Ryerson Holding Corporation reported preliminary financial results for the fourth quarter (Q4) of 2025, with revenue totaling USD 1.10 billion. Tons shipped declined by 4.9 percent, while average selling prices remained stable compared to the previous quarter. Material input costs rose faster than anticipated, resulting in compressed gross margins as resale prices remained flat. The company posted a net loss attributable to shareholders of USD 37.9 million, or USD 1.18 per diluted share, for Q4 2025. Adjusted EBITDA excluding LIFO expense was USD 20.4 million for the period. Cash generated from operating activities reached USD 112.7 million, enabling Ryerson to reduce its outstanding debt to USD 463 million and lower net debt to USD 436 million. The company’s leverage ratio improved to 3.1x from 3.7x in the previous quarter. Advisory service fees related to the proposed Olympic Steel merger contributed USD 7.8 million to an overall 3.1 percent increase in expenses during the quarter. Ryerson noted that these preliminary results are subject to completion of audit and accounting procedures and may be adjusted.

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