Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 14, 2025 |
Jun. 30, 2024 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| Trading Symbol | RYI | ||
| Entity Registrant Name | RYERSON HOLDING CORPORATION | ||
| Entity Central Index Key | 0001481582 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Shell Company | false | ||
| Entity Interactive Data Current | Yes | ||
| Entity File Number | 001-34735 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Common Stock, Shares Outstanding | 31,850,903 | ||
| Entity Public Float | $ 555,999,209 | ||
| Title of 12(b) Security | Common Stock, $0.01 par value, 100,000,000 shares authorized | ||
| Security Exchange Name | NYSE | ||
| Entity Tax Identification Number | 26-1251524 | ||
| Entity Address, Address Line One | 227 W. Monroe St., | ||
| Entity Address, Address Line Two | 27th Floor | ||
| Entity Address, City or Town | Chicago | ||
| Entity Address, State or Province | IL | ||
| Entity Address, Postal Zip Code | 60606 | ||
| City Area Code | 312 | ||
| Local Phone Number | 292-5000 | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| ICFR Auditor Attestation Flag | true | ||
| Auditor Firm ID | 42 | ||
| Auditor Name | Ernst & Young LLP | ||
| Auditor Location | Chicago, Illinois | ||
| Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The information required to be furnished pursuant to Part III of this Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the annual meeting of stockholders (the “2024 Proxy Statement”), which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2024. |
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| Auditor Opinion [Text Block] | Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Ryerson Holding Corporation and Subsidiary Companies (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 20, 2025 expressed an unqualified opinion thereon. |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ (7.3) | $ 146.4 | $ 391.5 |
| Other comprehensive income (loss), before tax: | |||
| Foreign currency translation adjustments | (15.4) | 4.7 | (7.8) |
| Gain on cash flow hedges | 0.0 | 1.9 | |
| Changes in defined benefit pension and other post-retirement benefit plans | 2.5 | (0.3) | 38.6 |
| Other comprehensive income (loss), before tax | (12.9) | 4.4 | 32.7 |
| Income tax provision related to items of other comprehensive income | 1.0 | 12.0 | |
| Comprehensive income (loss), after tax | (21.2) | 150.8 | 412.2 |
| Less: Comprehensive income attributable to noncontrolling interest | 1.2 | 0.7 | 0.5 |
| Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (22.4) | $ 150.1 | $ 411.7 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Receivables, provisions | $ 2.5 | $ 1.7 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 39,899,093 | 39,450,659 |
| Treasury Stock, Shares | 8,051,226 | 5,413,434 |
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2022 |
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| Statement of Stockholders' Equity [Abstract] | ||
| Changes in defined benefit pension and other post-retirement benefit plans, tax benefit (provision) | $ 1.0 | $ 11.6 |
| Changes in interest rate swap, tax | $ 0.4 | |
Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (8.6) | $ 145.7 | $ 391.0 |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
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Dec. 31, 2024
shares
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On November 26, 2024, Jim Claussen, Chief Financial Officer and Executive Vice President of the Company, entered into a stock trading plan designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (the “Plan”). Under the terms of the Plan, Mr. Claussen may sell up to 25,945 shares of the Company’s common stock beginning on February 26, 2025, and continuing through November 28, 2025. |
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| Name | Jim Claussen | |
| Title | Chief Financial Officer and Executive Vice President | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | November 26, 2024 | |
| Arrangement Duration | 275 days | |
| Aggregate Available | 25,945 | 25,945 |
| Insider Trading Policies and Procedures Adopted | true |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management, Strategy and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | ITEM 1C. CYBERSECURITY. We are committed to protecting Company information and the confidential information of our employees, customers, partners, and suppliers. To that end, we have in place various policies, procedures, and processes to identify, assess, manage, and prevent potential cybersecurity risks, and to timely detect the occurrence, and mitigate the effects of cyberattacks and data breaches. Our Chief Information Officer ("CIO"), who has more than 25 years of information security and cybersecurity experience, manages cybersecurity, and oversees a team of dedicated cybersecurity personnel with various experience and certifications in information security and cybersecurity. Our personnel, along with external parties engaged to assess the sufficiency of our risk management processes (e.g., through penetration testing), continuously work to maintain and improve our cybersecurity program and the security and integrity of our information systems and infrastructure through our ongoing risk management program, including (i) by conducting cybersecurity assessments and audits to address threats and to stay in step with emerging malicious trends, and (ii) by performing due diligence on partners and suppliers to ensure similar values and appropriate security standards and safeguards are maintained by such partners and suppliers with respect to our information security assets and to third-party systems on which we rely. In addition, our Incident Response Team is trained to identify, quarantine, and remediate cybersecurity threats, and all of our employees are regularly trained to increase awareness of threats and to identify how to spot and avoid them. Cybersecurity is a formal component of our overall risk management program, and our management, including our Chief Information Officer, regularly update the Audit Committee of the Board of Directors on the status of our cybersecurity program. In the event that management identifies significant cybersecurity risk exposures, it will present such exposures to the Audit Committee, which oversees the actions, security, and risk mitigation efforts taken across our cybersecurity framework. With this input from management, the Audit Committee evaluates our cybersecurity risks and the responses implemented to prevent and/or mitigate any such risks. We have adopted an incident response plan that applies in the event of a cybersecurity incident involving a breach of our information technology systems and applications. Pursuant to this response plan, in the event of an incident, a multi-disciplinary team is assembled that is led by our CIO. The team in turn may leverage the expertise of third-party consultants, external legal counsel, and other resources. The plan includes procedures designed to facilitate containment of, and responses to, a cybersecurity incident, which are based on the type of incident, the location of the incident, and the breadth of the incident. The plan also establishes procedures for escalating incidents depending on severity and for notifying any impacted parties, including our customers, law enforcement and regulatory authorities, third-party vendors, and insurance providers. Our CIO will provide periodic updates to the Audit Committee and, when appropriate, the Board of Directors during this process. In addition to internal resources, we utilize third-party service providers to supplement and maintain our cybersecurity and our information technology systems. As of the date of this report, we are not aware of any material risks from cybersecurity threats, including as a result of any cybersecurity incident, which have materially affected, or are reasonably likely to materially affect, us, our business strategy, our results of operations, or our financial condition. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our CIO will provide periodic updates to the Audit Committee and, when appropriate, the Board of Directors during this process. |
| Cybersecurity Risk Role of Management [Text Block] | Cybersecurity is a formal component of our overall risk management program, and our management, including our Chief Information Officer, regularly update the Audit Committee of the Board of Directors on the status of our cybersecurity program. In the event that management identifies significant cybersecurity risk exposures, it will present such exposures to the Audit Committee, which oversees the actions, security, and risk mitigation efforts taken across our cybersecurity framework. With this input from management, the Audit Committee evaluates our cybersecurity risks and the responses implemented to prevent and/or mitigate any such risks. |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Pursuant to this response plan, in the event of an incident, a multi-disciplinary team is assembled that is led by our CIO. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Chief Information Officer ("CIO"), who has more than 25 years of information security and cybersecurity experience, manages cybersecurity, and oversees a team of dedicated cybersecurity personnel with various experience and certifications in information security and cybersecurity. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Pursuant to this response plan, in the event of an incident, a multi-disciplinary team is assembled that is led by our CIO. The team in turn may leverage the expertise of third-party consultants, external legal counsel, and other resources. The plan includes procedures designed to facilitate containment of, and responses to, a cybersecurity incident, which are based on the type of incident, the location of the incident, and the breadth of the incident. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Accounting and Financial Policies |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Summary of Accounting and Financial Policies | Note 1: Summary of Accounting and Financial Policies Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 3,924,478 shares of our common stock, which is approximately 12.3% of our issued and outstanding common stock as of December 31, 2024. On February 28, 2023, Platinum sold 2,486,580 shares of common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,513,420 shares of common stock. On May 8, 2023, Platinum sold 2,630,700 shares of its common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,369,300 shares of common stock. Also, on August 8, 2023, Platinum sold 4,000,000 shares of its common stock through an underwritten secondary offering. Following the close of those transactions, Platinum's ownership of our common stock decreased from approximately 43% to approximately 11.5% as of December 31, 2023. Ryerson Holding is no longer a “controlled company” within the meaning of the corporate governance standards of The New York Stock Exchange. We are a leading value-added processor and distributor of industrial metals with operations in the U.S. through JT Ryerson and other U.S. subsidiaries, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation. Equity Investments. Investments in affiliates in which the Company’s ownership is 20% to 50% and investments in limited partnerships are accounted for by the equity method. Equity income is reported in other income and (expense), net in the Consolidated Statements of Operations. Equity income amounted to zero for the year ended December 31, 2024. Equity loss during the years ended December 31, 2023 and 2022 was $0.1 million and zero, respectively. Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. See Note 13: Segment Information for further details. Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 16: Revenue Recognition for further details. Provision for allowances, claims, and doubtful accounts. The Company follows the guidance under ASC 326 “Financial Instruments – Credit Losses” (“ASC 326”). The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 17: Provision for Credit Losses for further details. Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs, inclusive of depreciation and both internal and external delivery costs, totaled $138.4 million, $139.1 million, and $137.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. In accordance with ASC 606, the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. Fair Value Measurements. To increase consistency and comparability in fair value measurements, FASB ASC 820 "Fair Value Measurement" ("ASC 820") establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: 1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability.
Ryerson utilizes fair value measurements in the calculation of pension plan assets and derivative assets. See Note 10: Employee Benefits and Note 14: Derivatives respectively for further information. The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof equal the carrying amounts due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility which are typically for terms of 30 to 60 days. See the Consolidated Balance Sheets for the December 31, 2024 and December 31, 2023 values of these assets and liabilities. Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $74.2 million and $99.7 million to accounts payable at December 31, 2024 and 2023, respectively. Inventory Valuation. Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories. Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:
Expenditures for normal repairs and maintenance are charged against income in the period incurred. Internal-Use Software. Software is recognized in accordance with FASB ASC 350-40, "Internal-Use Software" ("ASC 350-40"). The Company has various software that is acquired, internally developed, or modified solely to meet the Company's internal needs, and software that the Company obtains access to in cloud computing arrangements that includes internal-use software licenses. Software development costs are capitalized when the preliminary project stage is complete and the development stage of the project commences, it is probable that the project will be complete, and the software will be used to perform the function intended. Costs associated with preliminary project stage activities, training, maintenance, and all other post implementation stage activities are expensed as incurred. The capitalization policy provides for the capitalization of certain payroll costs for employees who are directly associated with developing internal-use software as well as certain external direct costs. Capitalized employee costs are limited to the time directly spent on such projects. We also capitalize certain costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Our cloud computing arrangements that include a license to an internal use software which does not meet the criteria as defined by ASC 350-40 are accounted for as service contracts and do not constitute a purchase of a software or license to a software and as such are accounted as prepaid expenses and are amortized over the prepayment period. As of December 31, 2024 and 2023 we had $2.7 million and $1.9 million of software in prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively. See Note 5: Property Plan and Equipment for the balances of software costs capitalized to fixed assets. Leases. Leases are recognized in accordance with FASB ASC 842, “Leases” (“ASC 842”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See Note 6: Leases, for further details. The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but may include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is advantageous enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred. The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.3 billion revolving credit facility amended as of June 10, 2024 (as amended, the “Ryerson Credit Facility” or "Credit Facility"). Goodwill. In accordance with FASB ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When this occurs, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using the straight line method over the life of the debt in accordance with FASB ASC 470, “Debt” (“ASC 470”). Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income for the year. The Company recognized an exchange gain of $4.1 million, and losses of $2.0 million, and $1.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. These amounts are classified either in Other income and (expense), net or Warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations. Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality. Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not (i.e., greater than 50% likely) to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known. The Company recognizes the benefit of tax positions when a benefit is more likely than not to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. Stock-Based Compensation. All of our stock-based compensation plans are classified as equity awards. The fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is determined based on the fair value of our common stock on the grant date. The fair value of stock options is estimated based on a Monte Carlo simulation and considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of stock options, RSUs, and PSUs is expensed on a straight-line basis over their respective vesting periods. We have elected to recognize forfeitures as they occur. See Note 11: Stock-Based Compensation for further details.
Recent Accounting Pronouncements Recently Issued Accounting Standards–Adopted In November 2023, FASB issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280)”. This update requires public entities to enhance segment disclosures on both an interim and annual basis. These disclosures include, among others, significant segment expenses regularly reviewed by the chief operating decision maker ("CODM"), an amount for other segment items, the title and position of the CODM, a measure of segment profit or loss and how the CODM uses this information in assessing performance. Full segment disclosures will be required of entities that have a operating segment. The Company adopted this guidance for annual disclosures for fiscal year 2024 and will adopt it for interim disclosures in fiscal year 2025. The adoption of these changes did not have an impact on the Company’s consolidated financial statements other than disclosure requirements which are included in Note 13: Segment Information. Recently Issued Accounting Standards–Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740)”. The amendments in this update require public businesses to disclose specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. This update also requires further disclosures of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as by the individual jurisdiction in which income taxes are paid if the amount paid is equal to or greater than five percent of total income taxes paid. Further, this update requires a disclosure of income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We plan to adopt this ASU as of December 31, 2025. We do not expect there to be an impact to the consolidated financial statements, other than disclosure requirements.
In November 2024, FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” and in January 2025 issued an update through ASU 2025-01. The amendment requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The categories required to be disclosed under the amendment include; purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as a qualitative description of the amount remaining in relevant expense captions that are not disaggregated quantitatively. Additionally, disclosure is required of the total amount of selling expenses and the entity's definition of selling expenses in the annual reporting periods only. This update is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are still assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements, other than disclosure requirements. |
Acquisitions |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Note 2: Acquisitions 2024 Acquisition On August 1, 2024, JT Ryerson paid $44.1 million to acquire Production Metals, LLC ("Production Metals"). Based out of Monroe, Connecticut, Production Metals serves New England and the surrounding area with bar, tube, sheet, and plate products along with precision sawing, lasering, and water jet cutting in the aerospace, defense, and semiconductor end markets. Production Metals provides JT Ryerson with an opportunity to bolster our value-added aluminum, stainless, and specialty steel offerings in the Northeast United States and throughout the entire JT Ryerson network of service centers. The Company has not yet finalized the process of measuring the fair value of assets acquired and liabilities assumed in accordance with ASC 805, "Business Combinations" as of December 31, 2024. The acquisition is not material to our consolidated financial statements. 2023 Acquisitions On March 1, 2023, JT Ryerson acquired BLP Holdings, LLC ("BLP"). Based out of Houston, Texas, BLP is comprised of three divisions: Absolute Metal Products, Metal Cutting Specialists, and Houston Water Jet, serving various industries such as oil & gas, aerospace, telecommunications, and structural fabrication. BLP provides complex fabrication services in addition to toll processing, including saw cutting, machining, and water jet cutting. On October 2, 2023, JT Ryerson acquired Norlen Incorporated ("Norlen"). Based out of Schofield, Wisconsin, Norlen is a full-service metal fabricator, providing stamping, machining, painting, and additional value-added fabrication services to industries including agriculture, HVAC, and defense. On November 1, 2023, JT Ryerson acquired TSA Processing ("TSA"). Headquartered in Houston, Texas, with five other locations across the Midwest and Southern United States, TSA is a stainless steel and aluminum coil and sheet processor. In 2024, JT Ryerson closed one of the facilities initially purchased. On December 1, 2023, JT Ryerson acquired Hudson Tool Steel Corporation ("Hudson"). Hudson is headquartered in Cerritos, California, with two facilities located in the Midwest and Northeast. Hudson is a supplier of tool steels and high-speed, carbon, and alloy steels. The 2023 acquisitions will strengthen and expand JT Ryerson's valued-add services within our industry-leading stainless and aluminum franchises as well as our tool steel capabilities which will allow us to increase our offerings to better serve our diverse customer base across our entire network. We paid a total of $127.2 million, net of cash acquired for the 2023 acquisitions. As of December 31, 2024, there was $1.6 million of unpaid purchase consideration relating to the 2023 acquisitions accrued on the Consolidated Balance Sheet relating to holdback payments expected to be paid within 18 months. We deemed the 2023 acquisitions individually immaterial, yet significant in the aggregate to the Consolidated Balance Sheet. Included in our Consolidated Statements of Operations for the year-ended December 31, 2024 and December 31, 2023 were revenues of $104.8 million and $43.2 million, respectively, and net loss of $1.6 million and income of $1.8 million, respectively, related to the 2023 acquisitions. The 2023 acquisitions are insignificant to the Company's Consolidated Statements of Operations for the year-ended December 31, 2024 and December 31, 2023. The financial results presented are for significance disclosure purposes only and are not indicative of future performance. The allocations of the total purchase price from our combined 2023 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows:
The 2023 acquisitions discussed above were all accounted for under the acquisition method of accounting and, accordingly, the purchase price for each transaction has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. As needed for each transaction, the Company used a third-party valuation firm to estimate the fair values of property, plant, and equipment, leases, earn-outs, and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. The Consolidated Balance Sheets reflect the allocations of each acquisition's purchase price as of December 31, 2024 and December 31, 2023. Included in the total purchase price is $0.9 million of contingent consideration at fair value. The contingent consideration is based on the attainment of certain financial metrics over the course of 4 years following the acquisition date with a maximum payout of $5.1 million. The fair value of the contingent consideration as of acquisition date was determined using a Monte Carlo simulation. During 2024, the fair value of the contingent consideration was determined to be zero based on actual financial performance and updated projections through the end of the earnout periods and as a result, $0.9 million of income was recognized in other income and (expense), net in the Consolidated Statements of Operations. The fair value of the contingent consideration as of December 31, 2024 is zero. As part of the purchase price allocations for the 2023 acquisitions, we allocated $7.6 million to trade names and $23.7 million to customer relationships with weighted average lives of 14.3 years and 14.0 years, respectively. The goodwill arising from the 2023 acquisitions consists largely of expected strategic benefits, including enhanced operational scale, as well as expansion of acquired product and processing capabilities across our Company. 2023 Asset Acquisition During the first six months of 2023, JT Ryerson completed the purchase of certain assets from ExOne Operating, LLC. The total amount paid by JT Ryerson for the acquired assets was $9.7 million. The transaction qualified for asset acquisition accounting and is not material to our consolidated financial statements.
2022 Acquisition Activity
On August 31, 2022, JT Ryerson acquired Howard Precision Metals, Inc. ("Howard"). During 2024, JT Ryerson paid $1.9 million in holdback payments which are included within financing activities in the Consolidated Statements of Cash Flows.
On November 1, 2022, JT Ryerson acquired Excelsior, Inc. ("Excelsior"). During 2024, JT Ryerson paid $3.4 million in holdback payments which are included in financing activities in the Consolidated Statements of Cash Flows. |
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Cash, Cash Equivalents, and Restricted Cash |
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| Cash, Cash Equivalents, and Restricted Cash | Note 3: Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows:
We had cash restricted for the purposes of covering letters of credit that can be presented for potential insurance claims and material purchases. |
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Inventories |
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| Inventory Disclosure [Abstract] | |
| Inventories | Note 4: Inventories The Company primarily uses the last-in, first-out ("LIFO") method of valuing inventory. Under this method, older costs are included in inventory, which may be higher or lower than current costs. See the Consolidated Balance Sheets for the December 31, 2024 and December 31, 2023 values of our in process and finished good inventory. If current cost had been used to value inventories, such inventories would have been $95 million and $148 million higher than reported at December 31, 2024 and 2023, respectively. Approximately 89% and 88% of inventories are accounted for under the LIFO method at December 31, 2024 and 2023, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products. The Company has consignment inventory at certain customer locations, which totaled $5.0 million and $7.1 million at December 31, 2024 and 2023, respectively. |
Property, Plant, and Equipment |
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| Property, Plant, and Equipment | Note 5: Property, Plant, and Equipment Property, plant, and equipment consisted of the following at December 31, 2024 and 2023:
The Company also had normal course asset sale activity which generated additional cash proceeds of $2.1 million, $0.5 million, and $8.0 million at December 31, 2024, 2023 and 2022, respectively. |
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Leases |
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| Leases | Note 6: Leases The Company leases various assets including real estate, trucks, trailers, cars, mobile equipment, processing equipment, and IT equipment. The Company has noncancelable operating leases expiring at various times through 2043, and finance leases expiring at various times through 2031. In the third quarter of 2022, a long-term operating lease commenced for a new state-of-the-art facility in Centralia, Washington. The starting annual rent is approximately $2.8 million per year, with annual increases of 2.25% over the 20-year lease term and any renewal terms. The lease includes two renewal options of five years each. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities, as well as adequately maintaining the property for the lease term. The initial right of use asset and operating lease liability recorded in the Consolidated Balance Sheet was $51.2 million and $46.1 million, respectively, the difference of $5.1 million is related to a lease prepayment. In the second quarter of 2023, a long-term operating lease commenced for a new state-of-the-art service center facility in University Park, Illinois. The starting annual rent is approximately $7.3 million per year, with annual increases of 2.2% over the 15-year and 4-month lease term. The lease includes four renewal options of five years each at fair market value. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and property management fees. The initial right of use asset and operating lease liability recorded in the Condensed Consolidated Balance Sheet was $99.9 million. The following table summarizes the location and amount of lease assets and lease liabilities reported in our Consolidated Balance Sheets as of December 31, 2024 and 2023:
(a) Finance lease assets are recorded net of accumulated amortization of $15.2 million and $16.5 million as of December 31, 2024 and 2023, respectively. The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2024, 2023 and 2022:
The following table presents the maturity analysis of lease liabilities at December 31, 2024:
(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and there were no legally binding lease payments for leases signed but not yet commenced. (b) Calculated using the discount rate for each lease. (c) Includes the current portion of $32.1 million for operating leases and $5.7 million for finance leases. The operating lease payments are net of $2.9 million of prepayments, which are recorded within the Operating Lease Asset line of the Consolidated Balance Sheet. The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at December 31, 2024 and 2023:
Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2024, 2023, and 2022 is summarized below:
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| Definite-Lived Intangible Assets | Note 7: Definite-Lived Intangible Assets The following summarizes the components of definite-lived intangible assets at December 31, 2024 and 2023:
As part of the 2024 acquisition of Production Metals, LLC, Ryerson preliminarily allocated $3.1 million to customer relationships, $0.6 million to trademarks, and $0.8 million to non-compete agreements, with useful lives of 17 years, 10 years, and 7 years, respectively. Amortization expense related to intangible assets reported in warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 was $9.7 million, $8.5 million, and $7.2 million, respectively. Estimated amortization expense related to intangible assets at December 31, 2024, for each of the years in the five year period ending December 31, 2029 and thereafter is as follows:
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| Goodwill | Note 8: Goodwill Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:
As of December 31, 2024, $161.4 million of goodwill resides at the U.S. reporting unit and $0.4 million of goodwill resides at the Canada reporting unit. In 2024, the Company recognized $1.6 million of goodwill within the U.S. reporting unit related to the acquisition of Production Metals. The Company also recognized $2.5 million related to purchase accounting adjustments on the 2023 acquisitions, offset by $0.1 million of foreign exchange translation. There was no additional goodwill recognized in 2024 related to the Canada Reporting unit. Of the $4.1 million of goodwill recognized in 2024, $1.8 million is not deductible for income tax purposes and the remaining $2.3 million is fully deductible for income tax purposes. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur that might impair the recovery of recorded amounts. Based on our October 1, annual goodwill impairment test, we determined there was no goodwill impairment in 2024. |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 9: Debt Long-term debt consisted of the following at December 31, 2024 and 2023:
The principal payments required to be made on debt during the next five fiscal years are shown below:
Ryerson Credit Facility On June 29, 2022, Ryerson entered into a fifth amendment of its revolving credit facility to among other things, increase the facility size from $1.0 billion to $1.3 billion and to extend the maturity date from November 5, 2025 to June 29, 2027. On June 10, 2024, Ryerson entered into a sixth amendment of its revolving credit facility to make conforming changes to effectuate the transition of the reference rate for the revolving loans borrowed in Canadian Dollars from the Canadian Dollar Offered Rate to the forward-looking term rate based on the Canadian Overnight Repo Rate Average ("CORRA"). At December 31, 2024, Ryerson had $470.0 million of outstanding borrowings, $1 million of letters of credit issued, and $376 million available under the Ryerson Credit Facility compared to $433.0 million of outstanding borrowings, $10 million of letters of credit issued, and $560 million available at December 31, 2023. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America’s prime rate, and the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00%) or (B) a Term SOFR rate or (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) the prime rate or base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s commercial loan rate, and the Term SOFR rate plus 1.00%), (B) a Term SOFR rate (for loans denominated in U.S. Dollars), or (C) the CORRA rate (for loans denominated in Canadian Dollars). The spread over the base rate is between 0.25% and 0.50% and the spread over the SOFR rate is between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility; provided that such spreads shall be reduced by 0.125% if the leverage ratio set forth in the most recently delivered compliance certificate is less than or equal to 3.50 to 1.00. The spread over the CORRA rate is 0.30% for a one-month interest period or 0.32% for a three-month interest period. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.20%. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00% above the rate otherwise applicable thereto. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility was 5.9% and 6.6% at December 31, 2024 and December 31, 2023, respectively. Borrowings under the Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivables, lockbox accounts, and related assets of the borrowers and the guarantors. The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson Holding and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets, and acquisitions. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter. The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees, and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments, the occurrence of a change of control of Ryerson, and a cross-default to other financing arrangements. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors. The lenders under the Ryerson Credit Facility could reject a borrowing request if any event, circumstance, or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If Ryerson Holding, JT Ryerson, any of the other borrowers, or any restricted subsidiaries of JT Ryerson becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. Net proceeds of short-term borrowings that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2028 Notes On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 2028 Senior Secured Notes. The Company completed $200 million worth of repurchases and redemptions prior to 2022. During 2022, the company repurchased, redeemed, and retired the remaining 2028 Notes principal amount of $300.0 million, bringing the balance to zero as of December 31, 2022. The total paid to repurchase the 2028 Notes during 2022 was $319.2 million. The second quarter 2022 repurchases included a completed tender offer in which $132.2 million of the 2028 Notes were tendered for $140.8 million. Including $2.1 million of debt issuance costs written off as part of the transaction, the total loss related to the tender offer was $10.7 million. In the third quarter of 2022, the Company redeemed $50.0 million in aggregate principal amount of the 2028 Notes for $51.5 million, resulting in the recognition of $1.5 million loss. The total 2022 repurchases resulted in the recognition of a $21.3 million loss within other income and (expense) on the Consolidated Statement of Operations. Additional debt issuance costs of $2.6 million related to non-tender repurchases were written off and recognized within interest expense. Foreign Debt At December 31, 2024, Ryerson China had $0.6 million debt related to letter of credit drawdowns that incur service charges (an initiation fee of 0.05%), rather than interest. These balances are secured with Ryerson China's accounts receivables. Additionally, Ryerson China had $0.1 million debt related to letter of credit drawdown that incur service charges (an initiation fee of 0.004%), rather than interest. These balances are not secured with any of Ryerson China's assets. At December 31, 2023, Ryerson China’s total foreign borrowings were $5.4 million, which were owed to banks in Asia at a weighted average interest rate of 3.4% per annum and secured by inventory and property, plant, and equipment. Ryerson China had additional $0.6 million of debt related to letter of credit drawdowns that incur service charges (an initiation fee ranging between 0.15% and 0.30% and a redemption fee ranging from zero to 0.13% per month), rather than interest. These balances were not secured with any of Ryerson China's assets. Availability under Ryerson China’s credit facility was $47 million and $42 million at December 31, 2024 and 2023, respectively. Letters of credit issued by our foreign subsidiaries outside of China totaled $1 million at December 31, 2024 and 2023. |
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Employee Benefits |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | Note 10: Employee Benefits The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “Compensation – Retirement Benefits” (“ASC 715”). In addition to requirements for an employer to recognize in its Consolidated Balance Sheet an asset for a plan’s overfunded status or a liability for a plan’s underfunded status and to recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur, ASC 715 requires an employer to measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year. Prior to January 1, 1998, the Company’s non-contributory defined benefit pension plan (“Ryerson Pension Plan” or “RPP”) covered certain employees, retirees, and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements. Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Company’s defined contribution plan. Employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement. The Company offers a defined contribution plan to eligible employees. For the years ended December 31, 2024, 2023, and 2022, expense recognized for the defined contribution plans was $11.3 million, $10.5 million, and $9.4 million, respectively. Central Steel and Wire Company (“CSW”), a subsidiary of JT Ryerson, also has a non-contributory defined benefit pension plan (“Central Steel and Wire Retirement Plan” or “CSWPP”), which covers certain employees, retirees, and their beneficiaries. CSWPP paid $6.6 million in lump sums and annuity purchases during 2024, $2.5 million in 2023 and $2.6 million in 2022. Because the payouts were more than the fiscal year service cost plus interest in 2024, was reflected as of December 31, 2024 resulting in a settlement gain of $1.8 million. Conversely, because the payouts were less than the fiscal year service cost plus interest, settlement accounting was not reflected for the years ended 2023 or 2022. The payouts in 2024, 2023, and 2022 are based on normal, recurring activity for the CSWPP therefore, they have been reflected within the benefits paid lines of the pension obligation and pension asset rollforward table below. Due to the closure of CSW's headquarters in Chicago, IL and move to University Park, IL, a significant reduction in the future service years of employees occurred between the fourth quarter of 2023 and first quarter of 2024, triggering curtailment accounting. The CSWPP was remeasured as of February 29, 2024, resulting in a curtailment gain. As the curtailment was a net gain, the gain is required to be reflected in the periods in which the terminations occur, resulting in a curtailment gain of $0.2 million recognized in the first quarter of 2024 and $0.5 million recognized in the fourth quarter of 2023 for those terminations occurring during the respective periods. As a result of the remeasurement, the discount rate for measuring obligations increased from 5.24% at December 31, 2023 to 5.57% as of February 29, 2024. The expected long-term rate of return on pension assets remained unchanged from December 31, 2023 at 3.85%. In the first quarter of 2024, the Ryerson Canada Bargaining Unit Pension Plan made $1.2 million of lump sum payments to plan participants and purchased $5.0 million of annuities on behalf of plan participants. The lump sum payments and annuity purchases consisted of all of the existing liabilities of the Ryerson Canada Bargaining Unit Pension Plan, resulting in the termination of the plan. The Ryerson Canada Bargaining Unit Pension Plan was fully funded as of the termination date, and as such, all lump sum payments and annuity purchases were funded with pension plan assets. As a result, the Company recorded a $2.1 million settlement loss in 2024. The Company’s U.S. other postretirement benefit plans include the Ryerson Postretirement Welfare Plan (“Ryerson OPEB”) and Central Steel and Wire Postretirement Medical Plan (“CSW OPEB”). Related to the CSW move to University Park discussed above, curtailment accounting was also applied for the CSW OPEB plan. The CSW OPEB plan was remeasured as of February 29, 2024, resulting in a curtailment gain of $0.1 million recognized in the first quarter of 2024 and $0.3 million recognized in the fourth quarter of 2023. The Company has other deferred employee benefit plans, including supplemental pension plans, the net liability for which totaled $10.0 million and $11.2 million at December 31, 2024 and 2023, respectively. Summary of Assumptions and Activity The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. The Company had an additional measurement date of February 29, 2024 for the CSWPP due to the significant reduction in the future service years of employees described above. The expected rate of return on plan assets is determined based on the market-related value of the assets, recognizing any gains or losses over a four year period. The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the pension benefits for U.S. plans were as follows:
The expected rate of return on plan assets is 6.25% for RPP and 4.50% for CSWPP for 2025. The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:
The expected rate of return on Canadian Salaried plan assets for 2025 is 5.00%. There is no expected return on plan assets for the Ryerson Bargaining plan since the plan was terminated during 2024.
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:
Canadian benefit obligations represented $25.4 million and $34.1 million of the Company’s total Pension Benefits obligations at December 31, 2024 and 2023, respectively. Canadian plan assets represented $27.7 million and $35.9 million of the Company’s total plan assets at fair value at December 31, 2024 and 2023, respectively. In addition, Canadian benefit obligations represented $5.1 million and $5.7 million of the Company’s total Other Benefits obligation at December 31, 2024 and 2023, respectively. The pension benefit obligations recorded as of December 31, 2024 and 2023 were impacted by changes in assumptions. During the year ended December 31, 2024 the pension benefit obligation decreased by $13.2 million due to a change in the discount rate and increased by $1.6 million due to updated demographic information for the participants in the plan. During the year ended December 31, 2023 the pension benefit obligation increased by $7.6 million due to an decrease in the discount rate and decreased by $2.5 million due to updated mortality tables. Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2024 and 2023 consist of the following:
Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2024 and 2023 consist of the following:
(1) Not shown is a $1.8 million settlement loss related to the Ryerson Canada Bargaining Unit Pension Plan and a $1.8 million gain on the CSWPP, which net to zero. For benefit obligation measurement purposes for Ryerson U.S. plans at December 31, 2024, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 8.6 percent, grading down to 4.5 percent in 2034, the level at which it is expected to remain. The rate for participants over 65 was 9.7 percent grading down to 4.5 percent in 2034. For measurement purposes for U.S. plans at December 31, 2023, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 7.1 percent, grading down to 4.5 percent in 2032, the level at which it is expected to remain. The rate for participants over 65 was 7.5 percent grading down to 4.5 percent in 2032. For benefit obligation measurement purposes for Canadian plans, at both December 31, 2024 and December 31, 2023, the annual rate of increase in the per capita cost of covered health care benefits ranged from 4.5 to 4.9 percent per annum, grading up to a range of 5.3 to 5.6 percent in 2026, and then down to 4.1 percent in 2040, the level at which it is expected to remain.
The components of the Company’s net periodic benefit cost for the years ended December 31, 2024, 2023, and 2022 are as follows:
The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capita cost of covered health care benefits for pre-65 and post-65 participants was 7.1 percent and 7.5 percent, respectively, grading down to 4.5 percent in 2032, the level at which it is expected to remain. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits ranged from 4.5 to 4.9 percent per annum, grading up to a range of 5.3 to 5.6 percent in 2026, and then down to 4.1 percent in 2040, the level at which it is expected to remain. Pension Trust Assets The expected long-term rate of return on pension trust assets is 4.50% to 6.25% based on the historical investment returns of the trust, the forecasted returns of the asset classes, and a survey of comparable pension plan sponsors. The Company’s pension trust asset allocations at December 31, 2024 and 2023, by asset category were as follows:
The investment policies and plan asset target allocations are established by Ryerson’s internal management Employee Benefits Committee, as delegated by the Board of Directors, in consultation with investment advisors. The Employee Benefits Committee provides on-going oversight of the plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss investment managers. The investment policy objectives are to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. As plan funded status improves, the asset allocations will move along a predetermined, de-risking glide path that reallocates capital from growth assets to fixed income assets in order to preserve asset gains and reduce funded status volatility. The currently approved asset investment classes are cash, fixed income, domestic equities, international equities, real estate, private equities, and hedge funds of funds. The approved weighted-average target ranges and allocations as of the December 31, 2024 measurement date were as follows:
Fair Value Measurements The fair value of our pension plan assets at December 31, 2024 by asset category are as follows:
The fair value of our pension plan assets at December 31, 2023 by asset category are as follows:
The pension assets classified as Level 2 investments in 2024 and 2023 were part of common collective trust investments. See Note 1: Summary of Accounting and Financial Policies for the definitions of Level 1, 2, and 3 fair value measurements. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers. The non-publicly traded securities, other securities, or instruments for which reliable market quotations are not available are valued at each investment manager’s discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods. Contributions The Company contributed $10.9 million, $8.8 million, and $6.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, to improve the funded status of the plans. The Company anticipates that it will have a minimum required pension contribution funding of approximately $15.2 million in 2025. Estimated Future Benefit Payments
Multiemployer Pension and Other Postretirement Plans We participate in two multiemployer pension plans covering 23 employees at 3 locations. Total contributions to the plans were $0.2 million, $0.2 million, and $0.3 million for the years ended 2024, 2023, and 2022, respectively. Our contributions represent less than 5% of the total contributions to the plans. The Company maintains positive employee relations at all locations. During 2012, the Company exited and reentered the pension plan at one of the covered locations in an effort to reduce the overall pension liability. The transaction resulted in a withdrawal liability of $1.0 million, which will be paid over a period of 25 years. The balance of the withdrawal liability was $0.4 million as of both December 31, 2024 and 2023. The Company’s participation in these plans is not material to our financial statements. |
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Note 11: Stock-Based Compensation Under the 2014 Omnibus Incentive Plan (“2014 Plan”), as amended, which is the Company’s only equity compensation plan, we may grant stock options and other equity-based awards, including RSUs and PSUs, to certain employees. At December 31, 2024, an aggregate of 1,785,709 shares were authorized for future grant. Awards that expire or are forfeited without delivery of shares generally become available for future issuance under the plan. As stock options are exercised, and RSUs and PSUs vest, we issue new shares of Ryerson common stock. In the third quarter of 2023, we began quarterly share grants that vest immediately to our Board of Directors as part of their compensation, resulting in 900 and 5,738 shares of common stock being issued in 2023 and 2024, respectively. The weighted average grant date fair value per share of awards granted to Board of Directors in 2023 and 2024 were $29.09 and $23.57, respectively, determined by the closing price of our common stock on the grant date. Compensation expense for stock options, RSUs, and PSUs is recognized ratably over the service period of the award and reflects forfeitures as they occur. Compensation expense for RSUs and PSUs is based on the market price of the shares underlying the awards on the grant date, and further for PSUs, reflects the estimated level of performance condition attainment. Compensation expense and total recognized tax benefit related to stock options, RSUs, and PSUs are as follows:
On March 31, 2021, the Company granted 125,000 market condition options to certain employees under the 2014 Plan. The options are subject to a graded vesting schedule over a four-year period provided two vesting conditions are both satisfied on each applicable vesting date, with a fifth year catch up provision that allows for vesting if any of the four individual vesting tranche conditions are not met. Once vested, the employee can exercise the option in exchange for one share of the Company’s common stock. Options expire 10 years from the grant date, or generally within 90 days of employee termination. Options, whether vested or unvested, do not participate in dividends. The fair value of options is estimated based on a Monte Carlo simulation. The Monte Carlo simulation considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. No stock options were granted in 2024, 2023, or 2022. The fair value of the stock options granted in 2021 is between $0.92 and $10.50 per share, differing at each vesting tranche. The assumptions used in the Monte Carlo simulation were as follows:
Stock option activity under the plan is as follows:
In 2024, 2023, and 2022, we granted 222,721, 213,775, and 199,853 RSUs, and 296,825, 293,150, and 276,850 PSUs, respectively, to certain employees. Each RSU and PSU consists of the right to receive one share of our common stock. RSUs also have dividend equivalent rights equal to the accrued cash dividends where the record date for such dividends is after the grant date but before the shares vest. All rights under RSUs and PSUs are generally forfeited upon employee termination. The Company’s RSU awards vest in three separate and equal tranches over a three-year period. PSUs cliff vest on the third anniversary of the grant date, subject to achieving performance conditions. Each tranche vests annually on March 31, following the date of grant. RSUs and PSUs are measured based on the fair value of the underlying stock on the grant date. The statutory tax on the value of common stock shares issued to employees upon vesting is either paid through the sale of registered shares of our common stock or funded with cash. The fair value of the 2024, 2023, and 2022 RSUs and PSUs granted was $33.50, $36.38, and $35.02 per share, respectively, determined by the closing price of our common stock on the grant date. A summary of the status of our unvested RSUs and PSUs as of December 31, 2024 and changes during the year then ended is as follows:
(1) The RSU shares granted line includes dividend shares declared after the grant date that will vest with their respective RSU tranche. The total fair value of RSUs and PSUs vested during 2024, 2023, and 2022 was $14.6 million, $14.2 million, and $13.0 million, respectively. As of December 31, 2024, unrecognized compensation cost related to unvested RSUs, PSUs, and stock options was $4.8 million, $7.4 million, and zero, respectively. That cost is expected to be recognized over a weighted-average period of 1.4 years for RSUs, 1.8 years for PSUs, and s for stock options. In 2024, 2023, and 2022, we made payments of $3.7 million, $3.2 million, and 2.7 million, respectively, to tax authorities on our employees’ behalf for shares withheld related to net share settlements. Withholding related to this remittance is reflected in the stock-based compensation expense, net caption of our consolidated statements of stockholders' equity. |
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 12: Commitments and Contingencies Purchase Obligations To fulfill contractual requirements for certain customers, the Company entered into certain fixed price noncancellable contractual obligations. At December 31, 2024, these purchase obligations aggregated to $15 million due in 2025. The Company has purchased $3 million under these obligations for the period ended December 31, 2024. Concentrations of Various Risks The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, derivative instruments, accounts payable, and long-term debt. In the case of cash, accounts receivable, accounts payable, and long-term debt, the carrying amount on the balance sheet approximates the fair value due to the short-term nature of these instruments. The underlying borrowings on the Ryerson Credit Facility are typically for terms of 30 to 60 days. The derivative instruments are marked to market each period, see Note 14: Derivatives. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas and industries. Approximately 9% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in 2025, which cover 3% of our total labor force. We believe that our overall relationship with our employees is good. Litigation In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). In 2017, the EPA issued its Record of Decision (“ROD”) for the site, which provides for a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at an estimated present value cost of $1.05 billion. A final allocation of costs of remediation among the various PRPs is not anticipated until 2027. All dates included herein are subject to change. There are sixteen project areas identified within the PHS Site; JT Ryerson’s identification as a PRP relates to its past operations within two of those project areas: (1) the “Burgard Way” site, which is a subset of the River Mile 3.5 East (“RM3.5E”) Project Area and (2) the “Basin Avenue” site, which is a subset of the Swan Island Basin Project Area. The EPA has set forth its desire for a single overarching consent decree to be negotiated and signed by all settling parties by March of 2027 at the latest. This decree would include implementation of the various proposed remedial design plans, sequencing, and payment of costs for all work to be done at the site, and site-wide covenants not to sue. To facilitate this process, in November 2024, the EPA issued a draft decree. At the same time, the EPA also issued Special Notice Letters (“SNL”), which give PRPs information as to why the EPA thinks they are liable as well as clean-up plans. The SNLs invited recipients to “participate in formal negotiations with the EPA to reach a settlement to conduct or finance the response action at the Site” and gave recipients until late May 2025 to submit good faith offers in response. JT Ryerson did not receive a SNL from the EPA. As the EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions as of December 31, 2024 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 13: Segment Information Edward Lehner, our, serves as our CODM. Our CODM reviews our consolidated Ryerson Holding Corporation financial information for purpose of making operational decisions and assessing financial performance. The CODM views our business globally, therefore, we have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the processing and distribution of metals. See Note 16: Revenue Recognition for the Company’s percentage of sales by major product line. The Company’s segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows:
(1) The significant expense categories and amounts align with the information that is regularly provided to the CODM. (2) Reorganization expense is used by management to capture excess costs associated with implementing significant Company projects or changes and allows the CODM to assess performance without the impact of these items. It is not a GAAP financial measure. Expenses excluding reorganization expense should not be used as a substitute for total expenses reported on our Consolidated Statement of Operations. Reorganization expense includes restructuring and other charges reported on the Consolidated Statements of Operations. (3) Other segment items include foreign exchange gain and loss, pension settlement and curtailment gains and losses, pension and postretirement benefit costs other than service costs, losses on retirement of debt, gains on sales of assets, bargain purchase gains, gains on insurance settlements, and purchase consideration. The measure of segment assets used by the CODM is reported on the Consolidated Balance Sheets as total consolidated assets. The primary measure of segment profit or loss that is most consistent with GAAP is net income (loss) attributable to Ryerson Holding Corporation as reported on the Consolidated Statements of Operations. Net income (loss) is used by the CODM for planning and forecasting in future periods, analyzing the core operating performance of the business, as well as to allocate resources, including for employee compensation and capital investment. Capital expenditures are regularly provided to the CODM. See our Consolidated Statement of Cash Flows for capital expenditure amounts as of December 31, 2024, 2023, and 2022. No customer, including their subcontractors, accounted for more than 8 percent of Company sales for the years ended December 31, 2024, 2023, and 2022. The top ten customers accounted for approximately 18 percent of our sales for the years ended December 31, 2024, 2023, and 2022. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the U.S. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Note 14: Derivatives Derivatives The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost or risk of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps may be entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge variability in cash flows in our Canada, Mexico, and China operations when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. We may also enter into natural gas and diesel fuel future and options contracts to manage the price risk of forecasted purchases of these energy costs. At times we may have receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $60 million of “pay fixed” interest at 1.729% through June 2022 and in November 2019, we entered into a forward agreement for $100 million of “pay fixed” interest at 1.539% through November 2022. In August 2022, we terminated our $100 million forward agreement, therefore, no interest rate swaps remained outstanding as of December 31, 2024 or December 31, 2023. Upon entering into these swaps, the interest rate reset dates and critical terms matched the terms of our existing debt and anticipated critical terms of future debt under the Ryerson Credit Facility; however, this was no longer the case once the Ryerson Credit Facility was amended on November 5, 2020. As such, effective November 1, 2020 the Company de-designated its interest rate swaps and terminated its hedge accounting treatment. Prior to de-designation, the Company marked these interest rate swaps to market with changes in fair value being recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value were recorded in current earnings. The unrealized loss as of the de-designation date remained in accumulated other comprehensive income and was amortized into earnings as the forecasted interest payments affected earnings. In the fourth quarter of 2020, in connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Consolidated Balance Sheet, with changes in value recorded within other income and (expense), net within the Consolidated Statements of Operations. When the 2028 Notes were fully redeemed and repurchased in 2022, the embedded derivative value was adjusted to zero. The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of December 31, 2024 and 2023. As of December 31, 2024, and 2023, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Consolidated Balance Sheets offset to zero as of December 31, 2024, and a net asset of $7.9 million as of December 31, 2023.
The following table presents the volume of the Company’s activity in derivative instruments as of December 31, 2024 and 2023:
The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022:
Fair Value Measurements The Company has various commodity and energy derivatives to lock in hot roll coil, nickel, aluminum, copper, natural gas, and diesel fuel prices for varying time periods. The fair value of these derivatives are determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil, copper, natural gas, and diesel fuel) and the London Metals Exchange (nickel and aluminum), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity, energy, and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. As the fair value of each commodity, energy, and foreign exchange contract is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) and the market approach valuation technique, as described in ASC 820, these derivatives balances are classified as Level 2 within the fair value hierarchy. See Note 1: Summary of Accounting and Financial Policies for the definitions of Level 1, 2, and 3 fair value measurements. |
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Accumulated Other Comprehensive Income (Loss) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | Note 15: Accumulated Other Comprehensive Income (Loss) The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and December 31, 2023:
The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2024 and December 31, 2023:
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Revenue Recognition |
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| Revenue Recognition | Note 16: Revenue Recognition Ryerson primarily generates revenue by the processing and distribution of metals in the U.S., Canada, Mexico, and China. Revenue Accounting Policy Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation. The majority of our revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC 606 are met. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that have been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications. Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation. Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed. Input methods are used for complex processing with multiple steps occurring over multiple days. Under the input method, the measure of performance, commonly called percentage of completion, is the ratio of costs incurred to date to the total estimated costs at completion for the products. Output methods are used for products with minimal processing where the normal pattern of production is less than one day. In these cases, the progress towards completion is measured based on the number of products on hand and ready for delivery in comparison to the total number of products in the order. Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates. Cash discounts and returns and allowances are calculated based on historical experience. Customer rebates are estimated based on actual sales and projections over the rebate period. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was a net contract liability of $0.2 million at December 31, 2024 and $0.1 million at December 31, 2023. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. Disaggregated Revenue We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:
Revenue is recognized either at a point in time or over time based on (1) if the contract has an enforceable right to payment and (2) the type of product that is being sold to the customer with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold:
Contract Balances A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically net 30 days from the invoice date. We do not have any contracts with significant financing components. Receivables, which are included in accounts receivables within the Consolidated Balance Sheets, from contracts with customers were $428.1 million and $469.4 million as of December 31, 2024 and December 31, 2023, respectively. Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and the value of inventory, as estimated, that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Consolidated Balance Sheets. Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, customer prepayments, estimates of shipping and handling costs associated with performance obligations recorded over time, and bill and hold transactions are reported in other accrued liabilities within the Consolidated Balance Sheets. Contract assets amounted to $19.8 million and $18.8 million at December 31, 2024 and December 31, 2023, respectively. Contract liabilities amounted to $17.6 million and $16.1 million at December 31, 2024 and December 31, 2023, respectively. Contract liabilities satisfied during the period amounted $2.6 million for the year-ended December 31, 2024.
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| Provision for Credit Losses | Note 17: Provision for Credit Losses Provisions for allowances and claims on accounts receivables and contract assets are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts. The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. The Company’s credit loss reserve consists of two parts: a) a provision for estimated credit losses based on historical experience and b) a reserve for specific customer collection issues that the Company has identified. Estimation of credit losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2024 and 2023:
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 18: Income Taxes The elements of the provision for income taxes were as follows:
Income taxes differ from the amounts computed by applying the federal tax rate as follows:
The U.S. Tax Cuts and Jobs Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. After considering the two options, the Company has elected to provide for the tax expense related to GILTI in the year the tax will occur. For the year ended December 31, 2024, we have not included any tax expense related to GILTI. On August 16, 2022 the U.S. government enacted the Inflation Reduction Act (“IRA”). The IRA includes, among other provisions, a 1 percent excise tax on share repurchases as well as a 15 percent corporate alternative minimum tax (“CAMT”) on corporations with “adjusted financial statement income” in excess of $1 billion for any 3-year period ending with 2022 or later. Currently, we do not meet the requirements for CAMT and do not expect any excise tax that may be due on future stock repurchases to have a material adverse impact to our financial statements. We have accrued excise tax payable on stock repurchases of $0.4 million and $1.0 million as of December 31, 2024 and 2023, respectively. Both provisions of the IRA are effective for periods after December 31, 2022. The Organization for Economic Cooperation and Development Pillar Two guidelines published to date include transition and safe harbor rules around the implementation of the Pillar Two global minimum tax of 15%. Based on current enacted legislation effective in 2024, the legislation does not have a material impact on the Company’s financial results. The Company is monitoring developments and evaluating the impacts these new rules will have on its future income tax provision and effective income tax rate. The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows:
The Company will maintain a valuation allowance on certain deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The Company’s deferred tax assets available at December 31, 2024 include net operating loss ("NOL") carryforwards (net of tax) of $10.5 million related to state NOL carryforwards which expire generally in 1 to 20 years, $7.0 million of federal NOL carryforwards which do not expire, and $0.5 million related to foreign NOL carryforwards, which do not expire. Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes or foreign withholding tax has been made in our consolidated financial statements related to the indefinitely reinvested earnings. At December 31, 2024, the Company had approximately $121 million of undistributed foreign earnings, predominately in Canada and China. As a result of the U.S. Tax Cuts and Jobs Act passed during 2017, a significant portion of these earnings are deemed repatriated. Were the Company to distribute these non-U.S. earnings in the form of dividends or otherwise in the future, it would no longer be subject to U.S. federal income taxes. A determination of the amount of any unrecognized deferred income tax liability on the undistributed earnings is predominately dependent upon the applicability of foreign withholding taxes and potential U.S. state income taxes. Modeling of the many future potential scenarios and the related unrecognized deferred tax liability is therefore not practicable. None of the Company’s other foreign subsidiaries have a material amount of assets available for repatriation. The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Except for matters related to the transition tax under the Tax Cuts and Jobs Act, and that the utilization of net operating losses from prior years which could be subject to review, the Company is no longer subject to U.S. federal tax income tax examinations for years through 2019. Substantially all state and local income tax matters have been concluded through 2017, except where statutes of limitations have been extended. The Company has substantially concluded foreign income tax matters through 2014 for all significant foreign jurisdictions. We recognize interest and penalties related to uncertain tax positions in income tax expense. We had approximately $1.1 million and $1.0 million of accrued interest related to uncertain tax positions at December 31, 2024 and 2023, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $1.4 million and $1.7 million as of December 31, 2024 and 2023, respectively. Although the timing of uncertain tax positions and settlements are not definite, we do not anticipate that the Company's unrecognized tax benefits will materially change over the next twelve months. |
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Note 19: Earnings Per Share Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded, as they would have had an antidilutive effect, were 103,468, zero, and 98,548, for the years ended December 31, 2024, 2023, and 2022, respectively. Antidilutive shares were related to outstanding restricted stock units. The following table sets forth the calculation of basic and diluted earnings per share:
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Subsequent Events |
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Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 20: Subsequent Events Dividends. On February 20, 2025, the Board of Directors declared a quarterly cash dividend in the amount of $0.1875 per share of common stock, payable on March 20, 2025 to stockholders of record as of March 6, 2025. Future quarterly dividends, if any, will be subject to Board approval. |
Schedule II -Valuation And Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II -Valuation And Qualifying Accounts | RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 (In millions)
NOTES: (A) Bad debts written off of $3 million, $3 million, and $1 million for the years ended December 31, 2024, 2023, and 2022, respectively. (B)
Adjustment to foreign tax credits and corresponding valuation allowance. |
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Summary of Accounting and Financial Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Business Description and Basis of Presentation | Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 3,924,478 shares of our common stock, which is approximately 12.3% of our issued and outstanding common stock as of December 31, 2024. On February 28, 2023, Platinum sold 2,486,580 shares of common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,513,420 shares of common stock. On May 8, 2023, Platinum sold 2,630,700 shares of its common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,369,300 shares of common stock. Also, on August 8, 2023, Platinum sold 4,000,000 shares of its common stock through an underwritten secondary offering. Following the close of those transactions, Platinum's ownership of our common stock decreased from approximately 43% to approximately 11.5% as of December 31, 2023. Ryerson Holding is no longer a “controlled company” within the meaning of the corporate governance standards of The New York Stock Exchange. We are a leading value-added processor and distributor of industrial metals with operations in the U.S. through JT Ryerson and other U.S. subsidiaries, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” |
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| Principles of Consolidation | Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation. |
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| Equity Investments | Equity Investments. Investments in affiliates in which the Company’s ownership is 20% to 50% and investments in limited partnerships are accounted for by the equity method. Equity income is reported in other income and (expense), net in the Consolidated Statements of Operations. Equity income amounted to zero for the year ended December 31, 2024. Equity loss during the years ended December 31, 2023 and 2022 was $0.1 million and zero, respectively. |
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| Business Segments | Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. See Note 13: Segment Information for further details. |
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| Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. |
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| Revenue Recognition | Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 16: Revenue Recognition for further details. |
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| Provision for Allowances, Claims and Doubtful Accounts | Provision for allowances, claims, and doubtful accounts. The Company follows the guidance under ASC 326 “Financial Instruments – Credit Losses” (“ASC 326”). The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 17: Provision for Credit Losses for further details. |
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| Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs, inclusive of depreciation and both internal and external delivery costs, totaled $138.4 million, $139.1 million, and $137.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. In accordance with ASC 606, the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. |
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| Benefits for Retired Employees | Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. |
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| Fair Value Measurements | Fair Value Measurements. To increase consistency and comparability in fair value measurements, FASB ASC 820 "Fair Value Measurement" ("ASC 820") establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: 1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability.
Ryerson utilizes fair value measurements in the calculation of pension plan assets and derivative assets. See Note 10: Employee Benefits and Note 14: Derivatives respectively for further information. The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof equal the carrying amounts due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility which are typically for terms of 30 to 60 days. See the Consolidated Balance Sheets for the December 31, 2024 and December 31, 2023 values of these assets and liabilities. |
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| Cash Equivalents | Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $74.2 million and $99.7 million to accounts payable at December 31, 2024 and 2023, respectively. |
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| Inventory Valuation | Inventory Valuation. Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories. |
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| Property, Plant and Equipment | Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:
Expenditures for normal repairs and maintenance are charged against income in the period incurred. |
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| Internal-Use Software | Internal-Use Software. Software is recognized in accordance with FASB ASC 350-40, "Internal-Use Software" ("ASC 350-40"). The Company has various software that is acquired, internally developed, or modified solely to meet the Company's internal needs, and software that the Company obtains access to in cloud computing arrangements that includes internal-use software licenses. Software development costs are capitalized when the preliminary project stage is complete and the development stage of the project commences, it is probable that the project will be complete, and the software will be used to perform the function intended. Costs associated with preliminary project stage activities, training, maintenance, and all other post implementation stage activities are expensed as incurred. The capitalization policy provides for the capitalization of certain payroll costs for employees who are directly associated with developing internal-use software as well as certain external direct costs. Capitalized employee costs are limited to the time directly spent on such projects. We also capitalize certain costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Our cloud computing arrangements that include a license to an internal use software which does not meet the criteria as defined by ASC 350-40 are accounted for as service contracts and do not constitute a purchase of a software or license to a software and as such are accounted as prepaid expenses and are amortized over the prepayment period. As of December 31, 2024 and 2023 we had $2.7 million and $1.9 million of software in prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively. See Note 5: Property Plan and Equipment for the balances of software costs capitalized to fixed assets. |
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| Leases | Leases. Leases are recognized in accordance with FASB ASC 842, “Leases” (“ASC 842”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See Note 6: Leases, for further details. The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but may include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is advantageous enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred. The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.3 billion revolving credit facility amended as of June 10, 2024 (as amended, the “Ryerson Credit Facility” or "Credit Facility"). |
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| Goodwill | Goodwill. In accordance with FASB ASC 350, “Intangibles – Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. |
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| Long-lived Assets and Other Intangible Assets | Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When this occurs, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. |
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| Deferred Financing Costs | Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using the straight line method over the life of the debt in accordance with FASB ASC 470, “Debt” (“ASC 470”). Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. | ||||||||||||||||||||||||
| Foreign Currency | Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income for the year. The Company recognized an exchange gain of $4.1 million, and losses of $2.0 million, and $1.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. These amounts are classified either in Other income and (expense), net or Warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations. |
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| Income Taxes | Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality. Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not (i.e., greater than 50% likely) to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known. The Company recognizes the benefit of tax positions when a benefit is more likely than not to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
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| Stock-Based Compensation | Stock-Based Compensation. All of our stock-based compensation plans are classified as equity awards. The fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) is determined based on the fair value of our common stock on the grant date. The fair value of stock options is estimated based on a Monte Carlo simulation and considers variables such as volatility, dividend yield, risk-free rate, and the expected exercise multiple in computing the value of the options. The fair value of stock options, RSUs, and PSUs is expensed on a straight-line basis over their respective vesting periods. We have elected to recognize forfeitures as they occur. See Note 11: Stock-Based Compensation for further details. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Standards–Adopted In November 2023, FASB issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280)”. This update requires public entities to enhance segment disclosures on both an interim and annual basis. These disclosures include, among others, significant segment expenses regularly reviewed by the chief operating decision maker ("CODM"), an amount for other segment items, the title and position of the CODM, a measure of segment profit or loss and how the CODM uses this information in assessing performance. Full segment disclosures will be required of entities that have a operating segment. The Company adopted this guidance for annual disclosures for fiscal year 2024 and will adopt it for interim disclosures in fiscal year 2025. The adoption of these changes did not have an impact on the Company’s consolidated financial statements other than disclosure requirements which are included in Note 13: Segment Information. Recently Issued Accounting Standards–Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740)”. The amendments in this update require public businesses to disclose specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. This update also requires further disclosures of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as by the individual jurisdiction in which income taxes are paid if the amount paid is equal to or greater than five percent of total income taxes paid. Further, this update requires a disclosure of income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We plan to adopt this ASU as of December 31, 2025. We do not expect there to be an impact to the consolidated financial statements, other than disclosure requirements.
In November 2024, FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” and in January 2025 issued an update through ASU 2025-01. The amendment requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The categories required to be disclosed under the amendment include; purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as a qualitative description of the amount remaining in relevant expense captions that are not disaggregated quantitatively. Additionally, disclosure is required of the total amount of selling expenses and the entity's definition of selling expenses in the annual reporting periods only. This update is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are still assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements, other than disclosure requirements. |
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| Revenue Accounting Policy | Revenue Accounting Policy Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation. The majority of our revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC 606 are met. Consignment transactions are arrangements where the Company transfers product to a customer location but retains ownership and control of such product until it is used by the customer. Revenue for consignment arrangements is recognized upon the customer’s usage. Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis. Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that have been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications. Over-time revenues are recorded in proportion with the progress made toward completing the performance obligation. Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed. Input methods are used for complex processing with multiple steps occurring over multiple days. Under the input method, the measure of performance, commonly called percentage of completion, is the ratio of costs incurred to date to the total estimated costs at completion for the products. Output methods are used for products with minimal processing where the normal pattern of production is less than one day. In these cases, the progress towards completion is measured based on the number of products on hand and ready for delivery in comparison to the total number of products in the order. Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates. Cash discounts and returns and allowances are calculated based on historical experience. Customer rebates are estimated based on actual sales and projections over the rebate period. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was a net contract liability of $0.2 million at December 31, 2024 and $0.1 million at December 31, 2023. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. |
Summary of Accounting and Financial Policies (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Estimated Useful Lives of Assets | The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets:
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Acquisitions (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Allocations of Total Purchase Price from Acquisitions to Fair Values of Assets Acquired and Liabilities Assumed | The allocations of the total purchase price from our combined 2023 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows:
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Cash, Cash Equivalents, and Restricted Cash (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows:
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Property, Plant, and Equipment (Tables) |
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| Property, Plant, and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant, and Equipment | Property, plant, and equipment consisted of the following at December 31, 2024 and 2023:
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Leases (Tables) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Location and Amount of Lease Assets and Lease Liabilities | The following table summarizes the location and amount of lease assets and lease liabilities reported in our Consolidated Balance Sheets as of December 31, 2024 and 2023:
(a)
Finance lease assets are recorded net of accumulated amortization of $15.2 million and $16.5 million as of December 31, 2024 and 2023, respectively. |
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| Summary of Location and Amount of Lease Expense | The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2024, 2023 and 2022:
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| Schedule of Maturity Analysis of Lease Liabilities | The following table presents the maturity analysis of lease liabilities at December 31, 2024:
(a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised, and there were no legally binding lease payments for leases signed but not yet commenced. (b) Calculated using the discount rate for each lease. (c)
Includes the current portion of $32.1 million for operating leases and $5.7 million for finance leases. The operating lease payments are net of $2.9 million of prepayments, which are recorded within the Operating Lease Asset line of the Consolidated Balance Sheet. |
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| Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases | The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at December 31, 2024 and 2023:
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| Schedule of Lease Information Reported in Consolidated Statement of Cash Flows | Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2024, 2023, and 2022 is summarized below:
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Definite-Lived Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Definite-Lived Intangible Assets | The following summarizes the components of definite-lived intangible assets at December 31, 2024 and 2023:
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| Estimated Amortization Expense Related to Intangible Assets | Estimated amortization expense related to intangible assets at December 31, 2024, for each of the years in the five year period ending December 31, 2029 and thereafter is as follows:
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Goodwill (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Carrying Amount of Goodwill | Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:
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Debt (Tables) |
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| Long-Term Debt | Long-term debt consisted of the following at December 31, 2024 and 2023:
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| Principal Payments on Debt | The principal payments required to be made on debt during the next five fiscal years are shown below:
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Employee Benefits (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Benefit Obligation and Net Obligation Recognized in Financial Statements |
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| Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2024 and 2023 consist of the following:
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| Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2024 and 2023 consist of the following:
(1) Not shown is a $1.8 million settlement loss related to the Ryerson Canada Bargaining Unit Pension Plan and a $1.8 million gain on the CSWPP, which net to zero. |
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| Components of Net Periodic Benefit Cost | The components of the Company’s net periodic benefit cost for the years ended December 31, 2024, 2023, and 2022 are as follows:
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| Asset Allocations by Asset Category | The Company’s pension trust asset allocations at December 31, 2024 and 2023, by asset category were as follows:
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| Fair Values of Pension Plan Assets | The fair value of our pension plan assets at December 31, 2024 by asset category are as follows:
The fair value of our pension plan assets at December 31, 2023 by asset category are as follows:
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| Estimated Future Benefit Payments | Estimated Future Benefit Payments
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| Target Ranges and Allocations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Allocations by Asset Category | The approved weighted-average target ranges and allocations as of the December 31, 2024 measurement date were as follows:
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| Pension Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions Used for Retirement Benefit Plans | The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the pension benefits for U.S. plans were as follows:
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows:
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| Other Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions Used for Retirement Benefit Plans | The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows:
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows:
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Stock-Based Compensation (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock-Based Compensation Expense | Compensation expense and total recognized tax benefit related to stock options, RSUs, and PSUs are as follows:
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| Schedule of Fair Value Option Award Weighted Average Assumptions Used | The assumptions used in the Monte Carlo simulation were as follows:
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| Summary of Stock Options | Stock option activity under the plan is as follows:
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| Summary of the Activity For Unvested Restricted Stock Units and Performance Stock Unit | A summary of the status of our unvested RSUs and PSUs as of December 31, 2024 and changes during the year then ended is as follows:
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Segment Information (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Segment Revenue, Significant Expenses Regularly Reviewed By CODM, and Other Segment Items | The Company’s segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows:
(1) The significant expense categories and amounts align with the information that is regularly provided to the CODM. (2) Reorganization expense is used by management to capture excess costs associated with implementing significant Company projects or changes and allows the CODM to assess performance without the impact of these items. It is not a GAAP financial measure. Expenses excluding reorganization expense should not be used as a substitute for total expenses reported on our Consolidated Statement of Operations. Reorganization expense includes restructuring and other charges reported on the Consolidated Statements of Operations. (3) Other segment items include foreign exchange gain and loss, pension settlement and curtailment gains and losses, pension and postretirement benefit costs other than service costs, losses on retirement of debt, gains on sales of assets, bargain purchase gains, gains on insurance settlements, and purchase consideration. |
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| Summary of Consolidated Financial Information of our Operations by Geographic Location | The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:
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Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of December 31, 2024 and 2023. As of December 31, 2024, and 2023, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Consolidated Balance Sheets offset to zero as of December 31, 2024, and a net asset of $7.9 million as of December 31, 2023.
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| Volume of Company 's Activity in Derivative Instruments | The following table presents the volume of the Company’s activity in derivative instruments as of December 31, 2024 and 2023:
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| Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations | The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component | The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and December 31, 2023:
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| Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2024 and December 31, 2023:
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Revenue Recognition (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disaggregated Revenue | The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line:
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Provision for Credit Losses (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Provision for Credit Losses | The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2024 and 2023:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elements of Provision for Income Taxes | The elements of the provision for income taxes were as follows:
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| Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate | Income taxes differ from the amounts computed by applying the federal tax rate as follows:
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| Components of Deferred Income Tax Assets and Liabilities | The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows:
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| Reconciliation of Unrecognized Tax Benefits | The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. Except for matters related to the transition tax under the Tax Cuts and Jobs Act, and that the utilization of net operating losses from prior years which could be subject to review, the Company is no longer subject to U.S. federal tax income tax examinations for years through 2019. Substantially all state and local income tax matters have been concluded through 2017, except where statutes of limitations have been extended. The Company has substantially concluded foreign income tax matters through 2014 for all significant foreign jurisdictions. |
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Earnings Per Share (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share:
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Summary of Accounting and Financial Policies - Additional Information (Detail) |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2024
USD ($)
Segment
shares
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Dec. 31, 2023
USD ($)
shares
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Dec. 31, 2022
USD ($)
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Jun. 10, 2024
USD ($)
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Aug. 08, 2023
shares
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May 08, 2023
shares
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Feb. 28, 2023
shares
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Jun. 29, 2022
USD ($)
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Jun. 28, 2022
USD ($)
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| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Parent company percentage owned by affiliates | 12.30% | ||||||||
| Parent company shares owned by affiliates | shares | 3,924,478 | ||||||||
| Treasury Stock, Common, Shares | shares | 8,051,226 | 5,413,434 | |||||||
| Equity investments, income (loss) | $ 100,000 | $ 0 | |||||||
| Number of operating segment | Segment | 1 | ||||||||
| Book overdrafts | $ 74,200,000 | 99,700,000 | |||||||
| Software | $ 2,700,000 | 1,900,000 | |||||||
| Real estate leases option to renew description | Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but may include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is advantageous enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. | ||||||||
| Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||
| Real estate leases option to extend lease term | one to five years or more | ||||||||
| Foreign currency transaction (loss) gain | $ 4,100,000 | $ (2,000,000) | (1,600,000) | ||||||
| Ryerson Credit Facility [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Credit facility terms | 30 to 60 days | ||||||||
| Revolving credit facility maximum borrowing capacity | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,000,000,000 | ||||||
| Investments in Affiliates [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Equity investments, income (loss) | $ 0 | ||||||||
| Platinum Equity LLC [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Parent company percentage owned by affiliates | 11.50% | 43.00% | |||||||
| Common shares sold by affiliate | shares | 4,000,000 | 2,630,700 | 2,486,580 | ||||||
| Treasury Stock, Common, Shares | shares | 1,369,300 | 1,513,420 | |||||||
| Shipping and Handling [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Shipping and handling costs | $ 138,400,000 | $ 139,100,000 | $ 137,800,000 | ||||||
| Minimum [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Consolidates entities voting shares percentage | 50.00% | ||||||||
| Minimum [Member] | Investments in Affiliates [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Investment in affliates, ownership percentage. | 20.00% | ||||||||
| Maximum [Member] | Investments in Affiliates [Member] | |||||||||
| Summary Of Accounting And Financial Policies [Line Items] | |||||||||
| Investment in affliates, ownership percentage. | 50.00% | ||||||||
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Business Acquisition [Line Items] | ||
| Goodwill | $ 161.8 | $ 157.8 |
| 2023 Acquisitions [Member] | ||
| Business Acquisition [Line Items] | ||
| Cash and cash equivalents | 5.8 | |
| Receivables, less provisions | 20.4 | |
| Inventories | 11.6 | |
| Prepaid expenses and other current assets | 2.0 | |
| Property, plant, and equipment | 47.8 | |
| Operating lease assets | 35.0 | |
| Other intangible assets | 31.3 | |
| Goodwill | 28.8 | |
| Other noncurrent assets | 1.2 | |
| Total identifiable assets acquired | 183.9 | |
| Accounts payable | (7.2) | |
| Salaries, wages, and commissions | (2.0) | |
| Other accrued liabilities | (0.7) | |
| Operating lease liabilities | (32.4) | |
| Deferred income taxes | (6.1) | |
| Total liabilities assumed | (48.4) | |
| Net identifiable assets acquired | $ 135.5 |
Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents [Abstract] | ||
| Cash and cash equivalents | $ 27.7 | $ 54.3 |
| Restricted cash | 1.6 | 1.1 |
| Total cash, cash equivalents, and restricted cash | $ 29.3 | $ 55.4 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Inventory LIFO reserve | $ 95.0 | $ 148.0 |
| Inventories accounted under the LIFO method | 89.00% | 88.00% |
| Consignment inventory | $ 5.0 | $ 7.1 |
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant, and Equipment [Abstract] | ||
| Land and land improvements | $ 73.9 | $ 71.7 |
| Buildings and leasehold improvements | 252.6 | 211.7 |
| Machinery, equipment, and other | 724.0 | 647.4 |
| Finance leases | 35.2 | 42.2 |
| Software | 43.2 | 30.8 |
| Construction in progress | 23.1 | 67.7 |
| Total | 1,152.0 | 1,071.5 |
| Less: Accumulated depreciation | (515.3) | (481.9) |
| Net property, plant, and equipment | $ 636.7 | $ 589.6 |
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant, and Equipment [Abstract] | |||
| Additional cash proceeds from the sale of assets | $ 2.1 | $ 0.5 | $ 8.0 |
Leases - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 10, 2024 |
Jun. 29, 2022 |
Jun. 28, 2022 |
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| Lessee Lease Description [Line Items] | ||||||||||||
| Real estate leases option to renew description | Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but may include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is advantageous enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. | |||||||||||
| Real estate leases, Existence of option to extend [true false] | true | |||||||||||
| Real estate leases option to extend lease term | one to five years or more | |||||||||||
| Gain from sale leaseback transaction | $ 3,800,000 | |||||||||||
| Right of use assets | $ 344,600,000 | $ 349,400,000 | ||||||||||
| Lease Liabilities | [1],[2] | 363,800,000 | ||||||||||
| Annual rent | $ 44,700,000 | $ 40,500,000 | $ 34,300,000 | |||||||||
| Facility in Centralia, Washington [Member] | ||||||||||||
| Lessee Lease Description [Line Items] | ||||||||||||
| Real estate leases option to renew description | The lease includes two renewal options of five years each. | |||||||||||
| Real estate leases, Existence of option to extend [true false] | true | |||||||||||
| Percentage annual increase in rent payments | 2.25% | |||||||||||
| Right of use assets | $ 51,200,000 | |||||||||||
| Lease Liabilities | 46,100,000 | |||||||||||
| Annual rent | $ 2,800,000 | |||||||||||
| Lease term | 20 years | |||||||||||
| Annual rent | $ 5,100,000 | |||||||||||
| Facility in University Park, Illinois [Member] | ||||||||||||
| Lessee Lease Description [Line Items] | ||||||||||||
| Real estate leases option to renew description | The lease includes four renewal options of five years each | |||||||||||
| Percentage annual increase in rent payments | 2.20% | |||||||||||
| Right of use assets | $ 99,900,000 | |||||||||||
| Lease Liabilities | 99,900,000 | |||||||||||
| Annual rent | $ 7,300,000 | |||||||||||
| Lease term | 15 years 4 months | |||||||||||
| Ryerson Credit Facility [Member] | ||||||||||||
| Lessee Lease Description [Line Items] | ||||||||||||
| Revolving credit facility maximum borrowing capacity | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,000,000,000 | |||||||||
| Maximum [Member] | ||||||||||||
| Lessee Lease Description [Line Items] | ||||||||||||
| Noncancelable operating leases expire period | 2043 | |||||||||||
| Finance leases expire period | 2031 | |||||||||||
| ||||||||||||
Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|
| Assets | ||||
| Right of use assets | $ 344.6 | $ 349.4 | ||
| Finance lease assets | [1] | $ 20.0 | $ 25.7 | |
| Finance lease, Right-of-use asset, Statement of financial position [Extensible List] | Property, plant, and equipment, net of accumulated depreciation (Note 5) | Property, plant, and equipment, net of accumulated depreciation (Note 5) | ||
| Total lease assets | $ 364.6 | $ 375.1 | ||
| Liabilities | ||||
| Operating lease liabilities, current | 32.1 | 30.5 | ||
| Finance lease liabilities, current | $ 5.7 | $ 6.8 | ||
| Finance lease, Liability, Current, Statement of financial position [Extensible List] | Other accrued liabilities | Other accrued liabilities | ||
| Operating lease liabilities, noncurrent | $ 334.6 | $ 336.8 | ||
| Finance lease liabilities, noncurrent | $ 11.0 | $ 10.6 | ||
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities | ||
| Total lease liabilities | $ 383.4 | $ 384.7 | ||
| ||||
Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Lessee Lease Description [Line Items] | ||
| Accumulated amortization | $ 515.3 | $ 481.9 |
| Finance Lease [Member] | ||
| Lessee Lease Description [Line Items] | ||
| Accumulated amortization | $ 15.2 | $ 16.5 |
Leases - Summary of Location and Amount of Lease Expense (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Lease Expense | |||
| Total lease expense | $ 60.0 | $ 55.2 | $ 47.5 |
| Warehousing, Delivery, Selling, General, and Administrative [Member] | |||
| Lease Expense | |||
| Operating lease expense | 48.0 | 43.6 | 36.8 |
| Finance lease expense | |||
| Amortization of lease assets | 5.1 | 5.0 | 4.5 |
| Variable lease expense | 4.2 | 3.4 | 2.6 |
| Short-term lease expense | 1.7 | 2.4 | 2.8 |
| Interest and Other Expense on Debt [Member] | |||
| Finance lease expense | |||
| Interest on lease liabilities | $ 1.0 | $ 0.8 | $ 0.8 |
Leases - Schedule of Maturity Analysis of Lease Liabilities (Detail) $ in Millions |
Dec. 31, 2024
USD ($)
|
|||||||
|---|---|---|---|---|---|---|---|---|
| Operating Leases | ||||||||
| 2025 | $ 42.7 | [1] | ||||||
| 2026 | 45.2 | [1] | ||||||
| 2027 | 43.4 | [1] | ||||||
| 2028 | 39.7 | [1] | ||||||
| 2029 | 39.1 | [1] | ||||||
| After 2029 | 247.7 | [1] | ||||||
| Total lease payments | 457.8 | [1] | ||||||
| Less: Interest | (94.0) | [1],[2] | ||||||
| Present value of lease liabilities | 363.8 | [1],[3] | ||||||
| Finance Leases | ||||||||
| 2025 | 6.7 | |||||||
| 2026 | 4.6 | |||||||
| 2027 | 3.0 | |||||||
| 2028 | 2.6 | |||||||
| 2029 | 1.5 | |||||||
| After 2029 | 0.6 | |||||||
| Total lease payments | 19.0 | |||||||
| Less: Interest | (2.3) | [2] | ||||||
| Present value of lease liabilities | $ 16.7 | [3] | ||||||
| ||||||||
Leases - Schedule of Maturity Analysis of Lease Liabilities (Parenthetical) (Detail) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Operating leases with options to extend lease terms that are reasonably certain of being exercised | $ 0 | |
| Operating lease liabilities, current | 32,100,000 | $ 30,500,000 |
| Finance leases, current portion | 5,700,000 | $ 6,800,000 |
| Prepaid leases | $ 2,900,000 |
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases (Detail) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Operating leases, Weighted-average remaining lease term | 11 years 6 months | 12 years 6 months |
| Finance leases, Weighted-average remaining lease term | 3 years 8 months 12 days | 3 years 3 months 18 days |
| Operating leases, Weighted-average discount rate | 3.90% | 3.80% |
| Finance leases, Weighted-average discount rate | 6.70% | 6.00% |
Leases - Schedule of Information Reported in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash flows from operating leases | $ 44.7 | $ 40.5 | $ 34.3 |
| Operating cash flows from finance leases | 1.0 | 0.8 | 0.8 |
| Financing cash flows from finance leases | 6.4 | 7.1 | 9.2 |
| Assets obtained in exchange for lease obligations: | |||
| Operating leases | 31.7 | 138.8 | 61.6 |
| Finance leases | $ 6.1 | $ 5.3 | $ 3.9 |
Definite-Lived Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| For the year ended December 31, 2025 | $ 9.6 |
| For the year ended December 31, 2026 | 9.5 |
| For the year ended December 31, 2027 | 8.9 |
| For the year ended December 31, 2028 | 7.1 |
| For the year ended December 31, 2029 | 6.2 |
| For the years ended thereafter | $ 27.0 |
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Line Items] | ||
| Goodwill, carrying amount, beginning balance | $ 157.8 | |
| Acquisitions | 4.1 | |
| Foreign Currency Translation | 0.1 | |
| Goodwill, carrying amount, ending balance | 161.8 | $ 157.8 |
| Cost [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill cost, beginning balance | 166.1 | 137.5 |
| Acquisitions | 4.1 | 28.6 |
| Foreign Currency Translation | (0.1) | |
| Goodwill cost, ending balance | 170.1 | 166.1 |
| Accumulated Goodwill Impairment [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill, Accumulated Impairment, beginning balance | (8.3) | (8.3) |
| Goodwill, Accumulated Impairment, ending balance | (8.3) | (8.3) |
| Carrying Amount [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill, carrying amount, beginning balance | 157.8 | 129.2 |
| Acquisitions | 4.1 | 28.6 |
| Foreign Currency Translation | (0.1) | |
| Goodwill, carrying amount, ending balance | $ 161.8 | $ 157.8 |
Goodwill - Additional Information (Detail) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Line Items] | ||
| Goodwill | $ 161,800,000 | $ 157,800,000 |
| Goodwill recognized from business acquisitions | 4,100,000 | |
| Foreign exchange translation | 100,000 | |
| Goodwill not deductible for income tax purposes | 1,800,000 | |
| Goodwill deductible for income tax purposes | 2,300,000 | |
| Impairment charge | 0 | |
| US Reporting Unit [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill | 161,400,000 | |
| Canada Reporting Unit [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill | 400,000 | |
| Goodwill recognized from business acquisitions | 0 | |
| Production Metals [Member] | US Reporting Unit [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill recognized from business acquisitions | 1,600,000 | |
| 2023 Acquisitions [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill | 28,800,000 | |
| Goodwill, purchase accounting adjustments | $ 2,500,000 |
Debt - Long-Term Debt (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Other debt | $ 2.2 | |
| Unamortized debt issuance costs and discounts | $ (3.3) | (4.7) |
| Total debt | 467.4 | 436.5 |
| Less: Other short-term debt | 2.2 | |
| Total long-term debt | 466.7 | 428.3 |
| Ryerson Credit Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Ryerson Credit Facility | 470.0 | 433.0 |
| Foreign Debt [Member] | ||
| Debt Instrument [Line Items] | ||
| Foreign debt | 0.7 | 6.0 |
| Less: Short-term foreign debt | $ 0.7 | $ 6.0 |
Debt - Principal Payments on Debt (Detail) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| For the year ended December 31, 2025 | $ 0.7 |
| For the year ended December 31, 2027 | $ 470.0 |
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Benefits [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Net actuarial loss (gain) | $ 137.6 | $ 143.6 |
| Net loss (gain) | 137.6 | 143.6 |
| Other Postretirement Benefits [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Net actuarial loss (gain) | (45.2) | (49.2) |
| Net loss (gain) | $ (45.2) | $ (49.2) |
Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net gain (loss) | $ (2.5) | $ 0.3 | $ (38.6) | |||
| Pension Benefits [Member] | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net actuarial gain | (1.7) | [1] | (1.8) | |||
| Amortization of net actuarial loss (gain) | (4.1) | [1] | (4.3) | |||
| Curtailment charge | 0.2 | [1] | 0.5 | |||
| Net gain (loss) | (5.6) | [1] | (5.6) | |||
| Other Postretirement Benefits [Member] | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net actuarial gain | (3.8) | (3.0) | ||||
| Amortization of net actuarial loss (gain) | 7.3 | 8.3 | ||||
| Curtailment charge | 0.1 | 0.3 | ||||
| Net gain (loss) | $ 3.6 | $ 5.6 | ||||
| ||||||
Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Ryerson Bargaining Unit Plan [Member] | Canadian Plans [Member] | Pension Plan [Member] | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| Settlement gain (loss) | $ (1.8) |
| CSWPP [Member] | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| Settlement gain (loss) | $ 1.8 |
Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Pension Benefits [Member] | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| 2025 | $ 29 |
| 2026 | 27 |
| 2027 | 26 |
| 2028 | 26 |
| 2029 | 26 |
| 2030-2034 | 121 |
| Other Postretirement Benefits [Member] | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| 2025 | 3 |
| 2026 | 3 |
| 2027 | 3 |
| 2028 | 3 |
| 2029 | 2 |
| 2030-2034 | $ 13 |
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Stock-based compensation expense, pre-tax | $ 11.6 | $ 13.8 | $ 9.1 |
| Tax benefit recognized in earnings | $ (1.8) | $ (3.1) | $ (2.4) |
Stock-Based Compensation - Schedule of Fair Value Option Award Weighted Average Assumptions Used (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Share-Based Payment Arrangement [Abstract] | |
| Risk-free rate | 1.73% |
| Expected volatility | 73.90% |
| Exercise multiple | 2.8 |
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| |
| Share-Based Payment Arrangement [Abstract] | |
| Option Shares Outstanding, Beginning | shares | 120,700 |
| Option Shares, Exercised | shares | (7,000) |
| Option Shares, Terminated | shares | (3,000) |
| Option Shares Outstanding, Ending | shares | 110,700 |
| Option Shares, Vested and Exercisable at December 31, 2022 | shares | 64,700 |
| Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 16.5 |
| Weighted Average Exercise Price, Exercised | $ / shares | 16.5 |
| Weighted Average Exercise Price, Terminated | $ / shares | 16.5 |
| Weighted Average Exercise Price Ending, Ending Balance | $ / shares | 16.5 |
| Weighted Average Exercise Price, Vested and Exercisable at December 31, 2022 | $ / shares | $ 16.5 |
| Weighted Average Remaining Contractual Term (in years),Outstanding at December 31, 2022 | 6 years 2 months 1 day |
| Weighted Average Remaining Contractual Term (in years), Vested and Exercisable at December 31, 2022 | 6 years 1 month 9 days |
| Aggregate Intrinsic Value Outstanding, Ending Balance | $ | $ 0.2 |
| Aggregate Intrinsic Value, Vested and Exercisable at December 31, 2022 | $ | $ 0.1 |
Stock-Based Compensation - Summary of The Activity for Unvested Restricted Stock Units and Performance Stock Unit (Details) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| ||||
| Restricted Stock Units (RSUs) [Member] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
| Shares Unvested, Beginning Balance | shares | 394 | |||
| Shares,Granted | shares | 223 | [1] | ||
| Shares,Vested | shares | (191) | |||
| Shares,Forfeited | shares | (23) | |||
| Shares Unvested, Ending Balance | shares | 403 | |||
| Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares | $ 33.15 | |||
| Weighted Average Grant Date Fair Value | $ / shares | 32.11 | [1] | ||
| Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares | 30.17 | |||
| Weighted Average Grant Date Fair Value Per Unit,Forfeited | $ / shares | 35.07 | |||
| Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares | $ 33.37 | |||
| Aggregate Fair Value,Unvested at December 31, 2023 | $ | $ 7.5 | |||
| Performance Stock Units [Member] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
| Shares Unvested, Beginning Balance | shares | 810 | |||
| Shares,Granted | shares | 297 | |||
| Shares,Vested | shares | (245) | |||
| Shares,Forfeited | shares | (37) | |||
| Shares Unvested, Ending Balance | shares | 825 | |||
| Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares | $ 30.06 | |||
| Weighted Average Grant Date Fair Value | $ / shares | 32.42 | |||
| Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares | 17.04 | |||
| Weighted Average Grant Date Fair Value Per Unit,Forfeited | $ / shares | 35.11 | |||
| Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares | $ 33.65 | |||
| Aggregate Fair Value,Unvested at December 31, 2023 | $ | $ 15.3 | |||
| ||||
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
Project
| |
| Loss Contingencies [Line Items] | |
| Purchase obligations | $ 15 |
| Purchases under contractual obligations | $ 3 |
| Percentage of total labor force covered by collective bargaining agreements | 9.00% |
| Percentage of total labor force covered by collective bargaining agreements in current fiscal year | 3.00% |
| Record of decision description | (“ROD”) for the site, which provides for a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery |
| Estimated present value cost for construction and recovery | $ 1,050 |
| Number of project areas identified | Project | 16 |
| Consent negotiation period description | The EPA has set forth its desire for a single overarching consent decree to be negotiated and signed by all settling parties by March of 2027 at the latest. |
Segment Information - Additional Information (Detail) - Segment |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting [Abstract] | |||
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember | ||
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | Net income (loss) is used by the CODM for planning and forecasting in future periods, analyzing the core operating performance of the business, as well as to allocate resources, including for employee compensation and capital investment. | ||
| Number of operating segment | 1 | ||
| Number of reportable segment | 1 | ||
| Percentage one customer to total sales | 8.00% | 8.00% | 8.00% |
| Percentage top ten customers to total sales | 18.00% | 18.00% | 18.00% |
Segment Information - Summary of Segment Revenue, Significant Expenses Regularly Reviewed By CODM, and Other Segment Items (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | $ 4,598.7 | $ 5,108.7 | $ 6,323.6 | ||||||
| Selling, General and Administrative Expense | 801.2 | 793.5 | 735.2 | ||||||
| Interest and other expense on debt | 43.0 | 34.7 | 33.2 | ||||||
| Income (loss) before income taxes | (7.4) | 193.7 | 522.9 | ||||||
| Provision (benefit) for income taxes | (0.1) | 47.3 | 131.4 | ||||||
| Net income (loss) | (7.3) | 146.4 | 391.5 | ||||||
| Less: Net income attributable to noncontrolling interest | 1.3 | 0.7 | 0.5 | ||||||
| Net income (loss) attributable to Ryerson Holding Corporation | (8.6) | 145.7 | 391.0 | ||||||
| Operating Segments [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Net sales | 4,598.7 | 5,108.7 | 6,323.6 | ||||||
| Cost of materials sold, excluding LIFO income | [1] | 3,817.0 | 4,184.8 | 5,071.6 | |||||
| LIFO income | [1] | (52.5) | (97.7) | (58.1) | |||||
| Delivery expense | [1] | 113.0 | 115.4 | 113.0 | |||||
| Compensation and benefits expense | [1] | 354.8 | 367.8 | 364.1 | |||||
| Selling, General and Administrative Expense | [1] | 72.4 | 69.0 | 65.0 | |||||
| Operating expense - fixed | [1] | 71.4 | 81.8 | 73.0 | |||||
| Operating expense - variable | [1] | 60.1 | 61.2 | 57.4 | |||||
| Reorganization expense | [1],[2] | 58.1 | 35.7 | 6.9 | |||||
| Depreciation and amortization expense | [1] | 77.6 | 62.5 | 59.0 | |||||
| Interest and other expense on debt | 43.0 | 34.7 | 33.2 | ||||||
| Other segment items | [3] | (8.8) | (0.2) | 15.6 | |||||
| Income (loss) before income taxes | (7.4) | 193.7 | 522.9 | ||||||
| Provision (benefit) for income taxes | (0.1) | 47.3 | 131.4 | ||||||
| Net income (loss) | (7.3) | 146.4 | 391.5 | ||||||
| Less: Net income attributable to noncontrolling interest | 1.3 | 0.7 | 0.5 | ||||||
| Net income (loss) attributable to Ryerson Holding Corporation | $ (8.6) | $ 145.7 | $ 391.0 | ||||||
| |||||||||
Segment Information - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenues From External Customers And Long Lived Assets [Line Items] | |||
| Net Sales | $ 4,598.7 | $ 5,108.7 | $ 6,323.6 |
| Net Sales | 100.00% | 100.00% | 100.00% |
| Long-Lived Assets | $ 981.3 | $ 939.0 | $ 698.9 |
| Long-Lived Assets | 100.00% | 100.00% | 100.00% |
| UNITED STATES | |||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||
| Net Sales | $ 4,141.1 | $ 4,642.3 | $ 5,765.0 |
| Net Sales | 90.00% | 91.00% | 91.00% |
| Long-Lived Assets | $ 931.1 | $ 890.9 | $ 657.7 |
| Long-Lived Assets | 95.00% | 95.00% | 94.00% |
| Foreign Countries [Member] | |||
| Revenues From External Customers And Long Lived Assets [Line Items] | |||
| Net Sales | $ 457.6 | $ 466.4 | $ 558.6 |
| Net Sales | 10.00% | 9.00% | 9.00% |
| Long-Lived Assets | $ 50.2 | $ 48.1 | $ 41.2 |
| Long-Lived Assets | 5.00% | 5.00% | 6.00% |
Derivatives - Additional Information (Detail) - USD ($) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Aug. 31, 2022 |
Dec. 31, 2020 |
Nov. 30, 2019 |
Jun. 30, 2019 |
|
| Derivatives Fair Value [Line Items] | ||||||
| Derivative asset, subject to master netting arrangement, after offset | $ 0 | $ 7,900,000 | ||||
| Minimum [Member] | ||||||
| Derivatives Fair Value [Line Items] | ||||||
| General term for commodity and exchange contracts | 1 month | |||||
| Maximum [Member] | ||||||
| Derivatives Fair Value [Line Items] | ||||||
| General term for commodity and exchange contracts | 12 months | |||||
| 2028 Notes [Member] | ||||||
| Derivatives Fair Value [Line Items] | ||||||
| Value of embedded derivative | $ 0 | |||||
| Interest Rate Swaps [Member] | ||||||
| Derivatives Fair Value [Line Items] | ||||||
| Derivative notional amount | $ 0 | $ 0 | $ 60,000,000 | |||
| Derivative fixed interest rate | 1.729% | |||||
| Second Interest Rate Swaps [Member] | ||||||
| Derivatives Fair Value [Line Items] | ||||||
| Derivative notional amount | $ 100,000,000 | |||||
| Derivative fixed interest rate | 1.539% | |||||
| Value of derivatives terminated | $ 100,000,000 |
Derivatives - Location and Fair Value Amount of Derivative Instruments (Detail) - Level 2 [Member] - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivatives Fair Value [Line Items] | ||
| Asset Derivatives, Fair Value | $ 2.0 | $ 12.7 |
| Liability Derivatives, Fair Value | 2.0 | 4.8 |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Asset Derivatives, Fair Value | $ 1.8 | $ 12.7 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Liability Derivatives, Fair Value | $ 2.0 | $ 4.8 |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Energy Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Asset Derivatives, Fair Value | $ 0.1 | |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Exchange Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Asset Derivatives, Fair Value | $ 0.1 | |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current |
Derivatives - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
T
gal
|
Dec. 31, 2023
USD ($)
T
|
|
| Hot Roll Coil Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | 31,658 | 64,819 |
| Aluminum Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | 15,711 | 20,319 |
| Nickel Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | 298 | 1,375 |
| Copper Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | 1,319 | |
| Natural Gas Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | gal | 283,000 | |
| Diesel Fuel Swap Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Notional Amount | gal | 1,176,000 | |
| Foreign Exchange Contracts [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Derivative notional amount | $ | $ 1.6 | $ 1.6 |
Derivatives - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (7.8) | $ 11.3 | $ 17.9 |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | 7.1 | 10.7 | (4.7) |
| Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income | (1.9) | ||
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 6.9 | $ 10.7 | $ (6.5) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.1 | ||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) | ||
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Energy Contracts [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.1 | $ 1.2 | |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (0.2) | ||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) | ||
| Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | |||
| Derivative Instruments Gain Loss [Line Items] | |||
| Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.8 | ||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Debt Expense | ||
| Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Debt Expense | ||
| Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income | $ (1.9) | ||
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (140.0) | |
| Accumulated other comprehensive income (loss) net of tax, ending balance | (153.8) | $ (140.0) |
| Foreign Currency Translation [Member] | ||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Accumulated other comprehensive income (loss) net of tax, beginning balance | (52.2) | (56.9) |
| Other comprehensive income (loss) before reclassifications | (15.3) | 4.7 |
| Net current-period other comprehensive income (loss) | (15.3) | 4.7 |
| Accumulated other comprehensive income (loss) net of tax, ending balance | (67.5) | (52.2) |
| Benefit Plan Liabilities [Member] | ||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Accumulated other comprehensive income (loss) net of tax, beginning balance | (87.8) | (87.5) |
| Other comprehensive income (loss) before reclassifications | 4.2 | 3.2 |
| Amounts reclassified from accumulated other comprehensive loss | (2.7) | (3.5) |
| Net current-period other comprehensive income (loss) | 1.5 | (0.3) |
| Accumulated other comprehensive income (loss) net of tax, ending balance | $ (86.3) | $ (87.8) |
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Gain [Member] | ||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
| Reclassifications out of AOCI | $ (3.0) | $ (3.9) |
| Accumulated Defined Benefit Plans Adjustment Net Curtailment Including Portion Attributable to Noncontrolling Interest [Member] | ||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
| Reclassifications out of AOCI | (0.3) | (0.8) |
| Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
| Reclassifications out of AOCI | (3.3) | (4.7) |
| Tax provision | 0.6 | 1.2 |
| Net of tax | $ (2.7) | $ (3.5) |
Revenue Recognition - Additional Information (Detail) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
Segment
|
Dec. 31, 2023
USD ($)
|
|
| Disaggregation of Revenue [Line Items] | ||
| Net contract liability related to accrued shipping and handling costs | $ 0.2 | $ 0.1 |
| Number of operating segments | Segment | 1 | |
| Number of reportable segments | Segment | 1 | |
| Payment terms on invoiced amounts | 30 days | |
| Accounts receivables from contracts with customers | $ 428.1 | 469.4 |
| Contract assets | 19.8 | 18.8 |
| Contract liabilities | 17.6 | $ 16.1 |
| Contract liability satisfied amount | $ 2.6 |
Revenue Recognition - Additional Information 1 (Detail) |
Dec. 31, 2024 |
|---|---|
| Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
| Disaggregation of Revenue [Line Items] | |
| Performance obligations on contracts have expected duration | 1 year |
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Product Line | |||
| Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% |
| Carbon Steel Flat [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 30.00% | 26.00% | 30.00% |
| Carbon Steel Plate [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 10.00% | 11.00% | 10.00% |
| Carbon Steel Long [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 12.00% | 14.00% | 13.00% |
| Stainless Steel Flat [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 15.00% | 15.00% | 17.00% |
| Stainless Steel Plate [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 5.00% | 5.00% | 4.00% |
| Stainless Steel Long [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 4.00% | 5.00% | 5.00% |
| Aluminum Flat [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 16.00% | 15.00% | 13.00% |
| Aluminum Plate [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 3.00% | 3.00% | 2.00% |
| Aluminum Long [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% |
| Other [Member] | |||
| Product Line | |||
| Percentage of sales by major product lines | 1.00% | 2.00% | 2.00% |
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation Of Revenue [Line Items] | |||
| Total | 100.00% | 100.00% | 100.00% |
| Revenue Recognized Point In Time | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue on products with an alternative use | 86.00% | 87.00% | 89.00% |
| Revenue Recognized Over Time | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue on products with no alternative use | 14.00% | 13.00% | 11.00% |
Provision for Credit Losses - Schedule of Reconciliation of Provision for Credit Losses (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Credit Loss [Abstract] | ||
| Beginning Balance | $ 1.7 | $ 3.2 |
| Current period provision | 3.2 | 1.2 |
| Write-offs charged against allowance | (3.3) | (2.8) |
| Recoveries against allowance | 0.7 | 0.3 |
| Translation | 0.2 | (0.2) |
| Ending Balance | $ 2.5 | $ 1.7 |
Income Taxes - Elements of Provision for Income Taxes (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income (loss) before income tax: | |||
| U.S. | $ (18.8) | $ 172.0 | $ 476.5 |
| Foreign | 11.4 | 21.7 | 46.4 |
| Income (loss) before income taxes | (7.4) | 193.7 | 522.9 |
| Current income tax provision: | |||
| Federal | 3.4 | 19.8 | 94.0 |
| Foreign | 4.5 | 3.9 | 12.0 |
| State | 1.8 | 6.8 | 18.0 |
| Current income taxes | 9.7 | 30.5 | 124.0 |
| Deferred income tax provision (benefit) | (9.8) | 16.8 | 7.4 |
| Total income tax provision (benefit) | $ (0.1) | $ 47.3 | $ 131.4 |
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal income tax expense (benefit) computed at U.S. federal statutory tax rate of 21% | $ (1.6) | $ 40.7 | $ 109.8 |
| Additional taxes or credits from: | |||
| State and local income taxes, net of federal income tax effect | (0.9) | 4.7 | 17.3 |
| Non-deductible expenses and non-taxable income | 2.1 | 3.0 | 1.3 |
| Foreign rate differences | 0.6 | 1.2 | 2.4 |
| Changes in uncertain tax positions | (0.3) | 1.1 | (0.1) |
| Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI | 1.9 | ||
| U.S. federal tax credits | (0.4) | (1.7) | |
| All other, net | 0.4 | (1.7) | (1.2) |
| Total income tax provision (benefit) | $ (0.1) | $ 47.3 | $ 131.4 |
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Parenthetical) (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Statutory tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Information (Detail) - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Aug. 16, 2022 |
Dec. 31, 2021 |
|
| Income Tax [Line Items] | |||||
| Provision (benefit) for income taxes | $ (100,000) | $ 47,300,000 | $ 131,400,000 | ||
| Federal net operating loss carryforwards | 7,000,000 | ||||
| State net operating loss carry-forwards | 10,500,000 | ||||
| Foreign net operating loss carry-forwards | 500,000 | ||||
| Undistributed foreign earnings | 121,000,000 | ||||
| Accrued interest related to uncertain tax positions | 1,100,000 | 1,000,000 | |||
| Unrecognized tax benefits balance | $ 2,500,000 | 2,700,000 | $ 1,600,000 | $ 1,700,000 | |
| Pillar two minimum tax rate | 15.00% | ||||
| Excise tax payable on stock repurchase | $ 400,000 | 1,000,000 | |||
| Unrecognized tax benefits that would affect effective tax rate if recognized | 1,400,000 | $ 1,700,000 | |||
| Inflation Reduction Act [Member] | |||||
| Income Tax [Line Items] | |||||
| Percentage of excise tax on share repurchases | 1.00% | ||||
| Minimum [Member] | Inflation Reduction Act [Member] | |||||
| Income Tax [Line Items] | |||||
| Percentage of corporate alternative minimum tax on corporation | 15.00% | ||||
| 3 year ending 2022 period adjustment financial statement income | $ 1,000,000,000 | ||||
| GILTI [Member] | |||||
| Income Tax [Line Items] | |||||
| Provision (benefit) for income taxes | $ 0 | ||||
| State and Local Jurisdiction [Member] | Minimum [Member] | |||||
| Income Tax [Line Items] | |||||
| Net operating loss carry-forwards expiration period | 1 year | ||||
| State and Local Jurisdiction [Member] | Maximum [Member] | |||||
| Income Tax [Line Items] | |||||
| Net operating loss carry-forwards expiration period | 20 years | ||||
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Post-retirement benefits other than pensions | $ 8.0 | $ 9.0 |
| State, local, and foreign net operating loss carryforwards | 11.0 | 7.0 |
| Federal net operating loss carryforwards | 7.0 | |
| Interest limitation carryforward | 11.0 | |
| Pension liability | 13.0 | 17.0 |
| Operating lease liability | 93.0 | 93.0 |
| Other deductible temporary differences | 19.0 | 22.0 |
| Less: valuation allowances | (4.0) | (4.0) |
| Deferred tax assets, net | 158.0 | 144.0 |
| Deferred tax liabilities: | ||
| Fixed asset basis difference | 91.0 | 86.0 |
| Inventory basis difference | 101.0 | 99.0 |
| Operating lease asset | 87.0 | 88.0 |
| Other intangibles | 8.0 | 7.0 |
| Deferred tax liabilities | 287.0 | 280.0 |
| Net deferred tax liability | $ (129.0) | $ (136.0) |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Unrecognized tax benefits beginning balance | $ 2.7 | $ 1.6 | $ 1.7 |
| Gross increases – tax positions in current periods | 0.9 | 1.3 | |
| Settlements and closing of statute of limitations | (1.1) | (0.2) | (0.1) |
| Unrecognized tax benefits ending balance | $ 2.5 | $ 2.7 | $ 1.6 |
Earnings Per Share - Additional Information (Detail) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Weighted average number of shares excluded from computation of earnings per share | 103,468 | 0 | 98,548 |
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator: | |||
| Net income (loss) attributable to Ryerson Holding Corporation | $ (8.6) | $ 145.7 | $ 391.0 |
| Denominator: | |||
| Weighted average shares outstanding | 33,189 | 34,961 | 37,555 |
| Dilutive effect of stock-based awards | 606 | 727 | |
| Weighted average shares outstanding adjusted for dilutive securities | 33,189 | 35,567 | 38,282 |
| Earnings (loss) per share | |||
| Earnings (loss) per share, Basic | $ (0.26) | $ 4.17 | $ 10.41 |
| Earnings (loss) per share, Diluted | $ (0.26) | $ 4.1 | $ 10.21 |
Subsequent Events - Additional Information (Detail) - $ / shares |
12 Months Ended | |||
|---|---|---|---|---|
Feb. 20, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Subsequent Event [Line Items] | ||||
| Quarterly Cash Dividends Per Share Declared | $ 0.75 | $ 0.7175 | $ 0.535 | |
| Subsequent Event [Member] | Dividends Declared [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Quarterly Cash Dividends Per Share Declared | $ 0.1875 | |||
| Dividends Payable, Date declared | Feb. 20, 2025 | |||
| Dividend Payable, Date to be paid | Mar. 20, 2025 | |||
| Dividends Payable, Date of Record | Mar. 06, 2025 | |||
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
| Deductions from Reserves | $ (3) | $ (3) | $ (1) | ||||
| Allowance for Doubtful Accounts [Member] | |||||||
| Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
| Balance at Beginning of Period | 2 | 3 | 2 | ||||
| Additions Charged (Credited) to Income | 3 | 1 | 2 | ||||
| Deductions from Reserves | [1] | (2) | (3) | (1) | |||
| Balance at End of Period | 3 | 2 | 3 | ||||
| Valuation Allowance Deferred Tax Assets [Member] | |||||||
| Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
| Balance at Beginning of Period | 4 | 5 | 5 | ||||
| Deductions from Reserves | [2] | (1) | |||||
| Balance at End of Period | $ 4 | $ 4 | $ 5 | ||||
| |||||||
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Bad debts written off | $ 3 | $ 3 | $ 1 |