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): August 14, 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 (the “Exchange Act”) and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On August 14, 2014, Ryerson Inc. released its Second Quarter and Six-Month Selected Income and Cash Flow Data. The Ryerson Inc. Second Quarter and Six-Month Selected Income and Cash Flow Data is set forth on Exhibit 99.1 attached hereto and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

d) Exhibits

99.1 Ryerson Inc. Second Quarter and Six-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: August 14, 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. Second Quarter and Six-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)

	2014						2013			First Six Months Ended
	Second			First			Second			June 30,
	Quarter			Quarter			Quarter			2014			2013
NET SALES	$	931.5		$	874.4		$	906.9		$	1,805.9		$	1,798.0
Cost of materials sold		777.1			726.7			748.4			1,503.8			1,483.7
Gross profit		154.4			147.7			158.5			302.1			314.3
Warehousing, delivery, selling, general and administrative		120.4			117.8			121.4			238.2			243.1
Restructuring and other charges		—			—			2.1			—			2.1
Impairment charges on fixed assets and goodwill		—			—			6.8			—			7.7
OPERATING PROFIT		34.0			29.9			28.2			63.9			61.4
Other income and (expense), net		(1.7	)		2.0			2.0			0.3			3.2
Interest and other expense on debt		(27.5	)		(27.4	)		(27.8	)		(54.9	)		(56.2	)
INCOME BEFORE INCOME TAXES		4.8			4.5			2.4			9.3			8.4
Provision for income taxes		2.1			3.5			2.2			5.6			3.3
NET INCOME		2.7			1.0			0.2			3.7			5.1
Less: Net loss attributable to noncontrolling interest		(0.9	)		(0.9	)		(1.7	)		(1.8	)		(3.9	)
NET INCOME ATTRIBUTABLE TO RYERSON INC.	$	3.6		$	1.9		$	1.9		$	5.5		$	9.0
Supplemental Data :
Tons shipped (000)		529			506			530			1,035			1,040
Shipping days		64			63			64			127			127
Average selling price/ton	$	1,761		$	1,728		$	1,711		$	1,745		$	1,729
Gross profit/ton		292			292			299			292			302
Operating profit/ton		64			59			53			62			59
LIFO expense (income)/ton		26			18			(24	)		22			(16	)
LIFO expense (income)	$	13.7		$	9.2		$	(12.7	)	$	22.9		$	(17.1	)
Depreciation and amortization expense		11.6			10.9			11.6			22.5			22.9
Cash flow from operating activities		(15.6	)		25.0			21.7			9.4			51.4
Capital expenditures		(4.8	)		(3.4	)		(6.5	)		(8.2	)		(10.5	)

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation.

Schedule 1

RYERSON INC. AND SUBSIDIARY COMPANIES

Reconciliation of Net Income Attributable to Ryerson Inc. to EBITDA

(Dollars in millions)

	2014						2013
	Second Quarter			First Quarter			Second Quarter
Net income attributable to Ryerson Inc.	$	3.6		$	1.9		$	1.9
Interest and other expense on debt		27.5			27.4			27.8
Provision for income taxes		2.1			3.5			2.2
Depreciation and amortization expense		11.6			10.9			11.6
EBITDA	$	44.8		$	43.7		$	43.5
Reorganization		0.4			1.0			4.4
Advisory services fee		1.2			1.3			1.2
Foreign currency transaction (gains) losses		2.2			(2.2	)		(1.8	)
Impairment charge on goodwill		—			—			6.8
Purchase consideration		0.8			0.8			0.8
Other adjustments		(0.5	)		0.2			(0.2	)
Adjusted EBITDA	$	48.9		$	44.8		$	54.7
Adjusted EBITDA	$	48.9		$	44.8		$	54.7
LIFO expense (income)		13.7			9.2			(12.7	)
Adjusted EBITDA, excluding LIFO expense (income)	$	62.6		$	54.0		$	42.0

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 expense (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 expense (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 expense (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 expense (income) targets. We also use EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income) to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (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 expense (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 expense (income) may differ from that of other companies.