Merger of Ryerson and Olympic Steel Creates Stronger Metals Service Center

Ryerson and Olympic Steel: A Merger That Transforms the North American Metals Landscape

On October 28, 2025, Ryerson Holding Corporation (NYSE: RYI), a prominent steel processor and distributor, announced a strategic merger with Olympic Steel, Inc. (NASDAQ: ZEUS), a leading U.S. metals service center. This significant agreement aims to create the second-largest metals service center in North America, leveraging both organizations' strengths to better serve customers and enhance their market presence.

Enhancing Market Presence

The merger between Ryerson and Olympic Steel reflects a well-aligned strategic match that combines Olympic's footprint and capabilities with Ryerson's extensive network of value-added service centers. This partnership is projected to yield approximately $120 million in annual synergies by the end of year two, driven by increased procurement scale, operational efficiencies, commercial enhancements, and optimized networks. Such financial benefits suggest a promising future for the collaborators, whose combined resources are expected to deliver greater value to stakeholders across the board.

Details of the Agreement

Under the terms of the merger agreement, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel they own. This arrangement allocates approximately 37% ownership of the new entity to Olympic Steel shareholders, while ensuring that the deal is accretive to existing Ryerson shareholders. The transaction is anticipated to close in the first quarter of 2026, pending standard closing conditions and necessary regulatory and shareholder approvals.

In the new structure, Michael D. Siegal, Executive Chairman of Olympic Steel's Board, is set to lead the merged company's Board, while Eddie Lehner, Ryerson's President and CEO, will take the reins as the chief executive of the newly formed organization. Richard T. Marabito, current CEO of Olympic Steel, will serve as President and Chief Operating Officer, solidifying a strong leadership team dedicated to integrating both companies.