Quarterly Business Highlights

Ryerson Holding Corporation Reports Third Quarter Results

CHICAGO, Oct. 29, 2024 /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, 2024.

Quarterly business highlights include a strong operating cash flow of $134.6 million, Central Steel & Wire’s University Park, IL distribution hub and service center open house, progress on expansion and modernization of the Shelbyville, KY non-ferrous processing center, closing of the Production Metals acquisition, and entry into aerospace, defense, and semiconductor metals markets. In addition, ongoing cost-reduction work is underway across the North America service center network.

Highlights from the third quarter include generating $1.13 billion of revenue from 485,000 tons shipped at an average selling price of $2,323 per ton. While incurring a Net Loss of $6.6 million, Ryerson Holding Corporation achieved Adjusted EBITDA of $21.0 million, excluding LIFO, as counter-cyclical and seasonal bottoming continues. The company also reduced inventory by $80.8 million on a FIFO cost basis compared to the previous quarter.

Ryerson Holding Corporation returned $42.0 million to shareholders during the quarter through share repurchases and dividends. The company ended the quarter with debt of $522 million and net debt of $487 million, demonstrating financial stability. Progress is being made towards $60 million of annualized cost reduction expectations from operating expenses.

In addition, Ryerson Holding Corporation acquired Production Metals, a key player in aluminum, stainless, and specialty steel processing. An open house was also hosted at Central Steel & Wire’s University Park, IL distribution hub and service center, bringing together customers, suppliers, vendors, investors, and employees. The company also declared a fourth-quarter 2024 dividend of $0.1875 per share.

Impact on Individuals

As an individual, the positive quarterly results of Ryerson Holding Corporation may impact you indirectly. If you are a shareholder, you could potentially benefit from the company’s strong financial performance, including the return of $42.0 million to shareholders during the quarter. Additionally, the company’s entry into new markets could present potential opportunities for growth and expansion.

Impact on the World

Ryerson Holding Corporation’s expansion into aerospace, defense, and semiconductor metals markets could have a broader impact on the world economy. These industries play a crucial role in technological advancements and national security, and Ryerson’s presence in these sectors could contribute to innovation and development on a global scale.

Conclusion

In conclusion, Ryerson Holding Corporation’s third-quarter results demonstrate continued growth and progress in key areas of the business. With a focus on financial stability, cost reduction, and strategic acquisitions, the company is well-positioned for future success in a competitive market landscape.