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 10, 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)

7.0l 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: May 10, 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 May 2006

EX-99.1

Investor Presentation

May 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

28.0

(48.7)

19.9

27.4

121.1

275.8

77.1

(100)

(50)

0

50

100

150

200

250

300

2000

2001

2002

2003

2004

2005

Q1 2006

$ in millions

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

amortization.  (Full reconciliation is attached.)

Q1

2005

$86.7

EBITDA*

4

Three Fundamentals

Intense focus on

operating efficiency

Organic growth 

Acquisitions and joint

ventures to structurally

enhance competitive position

5

Three Fundamentals

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

6

Reduced inventory

$175 million**

Consolidated

redundant facilities

2005-2006 and beyond

Integration of Integris

Through 1Q06

Through 1Q06

Beyond

Beyond

Asset management

Ryerson Plus/Lean Six Sigma

Upgrade IT capabilities; consolidate

multiple platforms into single,

integrated platform using SAP

Reach $50 million target

Increase inventory turns

to 5x

Additional facility

consolidation

Training 30 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

$24 million*

Trained 16 specialists

to improve workflow

and productivity

Successfully

rolling out

*Annualized cost savings at first quarter 2006 run rate

**From Integris acquisition on January 4, 2005

7

Three Fundamentals

Intense focus on

operating efficiency

Organic growth 

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

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

2003–2005

Beyond

Beyond

Annualized revenue

of $200 million

Expand into new

vertical markets

Cross-sell materials

and capabilities

Expand transactional

business

11

Three Fundamentals

Intense focus on

operating efficiency

Organic growth

Acquisitions and joint

ventures to structurally

enhance competitive position

12

Acquisition strategy

Product/supply chain

Product/supply chain

Different

Different

Same

Same

Service center industry is fragmented and consolidating

“Add strength

to strength”

Highest overall

potential

Cross-selling

opportunities

“Buying a cash

flow”

Very risky

New markets

13

Ryerson 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; align benefits;

consolidated overhead, including IT; capture material cost savings 

Expands business in faster growth, more profitable stainless and

aluminum

14

Leading metals service center company

$5,257

$1,641

$894

$5,688

$2,282

Ryerson

Reliance Steel & Earle M.

Jorgensen (1)

Russel Metals (2)

Metals USA

Olympic Steel

Source: Company filings and press releases

1

Includes 9 months of Jorgensen revenue of 2005 (Mar.-Dec) annualized with trailing 12 months of Reliance revenue.

2

Converted to US$ using exchange rate as of 3/31/2006

$ in millions

Stainless

&

aluminum

sales

$2,921

Stainless

&

aluminum

sales

$2,921

Trailing 12-month revenues (through 1Q06)

15

2005 and beyond

Complete

Complete

In process

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

0.9

1.1

1.3

1.5

1.7

1.9

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.

Strong demand and pricing:

Carbon flat rolled-

Market is tight due to supply constraints

and low levels of imported material.  Mills have implemented

controlled order entry and price increases are sticking.

Aluminum-

Prices being driven up by rising ingot costs.

Stainless-

Market continues to strengthen with rising pricing

and volume.

Carbon plate-

Fundamentals remain strong.  Mills have

customers on allocation.  Price increases implemented in the

second quarter.  

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

Ryerson Debt and Debt-to-Capital Trend

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

3/31/06

55%

57%

59%

61%

63%

65%

67%

69%

71%

73%

75%

Debt

Debt-to-Capital

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

$(29.9)

$(60.2)

$(96.3)

$(13.6)

$56

$98.1

$32.4

Cumulative effect of change

in accounting principle

----

----

82.2

----

----

----

----

Discountinued operations

(gain)/loss

4.8

----

1.7

----

(7.0)

----

----

Income tax/(benefit)

(8.4)

(39.6)

(7.3)

(1.7)

27.0

62.5

19.9

Interest on debt

29.7

19.3

14.6

18.8

24.0

76.0

15.0

Depreciation and

amortization

31.8

31.8

25.0

23.9

21.1

39.2

9.8

EBITDA

$28.0

$(48.7)

$19.9

$27.4

$121.1

$275.8

$77.1

2000

2000

2001

2001

2002

2002

2003

2003

2004

2004

2005

2005

Q1

2006

Q1

2006