Key Highlights

  • Diluted EPS of USD 0.61 swung from a USD 0.46 loss and exceeded the USD 0.43 consensus estimate.
  • Net sales of USD 2.18 billion rose 87.5% and topped the USD 1.88 billion consensus estimate.
  • Same-store average selling prices climbed 18.7% and same-store tons shipped rose 14.2% from a year earlier.
  • Total debt reached USD 1,006.1 million after the merger, while liquidity stood at USD 865 million.

Ryerson Holding Corporation (NYSE:RYZ) reported third-quarter 2026 diluted earnings per share of USD 0.61, compared with a loss of USD 0.46 a year earlier and a consensus estimate of USD 0.43. Net income attributable to the company was USD 32.0 million, against a loss of USD 14.8 million. Net sales of USD 2,177.8 million were 87.5% higher than the USD 1,161.5 million of the prior-year quarter and above a consensus estimate of USD 1.88 billion.

The comparison reflects the February 13, 2026 completion of the merger with Olympic Steel, which contributed USD 602.1 million of net sales and USD 7.8 million of net income in the quarter. On a same-store basis, which excludes Olympic Steel, net sales were USD 1,575.7 million, up 35.7%. Operating profit was USD 51.5 million, compared with a USD 1.0 million loss a year earlier.

Pricing, Volumes and Cost Structure

Total tons sold were 814 thousand, up 67.8%, and the average selling price per ton rose 11.7% to USD 2,675. Same-store tons rose 14.2% to 554 thousand, and same-store prices rose 18.7% to USD 2,844. Compared with the second quarter, average selling prices rose 7.2% and shipments rose 1.2%. The company linked higher prices to tariff enforcement, resilient manufacturing demand and constrained domestic carbon supply, and noted that aluminum prices and Midwest premiums rose amid Middle East supply disruptions.

Gross profit was USD 373.7 million, a margin of 17.2%, unchanged from a year earlier, after LIFO expense of USD 30.0 million versus USD 13.2 million. Warehousing, delivery, selling, general and administrative expenses fell to 15.0% of sales from 17.3%. Same-store fabrication and welding, machinery and equipment, and climate end markets led volume growth, helped by customers serving data center and power generation projects. Over nine months, same-store North American volumes rose 8.8%, versus 5.0% for the industry.

Debt, Tariffs and Merger Integration

Total debt rose to USD 1,006.1 million from USD 463.1 million at the end of 2025, and net debt was USD 966 million. The debt-to-capitalization ratio was 43%. Borrowings under the credit facility were USD 1,014.0 million, with USD 777 million available, and the facility is due in 2031. Nine-month operating activities used USD 176 million of cash as working capital absorbed funds at higher metal prices.

The company described tariff uncertainty, including new duties on certain Canadian steel and aluminum products from September 15 and an unresolved review of the USMCA. It also cited the conflict involving Iran as a source of freight and supply chain risk. The merger is targeted to deliver about USD 120 million of annual synergies by the beginning of 2028, and the filing provides no numerical earnings guidance.

Lines to Follow in the Next Report

Four readings carry the story forward. Same-store shipments of 554 thousand tons and a same-store price of USD 2,844 per ton set the volume and price reference. LIFO expense of USD 30.0 million, more than double last year, bears on gross margin of 17.2%. Net debt of USD 966 million and a 43% debt-to-capitalization ratio mark the balance sheet after the merger, with USD 777 million available under the facility. The USD 120 million synergy target runs to the start of 2028. A quarterly dividend of USD 0.1875 is payable on December 17, 2026.