Company: ZEUS
Filing Date: 2025-10-28
Form Type: 425
Source: 0001193125-25-253626
Chunk: 9

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-28
Form: 425
Chunk 9
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4 million remained under the existing authorization.

Olympic Merger Agreement.

On October 28, 2025, the Company entered into a definitive merger agreement to acquire Olympic Steel, Inc. (“Olympic”). Under the terms and subject to the conditions of the merger agreement, shares of Olympic will be converted into the right to receive shares of common stock of the Company based upon a fixed exchange ratio as well as cash in lieu of fractional shares. The consummation of the Olympic acquisition is subject to certain customary closing conditions, including approval by stockholders of both the Company and Olympic.

Outlook Commentary

For the fourth quarter of 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter, reflecting normal seasonality patterns as well as the soft manufacturing and industrial metal demand conditions. The Company anticipates fourth quarter net sales to be in the range of $1.07 billion to $1.11 billion, with average selling prices flat to up 2%. LIFO expense is expected to be between $10 million to $14 million. Adjusted EBITDA, excluding LIFO, therefore, is expected to be in the range of $33 million to $37 million and loss per diluted share in the range of $0.28 to $0.22.

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| Third Quarter 2025 Major Product Metrics | Net Sales (millions)             | Q3 2025 |       |     |   |                          Q2 2025 |       |     |   |  Q3 2024 |       |     |                | Quarter-over-quarter |       |    |     | Year-over-year |      |    |
|:-----------------------------------------|:---------------------------------|--------:|------:|:----|:--|---------------------------------:|------:|:----|:--|---------:|------:|:----|:---------------|:---------------------|------:|:---|:----|:---------------|-----:|:---|
| Carbon Steel                             | $                                |     584 |       |     | $ |                              578 |       |     | $ |      585 |       |     |                |                      |   1.0 | %  |     |                | (0.2 | %) |
| Aluminum                                 | $                                |     287 |       |     | $ |                              306 |       |     | $ |      250 |       |