Ryerson (RYZ) Jefferies Industrials Conference presentation summary

Merger platform and Q2 execution

• The Feb. 13, 2026 merger with Olympic Steel created a combined platform focused on program economics, transactional growth, value-add expansion, market share gains, and disciplined M&A.

• Platform scale: ~150 locations, ~7% North American service-center market share, $913M net debt, and ~6,500 employees; market cap was $1.3B as of June 30, 2026.

• Q2 2026, the first fully combined quarter, delivered $2.01B revenue, 804K tons shipped, and $101M adjusted EBITDA excluding LIFO; volume, revenue, and EBITDA exceeded expectations.

• Q2 product mix was 54% carbon, 22% stainless, 22% aluminum, and 2% other.

Synergy execution and growth levers

• Q2 synergy realization target was achieved; Q3 annualized run-rate synergies are projected at $52M-$56M, above the $40M first-year target.

• Two-year annualized run-rate synergy target is $120M; Q3 P&L contribution is projected at $13M-$14M, subject to management assumptions for Q3 pricing and volumes.

• Growth priorities include optimizing program economics and asset use, backfilling capacity with higher-margin transactional volume, expanding fabrication and value-add offerings, and selective accretive M&A.

• Commercial enhancement and network optimization aim to expand fabrication and OEM reach, improve asset utilization, and move equipment and inventory to higher-return locations.

Market conditions and demand

• Manufacturing expanded for eight consecutive months in 2026; aluminum, data center, and power-generation demand represented ~7% of Q2 revenue, up ~30% QoQ.

• Q2 produced the strongest quarterly same-store volume in five years, with North American same-store market share gains year to date.

• Q2 average selling prices rose 4.5% sequentially as U.S. metals reached multi-year highs; transactional-to-program ASP and margin spread was widest in three years.

• Extended mill lead times, domestic carbon plate and tube constraints, and service-center inventories at multi-year lows supported availability, reliability, and speed advantages.