Company: ZEUS
Filing Date: 2025-10-29
Form Type: 425
Source: 0001193125-25-256374
Chunk: 17

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-29
Form: 425
Chunk 17
---
 would like to ask questions. And our first question will come from
Samuel McKinney with KeyBanc Capital Markets.

Samuel McKinney: Hi. Good morning, and congratulations, guys.

Rick Marabito: Thanks, Sam.

Edward Lehner: Thank you.

Samuel McKinney: Hey, just want to start with one Ryerson specific question. Fourth quarter, typically a strong cash flow quarter for you guys, given the
earnings guidance in a normal year end working capital release. Fair to us—fair for us to expect some more solid cash generation again to close the year.

Edward Lehner: Yeah. I mean, poor Jim’s been silent the entire call. So I’m going to go ahead and let him answer that question.

Jim Claussen: Hi Sam. How are you doing? Yeah, yeah. You’re correct on the cash generation. And we typically see somewhere between $70 and
$80 million of working capital release in the fourth quarter relative to volumes and natural release. So expect again in this fourth quarter to get a decent working capital release and cash flow from operations.

Edward Lehner: Yeah. Sam, and I can’t resist to put another breadcrumb out there. So for all you modeling home gamers out there, when you look at
traditionally the revenue that it takes the working, the net working capital it takes to generate an incremental dollar of revenue, if you take the combined net working capital of both companies and look at that on a go forward basis post close, you
can also see where some of that free cash flow opportunity is really significant around optimizing the working capital of the combined companies. If you work with a ratio that we’ve been solidly in, over my 13 years here, which is usually
about $6 to $7 of revenue generated per dollar of net working capital. So I’ll let you all go at it and model that. But it’s a good result.

Samuel McKinney: Okay. Thanks. And then moving to the merger presentation, you call out driving market share growth, whether it’s the recent multi-year
CapEx cycle at Ryerson or the high margin end product businesses at Olympic, where is it that you see the greatest opportunities to win incremental pro forma market share as a combined company?

- 9 -

Edward Lehner: I guess I’ll just make some opening comments and then I’m going to kick it over
to Rick. But I really think when you look at cross-selling and upselling opportunities over a shorter