Ryerson Holding Corporation Reports 38% Revenue Growth in Q1 2026 Following Olympic Steel Acquisition

Ryerson Holding Corporation reported significant financial improvements in its first quarter of 2026, driven largely by the recent acquisition of Olympic Steel. The company achieved net sales of $1.566 billion, a 38% increase from $1.136 billion in the same period last year. Gross profit also rose to $288.8 million, up from $204.4 million, resulting in a gross margin of 18.4%, compared to 18.0% in the prior year. The net income attributable to Ryerson Holding was $4.5 million, a notable recovery from a net loss of $5.6 million in the first quarter of 2025. Basic earnings per share improved to $0.11 from a loss of $0.18 per share in the previous year.

The substantial growth in revenue and profitability can be attributed to the merger with Olympic Steel, which was finalized on February 13, 2026. This strategic acquisition not only expanded Ryerson's market presence but also enhanced its operational capabilities, positioning it as the second-largest metals service center in North America. The merger is expected to generate approximately $120 million in annual synergies by 2028 through improved procurement and operational efficiencies. In the first quarter, Olympic Steel contributed $272.7 million in net sales and $4.1 million in net income.

Operationally, Ryerson reported a 31.2% increase in tons sold, reaching 656,000 tons, with an average selling price per ton of $2,388, reflecting a 5.2% increase year-over-year. The company’s inventory levels rose significantly, with total inventories at $1.131 billion, up from $648.3 million at the end of 2025, primarily due to the acquisition. The company also reported a significant increase in accounts receivable, which rose to $847.1 million from $460.8 million, indicating strong sales performance.

Despite the positive financial results, Ryerson faced challenges in cash flow, with net cash used in operating activities amounting to $179.2 million, compared to $41.2 million in the prior year. This was largely due to increased working capital requirements driven by higher sales and inventory purchases. The company’s total debt increased to $907.7 million from $463.1 million, primarily as a result of the Olympic Steel acquisition. Ryerson's liquidity position remains strong, with total liquidity of $618 million as of March 31, 2026.

Looking ahead, Ryerson anticipates continued growth driven by favorable market conditions and the integration of Olympic Steel. The company expects to leverage its expanded capabilities to capture additional market share and enhance profitability. However, it remains cautious about potential market volatility and the impact of fluctuating commodity prices on its operations.