Ryerson Holding Corporation, operating globally through its subsidiaries, specializes in the refinement and supply of industrial metal products across the United States ...
Ryerson Holding Corporation is a long-established industrial metals service and distribution company headquartered at 227 West Monroe Street in Chicago, Illinois. The business traces its origins to 1842, when Joseph T. Ryerson established an iron store in Chicago. Over time, it developed from a regional metal supplier into a large ...Ryerson Holding Corporation is a long-established industrial metals service and distribution company headquartered at 227 West Monroe Street in Chicago, Illinois. The business traces its origins to 1842, when Joseph T. Ryerson established an iron store in Chicago. Over time, it developed from a regional metal supplier into a large value-added processor and distributor serving customers across North America and selected international markets. Ryerson became publicly traded on the New York Stock Exchange under the symbol RYZ in 2014.
The company’s principal products include carbon steel, stainless steel, alloy steel, aluminum, nickel, and red metals such as copper and brass. These materials are sold in multiple forms, including coils, sheets, plates, round bars, hexagonal bars, square bars, flat bars, structural components, and tubing. Rather than competing only as a basic-materials reseller, Ryerson adds value through services such as cutting, slitting, sawing, forming, machining, fabrication support, finishing, inventory management, and customer-specific material preparation. These services can reduce customers’ internal processing requirements, shorten lead times, and improve material utilization.
Ryerson serves a broad range of end markets. Its customers include commercial transportation manufacturers, welding and fabrication businesses, machinery and equipment producers, consumer-goods manufacturers, heavy-equipment companies, climate-control and HVAC businesses, power-generation customers, and specialized machine shops. The company’s operating model depends on maintaining substantial inventories close to customers while coordinating purchasing, processing capacity, logistics, and delivery schedules. Consequently, working capital, inventory turnover, metal-price movements, freight costs, labor, energy, and supplier availability are important factors affecting costs and profitability. Its inventory and material purchases represent a significant component of the business’s cost structure and effectively form much of its bill of materials, although Ryerson does not manufacture most of the underlying metals itself.
The supplied company data reports approximately 4,300 full-time employees and operations in the United States, Canada, Mexico, and China, with more than 100 locations referenced in company materials. Edward J. Lehner has served as president and chief executive officer since June 2015. In the supplied trailing-twelve-month data, Ryerson reported approximately $1.11 billion in market capitalization, a current ratio of 2.206, gross margin of 17.3%, and negative net income margin of 0.6%. The data also shows meaningful leverage, with debt-to-equity of approximately 1.03 and net debt-to-EBITDA of approximately 10.69. These figures indicate that financial performance is sensitive to industrial demand, metal-price cycles, inventory management, interest expense, and the company’s ability to convert sales into operating cash flow.
Ryerson’s strategic priorities generally center on customer service, reliable supply, operational efficiency, disciplined working-capital management, digital ordering and inventory tools, processing capability, and profitable growth in attractive industrial markets. Key risks include cyclical manufacturing demand, commodity-price volatility, competition from other metal service centers, transportation and labor costs, credit conditions, and elevated financing costs.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$4.6B
-0.6%
+28.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-56.4M
-555.8%
+244.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+16.8%
-5.5%
-1.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-0.7%
-224.6%
+70.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-1.2%
-559.7%
+169.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$35.5M
-66.3%
+83.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+0.8%
-66.1%
+87.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
152.8%
+5.1%
+2.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.83x
-12.1%
-0.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day and welcome to the Ryerson Holding Corporation's second quarter 2026 conference call. Today's conference is being recorded. There will be a question and answer session later. If you'd like to ask a question, please press star one on your telephone keypad at any time. Again, that is star one to ask a question. At this time, I'd like to turn the conference over to Justine Carlson. Please go ahead.
Unknown Speaker: Good morning and thank you all for joining Ryerson Holding Corporation's second quarter 2026 earnings call. On our call we have Eddie Lehner, Ryerson's Chief Executive Officer, Rick Marabito, our President and Chief Operating Officer, Jim Claussen, our Chief Financial Officer, and Molly Cannon, our Chief Accounting Officer and Corporate Controller. Mitch Manson, Ryerson's Senior Vice President of Finance and Chief Financial Officer of Olympic Steel, Andrew Greif, Executive Vice President of Ryerson and President of Olympic Steel, and Trent McFarland, our Senior Vice President of Supply Chain at Ryerson Process Metals. joining us for Q&A. A recording of this call will be posted on our investor relations website at ir.ryerson.com. Please read the forward-looking statement disclosures included in our earnings release issued yesterday and note that it applies to all statements made during this call. In addition, our remarks today refer to several non-GAAP measures. Reconciliations of these adjusted numbers are also.
Edward Lehner: included in our earnings release. I will now turn the call over to Eddie. Thank you, Justine. Good morning, everyone. And thank you all for joining us. second quarter of twenty twenty six. I am pleased to say that we made the most of our opportunities and continued to position our YZ for higher quality earnings generation through the cycle as we further realized merger-related synergies while building an ever better customer experience engine. we delivered greater than expected shipments on a same store AND TOTAL COMPANY BASIS, ACHIEVED REVENUE, AND ADJUSTED EBITDA, EXCLUDING LIFO, well above our guidance ranges and generated higher net income sequentially and year over year. In our first full quarter together as RYZ, we continued advancing our shared vision of the Ryerson and Olympic steel merger potential as we attained second quarter synergy realizations in line with our guidance More importantly, we are finding additional opportunities for growth commercially, which we expect will continue to drive top-line performance, and market share gains. Our results in the quarter were impacted by a unique amalgamation of puts and takes. On the positive side of the ledger, business investment driven demand, quote activity, transactional order win rates, and spot transactional margins were outsized drivers for EBITDA generation while program customer business volumes, program pricing and margins, and spot transactional continue to lag with inflationary delivery cost pressures building through the …
