Condensed Consolidating Financial Statements

3 Months Ended

12 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Condensed Consolidating Financial Statements

NOTE 13: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

On October 10, 2012, Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson and the guarantees are joint and several. Ryerson Inc. may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson and its subsidiaries as of March 31, 2013 and December 31, 2012 and for the three-month periods ended March 31, 2013 and 2012:

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2013

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	749.7		$	604.8	$	122.7		$	(586.1	)	$	891.1
Cost of materials sold		—			621.9			593.4		106.1			(586.1	)		735.3
Gross profit		—			127.8			11.4		16.6			—			155.8
Warehousing, delivery, selling, general and administrative		1.3			94.3			5.5		20.6			—			121.7
Impairment charge on fixed assets		—			0.9			—		—			—			0.9
Operating profit (loss)		(1.3	)		32.6			5.9		(4.0	)		—			33.2
Other income and (expense), net		—			0.1			—		1.1			—			1.2
Interest and other expense on debt		(4.6	)		(23.1	)		—		(0.7	)		—			(28.4	)
Intercompany transactions:
Interest expense on intercompany loans		(5.4	)		—			—		—			5.4			—
Interest income on intercompany loans		—			3.4			2.0		—			(5.4	)		—
Income (loss) before income taxes		(11.3	)		13.0			7.9		(3.6	)		—			6.0
Provision (benefit) for income taxes		(1.7	)		2.1			1.2		(0.5	)		—			1.1
Equity in (earnings) loss of subsidiaries		(16.7	)		(8.0	)		0.9		—			23.8			—
Net income (loss)		7.1			18.9			5.8		(3.1	)		(23.8	)		4.9
Less: Net loss attributable to noncontrolling interest		—			—			—		(2.2	)		—			(2.2	)
Net income attributable to Ryerson Inc.	$	7.1		$	18.9		$	5.8	$	(0.9	)	$	(23.8	)	$	7.1
Comprehensive income (loss)	$	8.2		$	19.8		$	9.5	$	(6.6	)	$	(24.8	)	$	6.1
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—		(2.1	)		—			(2.1	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	8.2		$	19.8		$	9.5	$	(4.5	)	$	(24.8	)	$	8.2

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	953.7		$	810.8		$	141.1		$	(784.0	)	$	1,121.6
Cost of materials sold		—			799.5			795.2			120.1			(784.0	)		930.8
Gross profit		—			154.2			15.6			21.0			—			190.8
Warehousing, delivery, selling, general and administrative		1.3			104.3			6.4			19.4			—			131.4
Operating profit (loss)		(1.3	)		49.9			9.2			1.6			—			59.4
Other income and (expense), net		0.3			—			—			(0.6	)		—			(0.3	)
Interest and other expense on debt		(18.5	)		—			—			(0.8	)		—			(19.3	)
Intercompany transactions:
Interest expense on intercompany loans		(11.6	)		(9.8	)		—			—			21.4			—
Interest income on intercompany loans		—			—			21.4			—			(21.4	)		—
Income (loss) before income taxes		(31.1	)		40.1			30.6			0.2			—			39.8
Provision (benefit) for income taxes		—			2.3			0.3			0.1			—			2.7
Equity in (earnings) loss of subsidiaries		(69.3	)		(13.6	)		(0.3	)		—			83.2			—
Net income (loss)		38.2			51.4			30.6			0.1			(83.2	)		37.1
Less: Net loss attributable to noncontrolling interest		—			—			—			(1.1	)		—			(1.1	)
Net income attributable to Ryerson Inc.	$	38.2		$	51.4		$	30.6		$	1.2		$	(83.2	)	$	38.2
Comprehensive income (loss)	$	46.1		$	51.7		$	34.1		$	4.1		$	(90.9	)	$	45.1
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—			(1.0	)		—			(1.0	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	46.1		$	51.7		$	34.1		$	5.1		$	(90.9	)	$	46.1

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2013

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	7.1		$	18.9		$	5.8		$	(3.1	)	$	(23.8	)	$	4.9
Non-cash expenses		0.1			11.4			0.9			1.5			—			13.9
Equity in (earnings) loss of subsidiaries		(16.7	)		(8.0	)		0.9			—			23.8			—
Changes in working capital		625.2			1,044.6			(1,662.4	)		3.5			—			10.9
Net adjustments		608.6			1,048.0			(1,660.6	)		5.0			23.8			24.8
Net cash provided by (used in) operating activities		615.7			1,066.9			(1,654.8	)		1.9			—			29.7
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		(0.1	)		(577.8	)		1,464.3			(0.9	)		(889.4	)		(3.9	)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		(615.2	)		(492.9	)		191.2			6.1			889.4			(21.4	)
Net increase (decrease) in cash and cash equivalents		0.4			(3.8	)		0.7			7.1			—			4.4
Effect of exchange rates		—			0.2			(0.1	)		(1.3	)		—			(1.2	)
Net change in cash and cash equivalents		0.4			(3.6	)		0.6			5.8			—			3.2
Beginning cash and cash equivalents		0.2			15.3			1.9			53.4			—			70.8
Ending cash and cash equivalents	$	0.6		$	11.7		$	2.5		$	59.2		$	—		$	74.0

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2012

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income	$	38.2		$	51.4		$	30.6		$	0.1		$	(83.2	)	$	37.1
Non-cash expenses		0.2			9.2			(0.1	)		1.5			—			10.8
Equity in earnings of subsidiaries		(69.3	)		(13.6	)		(0.3	)		—			83.2			—
Changes in working capital		24.8			(8.9	)		(16.3	)		(14.2	)		—			(14.6	)
Net adjustments		(44.3	)		(13.3	)		(16.7	)		(12.7	)		83.2			(3.8	)
Net cash provided by (used in) operating activities		(6.1	)		38.1			13.9			(12.6	)		—			33.3
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		(5.6	)		(11.9	)		(1.1	)		2.9			1.1			(14.6	)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		8.8			(25.6	)		(13.7	)		(7.9	)		(1.1	)		(39.5	)
Net increase (decrease) in cash and cash equivalents		(2.9	)		0.6			(0.9	)		(17.6	)		—			(20.8	)
Effect of exchange rates		—			0.1			—			1.3			—			1.4
Net change in cash and cash equivalents		(2.9	)		0.7			(0.9	)		(16.3	)		—			(19.4	)
Beginning cash and cash equivalents		3.0			14.5			1.5			42.3			—			61.3
Ending cash and cash equivalents	$	0.1		$	15.2		$	0.6		$	26.0		$	—		$	41.9

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

MARCH 31, 2013

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Current assets	$	9.9		$	1,190.7	$	151.7	$	247.4	$	(290.5	)	$	1,309.2
Property, plant and equipment net of accumulated depreciation		—			403.4		3.0		67.9		—			474.3
Other noncurrent assets		961.0			900.8		352.6		14.1		(2,005.4	)		223.1
Total Assets	$	970.9		$	2,494.9	$	507.3	$	329.4	$	(2,295.9	)	$	2,006.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	255.3		$	290.9	$	178.1	$	106.5	$	(290.8	)	$	540.0
Noncurrent liabilities		992.3			1,364.8		0.8		31.7		(648.6	)		1,741.0
Redeemable noncontrolling interest		—			—		—		1.6		—			1.6
Ryerson Inc. stockholders’ equity		(276.7	)		839.2		328.4		188.9		(1,356.5	)		(276.7	)
Noncontrolling interest		—			—		—		0.7		—			0.7
Total Liabilities and Equity	$	970.9		$	2,494.9	$	507.3	$	329.4	$	(2,295.9	)	$	2,006.6

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Current assets	$	381.7		$	2,215.9	$	63.0	$	214.5	$	(1,620.8	)	$	1,254.3
Property, plant and equipment net of accumulated depreciation		—			410.8		3.1		69.5		—			483.4
Other noncurrent assets		944.2			319.2		1,818.6		14.4		(2,869.9	)		226.5
Total Assets	$	1,325.9		$	2,945.9	$	1,884.7	$	298.4	$	(4,490.7	)	$	1,964.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	16.5		$	254.3	$	1,738.3	$	67.7	$	(1,620.8	)	$	456.0
Noncurrent liabilities		1,594.3			1,872.2		0.8		32.8		(1,711.4	)		1,788.7
Redeemable noncontrolling interest		—			—		—		1.7		—			1.7
Ryerson Inc. stockholders’ equity		(284.9	)		819.4		145.6		193.5		(1,158.5	)		(284.9	)
Noncontrolling interest		—			—		—		2.7		—			2.7
Total Liabilities and Equity	$	1,325.9		$	2,945.9	$	1,884.7	$	298.4	$	(4,490.7	)	$	1,964.2

Note 18: Condensed Consolidating Financial Statements

On October 10, 2012, Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of Ryerson’s existing and future domestic subsidiaries that are co-borrowers or guarantee our obligations under the Ryerson Credit Facility. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson and the guarantees are joint and several. Ryerson Inc. may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson and its subsidiaries as of December 31, 2012 and 2011 and for the years ended December 31, 2012, 2011 and 2010.

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2012

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	3,396.0		$	2,827.4	$	543.7		$	(2,742.4	)	$	4,024.7
Cost of materials sold		—			2,819.0			2,773.3		465.2			(2,742.4	)		3,315.1
Gross profit		—			577.0			54.1		78.5			—			709.6
Warehousing, delivery, selling, general and administrative expenses		4.7			395.5			26.3		81.7			—			508.2
Restructuring and other charges		—			(0.2	)		—		1.3			—			1.1
Impairment charges on fixed assets and goodwill		—			1.0			—		—			—			1.0
Pension and other postretirement benefits curtailment gain		—			—			—		(1.7	)		—			(1.7	)
Operating profit (loss)		(4.7	)		180.7			27.8		(2.8	)		—			201.0
Other income and (expense), net		(16.8	)		0.2			—		(1.4	)		—			(18.0	)
Interest and other expense on debt		(62.4	)		(20.9	)		—		(3.1	)		—			(86.4	)
Intercompany transactions:
Interest expense on intercompany loans		(53.5	)		(39.7	)		—		—			93.2			—
Interest income on intercompany loans		—			—			93.2		—			(93.2	)		—
Income (loss) before income taxes		(137.4	)		120.3			121.0		(7.3	)		—			96.6
Provision (benefit) for income taxes		(52.1	)		(0.5	)		45.2		0.2			—			(7.2	)
Equity in (earnings) loss of subsidiaries		(194.6	)		(46.0	)		4.0		—			236.6			—
Net income (loss)		109.3			166.8			71.8		(7.5	)		(236.6	)		103.8
Less: Net loss attributable to noncontrolling interest		—			—			—		(5.5	)		—			(5.5	)
Net income (loss) attributable to Ryerson Inc.	$	109.3		$	166.8		$	71.8	$	(2.0	)	$	(236.6	)	$	109.3

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2011

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	4,093.4		$	3,326.1	$	645.0		$	(3,334.7	)	$	4,729.8
Cost of materials sold		—			3,560.9			3,288.4		556.4			(3,334.7	)		4,071.0
Gross profit		—			532.5			37.7		88.6			—			658.8
Warehousing, delivery, selling, general and administrative expenses		5.2			442.8			5.4		86.4			—			539.8
Restructuring and other charges		—			10.0			—		1.1			—			11.1
Impairment charges on fixed assets and goodwill		—			7.8			—		1.5			—			9.3
Operating profit (loss)		(5.2	)		71.9			32.3		(0.4	)		—			98.6
Other income and (expense), net		(0.2	)		6.0			—		(1.2	)		—			4.6
Interest and other expense on debt		(76.6	)		(0.1	)		—		(3.4	)		—			(80.1	)
Intercompany transactions:
Interest expense on intercompany loans		(42.0	)		(37.6	)		—		—			79.6			—
Interest income on intercompany loans		—			—			79.6		—			(79.6	)		—
Income (loss) before income taxes		(124.0	)		40.2			111.9		(5.0	)		—			23.1
Provision (benefit) for income taxes		(51.9	)		1.1			33.2		6.1			—			(11.5	)
Equity in (earnings) loss of subsidiaries		(115.0	)		(65.5	)		8.7		—			171.8			—
Net income (loss)		42.9			104.6			70.0		(11.1	)		(171.8	)		34.6
Less: Net loss attributable to noncontrolling interest		—			—			—		(8.3	)		—			(8.3	)
Net income (loss) attributable to Ryerson Inc.	$	42.9		$	104.6		$	70.0	$	(2.8	)	$	(171.8	)	$	42.9

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2010

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	3,351.3		$	2,963.8		$	550.5		$	(2,970.1	)	$	3,895.5
Cost of materials sold		—			2,918.8			2,931.7			475.3			(2,970.1	)		3,355.7
Gross profit		—			432.5			32.1			75.2			—			539.8
Warehousing, delivery, selling, general and administrative expenses		4.9			422.3			3.9			74.6			—			505.7
Restructuring and other charges		—			12.0			—			—			—			12.0
Gain on Insurance Settlement		(2.6	)		—			—			—			—			(2.6	)
Impairment charges on fixed assets and goodwill		—			1.4			—			—			—			1.4
Pension and other postretirement benefits curtailment loss		—			2.0			—			—			—			2.0
Operating profit (loss)		(2.3	)		(5.2	)		28.2			0.6			—			21.3
Other expense, net		—			—			—			(3.2	)		—			(3.2	)
Interest and other expense on debt		(70.3	)		(1.3	)		—			(3.6	)		—			(75.2	)
Intercompany transactions:
Interest expense on intercompany loans		(55.9	)		(8.5	)		—			(0.4	)		64.8			—
Interest income on intercompany loans		—			—			64.8			—			(64.8	)		—
Income (loss) before income taxes		(128.5	)		(15.0	)		93.0			(6.6	)		—			(57.1	)
Provision (benefit) for income taxes		(15.4	)		53.1			(27.8	)		3.0			—			12.9
Equity in (earnings) loss of subsidiaries		(47.7	)		(28.4	)		5.6			—			70.5			—
Net income (loss)		(65.4	)		(39.7	)		115.2			(9.6	)		(70.5	)		(70.0	)
Less: Net loss attributable to noncontrolling interest		—			—			—			(4.6	)		—			(4.6	)
Net income (loss) attributable to Ryerson Inc.	$	(65.4	)	$	(39.7	)	$	115.2		$	(5.0	)	$	(70.5	)	$	(65.4	)

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED DECEMBER 31, 2012

(In millions)

	Parent		Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
Comprehensive income (loss)	$	71.9	$	136.1	$	79.6	$	(5.0	)	$	(216.6	)	$	66.0
Less: Comprehensive loss attributable to noncontrolling interest		—		—		—		(5.9	)		—			(5.9	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	71.9	$	136.1	$	79.6	$	0.9		$	(216.6	)	$	71.9

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED DECEMBER 31, 2011

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
Comprehensive income (loss)	$	(34.4	)	$	67.5	$	59.8	$	(16.7	)	$	(117.6	)	$	(41.4	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—		—		(7.0	)		—			(7.0	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	(34.4	)	$	67.5	$	59.8	$	(9.7	)	$	(117.6	)	$	(34.4	)

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED DECEMBER 31, 2010

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Comprehensive income (loss)	$	(68.3	)	$	(51.0	)	$	120.7	$	1.1		$	(74.0	)	$	(71.5	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—		(3.2	)		—			(3.2	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	(68.3	)	$	(51.0	)	$	120.7	$	4.3		$	(74.0	)	$	(68.3	)

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2012

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	109.3		$	166.8		$	71.8		$	(7.5	)	$	(236.6	)	$	103.8
Non-cash expenses		2.1			46.1			2.8			8.2			—			59.2
Equity in (earnings) loss of subsidiaries		(194.6	)		(46.0	)		4.0			—			236.6			—
Changes in working capital		1,020.4			(895.4	)		(122.2	)		20.8			—			23.6
Net adjustments		827.9			(895.3	)		(115.4	)		29.0			236.6			82.8
Net cash provided by (used in) operating activities		937.2			(728.5	)		(43.6	)		21.5			—			186.6
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		(2.0	)		(29.1	)		51.4			0.6			(56.2	)		(35.3	)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		(938.0	)		758.4			(7.5	)		(12.5	)		56.2			(143.4	)
Net increase (decrease) in cash and cash equivalents		(2.8	)		0.8			0.3			9.6			—			7.9
Effect of exchange rates		—			—			0.1			1.5			—			1.6
Net change in cash and cash equivalents		(2.8	)		0.8			0.4			11.1			—			9.5
Beginning cash and cash equivalents		3.0			14.5			1.5			42.3			—			61.3
Ending cash and cash equivalents	$	0.2		$	15.3		$	1.9		$	53.4		$	—		$	70.8

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2011

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	42.9		$	104.6		$	70.0		$	(11.1	)	$	(171.8	)	$	34.6
Non-cash expenses		(24.1	)		82.0			(15.8	)		7.9			—			50.0
Equity in (earnings) loss of subsidiaries		(115.0	)		(65.5	)		8.7			—			171.8			—
Changes in working capital		265.5			(511.3	)		218.4			(2.6	)		—			(30.0	)
Net adjustments		126.4			(494.8	)		211.3			5.3			171.8			20.0
Net cash provided by (used in) operating activities		169.3			(390.2	)		281.3			(5.8	)		—			54.6
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		97.3			3.4			(158.0	)		(10.2	)		(47.5	)		(115.0	)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		(264.1	)		386.3			(122.5	)		10.7			47.5			57.9
Net increase (decrease) in cash and cash equivalents		2.5			(0.5	)		0.8			(5.3	)		—			(2.5	)
Effect of exchange rates		—			—			—			1.6			—			1.6
Net change in cash and cash equivalents		2.5			(0.5	)		0.8			(3.7	)		—			(0.9	)
Beginning cash and cash equivalents		0.5			15.0			0.7			46.0			—			62.2
Ending cash and cash equivalents	$	3.0		$	14.5		$	1.5		$	42.3		$	—		$	61.3

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2010

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	(65.4	)	$	(39.7	)	$	115.2		$	(9.6	)	$	(70.5	)	$	(70.0	)
Non-cash expenses		(74.0	)		117.7			64.5			6.7			—			114.9
Equity in (earnings) loss of subsidiaries		(47.7	)		(28.4	)		5.6			—			70.5			—
Changes in working capital		13.1			(459.4	)		220.6			(17.6	)		—			(243.3	)
Net adjustments		(108.6	)		(370.1	)		290.7			(10.9	)		70.5			(128.4	)
Net cash used in operating activities		(174.0	)		(409.8	)		405.9			(20.5	)		—			(198.4	)
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		61.4			199.7			(338.7	)		1.3			31.9			(44.4	)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		113.1			220.7			(66.7	)		(50.7	)		(31.9	)		184.5
Net increase (decrease) in cash and cash equivalents		0.5			10.6			0.5			(69.9	)		—			(58.3	)
Effect of exchange rates		—			—			—			5.6			—			5.6
Net change in cash and cash equivalents		0.5			10.6			0.5			(64.3	)		—			(52.7	)
Beginning cash and cash equivalents		—			4.4			0.2			110.3			—			114.9
Ending cash and cash equivalents	$	0.5		$	15.0		$	0.7		$	46.0		$	—		$	62.2

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Current assets	$	381.7		$	2,215.9	$	63.0	$	214.5	$	(1,620.8	)	$	1,254.3
Property, plant and equipment net of accumulated depreciation		—			410.8		3.1		69.5		—			483.4
Other noncurrent assets		944.2			319.2		1,818.6		14.4		(2,869.9	)		226.5
Total Assets	$	1,325.9		$	2,945.9	$	1,884.7	$	298.4	$	(4,490.7	)	$	1,964.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	16.5		$	254.3	$	1,738.3	$	67.7	$	(1,620.8	)	$	456.0
Noncurrent liabilities		1,594.3			1,872.2		0.8		32.8		(1,711.4	)		1,788.7
Redeemable noncontrolling interest		—			—		—		1.7		—			1.7
Ryerson Inc. stockholders’ equity		(284.9	)		819.4		145.6		193.5		(1,158.5	)		(284.9	)
Noncontrolling interest		—			—		—		2.7		—			2.7
Total Liabilities and Equity	$	1,325.9		$	2,945.9	$	1,884.7	$	298.4	$	(4,490.7	)	$	1,964.2

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2011

(In millions)

	Parent		Joseph T. Ryerson		Guarantor		Non-guarantor		Eliminations			Consolidated
ASSETS
Current assets	$	1,399.6	$	1,390.3	$	53.9	$	225.9	$	(1,717.0	)	$	1,352.7
Property, plant and equipment net of accumulated depreciation		—		416.4		2.9		71.8		—			491.1
Other noncurrent assets		798.1		244.0		1,885.2		15.4		(2,723.3	)		219.4
Total Assets	$	2,197.7	$	2,050.7	$	1,942.0	$	313.1	$	(4,440.3	)	$	2,063.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	44.5	$	265.1	$	1,870.3	$	84.4	$	(1,717.0	)	$	547.3
Noncurrent liabilities		2,129.8		1,102.2		5.7		31.0		(1,784.1	)		1,484.6
Ryerson Inc. stockholders’ equity		23.4		683.4		66.0		189.8		(939.2	)		23.4
Noncontrolling interest		—		—		—		7.9		—			7.9
Total Liabilities and Equity	$	2,197.7	$	2,050.7	$	1,942.0	$	313.1	$	(4,440.3	)	$	2,063.2