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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Ryerson (RYI) investor relations material
Ryerson Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was $1.16B, in line with guidance, with average selling prices up 2.6% and tons shipped down 3.2% sequentially; net loss attributable to shareholders was $14.8M, or $0.46 per diluted share, and Adjusted EBITDA excluding LIFO was $40.3M.
Announced an all-stock merger agreement with Olympic Steel, creating the second largest metal service center in North America with $6.5B in revenue, subject to regulatory and shareholder approvals.
Merger expected to deliver $120M in synergies over two years, with enhanced scale, product mix, and operational efficiencies.
Reduced debt and net debt sequentially, ending Q3 at $500M and $470M, respectively.
Declared a Q4 2025 dividend of $0.1875 per share.
Financial highlights
Gross margin for Q3 2025 was 17.2%, down 70 bps sequentially; gross margin excluding LIFO was 18.3%.
Adjusted EBITDA excluding LIFO was $40.3M, down from $45M in Q2.
Net loss of $14.8M ($0.46 per diluted share) versus net income of $1.9M in the prior quarter.
Net debt decreased to $470M, a $9M sequential reduction.
Total liquidity at quarter-end was $521M, up from $485M in Q2.
Outlook and guidance
Q4 2025 shipments expected to decrease 5–7% sequentially due to seasonality and soft demand.
Q4 net sales projected between $1.07–$1.11B; average selling prices flat to up 2%.
LIFO expense expected at $10–$14M; Adjusted EBITDA (excl. LIFO) forecasted at $33–$37M.
Q4 diluted loss per share guidance: $(0.28) to $(0.22).
Management expects restoration of bonus depreciation and expensing under new tax law to favorably impact future cash tax liabilities.
Olympic Steel merger exchange ratio?
How are new investments impacting performance?
What caused the Q3 negative operating cash flow?
Largest synergy drivers for $120M target?
Key areas for combined market share growth?
Post-close leverage ratio trajectory?
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Frequently asked questions
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States, Canada, Mexico, and China. The company offers a line of products in stainless steel, aluminum, carbon steel, and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural products (including angles, channels and beams) and tubes. It serves customers in various end markets comprising construction and industrial machinery; manufacturing equipment; transportation; energy; agricultural implements; retail fixtures; heating and cooling equipment; food equipment; pressure vessels; beverage containers; infrastructure solutions; property maintenance; large appliances; electrical systems and vehicles that includes automotive and commercial truck parts frame components.
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