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1. Home Depot for industrial metals.

2. Sysco for industrial metals.

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• Industrial Metals Distribution: Ryerson distributes a comprehensive array of industrial metals, including carbon steel, stainless steel, alloy steels, aluminum, nickel, and red metals, available in various shapes and forms.
• Metal Processing Services: The company provides extensive metal processing services, utilizing techniques such as cutting, shaping, finishing, and welding to customize materials according to customer specifications.

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Ryerson (RYZ) primarily sells its industrial metal products and processing services to other companies (B2B) across a diverse range of industries.

While specific major customer company names are not disclosed in the provided background information, Ryerson serves businesses operating within the following categories:

• Commercial ground transportation companies
• Metal fabrication and machine shops
• Industrial machinery and equipment manufacturers
• Consumer durable equipment manufacturers
• HVAC manufacturers
• Construction equipment manufacturers
• Food processing and agricultural equipment manufacturers
• Oil and gas sector companies

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Edward J. Lehner, Chief Executive Officer

Edward J. Lehner has served as President and Chief Executive Officer of Ryerson since June 2015, after joining the company in 2012 as Executive Vice President and Chief Financial Officer. Prior to his tenure at Ryerson, he held the position of Chief Financial Officer at PSC Metals, Inc., a diversified metals company, and previously at SeverCorr, LLC., a primary steel manufacturing company. His career also includes senior general management, operational, financial, accounting, tax, and consulting roles for Nucor, Birmingham Steel, Inc., Laurel Steel, and Deloitte. He also served as Managing Director at Greenseed Holdings, LLC.

James J. Claussen, Executive Vice President & Chief Financial Officer

James J. Claussen was appointed Executive Vice President & Chief Financial Officer of Ryerson effective January 11, 2021. He joined Ryerson in 2002 and, prior to becoming CFO, served as President of Central Steel & Wire Co., which was acquired by Ryerson in 2018. He also held various financial leadership positions within Ryerson, including CFO of its North-West Region and general manager of corporate development.

Richard T. Marabito, President and Chief Operating Officer

Richard T. Marabito serves as President and Chief Operating Officer of Ryerson, a role he assumed following the merger with Olympic Steel, Inc., effective February 24, 2026. He previously served as the Chief Executive Officer of Olympic Steel, Inc., and held the position of Executive Chairman of Olympic Steel's Board of Directors from January 2019, having served on its Board since 1984 and as CEO from 1984 until December 2018.

Mark S. Silver, Executive Vice President, Chief Legal & Risk Officer

Mark S. Silver is Ryerson's Executive Vice President, Chief Legal & Risk Officer, and is responsible for managing the company's legal, risk management, and real estate functions. He brings over 20 years of legal experience, including 12 years at Sara Lee Corporation where he held positions such as Vice President and Assistant General Counsel, Vice President of Corporate Development, and Chief Counsel, Mergers and Acquisitions. Earlier in his career, he was a corporate attorney at Kirkland & Ellis.

Andrew Greiff, Executive Vice President – Ryerson & President – Olympic Steel

Andrew Greiff holds the position of Executive Vice President – Ryerson & President – Olympic Steel, a role he assumed following the merger between Ryerson and Olympic Steel, Inc., effective February 24, 2026. Prior to the merger, he served as President and Chief Operating Officer of Olympic Steel.

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The key risks to Ryerson Holding Corporation's business include the inherent volatility of metal prices, the cyclical nature of the industrial metals industry and broader economic conditions, and the company's current financial performance, specifically its debt levels and recent profitability challenges.

1. Metal Price Volatility

   Ryerson's profitability is highly susceptible to significant fluctuations in the prices of industrial metals such as carbon steel, stainless steel, alloy steels, and aluminum. These price changes are driven by global supply and demand imbalances, geopolitical events, energy costs, and economic policies. Sudden price increases or decreases can severely impact the company's financial planning, gross margins, and net income, as its cost of materials sold and average selling prices are directly affected. Managing the costs of purchased metals relative to the price at which the company sells its products is a continuous challenge, especially during periods of rapid price escalation or deflation.

2. Cyclicality of the Metals Industry and Economic Conditions

   The industrial metals distribution industry, and thus Ryerson's business, is significantly influenced by macroeconomic cycles. Demand for its products, which serve various sectors including commercial ground transportation, industrial machinery, and construction equipment, is highly sensitive to overall economic conditions and manufacturing and construction activity. Downturns in these industries lead to reduced customer demand, lower sales volumes, and consequently, decreased revenues and profitability for Ryerson. The company's performance remains closely tied to these macroeconomic cycles and commodity volatility.

3. Debt and Financial Performance/Profitability

   Ryerson has reported widening net losses in recent periods. For instance, the company reported a net loss of $56.4 million for the full year 2025, compared to an $8.6 million net loss in 2024. This trend, coupled with a notable level of debt (net debt of $436 million as of Q4 2025), raises concerns about the company's financial health. The ability to cover debt with operating cash flow and sustain growth while maintaining shareholder returns is a significant immediate risk, particularly as the dividend is not currently supported by earnings.

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• Additive Manufacturing (3D Printing) of Metals: This technology allows for the direct creation of complex metal parts from digital designs, potentially reducing or eliminating the need for many of Ryerson's traditional processing services (such as cutting, bending, drilling, and welding) and the purchase of standard metal forms from distributors. As metal 3D printing becomes more cost-effective and capable, it could allow customers to produce parts in-house or through specialized print services, bypassing Ryerson's role in the supply chain for a segment of the market.
• Substitution by Advanced Materials: A clear trend in several industries Ryerson serves (e.g., commercial ground transportation, industrial machinery) is the increasing adoption of alternative, lighter-weight, and high-performance materials such as advanced composites (e.g., carbon fiber, fiberglass) and specialized polymers. These materials can replace traditional industrial metals in a growing number of applications, driven by demands for improved fuel efficiency, reduced weight, and enhanced performance, thereby eroding the demand for the carbon steel, stainless steel, aluminum, and other metals that Ryerson distributes and processes.

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Ryerson Holding Corporation (RYZ) operates in the industrial metals processing and distribution sector across the United States, Canada, Mexico, and China. The addressable markets for its main products and services are as follows:

Main Products

• Carbon Steel:
  • In the United States, the carbon steel market generated a revenue of USD 73,060.1 million in 2024, with projections to reach USD 89,518.4 million by 2030.
  • Globally, the carbon steel market was estimated at USD 1,017.52 billion in 2024 and is projected to reach USD 1,370.43 billion by 2030.
• Stainless Steel:
  • The U.S. stainless steel market generated a revenue of USD 9,810.3 million in 2024, anticipated to reach USD 15,348.0 million by 2030.
  • The combined U.S. and Mexico stainless steel market size was valued at USD 12.22 billion in 2024.
  • The global stainless steel market size was valued at USD 154.2 billion in 2025 and is expected to reach USD 224.4 billion by 2032.
• Alloy Steels:
  • In the United States, the alloy steel market generated a revenue of USD 3,388.6 million in 2024 and is expected to reach USD 4,328.2 million by 2030.
  • The North America alloy steel market generated a revenue of USD 4,834.1 million in 2024, with projections to reach US$ 6,046.5 million by 2030.
  • Globally, the alloy steel market size was valued at USD 89.83 billion in 2025 and is projected to grow to USD 169.23 billion by 2034.
• Aluminum:
  • The U.S. aluminum market was valued at USD 14.32 billion in 2024 and is projected to reach USD 21.36 billion by 2032. Another estimate projects the U.S. aluminum market size to reach USD 43.05 billion by 2032.
  • The global aluminum market size was accounted at USD 190.98 billion in 2025 and is expected to reach around USD 347.29 billion by 2035.
• Nickel:
  • The United States nickel market size reached USD 11.7 billion in 2025 and is expected to reach USD 15.8 billion by 2034.
  • The global nickel market size was USD 47.8 billion in 2025 and is projected to grow to USD 78.3 billion by 2034.
• Red Metals:
  • null

Processing Services

• Metal Fabrication/Metal Service Centers:
  • In the United States, the metal service center and distributor industry generates approximately $299.3 billion annually. The U.S. metal fabrication market size is USD 7,257.4 million in 2025.
  • The Canadian metal fabrication market size is projected to be USD 1.09 billion in 2025, reaching USD 1.47 billion by 2031. Another source indicates the Canadian metal fabrication market was USD 1103.8 million in 2025.
  • The Mexico metal fabrication market size reached USD 1,102.50 million in 2024 and is expected to reach USD 1,558.37 million by 2033.
  • The metal fabrication market in China is valued at $364.4 billion in 2024. The China fabricated metal products market is projected to grow from USD 4.04 billion in 2024 to USD 6.01 billion in 2032.

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Expected Drivers of Future Revenue Growth for Ryerson (RYZ) over the Next 2-3 Years

1. Merger with Olympic Steel and Synergy Realization: Ryerson's recently completed merger with Olympic Steel is a significant driver. The company expects to achieve approximately $120 million in annual run-rate synergies over the next two years, with about 33% anticipated in the first year. These synergies are projected to come from areas such as procurement, efficiency improvements, network optimization, and commercial enhancements, leading to a combined entity with greater scale and expanded product and service offerings.
2. Improving Demand and Market Conditions: Management has noted "encouraging strength in customer quote and order activity" in early 2026, describing it as the "best demand start to a year since 2022." This indicates an expectation of increased volume of tons shipped and improved industrial activity, which should translate into higher revenue.
3. Pricing Discipline and Gross Margin Expansion: After experiencing cost increases that outpaced price realization in late 2025, Ryerson anticipates gross margin expansion in the first quarter of 2026. This is expected as "better pricing propagates through the industrial metals value chain," suggesting an improved ability to pass on cost increases and enhance overall pricing power.
4. Operational Efficiency and Modernization Investments: Ryerson has been consistently investing in modernization and automation, as well as integrating its North American service center network. These strategic investments, which aim for over 20% project returns on growth capital expenditure, are expected to enhance competitiveness, improve service, and expand capacity, thereby supporting revenue growth.
5. Market Share Gains: A core component of Ryerson's longer-term strategy is to gain market share while achieving margin accretion. The company demonstrated market share gains across its metal mix even during a challenging macroeconomic environment in 2024, indicating a continued focus on expanding its customer base and increasing its portion of the industrial metals market.

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