Here are 1-3 brief analogies for Ryerson (RYI):

• Grainger for industrial metals.
• The Home Depot for industrial metal buyers.
• Amazon for customized industrial metal supplies.

• Carbon Steel Products: Ryerson distributes and processes various forms of carbon steel, including sheets, plates, bars, structurals, and tubing, essential for manufacturing and construction.
• Stainless Steel Products: The company provides a broad selection of stainless steel forms like sheets, plates, bars, and tubing, known for their corrosion resistance and used in diverse industries.
• Aluminum Products: Ryerson offers aluminum in multiple forms such as sheets, plates, bars, and extrusions, valued for its light weight and strength in automotive, aerospace, and construction sectors.
• Alloy Steel Products: It supplies high-strength alloy steels in forms like bars and plates, engineered for specific applications requiring enhanced durability and performance.
• Processing Services: Ryerson delivers value-added services such as cutting, slitting, shearing, forming, and welding to customize metal products according to customer specifications.

Ryerson (symbol: RYI) sells primarily to other companies (Business-to-Business, or B2B) rather than directly to individuals. As a leading value-added processor and distributor of industrial metals, Ryerson serves a diverse range of industrial customers across various sectors.

Due to the proprietary nature of customer relationships and the highly diversified customer base typical of a metals service center, Ryerson does not publicly disclose specific major customer companies by name. Their business model involves serving thousands of customers across numerous industries, which helps to mitigate customer concentration risk, meaning no single customer accounts for a significant portion of their revenue that would necessitate disclosure in public filings.

Instead of specific customer names, Ryerson identifies its customer base by the industries it serves. Major categories of companies that purchase metals and services from Ryerson include:

• General Manufacturing and Fabrication: This broad category encompasses companies that use metals to produce a wide array of finished or semi-finished goods, from industrial machinery and equipment to various components and consumer durables.
• Original Equipment Manufacturers (OEMs): Businesses that manufacture products and then sell them under their own brand, often requiring Ryerson's metals as components or raw materials for their final products. This can include industries such as automotive, heavy equipment, aerospace components, and appliances.
• Energy Sector: Companies involved in oil and gas exploration, production, and refining, as well as power generation and renewable energy projects, which require specialized metals for infrastructure, drilling equipment, pipelines, and other applications.
• Construction: Businesses involved in building commercial, industrial, and infrastructure projects, utilizing structural metals, rebar, and various other metal products.
• Agriculture & Mining: Companies in these sectors that require durable and specific metals for their machinery, equipment, and infrastructure.

It is important to note that these are industry categories rather than specific public company names, as Ryerson's customer base is highly diversified across these sectors.

• Nucor (NUE)
• Cleveland-Cliffs (CLF)
• Steel Dynamics (STLD)
• ArcelorMittal (MT)
• U.S. Steel (X)
• Algoma Steel (ASTL)
• AK Steel

Edward J. Lehner, President and Chief Executive Officer

Mr. Lehner has served as President and Chief Executive Officer of Ryerson since June 2015, and was appointed to the Board of Directors in February 2022. He joined Ryerson in 2012 as Executive Vice President and Chief Financial Officer. Before joining Ryerson, he was the Chief Financial Officer of PSC Metals, Inc., a diversified metals company, and prior to that, served as the Chief Financial Officer of SeverCorr, LLC, a primary steel manufacturing company. Mr. Lehner's career also includes senior general management, operational, financial, accounting, tax, and consulting roles for Nucor Corporation, Birmingham Steel Corporation, Laurel Steel, and Deloitte & Touche LLP. He also held a position as Managing Director at Greenseed Holdings, LLC. Ryerson became a privately held company in 2007 under Platinum Equity's ownership before going public in 2014, indicating experience with private equity-backed entities.

James Claussen, Executive Vice President & Chief Financial Officer

Mr. Claussen was appointed Executive Vice President and Chief Financial Officer of Ryerson in January 2021. Prior to this role, he served as President of Central Steel & Wire Co. (CS&W), a company acquired by Ryerson in 2018. Mr. Claussen joined Ryerson in 2002 and has held various financial leadership positions within the company, including CFO of Ryerson's North-West Region and general manager of corporate development.

Molly Kannan, Controller & Chief Accounting Officer

Molly Kannan serves as Ryerson's Controller & Chief Accounting Officer.

Mark Silver, Executive Vice President, General Counsel and Chief Human Resources Officer

Mark Silver holds the position of Executive Vice President, General Counsel and Chief Human Resources Officer at Ryerson.

Srini Sundarrajan, Chief Information Officer

Srini Sundarrajan is the Chief Information Officer for Ryerson.

The key risks to Ryerson's business (NYSE: RYI) primarily stem from its exposure to the highly cyclical and volatile metals industry, alongside its own significant debt burden and ongoing profitability challenges.

1. Cyclicality of the Metals Industry and Economic Cycles: Ryerson operates in a cyclical industry where factors such as changes in economic conditions, competition, labor costs, and raw material inflation can significantly diminish future financial growth. The company has experienced industry contraction and declining average selling prices, impacting shipments due to lower demand. This cyclical nature makes Ryerson's financial performance vulnerable to broader economic downturns and fluctuations in industrial manufacturing activity.

2. Fluctuations in Industrial Metal Prices: Ryerson's financial health is closely tied to the unpredictable swings in industrial metal prices, which directly affect its revenue streams and overall profitability. For example, a subdued outlook for steel prices in 2025, influenced by a decelerating Chinese economy and a sluggish U.S. construction sector, could pressure Ryerson's profitability. Furthermore, the company faces risks related to client resistance to price increases, which could lead to lower demand and significant net sales decline.

3. Profitability Challenges and Significant Debt Levels: Ryerson has faced persistent profitability challenges, reporting accelerating losses over the last five years as of October 2025, even with moderate sales growth. This suggests ongoing margin pressure. Compounding this, the company carries a notable amount of debt and liabilities. As of September 2025, Ryerson had approximately $499.7 million in debt, with total liabilities exceeding its cash and short-term receivables by $1.13 billion, an amount greater than its market capitalization. These financial strains pose a significant risk to the company's stability and future investment capacity.

Ryerson (RYI) operates primarily as a processor and distributor of industrial metals, including stainless steel, aluminum, carbon steel, and alloy steels, along with offering various value-added processing and fabrication services. Their main addressable markets can be identified as the Metal Service Centers market and the Metal Wholesaling market.

• Global Metal Service Centers Market: The global metal service centers market was valued at approximately $323.73 billion in 2024 and is projected to reach $455.81 billion by 2033. This market is driven by demand from various industries such as construction, automotive, aerospace, energy, and heavy machinery.

• North American Metal Service Centers Market: North America is a significant region in the metal service centers market, holding about 28% of the global market share. The top 50 service center companies in North America reported sales of $85 billion in 2023. Ryerson is identified as a leading company in the North American metal service centers market.

• U.S. Metal Wholesaling Market: The market size for Metal Wholesaling in the U.S. is estimated at $286.2 billion in 2025.

Ryerson (RYI) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Strategic Investments and Modernization of Service Centers: Ryerson has invested over $650 million since 2021 into modernizing its service centers, aiming to establish a more stable and efficient network. These capital expenditure initiatives are expected to enhance operational efficiency, improve service levels, and reduce lead times, thereby improving customer experience and driving further market share gains.
2. Market Share Gains in Key Product Categories: The company has demonstrated incremental market share gains, particularly in carbon long, carbon plate, and stainless long products, outpacing broader industry shipment declines. Continued focus on these high-performing categories is expected to contribute to future revenue growth.
3. Acquisition of Olympic Steel: On October 28, 2025, Ryerson announced a definitive merger agreement to acquire Olympic Steel, Inc. This strategic acquisition is projected to position the combined entity as the second-largest metal service center in North America, with over $6.5 billion in revenue and more than 160 facilities. The merger is also expected to generate $120 million in synergies, to be realized over two years.
4. Growth in Transactional Sales and Value-Added Services: Ryerson has observed encouraging trends in its transactional business and is leveraging recent investments to drive growth in this area. The company's strategy includes expanding its value-added services, such as metal processing and customized orders, and broadening its market reach through both organic growth and targeted acquisitions.
5. Average Selling Price Appreciation: While subject to commodity market fluctuations, Ryerson's guidance has indicated an anticipated increase in average selling prices. For instance, the company projected average selling price appreciation of 1% to 3% for Q3 2025, following a 3% quarter-over-quarter increase in net sales for Q2 2025, driven by higher average selling prices. This price appreciation is expected to support revenue expansion.

Share Repurchases

• Ryerson repurchased 3.3 million shares for $113.9 million during the full year 2023.
• As of December 31, 2023, $39.4 million remained under the existing share repurchase authorization, which was part of a $100.0 million program through April 2025. As of September 30, 2025, $38.4 million remained authorized.
• In the second and third quarters of 2025, Ryerson did not repurchase shares, with the company prioritizing deleveraging over share repurchases.

Outbound Investments

• Ryerson deployed over $650 million in capital for capital expenditures and acquisitions since 2021.
• In 2023, the company invested $260 million in capital expenditures and acquisitions.
• On October 28, 2025, Ryerson entered a definitive merger agreement to acquire Olympic Steel, Inc., where Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic share, making them approximately 37% owners of the combined company. This merger is expected to generate approximately $120 million in annual synergies by the end of year two.

Capital Expenditures

• Capital expenditures averaged $82.38 million from fiscal years 2020 to 2024, peaking at $121.9 million in 2023 and hitting a low of $26 million in 2020.
• For the full year 2024, Ryerson invested $100 million, focusing on modernizing its service center footprint, enhancing its online sales presence, and upgrading equipment across its network to enhance productivity.
• Expected capital expenditures are $50 million for 2025, with a focus on processing capabilities and maintenance projects, including a $40 million investment in the Shelbyville, Kentucky expansion project, which features a new cut-to-length line and automated storage and retrieval system.