Company: ZEUS
Filing Date: 2025-10-28
Form Type: 425
Source: 0001193125-25-253626
Chunk: 16

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-28
Form: 425
Chunk 16
---
      10 |
| Benefit for income taxes                                                                                                                |                  -4 |     |      -3 |
| Depreciation and amortization expense                                                                                                   |                  22 |     |      23 |
| EBITDA                                                                                                                                  |                 $18 |     |     $23 |
| Adjustments                                                                                                                             |                   1 |     |       4 |
| Adjusted EBITDA                                                                                                                         |                 $19 |     |     $27 |
| LIFO expense                                                                                                                            |                  14 |     |      10 |
| Adjusted EBITDA, excluding LIFO expense                                                                                                 |                 $33 |     |     $37 |
| Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.                                                   |                     |     |         |

<div align='center'>20</div>

Exhibit 99.3

<div align='center'>Ryerson and Olympic Steel Announce Merger Agreement</div>

(Chicago and Cleveland – October 28, 2025)–Ryerson Holding Corporation(NYSE: RYI), a leading value-added processor and distributor of industrial metals, andOlympic Steel, Inc.(NASDAQ: ZEUS), a leading U.S. metals service center, announced today that they have entered into a definitive agreement to merge. The merger will enhance the combined company’s presence as the second-largest North American metals service center and represents a highly compatible strategic match as it will bring Olympic Steel’s complementary footprint, capabilities, and product offerings into Ryerson’s intelligently interconnected network of value-added service centers. The transaction is expected to generate approximately $120 million in annual synergies by the end of year two via procurement scale, efficiency gains, commercial enhancement, and network optimization.

Under the terms of the merger agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares of common stock for every Olympic Steel share of common stock owned and will own approximately 37% of the combined company. The merger is expected to be immediately accretive to shareholders of the combined entity and is expected to result in a reduced pro-forma leverage ratio of less than three times, assuming partial credit for synergies. The deal is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions and the receipt of regulatory and shareholder approvals.

As part of the transaction, Michael D. Siegal, Executive Chairman of Olympic Steel’s Board of Directors, will be appointed chairman