CHICAGO, Feb. 19, 2026 /PRNewswire/ -- Ryerson Holding Corporation (NYSE:RYI), a leading value-added processor and distributor of industrial metals, today reported results for the fourth quarter and full year ended December 31, 2025.
Highlights:
Generated fourth quarter revenue of $1.10 billion, with tons shipped down 4.9% and average selling prices flat compared to the prior quarter, in-line with guidance expectations given normal seasonality patterns and contractionary industrial demand conditions
Ended the fourth quarter with debt of $463 million and net debt1 of $436 million, compared to $500 million and $470 million, respectively, as of the end of the third quarter
Completed merger with Olympic Steel subsequent to quarter-end, increasing Ryerson's presence as North America's second-largest metals service center, enabling a further enhanced customer experience, and unlocking a projected $120 million in annual run-rate synergies to be realized over the next two years
Also subsequent to quarter-end, the Company successfully extended the maturity of its credit facility and expanded its capacity from $1.3 billion to $1.8 billion, providing financial stability and flexibility for growth opportunities for the combined companies
Declared a first quarter 2026 dividend of $0.1875 per share payable to shareholders of record as of March 5, 2026
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:
Q4 2025
Q3 2025
Q4 2024
QoQ
YoY
2025
2024
YoY
Revenue
$1,104.8
$1,161.5
$1,007.4
(4.9) %
9.7 %
$4,571.3
$4,598.7
(0.6) %
Tons shipped
461
485
447
(4.9) %
3.1 %
1,947
1,937
0.5 %
Average selling price/ton
$2,397
$2,395
$2,254
0.1 %
6.3 %
$2,348
$2,374
(1.1) %
Gross margin
15.3 %
17.2 %
19.0 %
-190 bps
-370 bps
17.1 %
18.1 %
-100 bps
Gross margin, excl. LIFO(2)
17.3 %
18.3 %
16.4 %
-100 bps
90 bps
18.3 %
17.0 %
130 bps
Warehousing, delivery, selling, general, and administrative expenses
$205.3
$200.4
$188.5
2.4 %
8.9 %
$809.6
$801.2
1.0 %
As a percentage of revenue
18.6 %
17.3 %
18.7 %
130 bps
-10 bps
17.7 %
17.4 %
30 bps
Net loss attributable to Ryerson Holding Corporation
$(37.9)
$(14.8)
$(4.3)
(156.1) %
781.4 %
$(56.4)
$(8.6)
555.8 %
Diluted loss per share
$(1.18)
$(0.46)
$(0.13)
$(0.72)
$(1.05)
$(1.76)
$(0.26)
$(1.50)
Adjusted diluted loss per share
$(1.01)
$(0.46)
$(0.14)
$(0.55)
$(0.87)
$(1.56)
$(0.18)
$(1.38)
Adj. EBITDA, excl. LIFO
$20.4
$40.3
$10.3
(49.4) %
98.1 %
$138.5
$114.1
21.4 %
Adj. EBITDA, excl. LIFO margin
1.8 %
3.5 %
1.0 %
-170 bps
80 bps
3.0 %
2.5 %
50 bps
Balance Sheet and Cash Flow Highlights:
Total debt
$463.1
$499.7
$467.4
(7.3) %
(0.9) %
$463.1
$467.4
(0.9) %
Cash and cash equivalents
$26.9
$29.8
$27.7
(9.7) %
(2.9) %
$26.9
$27.7
(2.9) %
Net debt
$436.2
$469.9
$439.7
(7.2) %
(0.8) %
$436.2
$439.7
(0.8) %
Net debt / LTM Adj. EBITDA, excl. LIFO
3.1x
3.7x
3.9x
(0.6x)
(0.8x)
3.1x
3.9x
(0.8x)
Cash conversion cycle (days)
68.3
68.2
78.6
0.1
(10.3)
66.9
76.7
(9.8)
Net cash provided by (used in) operating activities
$112.7
$(8.3)
$92.2
$121.0
$20.5
$87.0
$204.9
$(117.9)
Management CommentaryEddie Lehner, Ryerson's Chief Executive Officer & Director, said, "I would first like to thank my Ryerson colleagues for vigilantly navigating a difficult year in the industrial metals and manufacturing space. Commodity price asynchronous volatility combined with an ongoing contractionary demand backdrop, especially among our OEM program customers, characterized the year in full and the fourth quarter. On February 13, 2026, we successfully closed our merger with Olympic Steel and I want to welcome all of my Olympic Steel colleagues as we start work on realizing the full potential of what our combined company can offer to our customers and to all stakeholders. During the fourth quarter, supply-side mill prices rose faster than average selling prices while buyers continued to resist price increases in the distribution channel as demand remained restrained while contract price resets lagged and even spot transactional pricing stagnated. Consequently, margin compression was more acute in the quarter than anticipated even though we met top line guidance and exceeded our net leverage and cash flow targets. On the brighter side, in the first quarter of 2026, we are seeing price increases filter into a more favorable demand environment as quote and order activity are currently tracking well ahead of year-over-year and sequential levels. We therefore anticipate realizing gross margin recovery as well as improved operating leverage and operating income in the first quarter of 2026."
"We could not be more energized and optimistic about our recently completed merger with Olympic Steel and what this union will mean for our customers and shareholders," continued Lehner. "Not only do we have a clear, achievable runway for further improving the customer experience and generating significant annual run-rate synergies, but we also believe the timing of this combination will create a sustainable competitive advantage as our combined company is well-positioned to benefit from an inflection in U.S. manufacturing demand and the combined investments we have both made over the past four years."
Fourth Quarter ResultsRyerson generated net sales of $1.10 billion in the fourth quarter of 2025, an increase of 9.7% compared to the year-ago period with average selling prices 6.3% higher and tons shipped 3.1% higher. Sequentially, net sales decreased by 4.9%, driven by decreased tons shipped as demand conditions in the fourth quarter reflected normal seasonality patterns as well as continued manufacturing malaise. Average selling prices were relatively consistent (+0.1%) compared to the third quarter as increases in material input costs were not yet realized in downstream markets by the end of the quarter.
Increases in costs of goods sold therefore outpaced average selling price growth and resulted in sequential gross margin compression of 190 basis points to 15.3%, compared to 17.2% for the third quarter of 2025. LIFO expense for the fourth quarter was also greater than anticipated as we recorded expense of $22.5 million compared to $13.2 million in the prior quarter. Excluding the impact of LIFO, gross margin contracted by 100 basis points to 17.3% in the fourth quarter of 2025 compared to 18.3% in the third quarter.
Fourth quarter warehousing, delivery, selling, general, and administrative expenses of $205.3 million represents an increase of $4.9 million, or 2.4% compared to the third quarter of 2025. The quarter-over-quarter expense increase was driven by advisory service fees related to the Olympic Steel merger, which totaled $7.8 million. Compared to the prior year period, fourth quarter 2025 warehousing, delivery, selling, general, and administrative expenses increased by $16.8 million, or 8.9%. As a percentage of sales, however, fourth quarter 2025 warehousing, delivery, selling, general, and administrative expenses declined marginally compared to the year-ago period, from 18.7% to 18.6%.
Net loss attributable to Ryerson Holding Corporation for the fourth quarter of 2025 was $37.9 million, or $1.18 per diluted share, compared to net loss of $14.8 million, or $0.46 per diluted share, for the previous quarter, and net loss of $4.3 million, or $0.13 per diluted share, for the fourth quarter of 2024. Ryerson generated Adjusted EBITDA, excluding LIFO of $20.4 million in the fourth quarter of 2025 compared to $40.3 million in the third quarter of 2025, and $10.3 million in the year-ago period.
Full-Year ResultsRyerson generated net sales of $4.6 billion for the full-year 2025, a decrease of 0.6% compared to full-year 2024 sales. Revenue performance for the year was influenced by 1.1% lower average selling prices which were partially offset by slightly higher (+0.5%) tons shipped.
Gross margin contracted by 100 basis points for the full-year 2025 to 17.1% compared to 18.1% for 2024 as costs of goods sold increased relative to average selling prices. Driven by increases in metals commodities prices, increases in inventory costs over the year generated LIFO expense of $55.7 million in 2025, a reversal compared to the LIFO income of $52.5 million recorded for 2024. Excluding the impact of LIFO, full-year 2025 gross margin expanded 130 basis points to 18.3% compared with 17.0% for 2024.
Warehousing, delivery, selling, general, and administrative expenses increased 1.0%, or $8.4 million, to $809.6 million for the full-year 2025, compared to $801.2 million for 2024, driven by $7.8 million in advisory service fees related to the Olympic Steel merger and inflationary increases in transportation and logistics expenses as well as in compensation and benefits.
Net Loss Attributable to Ryerson Holding Corporation for the full-year 2025 was $56.4 million, or $1.76 per diluted share, compared to net loss of $8.6 million, or $0.26 per diluted share, in 2024. Ryerson generated Adjusted EBITDA, excluding LIFO of $138.5 million in 2025 compared to $114.1 million in 2024.
Liquidity & Debt ManagementIn the fourth quarter, Ryerson generated cash from operating activities of $112.7 million as the seasonal fourth quarter working capital release well outpaced the net loss generated in the quarter. This compares to a use of cash from operating activities of $8.3 million in the third quarter. The Company ended the fourth quarter of 2025 with debt of $463 million and net debt of $436 million, a sequential decrease of $37 million and $34 million, respectively, compared to the third quarter of 2025. For the full year of 2025, Ryerson generated $87 million in cash from operating activities compared to $205 million for the full year of 2024. Ryerson also reduced its leverage ratio from 3.9x for 2024 to 3.1x for 2025. The Company's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $502 million as of December 31, 2025, compared to $521 million as of September 30, 2025.
Extension & Expansion of Credit FacilityOn February 13, 2026, the Company extended the maturity of its revolving credit facility and expanded its capacity from $1.3 billion to $1.8 billion. The Company expects to continue to use the facility for general corporate purposes including working capital needs, capital expenditures, funding of possible acquisitions, and satisfaction of other obligations of the Company. The revolving credit facility is secured primarily by the inventory and accounts receivable of the company's U.S. and Canadian operating subsidiaries.
Jim Claussen, Ryerson's Chief Financial Officer, said, "The successful amendment and extension our revolving credit facility provides us with continued financial stability as we perform our normal business operations while also providing us with the flexibility to pursue growth opportunities such as those enabled by the recent Olympic Steel merger. I would like to thank the Ryerson team for all of their hard work during this exciting and pivotal time in the Company's history and also recognize the achievements that have led to our vastly improved capital structure which now underpins our combined future potential."
Bank of America, N.A. is the Administrative Agent and Collateral Agent and BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association are Joint Lead Arrangers and Joint Bookrunners.
Shareholder Return Activity
Dividends. On February 13, 2026, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on March 19, 2026, to stockholders of record as of March 5, 2026. During the fourth quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of $6.1 million.
Share Repurchases and Authorization. Ryerson did not repurchase shares during the fourth quarter of 2025. As of December 31, 2025, $38.4 million remained under the existing authorization.
Olympic Steel Merger On February 13, 2026, having fulfilled all of the required closing conditions, including approval by stockholders of both companies, Ryerson and Olympic Steel announced the successful closure of their merger. Under the terms of the merger agreement, shareholders of Olympic Steel common stock received shares of Ryerson's common stock at an exchange ratio of 1.7105 and now own approximately 37% of the combined company. Together, Ryerson and Olympic Steel now have a stronger market presence with an approximately 160-facility footprint, enhanced processing capabilities, and a greater breadth of product offerings to provide its customers. The transaction is expected to generate approximately $120 million in annual run-rate synergies by early 2028 via procurement scale, efficiency gains, commercial enhancement, and network optimization strategies.
Outlook CommentaryThe Company (Ryerson only, see Olympic Steel stub period guidance in the next paragraph) notes relatively strong customer activity in the first half of the quarter relative to the past several years and expects same-store customer shipments to increase by 13% to 15% with average selling prices expected to be flat to up by 2% quarter-over-quarter. Net sales are therefore expected to be in the range of $1.26 billion to $1.30 billion. Ryerson anticipates gross margin expansion in the first quarter as fourth quarter inventory cost increases become gradually realized in first quarter average selling prices. It also expects to realize improved year-over-year and sequential operating leverage as demand conditions improve, leading to net income generation of $10 to $12 million before any merger-related fees. The Company expects to record LIFO expense between $6 and $8 million and to generate Adjusted EBITDA, excluding LIFO in the range of $51 to $54 million. Ryerson also anticipates using cash in the first quarter of 2026 to support working capital given the guided revenue increase and merger closing related outlays while continuing to prioritize net leverage reductions toward our targeted range as the year progresses.
The Olympic Steel business is expected to experience similar market dynamics and therefore generate in the last six weeks of the quarter accretive revenue in the range of $260 to $280 million and Adjusted EBITDA, excluding LIFO in the range of $12 to $13 million. Altogether, the combined Company anticipates reporting first quarter 2026 revenue in the range of $1.52 to $1.58 billion and Adjusted EBITDA, excluding LIFO attainment between $63 and $67 million.
Fourth Quarter 2025 Major Product Metrics
Net Sales (millions)
Q4 2025
Q3 2025
Q4 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
$
538
$
584
$
510
(7.9)
%
5.5
%
Aluminum
$
282
$
287
$
236
(1.7)
%
19.5
%
Stainless Steel
$
269
$
271
$
248
(0.7)
%
8.5
%
Tons Shipped (thousands)
Q4 2025
Q3 2025
Q4 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
361
381
353
(5.2)
%
2.3
%
Aluminum
42
45
42
(6.7)
%
-
Stainless Steel
56
57
52
(1.8)
%
6.9
%
Average Selling Prices (per ton)
Q4 2025
Q3 2025
Q4 2024
Quarter-over-quarter
Year-over-year
Carbon Steel
$
1,490
$
1,533
$
1,445
(2.8)
%
3.2
%
Aluminum
$
6,714
$
6,378
$
5,619
5.3
%
19.5
%
Stainless Steel
$
4,804
$
4,754
$
4,733
1.0
%
1.5
%
Full Year 2025 Major Product Metrics
Net Sales (millions)
FY 2025
FY 2024
Year-over-year
Carbon Steel
$
2,263
$
2,383
(5.0)
%
Aluminum
$
1,150
$
1,042
10.4
%
Stainless Steel
$
1,092
$
1,107
(1.4)
%
Tons Shipped (thousands)
FY 2025
FY 2024
Year-over-year
Carbon Steel
1,522
1,516
0.4
%
Aluminum
185
185
-
Stainless Steel
234
230
1.6
%
Average Selling Prices (per ton)
