Ryerson revenue jumps 38% to $1.57 billion on Olympic Steel deal

Ryerson Holding Corporation (NYSE: RYZ) reported first-quarter revenue of $1.57 billion, a nearly 38 percent increase from the prior year, as its recent merger with Olympic Steel began to pay off and industrial metals demand improved.

"Our first quarter results reflect a promising start to 2026 with sequential and year-over-year improvement in shipments, margins, and profitability," Eddie Lehner, Ryerson's Chief Executive Officer, said in a statement. He noted a "notably better industrial market backdrop" and "excellent early integration and synergy momentum with Olympic Steel."

The value-added metals processor saw net income swing to a profit of $4.5 million, or $0.10 per diluted share, a sharp reversal from a net loss of $5.6 million, or $0.18 per share, in the same period last year. The results included contributions from the Olympic Steel merger, which closed on February 13.

Metric	Q1 2026 Actual	Q1 2025 Actual	Change
Revenue	$1.57 billion	$1.14 billion	+37.9%
Adj. EBITDA (excl. LIFO)	$67.4 million	$32.8 million	+105.5%
Diluted EPS	$0.10	$(0.18)	+$0.28
Tons Shipped	656,000	500,000	+31.2%

Merger Integration and Outlook

The integration of Olympic Steel is on track, contributing $273 million to revenue and $12.5 million to adjusted EBITDA in the partial quarter. Ryerson said it achieved $1 million in synergies during the quarter and is positioned to attain its projected $120 million in annual run-rate synergies by early 2028.

For the second quarter of 2026, Ryerson projects continued growth. The company forecasts revenue to be in the range of $1.86 billion to $1.93 billion, with adjusted EBITDA excluding LIFO expected to reach between $88 million and $92 million. This guidance anticipates the full-quarter impact of the combined company and reflects expectations for sequentially higher shipments and selling prices.

Segment and Shareholder Returns

The sales growth was driven by higher volumes across all major product categories. Shipments of carbon steel, the company's largest segment, increased by 33.9 percent year-over-year, while stainless steel and aluminum shipments rose 26.2 percent and were flat, respectively. Average selling prices for carbon steel products climbed 5.2 percent from the year-ago quarter.

Ryerson returned $11.3 million to stockholders in the first quarter through $9.7 million in dividends and $1.6 million in share repurchases. The board also authorized a new $100 million share repurchase program effective through April 2028.

The strong guidance suggests management is confident that demand will remain healthy and that the benefits of the Olympic Steel acquisition will continue to build. Investors will watch the company's second-quarter results for further evidence of synergy realization and margin expansion.

This article is for informational purposes only and does not constitute investment advice.