Ryerson Holding Corporation (NYSE: RYI) and Olympic Steel, Inc. (NASDAQ: ZEUS) announced that their shareholders have approved the merger and the related issuance of Ryerson stock at special meetings held on February 12 2026. The approval clears the final shareholder hurdle and paves the way for the transaction to close on February 13 2026, subject to customary closing conditions.
The deal will combine the two companies into a $6.5 billion revenue entity, creating the second‑largest North American metals service center. Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel common stock, a ratio that reflects the relative valuations of the two firms.
Prior to the approval, Ryerson reported a Q4 2025 net loss of $37.9 million on revenue of $1.10 billion, a loss wider than expected due to higher material input costs and LIFO expenses. Olympic Steel’s 2024 revenue was $1.94 billion, down 10.03 % from the prior year, with earnings falling 48.39 %. These figures illustrate the financial backdrop against which the merger is being pursued.
The combined company anticipates generating approximately $120 million in annual synergies by the end of year two. The synergies are expected to arise from procurement scale, efficiency gains, commercial enhancement, and network optimization, all of which should help offset the current margin compression seen in Ryerson’s Q4 2025 results.
Eddie Lehner, Ryerson’s CEO, said, “This merger represents an immensely attractive and unique opportunity for Ryerson and Olympic Steel as it combines our two organizations, which couldn’t be more complementary and synergistic around the products, services, footprint, and customer experience that will enhance our market presence while adding significant value to our stakeholders.” Richard T. Marabito, Olympic Steel’s CEO, added, “We are thrilled to merge with Ryerson and for all of the opportunities that becoming a $6.5 billion company will provide to our key stakeholders. Together, we will offer new career growth to our employees, enhanced services to our customers, and greater value for our investors.”
The merger aligns with industry consolidation trends, positioning the combined entity to leverage digital investments and a broader product mix. The transaction is expected to be immediately accretive to shareholders and to reduce the pro‑forma leverage ratio, strengthening the balance sheet and providing a platform for future growth.
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