Ryerson Holding Corporation Announces Pricing of Secondary Offering of 2,486,580 Shares of Common Stock by its Principal Shareholder

Rhea-AI Summary

On February 24, 2023, Ryerson Holding Corporation (NYSE: RYI) announced the pricing of a secondary public offering of 2,486,580 shares of its common stock by a principal shareholder, an affiliate of Platinum Equity LLC. The Company will not receive proceeds from this offering, which is expected to close around February 28, 2023. Additionally, Ryerson plans to repurchase 1,513,420 shares from the Selling Stockholder under a separate agreement, funded by cash on hand. J.P. Morgan will act as the sole underwriter for the offering. The offering documents are available via the SEC's EDGAR database.

Positive

• Ryerson is executing a share repurchase agreement to buy back 1,513,420 shares, reflecting confidence in its stock.
• The offering allows shareholders to liquidate holdings, potentially increasing liquidity.

Negative

• The Company will not receive any proceeds from the offering, limiting its financial flexibility.

CHICAGO, Feb. 24, 2023 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI) (the "Company" or "Ryerson") announced today the pricing of the previously announced secondary public offering of 2,486,580 shares of the Company's common stock (the "Offering") pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the "SEC") by its principal shareholder, an affiliate of Platinum Equity LLC (the "Selling Stockholder"). The Selling Stockholder will receive all of the net proceeds from the Offering. The Company is not offering any shares of its common stock in the Offering and will not receive any of the proceeds from the sale of the shares offered by the Selling Stockholder.

The underwriter may offer the shares of common stock purchased from the Selling Stockholder from time to time for sale in one or more transaction to purchasers, directly or through agents, or through brokers in brokerage transactions, on the New York Stock Exchange, in the over-the-counter market, or through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices or at negotiated prices. Subject to customary closing conditions, the Offering is expected to settle and close on or about February 28, 2023.

The Company's previously announced share repurchase agreement with the Selling Stockholder (the "Share Repurchase Agreement") is also expected to settle and close on or about February 28, 2023. Under the Share Repurchase Agreement, the Company will separately repurchase 1,513,420 shares of the Company's common stock directly from the Selling Stockholder (the "Share Repurchase"). The Company expects to fund the Share Repurchase with cash on hand. Although the Share Repurchase is conditioned upon, among other things, the closing of the Offering, the closing of the Offering is not conditioned upon the closing of the Share Repurchase.

J.P. Morgan is acting as the sole underwriter for the Offering.

A shelf registration statement on Form S-3 (including a prospectus) relating to these securities has been filed with and declared effective by the SEC. The Offering is being made solely by means of a prospectus supplement and the accompanying prospectus. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus relating to the Offering may also be obtained by contacting: J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone: 1-866-803-9204, or by emailing: prospectus-eg_fi@jpmchase.com.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 4,200 employees in approximately 100 locations.

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; 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 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 Ryerson Holding Corporation's secondary offering pricing date?

Ryerson announced the pricing of its secondary offering on February 24, 2023.

How many shares are being offered in the secondary offering by Ryerson?

A total of 2,486,580 shares of common stock are being offered.

Who is the principal shareholder involved in Ryerson's secondary offering?

The principal shareholder involved is an affiliate of Platinum Equity LLC.

When is the expected closing date for Ryerson's secondary offering?

The secondary offering is expected to close on or about February 28, 2023.

Will Ryerson benefit financially from the secondary offering?

No, Ryerson will not receive any proceeds from the secondary offering.