Ryerson Acquires Ford Tool Steel
Ryerson Holding Corporation (NYSE: RYI) announced its acquisition of Ford Tool Steels (FTS), a veteran tool steel processor based in St. Louis, Missouri, on June 1, 2022. FTS, with over 75 years in business, specializes in tool steel and alloys, along with related machining services. This acquisition aims to create synergies with Ryerson's existing operations, particularly with Southern Tool Steel, enhancing their tool steel offerings. Both companies emphasize a commitment to quality and customer service, supporting Ryerson's growth within the industry.
- Strategic acquisition expected to create synergies with existing operations.
- Enhances Ryerson's tool steel franchise and service offerings.
- None.
CHICAGO, June 1, 2022 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, announced today its acquisition of Ford Tool Steels ("FTS"), a tool steel processor based out of St. Louis, Missouri.
FTS has been in business for over 75 years, serving customers across the Midwest United States with tool steel and alloys, as well as cut-to-length sawing, plate sawing, and grinding and milling services. FTS's sawing and machining capabilities are aligned with those of Southern Tool Steel, a member of the Ryerson Family of Companies acquired in 2015. This strategic acquisition presents an opportunity to recognize synergies between the two brands as Ryerson expands its tool steel franchise.
"The FTS commitment to quality and service is well aligned with Ryerson's focus on providing excellent customer experiences," said South Region President Eric McGill. "We welcome FTS to the Ryerson Family of Companies and look forward to continued growth as we work to better serve tool steel customers across our business."
"Ford Tool Steel is excited to align with a 180-year-old leader in metals distribution," said Susan Gasser, owner of Ford Tool Steel. "Joining the Ryerson Family of Companies will help us continue to bring value for our customers for years to come."
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.
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
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