RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2013

(In millions)


	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	766.0		$	598.7	$	121.7		$	(579.5	)	$	906.9
Cost of materials sold		—			636.3			587.1		104.5			(579.5	)		748.4

Gross profit		—			129.7			11.6		17.2			—			158.5
Warehousing, delivery, selling, general and administrative		1.2			93.3			5.7		21.2			—			121.4
Restructuring and other charges		—			—			—		2.1			—			2.1
Impairment charge on goodwill		—			—			—		6.8			—			6.8

Operating profit (loss)		(1.2	)		36.4			5.9		(12.9	)		—			28.2
Other income and (expense), net		—			0.1			—		1.9			—			2.0
Interest and other expense on debt		(4.0	)		(23.0	)		—		(0.8	)		—			(27.8	)
Intercompany transactions:
Interest expense on intercompany loans		(6.6	)		—			—		—			6.6			—
Interest income on intercompany loans		—			4.7			1.9		—			(6.6	)		—

Income (loss) before income taxes		(11.8	)		18.2			7.8		(11.8	)		—			2.4
Provision (benefit) for income taxes		(2.7	)		4.0			1.8		(0.9	)		—			2.2
Equity in (earnings) loss of subsidiaries		(11.0	)		(1.6	)		3.0		—			9.6			—

Net income (loss)		1.9			15.8			3.0		(10.9	)		(9.6	)		0.2
Less: Net loss attributable to noncontrolling interest		—			—			—		(1.7	)		—			(1.7	)

Net income (loss) attributable to Ryerson Inc.	$	1.9		$	15.8		$	3.0	$	(9.2	)	$	(9.6	)	$	1.9

Comprehensive income (loss)	$	(6.2	)	$	16.6		$	0.6	$	(17.2	)	$	(1.6	)	$	(7.8	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—		(1.6	)		—			(1.6	)

Comprehensive income (loss) attributable to Ryerson Inc.	$	(6.2	)	$	16.6		$	0.6	$	(15.6	)	$	(1.6	)	$	(6.2	)

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2012

(In millions)


	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	919.4		$	799.2		$	147.5		$	(775.5	)	$	1,090.6
Cost of materials sold		—			774.1			783.0			125.0			(775.5	)		906.6

Gross profit		—			145.3			16.2			22.5			—			184.0
Warehousing, delivery, selling, general and administrative		1.2			103.1			6.3			20.9			—			131.5
Impairment charge on fixed assets		—			0.9			—			—			—			0.9

Operating profit (loss)		(1.2	)		41.3			9.9			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	)		(10.0	)		—			—			23.0			—
Interest income on intercompany loans		—			—			23.0			—			(23.0	)		—

Income (loss) before income taxes		(33.1	)		31.4			32.9			1.4			—			32.6
Provision for income taxes		—			1.3			1.7			0.2			—			3.2
Equity in earnings of subsidiaries		(63.7	)		(15.7	)		(0.3	)		—			79.7			—

Net income		30.6			45.8			31.5			1.2			(79.7	)		29.4
Less: Net loss attributable to noncontrolling interest		—			—			—			(1.2	)		—			(1.2	)

Net income attributable to Ryerson Inc.	$	30.6		$	45.8		$	31.5		$	2.4		$	(79.7	)	$	30.6

Comprehensive income (loss)	$	24.5		$	46.0		$	29.3		$	(3.5	)	$	(73.5	)	$	22.8
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—			(1.7	)		—			(1.7	)

Comprehensive income (loss) attributable to Ryerson Inc.	$	24.5		$	46.0		$	29.3		$	(1.8	)	$	(73.5	)	$	24.5

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(In millions)


	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	1,515.7		$	1,203.5	$	244.4		$	(1,165.6	)	$	1,798.0
Cost of materials sold		—			1,258.2			1,180.5		210.6			(1,165.6	)		1,483.7

Gross profit		—			257.5			23.0		33.8			—			314.3
Warehousing, delivery, selling, general and administrative		2.5			187.6			11.2		41.8			—			243.1
Restructuring and other charges		—			—			—		2.1						2.1
Impairment charges on fixed assets and goodwill		—			0.9			—		6.8			—			7.7

Operating profit (loss)		(2.5	)		69.0			11.8		(16.9	)		—			61.4
Other income and (expense), net		—			0.2			—		3.0			—			3.2
Interest and other expense on debt		(8.6	)		(46.1	)		—		(1.5	)		—			(56.2	)
Intercompany transactions:
Interest expense on intercompany loans		(12.0	)		—			—		—			12.0			—
Interest income on intercompany loans		—			8.1			3.9		—			(12.0	)		—

Income (loss) before income taxes		(23.1	)		31.2			15.7		(15.4	)		—			8.4
Provision (benefit) for income taxes		(4.4	)		6.1			3.0		(1.4	)		—			3.3
Equity in (earnings) loss of subsidiaries		(27.7	)		(9.6	)		3.9		—			33.4			—

Net income (loss)		9.0			34.7			8.8		(14.0	)		(33.4	)		5.1
Less: Net loss attributable to noncontrolling interest		—			—			—		(3.9	)		—			(3.9	)

Net income (loss) attributable to Ryerson Inc.	$	9.0		$	34.7		$	8.8	$	(10.1	)	$	(33.4	)	$	9.0

Comprehensive income (loss)	$	2.0		$	36.4		$	10.1	$	(23.8	)	$	(26.4	)	$	(1.7	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—		(3.7	)		—			(3.7	)

Comprehensive income (loss) attributable to Ryerson Inc.	$	2.0		$	36.4		$	10.1	$	(20.1	)	$	(26.4	)	$	2.0

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(In millions)


	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	1,873.1		$	1,610.0		$	288.6		$	(1,559.5	)	$	2,212.2
Cost of materials sold		—			1,573.6			1,578.2			245.1			(1,559.5	)		1,837.4

Gross profit		—			299.5			31.8			43.5			—			374.8
Warehousing, delivery, selling, general and administrative		2.5			207.4			12.7			40.3			—			262.9
Impairment charge on fixed assets		—			0.9			—			—			—			0.9

Operating profit (loss)		(2.5	)		91.2			19.1			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	)		(19.8	)		—			—			44.4			—
Interest income on intercompany loans		—			—			44.4			—			(44.4	)		—

Income (loss) before income taxes		(64.2	)		71.5			63.5			1.6			—			72.4
Provision for income taxes		—			3.6			2.0			0.3			—			5.9
Equity in earnings of subsidiaries		(133.0	)		(29.3	)		(0.6	)		—			162.9			—

Net income		68.8			97.2			62.1			1.3			(162.9	)		66.5
Less: Net loss attributable to noncontrolling interest		—			—			—			(2.3	)		—			(2.3	)

Net income attributable to Ryerson Inc.	$	68.8		$	97.2		$	62.1		$	3.6		$	(162.9	)	$	68.8

Comprehensive income	$	70.6		$	97.7		$	63.4		$	0.6		$	(164.4	)	$	67.9
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—			(2.7	)		—			(2.7	)

Comprehensive income attributable to Ryerson Inc.	$	70.6		$	97.7		$	63.4		$	3.3		$	(164.4	)	$	70.6

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(In millions)


	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	9.0		$	34.7		$	8.8		$	(14.0	)	$	(33.4	)	$	5.1

Non-cash expenses		(0.1	)		21.7			1.5			12.0			—			35.1
Equity in (earnings) loss of subsidiaries		(27.7	)		(9.6	)		3.9			—			33.4			—
Changes in working capital		626.2			1,024.9			(1,650.6	)		10.7			—			11.2

Net adjustments		598.4			1,037.0			(1,645.2	)		22.7			33.4			46.3

Net cash provided by (used in) operating activities		607.4			1,071.7			(1,636.4	)		8.7			—			51.4

INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		494.6			(577.9	)		1,458.0			(2.1	)		(1,380.0	)		(7.4	)

FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		(1,097.2	)		(498.7	)		179.6			1.3			1,380.0			(35.0	)

Net increase (decrease) in cash and cash equivalents		4.8			(4.9	)		1.2			7.9			—			9.0
Effect of exchange rates		—			0.2			—			(4.3	)		—			(4.1	)

Net change in cash and cash equivalents		4.8			(4.7	)		1.2			3.6			—			4.9
Beginning cash and cash equivalents		0.2			15.3			1.9			53.4			—			70.8

Ending cash and cash equivalents	$	5.0		$	10.6		$	3.1		$	57.0		$	—		$	75.7

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(In millions)


	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income	$	68.8		$	97.2		$	62.1		$	1.3		$	(162.9	)	$	66.5

Non-cash expenses		18.0			1.6			1.2			3.6			—			24.4
Equity in earnings of subsidiaries		(133.0	)		(29.3	)		(0.6	)		—			162.9			—
Changes in working capital		9.0			(42.8	)		(33.3	)		(22.3	)		—			(89.4	)

Net adjustments		(106.0	)		(70.5	)		(32.7	)		(18.7	)		162.9			(65.0	)

Net cash provided by (used in) operating activities		(37.2	)		26.7			29.4			(17.4	)		—			1.5

INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		(2.2	)		(18.0	)		(29.5	)		2.5			29.4			(17.8	)

FINANCING ACTIVITIES:
Net cash provided by (used in) financing activities		38.9			(11.9	)		(0.4	)		(8.5	)		(29.4	)		(11.3	)

Net decrease in cash and cash equivalents		(0.5	)		(3.2	)		(0.5	)		(23.4	)		—			(27.6	)
Effect of exchange rates		—			—			—			(0.2	)		—			(0.2	)

Net change in cash and cash equivalents		(0.5	)		(3.2	)		(0.5	)		(23.6	)		—			(27.8	)
Beginning cash and cash equivalents		3.0			14.5			1.5			42.3			—			61.3

Ending cash and cash equivalents	$	2.5		$	11.3		$	1.0		$	18.7		$	—		$	33.5

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

JUNE 30, 2013

(In millions)


	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
ASSETS
Current assets	$	14.6		$	1,173.4	$	126.8	$	235.4		$	(295.3	)	$	1,254.9
Property, plant and equipment net of accumulated depreciation		—			400.0		3.2		66.2			—			469.4
Other noncurrent assets		966.3			898.8		355.0		7.4			(2,011.3	)		216.2

Total Assets	$	980.9		$	2,472.2	$	485.0	$	309.0		$	(2,306.6	)	$	1,940.5

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	258.7		$	265.1	$	155.1	$	104.8		$	(295.6	)	$	488.1
Noncurrent liabilities		1,005.1			1,351.3		0.8		30.1			(652.7	)		1,734.6
Redeemable noncontrolling interest		—			—		—		1.5			—			1.5
Ryerson Inc. stockholders’ equity		(282.9	)		855.8		329.1		173.4			(1,358.3	)		(282.9	)
Noncontrolling interest		—			—		—		(0.8	)		—			(0.8	)

Total Liabilities and Equity	$	980.9		$	2,472.2	$	485.0	$	309.0		$	(2,306.6	)	$	1,940.5

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