Ryerson Acquires Production Metals

Rhea-AI Summary

Ryerson Holding (NYSE: RYI), a leading industrial metals processor and distributor, has acquired Production Metals, , a Connecticut-based distributor of aluminum, stainless, and specialty steels. This acquisition aims to strengthen Ryerson's value-added offerings in the Northeastern United States and across its network of service centers.

Production Metals serves the aerospace, defense, and semiconductor markets, offering bar, tube, sheet, and plate products along with precision sawing, lasering, and water jet cutting services. The company's reputation for service aligns with Ryerson's commitment to customer experience, while its precision cutting capabilities enhance Ryerson's value-added business.

Positive

• Expansion of Ryerson's value-added offerings in aluminum, stainless, and specialty steels
• Enhanced presence in the Northeastern United States market
• Acquisition of precision cutting capabilities (sawing, lasering, water jet cutting)
• Access to aerospace, defense, and semiconductor end markets
• Addition of Production Metals' globally sourced network of mills and suppliers

Negative

• None.

CHICAGO, Aug. 2, 2024 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, announced today its acquisition of Production Metals, LLC ("Production Metals"), a distributor of aluminum, stainless, and specialty steels. Based in Monroe, Connecticut, Production Metals serves New England and the surrounding area with bar, tube, sheet, and plate products along with precision sawing, lasering, and water jet cutting.

"On behalf of all Ryerson Stakeholders, we could not be more excited in welcoming Production Metals to the Ryerson Family of Companies, as we have here the opportunity to bolster our value-added aluminum, stainless, and specialty steel offerings in the Northeastern United States and throughout the entire Ryerson network of service centers," said Eddie Lehner, Ryerson's President and Chief Executive Officer. "In addition to serving the aerospace, defense, and semiconductor end markets, Production Metals has a reputation for service that aligns with Ryerson's commitment to providing great customer experiences, and their precision cutting capabilities add to our value-added business. Craig and his team at Production Metals have proven over the past five-plus years that creative entrepreneurship is alive and thriving in our industry, and we look forward to seeing that vision through to its fullest potential."

Craig Yarde, Chief Executive Officer of Production Metals, stated, "Our globally sourced network of mills and suppliers enables Production Metals to provide cost savings and quick, seamless delivery to customers. As we join the Ryerson Family of Companies, we are pleased to bring with us our expertise in aluminum, stainless, and specialty steel products."

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 4,400 employees in over 110 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; 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 influence of a single investor group over our policies and procedures; 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 most recent our annual report on Form 10-K 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ryerson-acquires-production-metals-302213715.html

SOURCE Ryerson Holding Corporation

FAQ

What company did Ryerson Holding (RYI) acquire?

Ryerson Holding (NYSE: RYI) acquired Production Metals, , a distributor of aluminum, stainless, and specialty steels based in Monroe, Connecticut.

What markets does Production Metals serve?

Production Metals serves the aerospace, defense, and semiconductor end markets in New England and the surrounding area.

What products and services does Production Metals offer?

Production Metals offers bar, tube, sheet, and plate products in aluminum, stainless, and specialty steels, along with precision sawing, lasering, and water jet cutting services.

How will this acquisition benefit Ryerson Holding (RYI)?

The acquisition will strengthen Ryerson's value-added offerings in aluminum, stainless, and specialty steels in the Northeastern United States and throughout its network of service centers. It will also enhance Ryerson's precision cutting capabilities and expand its presence in key end markets.