Ryerson Holding Corporation reported fourth‑quarter 2025 net sales of $1.1048 billion, up 9.7% year‑over‑year, and a full‑year revenue of $4.6 billion, a 0.6% increase from $4.57 billion in 2024. The quarter’s gross margin fell to 15.3% from 17.2% in Q3, largely due to a $22.5 million LIFO inventory expense that compressed the margin. Ryerson posted a net loss of $37.9 million, or $1.18 per diluted share, compared with a $14.8 million loss in Q3. Adjusted EBITDA excluding LIFO was $20.4 million, down from $40.3 million in the prior quarter, while the leverage ratio improved to 3.1× from 3.7×.
The company’s full‑year financials show debt of $463 million and net debt of $436 million. Cash flow from operations surged to $112.7 million, a rebound from the $8.3 million used in Q3, and the company’s leverage ratio of 3.1× reflects a stronger balance sheet. Net loss for the year was $37.9 million, driven by the LIFO charge and higher input costs, but the company’s cash generation and debt reduction signal financial resilience.
Ryerson completed its merger with Olympic Steel on February 13, 2026, and has already integrated the transaction into its financial statements. Management highlighted $120 million in annual run‑rate synergies and noted that the combined entity has a denser network and an expanded product mix, positioning it as North America’s second‑largest metals service center. The merger is expected to deliver cost efficiencies and broaden market reach.
For the first quarter of 2026, Ryerson guided revenue of $1.26 billion to $1.30 billion, net income of $10 million to $12 million, and adjusted EBITDA of $51 million to $54 million. The company reiterated its commitment to completing a $650 million capital‑expenditure cycle and expects margin expansion as input costs are reflected in selling prices. Guidance reflects confidence in a recovery of industrial demand and the benefits of the Olympic Steel integration.
Investor sentiment was mixed. While the earnings miss—EPS of –$1.01 versus estimates of –$0.67—prompted concern, many investors remained optimistic about the merger’s synergies and the company’s forward guidance. The market reaction reflected a balance between short‑term earnings disappointment and long‑term strategic upside.
Ryerson faces ongoing headwinds from weak industrial demand and rising input costs, but the LIFO expense and margin compression are largely attributable to inventory accounting rather than operational inefficiencies. The company’s strong cash flow, improved leverage, and strategic merger integration suggest a focus on long‑term resilience and growth in a challenging market environment.
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