Company: ZEUS
Filing Date: 2025-10-29
Form Type: 425
Source: 0001193125-25-256374
Chunk: 7

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-29
Form: 425
Chunk 7
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 optionality to deleverage both on a combined basis, but also in terms of the asset quality that we have in working capital, property, plant and equipment, and then we have better access to the capital markets and we also have
better share flow. There’s more liquidity in our combined equity than we have now. So with that, I’m going to kick it back over to Rick. And then I’ll be back with you in just a minute.

Rick Marabito: So thanks, Eddie. We can go to the next slide please. And really, let’s review the details of the transaction. So, as we said, the merger
was structured as an all-stock deal, and Eddie just talked about that in terms of strengthening the balance sheet and giving us really the strength and power to go forward and grow. Closing of the transaction
is targeted for the first quarter of 2026. Olympic shareholders in terms of an exchange ratio, will receive 1.7105 Ryerson shares for each Olympic share, and what that equates to is Ryerson shareholders owning 63% of the combined new company, and
Olympic Steel shareholders owning approximately 37% of the combined company.

And as we stated earlier, 2024 combined revenue
$6.5 billion with pro forma adjusted EBITDA margins approaching 6%. And that would include a phase in of the forecasted synergies. And Eddie just talked about the synergies, $120 million, assuming about one third of those synergies are
completed at the end of the first year after closing and then 100% phased in completely at the end of year two. And we do, as Eddie said, we do have high conviction in terms of achieving those synergies. I think as you look at all the opportunities,
and Eddie just gave you a couple of examples, but there’s quite a long list of potential opportunities and synergies. And I’ll tell you, that’s we’re going to be quickly engaged on realizing those synergies.

- 4 -

In terms of leadership, the board is going to broaden its talent by expanding to 11 board
members, and the board will welcome Michael Siegal as chairman of the board. I think as most of you know, Michael is currently the executive chair of Olympic Steel. And then Olympic will also appoint three other directors to the board, obviously
mutually satisfactory to the board. And that’ll result in four board members from Olympic and seven from Ryerson to round out the new board