# EDGAR Filing Document

**Accession Number:** 0001481582
**File Stem:** 0000950170-23-003776
**Filing Date:** 2023-2
**Character Count:** 80967
**Document Hash:** 8b9b047efbcf38c1ad037125c0e1e7cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-003776.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0000950170-23-003776

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ryerson Holding Corp
- **CENTRAL INDEX KEY:** 0001481582
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051]
- **IRS NUMBER:** 261251524
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34735
- **FILM NUMBER:** 23653479

**BUSINESS ADDRESS:**
- **STREET 1:** 227 W. MONROE ST., 27TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312 292-5000

**MAIL ADDRESS:**
- **STREET 1:** 227 W. MONROE ST., 27TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 22, 2023<br>

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Ryerson Holding Corporation

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-34735 | 26-1251524 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 227 W. Monroe St.<br>27th Floor |  |  |
| Chicago**,** Illinois |  | 60606 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (312) 292-5000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.01 par value, 100,000,000 shares authorized | RYI | The New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

The information contained within Item 2.02 of this Form 8-K and Exhibit 99.1 and Exhibit 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On February 22, 2023, Ryerson Holding Corporation (the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company also provided a presentation as a supplement to its press release. A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

d) Exhibits

The following exhibits are being furnished or filed, as applicable, with this Current Report on Form 8-K:

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Title or Description** |
| 99.1 | [<u>Ryerson Holding Corporation press release dated February 22, 2023.</u>](ryi-ex99_1.htm) |
| 99.2 | [<u>Ryerson Holding Corporation quarterly release presentation dated February 22, 2023.</u>](ryi-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | RYERSON HOLDING CORPORATION |
| Date: | February 22, 2023 | By:  | /s/ James J. Claussen |
|  |  |  | James. J. Claussen<br>Executive Vice President and Chief Financial Officer |

---

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## Ex-99

**Exhibit 99.1**

**Ryerson Reports Fourth Quarter and Full-Year 2022 Results**

Quarterly results include strong counter-cyclical operating cash flow generation, notable growth investments and sequential reduction in debt. Business highlights include ramping up production at new Centralia service center, the Excelsior acquisition, an increase in the quarterly dividend, hosting of Investor Day at NYSE and publication of inaugural ESG Report.

**CHICAGO – February 22, 2023 –Ryerson Holding Corporation (NYSE: RYI),** a leading value-added processor and distributor of industrial metals, today reported results for the fourth quarter and full year ended December 31, 2022.

**Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Record full-year Net Income attributable to Ryerson Holding Corporation of $391.0 million with Adjusted EBITDA<sup>1</sup>, excluding LIFO of $582.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated full-year revenue of $6.3 billion and fourth quarter revenue of $1.3 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Record full-year Diluted EPS<sup>2</sup> of $10.21 and fourth quarter loss per share of $0.65

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated operating cash flow of $501.2 million for the full-year and $181.6 million in the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced debt to $367 million and net debt<sup>3</sup> to $328 million from $639 million and $588 million, respectively, compared to December 31, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hosted Investor Day at the NYSE in November, outlining financial priorities and Next Phase Targets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Published inaugural ESG Report in December

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced a first quarter 2023 dividend of $0.17 per share, a 6.3% increase from the prior quarter

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share | $ in millions, except tons (in thousands), average selling prices, and earnings per share |  |  |
| **Financial Highlights:** | **Q4 2022** | **Q4 2021** |  | **Q3 2022** |  | **YoY** | **QoQ** | **2022** |  | **2021** |  | **YoY** |
| Revenue | $1288.2 | $1533.9 |  | $1543.1 |  | (16.0 | (16.5 | $6323.6 |  | $5675.3 |  | 11.4 |
| Tons shipped | 465 | 474 |  | 512 |  | (1.9 | (9.2 | 2029 |  | 2095 |  | (3.2 |
| Average selling price/ton | $2770 | $3236 |  | $3014 |  | (14.4 | (8.1 | $3117 |  | $2709 |  | 15.1 |
| Gross margin | 12.7 | 21.3 | % | 17.6 | % | -860 bps | -490 bps | 20.7 | % | 20.2 | % | 50 bps |
| Gross margin, excl. LIFO | 15.3 | 26.3 | % | 16.2 | % | -1100 bps | -90 bps | 19.8 | % | 26.7 | % | -690 bps |
| Warehousing, delivery, selling, general, and administrative expenses | $190.5 | $180.9 |  | $186.5 |  | 5.3 | 2.1 | $735.2 |  | $711.2 |  | 3.4 |
| As a percentage of revenue | 14.8 | 11.8 | % | 12.1 | % | 300 bps | 270 bps | 11.6 | % | 12.5 | % | -90 bps |
| Net income (loss) attributable to Ryerson Holding Corporation | $(24.1 | $106.4 |  | $55.1 |  | (122.7 | (143.7 | $391.0 |  | $294.3 |  | 32.9 |
| Diluted earnings (loss) per share | $(0.65 | $2.71 |  | $1.46 |  | $(3.36 | $(2.11 | $10.21 |  | $7.56 |  | $2.65 |
| Adjusted diluted earnings (loss) per share | $(0.65 | $2.68 |  | $1.48 |  | $(3.33 | $(2.13 | $10.54 |  | $7.46 |  | $3.08 |
| Adj. EBITDA, excl. LIFO | $28.7 | $238.7 |  | $78.5 |  | (88.0 | (63.4 | $582.0 |  | $860.6 |  | (32.4 |
| Adj. EBITDA, excl. LIFO margin | 2.2 | 15.6 | % | 5.1 | % | -1340 bps | -290 bps | 9.2 | % | 15.2 | % | -600 bps |
| **Balance Sheet and Cash Flow Highlights:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total debt | $367.0 | $639.3 |  | $476.9 |  | (42.6 | (23.0 | $367.0 |  | $639.3 |  | (42.6 |
| Cash and cash equivalents | $39.2 | $51.2 |  | $50.9 |  | (23.4 | (23.0 | $39.2 |  | $51.2 |  | (23.4 |
| Net debt | $327.8 | $588.1 |  | $426.0 |  | (44.3 | (23.1 | $327.8 |  | $588.1 |  | (44.3 |
| Net debt / LTM Adj. EBITDA, excl. LIFO | 0.6 | 0.7 | x | 0.5 | x | (0.1 | 0.1 | 0.6 | x | 0.7 | x | (0.1 |
| Cash conversion cycle (days) | 91.6 | 83.8 |  | 83.4 |  | 7.8 | 8.2 | 80.9 |  | 66.3 |  | 14.6 |
| Net cash provided by operating activities | $181.6 | $106.8 |  | $151.6 |  | $74.8 | $30.0 | $501.2 |  | $35.0 |  | $466.2 |

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A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.

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**Management Commentary**

Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "First, let's take stock of all that was accomplished at Ryerson in 2022. Gratitude and thanks all around to our customers, my Ryerson teammates, and our suppliers as we skillfully navigated a tumultuous, but nonetheless one of our best years on record. The full year highlights articulated in this release reflect a better path we have set ourselves on given the level of investment in the business through capex and business development during the year while returning approximately $70 million to shareholders through share repurchases and dividends. Speaking of dividends, we announced our sixth consecutive quarterly dividend increase to 17 cents per share given our confidence in Ryerson's future trajectory and secular strengths underpinning demand for recyclable and reusable industrial metals. During the fourth quarter, we saw margin compression peak around mid-quarter and then inflect positively through year-end while shipments and revenues were within our guided range. Though we experienced some transient counter-cyclical dynamics around carbon program price resets and elevated industry-wide stainless inventory levels that amplified margin compression in the quarter, these effects were a segue to improving industry conditions moving through the back-half of the fourth quarter and into early 2023. We are encouraged by price, margin and demand support seen through the midpoint of the first quarter of 2023. Despite elevated levels of economic uncertainty engendered by inflation, macro-policy, and geo-political risks, demand and industrial metal commodity price support appear resilient given current levels of business investment, consumer spending, reshoring trends, expectant industrial metals demand in India and China as well as fiscal policy support for infrastructure, chip manufacturing and climate-related investment."

**2022 Company Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transformed the balance sheet with total debt declining to $367 million and net debt declining to $328 million, compared to $639 million and $588 million as of December 31, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grew book value of equity<sup>4</sup> by 64% to $893 million from $545 million in 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Redeemed $300 million of 8.50% Senior Secured Notes, retiring the notes and saving an estimated $25 million per year on pre-tax interest expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Improved financial flexibility by amending and upsizing the Revolving Credit Facility to $1.3 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved major milestones at two new state-of-the art facilities, ramping up operations at the newly built service center at Centralia, WA and breaking ground at our University Park, IL campus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquired four value-add businesses: Ford Tool Steels, Inc., Apogee Steel Fabrication Incorporated, Howard Precision Metals, Inc. and Excelsior, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced target of 80% reduction in scope 1 and 2 emissions by 2040 in inaugural ESG report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Returned approximately $70 million to shareholders in the form of share repurchases and dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased 1.7 million shares while increasing the free float to 57% of shares outstanding, up from 46%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Authorized a new, two-year, $75 million share repurchase program after having completed the prior $50 million program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual dividends declared per share increased to 53.5 cents, up from 16.5 cents in 2021

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**Fourth Quarter Results**

Ryerson generated net sales of $1.3 billion in the fourth quarter of 2022, a decrease of 16.5% compared to $1.5 billion for the third quarter of 2022, primarily driven by seasonally lower volumes and lower selling prices. Volumes declined 9.2% and average selling prices declined 8.1%, compared to the third quarter of 2022 in line with our guidance. Gross margin contracted sequentially by 490 basis points to 12.7% in the fourth quarter of 2022, compared to 17.6% in the third quarter of 2022. Gross margins were primarily impacted by transient margin compression, most notably in carbon sheet steel and stainless steel, as spot margins troughed mid-quarter before moving higher to end the year on an encouraging note. LIFO expense of $34.6 million was larger-than-expected, driven by average cost of inventory that ended the year at higher levels than anticipated primarily attributable to stainless steel market dynamics of an over-supplied North American Market versus stainless steel inputs such as nickel which rallied notably thru the fourth quarter.

Declining average selling prices partially reversed during the second half of the fourth quarter leading Ryerson to record a LIFO expense of $34.6 million versus initial expectations of $20 million LIFO income for the quarter. This was due to average inventory costs ending the year higher than what was previously projected for each major commodity. In conjunction, inventory days of supply in the fourth quarter also rose to 90 days, compared with 83 days in the third quarter, and, as such, projected declines in average costs did not occur as anticipated. Although this had a one-time negative impact to margins in the quarter due to the timing of annual LIFO calculation, higher commodity futures provide a more positive outlook for the first half of 2023 than previously expected.

Excluding the impact of LIFO, gross margin contracted 90 basis points to 15.3% in the fourth quarter of 2022, compared to 16.2% in the third quarter, driven by the decline in average selling prices outpacing the decline in our cost of goods sold. Warehousing, delivery, selling, general and administrative expenses increased 2.1% to $190.5 million in the fourth quarter of 2022, compared to $186.5 million in the third quarter, primarily driven by costs related to acquisitions.

Net loss attributable to Ryerson Holding Corporation for the fourth quarter of 2022 was $24.1 million, or $0.65 per diluted share, compared to net income of $55.1 million, or $1.46 per diluted share in the previous quarter. During the fourth quarter, we recorded charges of $5.3 million for reorganization costs, primarily related to ERP system conversion as well as relocation expense for our new Centralia service center. Ryerson generated Adjusted EBITDA, excluding LIFO of $28.7 million in the fourth quarter of 2022, compared to third quarter 2022 Adjusted EBITDA, excluding LIFO of $78.5 million.<br>

**Market Commentary**

Ryerson's revenue of $1.28 billion in the fourth quarter was driven by an average selling price decrease of 8.1% to $2,770 per ton and a sales volume decrease of 9.2% to 465 thousand tons, compared to the third quarter of 2022. Fourth quarter revenue was at the high end of our guidance range of $1.25 to $1.30 billion, and our sequential volume decrease of 9.2% was partially due to normal holiday seasonal slowdown of our manufacturing customers.

**Liquidity & Debt Management**

Ryerson generated $181.6 million of operating cash in the fourth quarter of 2022 driven by working capital release of $207.4 million, which was slightly offset by a net loss of $23.8 million. Cash release was achieved despite the Company's cash conversion cycle increasing to 91.6 days, compared to 83.4 days in the third quarter of 2022. Ryerson's inventory build was driven by normal seasonality coupled with residual pandemic distortions in supply and withdrawal patterns in the second half of 2022 and an upward inflection in metals prices in the fourth quarter. As a result of strong operating cash flow, the Company ended the fourth quarter of 2022 with $367 million of debt and $328 million of net debt, a decrease of $110 million and $98 million, respectively, compared to the third quarter. Ryerson's leverage ratio as of the fourth quarter of 2022 was 0.6x, near the Company's low-end target leverage range. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to $909 million as of December 31, 2022, compared to $906 million as of September 30, 2022.

**Shareholder Return Activity**

**Dividends.** On February 22, 2023, the Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock, payable on March 16, 2023, to stockholders of record as of March 6, 2023. During the fourth quarter of 2022, Ryerson paid a quarterly dividend in the amount of $0.16 per share, amounting to a cash return of approximately $5.9 million for the fourth quarter of 2022. For the full-year 2022, Ryerson paid approximately $20 million in dividends, with dividends per share of 53.5 cents on an annual basis.

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**Share Repurchase.** Ryerson repurchased approximately 33,000 shares of common stock resulting in a return to shareholders of approximately $0.9 million for the fourth quarter of 2022. Ryerson made these repurchases in accordance with its share repurchase program, which authorizes the Company to acquire up to an aggregate amount of $75.0 million of the Company's common stock through August 3, 2024. For the full-year 2022, Ryerson returned approximately $50 million to shareholders in the form of share repurchases.

**Outlook Commentary**

Ryerson is encouraged by improving sequential margin and demand conditions as experienced through the quarter to date as both spot and program margins have positively inflected and shipments are showing on par with typical sequential seasonality. As such, Ryerson anticipates first quarter net sales to be in the range of $1.37 billion to $1.43 billion, with pricing decreasing 1% to 3%, and shipment volumes increasing 10% to 12%. LIFO expense in the first quarter of 2023 is expected to be $5 million. We expect adjusted EBITDA, excluding LIFO in the range of $78 million to $82 million and earnings per diluted share in the range of $0.98 to $1.06.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fourth Quarter 2022 Major Product Metrics** | **Fourth Quarter 2022 Major Product Metrics** | **Fourth Quarter 2022 Major Product Metrics** | **Fourth Quarter 2022 Major Product Metrics** |  |  |  |  |
|  | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Average Selling Prices** | **Average Selling Prices** |
|  | **Q4 2022** | **Q4 2021** | **Q3 2022** | **Year-over-year** | **Quarter-over-quarter** | **Year-over-year** | **Quarter-over-quarter** |
| Carbon Steel | 365 | 363 | 405 | 0.6% | (9.9)% | (19.3)% | (9.0)% |
| Aluminum | 45 | 47 | 49 | (4.3)% | (8.2)% | 5.6% | (7.0)% |
| Stainless Steel | 52 | 63 | 56 | (17.5)% | (7.1%) | (6.8)% | (8.9)% |
|  | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** |  |  |
|  | **Q4 2022** | **Q4 2021** | **Q3 2022** | **Year-over-year** | **Quarter-over-quarter** |  |  |
| Carbon Steel | $684 | $843 | $834 | (18.9)% | (18.0%) |  |  |
| Aluminum | $269 | $266 | $315 | 1.1% | (14.6)% |  |  |
| Stainless Steel | $313 | $407 | $370 | (23.1)% | (15.4)% |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full Year 2022 Major Product Metrics** | **Full Year 2022 Major Product Metrics** | **Full Year 2022 Major Product Metrics** |  |  |  |  |
|  | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Tons Shipped (thousands)** | **Average Selling Prices** |
|  | **2022** | **2022** | **2021** | **2021** | **Year-over-year** | **Year-over-year** |
| Carbon Steel |  | 1583 |  | 1604 | (1.3)% | 11.8% |
| Aluminum | 195 | 195 | 205 | 205 | (4.9)% | 24.1% |
| Stainless Steel | 242 | 242 | 278 | 278 | (12.9)% | 24.5% |
|  | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** | **Net Sales (millions)** |  |
|  |  | **2022** |  | **2021** | **Year-over-year** |  |
| Carbon Steel | $— | 3371 | $— | 3056 | 10.3% |  |
| Aluminum | $— | 1235 | $— | 1046 | 18.1% |  |
| Stainless Steel | $— | 1625 | $— | 1499 | 8.4% |  |

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**Earnings Call Information** 

Ryerson will host a conference call to discuss fourth quarter 2022 financial results for the period ended December 31, 2022, on Thursday, February 23, 2023, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.

**About Ryerson**

Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,200 employees in approximately 100 locations. Visit Ryerson at <u>www.ryerson.com</u>.

**Manager – Investor Relations:** 

Pratham Dear

312.292.5033 investorinfo@ryerson.com

**Notes:**

<sup>1</sup>For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2

<sup>2</sup>EPS is Earnings per Share

<sup>3</sup>Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash

<sup>4</sup>Book value of equity is defined as total assets less total liabilities

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**Legal Disclaimer** 

The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.

**Safe Harbor Provision**

Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events, including Russia's invasion of Ukraine and global trade sanctions; fluctuating metal prices; our indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; the ownership of a significant portion of our equity securities by a single investor group; work stoppages; obligations under certain employee retirement benefit plans; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.

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|:---|:---|:---|:---|:---|:---|
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Selected Income and Cash Flow Data - Unaudited** | **Selected Income and Cash Flow Data - Unaudited** | **Selected Income and Cash Flow Data - Unaudited** | **Selected Income and Cash Flow Data - Unaudited** | **Selected Income and Cash Flow Data - Unaudited** | **Selected Income and Cash Flow Data - Unaudited** |
| **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** | **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** | **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** | **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** | **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** | **(Dollars and Shares in Millions, except Per Share and Per Ton Data)** |
|  |  |  | **Third** |  |  |
|  | **Fourth Quarter** | **Fourth Quarter** | **Quarter** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2022** | **2021** |
| NET SALES | $1288.2 | $1533.9 | $1543.1 | $6323.6 | $5675.3 |
| &nbsp;&nbsp;Cost of materials sold | 1125.1 | 1206.6 | 1272.1 | 5013.5 | 4528.5 |
| &nbsp;&nbsp;Gross profit | 163.1 | 327.3 | 271.0 | 1310.1 | 1146.8 |
| &nbsp;&nbsp;Warehousing, delivery, selling, general, and administrative | 190.5 | 180.9 | 186.5 | 735.2 | 711.2 |
| &nbsp;&nbsp;Gain on sale of assets (1) |  | (1.9) |  | (3.8) | (109.6) |
| OPERATING PROFIT (LOSS) | (27.4) | 148.3 | 84.5 | 578.7 | 545.2 |
| &nbsp;&nbsp;Other income and (expense), net (2) | (0.3) | (0.1) | (1.3) | (22.6) | (105.1) |
| &nbsp;&nbsp;Interest and other expense on debt | (7.0) | (10.2) | (7.6) | (33.2) | (51.0) |
| INCOME (LOSS) BEFORE INCOME TAXES | (34.7) | 138.0 | 75.6 | 522.9 | 389.1 |
| &nbsp;&nbsp;Provision (benefit) for income taxes | (10.9) | 31.5 | 20.5 | 131.4 | 93.7 |
| NET INCOME (LOSS) | (23.8) | 106.5 | 55.1 | 391.5 | 295.4 |
| Less: Net income attributable to noncontrolling interest | 0.3 | 0.1 |  | 0.5 | 1.1 |
| NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION | $(24.1) | $106.4 | $55.1 | $391.0 | $294.3 |
| EARNINGS (LOSS) PER SHARE |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.65) | $2.77 | $1.49 | $10.41 | $7.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.65) | $2.71 | $1.46 | $10.21 | $7.56 |
| Shares outstanding - basic | 37.0 | 38.4 | 37.1 | 37.6 | 38.4 |
| Shares outstanding - diluted | 37.0 | 39.2 | 37.8 | 38.3 | 38.9 |
| Dividends declared per share | $0.160 | $0.085 | $0.150 | $0.535 | $0.165 |
| Supplemental Data : |  |  |  |  |  |
| &nbsp;&nbsp;Tons shipped (000) | 465 | 474 | 512 | 2029 | 2095 |
| &nbsp;&nbsp;Shipping days | 60 | 61 | 64 | 251 | 252 |
| &nbsp;&nbsp;Average selling price/ton | $2770 | $3236 | $3014 | $3117 | $2709 |
| &nbsp;&nbsp;Gross profit/ton | 351 | 691 | 529 | 646 | 547 |
| &nbsp;&nbsp;Operating expenses/ton | 410 | 378 | 364 | 360 | 287 |
| &nbsp;&nbsp;Operating profit (loss)/ton | (59) | 313 | 165 | 285 | 260 |
| &nbsp;&nbsp;LIFO expense (income) per ton | 74 | 159 | (41) | (29) | 175 |
| &nbsp;&nbsp;LIFO expense (income) | 34.6 | 75.5 | (21.1) | (58.1) | 366.4 |
| &nbsp;&nbsp;Depreciation and amortization expense | 16.5 | 15.4 | 14.5 | 59.0 | 55.9 |
| &nbsp;&nbsp;Cash flow provided by operating activities | 181.6 | 106.8 | 151.6 | 501.2 | 35.0 |
| &nbsp;&nbsp;Capital expenditures | (33.9) | (34.3) | (28.4) | (105.1) | (59.3) |
| (1) The year 2021 includes a $109.6 million gain on the sale and leaseback of properties and a purchase option sale with net proceeds of approximately $165.1 million. | (1) The year 2021 includes a $109.6 million gain on the sale and leaseback of properties and a purchase option sale with net proceeds of approximately $165.1 million. | (1) The year 2021 includes a $109.6 million gain on the sale and leaseback of properties and a purchase option sale with net proceeds of approximately $165.1 million. | (1) The year 2021 includes a $109.6 million gain on the sale and leaseback of properties and a purchase option sale with net proceeds of approximately $165.1 million. | (1) The year 2021 includes a $109.6 million gain on the sale and leaseback of properties and a purchase option sale with net proceeds of approximately $165.1 million. |  |
| (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. | (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. | (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. | (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. | (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. | (2) The year 2022 includes a $21.3 million loss on retirement of debt. The year 2021 includes a $98.3 million pension settlement charge and a $5.5 million loss on the retirement of debt. |
| &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets | &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets | &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets | &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets | &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets | &nbsp;&nbsp;See Schedule 1 for Condensed Consolidated Balance Sheets |
| &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | &nbsp;&nbsp;See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation |
| &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation | &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation | &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation | &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation | &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation | &nbsp;&nbsp;See Schedule 3 for Adjusted EPS reconciliation |
| &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation | &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation | &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation | &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation | &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation | &nbsp;&nbsp;See Schedule 4 for Free Cash Flow reconciliation |
| &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation | &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation | &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation | &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation | &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation | &nbsp;&nbsp;See Schedule 5 for First Quarter 2023 Guidance reconciliation |

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| | | |
|:---|:---|:---|
| **Schedule 1** | **Schedule 1** | **Schedule 1** |
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| **(In millions, except shares)** | **(In millions, except shares)** | **(In millions, except shares)** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Assets |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $39.2 | $51.2 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1.3 | 1.2 |
| &nbsp;&nbsp;&nbsp;Receivables, less provisions of $3.2 at December 31, 2022 and $2.2 at December 31, 2021 | 514.4 | 630.8 |
| &nbsp;&nbsp;&nbsp;Inventories | 798.5 | 832.1 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 88.2 | 77.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1441.6 | 1593.0 |
| &nbsp;&nbsp;Property, plant, and equipment, at cost | 898.6 | 792.8 |
| &nbsp;&nbsp;Less: accumulated depreciation | 440.2 | 404.5 |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 458.4 | 388.3 |
| &nbsp;&nbsp;Operating lease assets | 240.5 | 211.1 |
| &nbsp;&nbsp;Other intangible assets | 50.9 | 42.2 |
| &nbsp;&nbsp;Goodwill | 129.2 | 124.1 |
| &nbsp;&nbsp;Deferred charges and other assets | 13.7 | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2334.3 | $2365.6 |
| Liabilities |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $438.4 | $481.2 |
| &nbsp;&nbsp;&nbsp;Salaries, wages, and commissions | 67.3 | 76.6 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 77.7 | 133.4 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 5.8 | 28.8 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 25.2 | 24.9 |
| &nbsp;&nbsp;&nbsp;Current portion of deferred employee benefits | 4.8 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 619.2 | 751.0 |
| &nbsp;&nbsp;Long-term debt | 361.2 | 610.5 |
| &nbsp;&nbsp;Deferred employee benefits | 118.0 | 163.3 |
| &nbsp;&nbsp;Noncurrent operating lease liabilities | 215.1 | 184.8 |
| &nbsp;&nbsp;Deferred income taxes | 113.5 | 94.1 |
| &nbsp;&nbsp;Other noncurrent liabilities | 14.3 | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1441.3 | 1821.0 |
| Commitments and contingencies |  |  |
| Equity |  |  |
| &nbsp;&nbsp;Ryerson Holding Corporation stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 7,000,000 shares authorized; no shares issued and outstanding at December 31, 2022 and December 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 100,000,000 shares authorized; 39,059,198 and 38,687,094 shares issued at December 31, 2022 and December 31, 2021, respectively | 0.4 | 0.4 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 397.7 | 388.6 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 692.5 | 321.7 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost - Common stock of 2,070,654 shares at December 31, 2022 and 292,932 shares at December 31, 2021 | (61.1) | (8.4) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (144.4) | (165.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Ryerson Holding Corporation Stockholders' Equity | 885.1 | 537.2 |
| &nbsp;&nbsp;Noncontrolling interest | 7.9 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 893.0 | 544.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $2334.3 | $2365.6 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule 2** | **Schedule 2** | **Schedule 2** | **Schedule 2** | **Schedule 2** | **Schedule 2** |
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** | **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** | **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** | **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** | **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** | **Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO** |
| **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
|  |  |  | **Third** |  |  |
|  | **Fourth Quarter** | **Fourth Quarter** | **Quarter** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2022** | **2021** |
| Net income (loss) attributable to Ryerson Holding Corporation | $(24.1) | $106.4 | $55.1 | $391.0 | $294.3 |
| Interest and other expense on debt | 7.0 | 10.2 | 7.6 | 33.2 | 51.0 |
| Provision (benefit) for income taxes | (10.9) | 31.5 | 20.5 | 131.4 | 93.7 |
| Depreciation and amortization expense | 16.5 | 15.4 | 14.5 | 59.0 | 55.9 |
| EBITDA | $(11.5) | $163.5 | $97.7 | $614.6 | $494.9 |
| Gain on bargain purchase |  |  | (0.6) | (0.6) |  |
| Gain on sale of assets |  | (1.9) |  | (3.8) | (109.6) |
| Reorganization | 5.3 | 1.6 | 0.6 | 6.9 | 3.5 |
| Foreign currency transaction (gains) losses | 0.1 | (0.3) | 0.5 | 1.3 | (0.5) |
| Loss on retirement of debt |  |  | 1.5 | 21.3 | 5.5 |
| Pension settlement charge |  |  |  |  | 98.3 |
| Purchase consideration and other transaction costs | 0.2 |  |  | 0.2 |  |
| Other adjustments |  | 0.3 | (0.1) | 0.2 | 2.1 |
| Adjusted EBITDA | $(5.9) | $163.2 | $99.6 | $640.1 | $494.2 |
| Adjusted EBITDA | $(5.9) | $163.2 | $99.6 | $640.1 | $494.2 |
| LIFO expense (income) | 34.6 | 75.5 | (21.1) | (58.1) | 366.4 |
| Adjusted EBITDA, excluding LIFO expense (income) | $28.7 | $238.7 | $78.5 | $582.0 | $860.6 |
| Net sales | $1288.2 | $1533.9 | $1543.1 | $6323.6 | $5675.3 |
| Adjusted EBITDA, excluding LIFO expense (income), as a percentage of net sales | 2.2% | 15.6% | 5.1% | 9.2% | 15.2% |
| Gross profit | $163.1 | $327.3 | $271.0 | $1310.1 | $1146.8 |
| Gross margin | 12.7% | 21.3% | 17.6% | 20.7% | 20.2% |
| Gross profit | $163.1 | $327.3 | $271.0 | $1310.1 | $1146.8 |
| LIFO expense (income) | 34.6 | 75.5 | (21.1) | (58.1) | 366.4 |
| Gross profit, excluding LIFO expense (income) | $197.7 | $402.8 | $249.9 | $1252.0 | $1513.2 |
| Gross margin, excluding LIFO expense (income) | 15.3% | 26.3% | 16.2% | 19.8% | 26.7% |
| Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  | Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  | Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  | Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  | Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  | Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, pension settlement charge, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding  |

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LIFO expense (income), do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies.<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule 3** | **Schedule 3** | **Schedule 3** | **Schedule 3** | **Schedule 3** | **Schedule 3** |
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** | **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** | **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** | **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** | **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** | **Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share** |
| **(Dollars and Shares in Millions, Except Per Share Data)** | **(Dollars and Shares in Millions, Except Per Share Data)** | **(Dollars and Shares in Millions, Except Per Share Data)** | **(Dollars and Shares in Millions, Except Per Share Data)** | **(Dollars and Shares in Millions, Except Per Share Data)** | **(Dollars and Shares in Millions, Except Per Share Data)** |
|  |  |  | **Third** |  |  |
|  | **Fourth Quarter** | **Fourth Quarter** | **Quarter** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2022** | **2021** |
| Net income (loss) attributable to Ryerson Holding Corporation | $(24.1) | $106.4 | $55.1 | $391.0 | $294.3 |
| Gain on bargain purchase |  |  | (0.6) | (0.6) |  |
| Gain on sale of assets |  | (1.9) |  | (3.8) | (109.6) |
| Loss on retirement of debt |  |  | 1.5 | 21.3 | 5.5 |
| Pension settlement charge |  |  |  |  | 98.3 |
| Provision (benefit) for income taxes |  | 0.5 | (0.2) | (4.3) | 1.5 |
| Adjusted net income (loss) attributable to Ryerson Holding Corporation | $(24.1) | $105.0 | $55.8 | $403.6 | $290.0 |
| Adjusted diluted earnings (loss) per share | $(0.65) | $2.68 | $1.48 | $10.54 | $7.46 |
| Shares outstanding - diluted | 37.0 | 39.2 | 37.8 | 38.3 | 38.9 |
| Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. |
| **Schedule 4** | **Schedule 4** | **Schedule 4** | **Schedule 4** | **Schedule 4** | **Schedule 4** |
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Cash Flow from Operations to Free Cash Flow Yield** | **Cash Flow from Operations to Free Cash Flow Yield** | **Cash Flow from Operations to Free Cash Flow Yield** | **Cash Flow from Operations to Free Cash Flow Yield** | **Cash Flow from Operations to Free Cash Flow Yield** | **Cash Flow from Operations to Free Cash Flow Yield** |
| **(Dollars in Millions)** | **(Dollars in Millions)** | **(Dollars in Millions)** | **(Dollars in Millions)** | **(Dollars in Millions)** | **(Dollars in Millions)** |
|  |  |  | **Third** |  |  |
|  | **Fourth Quarter** | **Fourth Quarter** | **Quarter** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2022** | **2021** |
| Net cash provided by operating activities | $181.6 | $106.8 | $151.6 | $501.2 | $35.0 |
| Capital expenditures | (33.9) | (34.3) | (28.4) | (105.1) | (59.3) |
| Proceeds from sales of property, plant, and equipment |  | 0.3 | 0.8 | 8.0 | 166.3 |
| Free cash flow | $147.7 | $72.8 | $124.0 | $404.1 | $142.0 |
| Market capitalization | $1119.3 | $1000.2 | $952.9 | $1119.3 | $1000.2 |
| Free cash flow yield | 13.2% | 7.3% | 13.0% | 36.1% | 14.2% |
| Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. | Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. | Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. | Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. | Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. | Note: Market capitalization is calculated using December 31, 2022, September 30, 2022, and December 31, 2021 stock prices and shares outstanding. |

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| | | |
|:---|:---|:---|
| **Schedule 5** | **Schedule 5** | **Schedule 5** |
| **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** | **RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES** |
| **Reconciliation of First Quarter 2023 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance** | **Reconciliation of First Quarter 2023 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance** | **Reconciliation of First Quarter 2023 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance** |
| **(Dollars in Millions, except Per Share Data)** | **(Dollars in Millions, except Per Share Data)** | **(Dollars in Millions, except Per Share Data)** |
|  | **First Quarter 2023** | **First Quarter 2023** |
|  | **Low** | **High** |
| Net income attributable to Ryerson Holding Corporation | $36 | $39 |
| Diluted earnings per share | $0.98 | $1.06 |
| Interest and other expense on debt | 7 | 7 |
| Provision for income taxes | 13 | 14 |
| Depreciation and amortization expense | 16 | 16 |
| EBITDA | $72 | $76 |
| Adjustments | 1 | 1 |
| Adjusted EBITDA | $73 | $77 |
| LIFO expense | 5 | 5 |
| Adjusted EBITDA, excluding LIFO expense | $78 | $82 |
| Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. |  |  |

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## Ex-99

![Slide 1](ryi-ex99_2s1.jpg)

Ryerson Quarterly Release Presentation Q4 2022 Exhibit 99.2

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![Slide 2](ryi-ex99_2s2.jpg)

31 Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation ("Ryerson" or "the Company") or its subsidiaries and no investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at https://ir.ryerson.com/financials/sec-filings/default.aspx. This site also provides additional information about Ryerson. Safe Harbor Provision Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events, including Russia's invasion of Ukraine and global trade sanctions; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.. Non-GAAP Measures Certain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles ("GAAP"). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes. A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is included in the Appendix.

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![Slide 3](ryi-ex99_2s3.jpg)

Q4 and FY 2022 Highlights Record full-year Net Income attributable to Ryerson Holding Corporation of $391.0 million with Adjusted EBITDA1, excluding LIFO of $582.0 million Generated full-year revenue of $6.3 billion and fourth quarter revenue of $1.3 billion Record full-year Diluted EPS2 of $10.21 and fourth quarter loss per share of $0.65 Generated operating cash flow of $501.2 million for the full-year and $181.6 million in the fourth quarter Reduced debt to $367 million and net debt3 to $328 million from $639 million and $588 million, compared to December 31, 2021 Hosted Investor Day at the NYSE in November, outlining financial priorities and Next Phase Targets Published inaugural ESG Report Announced a first quarter 2023 dividend of $0.17 per share, a 6.3% increase from the prior quarter 1For EBITDA, Adjusted EBITDA and Adj EBITDA excluding LIFO please see Appendix; 2Earnings per Share; 3Net Debt is defined as Long Term Debt plus Short-Term Debt less Cash and Cash Equivalents and excludes Restricted Cash

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![Slide 4](ryi-ex99_2s4.jpg)

FY 2022 Company Highlights Recap Transformed the balance sheet with total debt declining to $367 million and net debt declining to $328 million, compared to $639 million and $588 million as of December 31, 2021 Grew book value of equity1 by 64% to $893 million from $545 million in 2021 Redeemed $300 million of 8.50% Senior Secured Notes, retiring the notes and saving an estimated $25 million per year on pre-tax interest expense Improved financial flexibility by amending and upsizing the Revolving Credit Facility to $1.3 billion Achieved major milestones at two new state-of-the art facilities, ramping up operations at the newly built service center at Centralia, WA and breaking ground at our University Park, IL campus Acquired four value-add businesses: Ford Tool Steels, Inc., Apogee Steel Fabrication Incorporated, Howard Precision Metals, Inc. and Excelsior, Inc. Announced target of 80% reduction in scope 1 and 2 emissions by 2040 in inaugural ESG report Returned approximately $70 million to shareholders in the form of share repurchases and dividends Repurchased 1.7 million shares while increasing the free float to 57% of shares outstanding, up from 46% Authorized a new, two-year, $75 million share repurchase program after having completed the prior $50 million program Annual dividends declared per share increased to 53.5 cents, up from 16.5 cents in 2021 1Book value of Equity is defined as Total Assets less Total Liabilities

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![Slide 5](ryi-ex99_2s5.jpg)

Macro & Commodities Commodity indices trending higher Sources: Bloomberg: prices through December 31, 2022; Futures prices as of February 2, 2023; Federal Reserve, Industrial Production Index monthly year-over-year change; Bloomberg, U.S. Manufacturing PMI Commodity Prices Since Dec. 2017 U.S. ISM Purchasing Managers Index U.S. Industrial Production

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![Slide 6](ryi-ex99_2s6.jpg)

Sequential Q4 2022 End-Market Trends North American volumes experienced seasonal slowdown 12022 Sales Mix Excludes Other Industry Sectors which represent approximately 3% of Ryerson sales mix;Sales Mix based on 2022 results as disclosed in Ryerson's Annual Report on Form 10-K for the year ended December 31, 2022 Metal Fab and Machine Shop Industrial Equipment Commercial Ground Transportation Food & Ag Consumer Durable Construction/Heavy Equipment HVAC Oil & Gas 2022 Sales Mix1 Commentary QoQ Volume 25% 19% 14% 10% 9% 9% 7% 4% Ryerson's fourth quarter North American shipments reflected the normal seasonal trend, as most of our end-markets saw softer customer activity compared to the previous quarter. We also saw declines due to customers deferring restocking influenced by inflationary pressures and a rising interest rate environment. We expect first quarter shipments to recover on normal seasonality and expect an uptick in sequential volumes.

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![Slide 7](ryi-ex99_2s7.jpg)

Q1 2023 Guidance Anticipate a sequentially higher Q1 from higher shipment volumes Net Sales Net Income1 Adj. EBITDA, excl. LIFO $1.37 - 1.43B $36 - 39M $78 - 82M First quarter revenue guidance of $1.37B to $1.43B assumes: Average Selling Price down 1% to 3% Shipments increase up 10% to 12% Diluted Earnings per Share 1Net Income attributable to Ryerson Holding Corporation; 2Diluted EPS of $1.02 represents the midpoint of our $0.98 - $1.06 guidance range. See Ryerson's 8-K filed on February 22, 2023 2

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![Slide 8](ryi-ex99_2s8.jpg)

Q4 2022 Selected Financial & Operating Metrics See Ryerson's 8-K filed on February 22, 2023. 1Free Cash Flow Yield is calculated based on quarterly cash flow divided by period end market capitalization Q4 2022 Investment FY 2022 $34M $105M Capital Investment Expenses Expenses / Sales +$4M +270 bps Expense Management Compared to Q3 2022 Inventory Days of Supply Cash Conversion Cycle 90 92 Asset Management Cash from operating activities Free Cash Flow Yield1 $182M 13.2% Cash Flow Investing in speed, value-add, automation and digitalization Expenses increased $4.0M, or 2%, sequentially Fourth quarter cash flow generation was driven by working capital release The increase in the Company's cash conversion cycle was driven by a sequential increase in days of supply

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![Slide 9](ryi-ex99_2s9.jpg)

Capital Allocation Plan Strong free cash flow generation $105M in '22 $71M for modernization and and Value-Add Raised quarterly dividend to $0.17 per share for Q1'23 Track record of successful acquisitions $50M repurchased in '22; New $75M authorization CAPEX DIVIDENDS BUYBACKS M&A supports increases in 4 key pillars of Capital Allocation 9

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![Slide 10](ryi-ex99_2s10.jpg)

Ryerson distributed its sixth quarterly cash dividend and completed ~$0.9M in share repurchases in fourth quarter. On February 22, 2022, the Board of Directors approved a sixth dividend increase, raising the Company's first quarter of 2023 dividend to $0.17 per share $0.16 per Share Return of capital to investors and $0.9M Share repurchases completed in Q4 2022 from the $75M authorized for the 2-year period ending August 2024 Q4 2022 Allocation: $0.17 per Share Return of capital to investors Q1 2023 Announced: Ryerson's dividend increase reflects stronger balance sheet as well as management's confidence in the future trajectory of the Company Capital Allocation Plan Update

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![Slide 11](ryi-ex99_2s11.jpg)

Dividend Payments Trend Higher Stronger capital structure allows for greater returns to shareholders 1 1Yield for 2021 is based on actual payments and non-annualized; Based on closing share price as of December 31, 2021 of $25.71. Yield for 2022 is based on closing share price as of December 30, 2022 of $30.26 11

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![Slide 12](ryi-ex99_2s12.jpg)

1 Net Income attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. See Ryerson's 8-K filed on February 22, 2023 Q4 2022 Key Financial Metrics Net Sales Gross Margin Net Income (Loss)1 Diluted Earnings (Loss) per Share Debt $1.3B 12.7% ($24.1M) ($0.65) $367M -16.5% QoQ -490 bps QoQ -$79.2M QoQ -$2.11 QoQ -$110M QoQ Tons Shipped Gross Margin, excl. LIFO Adj. EBITDA excl. LIFO Adjusted Diluted Earnings (Loss) per Share Net Debt 465k 15.3% $28.7M ($0.65) $328M -9.2% QoQ -90 bps QoQ -$49.8M QoQ -$2.13 QoQ -$98M QoQ

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![Slide 13](ryi-ex99_2s13.jpg)

1 Net Income attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. See Ryerson's 8-K filed on February 22, 2023 FY 2022 Key Financial Metrics Net Sales Gross Margin Net Income1 Diluted Earnings per Share Debt $6.3B 20.7% $391.0M $10.21 $367M +11.4% YoY +50 bps YoY +$96.7M YoY +$2.65 YoY -$272M YoY Tons Shipped Gross Margin, excl. LIFO Adj. EBITDA excl. LIFO Adjusted Diluted Earnings per Share Net Debt 2,029k 19.8% $582.0M $10.54 $328M -3.2% YoY -690 bps YoY -$278.6M YoY +$3.08 YoY -$260M YoY

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![Slide 14](ryi-ex99_2s14.jpg)

Intelligent Network of Industrial Metals Service Centers Say "yes" culture ~100 company-operated locations Hundreds of "virtual" locations Dedicated logistics network Availability, speed, ease, consistency Advanced value-add Diversified (metals mix, ~40k customers, ~75k products) 24/7 e-commerce platform 180 years of continuous operations as an industry leader beginning in 1842 Great customer experiences at speed, scale and consistency $6.3B Net Sales FY 2022 $10.21 Diluted Earnings per Share FY 2022

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![Slide 15](ryi-ex99_2s15.jpg)

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![Slide 16](ryi-ex99_2s16.jpg)

Appendix

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![Slide 17](ryi-ex99_2s17.jpg)

Debt Opportunistically Retired Consistently driven down high-yield debt as part of financial transformation strategy Q1 '22 $63.1M repurchased via open-market Q2 '22 $186.9M repurchased via oversubscribed tender and open-market Q3 '22 $50M redeemed using special redemption option 1Chart represents outstanding bond balance at end of indicated quarters 1 Notes Outstanding, $M Trade Price, $ Recent Debt Retired

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![Slide 18](ryi-ex99_2s18.jpg)

Sequential increase in Liquidity and decrease in Net Debt Global liquidity increased to $909M in Q4 '22 from $906M in Q3 '22 Leverage maintained at historic low range 0.6x Stronger Liquidity to Fund Operations and Investments Cash and Cash Equivalents Foreign Availability North American Availability

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![Slide 19](ryi-ex99_2s19.jpg)

Tons Sold (000's) Quarterly Financial Highlights 1 Net Income attributable to Ryerson Holding Corporation A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix Average Selling Price Per Ton Gross Margin & Gross Margin, excl. LIFO Adj EBITDA, excl. LIFO & Net Income Margin %1

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![Slide 20](ryi-ex99_2s20.jpg)

Ryerson Book Value and Balance Sheet Transformation 12021 includes $12M of deferred pension contributions as allowed under the CARES Act; 2Q3 2022 represents Trailing Twelve Months figures;3Avg. Competitor includes Klockner, Olympic, Reliance and Russel Fixed Cash Commitments 2 2 3 3 1

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![Slide 21](ryi-ex99_2s21.jpg)

Non-GAAP Reconciliation: Quarterly Adjusted EBITDA, excl. LIFO 21

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![Slide 22](ryi-ex99_2s22.jpg)

Adjusted Net Income Reconciliation (Dollars and shares in millions, except per share data) Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Net income (loss) attributable to Ryerson Holding Corporation1 $106.4 $163.6 $196.4 $55.1 ($24.1) Gain on sale of assets (1.9) - (3.8) - - Gain on bargain purchase - - - (0.6) - Loss on retirement of debt - 5.3 14.5 1.5 - Provision (benefit) for income taxes 0.5 (1.4) (2.7) (0.2) - Adjusted net income (loss) attributable to Ryerson Holding Corporation $105.0 $167.5 $204.4 $55.8 ($24.1) Diluted earnings (loss) per share $2.71 $4.17 $5.10 $1.46 ($0.65) Adjusted diluted earnings (loss) per share $2.68 $4.27 $5.31 $1.48 ($0.65) Shares outstanding - diluted 39.2 39.2 38.5 37.8 37.0

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![Slide 23](ryi-ex99_2s23.jpg)

Non-GAAP Reconciliations: Net Debt ($M) Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Total debt 639.3 551.3 533.5 476.9 367.0 Less: cash and cash equivalents (51.2) (44.7) (41.4) (50.9) (39.2) Net Debt $588.1 $506.6 $492.1 $426.0 $327.8 TTM Adj. EBITDA, excl. LIFO $860.6 $987.7 $1,014.5 $792.0 $582.0 Net Debt / Adj. EBITDA excl. LIFO 0.7x 0.5x 0.5x 0.5x 0.6x

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![Slide 24](ryi-ex99_2s24.jpg)

31 Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on bargain purchase, gain on sale of assets, loss on retirement of debt, loss on pension settlement, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies. Adjusted Net income and Adjusted Earnings per share is presented to provide a means of comparison with periods that do not include similar adjustments. Non-GAAP Reconciliation 24

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![Slide 25](ryi-ex99_2s25.jpg)