Ryerson Holding Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ryerson Holding Corp. filed its Q1 2024 10-Q, detailing financial positions and activities including commodity contracts and debt.</b>

AI Summary

Ryerson Holding Corp (RYZ) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Ryerson Holding Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and liabilities, such as Metal Commodity Contracts, Foreign Debt, and Revolving Credit Facility. Specific segments mentioned include Stainless Steel Flat, Carbon Steel Long, and Aluminum Long. The report details financial activities and balances as of March 31, 2024, and for the periods January 1, 2024, to March 31, 2024, and January 1, 2023, to March 31, 2023. Key financial statement components like Retained Earnings, Common Stock, and Accumulated Defined Benefit Plans Adjustment are referenced.

Why It Matters

For investors and stakeholders tracking Ryerson Holding Corp, this filing contains several important signals. This filing provides investors with a quarterly update on Ryerson's financial health, including its debt levels, asset composition, and performance across different metal segments. Understanding the specifics of their commodity contracts and credit facilities is crucial for assessing the company's risk exposure and operational leverage.

Risk Assessment

Risk Level: medium — Ryerson Holding Corp shows moderate risk based on this filing. The company's financial filings often contain complex details about derivative instruments and debt, which require careful analysis to fully understand the associated risks.

Analyst Insight

Investors should review the detailed breakdown of commodity contracts and debt obligations to assess potential impacts on profitability and liquidity.

Key Numbers

• 2024-03-31 — As of Date (Common Stock)
• 2022-12-31 — As of Date (Common Stock)
• 2023-03-31 — As of Date (Common Stock)
• 2024-01-01 — Period Start Date (Stainless Steel Flat)
• 2023-01-01 — Period Start Date (Stainless Steel Flat)
• 2024-01-01 — Period Start Date (Carbon Steel Long)
• 2023-01-01 — Period Start Date (Carbon Steel Long)
• 2024-03-31 — As of Date (Ryerson China Limited, Owed to Banks, Foreign Debt)

Key Players & Entities

• Ryerson Holding Corp (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-04-30 (date) — Filed As Of Date
• 5051 (industry_code) — Standard Industrial Classification
• 261251524 (tax_id) — IRS Number
• DE (state) — State of Incorporation
• 312 292-5000 (phone) — Business Phone
• 2024-01-01 (date) — Reporting Period Start

FAQ

Risk Factors

• Metal Commodity Contracts [medium — financial]: The company utilizes various metal commodity contracts, including Aluminum Swap Contracts and Nickel Swap Contracts, with fair value inputs categorized as Level 2.
• Debt Obligations [medium — financial]: Ryerson Holding Corp. has various debt obligations, including Foreign Debt and amounts owed to banks, with specific references to Ryerson China Limited.
• Revolving Credit Facility [medium — financial]: The company maintains a Revolving Credit Facility, with details provided for different borrower types (USBorrower, CanadianBorrower) and interest rate benchmarks (Term SOFR Rate).

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value, 100,000,000 shares authorize

Filing Documents

• ryi-20240331.htm (10-Q) — 1726KB
• ryi-ex31_1.htm (EX-31.1) — 13KB
• ryi-ex31_2.htm (EX-31.2) — 13KB
• ryi-ex32_1.htm (EX-32.1) — 5KB
• ryi-ex32_2.htm (EX-32.2) — 5KB
• img214341388_0.jpg (GRAPHIC) — 146KB
• img214341388_1.jpg (GRAPHIC) — 145KB
• 0000950170-24-050548.txt (&nbsp;) — 9273KB
• ryi-20240331.xsd (EX-101.SCH) — 1386KB
• ryi-20240331_htm.xml (XML) — 1545KB

Financial Information

Part I. Financial Information: Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Statements of Comprehensive Income (Unaudited)—Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited)—Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets—March 31, 2024 (Unaudited) and December 31, 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28

Other Information

Part II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 Signature 31 2

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements o f Comprehensive Income (Unaudited) (In millions, except per share data) Three Months Ended March 31, 2024 2023 Net sales $ 1,239.2 $ 1,406.1 Cost of materials sold 1,021.6 1,141.9 Gross profit 217.6 264.2 Warehousing, delivery, selling, general, and administrative 216.8 194.2 Operating profit 0.8 70.0 Other income and (expense), net ( 0.2 ) ( 0.1 ) Interest and other expense on debt ( 10.1 ) ( 7.6 ) Income (loss) before income taxes ( 9.5 ) 62.3 Provision (benefit) for income taxes ( 2.1 ) 14.8 Net income (loss) ( 7.4 ) 47.5 Less: Net income attributable to noncontrolling interest 0.2 0.2 Net income (loss) attributable to Ryerson Holding Corporation $ ( 7.6 ) $ 47.3 Comprehensive income (loss) $ ( 9.7 ) $ 48.2 Less: Comprehensive income attributable to noncontrolling interest 0.1 0.1 Comprehensive income (loss) attributable to Ryerson Holding Corporation $ ( 9.8 ) $ 48.1 Basic earnings (loss) per share $ ( 0.22 ) $ 1.30 Diluted earnings (loss) per share $ ( 0.22 ) $ 1.27 Dividends declared per share $ 0.1875 $ 0.1700 See Notes to Condensed Consolidated Financial Statements. 3 RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Stateme nts of Cash Flows (Unaudited) (In millions) Three Months Ended March 31, 2024 2023 Operating activities: Net income (loss) $ ( 7.4 ) $ 47.5 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 17.4 13.7 Stock-based compensation 3.3 2.5 Deferred income taxes 1.4 4.5 Provision for allowances, claims, and doubtful accounts 2.3 1.6 Pension and other postretirement benefits curtailment gain ( 0

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View this 10-Q filing on SEC EDGAR