0001193125-11-292879.txt : 20111102 0001193125-11-292879.hdr.sgml : 20111102 20111102163736 ACCESSION NUMBER: 0001193125-11-292879 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111102 DATE AS OF CHANGE: 20111102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYERSON INC. CENTRAL INDEX KEY: 0000790528 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 363425828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09117 FILM NUMBER: 111174906 BUSINESS ADDRESS: STREET 1: 2621 WEST 15TH PLACE CITY: CHICAGO STATE: IL ZIP: 60608 BUSINESS PHONE: 7737622121 MAIL ADDRESS: STREET 1: 2621 WEST 15TH PLACE CITY: CHICAGO STATE: IL ZIP: 60608 FORMER COMPANY: FORMER CONFORMED NAME: RYERSON TULL INC /DE/ DATE OF NAME CHANGE: 19990301 FORMER COMPANY: FORMER CONFORMED NAME: INLAND STEEL INDUSTRIES INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 d248594d8k.htm FORM 8-K Form 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): November 2, 2011

 

 

Ryerson Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware   333-152102   36-3425828
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)

2621 West 15th Place, Chicago, IL 60608

(Address of principal executive offices and zip code)

(773) 762-2121

(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))

 

 

 

Item 2.02.     Results of Operations and Financial Condition.

The information contained within Item 2.02 of this Form 8-K and the Exhibits 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 November 2, 2011, Ryerson Inc. (the “Company”) released its Third Quarter and Nine-Month Selected Income and Cash Flow Data. The Ryerson Inc. Third Quarter and Nine-Month Selected Income and Cash Flow Data is set forth on Exhibit 99.1 attached hereto and is hereby incorporated by reference.

 

Item 9.01.     Financial Statements and Exhibits.

d) Exhibits

The following exhibit is being filed with this Current Report on Form 8-K:

99.1    Ryerson Inc. Third Quarter and Nine-Month Selected Income and Cash Flow Data

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: November 2, 2011

 

RYERSON INC.
By:   /s/     Terence R. Rogers
Name:   Terence R. Rogers
Title:   Chief Financial Officer

Exhibit Index

 

Exhibit
Number

   

Description

99.1    Ryerson Inc. Third Quarter and Nine-Month Selected Income and Cash Flow Data
 EX-99.1 2 d248594dex991.htm RYERSON INC. THIRD QUARTER AND NINE-MONTH SELECTED INCOME AND CASH FLOW DATA Ryerson Inc. Third Quarter and Nine-Month Selected Income and Cash Flow Data

Exhibit 99.1

RYERSON INC. AND SUBSIDIARY COMPANIES

Selected Income and Cash Flow Data—Unaudited

(Dollars in Millions, except Per Ton Data)

 

     2011     2010     First Nine Months Ended  
     Third     Second     Third     September 30,  
     Quarter     Quarter     Quarter     2011     2010  

NET SALES

    $ 1,218.8      $ 1,289.0      $ 1,031.7      $ 3,694.8      $ 2,923.4   

Cost of materials sold

      1,045.1        1,125.1        892.6        3,200.5        2,517.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      173.7        163.9        139.1        494.3        405.5   

Warehousing, delivery, selling, general and administrative

      138.3        139.8        128.7        413.3        373.6   

Restructuring and other charges

      0.4        0.6        —          1.3        —     

Gain on insurance settlement

      —          —          —          —          (2.6 ) 

Impairment charge on fixed assets

      2.2        2.5        0.2        4.7        1.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

OPERATING PROFIT

      32.8        21.0        10.2        75.0        33.3   

Other income and (expense), net

      1.2        (0.7 )      (1.9 )      6.2        (2.0 ) 

Interest and other expense on debt

      (20.3 )      (20.4 )      (18.8 )      (60.4 )      (56.6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

INCOME (LOSS) BEFORE INCOME TAXES

      13.7        (0.1 )      (10.5 )      20.8        (25.3 ) 

Provision for income taxes

      3.5        7.7        5.1        10.0        11.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME (LOSS)

      10.2        (7.8 )      (15.6 )      10.8        (36.7 ) 

Less: Net loss attributable to noncontrolling interest

      (1.9 )      (0.6 )      (1.1 )      (3.5 )      (1.3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC.

    $ 12.1      $ (7.2 )    $ (14.5 )    $ 14.3      $ (35.4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data :

           

Tons shipped (000)

      609        647        586        1,901        1,695   

Shipping days

      64        64        64        192        191   

Average selling price/ton

    $ 2,001      $ 1,992      $ 1,761      $ 1,944      $ 1,725   

Gross profit/ton

      285        253        237        260        239   

Operating profit/ton

      54        32        17        39        20   

LIFO expense (income)/ton

      (12 )      74        4        39        30   

LIFO expense (income)

    $ (7.4 )    $ 48.1      $ 2.6      $ 74.0      $ 50.6   

Depreciation and amortization expense

      10.6        11.3        9.7        32.4        28.1   

Cash flow from operating activities

      73.9        (71.5 )      (11.7 )      (101.3 )      (176.4 ) 

Capital expenditures

      (11.2 )      (12.7 )      (4.9 )      (30.3 )      (19.9 ) 

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation.

Schedule 1

RYERSON INC. AND SUBSIDIARY COMPANIES

Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to EBITDA

(Dollars in millions)

 

     2011     2010  
     Third
Quarter		     Second
Quarter		     Third
Quarter		  

Net income (loss) attributable to Ryerson Inc.

    $ 12.1      $ (7.2 )    $ (14.5 ) 

Interest and other expense on debt

      20.3        20.4        18.8   

Provision for income taxes

      3.5        7.7        5.1   

Depreciation and amortization expense

      10.6        11.3        9.7   
  

 

 

    

 

 

    

 

 

  

EBITDA

    $ 46.5      $ 32.2      $ 19.1   

Reorganization

      3.6        2.6        1.3   

Advisory services fee

      1.3        1.2        1.3   

Foreign currency transaction (gains) losses

      (1.8 )      0.2        1.3   

Impairment charge on fixed assets

      2.2        2.5        0.2   

Gain on bargain purchase

      —          0.5        —     

Other adjustments

      0.6        —          0.6   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 52.4      $ 39.2      $ 23.8   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 52.4      $ 39.2      $ 23.8   

LIFO expense (income)

      (7.4 )      48.1        2.6   
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA, excluding LIFO expense (income)

    $ 45.0      $ 87.3      $ 26.4   
  

 

 

    

 

 

    

 

 

  

 

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, impairment charge on fixed assets, reorganization expenses and the payment of management fees. We believe that EBITDA and Adjusted EBITDA provide additional information for measuring our performance and are measures frequently used by securities analysts and investors. EBITDA and Adjusted EBITDA 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 nor Adjusted EBITDA is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. Our definitions of EBITDA and Adjusted EBITDA may differ from that of other companies. Above is the reconciliation of net income to EBITDA, as further adjusted to Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income).