Condensed Consolidating Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 JUNE 30, 2014

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	793.0		$	669.8		$	116.8		$	(648.1	)	$	931.5
Cost of materials sold		—			670.3			656.8			98.1			(648.1	)		777.1
Gross profit		—			122.7			13.0			18.7			—			154.4
Warehousing, delivery, selling, general and administrative		1.4			95.9			6.0			17.1			—			120.4
Operating profit (loss)		(1.4	)		26.8			7.0			1.6			—			34.0
Other income and (expense), net		—			0.1			—			(1.8	)		—			(1.7	)
Interest and other expense on debt		(3.7	)		(23.0	)		—			(0.8	)		—			(27.5	)
Intercompany transactions:
Interest expense on intercompany loans		(7.5	)		—			—			—			7.5			—
Interest income on intercompany loans		—			5.6			1.9			—			(7.5	)		—
Income (loss) before income taxes		(12.6	)		9.5			8.9			(1.0	)		—			4.8
Provision (benefit) for income taxes		(5.0	)		4.1			4.3			(1.3	)		—			2.1
Equity in earnings of subsidiaries		(11.2	)		(8.6	)		(1.3	)		—			21.1			—
Net income		3.6			14.0			5.9			0.3			(21.1	)		2.7
Less: Net loss attributable to noncontrolling interest		—			—			—			(0.9	)		—			(0.9	)
Net income attributable to Ryerson Inc.	$	3.6		$	14.0		$	5.9		$	1.2		$	(21.1	)	$	3.6
Comprehensive income	$	7.0		$	13.9		$	2.7		$	7.2		$	(24.6	)	$	6.2
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—			(0.8	)		—			(0.8	)
Comprehensive income attributable to Ryerson Inc.	$	7.0		$	13.9		$	2.7		$	8.0		$	(24.6	)	$	7.0

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)

SIX MONTHS ENDED JUNE 30, 2014

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
Net sales	$	—		$	1,535.8		$	1,238.4		$	228.7		$	(1,197.0	)	$	1,805.9
Cost of materials sold		—			1,295.1			1,213.5			192.2			(1,197.0	)		1,503.8
Gross profit		—			240.7			24.9			36.5			—			302.1
Warehousing, delivery, selling, general and administrative		2.7			188.5			12.1			34.9			—			238.2
Operating profit (loss)		(2.7	)		52.2			12.8			1.6			—			63.9
Other income and (expense), net		—			0.1			—			0.2			—			0.3
Interest and other expense on debt		(7.5	)		(46.0	)		—			(1.4	)		—			(54.9	)
Intercompany transactions:
Interest expense on intercompany loans		(15.0	)		—			—			—			12.0			—
Interest income on intercompany loans		—			11.1			3.9			—			(12.0	)		—
Income (loss) before income taxes		(25.2	)		17.4			16.7			0.4			—			9.3
Provision (benefit) for income taxes		(15.0	)		10.3			10.0			0.3			—			5.6
Equity in earnings of subsidiaries		(15.7	)		(18.3	)		(0.1	)		—			34.1			—
Net income		5.5			25.4			6.8			0.1			(34.1	)		3.7
Less: Net loss attributable to noncontrolling interest		—			—			—			(1.8	)		—			(1.8	)
Net income attributable to Ryerson Inc.	$	5.5		$	25.4		$	6.8		$	1.9		$	(34.1	)	$	5.5
Comprehensive income (loss)	$	1.9		$	25.3		$	3.5		$	(0.1	)	$	(30.6	)	$	—
Less: Comprehensive loss attributable to noncontrolling interest		—			—			—			(1.9	)		—			(1.9	)
Comprehensive income attributable to Ryerson Inc.	$	1.9		$	25.3		$	3.5		$	1.8		$	(30.6	)	$	1.9

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

Condensed Consolidating Statement of Cash Flows

RYERSON INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2014

(In millions)

	Parent			Joseph T. Ryerson			Guarantor			Non-guarantor			Eliminations			Consolidated
OPERATING ACTIVITIES:
Net income	$	5.5		$	25.4		$	6.8		$	0.1		$	(34.1	)	$	3.7
Non-cash expenses		(9.0	)		25.3			9.1			3.3			1.5			30.2
Equity in earnings of subsidiaries		(15.7	)		(18.3	)		(0.1	)		—			34.1			—
Changes in working capital		3.8			13.6			(25.5	)		(14.9	)		(1.5	)		(24.5	)
Net adjustments		(20.9	)		20.6			(16.5	)		(11.6	)		34.1			5.7
Net cash provided by (used in) operating activities		(15.4	)		46.0			(9.7	)		(11.5	)		—			9.4
INVESTING ACTIVITIES:
Capital expenditures		—			(7.2	)		(0.4	)		(0.6	)		—			(8.2	)
Loan to related companies		—			(40.7	)		(19.0	)		—			59.7			—
Other investing activities		(0.3	)		1.2			—			0.1			0.1			1.1
Net cash provided by (used in) investing activities		(0.3	)		(46.7	)		(19.4	)		(0.5	)		59.8			(7.1	)
FINANCING ACTIVITIES:
Net proceeds/(repayments) of short term borrowings		(44.1	)		—			—			4.1			—			(40.0	)
Proceeds from intercompany borrowings		59.7			—			—			—			(59.7	)		—
Net increase book overdrafts		0.2			2.2			45.1			—			—			47.5
Other financing activities		—			(0.5	)		—			0.1			(0.1	)		(0.5	)
Net cash provided by financing activities		15.8			1.7			45.1			4.2			(59.8	)		7.0
Net increase (decrease) in cash and cash equivalents		0.1			1.0			16.0			(7.8	)		—			9.3
Effect of exchange rates		—			—			—			(0.8	)		—			(0.8	)
Net change in cash and cash equivalents		0.1			1.0			16.0			(8.6	)		—			8.5
Beginning cash and cash equivalents		—			7.8			2.4			63.8			—			74.0
Ending cash and cash equivalents	$	0.1		$	8.8		$	18.4		$	55.2		$	—		$	82.5

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		629.4			1,021.7			(1,650.6	)		10.7			—			11.2
Net adjustments		601.6			1,033.8			(1,645.2	)		22.7			33.4			46.3
Net cash provided by (used in) operating activities		610.6			1,068.5			(1,636.4	)		8.7			—			51.4
INVESTING ACTIVITIES:
Capital expenditures		—			(8.0	)		(0.3	)		(2.2	)		—			(10.5	)
Loan to related companies		—			(399.7	)		—			—			399.7			—
Loan repayment from related companies		494.6			—			1,458.3			—			(1,952.9	)		—
Investment in related companies		—			(173.2	)		—			—			173.2			—
Other investing activities		—			3.0			—			0.1			—			3.1
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 proceeds/(repayments) of short term borrowings		(38.6	)		—			—			1.8			—			(36.8	)
Proceeds from intercompany borrowings		399.7			—			—			—			(399.7	)		—
Repayment of intercompany borrowings		(1,458.3	)		(494.6	)		—			—			1,952.9			—
Net increase/(decrease) book overdrafts		—			(0.3	)		6.4			—			—			6.1
Capital contribution		—			—			173.2			—			(173.2	)		—
Other financing activities		(3.2	)		(0.6	)		—			(0.5	)		—			(4.3	)
Net cash provided by (used in) financing activities		(1,100.4	)		(495.5	)		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

Condensed Consolidating Balance Sheet

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

JUNE 30, 2014

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	0.1		$	8.8	$	18.4	$	55.2		$	—		$	82.5
Receivables less provision for allowances, claims and doubtful accounts		3.8			359.0		12.5		91.1			—			466.4
Inventories		—			622.1		24.8		76.1			—			723.0
Intercompany receivable		—			154.8		131.3		—			(286.1	)		—
Other current assets		0.4			9.0		15.5		16.4			(1.7	)		39.6
Total current assets		4.3			1,153.7		202.5		238.8			(287.8	)		1,311.5
Investments in subsidiaries		1,017.9			434.3		34.1		—			(1,486.3	)		—
Intercompany notes receivable		—			446.8		242.8		—			(689.6	)		—
Property, plant and equipment net of accumulated depreciation		—			382.5		3.4		58.0			—			443.9
Other noncurrent assets		114.6			37.7		62.4		5.7			(7.3	)		213.1
Total assets	$	1,136.8		$	2,455.0	$	545.2	$	302.5		$	(2,471.0	)	$	1,968.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	—		$	53.4	$	229.1	$	36.7		$	0.1		$	319.3
Intercompany payable		251.4			—		—		34.8			(286.2	)		—
Deferred income taxes		1.3			119.1		0.5		—			(1.9	)		119.0
Other current liabilities		3.0			89.1		4.2		39.7			0.2			136.2
Total current liabilities		255.7			261.6		233.8		111.2			(287.8	)		574.5
Long-term debt		325.0			900.0		—		—			—			1,225.0
Long-term debt – intercompany		689.6			—		—		—			(689.6	)		—
Deferred employee benefits		0.7			264.3		—		24.8			—			289.8
Taxes and other credits		5.9			11.4		10.4		2.0			(7.3	)		22.4
Total liabilities		1,276.9			1,437.3		244.2		138.0			(984.7	)		2,111.7
Redeemable noncontrolling interest		—			—		—		1.2			—			1.2
Ryerson Inc. stockholders’ equity		(140.1	)		1,017.7		301.0		167.6			(1,486.3	)		(140.1	)
Noncontrolling interest		—			—		—		(4.3	)		—			(4.3	)
Total liabilities and equity	$	1,136.8		$	2,455.0	$	545.2	$	302.5		$	(2,471.0	)	$	1,968.5

RYERSON INC.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

(In millions)

	Parent			Joseph T. Ryerson		Guarantor		Non-guarantor			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—		$	7.8	$	2.4	$	63.8		$	—		$	74.0
Receivables less provision for allowances, claims and doubtful accounts		3.5			290.4		8.8		82.7			—			385.4
Inventories		—			637.1		25.8		70.1			—			733.0
Intercompany receivable		—			227.0		55.2		—			(282.2	)		—
Other current assets		—			11.4		20.8		18.8			(1.5	)		49.5
Total current assets		3.5			1,173.7		113.0		235.4			(283.7	)		1,241.9
Investments in subsidiaries		1,005.7			416.0		34.0		—			(1,455.7	)		—
Intercompany notes receivable		—			406.1		223.8		—			(629.9	)		—
Property, plant and equipment net of accumulated depreciation		—			387.8		3.1		61.8			—			452.7
Other noncurrent assets		107.3			48.5		64.0		5.8			(2.2	)		223.4
Total assets	$	1,116.5		$	2,432.1	$	437.9	$	303.0		$	(2,371.5	)	$	1,918.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	(0.2	)	$	35.1	$	132.8	$	39.1		$	0.4		$	207.2
Intercompany payable		247.6			—		—		35.0			(282.6	)		—
Other current liabilities		11.9			204.6		2.2		36.7			(1.5	)		253.9
Total current liabilities		259.3			239.7		135.0		110.8			(283.7	)		461.1
Long-term debt		362.5			900.0		—		—			—			1,262.5
Long-term debt – intercompany		629.9			—		—		—			(629.9	)		—
Deferred employee benefits		0.6			294.4		—		25.8			—			320.8
Taxes and other credits		6.2			5.6		5.3		1.9			(2.2	)		16.8
Total liabilities		1,258.5			1,439.7		140.3		138.5			(915.8	)		2,061.2
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