Pay vs Performance Disclosure, Table

As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last five completed calendar years. In determining the “compensation actually paid” to our named executive officers, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2021, 2022, 2023, 2024, and 2025 calendar years.


								Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for PEO(1) ($)	Compensation Actually Paid to PEO(1)(2)(3) ($)		Average Summary Compensation Table Total for Non-PEO NEOs(4) ($)		Average Compensation Actually Paid to Non-PEO NEOs(2)(3)(4) ($)		Company Total Shareholder Return ($)	Peer Group Total Shareholder Return(5) ($)	Net Income(6) ($ in millions)		Adj. EBITDA excl. LIFO(7) ($ in millions)
									\


2025	17,857,908		21,297,463		1,147,412		1,574,377	195	239		(55.1)	138.5

2024	4,963,050		394,388		1,773,690		241,286	172	220		(7.3)	114.1


2023	6,476,248		7,874,337		1,763,051		2,275,550	300	222		146.4	231.1


2022	8,898,112		10,124,161		1,999,669		2,480,774	257	164		391.5	582.0


2021	5,319,454		8,913,561		1,405,832		2,029,082	218	142		295.4	860.6

Company Selected Measure Name

Adj. EBITDA, excl. LIFO

Named Executive Officers, Footnote

(1)

Edward J. Lehner (President & CEO) served as the principal executive officer ("PEO") for the full year of each year shown.

Peer Group Issuers, Footnote

(5)

The peer group is the metals service center peer group (the “Peer Group”), which were the peer group shown in the performance graph in Item 5 of the Company’s most recent Annual Report filed on Form 10-K. The peer group is unchanged from 2024. While there is no nationally-recognized industry index consisting of metals service center companies, Ryerson considers its Peer Group to consist of Reliance Steel & Aluminum Co., Olympic Steel Inc. and Worthington Industries, Inc., each of which has securities listed for trading on the NASDAQ; and Russel Metals Inc., which has securities listed for trading on the Toronto Stock Exchange and Klöckner & Co SE., which has securities listed for trading on the XETRA Frankfurt Stock Exchange; and until its acquisition by Ryerson on February 13, 2026, Olympic Steel Inc., which had securities listed for trading on the NASDAQ.

PEO Total Compensation Amount

^[1]

$ 17,857,908

$ 4,963,050

$ 6,476,248

$ 8,898,112

$ 5,319,454

^[2]

PEO Actually Paid Compensation Amount

^[1],[3],[4]

$ 21,297,463

394,388

7,874,337

10,124,161

8,913,561

^[2]

Adjustment To PEO Compensation, Footnote

(2)

Compensation Actually Paid (CAP) is an amount calculated using a formula prescribed by the SEC based on total compensation as disclosed in the “Summary Compensation Table (SCT)”, with specified adjustments for pensions and stock-based compensation. To calculate CAP, the following amounts were deducted from and added to SCT total compensation:


PEO SCT Total to CAP Reconciliation:


Year	Salary	Bonus and Non- Equity Incentive Compensation	Other Compensation(ii)	SCT Total	Deductions from SCT Total (iii)(vi)	Additions to SCT Total (i)(iv)(vi)	CAP


2025	$1,200,000	$451,500	$78,808	$17,857,908	($16,127,600)	$19,567,155	$21,297,463


2024	$1,200,000	$0	$78,050	$4,963,050	($3,685,000)	($883,662)	$394,388


2023	$1,150,000	$1,250,480	$73,968	$6,476,248	($4,001,800)	$5,399,889	$7,874,337


2022	$1,037,500	$3,950,000	$58,412	$8,898,112	($3,852,200)	$5,078,249	$10,124,161


2021(v)	$937,500	$2,437,500	$19,504	$5,319,454(v)	($1,924,950)	$5,519,057	$8,913,561


Adjustments to Determine Compensation "Actually Paid" for CEO	2025	2024	2023	2022	2021





Deduction for Amounts Reported under the "Stock Awards" Column in the SCT	$(16,127,600)	$(3,685,000)	$(4,001,800)	$(3,852,200)	$(1,789,200)


Deduction for Amounts Reported under the "Option Awards" Column in the SCT	—	—	—	—	$(135,750)


Increase for Fair Value of Awards Granted During Year that Remain Unvested as of Year-End	$17,863,600	$2,036,100	$3,814,800	$3,328,600	$2,946,552


Increase for Fair Value of Awards Granted During Year that Vest During Year	—	—	—	—	—


Increase/Deduction for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End	$1,212,005	$(2,838,927)	$896,798	$784,149	$2,213,331


Increase/Deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year	$491,550	$(80,836)	$688,291	$965,500	$347,718


Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited During Year	—	—	—	—	—


Increase Based upon Incremental Fair Value of Awards Modified During Year	—	—	—	—	—


Increase Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award	—	—	—	—	$11,456


Total Adjustments	$3,439,555	$(4,568,663)	$1,398,089	$1,226,049	$3,594,107

Non-PEO NEO Average Total Compensation Amount

^[5]

$ 1,147,412

1,773,690

1,763,051

1,999,669

1,405,832

^[2]

Non-PEO NEO Average Compensation Actually Paid Amount

^[3],[4],[5]

$ 1,574,377

241,286

2,275,550

2,480,774

2,029,082

^[2]

Adjustment to Non-PEO NEO Compensation Footnote

(2)


Average Non-PEO NEOs SCT Total to CAP Reconciliation:


Year	Salary(vii)	Bonus and Non- Equity Incentive Compensation(viii)	Other Compensation(ii)	SCT Total	Deductions from SCT Total (iii)	Additions to SCT Total (i)(iv)	CAP



2025	$364,276	$77,354	$102,570	$1,147,412	($596,960)	$1,023,924	$1,574,377

2024	$445,903	$0	$33,709	$1,773,690	($1,294,078)	($238,326)	$241,286

2023	$445,903	$266,526	$36,196	$1,763,051	($1,026,700)	$1,539,199	$2,275,550


2022	$426,625	$611,738	$33,132	$1,999,669	($941,163)	$1,422,268	$2,480,774


2021(v)	$377,170	$514,668	$20,928	$1,405,832	($516,469)	$1,139,720	$2,029,082


Adjustments to Determine Compensation "Actually Paid" for Non-CEO NEOs	2025	2024	2023	2022	2021



Deduction for Change in the Actuarial Present Values Reported Under the "Change in Pension Value and Nonqualified Deferred Compensation Earnings" Column of the SCT	—	—	$(3,512)	—	$(17,539)


Increase for "Service Cost" for Pension Plans	—	—	—	—	—


Increase for "Prior Service Cost" for Pension Plans	—	—	—	—	—


Deduction for Amounts Reported under the "Stock Awards" Column in the SCT	$(596,960)	$(1,294,078)	$(1,023,188)	$(941,163)	$(417,480)


Deduction for Amounts Reported under the "Option Awards" Column in the SCT	—	—	—	—	$(81,450)


Increase for Fair Value of Awards Granted During Year that Remain Unvested as of Year-End	$654,160	$474,319	$975,375	$813,238	$760,318


Increase for Fair Value of Awards Granted During Year that Vest During Year	—	—	—	—	—


Increase/Deduction for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End	$272,989	$(707,387)	$423,422	$443,731	$331,842


Increase/Deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year	$96,776	$(5,257)	$140,402	$165,299	$45,356


Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited During Year	—	—	—	—	—


Increase Based upon Incremental Fair Value of Awards Modified During Year	—	—	—	—	—


Increase Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award	—	—	—	—	$2,204
Total Adjustments	$426,965	$(1,532,404)	$512,499	$481,105	$623,251

Equity Valuation Assumption Difference, Footnote

(3)

The assumptions used in calculating the fair value of unvested stock-based awards and outstanding option awards as of December 31st of each year (or the vest date if earlier) were consistent with those used to calculate the grant date fair value, except that the expected level of achievement of any performance criteria applicable to outstanding PSUs was updated based on then-current projections taking into account actual performance through the December 31st of the applicable year (or the vest

date if earlier) and the stock price was determined for all equity compensation based on the value on December 31st of the applicable year (or the vest date if earlier). The amounts shown do not constitute a promise or commitment by the Company to pay and final outcomes are likely to differ.

Compensation Actually Paid vs. Net Income

Compensation Actually Paid

The following graphs show the relationships between compensation actually paid to our CEO and non-CEO named executive officers versus select measures:

        
(1)Net income is not used by management to evaluate business or executive performance or allocate resources.
(2)Adj. EBITDA, excl. LIFO is used by management to evaluate performance and allocate resources. The Company believes that the presentation of Adj. EBITDA, excl. LIFO, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. For our named executive officers, 50% of their bonus opportunity for 2025 was based on Company (“corporate”) Adj. EBITDA, excl. LIFO and the remaining 50% was based on corporate EVA for 2025. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is included in Appendix A to this proxy statement.

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid

The following graphs show the relationships between compensation actually paid to our CEO and non-CEO named executive officers versus select measures:

        
(1)Net income is not used by management to evaluate business or executive performance or allocate resources.
(2)Adj. EBITDA, excl. LIFO is used by management to evaluate performance and allocate resources. The Company believes that the presentation of Adj. EBITDA, excl. LIFO, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. For our named executive officers, 50% of their bonus opportunity for 2025 was based on Company (“corporate”) Adj. EBITDA, excl. LIFO and the remaining 50% was based on corporate EVA for 2025. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is included in Appendix A to this proxy statement.

Total Shareholder Return Vs Peer Group

Cumulative TSR vs Peer Group TSR

The following table compares the Company's cumulative total stockholder return ("TSR") to the peer group TSR, in each case, measured on a cumulative basis from the market close on December 31, 2021, through and including the end of fiscal year 2025.

Tabular List, Table

The following table lists the most important performance measures that the Committee used to link compensation actually paid to the named executive officers to Company performance for the most recently completed fiscal year.

       Most Important Performance Measures

      

       Cumulative Adjusted EBITDA(1)(2)

      

       Cumulative Managerial Controllable Free Cash Flow(1)

      

       Economic Value Added (EVA)(2)

      

(1)

Cumulative Adjusted EBITDA and Cumulative Managerial Controllable Free Cash Flow are the performance measures used for performance units (PSUs), which represent at least two-thirds of each named executive officers' LTI awards, as discussed in “Long-Term Incentive Plan (“LTIP”)."

(2)

For our named executive officers, 50% of their bonus opportunity for 2025 was based on Company (“corporate”) Adj. EBITDA, excl. LIFO and the remaining 50% was based on corporate EVA for 2025.

Total Shareholder Return Amount

$ 195

172

300

257

218

Peer Group Total Shareholder Return Amount

^[6]

$ 239

$ 220

$ 222

$ 164

$ 142

Company Selected Measure Amount

^[7]

138,500,000

114,100,000

231,100,000

582,000,000

860,600,000

PEO Name

Edward J. Lehner

Additional 402(v) Disclosure

(vi)

In addition to the awards granted during the Company’s regular grant cycle, includes the Lehner Special RSU Grant (600,000 RSUs) granted to Mr. Lehner on March 31, 2025. The grant date fair value of the Lehner Special RSU Grant is included in the “Stock Awards” column reported in the SCT for 2025. CAP reflects the year-end fair value of the Lehner Special RSU Grant and the fair value changes during the period, consistent with Item 402(v). No portion of the Lehner Special RSU Grant vested in 2025.

(vii)

Reflects “Salary” reported in the SCT for each year shown. For 2025, the average reflects actual 2025 salary earned by Mr. Orth through his July 31, 2025.

(viii)

Includes a $50,000 discretionary bonus paid to Ms. Kannan in February 2025, which is reported in the Bonus column of the SCT for 2025 and included in CAP
for 2025.

Net Income

^[8]

$ (55,100,000)

$ (7,300,000)

$ 146,400,000

$ 391,500,000

$ 295,400,000

Closing price per share

$ 22.96

$ 33.5

$ 36.38

$ 35.02

$ 17.04

Measure:: 1

Non-GAAP Measure Description

Name

Cumulative Adjusted EBITDA(1)(2)

(7)

As an additional company-selected performance measure, the Company has included Adj. EBITDA, excl. LIFO, which is used by the Company to evaluate performance and allocate resources. A reconciliation of this non-GAAP financial measure to the most comparable GAAP measure is included in Appendix A to this proxy statement.

Measure:: 2

Name

Cumulative Managerial Controllable Free Cash Flow(1)

Measure:: 3

Name

Economic Value Added (EVA)(2)

Mr. Lehner

Special RSU Grant granted

600,000

Special RSU Grant vested

Ms. Kannan

Discretionary bonus paid

$ 50,000

PEO

Bonus And Non Equity Incentive Compensation

$ 3,439,555

(4,568,663)

1,398,089

1,226,049

3,594,107

Salary

1,200,000

1,150,000

1,037,500

937,500

^[2]

451,500

1,250,480

3,950,000

2,437,500

^[2]

Other Compensation

^[9]

78,808

78,050

73,968

58,412

19,504

^[2]

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

^[10],[11]

(16,127,600)

(3,685,000)

(4,001,800)

(3,852,200)

(1,924,950)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

^{[10],[12],[13]}

19,567,155

(883,662)

5,399,889

5,078,249

5,519,057

^[2]

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

17,863,600

2,036,100

3,814,800

3,328,600

2,946,552

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

1,212,005

(2,838,927)

896,798

784,149

2,213,331

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

491,550

(80,836)

688,291

965,500

347,718

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEO | Increase based upon Incremental Fair Value of Awards Modified During Year [Member]

11,456

PEO | Deduction for Amounts Reported under the Stock Awards [Member]

PEO | Deduction Amounts Reported under Option Awards [Member]

(16,127,600)

(3,685,000)

(4,001,800)

(3,852,200)

(1,789,200)

(135,750)

Non-PEO NEO

Bonus And Non Equity Incentive Compensation

426,965

(1,532,404)

512,499

481,105

623,251

Salary

^[14]

364,276

445,903

426,625

377,170

^[2]

^[15]

77,354

266,526

611,738

514,668

^[2]

Other Compensation

^[9]

102,570

33,709

36,196

33,132

20,928

^[2]

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Non-PEO NEO | Pension Adjustments Service Cost

(3,512)

(17,539)

Non-PEO NEO | Pension Adjustments Prior Service Cost

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

^[11]

(596,960)

(1,294,078)

(1,026,700)

(941,163)

(516,469)

^[2]

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

^[12],[13]

1,023,924

(238,326)

1,539,199

1,422,268

1,139,720

^[2]

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

654,160

474,319

975,375

813,238

760,318

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

272,989

(707,387)

423,422

443,731

331,842

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

96,776

(5,257)

140,402

165,299

45,356

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Non-PEO NEO | Increase based upon Incremental Fair Value of Awards Modified During Year [Member]

2,204

Non-PEO NEO | Deduction for Amounts Reported under the Stock Awards [Member]

Non-PEO NEO | Deduction Amounts Reported under Option Awards [Member]

(596,960)

(1,294,078)

(1,023,188)

(941,163)

(417,480)