrant expressly disclaims any obligation to update the presentation contained in Exhibit 99.1 of this Report and cautions that the information is only accurate on the date of filing. The inclusion of any data or statements in this presentation does not signify that the information is considered material.

SIGNATURES

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.

	RYERSON INC.
Dated: February 28, 2006	/s/ Lily L. May
	By: Lily L. May
	Its: Vice President, Controller and   Chief Accounting Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Slide Presentation dated First Quarter 2006

EX-99.1

First Quarter 2006

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

Strong cash-generating capability

Opportunities for organic

and external growth

3

The turnaround

EBITDA*

28.0

(48.7)

19.9

26.6

118.5

281.2

(100)

(50)

0

50

100

150

200

250

300

2000

2001

2002

2003

2004

2005

$ in millions

* 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

Target world-class

operations 

Through 2004:

•

Cut annualized fixed

costs by $85 million (2000-

2004)

•

Optimized facility  

configuration

•

Centralized non-

customer-facing activities

•

Consolidated purchasing

Intense focus on

operating efficiency

Organic growth 

Acquisitions and joint

ventures to structurally

enhance competitive position

Three Fundamentals

6

2005 and beyond

Integration of Integris

2005

Beyond

Asset management

Ryerson Plus/Lean Six Sigma

Upgrade IT capabilities; consolidate

multiple platforms into single,

integrated platform using SAP

$50 million

Increase inventory turns

to 5x

Additional facility

consolidation

Training 26 more

Complete in 2008

•

Significant cost savings   

consolidating 5 platforms into 1

•

Seamless link with customers

and suppliers

•

Detailed & timely decision

making information

•

Facilitate sharing of inventory

and pricing information

$16 million*

15 trained to improve

workflow and

productivity

Successfully

rolling out

—

*Annualized cost savings—year end run rate

**From Integris acquisition on January 4, 2005

Reduce inventory

$170 million**

Consolidate

redundant facilities

7

Intense focus on

operating efficiency

Organic growth 

Acquisitions and joint

ventures to structurally

enhance competitive position

Three Fundamentals

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

9

Aggressive

marketing

•

Advertising

•

Direct mail

•

Special

promotions

•

Coordinated

sales follow-up

•

Direct sales reps

Leads to trial

•

Good experience

leads to retention

•

Measure internally

and externally

•

Met or exceeded

expectations for

80% of customers

•

Continuous effort

to improve

National marketing

10

2005 and beyond

10,000 new accounts

2003–2005

Beyond

Annualized

revenue of $200

million

Expand into new

vertical markets

Cross-sell materials

and capabilities

Expand transactional

business

11

Intense focus on

operating efficiency

Organic growth

Acquisitions and joint

ventures to structurally

enhance competitive position

Three Fundamentals

12

Acquisition strategy

Product/supply chain

Product/supply chain

Different

Different

Same

Same

Service center industry is fragmented and consolidating

Cross-selling

opportunities

“Buying a cash

flow”

Very risky

New markets

“Add strength

to strength”

Highest overall

potential

13

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 2007

•

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

14

$5,782

$5,109

$1,667

$939

$2,235

Ryerson

Reliance Steel & Earle M.

Jorgensen (1)

Russel Metals (2)

Metals USA (3)

Olympic Steel

Leading metals service center company

Source: Company filings and press releases

1

Pro forma, assuming completion of the acquisition of Earle M. Jorgensen.

2

Converted to US$ using exchange rate as of 12/31/2005

3

Metals

USA

was

acquired

by

Apollo

in

the

4

th

qtr.

of

2005,

therefore

4

th

qtr.

earnings

are

not

available.

This

number

reflects

9

months of actual data annualized

$ in millions

Stainless

&

aluminum

sales

$2,888

2005 revenues

15

2005 and beyond

Complete

In process

Integris acquisition

Joint ventures  

Global sourcing

Customer and key

employee retention

Operating and sales

leadership in place within

two months

Maintain and improve

service levels

Leverage supply

relationships

Began eliminating

redundant facilities

Use economies of scale

to be a low-cost supplier

•

Additional facility

consolidations

•

Complete consolidation

of corporate overhead

Mexico and India

Other international

markets

Purchasing office

in Hong Kong

Direct access to foreign

mills

Creates a more

efficient global supply

chain

16

Current Environment

*

*

*

*

*

17

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

1.7

Stainless

Aluminum

Source: Purchasing Magazine

*Spot prices include raw materials' surcharges starting in 1st Quarter 2001

Hot Rolled, Cold Rolled and Plate Prices

150

250

350

450

550

650

750

Hot Rolled

Cold Rolled

Carbon Plate

Source: Purchasing Magazine

*Spot prices include raw materials' surcharges starting in 1st Quarter 2001

Current environment—

metals prices indicate strong market fundamentals

18

Current Environment

Mills and raw material providers have consolidated.

Relatively strong demand and pricing, compared to historic levels:

Carbon flat rolled.

Prices have stabilized. Some concern about

increased supply.

Aluminum.

Customer demand remains strong. Prices remain

near historical highs despite declines in February.

Stainless.

Pricing remains weak with inventory overhang.

Domestic producers have announced price increases effective

March 1, 2006.

Carbon plate.

Remains strong. Some limited customer

allocations. 

19

Financials

*

*

*

*

*

*

*

*

20

Strong Cash Flow

Not capital intensive

Capex

roughly in line with depreciation

Generate cash from real estate sales with facility consolidation

Earnings are cyclical; cash flow is countercyclical

Inventory and debt reductions during downturns

Plan to improve working capital management and inventory turns

2005 cash flow of $320 million

21

Used to pay down debt

800

850

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1/4/05

3/31/05

6/30/05

9/30/05

12/31/05

60%

62%

64%

66%

68%

70%

72%

74%

76%

Debt

Debt-to-Capital

Ryerson

Debt

and

Debt-to-Capital

Trend

2005

22

Short term:

Reduce debt/capital to pre-acquisition levels of about

55%

Other considerations:

Growth-oriented capital spending

Selective acquisitions and joint ventures

Maintain pension funding

Future uses of cash flow

23

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

24

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 capture organic growth

Significant upside from recent acquisitions

Opportunities to sell excess assets and increase inventory turnover

Consolidating supply base improves industry fundamentals 

Strong management team with proven ability to manage through

industry changes

Investment highlights and conclusion

25

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

$104.2

–

–

61.6

76.2

39.2

$281.2

2000

2001

2002

2003

2004

2005