Shareholders of Olympic Steel, Inc. and Ryerson Holding Corporation voted to approve the merger on February 12, 2026. Under the agreement, Olympic Steel will merge into Ryerson and Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each Olympic Steel share.
The transaction is expected to close on February 13, 2026, subject to customary conditions. The combined company will operate more than 160 facilities, combining Olympic Steel’s 54 U.S. and Mexican plants with Ryerson’s 106 locations, and will become the second‑largest metals service center in North America.
The merger is designed to create scale, broaden product offerings, and strengthen competitive positioning in a cyclical industry. Ryerson’s digital‑first platform will be integrated with Olympic Steel’s fabrication expertise, and the parties anticipate annual synergies of roughly $120 million by the end of the second year. The deal is expected to be immediately accretive and to reduce the pro‑forma leverage ratio to below three times.
Ryerson reported a net loss of $37.9 million in Q4 2025 on revenue of $4.47 billion, while Olympic Steel posted a net income of $2.2 million on sales of $491 million in Q3 2025. The announcement triggered a 23.4 % jump in Olympic Steel’s share price, reflecting the premium valuation applied to the all‑stock deal, and a 5.6 % decline in Ryerson’s shares, driven by concerns about the premium paid for Olympic Steel and the recent loss.
Management highlighted the complementary nature of the two companies. CEO Eddie Lehner emphasized that the combination would scale digital investments and expand customer reach, while Olympic Steel CEO Richard Marabito noted that the merger would unlock value for shareholders and broaden service offerings. The deal aligns with a broader trend of consolidation in the metals service center industry, as firms seek scale and digital capabilities to navigate economic headwinds.
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