CHICAGO, Oct. 28, 2025 /PRNewswire/ -- Ryerson Holding Corporation (NYSE:RYI), a leading value-added processor and distributor of industrial metals, today reported results for the third quarter ended September 30, 2025.
Highlights:
Generated third quarter revenue of $1.16 billion, in-line with guidance, with average selling prices up 2.6% and tons shipped down 3.2% compared to the prior quarter
Generated net loss attributable to Ryerson Holding Corporation of $14.8 million, or diluted loss per share of $0.46, and Adjusted EBITDA, excluding LIFO1 of $40.3 million
Ended the third quarter with debt of $500 million and net debt2 of $470 million, compared to $510 million and $479 million, respectively, as of the end of the second quarter
Declared a fourth-quarter 2025 dividend of $0.1875 per share
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
$ in millions, except tons (in thousands), average selling prices, and earnings per share
Financial Highlights:
Q3 2025
Q2 2025
Q3 2024
QoQ
YoY
9MO 2025
9MO 2024
YoY
Revenue
$1,161.5
$1,169.3
$1,126.6
(0.7) %
3.1 %
$3,466.5
$3,591.3
(3.5) %
Tons shipped
485
501
485
(3.2) %
—
1,486
1,490
(0.3) %
Average selling price/ton
$2,395
$2,334
$2,323
2.6 %
3.1 %
$2,333
$2,410
(3.2) %
Gross margin
17.2 %
17.9 %
17.9 %
-70 bps
-70 bps
17.7 %
17.9 %
-20 bps
Gross margin, excl. LIFO(1)
18.3 %
19.0 %
16.3 %
-70 bps
200 bps
18.6 %
17.2 %
140 bps
Warehousing, delivery, selling, general, and administrative expenses
$200.5
$203.6
$196.9
(1.5) %
1.8 %
$606.2
$612.7
(1.1) %
As a percentage of revenue
17.3 %
17.4 %
17.5 %
-10 bps
-20 bps
17.5 %
17.1 %
40 bps
Net income (loss) attributable to Ryerson Holding Corporation
$(14.8)
$1.9
$(6.6)
878.9 %
124.2 %
$(18.5)
$(4.3)
330.2 %
Diluted earnings (loss) per share
$(0.46)
$0.06
$(0.20)
$(0.52)
$(0.26)
$(0.58)
$(0.13)
$(0.45)
Adjusted diluted earnings (loss) per share
$(0.46)
$0.08
$(0.20)
$(0.54)
$(0.26)
$(0.55)
$(0.05)
$(0.50)
Adj. EBITDA, excl. LIFO
$40.3
$45.0
$21.0
(10.4) %
91.9 %
$118.1
$103.8
13.8 %
Adj. EBITDA, excl. LIFO margin
3.5 %
3.8 %
1.9 %
-30 bps
160 bps
3.4 %
2.9 %
50 bps
Balance Sheet and Cash Flow Highlights:
Total debt
$499.7
$510.2
$522.1
(2.1) %
(4.3) %
$499.7
$522.1
(4.3) %
Cash and cash equivalents
$29.8
$30.8
$35.0
(3.2) %
(14.9) %
$29.8
$35.0
(14.9) %
Net debt
$469.9
$479.4
$487.1
(2.0) %
(3.5) %
$469.9
$487.1
(3.5) %
Net debt / LTM Adj. EBITDA, excl. LIFO
3.7x
4.4x
3.8x
(0.7x)
(0.1x)
3.7x
3.8x
(0.1x)
Cash conversion cycle (days)
68.2
66.3
79.3
1.9
(11.1)
67.1
76.5
(9.4)
Net cash provided by (used in) operating activities
$(8.3)
$23.8
$134.6
$(32.1)
$(142.9)
$(25.7)
$112.7
$(138.4)
Management CommentaryEddie Lehner, Ryerson's President, Chief Executive Officer & Director, said, "During the third quarter, we executed on our self-help playbook, delivering on perennial service center fundamentals of speed, availability, consistency, and on-time-delivery as we effectively managed the business amidst a procession of challenges that have endured for 36 months running. As the Purchasing Manager's Index (PMI) continues to live at recessed levels for 33 out of the past 36 months and MSCI (Metals Service Center Industry) demand has declined year over year, it is a buyer's market evidenced by discounting and smaller orders sizes. Areas of particular weakness in the quarter were OEM contract shipments and carbon steel margin compression. Areas of strength were transactional sales growth and further operationalization of new investments made over the past three years. We generated revenue and shipments within our guidance range while reducing debt, taking out non-value-added expenses, and managing net working capital efficiently. I would like to thank all of my colleagues for their safe, productive and determined efforts throughout the quarter and year-to-date as we position Ryerson for better times ahead."
Third Quarter ResultsRyerson generated net sales of $1.16 billion in the third quarter of 2025, a decrease of 0.7% compared to the prior quarter but within our guidance range. Average selling prices increased by 2.6% while tons shipped decreased by 3.2% quarter-over-quarter. Third quarter revenue performance reflects tariff supported pricing for our carbon and aluminum products partially offset by weak demand conditions.
Market conditions placed pressure on gross margin during the third quarter, resulting in a 70 basis point contraction to 17.2%, compared to 17.9% for the second quarter of 2025. LIFO expense recorded for the third quarter was consistent with that of the second, $13.2 million, reflective of continued commodity price inflation in our stainless steel and aluminum product categories during the period. Excluding the impact of LIFO, gross margin contracted by 70 basis points to 18.3% in the third quarter of 2025 compared to 19.0% in the second quarter.
Third quarter warehousing, delivery, selling, general, and administrative expenses of $200.5 million represents a decrease of $3.1 million, or 1.5% compared to the second quarter of 2025. Sequential expense decreases were driven by lower variable expenses. Compared to the prior year period, third quarter 2025 operating expenses increased by $3.6 million, or 1.8%, on a nominal basis, but decreased as a percentage of sales by 20 basis points to 17.3%.
Net loss attributable to Ryerson Holding Corporation for the third quarter of 2025 was $14.8 million, or $0.46 per diluted share, compared to net income of $1.9 million, or $0.06 per diluted share, in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $40.3 million in the third quarter of 2025 compared to $45.0 million in the second quarter of 2025.
Liquidity & Debt ManagementIn the third quarter, Ryerson recorded use of cash from operating activities of $8.3 million, driven by the net loss generated. This compares to operating cash generation of $23.8 million in the second quarter. The Company ended the third quarter of 2025 with debt of $500 million and net debt of $470 million, a sequential decrease of $10 million and $9 million, respectively, compared to the second quarter of 2025. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $521 million as of September 30, 2025, compared to $485 million as of June 30, 2025.
Shareholder Return Activity
Dividends. On October 28, 2025, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on December 18, 2025, to stockholders of record as of December 4, 2025. During the third quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of $6.0 million.
Share Repurchases and Authorization. Ryerson did not repurchase shares during the third quarter of 2025. As of September 30, 2025, $38.4 million remained under the existing authorization.
Olympic Merger Agreement.On October 28, 2025, the Company entered into a definitive merger agreement to acquire Olympic Steel, Inc. ("Olympic"). Under the terms and subject to the conditions of the merger agreement, shares of Olympic will be converted into the right to receive shares of common stock of the Company based upon a fixed exchange ratio as well as cash in lieu of fractional shares. The consummation of the Olympic acquisition is subject to certain customary closing conditions, including approval by stockholders of both the Company and Olympic.
Outlook CommentaryFor the fourth quarter of 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter, reflecting normal seasonality patterns as well as the soft manufacturing and industrial metal demand conditions. The Company anticipates fourth quarter net sales to be in the range of $1.07 billion to $1.11 billion, with average selling prices flat to up 2%. LIFO expense is expected to be between $10 million to $14 million. Adjusted EBITDA, excluding LIFO, therefore, is expected to be in the range of $33 million to $37 million and loss per diluted share in the range of $0.28 to $0.22.
Third Quarter 2025 Major Product Metrics
Net Sales (millions)
Q3 2025
Q2 2025
Q3 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
$
584
$
578
$
585
1.0
%
(0.2)
%
Aluminum
$
287
$
306
$
250
(6.2)
%
14.8
%
Stainless Steel
$
271
$
271
$
276
-
(1.8)
%
Tons Shipped (thousands)
Q3 2025
Q2 2025
Q3 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
381
391
382
(2.6)
%
(0.3)
%
Aluminum
45
50
44
(10.0)
%
2.3
%
Stainless Steel
57
60
58
(5.0)
%
(1.7)
%
Average Selling Prices (per ton)
Q3 2025
Q2 2025
Q3 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
$
1,533
$
1,478
$
1,531
3.7
%
0.1
%
Aluminum
$
6,378
$
6,120
$
5,682
4.2
%
12.2
%
Stainless Steel
$
4,754
$
4,517
$
4,759
5.3
%
(0.1)
%
Year to Date 2025 Major Product Metrics
Net Sales (millions)
YTD 2025
YTD 2024
Year-over-year
Carbon Steel
$
1,725
$
1,873
(7.9)
%
Aluminum
$
868
$
806
7.7
%
Stainless Steel
$
823
$
859
(4.2)
%
Tons Shipped (thousands)
YTD 2025
YTD 2024
Year-over-year
Carbon Steel
1,161
1,163
(0.2)
%
Aluminum
143
143
-
Stainless Steel
178
178
-
Average Selling Prices (per ton)
YTD 2025
YTD 2024
Year-over-year
Carbon Steel
$
1,486
$
1,610
(7.7)
%
Aluminum
$
6,070
$
5,636
7.7
%
Stainless Steel
$
4,624
$
4,826
(4.2)
%
Earnings ...
