Condensed Consolidating Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Guarantor Financial Statements [Abstract]

Summary of condensed consolidating financial information of Ryerson and its guarantor and non-guarantor subsidiaries and affiliates

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2012

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	945.2		$	147.5		$	(2.1	)	$	1,090.6
Cost of materials sold		—			783.7			125.0			(2.1	)		906.6
Gross profit		—			161.5			22.5			—			184.0
Warehousing, delivery, selling, general and administrative		1.2			109.4			20.9			—			131.5
Impairment charge on fixed assets		—			0.9			—			—			0.9
Operating profit (loss)		(1.2	)		51.2			1.6			—			51.6
Other income and (expense), net		—			0.1			0.7			—			0.8
Interest and other expense on debt		(18.9	)		—			(0.9	)		—			(19.8	)
Intercompany transactions:
Interest expense on intercompany loans		(13.0	)		—			—			13.0			—
Interest income on intercompany loans		—			13.0			—			(13.0	)		—
Income (loss) before income taxes		(33.1	)		64.3			1.4			—			32.6
Provision for income taxes		—			3.0			0.2			—			3.2
Equity in earnings of subsidiaries		(63.7	)		(2.6	)		—			66.3			—
Net income		30.6			63.9			1.2			(66.3	)		29.4
Less: Net loss attributable to noncontrolling interest		—			—			(1.2	)		—			(1.2	)
Net income attributable to Ryerson Inc.	$	30.6		$	63.9		$	2.4		$	(66.3	)	$	30.6
Comprehensive income (loss)	$	24.5		$	61.9		$	(3.5	)	$	(60.1	)	$	22.8
Less: Comprehensive loss attributable to noncontrolling interest		—			—			(1.7	)		—			(1.7	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	24.5		$	61.9		$	(1.8	)	$	(60.1	)	$	24.5

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2011

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	1,118.4		$	172.8		$	(2.2	)	$	1,289.0
Cost of materials sold		—			981.2			146.1			(2.2	)		1,125.1
Gross profit		—			137.2			26.7			—			163.9
Warehousing, delivery, selling, general and administrative		1.3			118.4			20.1			—			139.8
Restructuring and other charges		—			0.6			—			—			0.6
Impairment charge on fixed assets		—			2.5			—			—			2.5
Operating profit (loss)		(1.3	)		15.7			6.6			—			21.0
Other income and (expense), net		—			(0.5	)		(0.2	)		—			(0.7	)
Interest and other expense on debt		(19.5	)		(0.1	)		(0.8	)		—			(20.4	)
Intercompany transactions:
Interest expense on intercompany loans		(9.2	)		—			—			9.2			—
Interest income on intercompany loans		—			9.2			—			(9.2	)		—
Income (loss) before income taxes		(30.0	)		24.3			5.6			—			(0.1	)
Provision for income taxes		0.9			5.1			1.7			—			7.7
Equity in earnings of subsidiaries		(23.7	)		(4.6	)		—			28.3			—
Net income (loss)		(7.2	)		23.8			3.9			(28.3	)		(7.8	)
Less: Net loss attributable to noncontrolling interest		—			—			(0.6	)		—			(0.6	)
Net income (loss) attributable to Ryerson Inc.	$	(7.2	)	$	23.8		$	4.5		$	(28.3	)	$	(7.2	)
Comprehensive income (loss)	$	(7.7	)	$	21.3		$	6.1		$	(27.7	)	$	(8.0	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—			(0.3	)		—			(0.3	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	(7.7	)	$	21.3		$	6.4		$	(27.7	)	$	(7.7	)

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	1,928.2		$	288.6		$	(4.6	)	$	2,212.2
Cost of materials sold		—			1,596.9			245.1			(4.6	)		1,837.4
Gross profit		—			331.3			43.5			—			374.8
Warehousing, delivery, selling, general and administrative		2.5			220.1			40.3			—			262.9
Impairment charge on fixed assets		—			0.9			—			—			0.9
Operating profit (loss)		(2.5	)		110.3			3.2			—			111.0
Other income and (expense), net		0.3			0.1			0.1			—			0.5
Interest and other expense on debt		(37.4	)		—			(1.7	)		—			(39.1	)
Intercompany transactions:
Interest expense on intercompany loans		(24.6	)		—			—			24.6			—
Interest income on intercompany loans		—			24.6			—			(24.6	)		—
Income (loss) before income taxes		(64.2	)		135.0			1.6			—			72.4
Provision for income taxes		—			5.6			0.3			—			5.9
Equity in earnings of subsidiaries		(133.0	)		(3.8	)		—			136.8			—
Net income		68.8			133.2			1.3			(136.8	)		66.5
Less: Net loss attributable to noncontrolling interest		—			—			(2.3	)		—			(2.3	)
Net income attributable to Ryerson Inc.	$	68.8		$	133.2		$	3.6		$	(136.8	)	$	68.8
Comprehensive income	$	70.6		$	135.0		$	0.6		$	(138.3	)	$	67.9
Less: Comprehensive loss attributable to noncontrolling interest		—			—			(2.7	)		—			(2.7	)
Comprehensive income attributable to Ryerson Inc.	$	70.6		$	135.0		$	3.3		$	(138.3	)	$	70.6

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2011

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	2,135.8		$	344.8		$	(4.6	)	$	2,476.0
Cost of materials sold		—			1,867.3			292.7			(4.6	)		2,155.4
Gross profit		—			268.5			52.1			—			320.6
Warehousing, delivery, selling, general and administrative		2.6			230.8			41.6			—			275.0
Restructuring and other charges		—			0.9			—			—			0.9
Impairment charge on fixed assets		—			2.5			—			—			2.5
Operating profit (loss)		(2.6	)		34.3			10.5			—			42.2
Other income and (expense), net		—			5.9			(0.9	)		—			5.0
Interest and other expense on debt		(38.5	)		—			(1.6	)		—			(40.1	)
Intercompany transactions:
Interest expense on intercompany loans		(21.6	)		—			—			21.6			—
Interest income on intercompany loans		—			21.6			—			(21.6	)		—
Income (loss) before income taxes		(62.7	)		61.8			8.0			—			7.1
Provision (benefit) for income taxes		(1.6	)		4.9			3.2			—			6.5
Equity in earnings of subsidiaries		(63.3	)		(6.4	)		—			69.7			—
Net income		2.2			63.3			4.8			(69.7	)		0.6
Less: Net loss attributable to noncontrolling interest		—			—			(1.6	)		—			(1.6	)
Net income attributable to Ryerson Inc.	$	2.2		$	63.3		$	6.4		$	(69.7	)	$	2.2
Comprehensive income	$	6.7		$	61.3		$	11.5		$	(73.9	)	$	5.6
Less: Comprehensive loss attributable to noncontrolling interest		—			—			(1.1	)		—			(1.1	)
Comprehensive income attributable to Ryerson Inc.	$	6.7		$	61.3		$	12.6		$	(73.9	)	$	6.7

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Operating activities:
Net income	$	68.8		$	133.2		$	1.3		$	(136.8	)	$	66.5
Non-cash expenses		18.0			2.8			3.6			—			24.4
Equity in earnings of subsidiaries		(133.0	)		(3.8	)		—			136.8			—
Changes in working capital		9.0			(76.1	)		(22.3	)		—			(89.4	)
Net adjustments		(106.0	)		(77.1	)		(18.7	)		136.8			(65.0	)
Net cash provided by (used in) operating activities		(37.2	)		56.1			(17.4	)		—			1.5
Investing activities:
Net cash provided by (used in) investing activities		(2.2	)		(57.0	)		2.5			38.9			(17.8	)
Financing activities:
Net cash provided by (used in) financing activities		38.9			(2.8	)		(8.5	)		(38.9	)		(11.3	)
Net decrease in cash and cash equivalents		(0.5	)		(3.7	)		(23.4	)		—			(27.6	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(0.2	)		—			(0.2	)
Net change in cash and cash equivalents		(0.5	)		(3.7	)		(23.6	)		—			(27.8	)
Beginning cash and cash equivalents		3.0			16.0			42.3			—			61.3
Ending cash and cash equivalents	$	2.5		$	12.3		$	18.7		$	—		$	33.5

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2011

(In millions)

	Parent			Guarantor			Non-guarantor			Eliminations			Consolidated
Operating activities:
Net income	$	2.2		$	63.3		$	4.8		$	(69.7	)	$	0.6
Non-cash expenses		(3.4	)		25.6			2.0			—			24.2
Equity in earnings of subsidiaries		(63.3	)		(6.4	)		—			69.7			—
Changes in working capital		380.8			(543.7	)		(37.1	)		—			(200.0	)
Net adjustments		314.1			(524.5	)		(35.1	)		69.7			(175.8	)
Net cash provided by (used in) operating activities		316.3			(461.2	)		(30.3	)		—			(175.2	)
Investing activities:
Net cash provided by (used in) investing activities		8.1			439.9			(3.2	)		(460.2	)		(15.4	)
Financing activities:
Net cash provided by (used in) financing activities		(316.2	)		17.6			12.3			460.2			173.9
Net increase (decrease) in cash and cash equivalents		8.2			(3.7	)		(21.2	)		—			(16.7	)
Effect of exchange rate changes on cash and cash equivalents		—			(0.3	)		1.2			—			0.9
Net change in cash and cash equivalents		8.2			(4.0	)		(20.0	)		—			(15.8	)
Beginning cash and cash equivalents		0.5			15.7			46.0			—			62.2
Ending cash and cash equivalents	$	8.7		$	11.7		$	26.0		$	—		$	46.4

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

JUNE 30, 2012

(In millions)

	Parent		Guarantor		Non-guarantor		Eliminations			Consolidated
Assets
Current assets	$	1,392.4	$	1,162.0	$	225.7	$	(1,360.9	)	$	1,419.2
Property, plant and equipment, net of accumulated depreciation		—		424.0		69.8		—			493.8
Other noncurrent assets		900.4		1,544.4		16.2		(2,245.7	)		215.3
Total Assets	$	2,292.8	$	3,130.4	$	311.7	$	(3,606.6	)	$	2,128.3
Liabilities and Equity
Current liabilities	$	21.9	$	1,820.1	$	76.9	$	(1,362.1	)	$	556.8
Noncurrent liabilities		2,176.9		452.3		31.8		(1,190.6	)		1,470.4
Redeemable noncontrolling interest		—		—		1.4		—			1.4
Ryerson Inc. stockholders’ equity		94.0		858.0		195.9		(1,053.9	)		94.0
Noncontrolling interest		—		—		5.7		—			5.7
Total Liabilities and Equity	$	2,292.8	$	3,130.4	$	311.7	$	(3,606.6	)	$	2,128.3

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2011

(In millions)

	Parent		Guarantor		Non-guarantor		Eliminations			Consolidated
Assets
Current Assets	$	1,399.6	$	1,089.2	$	225.9	$	(1,362.0	)	$	1,352.7
Property, plant and equipment net of accumulated depreciation		—		419.3		71.8		—			491.1
Other noncurrent assets		798.1		1,480.5		15.4		(2,074.6	)		219.4
Total Assets	$	2,197.7	$	2,989.0	$	313.1	$	(3,436.6	)	$	2,063.2
Liabilities and Equity
Current liabilities	$	44.5	$	1,781.6	$	84.4	$	(1,363.2	)	$	547.3
Noncurrent liabilities		2,129.8		484.4		31.0		(1,160.6	)		1,484.6
Ryerson Inc. stockholders’ equity		23.4		723.0		189.8		(912.8	)		23.4
Noncontrolling interest		—		—		7.9		—			7.9
Total Liabilities and Equity	$	2,197.7	$	2,989.0	$	313.1	$	(3,436.6	)	$	2,063.2