Olympic Steel (ZEUS) investor relations material

Executive summary

• Announced an all-stock merger agreement with Ryerson, creating the second-largest metal service center in North America with over $6.5 billion in revenue and 160+ facilities; legacy shareholders to own 37% of the combined company, with closing targeted for Q1 2026.

• Leadership will include executives from both companies, with a combined board of 11 members.

• Third-quarter performance driven by strong Specialty Metals and manufactured products segments, with all three business segments contributing to profitability.

• Demonstrated resilience amid softer demand and economic uncertainty, maintaining profitability and expanding market share.

Financial highlights

• Q3 2025 net sales were $491 million, up 4.5% year-over-year; nine-month net sales were $1.48 billion.

• Q3 2025 net income was $2.2 million ($0.18 per share), down from $2.7 million in Q3 2024; nine-month net income was $9.9 million.

• Q3 2025 adjusted EBITDA was $15.4 million, up from $13.0 million in Q3 2024.

• Gross margin for Q3 2025 was 24.0%, up from 22.7% in Q3 2024.

• Regular quarterly cash dividend of $0.16 per share approved for December 2025.

Outlook and guidance

• Q4 2025 volumes expected to soften by 5–7% due to seasonality and persistent demand challenges; anticipated Q4 revenues of $1.07–$1.11 billion, with flat to 2% higher average selling prices.

• Q4 adjusted EBITDA (excluding LIFO) forecasted at $33–$37 million; net loss per share expected between $0.28 and $0.22.

• Management expects sufficient liquidity for working capital, capital expenditures, dividends, and acquisitions for at least the next 12 months.

• Optimism for future performance based on diversified business model and operational discipline; pending merger expected to enhance competitiveness and growth.