Ryerson Holding Corp (NYSE: RYZ) is an industrial metals processing and distribution company that purchases metals from producers and resells them, often after processing, to manufacturing customers across North America and China. Revenue is transactional: Ryerson buys carbon steel, stainless steel, aluminum, and other metals, applies value-added processing such as cutting, laser cutting, slitting, bending, and machining to customer specifications, then sells the finished material. As of December 31, 2025, the company operated 103 facilities in North America and three facilities in China, serving approximately 40,000 customers with roughly 4,300 employees. Following the completion of the Olympic Steel merger on February 13, 2026, Ryerson became North America's second largest metals service center by sales. Top 10 customers accounted for approximately 15% of FY2025 sales, and no single customer exceeded 6% of sales, indicating low customer concentration. Capital expenditures totaled $437.4 million in the five-year period ended December 31, 2025. The business carries working capital intensity typical of metals distribution, with inventory and receivables cycling counter to industry volume trends.

Revenue model

Transactional sales of processed and unprocessed metals. Ryerson buys metals from producers, processes approximately 80% of products sold to customer specifications, and sells on a per-order or contracted basis. Larger customers commit to purchase at agreed or index-linked prices for periods of three to twelve months. Processing services command higher margins than straight distribution.

Products and services

Carbon steel, stainless steel, aluminum, and other industrial metals in sheet, plate, coil, bar, tube, pipe, and structural forms. Value-added processing services include cutting-to-length, laser cutting, slitting, shearing, bending, forming, machining, welding, drilling, punching, grinding, polishing, painting, and stamping. Products are sold through a direct sales force of approximately 850 employees (as of December 31, 2025) and via e-commerce.

Customers and end markets

Approximately 40,000 customers as of December 31, 2025, ranging from local fabricators and machine shops to large multinational manufacturers. End markets span a wide range of manufacturing industries. No single customer exceeded 6% of FY2025 sales. Top 10 customers represented approximately 15% of FY2025 sales. Many larger customers operate on just-in-time or short lead-time delivery requirements.

Geographic exposure

Primary operations in the United States through JT Ryerson and subsidiaries. International operations in Canada (Ryerson Canada, Inc.), Mexico (Ryerson Metals de Mexico), and China (Ryerson China Limited). 103 facilities in North America and three facilities in China as of December 31, 2025. Currency exposure to the Canadian dollar, Chinese renminbi, Mexican peso, and Hong Kong dollar.

Competitors

Olympic Steel (merged February 13, 2026)

Source: SEC 10-K, filed 2026-02-23

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