Ryerson and Olympic Steel announce definitive merger agreement

Ryerson Holding (RYI) and Olympic Steel (ZEUS) announced that they have entered into a definitive agreement to merge. The merger will enhance the combined company’s presence as the second-largest North American metals service center and represents a highly compatible strategic match as it will bring Olympic Steel’s complementary footprint, capabilities, and product offerings into Ryerson’s intelligently interconnected network of value-added service centers. The transaction is expected to generate approximately $120M in annual synergies by the end of year two via procurement scale, efficiency gains, commercial enhancement, and network optimization. Under the terms of the merger agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares of common stock for every Olympic Steel share of common stock owned and will own approximately 37% of the combined company. The merger is expected to be immediately accretive to shareholders of the combined entity and is expected to result in a reduced pro-forma leverage ratio of less than three times, assuming partial credit for synergies. The deal is expected to close in the Q1 of 2026, subject to the satisfaction or waiver of customary closing conditions and the receipt of regulatory and shareholder approvals. Michael D. Siegal, Executive Chairman of Olympic Steel’s Board of Directors, will be appointed chairman of the Board of Directors of the combined company, and Olympic Steel will also appoint three other mutually satisfactory directors to the combined 11-member Board. Eddie Lehner, President and CEO of Ryerson, will serve as CEO of the combined company, with Richard T. Marabito, CEO of Olympic Steel, serving as President and COO.