Ryerson Reports First Quarter 2024 Results
Ryerson Holding (NYSE: RYI) reported Q1 2024 results with $1.24 billion in revenue, net loss of $7.6 million, and adjusted EBITDA of $40.2 million. The company started operations at University Park, IL, completed ERP integration at 17 service centers, and announced $40 million in cost reductions. Debt increased to $497 million with net debt of $455 million. Liquidity improved to $684 million. Ryerson's outlook for Q2 2024 includes a 1-3% increase in customer shipments and net sales ranging from $1.25-$1.29 billion.
Ryerson reported an increase in net sales by 11.4% in Q1 2024 compared to Q4 2023.
The company achieved expected revenue and shipment levels in Q1 2024.
Ryerson announced $40 million in expected annualized cost reductions through targeted reductions in force and network cost-outs.
Liquidity improved to $684 million with cash and cash equivalents and availability on revolving credit facilities.
Ryerson reported a net loss of $7.6 million for Q1 2024.
Gross margin contracted by 460 basis points to 17.6% in Q1 2024.
Net leverage ratio increased to 2.5x, above the high end of the target range.
Ryerson's net debt increased to $455 million in Q1 2024.
Insights
Quarterly business highlights include start-up of operations at
Highlights:
- Earned Revenue of
on 497,000 tons shipped and average selling price of$1.24 billion per ton.$2,493 - Net Loss attributable to Ryerson Holding Corporation of
with Adjusted EBITDA1, excluding LIFO of$7.6 million as counter-cyclical industry conditions persisted and transitory operating expenses related to capital expenditures, acquisitions and ERP system conversions occurred through the quarter.$40.2 million - Debt of
and net debt2 of$497 million as of March 31, 2024, compared to$455 million and$436 million , respectively, on December 31, 2023.$382 million - Started operations at
University Park, IL service center and completed Enterprise Resource Planning ("ERP") conversion and integration program that began in 2022 covering 31 service centers, of which 17 service centers were converted from 2023 through the first quarter of 2024. - Announced
in expected annualized cost reductions through targeted reductions in force and network cost-outs as Ryerson begins pivoting from its investment program to integrating, optimizing, and generating expected returns on investments in acquisitions and capital expenditures moving through the balance of 2024 and into 2025. As such Ryerson expects capital expenditures to come in at plan in 2024 of$40 million with expected capital expenditures in 2025 of$110 million .$50 million
$ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||||||||||||
Financial Highlights: | Q1 2024 | Q4 2023 | Q1 2023 | QoQ | YoY | |||||||||||||||
Revenue | $ | 1,239.2 | $ | 1,112.4 | $ | 1,406.1 | 11.4 | % | (11.9) | % | ||||||||||
Tons shipped | 497 | 450 | 519 | 10.4 | % | (4.2) | % | |||||||||||||
Average selling price/ton | $ | 2,493 | $ | 2,472 | $ | 2,709 | 0.8 | % | (8.0) | % | ||||||||||
Gross margin | 17.6 | % | 22.2 | % | 18.8 | % | -460 bps | -120 bps | ||||||||||||
Gross margin, excl. LIFO | 17.6 | % | 16.9 | % | 19.1 | % | 70 bps | -150 bps | ||||||||||||
Warehousing, delivery, selling, general, and administrative expenses | $ | 216.8 | $ | 203.7 | $ | 194.2 | 6.4 | % | 11.6 | % | ||||||||||
As a percentage of revenue | 17.5 | % | 18.3 | % | 13.8 | % | -80 bps | 370 bps | ||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | (7.6) | $ | 25.8 | $ | 47.3 | (129.5) | % | (116.1) | % | ||||||||||
Diluted earnings (loss) per share | $ | (0.22) | $ | 0.74 | $ | 1.27 | $ | (0.96) | $ | (1.49) | ||||||||||
Adjusted diluted earnings (loss) per share | $ | (0.18) | $ | 0.73 | $ | 1.27 | $ | (0.91) | $ | (1.45) | ||||||||||
Adj. EBITDA, excl. LIFO | $ | 40.2 | $ | 25.9 | $ | 90.1 | 55.2 | % | (55.4) | % | ||||||||||
Adj. EBITDA, excl. LIFO margin | 3.2 | % | 2.3 | % | 6.4 | % | 90 bps | -320 bps | ||||||||||||
Balance Sheet and Cash Flow Highlights: | ||||||||||||||||||||
Total debt | $ | 497.3 | $ | 436.5 | $ | 395.1 | 13.9 | % | 25.9 | % | ||||||||||
Cash and cash equivalents | $ | 41.9 | $ | 54.3 | $ | 43.7 | (22.8) | % | (4.1) | % | ||||||||||
Net debt | $ | 455.4 | $ | 382.2 | $ | 351.4 | 19.2 | % | 29.6 | % | ||||||||||
Net debt / LTM Adj. EBITDA, excl. LIFO | 2.5x | 1.7x | 0.8x | 0.8x | 1.7x | |||||||||||||||
Cash conversion cycle (days) | 75.6 | 84.6 | 77.4 | (9.0) | (1.8) | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (47.8) | $ | 90.1 | $ | 80.4 | $ | (137.9) | $ | (128.2) |
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
Management Commentary
Eddie Lehner, Ryerson's President, Chief Executive Officer and Director, said, "I want to thank all of my Ryerson teammates for their dedicated efforts in the service of operating safely and productively during the quarter, and I want to thank our customers for the opportunity to create and deliver great customer experiences which we never take for granted. As we embark on the third year of our growth and modernization investment cycle, we are pleased to mark two important milestones: the start of operations at our
During the first quarter of 2024, we met our guidance range for revenue and shipments but missed on earnings per share and Adjusted EBITDA, excluding LIFO. The variance from guidance was partially due to lower than expected gross margins as commodity price moving averages for our carbon and stainless product franchises declined through the quarter before inflecting positively toward the end of the quarter. Additionally, our results differing from guidance expectations was also partially attributable to transitory operating expenses as a by-product of a record investment cycle in fixed assets, digitalization and acquisitions, which is migrating to more normative and targeted levels. As we move through the third year of our operating model investment program, it is time to begin the integration and optimization phase of our operating model renovation. As such, we are targeting
First Quarter Results
Ryerson generated net sales of
Gross margin contracted sequentially by 460 basis points to
Warehousing, delivery, selling, general and administrative expenses increased
Net loss attributable to Ryerson Holding Corporation for the first quarter of 2024 was
Liquidity & Debt Management
Ryerson used
Shareholder Return Activity
Dividends. On April 30, 2024, the Board of Directors declared a quarterly cash dividend of
Share Repurchase. Ryerson repurchased 30,120 shares for
Outlook Commentary
For the second quarter of 2024, Ryerson expects customer shipments to increase
First Quarter 2024 Major Product Metrics | |||||||||||||||||
Net Sales (millions) | |||||||||||||||||
Q1 2024 | Q4 2023 | Q1 2023 | Quarter-over-quarter | Year-over-year | |||||||||||||
Carbon Steel | $ | 645 | $ | 575 | $ | 692 | 12.2 % | (6.8) % | |||||||||
Aluminum | $ | 276 | $ | 241 | $ | 310 | 14.5 % | (11.0) % | |||||||||
Stainless Steel | $ | 297 | $ | 271 | $ | 378 | 9.6 % | (21.4) % | |||||||||
Tons Shipped (thousands) | |||||||||||||||||
Q1 2024 | Q4 2023 | Q1 2023 | Quarter-over-quarter | Year-over-year | |||||||||||||
Carbon Steel | 385 | 347 | 402 | 11.0 % | (4.2) % | ||||||||||||
Aluminum | 50 | 48 | 52 | 4.2 % | (3.8) % | ||||||||||||
Stainless Steel | 61 | 52 | 63 | 17.3 % | (3.2) % | ||||||||||||
Average Selling Prices (per ton) | |||||||||||||||||
Q1 2024 | Q4 2023 | Q1 2023 | Quarter-over-quarter | Year-over-year | |||||||||||||
Carbon Steel | $ | 1,675 | $ | 1,657 | $ | 1,721 | 1.1 % | (2.7) % | |||||||||
Aluminum | $ | 5,520 | $ | 5,021 | $ | 5,962 | 9.9 % | (7.4) % | |||||||||
Stainless Steel | $ | 4,869 | $ | 5,212 | $ | 6,000 | (6.6) % | (18.9) % |
Earnings Call Information
Ryerson will host a conference call to discuss first quarter 2024 financial results for the period ended March 31, 2024, on Wednesday, May 1, 2024, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in
Notes:
1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2
2Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in
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
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Selected Income and Cash Flow Data - Unaudited | ||||||||||||
(Dollars and Shares in Millions, except Per Share and Per Ton Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2024 | 2023 | 2023 | ||||||||||
NET SALES | $ | 1,239.2 | $ | 1,406.1 | $ | 1,112.4 | ||||||
Cost of materials sold | 1,021.6 | 1,141.9 | 865.2 | |||||||||
Gross profit | 217.6 | 264.2 | 247.2 | |||||||||
Warehousing, delivery, selling, general, and administrative | 216.8 | 194.2 | 203.7 | |||||||||
OPERATING PROFIT | 0.8 | 70.0 | 43.5 | |||||||||
Other income and (expense), net | (0.2) | (0.1) | (0.5) | |||||||||
Interest and other expense on debt | (10.1) | (7.6) | (9.5) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (9.5) | 62.3 | 33.5 | |||||||||
Provision (benefit) for income taxes | (2.1) | 14.8 | 7.5 | |||||||||
NET INCOME (LOSS) | (7.4) | 47.5 | 26.0 | |||||||||
Less: Net income attributable to noncontrolling interest | 0.2 | 0.2 | 0.2 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION | $ | (7.6) | $ | 47.3 | $ | 25.8 | ||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||
Basic | $ | (0.22) | $ | 1.30 | $ | 0.76 | ||||||
Diluted | $ | (0.22) | $ | 1.27 | $ | 0.74 | ||||||
Shares outstanding - basic | 34.0 | 36.5 | 34.1 | |||||||||
Shares outstanding - diluted | 34.0 | 37.2 | 34.7 | |||||||||
Dividends declared per share | $ | 0.1875 | $ | 0.17 | $ | 0.185 | ||||||
Supplemental Data : | ||||||||||||
Tons shipped (000) | 497 | 519 | 450 | |||||||||
Shipping days | 64 | 64 | 60 | |||||||||
Average selling price/ton | $ | 2,493 | $ | 2,709 | $ | 2,472 | ||||||
Gross profit/ton | 438 | 509 | 549 | |||||||||
Operating profit/ton | 2 | 135 | 97 | |||||||||
LIFO expense (income) per ton | 2 | 8 | (132) | |||||||||
LIFO expense (income) | 1.0 | 4.0 | (59.3) | |||||||||
Depreciation and amortization expense | 17.4 | 13.7 | 20.1 | |||||||||
Cash flow provided by (used in) operating activities | (47.8) | 80.4 | 90.1 | |||||||||
Capital expenditures | (21.8) | (27.8) | (25.4) | |||||||||
See Schedule 1 for Condensed Consolidated Balance Sheets | ||||||||||||
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | ||||||||||||
See Schedule 3 for Adjusted EPS reconciliation | ||||||||||||
See Schedule 4 for Free Cash Flow reconciliation | ||||||||||||
See Schedule 5 for Second Quarter 2024 Guidance reconciliation | ||||||||||||
Schedule 1 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In millions, except shares) | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 41.9 | $ | 54.3 | ||||
Restricted cash | 1.1 | 1.1 | ||||||
Receivables, less provisions of | 548.5 | 467.7 | ||||||
Inventories | 841.2 | 782.5 | ||||||
Prepaid expenses and other current assets | 92.6 | 77.8 | ||||||
Total current assets | 1,525.3 | 1,383.4 | ||||||
Property, plant, and equipment, at cost | 1,081.2 | 1,071.5 | ||||||
Less: accumulated depreciation | 486.5 | 481.9 | ||||||
Property, plant, and equipment, net | 594.7 | 589.6 | ||||||
Operating lease assets | 353.0 | 349.4 | ||||||
Other intangible assets | 71.1 | 73.7 | ||||||
Goodwill | 161.0 | 157.8 | ||||||
Deferred charges and other assets | 15.1 | 15.7 | ||||||
Total assets | $ | 2,720.2 | $ | 2,569.6 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 580.0 | $ | 463.4 | ||||
Salaries, wages, and commissions | 39.2 | 51.9 | ||||||
Other accrued liabilities | 71.8 | 75.9 | ||||||
Short-term debt | 3.7 | 8.2 | ||||||
Current portion of operating lease liabilities | 30.3 | 30.5 | ||||||
Current portion of deferred employee benefits | 4.0 | 4.0 | ||||||
Total current liabilities | 729.0 | 633.9 | ||||||
Long-term debt | 493.6 | 428.3 | ||||||
Deferred employee benefits | 105.5 | 106.7 | ||||||
Noncurrent operating lease liabilities | 341.8 | 336.8 | ||||||
Deferred income taxes | 140.5 | 135.5 | ||||||
Other noncurrent liabilities | 12.6 | 13.9 | ||||||
Total liabilities | 1,823.0 | 1,655.1 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Ryerson Holding Corporation stockholders' equity: | ||||||||
Preferred stock, March 31, 2024 and December 31, 2023 | — | — | ||||||
Common stock, shares issued at March 31, 2024 and December 31, 2023, respectively | 0.4 | 0.4 | ||||||
Capital in excess of par value | 415.1 | 411.6 | ||||||
Retained earnings | 799.2 | 813.2 | ||||||
Treasury stock, at cost - Common stock of 5,554,635 shares at March 31, 2024 and 5,413,434 shares at December 31, 2023 | (184.0) | (179.3) | ||||||
Accumulated other comprehensive loss | (142.2) | (140.0) | ||||||
Total Ryerson Holding Corporation Stockholders' Equity | 888.5 | 905.9 | ||||||
Noncontrolling interest | 8.7 | 8.6 | ||||||
Total Equity | 897.2 | 914.5 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,720.2 | $ | 2,569.6 | ||||
Schedule 2 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and | ||||||||||||
(Dollars in millions) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | (7.6) | $ | 47.3 | $ | 25.8 | ||||||
Interest and other expense on debt | 10.1 | 7.6 | 9.5 | |||||||||
Provision (benefit) for income taxes | (2.1) | 14.8 | 7.5 | |||||||||
Depreciation and amortization expense | 17.4 | 13.7 | 20.1 | |||||||||
EBITDA | $ | 17.8 | $ | 83.4 | $ | 62.9 | ||||||
Reorganization | 20.1 | 1.8 | 21.0 | |||||||||
Pension settlement loss | 2.2 | — | — | |||||||||
Benefit plan curtailment gain | (0.3) | — | (0.8) | |||||||||
Foreign currency transaction (gains) losses | (1.2) | (0.1) | 0.7 | |||||||||
Purchase consideration and other transaction costs | 0.1 | 0.3 | 0.5 | |||||||||
Other adjustments | 0.5 | 0.7 | 0.9 | |||||||||
Adjusted EBITDA | $ | 39.2 | $ | 86.1 | $ | 85.2 | ||||||
Adjusted EBITDA | $ | 39.2 | $ | 86.1 | $ | 85.2 | ||||||
LIFO expense (income) | 1.0 | 4.0 | (59.3) | |||||||||
Adjusted EBITDA, excluding LIFO expense (income) | $ | 40.2 | $ | 90.1 | $ | 25.9 | ||||||
Net sales | $ | 1,239.2 | $ | 1,406.1 | $ | 1,112.4 | ||||||
Adjusted EBITDA, excluding LIFO expense (income), as a percentage of net sales | 3.2 | % | 6.4 | % | 2.3 | % | ||||||
Gross profit | $ | 217.6 | $ | 264.2 | $ | 247.2 | ||||||
Gross margin | 17.6 | % | 18.8 | % | 22.2 | % | ||||||
Gross profit | $ | 217.6 | $ | 264.2 | $ | 247.2 | ||||||
LIFO expense (income) | 1.0 | 4.0 | (59.3) | |||||||||
Gross profit, excluding LIFO expense (income) | $ | 218.6 | $ | 268.2 | $ | 187.9 | ||||||
Gross margin, excluding LIFO expense (income) | 17.6 | % | 19.1 | % | 16.9 | % |
Note: EBITDA represents net income (loss) before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, pension settlement losses, benefit plan curtailment gains, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of | ||||||||||||
Schedule 3 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share | ||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | (7.6) | $ | 47.3 | $ | 25.8 | ||||||
Pension settlement loss | 2.2 | — | — | |||||||||
Benefit plan curtailment gain | (0.3) | — | (0.8) | |||||||||
Provision (benefit) for income taxes | (0.5) | — | 0.2 | |||||||||
Adjusted net income (loss) attributable to Ryerson Holding Corporation | $ | (6.2) | $ | 47.3 | $ | 25.2 | ||||||
Adjusted diluted earnings (loss) per share | $ | (0.18) | $ | 1.27 | $ | 0.73 | ||||||
Shares outstanding - diluted | 34.0 | 37.2 | 34.7 |
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. |
Schedule 4 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||
(Dollars in Millions) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Net cash provided by (used in) operating activities | $ | (47.8) | $ | 80.4 | $ | 90.1 | ||||||
Capital expenditures | (21.8) | (27.8) | (25.4) | |||||||||
Proceeds from sales of property, plant, and equipment | 1.4 | — | 0.4 | |||||||||
Free cash flow | $ | (68.2) | $ | 52.6 | $ | 65.1 | ||||||
Market capitalization | $ | 1,150.1 | $ | 1,301.3 | $ | 1,180.4 | ||||||
Free cash flow yield | (5.9) | % | 4.0 | % | 5.5 | % |
Note: Market capitalization is calculated using March 31, 2024, December 31, 2023, and March 31, 2023 stock prices and shares outstanding. |
Schedule 5 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Reconciliation of Second Quarter 2024 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance | ||||||||
(Dollars in Millions, except Per Share Data) | ||||||||
Second Quarter 2024 | ||||||||
Low | High | |||||||
Net income attributable to Ryerson Holding Corporation | $ | 5 | $ | 10 | ||||
Diluted earnings per share | $ | 0.15 | $ | 0.25 | ||||
Interest and other expense on debt | 11 | 11 | ||||||
Provision for income taxes | 2 | 3 | ||||||
Depreciation and amortization expense | 18 | 18 | ||||||
EBITDA | $ | 36 | $ | 42 | ||||
Adjustments | 10 | 10 | ||||||
Adjusted EBITDA | $ | 46 | $ | 52 | ||||
LIFO expense | 1 | 1 | ||||||
Adjusted EBITDA, excluding LIFO | $ | 47 | $ | 53 |
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. |
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SOURCE Ryerson Holding Corporation
FAQ
<p>What were Ryerson Holding 's Q1 2024 revenue and net loss figures?</p>
Ryerson reported $1.24 billion in revenue and a net loss of $7.6 million in Q1 2024.
<p>What were Ryerson's debt and net debt levels in Q1 2024?</p>
Ryerson had debt of $497 million and net debt of $455 million in Q1 2024.
<p>What cost reduction measures did Ryerson announce in Q1 2024?</p>
Ryerson announced $40 million in expected annualized cost reductions through targeted reductions in force and network cost-outs in Q1 2024.
<p>What was Ryerson's outlook for Q2 2024?</p>
Ryerson expects customer shipments to increase by 1-3% in Q2 2024 with net sales ranging from $1.25-$1.29 billion.
<p>Where can I find more information about Ryerson Holding 's Q1 2024 results?</p>
More information about Ryerson's Q1 2024 results can be found on the company's investor relations website, ir.ryerson.com.