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 2, 2012

Ryerson Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

333-152102

(Commission File Number)

36-3425828

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

227 W. Monroe, 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))

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 May 2, 2012, Ryerson Inc. released its First Quarter Selected Income and Cash Flow Data. The Ryerson Inc. First Quarter 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. First Quarter 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: May 2, 2012

RYERSON INC.
By:	/s/ William S. Johnson
Name:	William S. Johnson
Title:	Interim Chief Financial Officer

Exhibit Index

Exhibit Number	Description
99.1	Ryerson Inc. First Quarter Selected Income and Cash Flow Data

EX-99.1

Exhibit 99.1

RYERSON INC. AND SUBSIDIARY COMPANIES

Selected Income and Cash Flow Data—Unaudited

(Dollars in Millions, except Per Ton Data)

							Fourth
	First Quarter						Quarter
	2012			2011			2011
NET SALES	$	1,121.6		$	1,187.0		$	1,035.0
Cost of materials sold		930.8			1,030.3			870.5
Gross profit		190.8			156.7			164.5
Warehousing, delivery, selling, general and administrative		131.4			135.2			126.5
Restructuring and other charges		—			0.3			9.8
Impairment charges on fixed assets and goodwill		—			—			4.6
OPERATING PROFIT		59.4			21.2			23.6
Other income and (expense), net		(0.3	)		5.7			(1.6	)
Interest and other expense on debt		(19.3	)		(19.7	)		(19.7	)
INCOME BEFORE INCOME TAXES		39.8			7.2			2.3
Provision (benefit) for income taxes		2.7			(1.2	)		(21.5	)
NET INCOME		37.1			8.4			23.8
Less: Net loss attributable to noncontrolling interest		(1.1	)		(1.0	)		(4.8	)
NET INCOME ATTRIBUTABLE TO RYERSON INC.	$	38.2		$	9.4		$	28.6
Supplemental Data :
Tons shipped (000)		576			645			532
Shipping days		64			64			60
Average selling price/ton	$	1,947		$	1,840		$	1,945
Gross profit/ton		331			243			309
Operating profit/ton		103			33			44
LIFO expense (income)/ton		(14	)		52			(48	)
LIFO expense (income)	$	(8.1	)	$	33.3		$	(25.4	)
Depreciation and amortization expense		11.0			10.5			10.9
Cash flow from operating activities		33.3			(103.7	)		155.9
Capital expenditures		(14.5	)		(6.4	)		(16.7	)

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation.

Schedule 1

RYERSON INC. AND SUBSIDIARY COMPANIES

Reconciliation of Net Income Attributable to Ryerson Inc. to Adjusted EBITDA

(Dollars in millions)

							Fourth
	First Quarter						Quarter
	2012			2011			2011
Net income attributable to Ryerson Inc.	$	38.2		$	9.4		$	28.6
Interest and other expense on debt		19.3			19.7			19.7
Provision (benefit) for income taxes		2.7			(1.2	)		(21.5	)
Depreciation and amortization expense		11.0			10.5			10.9
EBITDA	$	71.2		$	38.4		$	37.7
Reorganization		3.0			0.9			10.7
Advisory services fee		1.3			1.3			1.2
Foreign currency transaction losses		0.6			0.8			1.6
Impairment charges on fixed assets and goodwill		—			—			4.6
Gain on bargain purchase		—			(5.8	)		—
Other adjustments		(0.3	)		(0.7	)		—
Adjusted EBITDA	$	75.8		$	34.9		$	55.8
Adjusted EBITDA	$	75.8		$	34.9		$	55.8
LIFO expense (income)		(8.1	)		33.3			(25.4	)
Adjusted EBITDA, excluding LIFO expense (income)	$	67.7		$	68.2		$	30.4

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, gain on the sale of 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.