Operationalization of significant capex projects continued to progress as wegained market share, continued to grow our transactional business, and achieved Adjusted EBITDA, excl. LIFO at the top of our guidance range.
Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2025.
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Highlights:
— Generated second quarter revenue of $1.17 billion, in-line with guidance, with average selling prices up 2.8% and tons shipped up fractionally compared to the prior quarter
— Generated net income attributable toRyerson Holding Corporation of $1.9 million, or diluted income per share of $0.06, and Adjusted EBITDA, excluding LIFO1 of $45.0 million
— Ended the second quarter with debt of $510 million and net debt2 of $479 million, compared to $498 million and $464 million, respectively, as of the end of the first quarter
— Gained market share3 while also increasing transactional business mix for the fifth consecutive quarter, partially offsetting recessed contractual business
— Declared a third-quarter 2025 dividend of $0.1875 per share
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
$ in millions, except tons (in thousands), average selling prices, and earnings per shareFinancial Highlights: Q2 2025 Q1 2025 Q2 2024 QoQ YoY 1H 2025 1H 2024 YoYRevenue $1,169.3 $1,135.7 $1,225.5 3.0% (4.6)% $2,305.0 $2,464.7 (6.5)%Tons shipped 501 500 508 0.2% (1.4)% 1,001 1,005 (0.4)%Average selling price/ton $2,334 $2,271 $2,412 2.8% (3.2)% $2,303 $2,452 (6.1)%Gross margin 17.9% 18.0% 18.2% -10 bps -30 bps 18.0% 17.9% 10 bpsGross margin, excl. LIFO 19.0% 18.6% 17.4% 40 bps 160 bps 18.8% 17.5% 130 bpsWarehousing, delivery, selling, general, and $203.6 $202.1 $199.0 0.7% 2.3% $405.7 $415.8 (2.4)%administrative expensesAs a percentage of revenue 17.4% 17.8% 16.2% -40 bps 120 bps 17.6% 16.9% 70 bpsNet income (loss) attributable to Ryerson $1.9 $(5.6) $9.9 133.9% (80.8)% $(3.7) $2.3 (260.9)%Holding CorporationDiluted earnings (loss) per share $0.06 $(0.18) $0.29 $0.24 $(0.23) $(0.12) $0.07 $(0.19)Adjusted diluted earnings (loss) per share $0.08 $(0.18) $0.33 $0.26 $(0.25) $(0.10) $0.14 $(0.24)Adj. EBITDA, excl. LIFO $45.0 $32.8 $42.6 37.2% 5.6% $77.8 $82.8 (6.0)%Adj. EBITDA, excl. LIFO margin 3.8% 2.9% 3.5% 90 bps 30 bps 3.4% 3.4% 0 bpsBalance Sheet and Cash Flow Highlights:Total debt $510.2 $497.3 $525.4 2.6% (2.9)% $510.2 $525.4 (2.9)%Cash and cash equivalents $30.8 $33.6 $28.0 (8.3)% 10.0% $30.8 $28.0 10.0%Net debt $479.4 $463.7 $497.4 3.4% (3.6)% $479.4 $497.4 (3.6)%Net debt / LTM Adj. EBITDA, excl. LIFO 4.4x 4.3x 3.2x 0.1x 1.2x 4.4x 3.2x 1.2xCash conversion cycle (days) 66.3 66.5 77.6 (0.2) (11.3) 66.7 76.5 (9.8)Net cash provided by (used in) operating activities $23.8 $(41.2) $25.9 $65.0 $(2.1) $(17.4) $(21.9) $4.5
Management Commentary Eddie Lehner, Ryerson's President, Chief Executive Officer & Director, said, “Self-help and execution are the name of the game amidst ongoing recessed demand conditions in the overall manufacturing and industrial metals sectors of the economy.Looking at macro-indicators such as PMI prints which continue to show contracting manufacturing conditions that square-up with our own internal demand indicators of quoting activity and order rates, we continue realizing the benefits of better execution around service center fundamentals of faster lead times, inventory placement, and on-time delivery. We grew market share and transactional business across the network as more capex and systems projects became fully operational and normalized despite ongoing sluggishness within OEM program accounts. On the pricing side of the house, we have seen falling stainless and carbon prices begin to stabilize while aluminum prices have trended higher, but the key is duration of this relative price stability as price discounting in the market is still prevalent. I want to thank all of my Ryerson colleagues for working safely and productively as we continue advancing our ability to create great customer experiences at speed, scale, value-add,and consistency across our network of intelligently connected service centers.”
Second Quarter Results Ryerson generated net sales of $1.17 billion in the second quarter of 2025, an increase of 3.0% compared to the prior quarter and within our guidance range. Average selling prices increased by 2.8% and tons shipped increased by 0.2% quarter-over-quarter. Revenue performance during the quarter was influenced by a combination of tariff-supported higher average selling prices for our carbon and aluminum products partially offset by slowed customer activity following first quarter pre-buying and a continuation of trade policy uncertainty.
Gross margin contracted by 10 basis points to 17.9% in the second quarter of 2025 compared to 18.0% in the first quarter of 2025, driven by the increase in cost of goods sold outpacing the increase in average selling prices for our product mix. In addition, due to the rising commodity price environment, increasing inventory values resulted in a higher-than-expected LIFO expense of $13.2 million compared to the previous quarter's LIFO expense of $6.8 million. Excluding the impact of LIFO, gross margin expanded by 40 basis points to 19.0% in the second quarter of 2025, compared to 18.6% in the first quarter.
Second quarter warehousing, delivery, selling, general, and administrative expenses of $203.6 million represents an increase of 0.7% compared to the first quarter of 2025 due to an additional business day. Expenses decreased sequentially both on a percentage of revenue and on a per day basis, illustrating management's commitment to tightly managing operating expenses. Compared to the prior year period, second quarter 2025 operating expenses increased by $4.6 million, or 2.3%, primarily driven by increased delivery expenses as well as the addition of Production Metals, which was acquired in August 2024.
Net income attributable to Ryerson Holding Corporation for the second quarter of 2025 was $1.9 million, or $0.06 per diluted share, compared to net loss of $5.6 million, or $0.18 per diluted share, in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $45.0 million in the second quarter of 2025 compared to $32.8 million in the first quarter of 2025.
Liquidity & Debt Management Ryerson generated cash from operating activities of $23.8 million in the second quarter of 2025 compared to a usage of $41.2 million in the first quarter as accounts receivable normalized but were partially offset by modest inventory replacement. The Company ended the second quarter of 2025 with debt of $510 million and net debt of $479 million, a sequential increase of $12 million and $15 million, respectively, compared to the first quarter of 2025. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, was $485 million as of June 30, 2025, compared to $490 million as of March 31, 2025.
Shareholder Return Activity
Dividends.On July 29, 2025, the Board of Directors declared a quarterly cash dividend of $0.1875 per share of common stock, payable on September 18, 2025, to stockholders of record as of September 4, 2025. During the second quarter of 2025, Ryerson's quarterly dividend amounted to a cash return of approximately $6.0 million.
Share Repurchases and Authorization.Ryerson did not repurchase shares during the second quarter of 2025. As of June 30, 2025, $38.4 million remained under the existing authorization.
Outlook Commentary For the third quarter of 2025, Ryerson expects customer shipments to decrease by 2% to 4% quarter-over-quarter, reflecting both normal seasonality patterns as well as overall recessed manufacturing and industrial metal demand conditions driving cautious customer behavior, particularly in our larger OEM contractual customers book of business. The Company anticipates third quarter net sales to be in the range of $1.14 billion to $1.18 billion, with average selling prices increasing 1% to 3%. LIFO expense in the third quarter of 2025 is expected to be between $9 million to $11 million. We therefore expect adjusted EBITDA, excluding LIFO in the range of $40 million to $45 million and earnings per diluted share in the range of $0.00 to $0.06.
Second Quarter 2025 Major Product Metrics Net Sales (millions) Q2 2025 Q1 2025 Q2 2024 Quarter-over-quarter Year-over-yearCarbon Steel $ 578 $ 563 $ 644 2.7% (10.2%)Aluminum $ 306 $ 275 $ 277 11.3% 10.5%Stainless Steel $ 271 $ 281 $ 286 (3.6%) (5.2%) Tons Shipped (thousands) Q2 2025 Q1 2025 Q2 2024 Quarter-over-quarter Year-over-yearCarbon Steel 391 389 397 0.5% (1.5%)Aluminum 50 48 49 4.2% 2.0%Stainless Steel 60 61 59 (1.6%) 1.7% Average Selling Prices (per ton) Q2 2025 Q1 2025 Q2 2024 Quarter-over-quarter Year-over-yearCarbon Steel $ 1,478 $ 1,447 $ 1,622 2.1% (8.9%)Aluminum $ 6,120 $ 5,729 $ 5,653 6.8% 8.3%Stainless Steel $ 4,517 $ 4,607 $ 4,847 (2.0%) (6.8%)First Half 2025 Major Product Metrics Net Sales (millions) 1H 2025 1H 2024 Year-over-yearCarbon Steel $ 1,141 $ 1,288 (11.4%)Aluminum $ 581 $ 556 4.5%Stainless Steel $ 552 $ 583 (5.3%) Tons Shipped (thousands) 1H 2025 1H 2024 Year-over-yearCarbon Steel 780 781 (0.1%)Aluminum 98 99 (1.0%)Stainless Steel 121 120 0.8% Average Selling Prices (per ton) 1H 2025 1H 2024 Year-over-yearCarbon Steel $ 1,463 $ 1,649 (11.3%)Aluminum $ 5,929 $ 5,616 5.6%Stainless Steel $ 4,562 $ 4,858 (6.1%)
Earnings Call Information Ryerson will host a conference call to discuss second quarter 2025 financial results for the period ended June 30, 2025, on Wednesday, July 30, 2025, 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 approximately 4,300 employees and over 110 locations. Visit Ryerson at www.ryerson.com.
Notes: 1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2 2Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash 3North American Industry shipments declined by 2.1% in the second quarter (per the Metals Service Center Institute) while Ryerson North American shipments declined by 1.2%, implying Ryerson market share growth
Legal Disclaimer The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, 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 purchase, or a solicitation of an offer to purchase, 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 release 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; 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 influence of a single investor group over our policies and procedures; 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 most recent our annual report on Form 10-K 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.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESSelected Income and Cash Flow Data – Unaudited(Dollars and Shares in Millions, except Per Share and Per Ton Data) 2025 2024 First Six Months Ended Second First Second June 30, Quarter Quarter Quarter 2025 2024NET SALES $ 1,169.3 $ 1,135.7 $ 1,225.5 $ 2,305.0 $ 2,464.7Cost of materials sold 959.9 931.3 1,002.0 1,891.2 2,023.6Gross profit 209.4 204.4 223.5 413.8 441.1Warehousing, delivery, selling, general, and administrative 203.6 202.1 199.0 405.7 415.8Restructuring and other charges – – 1.7 – 1.7OPERATING PROFIT 5.8 2.3 22.8 8.1 23.6Other income and (expense), net (2.3) 0.3 1.8 (2.0) 1.6Interest and other expense on debt (9.8) (9.5) (11.3) (19.3) (21.4)INCOME (LOSS) BEFORE INCOME TAXES (6.3) (6.9) 13.3 (13.2) 3.8Provision (benefit) for income taxes (8.4) (1.6) 3.0 (10.0) 0.9NET INCOME (LOSS) 2.1 (5.3) 10.3 (3.2) 2.9Less: Net income attributable to noncontrolling interest 0.2 0.3 0.4 0.5 0.6NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON $ 1.9 $ (5.6) $ 9.9 $ (3.7) $ 2.3HOLDING CORPORATIONEARNINGS (LOSS) PER SHAREBasic $ 0.06 $ (0.18) $ 0.29 $ (0.12) $ 0.07Diluted $ 0.06 $ (0.18) $ 0.29 $ (0.12) $ 0.07Shares outstanding – basic 32.2 31.9 34.2 32.0 34.1Shares outstanding – diluted 32.4 31.9 34.4 32.0 34.6Dividends declared per share $ 0.1875 $ 0.1875 $ 0.1875 $ 0.375 $ 0.375Supplemental Data :Tons shipped (000) 501 500 508 1,001 1,005Shipping days 64 63 64 127 128Average selling price/ton $ 2,334 $ 2,271 $ 2,412 $ 2,303 $ 2,452Gross profit/ton 418 409 440 413 439Operating profit/ton 12 5 45 8 23LIFO expense (income) per ton 26 14 (20) 20 (9)LIFO expense (income) 13.2 6.8 (10.0) 20.0 (9.0)Depreciation and amortization expense 19.4 19.2 18.0 38.6 35.4Cash flow provided by (used in) operating activities 23.8 (41.2) 25.9 (17.4) (21.9)Capital expenditures (9.9) (8.0) (22.7) (17.9) (44.5)See Schedule 1 for Condensed Consolidated Balance SheetsSee Schedule 2 for EBITDA and Adjusted EBITDA reconciliationSee Schedule 3 for Adjusted EPS reconciliationSee Schedule 4 for Free Cash Flow reconciliationSee Schedule 5 for Third Quarter 2025 Guidance reconciliation
Schedule 1RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESCondensed Consolidated Balance Sheets(In millions, except shares) June 30, December 31, 2025 2024Assets (unaudited)Current assets:Cash and cash equivalents $ 30.8 $ 27.7Restricted cash 1.4 1.6Receivables, less provisions of $3.4 at June 30, 2025 and $2.5 at December 31, 2024 532.8 425.6Inventories 675.6 684.6Prepaid expenses and other current assets 84.0 68.1Total current assets 1,324.6 1,207.6Property, plant, and equipment, at cost 1,163.9 1,152.0Less: accumulated depreciation 544.6 515.3Property, plant, and equipment, net 619.3 636.7Operating lease assets 343.4 344.6Other intangible assets 63.5 68.3Goodwill 161.5 161.8Deferred charges and other assets 25.8 20.5Total assets $ 2,538.1 $ 2,439.5LiabilitiesCurrent liabilities:Accounts payable $ 506.3 $ 440.8Salaries, wages, and commissions 39.6 35.7Other accrued liabilities 66.9 67.1Short-term debt 1.4 0.7Current portion of operating lease liabilities 33.2 32.1Current portion of deferred employee benefits 3.8 3.7Total current liabilities 651.2 580.1Long-term debt 508.8 466.7Deferred employee benefits 81.1 90.9Noncurrent operating lease liabilities 336.0 334.6Deferred income taxes 127.7 129.0Other noncurrent liabilities 12.1 13.7Total liabilities 1,716.9 1,615.0Commitments and contingenciesEquityRyerson Holding Corporation stockholders' equity:Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at June – -30, 2025 and December 31, 2024Common stock, $0.01 par value; 100,000,000 shares authorized; 40,360,234 and 0.4 0.439,899,093 shares issued at June 30, 2025 and December 31, 2024, respectivelyCapital in excess of par value 430.6 423.5Retained earnings 763.7 779.6Treasury stock, at cost – Common stock of 8,164,148 shares at June 30, 2025 and (237.0) (234.4)8,051,226 shares at December 31, 2024Accumulated other comprehensive loss (146.2) (153.8)Total Ryerson Holding Corporation Stockholders' Equity 811.5 815.3Noncontrolling interest 9.7 9.2Total Equity 821.2 824.5Total Liabilities and Stockholders' Equity $ 2,538.1 $ 2,439.5
Schedule 2RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESReconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO(Dollars in millions) 2025 2024 First Six Months Ended Second First Second June 30, Quarter Quarter Quarter 2025 2024Net income (loss) attributable to Ryerson Holding Corporation $ 1.9 $ (5.6) $ 9.9 $ (3.7) $ 2.3Interest and other expense on debt 9.8 9.5 11.3 19.3 21.4Provision (benefit) for income taxes (8.4) (1.6) 3.0 (10.0) 0.9Depreciation and amortization expense 19.4 19.2 18.0 38.6 35.4EBITDA $ 22.7 $ 21.5 $ 42.2 $ 44.2 $ 60.0Gain on insurance settlement (1.0) – – (1.0) -Reorganization 5.0 4.0 12.7 9.0 32.8Impairment charges on assets 1.8 – – 1.8 -Pension settlement loss – – – – 2.2Benefit plan curtailment gain – – – – (0.3)Foreign currency transaction (gains) losses 2.7 – (0.4) 2.7 (1.6)Purchase consideration and other transaction costs (credits) 0.5 0.4 (1.1) 0.9 (1.0)Other adjustments 0.1 0.1 (0.8) 0.2 (0.3)Adjusted EBITDA $ 31.8 $ 26.0 $ 52.6 $ 57.8 $ 91.8Adjusted EBITDA $ 31.8 $ 26.0 $ 52.6 $ 57.8 $ 91.8LIFO expense (income) 13.2 6.8 (10.0) 20.0 (9.0)Adjusted EBITDA, excluding LIFO expense (income) $ 45.0 $ 32.8 $ 42.6 $ 77.8 $ 82.8Net sales $ 1,169.3 $ 1,135.7 $ 1,225.5 $ 2,305.0 $ 2,464.7Adjusted EBITDA, excluding LIFO expense (income), as a 3.8 % 2.9 % 3.5 % 3.4 % 3.4 %percentage of net salesGross profit $ 209.4 $ 204.4 $ 223.5 $ 413.8 $ 441.1Gross margin 17.9 % 18.0 % 18.2 % 18.0 % 17.9 %Gross profit $ 209.4 $ 204.4 $ 223.5 $ 413.8 $ 441.1LIFO expense (income) 13.2 6.8 (10.0) 20.0 (9.0)Gross profit, excluding LIFO expense (income) $ 222.6 $ 211.2 $ 213.5 $ 433.8 $ 432.1Gross margin, excluding LIFO expense (income) 19.0 % 18.6 % 17.4 % 18.8 % 17.5 %Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, andamortization. Adjusted EBITDA gives further effect to, among other things, gain on insurance settlement, reorganizationexpenses, impairment charges on assets, pension settlement loss, benefit plan curtailment gain, and foreign currencytransaction 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 becausethey enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of resultsbetween current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), toprovide 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 metricsmanagement uses for planning and forecasting in future periods, including trending and analyzing the core operatingperformance 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 programsfor 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 usedas a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accountingprinciples, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily anindication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excludingLIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excludedLIFO expense from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means ofcomparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions ofEBITDA, 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.
Schedule 3RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESReconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share(Dollars and Shares in Millions, Except Per Share Data) 2025 2024 First Six Months Ended Second First Second June 30, Quarter Quarter Quarter 2025 2024Net income (loss) attributable to Ryerson Holding Corporation $ 1.9 $ (5.6) $ 9.9 $ (3.7) $ 2.3Gain on insurance settlement (1.0) – – (1.0) -Restructuring and other charges – – 1.7 – 1.7Impairment charges on assets 1.8 – – 1.8 -Pension settlement loss – – – – 2.2Benefit plan curtailment gain – – – – (0.3)Benefit for income taxes (0.2) – (0.4) (0.2) (0.9)Adjusted net income (loss) attributable to Ryerson Holding Corporation $ 2.5 $ (5.6) $ 11.2 $ (3.1) $ 5.0Adjusted diluted earnings (loss) per share $ 0.08 $ (0.18) $ 0.33 $ (0.10) $ 0.14Shares outstanding – diluted 32.4 31.9 34.4 32.0 34.6Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison withperiods that do not include similar adjustments.Schedule 4RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESCash Flow from Operations to Free Cash Flow Yield(Dollars in Millions) 2025 2024 First Six Months Ended Second First Second June 30, Quarter Quarter Quarter 2025 2024Net cash provided by (used in) operating activities $ 23.8 $ (41.2) $ 25.9 $ (17.4) $ (21.9)Capital expenditures (9.9) (8.0) (22.7) (17.9) (44.5)Proceeds from sales of property, plant, and equipment 0.2 0.1 0.1 0.3 1.5Free cash flow $ 14.1 $ (49.1) $ 3.3 $ (35.0) $ (64.9)Market capitalization $ 694.5 $ 739.2 $ 657.0 $ 694.5 $ 657.0Free cash flow yield 2.0 % (6.6) % 0.5 % (5.0) % (9.9) %Note: Market capitalization is calculated using June 30, 2025, March 31, 2025, and June 30, 2024 stockprices and shares outstanding.
Schedule 5RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIESReconciliation of Third Quarter 2025 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFOGuidance(Dollars in Millions, except Per Share Data) Third Quarter 2025 Low HighNet income attributable to Ryerson Holding Corporation $- $2Diluted earnings per share $- $0.06Interest and other expense on debt 10 10Provision for income taxes – 1Depreciation and amortization expense 20 20EBITDA $30 $33Adjustments 1 1Adjusted EBITDA $31 $34LIFO expense 9 11Adjusted EBITDA, excluding LIFO expense $40 $45Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA.
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