Employee Benefits

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

NOTE 6: EMPLOYEE BENEFITS

The following table summarizes the components of net periodic benefit cost for the three and nine month periods ended September 30, 2014 and 2013 for the Ryerson pension plans and postretirement benefits other than pension:

	Three Months Ended September 30,
	Pension Benefits						Other Benefits
	2014			2013			2014			2013
	(In millions)
Components of net periodic benefit cost
Service cost	$	—		$	1		$	—		$	—
Interest cost		10			9			2			1
Expected return on assets		(12	)		(11	)		—			—
Prior service credit		—			—			(1	)		—
Recognized actuarial net (gain) loss		3			3			(2	)		(2	)
Net periodic benefit cost (credit)	$	1		$	2		$	(1	)	$	(1	)
	Nine Months Ended September 30,
	Pension Benefits						Other Benefits
	2014			2013			2014			2013
	(In millions)
Components of net periodic benefit cost
Service cost	$	1		$	2		$	—		$	—
Interest cost		29			27			4			3
Expected return on assets		(36	)		(33	)		—			—
Prior service credit		—			—			(1	)		(1	)
Recognized actuarial net (gain) loss		8			10			(6	)		(5	)
Net periodic benefit cost (credit)	$	2		$	6		$	(3	)	$	(3	)

Remeasurement

In September 2014, the Company amended the plan design of one of its post-retirement medical plans for a significant number of its U.S. retirees, effectively moving a number of participants from a company-sponsored group plan to a defined contribution plan. We completed a remeasurement of the plan as of the announcement date as a result of the plan amendment. The effect of the plan amendment was a reduction of $5.1 million in the accumulated postretirement benefit obligation.

Contributions

The Company has contributed $50.2 million to the pension plan fund through the nine months ended September 30, 2014 and anticipates that it will have a minimum required pension contribution funding of approximately $5.0 million for the remaining three months of 2014.