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): March 13, 2014

Ryerson Inc.

(Exact name of registrant as specified in its charter)

Delaware	333-189642	36-3425828
(State or other jurisdiction of incorporation)	(Commission File Number)	(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 March 13, 2014, Ryerson Inc. released its Fourth Quarter and Twelve-Month Selected Income and Cash Flow Data. The Ryerson Inc. Fourth Quarter and Twelve-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. Fourth Quarter and Twelve-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: March 13, 2014

RYERSON INC.
By:	/s/ EDWARD J. LEHNER
Name:	Edward J. Lehner
Title:	Executive Vice President & Chief Financial Officer

Exhibit Index

Exhibit Number	Description
99.1	Ryerson Inc. Fourth Quarter and Twelve-Month 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)

							Third			Year Ended
	Fourth Quarter						Quarter			December 31,
	2013			2012			2013			2013			2012
NET SALES	$	802.5		$	850.3		$	859.8		$	3,460.3		$	4,024.7
Cost of materials sold		655.3			696.0			704.7			2,843.7			3,315.1
Gross profit		147.2			154.3			155.1			616.6			709.6
Warehousing, delivery, selling, general and administrative		116.8			118.2			119.6			479.5			508.2
Restructuring and other charges		(0.2	)		1.1			—			1.9			1.1
Impairment charges on fixed assets and goodwill		1.2			0.1			1.1			10.0			1.0
Pension and other postretirement benefits curtailment gain		—			(1.7	)		—			—			(1.7	)
OPERATING PROFIT		29.4			36.6			34.4			125.2			201.0
Other income and (expense), net		(2.3	)		(17.0	)		(1.1	)		(0.2	)		(18.0	)
Interest and other expense on debt		(27.2	)		(27.5	)		(27.1	)		(110.5	)		(86.4	)
INCOME (LOSS) BEFORE INCOME TAXES		(0.1	)		(7.9	)		6.2			14.5			96.6
Provision (benefit) for income taxes		(71.6	)		(13.6	)		2.9			(65.4	)		(7.2	)
NET INCOME		71.5			5.7			3.3			79.9			103.8
Less: Net loss attributable to noncontrolling interest		(0.9	)		(1.3	)		(1.0	)		(5.8	)		(5.5	)
NET INCOME ATTRIBUTABLE TO RYERSON INC.	$	72.4		$	7.0		$	4.3		$	85.7		$	109.3
Supplemental Data :
Tons shipped (000)		479			478			519			2,038			2,149
Shipping days		61			61			64			252			252
Average selling price/ton	$	1,675		$	1,779		$	1,657		$	1,698		$	1,873
Gross profit/ton		307			323			299			302			330
Operating profit/ton		61			77			66			61			93
LIFO income/ton		(13	)		(35	)		(18	)		(16	)		(29	)
LIFO income	$	(6.4	)	$	(16.7	)	$	(9.5	)	$	(33.0	)	$	(63.1	)
Depreciation and amortization expense		12.0			12.5			12.0			46.9			47.3
Cash flow from operating activities		(39.7	)		100.5			36.6			48.3			186.6
Capital expenditures		(3.7	)		(8.8	)		(6.0	)		(20.2	)		(40.8	)

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation

RYERSON INC. AND SUBSIDIARY COMPANIES

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

(Dollars in millions)

	Fourth			Year Ended
	Quarter			December 31,
	2013			2013			2012
Net income attributable to Ryerson Inc.	$	72.4		$	85.7		$	109.3
Interest and other expense on debt		27.2			110.5			86.4
Provision (benefit) for income taxes		(71.6	)		(65.4	)		(7.2	)
Depreciation and amortization expense		12.0			46.9			47.3
EBITDA	$	40.0		$	177.7		$	235.8
Reorganization		3.0			11.5			5.8
Advisory services fee		1.2			5.0			5.0
Loss on retirement of debt		—			—			17.2
Foreign currency transaction (gains) losses		(2.1	)		(3.7	)		1.5
Impairment charges on fixed assets and goodwill		1.2			10.0			1.0
Purchase consideration		0.8			3.5			4.3
Other adjustments		4.7			4.2			(0.7	)
Adjusted EBITDA	$	48.8		$	208.2		$	269.9
Adjusted EBITDA	$	48.8		$	208.2		$	269.9
LIFO income		(6.4	)		(33.0	)		(63.1	)
Adjusted EBITDA, excluding LIFO income	$	42.4		$	175.2		$	206.8

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 charges on fixed assets and goodwill, reorganization expenses and the payment of management fees. We believe that the presentation of EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income provides useful information to investors regarding our operational performance because they enhance an investor’s overall understanding of our core financial performance and provide a basis of comparison of results between current, past and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO income, to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income targets. We also use EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income 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, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. Our definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO income may differ from that of other companies.