Ryerson Acquires Hudson Tool Steel Corporation

Rhea-AI Summary

Ryerson Holding Corporation (NYSE: RYI) acquires Hudson Tool Steel Corporation, a leading supplier of tool steels and high-speed, carbon, and alloy steels. The acquisition aims to expand Ryerson's tool steel business and better serve customers across its network.

CHICAGO, Dec. 4, 2023 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, announced today its acquisition of Hudson Tool Steel Corporation ("Hudson"), a supplier of tool steels and high-speed, carbon, and alloy steels. Hudson is headquartered in Cerritos, California, with additional locations in Loves Park, Illinois and Dover, New Hampshire.

"Hudson's offering of high-quality standard and specialty-grade tool steel builds upon Ryerson's expanding tool steel business," said Mike Burbach, Ryerson's Chief Operating Officer. "Hudson's expertise, together with existing tool steel capabilities within the Ryerson Family of Companies, will enable us to better serve customers across our network."

Rick Resner, Hudson's President, stated, "Since 2002, Hudson Tool Steel has provided customers from coast to coast with tool steel, high speed steel, carbon, and alloy. Always true to our motto, 'We make tool steel easy,' we're excited to continue our strategic growth within the North American tool steel market as part of the Ryerson Family of Companies."

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 4,300 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.

Safe Harbor Provision

Certain statements made in this release 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; the impact of geopolitical events, including Russia's invasion of Ukraine and global trade sanctions; fluctuating metal prices; our 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; the ownership of a significant portion of our equity securities by a single investor group; work stoppages; obligations under certain employee retirement benefit plans; 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, 2022, our quarterly report on Form 10-Q for the quarter ended September 30, 2023 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 latest acquisition announced by Ryerson Holding Corporation (NYSE: RYI)?

Ryerson Holding Corporation (NYSE: RYI) has announced the acquisition of Hudson Tool Steel Corporation, a leading supplier of tool steels and high-speed, carbon, and alloy steels.

Where is Hudson Tool Steel Corporation headquartered and what are its additional locations?

Hudson Tool Steel Corporation is headquartered in Cerritos, California, with additional locations in Loves Park, Illinois and Dover, New Hampshire.

What is the strategic goal of the acquisition for Ryerson Holding Corporation (NYSE: RYI)?

The strategic goal of the acquisition is to expand Ryerson's tool steel business and better serve customers across its network.

Who is the Chief Operating Officer of Ryerson Holding Corporation (NYSE: RYI) and what is his statement regarding the acquisition?

Mike Burbach is the Chief Operating Officer of Ryerson Holding Corporation (NYSE: RYI) and he stated that Hudson's expertise, together with existing tool steel capabilities within the Ryerson Family of Companies, will enable them to better serve customers across their network.

What is the vision of Hudson Tool Steel Corporation's President, Rick Resner, regarding the acquisition?

Rick Resner, Hudson's President, stated that they are excited to continue their strategic growth within the North American tool steel market as part of the Ryerson Family of Companies.