Ryerson Holding Corporation filed its third-quarter 2026 earnings release on October 28, 2026, reporting net sales of $2.18 billion, net income of $32.0 million, and Adjusted EBITDA excluding LIFO of $115.0 million, each exceeding the company's previously provided guidance ranges.

Key Highlights

  • Revenue of $2.18 billion: Total company net sales reached $2,177.8 million in Q3 2026, an increase of 8.6% quarter-over-quarter and 87.5% year-over-year, according to the filing.
  • Net income of $32.0 million: Net income attributable to Ryerson Holding Corporation was $32.0 million, or $0.61 per diluted share, compared to a net loss of $14.8 million, or $0.46 per diluted share, in Q3 2025.
  • Adjusted EBITDA exceeds guidance: Adjusted EBITDA, excluding LIFO, was $115.0 million, surpassing the company's guidance range of $88 million to $92 million.
  • First-year synergy target eclipsed early: The company realized approximately $13 million in Q3 synergy benefits, representing approximately $52 million on an annualized run-rate basis, substantially exceeding the $40 million first-year target ahead of its February 2027 merger anniversary.
  • Same-store shipments at five-year high: Excluding Olympic Steel, same-store tons shipped increased 1.8% quarter-over-quarter to their highest quarterly level in over five years, per the filing.
  • Capital returned to stockholders: The company returned $13.6 million to stockholders during Q3 2026, comprised of $9.8 million in dividends and $3.8 million in share repurchases.
  • Net debt-to-LTM ratio improved: Net debt to LTM Adjusted EBITDA, excluding LIFO, improved to 3.2x at the end of Q3 2026 from 4.0x at the end of Q2 2026.

Ryerson Q3 2026 Results: Olympic Steel Integration and Synergy Progress

According to the filing, Ryerson Holding Corporation (NYSE:RYZ) reported total company revenue of $2,177.8 million for the third quarter ended September 30, 2026. Olympic Steel contributed $602 million of that revenue, while same-store revenue was $1.58 billion. Total tons shipped were 814 thousand, up 1.2% from 804 thousand in Q2 2026, and average selling price per ton rose to $2,675 from $2,495 in the prior quarter. The company attributed stronger-than-anticipated demand in part to "AI infrastructure and power generation investment elevating overall demand through the quarter," as stated by Chief Executive Officer Eddie Lehner in the filing.

Gross margin contracted by 50 basis points to 17.2% in Q3 2026 from 17.7% in Q2 2026, which the filing attributed to higher material costs flowing through ahead of corresponding price adjustments for program customers. Third quarter LIFO expense was $30.0 million, compared to $17.0 million in the prior quarter, reflecting the rising price environment. The quarter also included a $4.0 million inventory purchase accounting charge to cost of materials sold, a decrease from the $15.7 million charge recorded in Q2 2026. Warehousing, delivery, selling, general, and administrative expenses were $326.1 million, or 15.0% of revenue, down from 16.0% in Q2 2026 and 17.3% in Q3 2025.

On the balance sheet, total debt stood at $1,006.1 million at quarter end, with cash and cash equivalents of $40.5 million, resulting in net debt of $965.6 million. Net cash used in operating activities was $18.2 million for the quarter. Regarding the Olympic Steel integration, the filing noted that management expects Q4 2026 synergy benefits in the range of $14 million to $15 million. President and Chief Operating Officer Rick Marabito stated in the filing that the company retains "confidence in achieving our two-year target of $120 million in annual run-rate synergies."

What Was Disclosed

Ryerson Holding Corporation disclosed its Q3 2026 financial results, reporting revenue of $2,177.8 million, net income of $32.0 million, and Adjusted EBITDA excluding LIFO of $115.0 million. The company also reported synergy attainment of approximately $52 million on an annualized run-rate basis, exceeding its $40 million first-year target ahead of schedule.