Ryerson Acquires Apogee Steel

Rhea-AI Summary

On March 2, 2022, Ryerson Holding Corporation (NYSE: RYI) announced its acquisition of substantially all assets of Apogee Steel Fabrication, a seasoned sheet metal fabricator based in Mississauga, Ontario. Apogee, with over 30 years of experience, offers comprehensive fabrication services including sheering, punching, and laser cutting. This acquisition is expected to enhance Ryerson's capabilities in Canada and expand its value-added service centers. Both companies express excitement about the synergy and growth opportunities this merger will bring.

Positive

• Acquisition of Apogee Steel expands Ryerson's processing capabilities in Canada.
• Synergies expected from Apogee's experience and customer base in sheet metal fabrication.

Negative

• None.

CHICAGO, March 2, 2022 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI) ("Ryerson"), a leading value-added processor and distributor of industrial metals, announced today its acquisition of substantially all of the assets of Apogee Steel Fabrication Incorporated ("Apogee"), a sheet metal fabricator based in Mississauga, Ontario, Canada.

Apogee has been serving customers in Canada and the U.S. for over 30 years. They are a full-line fabrication company providing sheering, punching, forming, and laser cut processing in addition to welding and hardware assembly services. Operating a robust quality assurance program, Apogee provides complex fabrication assemblies in stainless steel, aluminum, and carbon sheet.

"Apogee's commitment to total excellence and a great customer experience have allowed them to meet the growing demand of diverse end markets. We see Apogee strengthening Ryerson's network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business," said Mike Burbach, Chief Operating Officer of Ryerson. "We are excited to welcome Apogee to the Ryerson Family of Companies."

"We are excited to further grow our business and expand our customer offerings by joining the Ryerson Family of Companies," said Bob MacPherson, President of Apogee Steel Fabrication.  "Ryerson's 'Say yes and figure it out' culture and commitment to creating excellent customer experiences are a perfect fit for our team at Apogee." 

About Ryerson

Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,000 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.

Safe Harbor Provision
Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2021, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.

 

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SOURCE Ryerson Holding Corporation

FAQ

What is the purpose of Ryerson's acquisition of Apogee Steel?

The acquisition aims to enhance Ryerson's processing capabilities and expand its value-added service centers in Canada.

What services does Apogee Steel provide?

Apogee Steel offers a range of services including sheering, punching, forming, laser cutting, welding, and hardware assembly.

How will the acquisition impact Ryerson's business in Canada?

The acquisition is expected to strengthen Ryerson's network and capabilities in Canada, potentially leading to increased customer offerings and market share.

When was the acquisition of Apogee Steel announced?

The acquisition was announced on March 2, 2022.

What are some key benefits Ryerson expects from acquiring Apogee Steel?

Ryerson expects to gain enhanced processing capabilities, synergies from Apogee's operations, and an expanded customer base.