Ryerson and Olympic Steel Finalize Merger Agreement to Create North America’s Second-Largest Metals Service Center!

Ryerson Holding Corporation (NYSE: RYI), a leading industrial metals distributor and processor, and Olympic Steel, Inc. (NASDAQ: ZEUS), one of the foremost U.S. metals service centers, have announced the signing of a definitive merger agreement that will reshape the North American metals industry. The combined entity will become the second-largest metals service center in North America, bringing together Ryerson’s extensive value-added service network and Olympic Steel’s diversified product portfolio.

The merger is projected to deliver approximately $120 million in annual synergies by the end of the second year, driven by procurement optimization, enhanced commercial efficiency, and streamlined operations across the network. The integration will strengthen the companies’ collective ability to deliver superior customer value through expanded product offerings, improved logistics, and greater operational resilience.

Under the terms of the agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share they own, resulting in approximately 37% ownership in the merged company. The deal is expected to be immediately accretive to Ryerson shareholders, with the combined company’s pro-forma leverage ratio projected to fall below three times once the expected synergies are realized. Subject to regulatory approvals and standard closing conditions, the merger is slated to be completed by Q1 2026.

Leadership for the new organization reflects a balanced representation from both companies. Michael D. Siegal, Executive Chairman of Olympic Steel’s Board of Directors, will serve as Chairman of the combined company’s Board, which will comprise 11 members — including three appointees from Olympic Steel. Eddie Lehner, President and CEO of Ryerson, will continue as CEO of the merged company, while Richard T. Marabito, CEO of Olympic Steel, will take on the role of President and Chief Operating Officer.

Commenting on the announcement, Eddie Lehner said, “This merger is a transformative opportunity that strengthens both organizations. By combining our complementary strengths, we can deliver more customized solutions to customers, achieve greater operational efficiencies, and enhance profitability for our shareholders.”

Steve Larson, Chairman of Ryerson’s Board, added, “We are thrilled about what this means for Ryerson’s future. The addition of Michael Siegal and the Olympic Steel leadership team brings invaluable experience and perspective that will help us unlock new growth potential.”

Rick Marabito, CEO of Olympic Steel, emphasized the long-term benefits of the merger, stating, “This partnership marks a defining moment in our growth journey. Together, we can offer expanded capabilities to our customers, create more opportunities for our employees, and deliver greater value to our investors.”

Michael Siegal also highlighted the cultural alignment driving the merger: “This is a values-driven partnership that builds on shared principles of integrity, innovation, and customer focus. Joining forces with Ryerson sets the stage for sustainable growth and a stronger, more competitive future.”

Founded in 1842, Ryerson operates as a global metals distributor and processor with a network spanning the United States, Canada, Mexico, and China. With over 4,300 employees across 110 locations, the company has a long-standing reputation for delivering precision-engineered metal solutions. The merger with Olympic Steel marks a major step in Ryerson’s strategic evolution, positioning the combined enterprise as a powerhouse in the North American metals supply chain — ready to meet the dynamic needs of modern industry.