Exhibit 21.2

Joseph T. Ryerson & Son, Inc.





Annual Report
for the period ended December 31, 2010



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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements



|                                                                                                     |  |      |   | 
|---------------------------------------------------------------------------------------------------- |  | ---- | - | 
|                                                                                                     |  | Page |  
|Financial Statements                                                                                 |  |      |   | 
|Report of Independent Registered Public Accounting Firm                                              |  |      | 1 | 
|Consolidated Statements of Operations for the years ended December 31, 2010, 2009 and 2008           |  |      | 2 | 
|Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008           |  |      | 3 | 
|Consolidated Balance Sheets at December 31, 2010 and 2009                                            |  |      | 4 | 
|Consolidated Statements of Stockholders Equity for the years ended December 31, 2010, 2009 and 2008 |  |      | 5 | 
|Notes to Consolidated Financial Statements                                                           |  |      | 6 | 





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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders of Joseph T. Ryerson & Son, Inc.

We have audited the accompanying consolidated balance sheets of Joseph T. Ryerson & Son, Inc. and Subsidiary Companies (the Company) as of December 31, 2010 and 2009 and the
related consolidated statements of operations, stockholders equity, and cash flows for the years ended December 31, 2010, 2009 and 2008. These financial statements are the responsibility of management of the Company. Our responsibility is
to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards of the
Public Company Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an
audit of the Companys internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of the Company at December 31, 2010 and 2009, and the consolidated results of its operations and its cash flows, for the years ended December 31, 2010, 2009 and 2008, in conformity with U.S. generally accepted accounting
principles.

/s/ Ernst & Young LLP

Chicago, Illinois

March 15, 2011



1



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JOSEPH T. RYERSON & SON, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)



|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|----------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                                                  |  | Year Ended December 31, |        
|                                                                  |  | 2010                    |         |   | 2009 |   |         | 2008 | 
|Net sales                                                         |  | $                       | 3,729.8 |   |      | $ | 2,951.4 |      |  | $ | 5,292.0 |  
|Cost of materials sold                                            |  |                         | 3,202.0 |   |      |   | 2,503.1 |      |  |   | 4,587.4 |  
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|Gross profit                                                      |  |                         | 527.8   |   |      |   | 448.3   |      |  |   | 704.6   |  
|Warehousing, delivery, selling, general and administrative        |  |                         | 484.2   |   |      |   | 468.6   |      |  |   | 577.1   |  
|Restructuring and other charges                                   |  |                         | 12.0    |   |      |   |        |      |  |   |        |  
|Gain on sale of assets                                            |  |                         |        |   |      |   | (3.3    | )    |  |   |        |  
|Impairment charge on fixed assets                                 |  |                         | 1.4     |   |      |   | 19.3    |      |  |   |        |  
|Pension and other postretirement benefits curtailment (gain) loss |  |                         | 2.0     |   |      |   | (2.0    | )    |  |   |        |  
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|Operating profit (loss)                                           |  |                         | 28.2    |   |      |   | (34.3   | )    |  |   | 127.5   |  
|Other expense:                                                    |  |                         |         |   |      |   |         |      |  |   |         |  
|Other income and (expense), net                                   |  |                         | (2.2    | ) |      |   | (13.1   | )    |  |   | 2.2     |  
|Interest and other expense on debt                                |  |                         | (2.3    | ) |      |   | (2.6    | )    |  |   | (3.5    | )
|Interest (expense) income on related party loans, net             |  |                         | (8.6    | ) |      |   | 6.2     |      |  |   | (18.3   | )
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|Income (loss) before income taxes                                 |  |                         | 15.1    |   |      |   | (43.8   | )    |  |   | 107.9   |  
|Charge (benefit) in lieu of income taxes                          |  |                         | 20.8    |   |      |   | (12.6   | )    |  |   | 39.2    |  
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|Net income (loss)                                                 |  |                         | (5.7    | ) |      |   | (31.2   | )    |  |   | 68.7    |  
|Less: Net income (loss) attributable to noncontrolling interest   |  |                         | 0.2     |   |      |   | (2.4    | )    |  |   | 4.0     |  
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  
|Net income (loss) attributable to Joseph T. Ryerson & Son, Inc.   |  | $                       | (5.9    | ) |      | $ | (28.8   | )    |  | $ | 64.7    |  
|                                                                  |  |                         |         |   |      |   |         |      |  |   |         |  

See Notes to Consolidated Financial Statements.



2



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JOSEPH T. RYERSON & SON, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)



|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|------------------------------------------------------------------------------------------------------ |  | ----------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                                                                       |  | Year Ended December 31, |       
|                                                                                                       |  | 2010                    |        |   | 2009 |   |        | 2008 | 
|Operating Activities:                                                                                  |  |                         |        |   |      |   |        |      |  |   |        |  
|Net income (loss)                                                                                      |  | $                       | (5.7   | ) |      | $ | (31.2  | )    |  | $ | 68.7   |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|                                                                                                       |  |                         |       
|Adjustments to reconcile net income (net loss) to net cash provided by (used in) operating activities: |  |                         |        |   |      |   |        |      |  |   |        |  
|Depreciation and amortization                                                                          |  |                         | 35.5   |   |      |   | 34.4   |      |  |   | 37.0   |  
|Deferred income taxes                                                                                  |  |                         | 66.3   |   |      |   | (9.8   | )    |  |   | (29.7  | )
|Provision for allowances, claims and doubtful accounts                                                 |  |                         | 2.9    |   |      |   | 8.5    |      |  |   | 11.5   |  
|Restructuring and other charges                                                                        |  |                         | 12.0   |   |      |   |       |      |  |   |       |  
|Gain on sale of property, plant and equipment and other assets                                         |  |                         |       |   |      |   | (3.3   | )    |  |   |       |  
|Impairment charge on fixed assets                                                                      |  |                         | 1.4    |   |      |   | 19.3   |      |  |   |       |  
|Pension and other postretirement benefits curtailment (gain) loss                                      |  |                         | 2.0    |   |      |   | (2.0   | )    |  |   |       |  
|Change in operating assets and liabilities, net of effects of acquisitions:                            |  |                         |        |   |      |   |        |      |  |   |        |  
|Receivables                                                                                            |  |                         | (121.6 | ) |      |   | 148.0  |      |  |   | 99.7   |  
|Inventories                                                                                            |  |                         | (159.0 | ) |      |   | 219.1  |      |  |   | 251.1  |  
|Related party receivable/payable                                                                       |  |                         | 18.0   |   |      |   | (13.7  | )    |  |   | 197.4  |  
|Other assets                                                                                           |  |                         | 4.5    |   |      |   | (2.1   | )    |  |   | 0.7    |  
|Accounts payable                                                                                       |  |                         | 84.3   |   |      |   | (1.0   | )    |  |   | (74.3  | )
|Accrued liabilities                                                                                    |  |                         | (6.6   | ) |      |   | (32.5  | )    |  |   | (35.8  | )
|Accrued taxes payable/receivable                                                                       |  |                         | (6.0   | ) |      |   | (3.1   | )    |  |   | 0.8    |  
|Deferred employee benefit costs                                                                        |  |                         | (36.9  | ) |      |   | (10.0  | )    |  |   | (16.4  | )
|Other items                                                                                            |  |                         | (0.3   | ) |      |   | 6.0    |      |  |   | (7.1   | )
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net adjustments                                                                                        |  |                         | (103.5 | ) |      |   | 357.8  |      |  |   | 434.9  |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net cash provided by (used in) operating activities                                                    |  |                         | (109.2 | ) |      |   | 326.6  |      |  |   | 503.6  |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|                                                                                                       |  |                         |       
|Investing Activities:                                                                                  |  |                         |        |   |      |   |        |      |  |   |        |  
|Acquisitions, net of cash acquired                                                                     |  |                         | (12.0  | ) |      |   |       |      |  |   |       |  
|Capital expenditures                                                                                   |  |                         | (23.6  | ) |      |   | (19.7  | )    |  |   | (29.5  | )
|Loan to related party                                                                                  |  |                         | (35.0  | ) |      |   |       |      |  |   |       |  
|Proceeds from sales of property, plant and equipment                                                   |  |                         | 5.5    |   |      |   | 18.4   |      |  |   | 31.7   |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net cash provided by (used in) investing activities                                                    |  |                         | (65.1  | ) |      |   | (1.3   | )    |  |   | 2.2    |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|                                                                                                       |  |                         |       
|Financing Activities:                                                                                  |  |                         |        |   |      |   |        |      |  |   |        |  
|Repayment of debt                                                                                      |  |                         | (10.6  | ) |      |   |       |      |  |   |       |  
|Proceeds/(Repayment) of related party borrowings                                                       |  |                         | 179.2  |   |      |   | (296.6 | )    |  |   | (482.8 | )
|Net increase (decrease) in book overdrafts                                                             |  |                         | 6.6    |   |      |   | (12.5  | )    |  |   | 10.0   |  
|Dividends paid                                                                                         |  |                         | (45.5  | ) |      |   | (6.4   | )    |  |   |       |  
|Capital contribution from Parent                                                                       |  |                         |       |   |      |   |       |      |  |   | 11.8   |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net cash provided by (used in) financing activities                                                    |  |                         | 129.7  |   |      |   | (315.5 | )    |  |   | (461.0 | )
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net increase (decrease) in cash and cash equivalents                                                   |  |                         | (44.6  | ) |      |   | 9.8    |      |  |   | 44.8   |  
|Effect of exchange rate changes on cash and cash equivalents                                           |  |                         | 3.2    |   |      |   | 11.0   |      |  |   | (6.6   | )
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Net change in cash and cash equivalents                                                                |  |                         | (41.4  | ) |      |   | 20.8   |      |  |   | 38.2   |  
|Cash and cash equivalentsbeginning of period                                                          |  |                         | 88.5   |   |      |   | 67.7   |      |  |   | 29.5   |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|Cash and cash equivalentsend of period                                                                |  | $                       | 47.1   |   |      | $ | 88.5   |      |  | $ | 67.7   |  
|                                                                                                       |  |                         |        |   |      |   |        |      |  |   |        |  
|                                                                                                       |  |                         |       
|Supplemental Disclosures                                                                               |  |                         |        |   |      |   |        |      |  |   |        |  
|Cash paid (received) during the period for:                                                            |  |                         |        |   |      |   |        |      |  |   |        |  
|Interest paid to third parties                                                                         |  | $                       | 0.7    |   |      | $ | 0.6    |      |  | $ | 0.6    |  
|Interest paid (received) to (from) related parties, net                                                |  |                         | (0.8   | ) |      |   | 4.8    |      |  |   | 19.0   |  
|Income taxes, net                                                                                      |  |                         | (3.6   | ) |      |   | 0.7    |      |  |   | 11.7   |  

See Notes to
Consolidated Financial Statements.



3



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JOSEPH T. RYERSON & SON, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(In millions, except shares)



|                                                                                                         |  |                 |         |   |      |   |         |  
|-------------------------------------------------------------------------------------------------------- |  | --------------- | ------- | - | ---- | - | ------- | -
|                                                                                                         |  | At December 31, |        
|                                                                                                         |  | 2010            |         |   | 2009 |  
|Assets                                                                                                   |  |                 |         |   |      |   |         |  
|Current assets:                                                                                          |  |                 |         |   |      |   |         |  
|Cash and cash equivalents                                                                                |  | $               | 47.1    |   |      | $ | 88.5    |  
|Receivables less provision for allowances, claims and doubtful accounts of $7.1 in 2010 and $9.1 in 2009 |  |                 | 449.5   |   |      |   | 324.9   |  
|Related party note receivable (Note 8)                                                                   |  |                 | 35.0    |   |      |   |        |  
|Inventories (Note 3)                                                                                     |  |                 | 756.7   |   |      |   | 586.7   |  
|Prepaid expenses and other assets                                                                        |  |                 | 23.0    |   |      |   | 32.1    |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total current assets                                                                                     |  |                 | 1,311.3 |   |      |   | 1,032.2 |  
|Property, plant and equipment, net of accumulated depreciation (Note 4)                                  |  |                 | 468.9   |   |      |   | 467.7   |  
|Related party long-term notes receivable (Note 8)                                                        |  |                 | 82.3    |   |      |   | 371.6   |  
|Deferred income taxes (Note 17)                                                                          |  |                 | 72.0    |   |      |   | 73.9    |  
|Other intangible assets (Note 5)                                                                         |  |                 | 16.0    |   |      |   | 12.4    |  
|Goodwill (Note 6)                                                                                        |  |                 | 72.2    |   |      |   | 69.9    |  
|Deferred charges and other assets                                                                        |  |                 | 2.4     |   |      |   | 3.6     |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total assets                                                                                             |  | $               | 2,025.1 |   |      | $ | 2,031.3 |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|                                                                                                         |  |                
|Liabilities                                                                                              |  |                 |         |   |      |   |         |  
|Current liabilities:                                                                                     |  |                 |         |   |      |   |         |  
|Accounts payable                                                                                         |  | $               | 255.5   |   |      | $ | 159.8   |  
|Related party payable (Note 13)                                                                          |  |                 | 106.5   |   |      |   | 88.4    |  
|Accrued liabilities:                                                                                     |  |                 |         |   |      |   |         |  
|Salaries, wages and commissions                                                                          |  |                 | 43.2    |   |      |   | 36.7    |  
|Deferred income taxes (Note 17)                                                                          |  |                 | 121.2   |   |      |   | 67.0    |  
|Other accrued liabilities                                                                                |  |                 | 32.9    |   |      |   | 31.3    |  
|Current portion of related-party long-term debt (Note 8)                                                 |  |                 |        |   |      |   | 110.0   |  
|Current portion of deferred employee benefits                                                            |  |                 | 15.8    |   |      |   | 15.6    |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total current liabilities                                                                                |  |                 | 575.1   |   |      |   | 508.8   |  
|Deferred employee benefits (Note 9)                                                                      |  |                 | 482.3   |   |      |   | 497.8   |  
|Taxes and other credits                                                                                  |  |                 | 8.6     |   |      |   | 11.3    |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total liabilities                                                                                        |  |                 | 1,066.0 |   |      |   | 1,017.9 |  
|                                                                                                         |  |                
|Commitments and Contingencies (Note 10)                                                                  |  |                 |         |   |      |   |         |  
|                                                                                                         |  |                
|Equity                                                                                                   |  |                 |         |   |      |   |         |  
|Joseph T. Ryerson & Son, Inc. stockholders equity:                                                      |  |                 |         |   |      |   |         |  
|Common stock, no par value; 1,000 shares authorized; 698 shares issued in 2010 and 2009 (Note 11)        |  |                 |        |   |      |   |        |  
|Capital in excess of par value                                                                           |  |                 | 1,016.3 |   |      |   | 1,061.8 |  
|Retained earnings                                                                                        |  |                 | 37.1    |   |      |   | 43.0    |  
|Accumulated other comprehensive loss                                                                     |  |                 | (132.2  | ) |      |   | (127.3  | )
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total Joseph T. Ryerson & Son, Inc. stockholders equity                                                 |  |                 | 921.2   |   |      |   | 977.5   |  
|Noncontrolling interest                                                                                  |  |                 | 37.9    |   |      |   | 35.9    |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total equity                                                                                             |  |                 | 959.1   |   |      |   | 1,013.4 |  
|                                                                                                         |  |                 |         |   |      |   |         |  
|Total liabilities and equity                                                                             |  | $               | 2,025.1 |   |      | $ | 2,031.3 |  
|                                                                                                         |  |                 |         |   |      |   |         |  

See Notes to Consolidated Financial Statements.



4



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JOSEPH T. RYERSON & SON, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY

(In millions, except shares)



|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   |                                              |   |  |                         |       |   |                        |   |       |         |  |   |         |   |  |   |      |   |  |   |         |  
|------------------------------------------------------------------- |  | ------------------------------------------ | --- |  | ---------------------------- | - | - | ---------------- |  | - | -------------------------------------------- | - |  | ----------------------- | ----- | - | ---------------------- | - | ----- | ------- |  | - | ------- | - |  | - | ---- | - |  | - | ------- | -
|                                                                    |  | Joseph T. Ryerson & Son, Inc. Stockholders |     |  |                              |   |   |                  | 
|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   | Accumulated 
OtherComprehensive Income(Loss) |   |  |                         |       |   |                        |  
|                                                                    |  | Common Stock                               |     |  | Capital inExcess ofPar Value |   |   | RetainedEarnings |  |   | ForeignCurrencyTranslation                   |   |  | Benefit PlanLiabilities |       |   | NoncontrollingInterest |   |       | Total   | 
|                                                                    |  | Shares                                     |     |  | Dollars                      |   |   | Dollars          |  |   | Dollars                                      |   |  | Dollars                 |       |   | Dollars                |   |       | Dollars |  |   | Dollars |  
|Balance at January 1, 2008                                          |  |                                            | 698 |  |                              | $ |  |                  |  | $ | 1,056.4                                      |   |  | $                       | 7.1   |   |                        | $ | (2.3  | )       |  | $ | 13.0    |   |  | $ | 37.4 |   |  | $ | 1,111.6 |  
|Net income                                                          |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         | 64.7  |   |                        |   |      |         |  |   |        |   |  |   | 4.0  |   |  |   | 68.7    |  
|Capital contribution from parent                                    |  |                                            |    |  |                              |   |  |                  |  |   | 11.8                                         |   |  |                         |      |   |                        |   |      |         |  |   |        |   |  |   |     |   |  |   | 11.8    |  
|Foreign currency translation                                        |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   | (35.2 | )       |  |   |        |   |  |   | (8.8 | ) |  |   | (44.0   | )
|Changes in unrecognized benefit costs (net of tax benefit of $72.7) |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   |      |         |  |   | (114.7  | ) |  |   |     |   |  |   | (114.7  | )
|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   |                                              |   |  |                         |       |   |                        |   |       |         |  |   |         |   |  |   |      |   |  |   |         |  
|Balance at December 31, 2008                                        |  |                                            | 698 |  |                              | $ |  |                  |  | $ | 1,068.2                                      |   |  | $                       | 71.8  |   |                        | $ | (37.5 | )       |  | $ | (101.7  | ) |  | $ | 32.6 |   |  | $ | 1,033.4 |  
|Net loss                                                            |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         | (28.8 | ) |                        |   |      |         |  |   |        |   |  |   | (2.4 | ) |  |   | (31.2   | )
|Dividends paid to parent                                            |  |                                            |    |  |                              |   |  |                  |  |   | (6.4                                         | ) |  |                         |      |   |                        |   |      |         |  |   |        |   |  |   |     |   |  |   | (6.4    | )
|Foreign currency translation                                        |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   | 23.0  |         |  |   |        |   |  |   | 5.7  |   |  |   | 28.7    |  
|Changes in unrecognized benefit costs (net of tax benefit of $7.7)  |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   |      |         |  |   | (11.1   | ) |  |   |     |   |  |   | (11.1   | )
|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   |                                              |   |  |                         |       |   |                        |   |       |         |  |   |         |   |  |   |      |   |  |   |         |  
|Balance at December 31, 2009                                        |  |                                            | 698 |  |                              | $ |  |                  |  | $ | 1,061.8                                      |   |  | $                       | 43.0  |   |                        | $ | (14.5 | )       |  | $ | (112.8  | ) |  | $ | 35.9 |   |  | $ | 1,013.4 |  
|Net loss                                                            |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         | (5.9  | ) |                        |   |      |         |  |   |        |   |  |   | 0.2  |   |  |   | (5.7    | )
|Dividends paid to parent                                            |  |                                            |    |  |                              |   |  |                  |  |   | (45.5                                        | ) |  |                         |      |   |                        |   |      |         |  |   |        |   |  |   |     |   |  |   | (45.5   | )
|Foreign currency translation                                        |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   | 7.1   |         |  |   |        |   |  |   | 1.8  |   |  |   | 8.9     |  
|Changes in unrecognized benefit costs (net of tax benefit of $7.1)  |  |                                            |    |  |                              |   |  |                  |  |   |                                             |   |  |                         |      |   |                        |   |      |         |  |   | (12.0   | ) |  |   |     |   |  |   | (12.0   | )
|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   |                                              |   |  |                         |       |   |                        |   |       |         |  |   |         |   |  |   |      |   |  |   |         |  
|Balance at December 31, 2010                                        |  |                                            | 698 |  |                              | $ |  |                  |  | $ | 1,016.3                                      |   |  | $                       | 37.1  |   |                        | $ | (7.4  | )       |  | $ | (124.8  | ) |  | $ | 37.9 |   |  | $ | 959.1   |  
|                                                                    |  |                                            |     |  |                              |   |   |                  |  |   |                                              |   |  |                         |       |   |                        |   |       |         |  |   |         |   |  |   |      |   |  |   |         |  

See Notes to Consolidated Financial Statements.



5



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Statement of Accounting and Financial Policies

Business
Description and Basis of Presentation. Joseph T. Ryerson & Son, Inc. (JT Ryerson) conducts materials distribution operations in the United States and in Canada through its majority-owned subsidiary Ryerson Canada, Inc.,
a Canadian corporation (Ryerson Canada). JT Ryerson is a wholly-owned subsidiary of Ryerson Inc. (Ryerson). JT Ryerson has an 80% ownership interest in Ryerson Canada in all periods presented. Unless the context indicates
otherwise, JT Ryerson, together with its subsidiaries, is collectively referred to herein as we, us, our, or the Company. Ryerson Inc., a Delaware corporation, is a wholly-owned subsidiary of
Ryerson Holding Corporation (Ryerson Holding).

On October 19, 2007, the merger (the Platinum
Acquisition) of Rhombus Merger Corporation (Merger Sub), a Delaware corporation and a wholly-owned subsidiary of Ryerson Holding, with and into Ryerson, was consummated in accordance with the Agreement and Plan of Merger, dated
July 24, 2007, by and among Ryerson, Ryerson Holding and Merger Sub (the Merger Agreement). Upon the closing of the Platinum Acquisition, Ryerson, including JT Ryerson, became wholly-owned direct and indirect subsidiaries of Ryerson
Holding. Ryerson Holding is 99% owned by affiliates of Platinum Equity, LLC.

Principles of Consolidation. The
Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation. Additionally, variable interest entities that do not have
sufficient equity investment to permit the entity to finance its activities without additional subordinated support from other parties or whose equity investors lack the characteristics of a controlling financial interest for which the Company is
the primary beneficiary are included in the consolidated financial statements. There were no such variable entities that were required to be consolidated as of December 31, 2010 or 2009.

Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles
requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to financial statements. Changes in such estimates may affect amounts reported in future periods.

Reclassifications.Certain prior period amounts have been reclassified to conform to the 2010 presentation.

Revenue Recognition. Revenue is recognized in accordance with Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC) 605, Revenue Recognition. Revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of
delivery to customers given the proximity of the Companys distribution sites to its customers. Revenue is recorded net of returns, allowances, customer discounts and incentives. Sales taxes collected from customers and remitted to governmental
authorities are accounted for on a net (excluded from revenues) basis.

Provision for allowances, claims and doubtful
accounts. The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers current credit information and payment history. The Company monitors customer payments and maintains a
provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and
judgments about the probable effects of economic conditions on certain customers. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. Provisions for allowances and claims are based upon historical
rates, expected trends and estimates of potential returns, allowances, customer discounts and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims and doubtful accounts.

Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in Net
Sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in Warehousing, delivery, selling, general and administrative expenses in our Consolidated Statement of
Operations. These costs totaled $80.2 million, $71.7 million, and $100.3 million for the years ended December 31, 2010, 2009 and 2008, respectively.

Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheet, with changes in the
funded status recognized through accumulated other comprehensive income (loss), net of tax, in the year in which the changes occur. The estimated cost of the Companys defined benefit pension plan and its postretirement medical benefits are
determined annually after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, future compensation
costs, healthcare cost trends, benefit payment patterns and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee
Retirement Income Security Act (ERISA) of 1974 and the Pension Protection Act of 2006 into a trust established for the Ryerson Pension Plan. Costs for retired employee medical benefits are funded when claims are submitted. Certain
salaried employees are covered by a defined contribution plan, for which the cost is expensed in the period earned.



6



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Cash Equivalents. Cash equivalents reflected in the financial statements are
highly liquid, short-term investments with original maturities of three months or less that are an integral part of the Companys cash management portfolio. Checks issued in excess of funds on deposit at the bank represent book
overdrafts and are reclassified to accounts payable. Amounts reclassified totaled $32.5 million and $25.9 million at December 31, 2010 and 2009, respectively.

Inventory Valuation. Inventories are stated at the lower of cost or market value. We use the last-in, first-out (LIFO) method for valuing our domestic inventories. We use the
weighted-average cost method for valuing our foreign inventories.

Property, Plant and Equipment. Property, plant
and equipment are depreciated, for financial reporting purposes, using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives
of the assets:



|                         |  |  |          | 
|------------------------ |  |  | -------- | 
|Land improvements        |  |  | 20 years | 
|Buildings                |  |  | 45 years | 
|Machinery and equipment  |  |  | 15 years | 
|Furniture and fixtures   |  |  | 10 years | 
|Transportation equipment |  |  | 6 years  | 

Expenditures for normal repairs and
maintenance are charged against income in the period incurred.

Goodwill. In accordance with FASB ASC 350,
Intangibles  Goodwill and Other (ASC 350), goodwill is reviewed at least annually for impairment using a two-step approach. In the first step, the Company tests for impairment of goodwill by estimating the fair
values of its reporting units using the present value of future cash flows approach, subject to a comparison for reasonableness to a market approach at the date of valuation. If the carrying amount exceeds the fair value, the second step of the
goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step the implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair value of
all other net tangible and intangible assets of the reporting unit. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the
goodwill. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The
Company performs its annual impairment testing during the fourth quarter and determined that there was no impairment in 2010.

Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of
the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying
value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method.

Deferred financing costs associated with the issuance of debt are being amortized using the effective interest method over the life of
the debt.

Income Taxes. Income taxes are accounted for under the asset and liability method. Deferred tax assets
and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit
carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows detailed guidelines in each tax jurisdiction when reviewing tax assets recorded on the balance sheet and provides
for valuation allowances when it is more likely than not that the asset will not be realized.

Foreign
Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues
and expenses are translated at the average monthly exchange rates prevailing during the year.

For foreign currency
transactions, the Company translates these amounts to the Companys functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign
exchange transaction gain or loss results which is included in determining net income for the period. The Company recognized a $2.4 million exchange loss, $14.8 million exchange loss, and $2.2 million exchange gain for the years ended
December 31, 2010, 2009 and 2008. These amounts are primarily classified in Other income and expense, net in our Consolidated Statement of Operations.



7



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Recent Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-6, Improving Disclosures About Fair Value
Measurements(ASU 2010-6), which requires reporting entities to make new disclosures about recurring or nonrecurring fair-value measurements including significant transfers into and out of Level 1 and Level 2 fair value
measurements and information on purchases, sales, issuances, and settlements on a gross basis in the reconciliation of Level 3 fair value measurements. ASU 2010-6 is effective for interim and annual reporting periods beginning after
December 15, 2009, except for Level 3 reconciliation disclosures which are effective for interim and annual periods beginning after December 15, 2010. We adopted the requirements within ASU 2010-6 as of January 1, 2010, except for the
Level 3 reconciliation disclosures which will be adopted as of January 1, 2011. The adoption did not have an impact on our financial statements.

In December 2010, the FASB issued ASU No. 2010-28, When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts. This ASU
updates ASC Topic 350, IntangiblesGoodwill and Other,to amend the criteria for performing Step 2 of the goodwill impairment test for reporting units with zero or negative carrying amounts and requires performing Step 2 if
qualitative factors indicate that it is more likely than not that a goodwill impairment exists. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The Company does not have any
reporting units with zero or negative carrying amounts as of December 31, 2010. We will adopt this guidance prospectively beginning January 1, 2011.

In December 2010, the FASB issued ASU No. 2010-29, Disclosure of Supplementary Pro Forma Information for Business Combinationsto specify that if a company presents comparative
financial statements, it should disclose revenue and earnings of the combined entity as though the business combination that occurred during the current period, occurred at the beginning of the comparable prior annual reporting period only. This
guidance is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. We will adopt
this guidance prospectively beginning January 1, 2011. It is not expected to have a significant impact on the Company.

Note
2: Business Combinations

On January 26, 2010, the Company acquired all of the issued and outstanding capital
stock of Texas Steel Processing, Inc. (TSP), a steel plate processor based in Houston, Texas. The acquisition is not material to our consolidated financial statements.

On August 4, 2010, the Company acquired all of the issued and outstanding capital stock of SFI-Gray Steel Inc. (SFI), a
steel plate processor based in Houston, Texas. The acquisition is not material to our consolidated financial statements.

Note 3:
Inventories

Inventories were classified at December 31, 2010 and 2009 as follows:



|                                 |  |                 |       |  |      |   |       | 
|-------------------------------- |  | --------------- | ----- |  | ---- | - | ----- | 
|                                 |  | At December 31, |      
|                                 |  | 2010            |       |  | 2009 |  
|                                 |  | (In millions)   |      
|In process and finished products |  | $               | 756.7 |  |      | $ | 586.7 | 

If current cost had
been used to value inventories, such inventories would have been $20 million and $72 million lower than reported at December 31, 2010 and 2009, respectively. Approximately 90% and 88% of inventories are accounted for under the LIFO method
at December 31, 2010 and 2009, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost method. Substantially all of our inventories consist of finished products.

During 2008, inventory quantities were reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried
at lower costs prevailing in prior years as compared with the cost of current year purchases. The effect of the LIFO liquidation decreased cost of materials sold during 2008 by approximately $16 million and increased net income by approximately $10
million.



8



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Note 4: Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31, 2010 and 2009:



|                                     |  |                 |       |   |      |   |       |  
|------------------------------------ |  | --------------- | ----- | - | ---- | - | ----- | -
|                                     |  | At December 31, |      
|                                     |  | 2010            |       |   | 2009 |  
|                                     |  | (In millions)   |      
|Land and land improvements           |  | $               | 103.4 |   |      | $ | 99.8  |  
|Buildings and leasehold improvements |  |                 | 187.0 |   |      |   | 180.5 |  
|Machinery, equipment and other       |  |                 | 276.1 |   |      |   | 249.8 |  
|Construction in progress             |  |                 | 2.1   |   |      |   | 3.1   |  
|                                     |  |                 |       |   |      |   |       |  
|Total                                |  |                 | 568.6 |   |      |   | 533.2 |  
|Less: Accumulated depreciation       |  |                 | (99.7 | ) |      |   | (65.5 | )
|                                     |  |                 |       |   |      |   |       |  
|Net property, plant and equipment    |  | $               | 468.9 |   |      | $ | 467.7 |  
|                                     |  |                 |       |   |      |   |       |  

The Company recorded $1.4 million and $19.3 million of impairment charges in 2010 and 2009, respectively,
related to fixed assets. The impairment charge recorded in 2010 related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with FASB ASC 360-10-35-43, Property, Plant
and Equipment  Other Presentation Matters. Of the $19.3 million impairment charge recorded in 2009, $1.8 million related to certain assets that we determined did not have a recoverable carrying value based on the projected
undiscounted cash flows, and $17.5 million related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell. The fair values of each property were determined based on appraisals obtained from a
third party, pending sales contracts, or recent listing agreements with third party brokerage firms. In total, the Company had $14.3 million and $24.0 million of assets held for sale, classified within Other current assets as of
December 31, 2010 and 2009, respectively.

Note 5: Intangible Assets

The following summarizes the components of intangible assets at December 31, 2010 and 2009:



|                                        |  |                      |      |  |                         |   |      |     |  |   |                     |  |  |                         |      |  |     |   |      |   |  |   |      | 
|--------------------------------------- |  | -------------------- | ---- |  | ----------------------- | - | ---- | --- |  | - | ------------------- |  |  | ----------------------- | ---- |  | --- | - | ---- | - |  | - | ---- | 
|                                        |  | At December 31, 2010 |      |  | At December 31, 2009    |  
|Amortized intangible assets             |  | GrossCarryingAmount  |      |  | AccumulatedAmortization |   |      | Net |  |   | GrossCarryingAmount |  |  | AccumulatedAmortization |      |  | Net |  
|                                        |  | (In millions)        |     
|Customer relationships                  |  | $                    | 16.3 |  |                         | $ | (3.8 | )   |  | $ | 12.5                |  |  | $                       | 14.9 |  |     | $ | (2.5 | ) |  | $ | 12.4 | 
|Developed technology / product know-how |  |                      | 1.9  |  |                         |   | (0.1 | )   |  |   | 1.8                 |  |  |                         |     |  |     |   |     |   |  |   |     | 
|Non-compete agreements                  |  |                      | 1.1  |  |                         |   | (0.1 | )   |  |   | 1.0                 |  |  |                         |     |  |     |   |     |   |  |   |     | 
|Trademarks                              |  |                      | 0.8  |  |                         |   | (0.1 | )   |  |   | 0.7                 |  |  |                         |     |  |     |   |     |   |  |   |     | 
|                                        |  |                      |      |  |                         |   |      |     |  |   |                     |  |  |                         |      |  |     |   |      |   |  |   |      | 
|Total intangible assets                 |  | $                    | 20.1 |  |                         | $ | (4.1 | )   |  | $ | 16.0                |  |  | $                       | 14.9 |  |     | $ | (2.5 | ) |  | $ | 12.4 | 
|                                        |  |                      |      |  |                         |   |      |     |  |   |                     |  |  |                         |      |  |     |   |      |   |  |   |      | 

Amortization expense related to intangible assets for the years ended December 31, 2010, 2009 and 2008
was $1.6 million, $1.1 million and $1.2 million, respectively.

Other intangible assets are amortized over a period between 5
and 13 years. Estimated amortization expense related to intangible assets at December 31, 2010, for each of the years in the five year period ending December 31, 2015 and thereafter is as follows:



|                                     |  |                               |     | 
|------------------------------------ |  | ----------------------------- | --- | 
|                                     |  | EstimatedAmortization Expense |    
|                                     |  | (In millions)                 |    
|For the year ended December 31, 2011 |  | $                             | 2.1 | 
|For the year ended December 31, 2012 |  |                               | 2.1 | 
|For the year ended December 31, 2013 |  |                               | 2.1 | 
|For the year ended December 31, 2014 |  |                               | 2.1 | 
|For the year ended December 31, 2015 |  |                               | 1.8 | 
|For the years ended thereafter       |  |                               | 5.8 | 



9



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Note 6: Goodwill

The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2010 and 2009:



|                                               |  |                |      |  
|---------------------------------------------- |  | -------------- | ---- | -
|                                               |  | CarryingAmount |     
|                                               |  | (In millions)  |     
|Balance at January 1, 2009                     |  | $              | 74.9 |  
|Adjustments to purchase price                  |  |                | (4.5 | )
|Changes due to foreign currency translation    |  |                | (0.5 | )
|                                               |  |                |      |  
|Balance at December 31, 2009                   |  | $              | 69.9 |  
|Acquisitions and adjustments to purchase price |  |                | 1.9  |  
|Changes due to foreign currency translation    |  |                | 0.4  |  
|                                               |  |                |      |  
|Balance at December 31, 2010                   |  | $              | 72.2 |  
|                                               |  |                |      |  

In 2010, the Company recognized $5.9 million of goodwill related to the TSP and SFI acquisitions. The
goodwill balance for TSP, $3.1 million, is not deductible for income tax purposes. The goodwill balance for SFI, $2.8 million, is deductible for income tax purposes. The Company made adjustments to the purchase price of $4.0 million and $4.5 million
during the years ended December 31, 2010 and 2009, respectively.

Note 7: Restructuring and Other Charges

The following summarizes restructuring accrual activity for the years ended December 31, 2010, 2009 and 2008:



|                                                                               |  |                      |       |   |                       |   |      |                         |  |   |       |  
|------------------------------------------------------------------------------ |  | -------------------- | ----- | - | --------------------- | - | ---- | ----------------------- |  | - | ----- | -
|                                                                               |  | EmployeeRelatedCosts |       |   | Tenancyand OtherCosts |   |      | TotalRestructuringCosts | 
|                                                                               |  | (In millions)        |      
|Balance at January 1, 2008                                                     |  | $                    | 38.8  |   |                       | $ | 3.0  |                         |  | $ | 41.8  |  
|Adjustment to plan liability                                                   |  |                      | (4.1  | ) |                       |   | (0.3 | )                       |  |   | (4.4  | )
|Cash payments                                                                  |  |                      | (28.1 | ) |                       |   | (1.2 | )                       |  |   | (29.3 | )
|Reduction to reserve                                                           |  |                      | (0.4  | ) |                       |   |     |                         |  |   | (0.4  | )
|                                                                               |  |                      |       |   |                       |   |      |                         |  |   |       |  
|Balance at December 31, 2008                                                   |  | $                    | 6.2   |   |                       | $ | 1.5  |                         |  | $ | 7.7   |  
|Adjustment to plan liability                                                   |  |                      |      |   |                       |   | (0.3 | )                       |  |   | (0.3  | )
|Cash payments                                                                  |  |                      | (6.1  | ) |                       |   | (0.3 | )                       |  |   | (6.4  | )
|Reclassifications                                                              |  |                      | 0.4   |   |                       |   | (0.4 | )                       |  |   |      |  
|Reduction to reserve                                                           |  |                      | (0.1  | ) |                       |   |     |                         |  |   | (0.1  | )
|                                                                               |  |                      |       |   |                       |   |      |                         |  |   |       |  
|Balance at December 31, 2009                                                   |  | $                    | 0.4   |   |                       | $ | 0.5  |                         |  | $ | 0.9   |  
|Restructuring charges                                                          |  |                      | 12.5  |   |                       |   |     |                         |  |   | 12.5  |  
|Cash payments                                                                  |  |                      | (0.6  | ) |                       |   | (0.4 | )                       |  |   | (1.0  | )
|Adjustments for pension and other post-retirement termination non-cash charges |  |                      | (12.1 | ) |                       |   |     |                         |  |   | (12.1 | )
|Reclassifications                                                              |  |                      | (0.1  | ) |                       |   | 0.1  |                         |  |   |      |  
|                                                                               |  |                      |       |   |                       |   |      |                         |  |   |       |  
|Balance at December 31, 2010                                                   |  | $                    | 0.1   |   |                       | $ | 0.2  |                         |  | $ | 0.3   |  
|                                                                               |  |                      |       |   |                       |   |      |                         |  |   |       |  

2010

During 2010, the Company paid $0.7 million related to the exit plan liability recorded on October 19, 2007, as part of the Platinum Acquisition. The remaining balance of $0.2 million of tenancy and
other costs related to the Platinum Acquisition exit plan liability as of December 31, 2010 is expected to be paid during 2011.

In the fourth quarter of 2010, the Company recorded a $12.5 million charge related to the closure of one of its facilities. The charge consists of restructuring expenses of $0.4 million for
employee-related costs, including severance for 66 employees, and additional non-cash pensions and other post-retirement benefits costs totaling $12.1 million. Included in the non-cash pension charge is a pension curtailment loss of $2.0 million. In
the fourth quarter of 2010, the Company paid $0.3 million in employee costs related to this facility closure. The remaining $0.1 million balance is expected be paid in 2011. The Company expects to record additional restructuring charges of less than
$1 million related to this facility closure in 2011.



10



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2009

During 2009, the Company paid $6.4 million related to the exit plan liability recorded on October 19, 2007, as part of the Platinum Acquisition. The Company also recorded a $0.3 million reduction to
the exit plan liability primarily due to lower property taxes on closed facilities than estimated in the initial restructuring plan.

2008

During
2008, the Company paid $29.3 million related to the exit plan liability recorded on October 19, 2007, as part of the Platinum Acquisition. The Company also recorded a $4.4 million reduction to the exit plan liability primarily due to 277 fewer
employee terminations than anticipated in the initial restructuring plan. The reduction to the exit plan liability reduced goodwill by $2.6 million, net of tax. The Company also recorded a $0.4 million reduction to the exit plan liability in the
fourth quarter of 2008 which was credited to Warehousing, delivery, selling, general and administrative expense.

Other Charges

In the fourth quarter of 2010, the Company also recorded a charge of $1.5 million for costs related to the retirement of
its former Chief Executive Officer, which is recorded within the Restructuring and other charges line of the consolidated statement of operations.

Note 8: Long-Term Debt / Related Party Notes Receivable

Long-term
debt consisted of the following at December 31, 2010 and 2009:



|                                        |  |                 |   |  |      |   |       | 
|--------------------------------------- |  | --------------- | - |  | ---- | - | ----- | 
|                                        |  | At December 31, |  
|                                        |  | 2010            |   |  | 2009 |  
|                                        |  | (In millions)   |  
|Ryerson Credit Facility                 |  | $               |  |  |      | $ |      | 
|Related Party Long-term Debt            |  |                 |  |  |      |   | 110.0 | 
|                                        |  |                 |   |  |      |   |       | 
|Total debt                              |  |                 |  |  |      |   | 110.0 | 
|Less:                                   |  |                 |   |  |      |   |       | 
|Short-term Related Party Long-term Debt |  |                 |  |  |      |   | 110.0 | 
|                                        |  |                 |   |  |      |   |       | 
|Total long-term debt                    |  | $               |  |  |      | $ |      | 
|                                        |  |                 |   |  |      |   |       | 

Related party notes receivables consisted of the following at December 31:



|                                         |  |                 |       |  |      |   |       | 
|---------------------------------------- |  | --------------- | ----- |  | ---- | - | ----- | 
|                                         |  | At December 31, |      
|                                         |  | 2010            |       |  | 2009 |  
|                                         |  | (In millions)   |      
|Related party note receivable            |  | $               | 35.0  |  |      | $ |      | 
|Related party long-term notes receivable |  |                 | 82.3  |  |      |   | 371.6 | 
|                                         |  |                 |       |  |      |   |       | 
|Total notes receivable                   |  | $               | 117.3 |  |      | $ | 371.6 | 
|                                         |  |                 |       |  |      |   |       | 

Ryerson Credit Facility

On October 19, 2007, Merger Sub, together with certain affiliates including JT Ryerson, entered into a 5-year, $1.35 billion revolving credit facility agreement (as amended, the Ryerson Credit
Facility) with a maturity date of October 18, 2012 which has since been amended to the earliest of (a) March 14, 2016, (b) the date that occurs 90 days prior to the scheduled maturity date of the Floating Rate Senior Secured
Notes due November 1, 2014 (2014 Notes), if the 2014 Notes are then outstanding and (c) the date that occurs 90 days prior to the scheduled maturity date of the 12% Senior Secured Notes due November 1, 2015 (2015 Notes)
(together, with the 2014 Notes, the Ryerson Notes), if the 2015 Notes are then outstanding. The total $1.35 billion revolving credit facility has an allocation of $1.2 billion to Ryersons affiliates in the United States and an
allocation of $150 million to Ryerson Canada.

Borrowings under the Ryerson Credit Facility to support U.S. operations are
made by Ryerson. Ryerson provides related party loans as needed by the Company. Ryerson Canada borrows directly under the Ryerson Credit Facility as needed. At December 31, 2010, Ryerson had $457.3 million of outstanding borrowings, $24 million
of letters of credit issued and $317 million available under the $1.35 billion Ryerson Credit Facility compared to $250.2 million of outstanding borrowings, $32 million of letters of credit issued and $268 million available at December 31,
2009. Total credit availability is limited by the amount of eligible account receivables and inventory pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these two amounts,
less applicable reserves. Eligible account receivables, at any date of determination, are comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the
rendition of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower does not have sole and absolute title and accounts arising out of
a sale to an employee, officer, director, or affiliate of the borrower. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.1 percent at December 31, 2010 and 2009.



11



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Amounts outstanding under the Ryerson Credit Facility bear interest at a rate determined by
reference to the base rate (Bank of Americas prime rate) or a LIBOR rate or, for the Companys Canadian subsidiary which is a borrower, a rate determined by reference to the Canadian base rate (Bank of America-Canada Branchs
Base Rate for loans in U.S. Dollars in Canada) or the BA rate (average annual rate applicable to Canadian Dollar bankers acceptances) or a LIBOR rate and the Canadian prime rate (Bank of America-Canada Branchs Prime
Rate.). The spread over the base rate and Canadian prime rate is between 0.25% and 1.00% and the spread over the LIBOR and for the bankers acceptances is between 1.25% and 2.00%, depending on the amount available to be borrowed. Overdue
amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. Ryerson also pays commitment fees on amounts not borrowed at a rate between 0.25% and 0.35% depending on the average
borrowings as a percentage of the total $1.35 billion agreement during a rolling three month period.

Borrowings under the
Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivable, lockbox accounts and related assets of Ryerson, subsidiary borrowers and certain other U.S. subsidiaries of Ryerson that act as guarantors.

The Ryerson Credit Facility contains covenants that, among other things, restrict Ryerson with respect to the incurrence of
debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets and acquisitions. The Ryerson Credit Facility also requires that, if availability under such facility declines to a certain level, Ryerson
maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter.

The Ryerson Credit Facility contains
events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees and other amounts after a specified grace period, material misrepresentations, failure to perform certain specified
covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments and the occurrence of a change of control of Ryerson Holding. If such an event of default occurs, the lenders under the Ryerson
Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors.

The lenders under the Ryerson Credit Facility have the ability to reject a borrowing request if there has occurred any event,
circumstance or development that has had or could reasonably be expected to have a material adverse effect on Ryerson. If Ryerson or any significant subsidiaries of the other borrowers becomes insolvent or commences bankruptcy proceedings, all
amounts borrowed under the Ryerson Credit Facility will become immediately due and payable.

$150 Million 81/4% Senior Notes due 2011

As a result of the Platinum Acquisition, $145.9 million principal of Ryersons 81/4% Senior Notes due 2011 (2011 Notes) were repurchased
between October 20, 2007 and December 31, 2007 with $4.1 million outstanding at December 31, 2010 and 2009. The 2011 Notes pay interest semi-annually and mature on December 15, 2011. A subsidiary of the Company is a guarantor of
the 2011 Notes.

The 2011 Notes contained covenants, substantially all of which were removed pursuant to an amendment
of the 2011 Notes as a result of the tender offer to repurchase the notes upon the Platinum Acquisition.

Related Party Notes

The Company has long-term related party borrowings from a subsidiary of Ryerson. The original loan amounts totaled $893
million. At December 31, 2010, the related party notes (Notes) balance outstanding was $662.2 million. The outstanding Notes balance at December 31, 2010 consisted of $392.2 million of variable interest rate Notes and $270.0
million of 12.5% Notes as compared to $420.0 million of variable interest rate Notes, $160.0 million of 5.5% Notes, $110.0 million of 6.0% Notes and $10 million of 7.5% Notes at December 31, 2009. The variable rate Notes bear interest at a
rate, reset quarterly, of LIBOR plus 2.0% per annum. The variable rate Notes had an interest rate of 2.26% and 2.25% at December 31, 2010 and December 31, 2009. The variable rate Notes are due in 2025, the $160 million 12.5% Notes are
due in 2014, and the $110 million 12.5 Notes are due in 2015.

Borrowings on the Ryerson Credit Facility to fund U.S.
operations are initiated by Ryerson. The Company has a long-term related party borrowing arrangement with Ryerson to provide funds as necessary. In addition, if the Company has excess funds, the money is transferred to Ryerson, offsetting the
aforementioned indebtedness amounts. Interest is charged based on the current Prime rate. At December 31, 2010 and December 31, 2009, excess funds transferred to Ryerson reflected a receivable to the Company of $744.5 million and $961.5
million, respectively. These amounts are netted with the long-term related party notes balances discussed above based on the right of offset. As a result, at December 31, 2010, the Company has a net long-term notes receivable balance of $82.3
million and at December 31, 2009, the Company has a net long term notes receivable balance of $371.6 million and a short-term note payable balance of $110.0 million



12



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Ryerson Canada loaned a subsidiary of Ryerson $35.0 million on July 8, 2010 with a
repayment date of December 31, 2011. Interest income is accrued on a straight-line basis at a rate of 8.0% per annum.

Note 9:
Employee Benefits

The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715,
Compensation  Retirement Benefits (ASC 715). In addition to requirements for an employer to recognize in its consolidated balance sheet an asset for a plans overfunded status or a liability for a
plans underfunded status and to recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur, ASC 715 requires an employer to measure a plans assets and its obligations that
determine its funded status as of the end of the employers fiscal year.

Prior to January 1, 1998, the
Companys non-contributory defined benefit pension plan covered certain employees, retirees and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of
service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements.

Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective
March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Companys defined
contribution plan. Salaried employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement. Certain transition rules have been
established for those salaried employees meeting specified age and service requirements. For the years ended December 31, 2010, 2009 and 2008, expense recognized for its defined contribution plans was $8.6 million, $4.2 million and $9.7
million, respectively. The Company temporarily froze company matching 401(k) contributions beginning in February 2009 through January 22, 2010, resulting in the decrease in expense in 2009 as compared to 2010 and 2008. Effective
January 22, 2010, the Company resumed matching 401(k) contributions.

In February and December 2009, the Company
amended the terms of two of our Canadian post-retirement medical and life insurance plans which effectively eliminated benefits to a group of employees unless these individuals agreed to retire by October 1, 2010. These actions meet the
definition of a curtailment under FASB ASC 715-30-15 and resulted in a curtailment gain of $2.0 million for the year ended December 31, 2009.

In the fourth quarter of 2010, the Company announced the closure of one of its facilities, which significantly reduced the expected years of future service of active accruing participants in the
Companys defined benefit pension plan. As a result, the Company recorded a pension curtailment loss of $2.0 million in 2010.

The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled $16.1 million and $15.7 million at December 31, 2010 and 2009,
respectively.

Summary of Assumptions and Activity

The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the
funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. For the year 2010, the
Company had an additional measurement date of November 18 for our U.S. pension plan due to the announced closure of one of its facilities as discussed above. The assumptions used to determine benefit obligations at the end of the periods and
net periodic benefit costs for the Pension Benefits for U.S. plans were as follows:



|                                                        |  |                                |      |   |                               |  |      |                            |  |  |                            |   |  |  |      |  
|------------------------------------------------------- |  | ------------------------------ | ---- | - | ----------------------------- |  | ---- | -------------------------- |  |  | -------------------------- | - |  |  | ---- | -
|                                                        |  | November 18 toDecember 31,2010 |      |   | January 1 toNovember 
17,2010 |  |      | Year EndedDecember 31,2009 |  |  | Year EndedDecember 31,2008 |  
|Discount rate for calculating obligations               |  |                                | 5.35 | % |                               |  | N/A  |                            |  |  | 5.80                       | % |  |  | 6.30 | %
|Discount rate for calculating net periodic benefit cost |  |                                | 5.40 |   |                               |  | 5.80 | %                          |  |  | 6.30                       |   |  |  | 6.50 |  
|Expected rate of return on plan assets                  |  |                                | 8.75 |   |                               |  | 8.75 |                            |  |  | 8.75                       |   |  |  | 8.75 |  
|Rate of compensation increase                           |  |                                | 3.00 |   |                               |  | 4.00 |                            |  |  | 4.00                       |   |  |  | 4.00 |  

The expected rate of
return on U.S. plan assets is 8.75% for 2011.



13



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The assumptions used to determine benefit obligations at the end of the periods and net
periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:



|                                                        |  |                         |      |   |      |  |      |      |  |  |      |  
|------------------------------------------------------- |  | ----------------------- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                        |  | Year Ended December 31, |     
|                                                        |  | 2010                    |      |   | 2009 |  |      | 2008 | 
|Discount rate for calculating obligations               |  |                         | 5.25 | % |      |  | 5.70 | %    |  |  | 6.30 | %
|Discount rate for calculating net periodic benefit cost |  |                         | 5.70 |   |      |  | 6.30 |      |  |  | 6.40 |  
|Rate of compensation increase  benefit obligations     |  |                         | 3.00 |   |      |  | 4.00 |      |  |  | 4.00 |  
|Rate of compensation increase  net period benefit cost |  |                         | 4.00 |   |      |  | 4.00 |      |  |  | 4.00 |  

The assumptions used
to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:



|                                                        |  |                         |      |   |      |  |      |      |  |  |      |  
|------------------------------------------------------- |  | ----------------------- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                        |  | Year Ended December 31, |     
|                                                        |  | 2010                    |      |   | 2009 |  |      | 2008 | 
|Discount rate for calculating obligations               |  |                         | 5.25 | % |      |  | 5.75 | %    |  |  | 7.50 | %
|Discount rate for calculating net periodic benefit cost |  |                         | 5.75 |   |      |  | 7.50 |      |  |  | 5.50 |  
|Expected rate of return on plan assets                  |  |                         | 7.00 |   |      |  | 7.00 |      |  |  | 7.00 |  
|Rate of compensation increase                           |  |                         | 3.50 |   |      |  | 3.50 |      |  |  | 3.50 |  

The expected rate of
return on Canadian plan assets is 7.00% for 2011.

The assumptions used to determine benefit obligations at the end of the
periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:



|                                                        |  |                         |      |   |      |  |      |      |  |  |      |  
|------------------------------------------------------- |  | ----------------------- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                                        |  | Year Ended December 31, |     
|                                                        |  | 2010                    |      |   | 2009 |  |      | 2008 | 
|Discount rate for calculating obligations               |  |                         | 5.25 | % |      |  | 5.75 | %    |  |  | 7.50 | %
|Discount rate for calculating net periodic benefit cost |  |                         | 5.75 |   |      |  | 7.50 |      |  |  | 5.50 |  
|Rate of compensation increase                           |  |                         | 3.50 |   |      |  | 3.50 |      |  |  | 3.50 |  



14



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|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|--------------------------------------------------------------------- |  | ----------------------- | ---- | - | -------------- | - | ---- | ---- |  | - | ---- | - |  | - | ---- | -
|                                                                      |  | Year Ended December 31, |     
|                                                                      |  | Pension Benefits        |      |   | Other Benefits |  
|                                                                      |  | 2010                    |      |   | 2009           |   |      | 2010 |  |   | 2009 |  
|                                                                      |  | (In millions)           |     
|Change in Benefit Obligation                                          |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Benefit obligation at beginning of period                             |  | $                       | 769  |   |                | $ | 726  |      |  | $ | 174  |   |  | $ | 194  |  
|Service cost                                                          |  |                         | 3    |   |                |   | 2    |      |  |   | 1    |   |  |   | 2    |  
|Interest cost                                                         |  |                         | 43   |   |                |   | 44   |      |  |   | 10   |   |  |   | 12   |  
|Plan amendments                                                       |  |                         |     |   |                |   | 2    |      |  |   |     |   |  |   | (1   | )
|Actuarial (gain) loss                                                 |  |                         | 37   |   |                |   | 37   |      |  |   | (1   | ) |  |   | (22  | )
|Special termination benefits                                          |  |                         | 7    |   |                |   |     |      |  |   | 3    |   |  |   |     |  
|Curtailment (gain) loss                                               |  |                         | 2    |   |                |   |     |      |  |   |     |   |  |   | (2   | )
|Effect of changes in exchange rates                                   |  |                         | 3    |   |                |   | 7    |      |  |   | 1    |   |  |   | 2    |  
|Benefits paid (net of participant contributions and Medicare subsidy) |  |                         | (49  | ) |                |   | (49  | )    |  |   | (12  | ) |  |   | (11  | )
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Benefit obligation at end of period                                   |  | $                       | 815  |   |                | $ | 769  |      |  | $ | 176  |   |  | $ | 174  |  
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Accumulated benefit obligation at end of period                       |  | $                       | 810  |   |                | $ | 765  |      |  |   | N/A  |   |  |   | N/A  |  
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|                                                                      |  |                         |      |  
|Change in Plan Assets                                                 |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Plan assets at fair value at beginning of period                      |  | $                       | 446  |   |                | $ | 430  |      |  | $ |     |   |  | $ |     |  
|Actual return on plan assets                                          |  |                         | 63   |   |                |   | 51   |      |  |   |     |   |  |   |     |  
|Employer contributions                                                |  |                         | 47   |   |                |   | 8    |      |  |   | 14   |   |  |   | 12   |  
|Effect of changes in exchange rates                                   |  |                         | 2    |   |                |   | 6    |      |  |   |     |   |  |   |     |  
|Benefits paid (net of participant contributions)                      |  |                         | (49  | ) |                |   | (49  | )    |  |   | (14  | ) |  |   | (12  | )
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Plan assets at fair value at end of period                            |  | $                       | 509  |   |                | $ | 446  |      |  | $ |     |   |  | $ |     |  
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|                                                                      |  |                         |      |  
|Reconciliation of Amount Recognized                                   |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Funded status                                                         |  | $                       | (306 | ) |                | $ | (323 | )    |  | $ | (176 | ) |  | $ | (174 | )
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|                                                                      |  |                         |      |  
|Amounts recognized in balance sheet consist of:                       |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Current liabilities                                                   |  | $                       |     |   |                | $ |     |      |  | $ | (15  | ) |  | $ | (14  | )
|Noncurrent liabilities                                                |  |                         | (306 | ) |                |   | (323 | )    |  |   | (161 | ) |  |   | (160 | )
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  
|Net benefit liability at the end of the period                        |  | $                       | (306 | ) |                | $ | (323 | )    |  | $ | (176 | ) |  | $ | (174 | )
|                                                                      |  |                         |      |   |                |   |      |      |  |   |      |   |  |   |      |  

Canadian benefit obligations represented $55 million and $49 million of the Companys total Pension
Benefits obligations at December 31, 2010 and 2009, respectively. Canadian plan assets represented $51 million and $46 million of the Companys total plan assets at fair value at December 31, 2010 and 2009, respectively. In addition,
Canadian benefit obligations represented $17 million and $15 million of the Companys total Other Benefits obligation at December 31, 2010 and 2009, respectively.

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2010 and 2009 consist of the following:



|                                                                                          |  |                  |     |  |                |   |     |      |  |   |      |   |  |   |     |  
|----------------------------------------------------------------------------------------- |  | ---------------- | --- |  | -------------- | - | --- | ---- |  | - | ---- | - |  | - | --- | -
|                                                                                          |  | At December 31,  |    
|                                                                                          |  | Pension Benefits |     |  | Other Benefits |  
|                                                                                          |  | 2010             |     |  | 2009           |   |     | 2010 |  |   | 2009 |  
|                                                                                          |  | (In millions)    |    
|Amounts recognized in accumulated other comprehensive income (loss), pretax, consists of |  |                  |     |  |                |   |     |      |  |   |      |   |  |   |     |  
|Net actuarial (gain) loss                                                                 |  | $                | 264 |  |                | $ | 249 |      |  | $ | (63  | ) |  | $ | (67 | )
|Prior service cost                                                                        |  |                  | 2   |  |                |   | 2   |      |  |   |     |   |  |   | 1   |  
|                                                                                          |  |                  |     |  |                |   |     |      |  |   |      |   |  |   |     |  
|Total                                                                                     |  | $                | 266 |  |                | $ | 251 |      |  | $ | (63  | ) |  | $ | (66 | )
|                                                                                          |  |                  |     |  |                |   |     |      |  |   |      |   |  |   |     |  

Net actuarial losses of $6.0 million and prior service costs of $0.2 million for pension benefits and net
actuarial gains of $4.7 million for other postretirement benefits are expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year.



15



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Amounts recognized in other comprehensive income (loss) for the years ended
December 31, 2010 and 2009 consist of the following:



|                                                                              |  |                         |    |   |                |   |    |      |  |   |      |   |  |   |     |  
|----------------------------------------------------------------------------- |  | ----------------------- | -- | - | -------------- | - | -- | ---- |  | - | ---- | - |  | - | --- | -
|                                                                              |  | Year Ended December 31, |   
|                                                                              |  | Pension Benefits        |    |   | Other Benefits |  
|                                                                              |  | 2010                    |    |   | 2009           |   |    | 2010 |  |   | 2009 |  
|                                                                              |  | (In millions)           |   
|Amounts recognized in other comprehensive income (loss), pretax, consists of |  |                         |    |   |                |   |    |      |  |   |      |   |  |   |     |  
|Net actuarial loss (gain)                                                     |  | $                       | 21 |   |                | $ | 35 |      |  | $ | (1   | ) |  | $ | (22 | )
|Amortization of net actuarial loss (gain)                                     |  |                         | (6 | ) |                |   |   |      |  |   | 5    |   |  |   | 3   |  
|Prior service cost (credit)                                                   |  |                         |   |   |                |   | 2  |      |  |   |     |   |  |   | (1  | )
|                                                                              |  |                         |    |   |                |   |    |      |  |   |      |   |  |   |     |  
|Total recognized in other comprehensive income (loss)                         |  | $                       | 15 |   |                | $ | 37 |      |  | $ | 4    |   |  | $ | (20 | )
|                                                                              |  |                         |    |   |                |   |    |      |  |   |      |   |  |   |     |  

For measurement purposes for U.S. plans at December 31, 2010, the annual rate of increase in the per
capita cost of covered health care benefits was 8.5 percent for all participants, grading down to 5 percent in 2017, the level at which it is expected to remain. For measurement purposes for U.S. plans at December 31, 2009, the annual rate of
increase in the per capita cost of covered health care benefits was 9 percent for all participants, grading down to 5 percent in 2017, the level at which it is expected to remain. For measurement purposes for U.S. plans at December 31, 2008,
the annual rate of increase in the per capita cost of covered health care benefits was 8.5 percent for participants less than 65 years old and 9 percent for participants greater than 65 years old in 2008, grading down to 5 percent in 2015, the level
at which it is expected to remain. For measurement purposes for Canadian plans at December 31, 2010, the annual rate of increase in the per capita cost of covered health care benefits was 12 percent per annum, grading down to 5 percent in 2023,
the level at which it is expected to remain. For measurement purposes for Canadian plans at December 31, 2009, the annual rate of increase in the per capita cost of covered health care benefits was 12 percent per annum, grading down to 5
percent in 2023, the level at which it is expected to remain. For measurement purposes for Canadian plans at December 31, 2008, the annual rate of increase in the per capita cost of covered health care benefits for the Companys salaried
plan was 10 percent per annum, grading down to 6 percent in 2012, and 12 percent per annum, grading down to 6 percent in 2014 for the Companys bargaining plan, the level at which it is expected to remain.

The components of the Companys net periodic benefit cost for the years ended December 31, 2010, 2009 and 2008 are as follows:



|                                        |  |                         |     |   |                |   |     |      |  |   |      |   |  |      |    |   |      |   |    |   |  |   |    | 
|--------------------------------------- |  | ----------------------- | --- | - | -------------- | - | --- | ---- |  | - | ---- | - |  | ---- | -- | - | ---- | - | -- | - |  | - | -- | 
|                                        |  | Year Ended December 31, |    
|                                        |  | Pension Benefits        |     |   | Other Benefits |  
|                                        |  | 2010                    |     |   | 2009           |   |     | 2008 |  |   | 2010 |   |  | 2009 |    |   | 2008 |  
|                                        |  | (In millions)           |    
|Components of net periodic benefit cost |  |                         |     |   |                |   |     |      |  |   |      |   |  |      |    |   |      |   |    |   |  |   |    | 
|                                        |  |                         |     |   |                |  
|Service cost                            |  | $                       | 3   |   |                | $ | 2   |      |  | $ | 3    |   |  | $    | 1  |   |      | $ | 2  |   |  | $ | 3  | 
|Interest cost                           |  |                         | 43  |   |                |   | 45  |      |  |   | 45   |   |  |      | 10 |   |      |   | 12 |   |  |   | 13 | 
|Expected return on assets               |  |                         | (46 | ) |                |   | (49 | )    |  |   | (52  | ) |  |      |   |   |      |   |   |   |  |   |   | 
|Recognized actuarial loss (gain)        |  |                         | 6   |   |                |   |    |      |  |   |     |   |  |      | (4 | ) |      |   | (3 | ) |  |   |   | 
|Special termination benefits            |  |                         | 7   |   |                |   |    |      |  |   |     |   |  |      | 3  |   |      |   |   |   |  |   |   | 
|Curtailment loss (gain)                 |  |                         | 2   |   |                |   |    |      |  |   |     |   |  |      |   |   |      |   | (2 | ) |  |   |   | 
|                                        |  |                         |     |   |                |   |     |      |  |   |      |   |  |      |    |   |      |   |    |   |  |   |    | 
|Net periodic benefit cost (credit)      |  | $                       | 15  |   |                | $ | (2  | )    |  | $ | (4   | ) |  | $    | 10 |   |      | $ | 9  |   |  | $ | 16 | 
|                                        |  |                         |     |   |                |   |     |      |  |   |      |   |  |      |    |   |      |   |    |   |  |   |    | 

The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For
purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capita cost of covered health care benefits was 9 percent for all participants for the year ended December 31, 2010, grading down to 5
percent in 2017. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits was 12 percent for the year ended December 31, 2010, grading down to 5
percent in 2023. A one-percentage-point change in the assumed health care cost trend rate would have the following effects:



|                                            |  |               |     |  |             |   |      |  
|------------------------------------------- |  | ------------- | --- |  | ----------- | - | ---- | -
|                                            |  | 1% increase   |     |  | 1% decrease |  
|                                            |  | (In millions) |    
|Effect on service cost plus interest cost   |  | $             | 0.7 |  |             | $ | (0.5 | )
|Effect on postretirement benefit obligation |  |               | 9.0 |  |             |   | (7.4 | )



16



---

Pension Trust Assets

The expected long-term rate of return on pension trust assets is 7.00% to 8.75% based on the historical investment returns of the trust,
the forecasted returns of the asset classes and a survey of comparable pension plan sponsors.

The Companys pension trust
weighted-average asset allocations at December 31, 2010 and 2009, by asset category are as follows:



|                  |  |                             |       |   |      |  |       |  
|----------------- |  | --------------------------- | ----- | - | ---- |  | ----- | -
|                  |  | Trust Assets atDecember 31, |      
|                  |  | 2010                        |       |   | 2009 | 
|Equity securities |  |                             | 63.1  | % |      |  | 64.0  | %
|Debt securities   |  |                             | 26.8  |   |      |  | 26.6  |  
|Real Estate       |  |                             | 0.7   |   |      |  | 4.8   |  
|Other             |  |                             | 9.4   |   |      |  | 4.6   |  
|                  |  |                             |       |   |      |  |       |  
|Total             |  |                             | 100.0 | % |      |  | 100.0 | %
|                  |  |                             |       |   |      |  |       |  

The Board of Directors of Ryerson has general supervisory authority over the Pension Trust Fund and approves
the investment policies and plan asset target allocation. An internal management committee provides on-going oversight of plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss
investment managers. The investment policy objectives are to maximize long-term return from a diversified pool of assets while minimizing the risk of large losses, and to maintain adequate liquidity to permit timely payment of all benefits. The
policies include diversification requirements and restrictions on concentration in any one single issuer or asset class. The currently approved asset investment classes are cash; fixed income; domestic equities; international equities; real estate;
private equities and hedge funds of funds. Company management allocates the plan assets among the approved investment classes and provides appropriate directions to the investment managers pursuant to such allocations. The approved target ranges and
allocations as of the December 31, 2010 and 2009 measurement dates were as follows:



|                  |  |       |       |   |        |  |     |  
|----------------- |  | ----- | ----- | - | ------ |  | --- | -
|                  |  | Range |       |   | Target | 
|Equity securities |  |       | 30-85 | % |        |  | 73  | %
|Debt securities   |  |       | 5-50  |   |        |  | 13  |  
|Real Estate       |  |       | 0-15  |   |        |  | 9   |  
|Other             |  |       | 0-15  |   |        |  | 5   |  
|                  |  |       |       |   |        |  |     |  
|Total             |  |       |       |   |        |  | 100 | %
|                  |  |       |       |   |        |  |     |  



17



---

The fair value of Ryersons pension plan assets at December 31, 2010 by asset
category are as follows. See Note 16 for the definitions of Level 1, 2, and 3 fair value measurements.



|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|--------------------------------- |  | ------------------------------------------- | ----- |  | ------- | - | ----- | ------- |  | - | ------- |  |  | - | ---- | 
|                                  |  | Fair Value Measurements atDecember 31, 2010 |      
|Asset Category                    |  | Total                                       |       |  | Level 1 |   |       | Level 2 |  |   | Level 3 | 
|                                  |  | (In millions)                               |      
|Cash                              |  | $                                           | 10.4  |  |         | $ | 10.4  |         |  | $ |        |  |  | $ |     | 
|Equity securities:                |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|US large cap                      |  |                                             | 167.6 |  |         |   | 167.6 |         |  |   |        |  |  |   |     | 
|US small/mid cap                  |  |                                             | 42.0  |  |         |   | 42.0  |         |  |   |        |  |  |   |     | 
|Canadian large cap                |  |                                             | 14.7  |  |         |   | 14.7  |         |  |   |        |  |  |   |     | 
|Canadian small cap                |  |                                             | 1.2   |  |         |   | 1.2   |         |  |   |        |  |  |   |     | 
|Other international companies     |  |                                             | 75.9  |  |         |   | 75.9  |         |  |   |        |  |  |   |     | 
|Emerging market companies         |  |                                             | 19.5  |  |         |   | 19.5  |         |  |   |        |  |  |   |     | 
|Fixed income securities:          |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|U.S. Treasuries                   |  |                                             | 19.0  |  |         |   | 19.0  |         |  |   |        |  |  |   |     | 
|Investment grade debt             |  |                                             | 60.3  |  |         |   | 60.3  |         |  |   |        |  |  |   |     | 
|Non-investment grade debt         |  |                                             | 25.0  |  |         |   | 25.0  |         |  |   |        |  |  |   |     | 
|Municipality / non-corporate debt |  |                                             | 0.1   |  |         |   | 0.1   |         |  |   |        |  |  |   |     | 
|Emerging market debt              |  |                                             | 10.1  |  |         |   | 10.1  |         |  |   |        |  |  |   |     | 
|Asset backed debt                 |  |                                             | 2.6   |  |         |   | 2.6   |         |  |   |        |  |  |   |     | 
|Agency non-mortgage debt          |  |                                             | 1.2   |  |         |   | 1.2   |         |  |   |        |  |  |   |     | 
|Agency mortgage debt              |  |                                             | 9.7   |  |         |   | 9.7   |         |  |   |        |  |  |   |     | 
|Mortgage-backed securities        |  |                                             | 7.6   |  |         |   | 7.6   |         |  |   |        |  |  |   |     | 
|Sub-prime securities              |  |                                             | 0.7   |  |         |   | 0.7   |         |  |   |        |  |  |   |     | 
|Other types of investments:       |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|Multi-strategy funds              |  |                                             | 6.0   |  |         |   |      |         |  |   |        |  |  |   | 6.0  | 
|Private equity funds              |  |                                             | 31.5  |  |         |   |      |         |  |   |        |  |  |   | 31.5 | 
|Real estate                       |  |                                             | 3.8   |  |         |   |      |         |  |   |        |  |  |   | 3.8  | 
|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|Total                             |  | $                                           | 508.9 |  |         | $ | 467.6 |         |  | $ |        |  |  | $ | 41.3 | 
|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 



18



---

The fair value of Ryersons pension plan assets at December 31, 2009 by asset
category are as follows:



|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|--------------------------------- |  | ------------------------------------------- | ----- |  | ------- | - | ----- | ------- |  | - | ------- |  |  | - | ---- | 
|                                  |  | Fair Value Measurements atDecember 31, 2009 |      
|Asset Category                    |  | Total                                       |       |  | Level 1 |   |       | Level 2 |  |   | Level 3 | 
|                                  |  | (In millions)                               |      
|Cash                              |  | $                                           | 1.3   |  |         | $ | 1.3   |         |  | $ |        |  |  | $ |     | 
|Equity securities:                |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|US large cap                      |  |                                             | 131.8 |  |         |   | 131.8 |         |  |   |        |  |  |   |     | 
|US small/mid cap                  |  |                                             | 39.7  |  |         |   | 39.7  |         |  |   |        |  |  |   |     | 
|Canadian large cap                |  |                                             | 12.9  |  |         |   | 12.9  |         |  |   |        |  |  |   |     | 
|Canadian small cap                |  |                                             | 1.1   |  |         |   | 1.1   |         |  |   |        |  |  |   |     | 
|Other international companies     |  |                                             | 66.0  |  |         |   | 66.0  |         |  |   |        |  |  |   |     | 
|Emerging market companies         |  |                                             | 4.0   |  |         |   | 4.0   |         |  |   |        |  |  |   |     | 
|Fixed income securities:          |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|U.S. Treasuries                   |  |                                             | 16.5  |  |         |   | 16.5  |         |  |   |        |  |  |   |     | 
|Investment grade debt             |  |                                             | 47.3  |  |         |   | 47.3  |         |  |   |        |  |  |   |     | 
|Non-investment grade debt         |  |                                             | 23.8  |  |         |   | 23.8  |         |  |   |        |  |  |   |     | 
|Municipality / non-corporate debt |  |                                             | 0.1   |  |         |   | 0.1   |         |  |   |        |  |  |   |     | 
|Emerging market debt              |  |                                             | 11.6  |  |         |   | 11.6  |         |  |   |        |  |  |   |     | 
|Asset backed debt                 |  |                                             | 1.8   |  |         |   | 1.8   |         |  |   |        |  |  |   |     | 
|Agency non-mortgage debt          |  |                                             | 1.0   |  |         |   | 1.0   |         |  |   |        |  |  |   |     | 
|Agency mortgage debt              |  |                                             | 9.2   |  |         |   | 9.2   |         |  |   |        |  |  |   |     | 
|Mortgage-backed securities        |  |                                             | 6.7   |  |         |   | 6.7   |         |  |   |        |  |  |   |     | 
|Sub-prime securities              |  |                                             | 0.8   |  |         |   | 0.8   |         |  |   |        |  |  |   |     | 
|Other types of investments:       |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|Multi-strategy funds              |  |                                             | 19.2  |  |         |   |      |         |  |   |        |  |  |   | 19.2 | 
|Private equity funds              |  |                                             | 29.8  |  |         |   |      |         |  |   |        |  |  |   | 29.8 | 
|Real estate                       |  |                                             | 21.4  |  |         |   |      |         |  |   |        |  |  |   | 21.4 | 
|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 
|Total                             |  | $                                           | 446.0 |  |         | $ | 375.6 |         |  | $ |        |  |  | $ | 70.4 | 
|                                  |  |                                             |       |  |         |   |       |         |  |   |         |  |  |   |      | 



|                                                    |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  
|--------------------------------------------------- |  | ---------------------------------------------------------------------- | ----- | - | ------------------- | - | ---- | ----------- |  | - | ----- | - |  | - | ----- | -
|                                                    |  | Fair Value Measurements Using Significant Unobservable Inputs(Level
3) |      
|                                                    |  | Multi-StrategyHedge funds                                              |       |   | Private EquityFunds |   |      | Real Estate |  |   | Total |  
|                                                    |  | (In millions)                                                          |      
|Beginning balance at January 1, 2009                |  | $                                                                      | 19.0  |   |                     | $ | 29.1 |             |  | $ | 39.8  |   |  | $ | 87.9  |  
|Actual return on plan assets:                       |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  
|Relating to assets still held at the reporting date |  |                                                                        | 0.2   |   |                     |   | 0.7  |             |  |   | (18.4 | ) |  |   | (17.5 | )
|                                                    |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  
|Ending balance at December 31, 2009                 |  | $                                                                      | 19.2  |   |                     | $ | 29.8 |             |  | $ | 21.4  |   |  | $ | 70.4  |  
|Actual return on plan assets:                       |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  
|Relating to assets still held at the reporting date |  |                                                                        | 0.2   |   |                     |   | 2.4  |             |  |   | 0.7   |   |  |   | 3.3   |  
|Relating to assets sold during the period           |  |                                                                        | 0.7   |   |                     |   | 0.9  |             |  |   | 3.7   |   |  |   | 5.3   |  
|Purchases, sales, and settlements                   |  |                                                                        | (14.1 | ) |                     |   | (1.6 | )           |  |   | (22.0 | ) |  |   | (37.7 | )
|                                                    |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  
|Ending balance at December 31, 2010                 |  | $                                                                      | 6.0   |   |                     | $ | 31.5 |             |  | $ | 3.8   |   |  | $ | 41.3  |  
|                                                    |  |                                                                        |       |   |                     |   |      |             |  |   |       |   |  |   |       |  

Securities listed on one or more national securities exchanges are valued at their last reported sales price
on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last bid and ask prices on the valuation date.

Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of
the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers.



19



---

The non-publicly traded securities, other securities or instruments for which reliable
market quotations are not available are valued at each investment managers discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods.

Contributions

The Company contributed $46.6 million, $7.5 million and $16.8 million for the years ended December 31, 2010, 2009 and 2008, respectively to improve the funded status of the plans. The Company
anticipates that it will have a minimum required pension contribution funding of approximately $44 million in 2011.

Estimated Future Benefit Payments



|          |  |                 |       |  |               |   |      | 
|--------- |  | --------------- | ----- |  | ------------- | - | ---- | 
|          |  | PensionBenefits |       |  | OtherBenefits |  
|          |  | (In millions)   |      
|2011      |  | $               | 53.0  |  |               | $ | 16.1 | 
|2012      |  |                 | 54.6  |  |               |   | 15.8 | 
|2013      |  |                 | 54.6  |  |               |   | 15.5 | 
|2014      |  |                 | 55.0  |  |               |   | 15.2 | 
|2015      |  |                 | 55.4  |  |               |   | 14.9 | 
|2016-2020 |  |                 | 282.0 |  |               |   | 71.0 | 

Note 10: Commitments and
Contingencies

Guarantees

JT Ryerson and certain of its subsidiaries are contingently liable, as a guarantor, for the obligations of certain indebtedness of Ryerson. At December 31, 2010, the maximum potential amount of
future payments under the guarantees was approximately $479.1 million. The Company has pledged as collateral on a senior secured basis the capital stock or other equity interests of each directly owned domestic subsidiary and 65% of the capital
stock or other equity interests of each directly owned foreign subsidiary in connection with Ryerson debt outstanding at December 31, 2010. The Company has pledged as collateral on a second-priority basis by a lien the assets that secure
Ryerson obligations under the revolving Ryerson Credit Facility.

Lease Obligations & Other

The Company leases buildings and equipment under noncancelable operating leases expiring in various years through 2025. Future minimum
rental commitments are estimated to total $92.9 million, including approximately $19.0 million in 2011, $14.6 million in 2012, $11.4 million in 2013, $8.6 million in 2014, $6.7 million in 2015 and $32.6 million thereafter.

Rental expense under operating leases totaled $24.9 million, $24.9 and $30.0 million for the years ended December 31, 2010, 2009 and
2008.

To fulfill contractual requirements for certain customers in 2010, the Company has entered into certain fixed-price
noncancellable contractual obligations. These purchase obligations which will all be paid in 2011 aggregated to $35.4 million at December 31, 2010.

Concentrations of Various Risks

The Companys financial
instruments consist of cash, accounts receivable, derivative instruments, notes receivable, accounts payable, and notes payable. In the case of cash, accounts receivable, notes receivable and accounts payable, the carrying amount on the balance
sheet approximates the fair values due to the short-term nature of these instruments. The derivative instruments are marked to market each period. Based on borrowing rates available to the Company for loans with similar terms, the carrying value of
notes payable approximates the fair values.



20



---

The Companys financial instruments that are exposed to concentrations of credit risk
consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of
each customers financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion
across geographic areas.

The Company has signed supply agreements with certain vendors which may obligate the Company to make
cash deposits based on the spot price of aluminum at the end of each month. These cash deposits offset amounts payable to the vendor when inventory is received. We made no cash deposits for the year ended December 31, 2009. We have no exposure
at December 31, 2009.

Approximately 20% of our total labor force is covered by collective bargaining agreements. There
are collective bargaining agreements that will expire in fiscal 2011, which cover approximately 8% of our total labor force. We believe that our overall relationship with our employees is good.

Litigation

From
time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or
cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations.

On April 22, 2002, Champagne Metals, an Oklahoma metals service center that processes and sells aluminum products, sued us and six other metals service centers in the United States District Court for
the Western District of Oklahoma. Champagne Metals alleged a conspiracy among the defendants to induce or coerce aluminum suppliers to refuse to designate it as a distributor in violation of federal and state antitrust laws and tortious interference
with business and contractual relations. The complaint sought damages with the exact amount to be determined at trial. Champagne Metals also sought treble damages on its antitrust claims and sought punitive damages in addition to actual damages on
its other claim. On May 12, 2009, the parties resolved all matters by agreement. Under the terms of this agreement we made a cash payment of $2.6 million to Champagne Metals. On June 12, 2009 the matter was dismissed with prejudice.

There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and
actions at December 31, 2010 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Companys financial position, results of operations or cash flows.

Note 11: Stockholders Equity

JT Ryerson is a wholly-owned subsidiary of Ryerson. On December 31, 2010, management approved a 166 2/3 for 1.00 split of the Companys common stock. The consolidated financial statements as of
December 31, 2010 and 2009 and for the years ended December 31, 2010, 2009 and 2008 give retroactive effect to the stock split. As of December 31, 2010 and 2009, the Company had 698 shares of common stock issued and outstanding with
no par value. The common stock of the Company does not contain any conversion or unusual voting rights.

Note 12: Comprehensive
Income

The following sets forth the components of comprehensive income:



|                                                                                                                                     |  |                         |       |   |      |   |       |      |  |   |        |  
|------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ------ | -
|                                                                                                                                     |  | Year Ended December 31, |      
|                                                                                                                                     |  | 2010                    |       |   | 2009 |   |       | 2008 | 
|                                                                                                                                     |  | (In millions)           |      
|Net income (loss)                                                                                                                    |  | $                       | (5.7  | ) |      | $ | (31.2 | )    |  | $ | 68.7   |  
|Other comprehensive income (loss):                                                                                                   |  |                         |       |   |      |   |       |      |  |   |        |  
|Foreign currency translation adjustments                                                                                             |  |                         | 8.9   |   |      |   | 28.7  |      |  |   | (44.0  | )
|Changes in unrecognized benefit costs, net of tax benefit of $7.1 in 2010, tax benefit of $7.7 in 2009, tax benefit of $72.7 in
2008 |  |                         | (12.0 | ) |      |   | (11.1 | )    |  |   | (114.7 | )
|                                                                                                                                     |  |                         |       |   |      |   |       |      |  |   |        |  
|Total comprehensive loss                                                                                                             |  |                         | (8.8  | ) |      |   | (13.6 | )    |  |   | (90.0  | )
|Less: Comprehensive income (loss) attributable to noncontrolling interest                                                            |  |                         | 2.0   |   |      |   | 3.3   |      |  |   | (4.8   | )
|                                                                                                                                     |  |                         |       |   |      |   |       |      |  |   |        |  
|Comprehensive loss attributable to Joseph T. Ryerson & Son, Inc.                                                                     |  | $                       | (10.8 | ) |      | $ | (16.9 | )    |  | $ | (85.2  | )
|                                                                                                                                     |  |                         |       |   |      |   |       |      |  |   |        |  



21



---

Note 13: Related Party

In addition to the related party long-term debt discussed in Note 8, the Company has a $106.5 million and $88.4 million related party
payable outstanding at December 31, 2010 and 2009, respectively. The amounts outstanding primarily are related to general services and federal income taxes payable to Ryerson.

Note 14: Sales by Product

The Company derives substantially
all of its sales from the distribution of metals. The following table shows the Companys percentage of sales by major product line:



|                             |  |                         |     |   |      |  |     |      |  |  |     |  
|---------------------------- |  | ----------------------- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                             |  | Year Ended December 31, |    
|Product Line                 |  | 2010                    |     |   | 2009 |  |     | 2008 | 
|                             |  | (Percentage of Sales)   |    
|Stainless                    |  |                         | 29  | % |      |  | 26  | %    |  |  | 30  | %
|Aluminum                     |  |                         | 22  |   |      |  | 22  |      |  |  | 20  |  
|Carbon flat rolled           |  |                         | 25  |   |      |  | 26  |      |  |  | 25  |  
|Bars, tubing and structurals |  |                         | 9   |   |      |  | 8   |      |  |  | 9   |  
|Fabrication and carbon plate |  |                         | 10  |   |      |  | 12  |      |  |  | 11  |  
|Other                        |  |                         | 5   |   |      |  | 6   |      |  |  | 5   |  
|                             |  |                         |     |   |      |  |     |      |  |  |     |  
|Total                        |  |                         | 100 | % |      |  | 100 | %    |  |  | 100 | %
|                             |  |                         |     |   |      |  |     |      |  |  |     |  

No customer accounted for more than 5 percent of Company sales for the years ended December 31, 2010,
2009 and 2008. A significant majority of the Companys sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the United States. The only operations attributed to a foreign country
relate to the Companys subsidiaries in Canada, which comprised 10 percent of the Companys sales during the years ended December 31, 2010, 2009 and 2008; Canadian assets were 11 percent and 12 percent, of consolidated assets at
December 31, 2010 and 2009, respectively.

Note 15: Compensation Plan

Participation Plan

In
2009, Ryerson Holding adopted the 2009 Participation Plan (as amended and restated, the Plan). The purpose of the Plan is to provide incentive compensation to key employees of the Company by granting performance units. The value of the
performance units is related to the appreciation in the value of the Company from and after the date of grant and the performance units vest over a period specified in the applicable award agreement, which typically vest over 44 months. The Plan may
be altered, amended or terminated by the Company at any time. All performance units will terminate upon termination of the Plan or expiration on February 15, 2014. Participants in the Plan may be entitled to receive compensation for their
vested units if certain performance-based qualifying events occur during the participants employment with the Company or during a short period following the participants death.

There are two qualifying events defined in the Plan: (1) A qualifying sale event in which there is a sale of
some or all of the stock of Ryerson Holding then held by Ryerson Holdings principal stockholders and (2) A qualifying distribution in which Ryerson Holding pays a cash dividend to its principal stockholders. Upon the
occurrence of a Qualifying Event, participants with vested units may receive an amount equal to the difference between: (i) the value (as defined by the Plan) of the units on the date of the qualifying event, and (ii) the value of the
units assigned on the date of grant. No amounts are due to participants until the total cash dividends and net proceeds from the sale of common stock to Ryerson Holdings principal stockholder exceeds $875 million. Upon termination, with or
without cause, units are forfeited, except in the case of death, as described in the Plan. As of December 31, 2010, 87,500,000 units have been authorized and granted, 21,875,000 units have been forfeited, and 49,218,750 units have vested and
16,406,250 units are nonvested as of the date hereof. The Company is accounting for this Plan in accordance with FASB ASC 718, Compensation  Stock Compensation (ASC 718). Since the occurrence of future
qualifying events is not determinable or estimable, no liability or expense has been recognized to date. The fair value of the performance units are based upon cash dividends to and net proceeds from sales of common stock of Ryerson
Holding by its principal stockholders through the end of each period that have occurred or are probable. The fair value of the performance units on their grant date in 2009 and at December 31, 2010 and 2009, which included cash dividends of
$213.8 million paid on January 29, 2010 and $56.5 million paid in 2009, was zero.



22



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Note 16: Derivatives and Fair Value of Financial Instruments

Derivatives

The Company
is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to
manage interest rate risk associated with the Companys floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries variability in cash flows from the forecasted payment of currencies other than
the functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts periodically to reduce volatility
in the price of metals. We may also enter into natural gas price swaps to manage the price risk of forecasted purchases of natural gas. The Company currently does not account for its derivative contracts as hedges but rather marks them to market
with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any
agreements.

The following table summarizes the location and fair value amount of our derivative instruments reported in our
consolidated balance sheet as of December 31, 2010 and 2009:



|                                                                |  |                                           |  |            |                       |  |                       |                                                                         |            |   |                   |                      |  |                           |  |   |                       |  |            |                                     |  |   |     | 
|--------------------------------------------------------------- |  | ----------------------------------------- |  | ---------- | --------------------- |  | --------------------- | ----------------------------------------------------------------------- | ---------- | - | ----------------- | -------------------- |  | ------------------------- |  | - | --------------------- |  | ---------- | ----------------------------------- |  | - | --- | 
|                                                                |  | Asset Derivatives                         |  |            | Liability Derivatives | 
|                                                                |  | December 31, 2010                         |  |            | December 31, 2009     |  |                       | December 31, 2010                                                       |            |   | December 31, 2009 |                     
|                                                                |  | BalanceSheetLocation                      |  | Fair Value |                       |  | Balance
SheetLocation |                                                                         | Fair Value |   |                   | BalanceSheetLocation |  | Fair Value                |  |   | Balance
SheetLocation |  | Fair Value |                                    
|                                                                |  | (In millions)                             | 
|Derivatives not designated as hedging instruments under ASC 815 |  |                                           |  |            |                       |  |                       |                                                                         |            |   |                   |                      |  |                           |  |   |                       |  |            |                                     |  |   |     | 
|Interest rate contracts                                         |  | N/A                                       |  |            | N/A                   |  |                       | N/A                                                                     |            |   | N/A               |                      |  | Other accrued liabilities |  | $ | 0.8                   |  |            | Non-current taxes and other credits |  | $ | 1.0 | 
|Foreign exchange contracts                                      |  | N/A                                       |  |            | N/A                   |  |                       | N/A                                                                     |            |   | N/A               |                      |  | Other accrued liabilities |  |   | 0.3                   |  |            | Non-current taxes and other credits |  |   | 0.1 | 
|Commodity contracts                                             |  | Prepaid expenses and other current assets |  | $          | 0.7                   |  |                       | Receivables less provision for allowances, claims and doubtful accounts |            | $ | 0.7               |                      |  | Other accrued liabilities |  |   | 0.1                   |  |            | N/A                                 |  |   | N/A | 
|                                                                |  |                                           |  |            |                       |  |                       |                                                                         |            |   |                   |                      |  |                           |  |   |                       |  |            |                                     |  |   |     | 
|Total derivatives                                               |  |                                           |  | $          | 0.7                   |  |                       |                                                                         |            | $ | 0.7               |                      |  |                           |  | $ | 1.2                   |  |            |                                     |  | $ | 1.1 | 
|                                                                |  |                                           |  |            |                       |  |                       |                                                                         |            |   |                   |                      |  |                           |  |   |                       |  |            |                                     |  |   |     | 

The Companys interest rate forward contracts had a notional amount of $100 million as of
December 31, 2010 and 2009. As of December 31, 2010 and 2009, the Companys foreign currency exchange contracts had a U.S. dollar notional amount of $7.1 million and $15.9 million, respectively. As of December 31, 2010 and 2009,
the Company had 1,345 and 472 tons, respectively, of nickel futures or option contracts related to forecasted purchases. The Company entered into a natural gas price swap during 2010, which had a notional amount of 225,000 million British
thermal units (mmbtu) as of December 31, 2010. The Company entered into a hot roll steel coil option contract in 2010 related to forecasted purchases, which had a notional amount of 2,325 tons as of December 31, 2010. The
company entered into an aluminum price swap in 2010 related to forecasted purchases, which had a notional amount of 64 tons as of December 31, 2010.



23



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The following table summarizes the location and amount of gains and losses reported in our
consolidated statement of operations for the years ended December 31, 2010, 2009 and 2008:



|                                                               |  |                                                            |  |                                                            |      |   |      |   |      |      |  |   |      |  
|-------------------------------------------------------------- |  | ---------------------------------------------------------- |  | ---------------------------------------------------------- | ---- | - | ---- | - | ---- | ---- |  | - | ---- | -
|                                                               |  |                                                            |  | Amount of Gain/(Loss) Recognized in Income on 
Derivatives |     
|                                                               |  |                                                            |  | Year Ended December 31,                                    |     
|Derivatives not designated as hedginginstruments under ASC 815 |  | Location of Gain/(Loss)
Recognized in Incomeon Derivative  |  | 2010                                                       |      |   | 2009 |   |      | 2008 | 
|                                                               |  |                                                            |  | (In millions)                                              |     
|Interest rate contracts                                        |  | Interest and other expense on debt                         |  | $                                                          | (1.1 | ) |      | $ | (1.8 | )    |  | $ | (2.7 | )
|                                                               |  |                                                            |  |                                                           
|Foreign exchange contracts                                     |  | Other income and (expense), net                            |  |                                                            | (0.3 | ) |      |   | (0.3 | )    |  |   | 0.4  |  
|                                                               |  |                                                            |  |                                                           
|Commodity contracts                                            |  | Cost of materials sold                                     |  |                                                            | (0.3 | ) |      |   | 3.5  |      |  |   | (4.5 | )
|                                                               |  |                                                            |  |                                                           
|Natural gas commodity contracts                                |  | Warehousing, delivery, selling, general and administrative |  |                                                            | (0.1 | ) |      |   |     |      |  |   |     |  
|                                                               |  |                                                            |  |                                                            |      |   |      |   |      |      |  |   |      |  
|Total                                                          |  |                                                            |  | $                                                          | (1.8 | ) |      | $ | 1.4  |      |  | $ | (6.8 | )
|                                                               |  |                                                            |  |                                                            |      |   |      |   |      |      |  |   |      |  

Fair Value of Financial Instruments

As permitted by ASC 820-10-65-1, the Company adopted the nonrecurring fair value measurement disclosures for nonfinancial assets and liabilities. To increase consistency and comparability in fair value
measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:



| | 1. | Level 1quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Level 2inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through
corroboration with observable market data.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Level 3unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

The following table presents assets and liabilities measured and recorded at fair value on our Consolidated
Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2010:



|                            |  |                      |      |  |         |   |     |         |  |   |   | 
|--------------------------- |  | -------------------- | ---- |  | ------- | - | --- | ------- |  | - | - | 
|                            |  | At December 31, 2010 |     
|                            |  | Level 1              |      |  | Level 2 |   |     | Level 3 | 
|                            |  | (In millions)        |     
|Assets                      |  |                      |      |  |         |   |     |         |  |   |   | 
|Cash equivalents:           |  |                      |      |  |         |   |     |         |  |   |   | 
|Commercial paper            |  | $                    | 18.1 |  |         | $ |    |         |  | $ |  | 
|                            |  |                      |      |  |         |   |     |         |  |   |   | 
|Mark-to-market derivatives: |  |                      |      |  |         |   |     |         |  |   |   | 
|Commodity contracts         |  | $                    |     |  |         | $ | 0.7 |         |  | $ |  | 
|                            |  |                      |      |  |         |   |     |         |  |   |   | 
|Liabilities                 |  |                      |      |  |         |   |     |         |  |   |   | 
|Mark-to-market derivatives: |  |                      |      |  |         |   |     |         |  |   |   | 
|Interest rate contracts     |  | $                    |     |  |         | $ | 0.8 |         |  | $ |  | 
|Foreign exchange contracts  |  |                      |     |  |         |   | 0.3 |         |  |   |  | 
|Commodity contracts         |  |                      |     |  |         |   | 0.1 |         |  |   |  | 
|                            |  |                      |      |  |         |   |     |         |  |   |   | 
|Total liability derivatives |  | $                    |     |  |         | $ | 1.2 |         |  | $ |  | 
|                            |  |                      |      |  |         |   |     |         |  |   |   | 



24



---

The fair value of each derivative contract is determined using Level 2 inputs and the market
approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual
contract was purchased at and compared with the one-month daily average actual spot price on the London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for
varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the New York Mercantile Exchange for the
commodity on the valuation date. The Company also has a natural gas price swap to lock in natural gas prices through March 2011. The fair value of this derivative is determined based on the spot price of the natural gas contract and compared with
the one-month daily average actual spot price of natural gas according to the Henry Hub index on the valuation date. The Company also has an interest rate swap to fix a portion of the Companys interest payments on its debt obligations. The
interest rate swap, which has a notional amount of $100 million, fixes a portion of our interest payments at an interest rate of 1.59%. The contract expires on July 15, 2011. The interest rate swap is valued using estimated future one-month
LIBOR interest rates as compared to the fixed interest rate of 1.59%. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries variability in cash flows from the forecasted payment of currencies other than
the functional currency, the Canadian dollar. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the
current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each contract term varies
in the number of months, but on average is between 3 to 12 months in length.

The following table presents assets and
liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2010:



|                         |  |                      |   |  |         |   |      |         |  |   |   | 
|------------------------ |  | -------------------- | - |  | ------- | - | ---- | ------- |  | - | - | 
|                         |  | At December 31, 2010 |  
|                         |  | Level 1              |   |  | Level 2 |   |      | Level 3 | 
|                         |  | (In millions)        |  
|Assets                   |  |                      |   |  |         |   |      |         |  |   |   | 
|Impaired assets (Note 4) |  | $                    |  |  |         | $ | 14.3 |         |  | $ |  | 

The carrying and
estimated fair values of the Companys financial instruments at December 31, 2010 and 2009 were as follows:



|                                                                        |  |                      |       |  |                      |   |       |                |  |   |            |  |  |   |       | 
|----------------------------------------------------------------------- |  | -------------------- | ----- |  | -------------------- | - | ----- | -------------- |  | - | ---------- |  |  | - | ----- | 
|                                                                        |  | At December 31, 2010 |       |  | At December 31, 2009 |  
|                                                                        |  | CarryingAmount       |       |  | Fair Value           |   |       | CarryingAmount |  |   | Fair Value | 
|                                                                        |  | (In millions)        |      
|Cash and cash equivalents                                               |  | $                    | 47.1  |  |                      | $ | 47.1  |                |  | $ | 88.5       |  |  | $ | 88.5  | 
|Receivables less provision for allowances, claims and doubtful accounts |  |                      | 449.5 |  |                      |   | 449.5 |                |  |   | 324.9      |  |  |   | 324.9 | 
|Related party notes receivable                                          |  |                      | 117.3 |  |                      |   | 117.3 |                |  |   | 371.6      |  |  |   | 371.6 | 
|Accounts payable                                                        |  |                      | 255.5 |  |                      |   | 255.5 |                |  |   | 159.8      |  |  |   | 159.8 | 
|Related party payable                                                   |  |                      | 106.5 |  |                      |   | 106.5 |                |  |   | 88.4       |  |  |   | 88.4  | 
|Related party debt                                                      |  |                      |      |  |                      |   |      |                |  |   | 110.0      |  |  |   | 110.0 | 

The estimated fair
value of the Companys cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts, related party notes receivable, related party payable, related party debt, and accounts payable approximate their
carrying amounts due to the short-term nature of these financial instruments.



25



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Note 17: Income Taxes

The elements of the provision (benefit) for income taxes were as follows:



|                                 |  |                         |       |   |      |   |       |      |  |   |       |  
|-------------------------------- |  | ----------------------- | ----- | - | ---- | - | ----- | ---- |  | - | ----- | -
|                                 |  | Year Ended December 31, |      
|                                 |  | 2010                    |       |   | 2009 |   |       | 2008 | 
|                                 |  | (In millions)           |      
|Income (loss) before income tax: |  |                         |       |   |      |   |       |      |  |   |       |  
|Federal                          |  | $                       | 13.3  |   |      | $ | (29.6 | )    |  | $ | 77.8  |  
|Foreign                          |  |                         | 1.8   |   |      |   | (14.2 | )    |  |   | 30.1  |  
|                                 |  |                         |       |   |      |   |       |      |  |   |       |  
|                                 |  | $                       | 15.1  |   |      | $ | (43.8 | )    |  | $ | 107.9 |  
|                                 |  |                         |       |   |      |   |       |      |  |   |       |  
|                                 |  |                         |      
|Current income taxes:            |  |                         |       |   |      |   |       |      |  |   |       |  
|Federal                          |  | $                       | (44.9 | ) |      | $ | (2.4  | )    |  | $ | 53.2  |  
|Foreign                          |  |                         | 0.4   |   |      |   | (1.9  | )    |  |   | 10.0  |  
|State                            |  |                         | (1.0  | ) |      |   | 1.5   |      |  |   | 5.7   |  
|                                 |  |                         |       |   |      |   |       |      |  |   |       |  
|                                 |  |                         | (45.5 | ) |      |   | (2.8  | )    |  |   | 68.9  |  
|Deferred income taxes            |  |                         | 66.3  |   |      |   | (9.8  | )    |  |   | (29.7 | )
|                                 |  |                         |       |   |      |   |       |      |  |   |       |  
|Total tax provision (benefit)    |  | $                       | 20.8  |   |      | $ | (12.6 | )    |  | $ | 39.2  |  
|                                 |  |                         |       |   |      |   |       |      |  |   |       |  

Income taxes differ from the amounts computed by applying the federal tax rate as follows:



|                                                                 |  |                         |      |  |      |   |       |      |  |   |      |  
|---------------------------------------------------------------- |  | ----------------------- | ---- |  | ---- | - | ----- | ---- |  | - | ---- | -
|                                                                 |  | Year Ended December 31, |     
|                                                                 |  | 2010                    |      |  | 2009 |   |       | 2008 | 
|                                                                 |  | (In millions)           |     
|Federal income tax expense computed at statutory tax rate of 35% |  | $                       | 5.3  |  |      | $ | (15.3 | )    |  | $ | 37.8 |  
|Additional taxes or credits from:                                |  |                         |      |  |      |   |       |      |  |   |      |  
|State and local income taxes, net of federal income tax effect   |  |                         | 0.7  |  |      |   | 1.2   |      |  |   | 3.7  |  
|Domestic production activities                                   |  |                         | 1.3  |  |      |   | (1.3  | )    |  |   | (2.2 | )
|Other non-deductible expenses                                    |  |                         | 0.7  |  |      |   | 0.1   |      |  |   | 0.6  |  
|Canadian taxes                                                   |  |                         | 0.1  |  |      |   | 3.0   |      |  |   | (0.6 | )
|Change in law related to taxation of Medicare subsidy            |  |                         | 5.2  |  |      |   |      |      |  |   |     |  
|Valuation allowance                                              |  |                         | 7.5  |  |      |   |      |      |  |   |     |  
|All other, net                                                   |  |                         |     |  |      |   | (0.3  | )    |  |   | (0.1 | )
|                                                                 |  |                         |      |  |      |   |       |      |  |   |      |  
|Total income tax provision (benefit)                             |  | $                       | 20.8 |  |      | $ | (12.6 | )    |  | $ | 39.2 |  
|                                                                 |  |                         |      |  |      |   |       |      |  |   |      |  



26



---

The components of the deferred income tax assets and liabilities arising under FASB ASC 740,
Income Taxes (ASC 740) were as follows:



|                                             |  |                 |     |   |      |   |     | 
|-------------------------------------------- |  | --------------- | --- | - | ---- | - | --- | 
|                                             |  | At December 31, |    
|                                             |  | 2010            |     |   | 2009 |  
|                                             |  | (In millions)   |    
|Deferred tax assets:                         |  |                 |     |   |      |   |     | 
|Post-retirement benefits other than pensions |  | $               | 67  |   |      | $ | 70  | 
|State net operating loss carryforwards       |  |                 | 7   |   |      |   | 3   | 
|Bad debt allowances                          |  |                 |    |   |      |   | 3   | 
|Pension liability                            |  |                 | 120 |   |      |   | 130 | 
|Restructuring and shut down reserves         |  |                 |    |   |      |   | 2   | 
|Other deductible temporary differences       |  |                 | 17  |   |      |   | 17  | 
|Less: valuation allowances                   |  |                 | (7  | ) |      |   |    | 
|                                             |  |                 |     |   |      |   |     | 
|                                             |  | $               | 204 |   |      | $ | 225 | 
|                                             |  |                 |     |   |      |   |     | 
|Deferred tax liabilities:                    |  |                 |     |   |      |   |     | 
|Fixed asset basis difference                 |  |                 | 117 |   |      |   | 121 | 
|Inventory basis difference                   |  |                 | 135 |   |      |   | 93  | 
|Other intangibles                            |  |                 | 1   |   |      |   | 4   | 
|                                             |  |                 |     |   |      |   |     | 
|                                             |  |                 | 253 |   |      |   | 218 | 
|                                             |  |                 |     |   |      |   |     | 
|Net deferred tax asset (liability)           |  | $               | (49 | ) |      | $ | 7   | 
|                                             |  |                 |     |   |      |   |     | 

The Companys financial statements recognize the current and deferred income tax consequences that
result from the Companys activities during the current and preceding periods pursuant to the provisions of ASC 740 as if the Company were a separate taxpayer rather than a member of the parent companys consolidated income tax return
group. Differences between the Companys separate company income tax provision and cash flows attributable to income taxes pursuant to the provisions of the Companys tax sharing arrangement with the parent company have been recognized as
capital contributions from, or dividends to, the parent company. Current taxes payable are included in the related party payable line item in the Companys balance sheet.

The Company had $7 million of deferred tax assets related to state net operating loss (NOL) carryforwards available at December 31, 2010. The NOLs generally expire in 3 to 15 years.

In accordance with ASC 740, the Company assesses the realizability of its deferred tax assets. A valuation allowance must be
established when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history
of earnings, cash flows and the nature and timing of future deductions and benefits represented by the deferred tax assets. As a result of a recent history of pre-tax losses incurred for purposes of those US state income tax jurisdictions where JT
Ryerson files tax returns as a separate taxpayer, the Company determined that the realizability of deferred tax assets with respect to those states could no longer be supported during 2010. Accordingly, the Company recorded a non-cash charge of $7.5
million during 2010 as an increase in the valuation allowance against its deferred tax assets. The Company recorded an initial non-cash charge for a valuation allowance of $0.2 million as of December 31, 2009 representing the amount of state
NOL carryforward benefits that the Company does not expect to realize.

At December 31, 2010 the Company had
approximately $72.3 million of undistributed foreign earnings. The Company has not recognized any U.S. tax expense on these earnings since it intends to reinvest the earnings outside the U.S. for the foreseeable future.



27



---

The Company accounts for uncertain income tax positions in accordance with ASC 740. A
reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



|                                                       |  |                          |      |  
|------------------------------------------------------ |  | ------------------------ | ---- | -
|                                                       |  | UnrecognizedTax
Benefits |     
|                                                       |  | (In millions)            |     
|Unrecognized tax benefits balance at January 1, 2008   |  | $                        | 4.9  |  
|Gross increases  tax positions in prior periods       |  |                          | 0.4  |  
|Gross decreases  tax positions in prior periods       |  |                          | (1.0 | )
|                                                       |  |                          |      |  
|Unrecognized tax benefits balance at December 31, 2008 |  | $                        | 4.3  |  
|Gross increases  tax positions in prior periods       |  |                          | 0.1  |  
|Gross decreases  tax positions in prior periods       |  |                          | (0.2 | )
|                                                       |  |                          |      |  
|Unrecognized tax benefits balance at December 31, 2009 |  | $                        | 4.2  |  
|Gross increases  tax positions in prior periods       |  |                          | 0.4  |  
|Settlements                                            |  |                          | (0.2 | )
|                                                       |  |                          |      |  
|Unrecognized tax benefits balance at December 31, 2010 |  | $                        | 4.4  |  
|                                                       |  |                          |      |  

Ryerson and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state
and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2007. Substantially all state and local income tax matters have been concluded through 2005. However, a change by a state in
subsequent years would result in an insignificant change to the Companys state tax liability. The Company has substantially concluded foreign income tax matters through 2006 for all significant foreign jurisdictions.

We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2010 and 2009, we
had approximately $0.3 million and $1.4 million of accrued interest related to uncertain tax positions, respectively. The decrease in interest during 2010 resulted primarily from a re-evaluation of jurisdictions where the Company has NOL
carryforwards. Total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $2.4 million and $2.7 million as of December 31, 2010 and 2009, respectively.

Note 18: Subsequent Events

On March 14, 2011, Ryerson entered into an amended and restated Ryerson Credit Facility, effective immediately. The Ryerson Credit Facility, among other things consists of $1.35 billion in commitments
from the lenders and extends the maturity date to the earlier of (a) March 11, 2016, (b) the date that occurs 90 days prior to the scheduled maturity date of the 2014 Notes if such notes are then outstanding and (c) the date that
occurs 90 days prior to the scheduled maturity date of the 2015 Notes if such notes are then outstanding. Pricing under the Ryerson Credit Facility was also adjusted to reflect current market conditions. Pricing is not materially different from our
original Ryerson Credit Facility.



28