Financial Analysis

NOTE 6: ACQUISITIONS On February 13, 2026 (the Closing Date), the Company completed the transactions contemplated by the Agreement and Plan of Merger, (the Merger Agreement), dated as of October 28, 2025 , by and among Ryerson Holding, Crimson MS Corp., an Ohio corporation and a direct wholly owned subsidiary of Ryerson Holding (Merger Sub), and Olympic Steel, an Ohio corporation. On the Closing Date, pursuant to the Merger Agreement, Merger Sub merged with and into Olympic Steel in accordance with Ohio law (the Olympic Steel Merger). At the effective time of the Olympic Steel Merger, each issued and outstanding share of common stock of Olympic Steel, without par per share (the Olympic Common Stock) (other than certain excluded shares), was converted into the right to receive 1.7105 shares of Ryerson Holdings common stock, rounded down to the nearest whole share, and cash in lieu of fractional shares. Upon the completion of the Olympic Steel Merger, Olympic Steel, as the surviving corporation, became a wholly owned subsidiary of Ryerson Holding. The Olympic Steel Merger is expected to enhance the combined company's presence as one of the largest North American metals service centers and represents a highly compatible strategic match as it will bring Olympic Steel's complementary footprint, capabilities, and product offerings into Ryerson's intelligently interconnected network of value-added service centers. The fair value of purchase consideration amounted to $ 837.3 million. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 9: COMMITMENTS AND CONTINGENCIES In October 2011, the United States Environmental Protection Agency (the EPA) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (PRP) for the Portland Harbor Superfund Site (the PHS Site). In 2017, the EPA issued its Record of Decision (ROD) for the site, which provides for a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery , at a then- estimated present value cost of $ 1.05 billion; however, the remedial designs and cost projections issued after the ROD indicate that the final costs for the entire site will be higher. A final allocation of costs of remediation among the various PRPs is not anticipated until 2027. All dates included herein are subject to change. There are sixteen project areas identified within the PHS Site; JT Ryersons identification as a PRP relates to its past operations within two of those project areas: (1) the Burgard Way site, which is a subset of the River Mile 3.5 East Project Area and (2) the Basin Avenue site, which is a subset of the Swan Island Basin Project Area. The EPA has set forth its desire for a single overarching consent decree to be negotiated and signed by all settling parties by March of 2027 at the latest. This decree would include implementation of the various proposed remedial design plans, sequencing, and payment of costs for a …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7: LONG-TERM DEBT Long-term debt consisted of the following at June 30, 2026 and December 31, 2025: June 30, December 31, 2026 2025 (In millions) Ryerson Credit Facility $ 962.0 $ 463.2 Foreign debt 2.6 1.9 Unamortized debt issuance costs ( 9.4 ) ( 2.0 ) Total debt 955.2 463.1 Less: Short-term foreign debt 2.6 1.9 Total long-term debt $ 952.6 $ 461.2 Ryerson Credit Facility On February 13, 2026, the Company entered into the seventh amendment to the Ryerson Credit Facility which among other items, increased the facility size from $ 1.3 billion to $ 1.8 billion and extended the maturity date from June 29, 2027 to February 13, 2031 . At June 30, 2026 , the Company had $ 962.0 million of outstanding borrowing s, $ 7 million of letters of credit issued, and $ 668 million available under the Ryerson Credit Facility compared to $ 463.2 million of outstanding borrowings, $ 1 million of letters of credit issued, and $ 428 million available at December 31, 2025 . Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower or guarantor in the ordinary course of business arising out of the sale of goods or the rendering …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Companys percentage of sales disaggregated by major product line: Three Months Ended Six Months Ended June 30, June 30, Product Line 2026 2025 2026 2025 Carbon Steel Flat 32 % 28 % 31 % 28 % Carbon Steel Plate 10 10 10 9 Carbon Steel Long 12 12 12 12 Stainless Steel Flat 14 14 14 14 Stainless Steel Plate 4 5 4 5 Stainless Steel Long 4 5 4 5 Aluminum Flat 14 16 14 16 Aluminum Plate 3 3 3 4 Aluminum Long 5 6 5 6 Other 2 1 3 1 Total 100 % 100 % 100 % 100 % A significant majority of the Companys sales are attributable to its U.S. operations. The only sales attributed to foreign countries relate to the Companys subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Sales (In millions) (In millions) United States $ 1,862.1 $ 1,052.2 $ 3,302.9 $ 2,077.3 Foreign countries 144.1 117.1 269.8 227.7 Total $ 2,006.2 $ 1,169.3 $ 3,572.7 $ 2,305.0 Revenue is recognized either at a point in time or over time based on (1) if the contract has an enforceable right to payment and (2) the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of …

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NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $ 164.4 million and $ 161.5 million at June 30, 2026 and December 31, 2025, respectively. T he Company recognized $ 2.9 million of goodwill within the Olympic Steel reporting unit during the first six months of 2026 related to purchase accounting adjustments following the merger with Olympic Steel. See Note 6: Acquisitions for further information. The goodwill recognized during the first six months of 2026 is fully tax deductible for income tax purposes. Pursuant to FASB ASC 350, Intangibles Goodwill and Other, the Company reviews the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur that might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2025 , and it was determined that no impairment existed. Other intangible assets with finite useful lives are amortized over their useful lives. The Company added $ 30.0 million of intangible assets during the first six months of 2026 relating to the merger with Olympic Steel, see Note 6: Acquisitions for further information. The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. …

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"NOTE 14: INCOME TAXES For the three months ended June 30, 2026, the Company recorded income tax expense of $ 6.0 million compared to an income tax benefit of $ 8.4 million in the prior year. The income tax provision or benefit for each period primarily reflects taxes at the federal, state and foreign statutory rates in the jurisdictions where the Company operates, adjusted for certain one-time items. For the six months ended June 30, 2026, the Company recorded income tax expense of $ 14.2 million compared to an income tax benefit of $ 10.0 million in the prior year. The increase in tax expense for the first six months of 2026 compared to the same period of 2025 primarily reflects higher actual and forecasted pre-tax earnings, as well as the impact of certain one-time, non-deductible costs related to the Olympic Steel Merger. As required by FASB ASC 740, "" Income Taxes "" (""ASC 740"") the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies, and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal deferred tax assets until such time as in managem …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting StandardsAdopted No accounting pronouncements have been issued and adopted in 2026 that impact the Company's financial statements. Recently Issued Accounting StandardsNot Yet Adopted In November 2024, FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025 issued an update through ASU 2025-01. The amendment requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The categories required to be disclosed under the amendment include; purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as a qualitative description of the amount remaining in relevant expense captions that are not disaggregated quantitatively. Additionally, disclosure is required of the total amount of selling expenses and the entity's definition of selling expenses in the annual reporting periods only. This update is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied on either a retrospective or prospective basis. The Company is assessing the impact of adoption, but does not expect this guidance to materially impact the consolidated financial statements, other than enhanced disclosures. In September 2025, …

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NOTE 8: EMPLOYEE BENEFITS The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension: Three Months Ended June 30, Pension Benefits Other Benefits 2026 2025 2026 2025 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.3 $ 0.4 $ 0.1 $ 0.1 Interest cost 3.3 3.6 0.4 0.4 Expected return on assets ( 3.6 ) ( 3.8 ) Settlement gain ( 0.3 ) ( 0.3 ) Recognized actuarial (gain) loss 1.4 1.1 ( 1.5 ) ( 1.7 ) Net periodic benefit cost (credit) $ 1.1 $ 1.0 $ ( 1.0 ) $ ( 1.2 ) Six Months Ended June 30, Pension Benefits Other Benefits 2026 2025 2026 2025 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.6 $ 0.7 0.1 $ 0.1 Interest cost 6.6 7.3 0.7 0.8 Expected return on assets ( 7.1 ) ( 7.6 ) Settlement gain ( 0.5 ) ( 0.5 ) Recognized actuarial (gain) loss 2.7 2.2 ( 2.9 ) ( 3.4 ) Net periodic benefit cost (credit) $ 2.3 $ 2.1 $ ( 2.1 ) $ ( 2.5 ) Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in the Condensed Consolidated Statement of Comprehensive Income. In 2025, the CSW Pension Plan had, and in 2026 it is expected to have, lump sum payments in excess of service cost and interest cost. Therefore, a settlement gain of $ 0.5 million was recorded in the first six months of both 2025 and 2026 . The pension settlements were recorded within Other income and (expe …

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NOTE 13: REVENUE RECOGNITION Net sales include product revenue and shipping and handling charges, net of estimated sales returns and any related sales incentives. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Companys percentage of sales disaggregated by major product line: Three Months Ended Six Months Ended June 30, June 30, Product Line 2026 2025 2026 2025 Carbon Steel Flat 32 % 28 % 31 % 28 % Carbon Steel Plate 10 10 10 9 Carbon Steel Long 12 12 12 12 Stainless Steel Flat 14 14 14 14 Stainless Steel Plate 4 5 4 5 Stainless Steel Long 4 5 4 5 Aluminum Flat 14 16 14 16 Aluminum Plate 3 3 3 4 Aluminum Long 5 6 5 6 Other 2 1 3 1 Total 100 % 100 % 100 % 100 % A significant majority of the Companys sales are attributable to its U.S. operations. The only sales attributed to foreign countries relate to the Companys subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Sales (In millions) (In millions) United States $ 1,862.1 $ 1,052.2 $ 3,302.9 $ 2,077.3 Foreign countries 144.1 117.1 269.8 227.7 Total $ 2,006.2 $ 1,169.3 $ 3,572.7 $ 2,305.0 Revenue is recognized either at a point in time o …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"NOTE 10: SEGMENT INFORMATION Edward Lehner, our Chief Executive Officer , serves as our chief operating decision maker (""CODM""). The CODM views our business as two operating segments, Ryerson, excluding Olympic Steel (""same-store""), and Olympic Steel. Management has aggregated these segments based on all criteria within ASC 280, ""Segment Reporting"", resulting in one reportable segment, metals service centers. There are no differences from the last annual report in our measurement of segment profit or loss. The Companys segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) (In millions) Net sales $ 2,006.2 $ 1,169.3 $ 3,572.7 $ 2,305.0 Less 1 : Cost of materials sold, excluding LIFO expense 1,634.0 946.7 2,901.7 1,871.2 LIFO expense 17.0 13.2 27.0 20.0 Delivery expense 60.6 31.7 102.3 61.8 Compensation and benefits expense 156.2 92.9 287.3 189.5 Selling, general, and administrative expense 22.3 19.1 41.2 36.8 Operating expense - fixed 20.0 18.7 40.3 38.7 Operating expense - variable 26.3 15.3 47.0 30.3 Reorganization expense and one-time items 2 2.3 5.0 6.0 9.0 Depreciation and amortization expense 31.7 19.4 55.1 38.6 Interest and other expense on debt 14.3 9.8 26.0 19.3 Other segment items 3 ( 0.5 ) 3.8 3.6 3.0 Income (loss) before income taxes 22.0 ( 6.3 ) 35.2 ( 13.2 ) Provision (benefit) for income taxes 6.0 ( 8.4 ) 14.2 ( 1 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12: STOCKHOLDERS EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST The following table details changes in Ryerson Holding Corporation Stockholders Equity accounts for the three months and six months ended June 30, 2026: Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Value Retained Earnings Foreign Currency Translation Benefit Plan Liabilities Non-controlling Interest Total Equity Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2026 40,374 $ 0.4 ( 8,164 ) $ ( 237.0 ) $ 432.6 $ 698.8 $ ( 57.7 ) $ ( 84.0 ) $ 10.5 $ 763.6 Net income 4.5 0.5 5.0 Foreign currency translation ( 2.9 ) ( 2.9 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 ( 0.2 ) ( 0.2 ) Share repurchases, net of tax of zero ( 75 ) ( 1.6 ) ( 1.6 ) Stock-based compensation expense, net 326 ( 64 ) ( 1.4 ) 4.9 3.5 Issuance of common stock 19,528 0.2 535.2 535.4 Dividends declared to noncontrolling interest ( 0.5 ) ( 0.5 ) Cash dividends and dividend equivalents 0.3 ( 9.8 ) ( 9.5 ) Balance at March 31, 2026 60,228 $ 0.6 ( 8,303 ) $ ( 240.0 ) $ 973.0 $ 693.5 $ ( 60.6 ) $ ( 84.2 ) $ 10.5 $ 1,292.8 Net income 15.5 0.5 16.0 Foreign currency translation ( 2.2 ) ( 0.1 ) ( 2.3 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 ( 0.2 ) ( 0.2 ) Share repu …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 16: SUBSEQUENT EVENTS Dividends. On July 29 , 2026 , the Board of Directors declared a quarterly cash dividend in the amount of $ 0.1875 per share of common stock, payable on September 17, 2026 , to stockholders of record as of September 3, 2026 . Future quarterly dividends, if any, will be subject to Board approval.

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