Ryerson Holding Corporation reported a total revenue of $4.6 billion for the fiscal year ending December 31, 2024, marking a 10% decrease from $5.1 billion in 2023. The company experienced a net loss attributable to Ryerson Holding of $8.6 million, or $0.26 per diluted share, compared to a net income of $145.7 million, or $4.10 per diluted share, in the previous year. The decline in revenue and profitability was primarily attributed to lower average selling prices, which fell by 9.7%, and a slight decrease in shipment volumes of 0.3%. Gross margin also contracted by 190 basis points to 18.1%, reflecting the impact of declining market prices outpacing reductions in inventory costs.
In terms of strategic developments, Ryerson completed the acquisition of Production Metals, LLC for $44.1 million in August 2024, enhancing its capabilities in the aerospace and defense sectors. This acquisition follows a series of other acquisitions in 2023, including BLP Holdings, TSA Processing, and Norlen Incorporated, which collectively aimed to bolster Ryerson's product offerings and market presence. The company continues to focus on organic growth and strategic acquisitions to enhance its service and product diversification.
Operationally, Ryerson serves approximately 40,000 customers across various industries, including commercial ground transportation and industrial machinery. The company operates 107 facilities in North America and four in China, employing around 4,200 people. Despite the challenging market conditions, Ryerson's customer base remains diverse, with no single customer accounting for more than 8% of total sales. The company reported a total of 1.9 million tons sold in 2024, with a slight decrease in tons shipped per day compared to the previous year.
Looking ahead, Ryerson anticipates continued challenges in the metals distribution industry due to cyclical fluctuations and market uncertainties. The company is focused on improving its operational efficiency and customer service through investments in technology and infrastructure, including the integration of a unified ERP system across its service centers. Ryerson's management remains cautious about the economic outlook, particularly in light of the recent contraction in industrial activity as indicated by the Institute for Supply Management’s Purchasing Managers’ Index, which reported a reading of 49.2 in December 2024, signaling ongoing challenges in the manufacturing sector.
About Ryerson Holding Corp
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