Company: ZEUS
Filing Date: 2025-10-29
Form Type: 425
Source: 0001193125-25-256374
Chunk: 3

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-29
Form: 425
Chunk 3
---
 the call over to Molly Kannan to discuss
our financial performance highlights for the third quarter.

Molly Kannan: Thanks, Jim, and good morning, everyone. In the third quarter of 2025, Ryerson
reported net sales of $1.16 billion, a decrease of $7.8 million, or less than 1% compared to the second quarter, with average selling prices up 2.6% and tons shipped down 3.2%. Due to the rising price environment, we recorded LIFO expense
of $13.2 million, which was consistent with the prior quarter. Gross margin and gross margin excluding LIFO both contracted during the third quarter by 70 basis points to 17.2% and 18.3%, respectively, as we experienced price pressure amidst
the soft demand environment.

Warehousing, delivery, selling, general and administrative expenses totaled $201 million for the third
quarter, a decrease of $3 million compared to the second quarter. Despite decreased expenses and top line metrics within our guidance ranges, gross margin compression contributed to our third quarter net loss of $14.8 million, or $0.46 per
diluted share. This compares to net income of $1.9 million and diluted earnings per share of $0.06 for the prior quarter. And finally, our adjusted EBITDA, excluding LIFO, generation for the third quarter was $40.3 million, which, as Jim
mentioned, was within our guidance range and compares to $45 million generated in the prior quarter. And with this, I’ll turn the call back to Eddie.

- 2 -

Edward Lehner: Thank you, Molly. I would like to conclude our prepared comments by thanking the Ryerson team
for their tremendous teamwork and passion for getting better every day. This quarter was another street fight. However, we continue executing our self-help principles and focusing on what we can control while continuing to bring our investment cycle
to return and improving our financial performance through the cycle. And with that, I am delighted to invite Rick Marabito to join me as we share an overview of the announced merger of our companies.

Rick Marabito: Thank you so much, Eddie. Really appreciate being invited to be part of this call. And, maybe before we begin, I just had just an opening
comment to make. And just want to say how excited I am, how excited the Olympic team is for this combination of two great companies, and really for the opportunity