RYZ · Ryerson Holding Corporation

Ryerson's first quarter 2026 results reflect a strong start to the year, driven by the February 13 merger with Olympic Steel and improving industrial demand. Revenue surged 37.9% year-over-year to $1.57 billion, with tons shipped up 31.2% and average selling prices up 5.2%. On a same-store basis (excluding Olympic Steel), revenue grew 13.9% with tons up 4.6% and prices up 8.9%, indicating market share gains. Gross margin expanded to 18.4% (19.1% excl. LIFO) from 15.3% in Q4 2025, benefiting from contract pricing resets and a better demand environment. Net income turned positive at $4.5 million versus a loss of $5.6 million a year ago, while adjusted net income was $13.1 million. Adjusted EBITDA excl. LIFO reached $67.4 million, above the company's guidance range, with Olympic Steel contributing $12.5 million in just six weeks. Management highlighted strong quote and order activity, particularly in transactional business, and early integration momentum. The company declared a quarterly dividend of $0.1875 per share and authorized a $100 million share repurchase program. For Q2 2026, Ryerson guided revenue of $1.86-$1.93 billion, net income of $20-$22 million, and adjusted EBITDA excl. LIFO of $88-$92 million, reflecting the full quarter inclusion of Olympic Steel and continued synergy realization.