Ryerson’s Q3 revenue meets expectations despite challenging market

CHICAGO - Ryerson Holding Corporation (NYSE:RYI), a leading industrial metals processor and distributor, reported third quarter revenue that met analyst expectations despite challenging market conditions, while posting a significant earnings miss. Shares of the company rose 1.7% following the announcement.

The company reported third quarter revenue of $1.16 billion, in line with analyst estimates, representing a 3.1% increase YoY. However, Ryerson posted a loss of $0.46 per share, significantly below the analyst consensus estimate of $0.01 per share. The company’s shipment volume remained flat compared to the same period last year at 485,000 tons, while average selling prices increased 3.1% YoY to $2,395 per ton.

"During the third quarter, we executed on our self-help playbook, delivering on perennial service center fundamentals as we effectively managed the business amidst a procession of challenges that have endured for 36 months running," said Eddie Lehner, Ryerson’s President, Chief Executive Officer & Director.

The company’s Adjusted EBITDA, excluding LIFO, was $40.3 million for the quarter, representing a 91.9% increase compared to the third quarter of 2024, though down 10.4% from the previous quarter. Gross margin excluding LIFO was 18.3%, a 200 basis point improvement YoY.

Ryerson reduced its debt to $499.7 million, down 4.3% from the same period last year, while maintaining a global liquidity position of $521 million as of September 30, 2025.

For the fourth quarter of 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter due to normal seasonality and soft manufacturing demand. The company forecasts net sales between $1.07 billion and $1.11 billion, with average selling prices flat to up 2%. Adjusted EBITDA, excluding LIFO, is expected to range from $33 million to $37 million, with a projected loss per diluted share between $0.28 and $0.22.

The company also announced a quarterly cash dividend of $0.1875 per share and a definitive merger agreement to acquire Olympic Steel, Inc.

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