Ryerson Holding, a leading value-added processor and distributor of industrial metals, has successfully completed its merger with Olympic Steel, bringing together two major players in the North American metals service center industry.
Under the terms of the transaction, Ryerson Holding Corporation is issuing 1.7105 shares of its common stock for every share of Olympic Steel, Inc. common stock. Former Olympic Steel shareholders will hold approximately 37% of the combined company.
The merger strengthens Ryerson’s position as the second-largest metals service center in North America. By integrating Olympic Steel’s complementary footprint, capabilities, and product offerings into Ryerson’s interconnected network of value-added service centers, the combined company expects to generate approximately $120 million in annual synergies by early 2028. These synergies are expected to come primarily from procurement efficiencies, scale advantages, operational improvements, commercial portfolio enhancements, and footprint optimization. The company plans to report progress on synergy attainment on a quarterly basis.
Beginning February 24, the combined company will trade on the New York Stock Exchange as Ryerson Holding Corporation under the ticker symbol “RYZ,” reflecting the unification of both companies’ legacies. Eddie Lehner will continue as Chief Executive Officer of Ryerson. Richard T. Marabito, formerly CEO of Olympic Steel, has been appointed President and Chief Operating Officer of Ryerson. Jim Claussen will remain Executive Vice President and Chief Financial Officer. Richard A. Manson, previously CFO of Olympic Steel, has been named Senior Vice President of Finance and will lead transition and synergy efforts. Andrew Greiff will serve as Executive Vice President – Ryerson and President – Olympic Steel. Mark Silver will serve as Executive Vice President and Chief Legal & Risk Officer, and Molly Kannan will continue as Corporate Controller and Chief Accounting Officer.
Michael D. Siegal, formerly Executive Chairman of Olympic Steel’s Board, has been appointed Chairman of the Ryerson Board of Directors. Richard T. Marabito, Richard P. Stovsky, and Peter J. Scott have also joined the combined 11-member board.
In connection with the merger, the Board approved inducement grants of restricted stock units to Richard T. Marabito, Andrew S. Greiff, and Richard A. Manson, effective February 13, 2026. The awards were granted outside of Ryerson’s Second Amended and Restated 2014 Omnibus Incentive Plan in accordance with NYSE Listing Rule 303A.08 as inducements material to their employment with Ryerson.
Founded in 1842, Ryerson operates across the United States, Canada, Mexico, and China, with approximately 4,300 employees in 106 locations. Olympic Steel, founded in 1954 and headquartered in Cleveland, Ohio, operates 53 facilities across the United States and specializes in the direct sale and value-added processing of carbon and coated sheet, plate and coil steel products, stainless steel, aluminum, pipe and tube, and other metal-intensive end-use products.
The companies said that this deal positions the combined organization to enhance earnings quality, strengthen free cash flow generation, and improve its leverage profile while capitalizing on what they see as a potential inflection point in the manufacturing demand cycle.
KEY QUOTES
“The union of Ryerson and Olympic Steel unlocks tremendous growth opportunities across our now combined network of service centers, family of companies, and brands. The augmented network density, product diversity, and service offerings promises a customer experience with greater speed to market, wider selection of products and services, and consistency of high value-added experiences. For our stockholders, we expect the merger will strengthen our ability to improve our quality of earnings through the cycle with accretive margins, strong free cash flow potential, an improved leverage profile, and approximately $120 million in attainable synergies all leading to enhanced shareholder value. It’s also deeply gratifying uniting two organizations with immense mutual respect, complementary businesses, and compatibility of values. My admiration for the Olympic leadership team and organization has only deepened over these past several months leading up to the closing and I look forward to our work together of shared mission and purpose to deliver all of the value this deal has to offer our customers, employees, and stockholders.”
Eddie Lehner, Chief Executive Officer, Ryerson Holding Corporation
“We believe this merger represents an incredible opportunity to accelerate our growth commercially as we will be able to cross-sell processing capabilities, expand geographically, and strengthen the utilization of shared assets, all of which will improve the service experience for both contract and transactional customers. In addition, we could not be more confident in our procurement, efficiency, and optimization synergies, especially considering the scale of our combined business. On top of all of this, We are also excited to bring our talents together at a time when both of our organizations are ending historically high investment cycles, have established strong balance sheets, and are experiencing what we believe to be the inflection of a manufacturing demand cycle. We are looking forward to joining forces with the Ryerson team, getting to work, and realizing our extraordinary potential together.”
Richard T. Marabito, President and Chief Operating Officer, Ryerson Holding Corporation
“I would like to congratulate and thank both management teams for achieving what is an important, historic event not only for Olympic Steel and Ryerson, but also for the metal service center industry. I look forward to leading the expanded Board and guiding the combined company into this new era of value creation for all stakeholders.”
Michael D. Siegal, Chairman, Board of Directors, Ryerson Holding Corporation
