Condensed Consolidating Guarantor Financial Statements (Tables)

3 Months Ended

Mar. 31, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Statement of Comprehensive Income

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014

(In millions)

	Parent			Joseph T. Ryerson			Guarantor		Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	742.8		$	568.6	$	111.9		$	(548.9	)	$	874.4
Cost of materials sold		—			624.8			556.7		94.1			(548.9	)		726.7
Gross profit		—			118.0			11.9		17.8			—			147.7
Warehousing, delivery, selling, general and administrative		1.3			92.6			6.1		17.8			—			117.8
Operating profit (loss)		(1.3	)		25.4			5.8		—			—			29.9
Other income and (expense), net		—			—			—		2.0			—			2.0
Interest and other expense on debt		(3.8	)		(23.0	)		—		(0.6	)		—			(27.4	)
Intercompany transactions:
Interest expense on intercompany loans		(7.5	)		—			—		—			7.5			—
Interest income on intercompany loans		—			5.5			2.0		—			(7.5	)		—
Income (loss) before income taxes		(12.6	)		7.9			7.8		1.4			—			4.5
Provision (benefit) for income taxes		(10.0	)		6.2			5.7		1.6			—			3.5
Equity in (earnings) loss of subsidiaries		(4.5	)		(9.7	)		1.2		—			13.0			—
Net income (loss)		1.9			11.4			0.9		(0.2	)		(13.0	)		1.0
Less: Net loss attributable to noncontrolling interest		—			—			—		(0.9	)		—			(0.9	)
Net income attributable to Ryerson Inc.	$	1.9		$	11.4		$	0.9	$	0.7		$	(13.0	)	$	1.9
Comprehensive income (loss)	$	(5.1	)	$	11.4		$	0.8	$	(7.3	)	$	(6.0	)	$	(6.2	)
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—		(1.1	)		—			(1.1	)
Comprehensive income (loss) attributable to Ryerson Inc.	$	(5.1	)	$	11.4		$	0.8	$	(6.2	)	$	(6.0	)	$	(5.1	)

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

Condensed Consolidating Statement of Cash Flows

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2014

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income (loss)	$	1.9		$	11.4		$	0.9		$	(0.2	)	$	(13.0	)	$	1.0
Non-cash expenses		(8.5	)		15.5			6.9			1.7			1.5			17.1
Equity in (earnings) loss of subsidiaries		(4.5	)		(9.7	)		1.2			—			13.0			—
Changes in working capital		0.4			(67.1	)		85.0			(9.9	)		(1.5	)		6.9
Net adjustments		(12.6	)		(61.3	)		93.1			(8.2	)		13.0			24.0
Net cash provided by (used in) operating activities		(10.7	)		(49.9	)		94.0			(8.4	)		—			25.0
INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities		—			41.7			(103.0	)		(0.2	)		58.2			(3.3	)
FINANCING ACTIVITIES:
Net cash provided by financing activities		31.6			12.0			12.8			6.8			(58.2	)		5.0
Net increase (decrease) in cash and cash equivalents		20.9			3.8			3.8			(1.8	)		—			26.7
Effect of exchange rates		—			—			—			(3.7	)		—			(3.7	)
Net change in cash and cash equivalents		20.9			3.8			3.8			(5.5	)		—			23.0
Beginning cash and cash equivalents		—			7.8			2.4			63.8			—			74.0
Ending cash and cash equivalents	$	20.9		$	11.6		$	6.2		$	58.3		$	—		$	97.0

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

Condensed Consolidating Balance Sheet

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

MARCH 31, 2014

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
ASSETS
Current assets	$	24.5		$	1,256.3	$	61.0	$	245.5		$	(296.0	)	$	1,291.3
Property, plant and equipment net of accumulated depreciation		—			386.6		3.2		57.9			—			447.7
Other noncurrent assets		1,118.3			827.2		422.6		5.0			(2,155.7	)		217.4
Total Assets	$	1,142.8		$	2,470.1	$	486.8	$	308.4		$	(2,451.7	)	$	1,956.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	252.7		$	274.2	$	177.2	$	124.8		$	(294.3	)	$	534.6
Noncurrent liabilities		1,037.2			1,192.1		11.3		26.4			(695.8	)		1,571.2
Redeemable noncontrolling interest		—			—		—		1.2			—			1.2
Ryerson Inc. stockholders’ equity		(147.1	)		1,003.8		298.3		159.5			(1,461.6	)		(147.1	)
Noncontrolling interest		—			—		—		(3.5	)		—			(3.5	)
Total Liabilities and Equity	$	1,142.8		$	2,470.1	$	486.8	$	308.4		$	(2,451.7	)	$	1,956.4

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
ASSETS
Current assets	$	3.5		$	1,173.7	$	113.0	$	235.4		$	(283.7	)	$	1,241.9
Property, plant and equipment net of accumulated depreciation		—			387.8		3.1		61.8			—			452.7
Other noncurrent assets		1,113.0			870.6		321.8		5.8			(2,087.8	)		223.4
Total Assets	$	1,116.5		$	2,432.1	$	437.9	$	303.0		$	(2,371.5	)	$	1,918.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	259.3		$	239.7	$	135.0	$	110.8		$	(283.7	)	$	461.1
Noncurrent liabilities		999.2			1,200.0		5.3		27.7			(632.1	)		1,600.1
Redeemable noncontrolling interest		—			—		—		1.3			—			1.3
Ryerson Inc. stockholders’ equity		(142.0	)		992.4		297.6		165.7			(1,455.7	)		(142.0	)
Noncontrolling interest		—			—		—		(2.5	)		—			(2.5	)
Total Liabilities and Equity	$	1,116.5		$	2,432.1	$	437.9	$	303.0		$	(2,371.5	)	$	1,918.0