Ryerson Holding Corporation (RYI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la distribution et du traitement des métaux, Ryerson Holding Corporation (RYI) se distingue comme une puissance stratégique, transformant comment les industries accèdent et utilisent des solutions métalliques. En fabriquant méticuleusement un modèle commercial complet qui pose la technologie de pointe avec des services de métal de précision, Ryi s'est positionné comme un acteur critique dans la fabrication de chaînes d'approvisionnement dans plusieurs secteurs. Leur approche innovante combine des capacités de traitement avancées, une gestion des stocks robuste et un support client sur mesure, créant une proposition de valeur unique qui les distingue dans le paysage de la distribution des métaux compétitifs.

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: partenariats clés

Aciéries et fournisseurs de métaux

Ryerson maintient des partenariats stratégiques avec plusieurs aciéries et fournisseurs de métaux:

Partenaire	Type d'approvisionnement	Volume annuel
Steel Dynamics Inc.	Acier à chaud	425 000 tonnes
ArcelorMittal USA	Acier inoxydable	275 000 tonnes
Nucor Corporation	Alliages en aluminium	185 000 tonnes

Sociétés de transport et de logistique

Les partenariats logistiques clés comprennent:

• XPO Logistics - Carrier de fret primaire
• J.B. Hunt Transport Services
• Freight UPS

Fabricants d'équipements de fabrication

Fournisseur	Type d'équipement	Investissement annuel
Mazak Corporation	Machines CNC	3,2 millions de dollars
Trumpf Inc.	Systèmes de coupe laser	2,7 millions de dollars

Fournisseurs de services de logiciels et de technologie

Les partenariats technologiques comprennent:

• SAP - Planification des ressources d'entreprise
• Microsoft Azure - Infrastructure cloud
• Salesforce - Gestion de la relation client

Partenaires de traitement et de fabrication des métaux

Partenaire	Spécialisation	Valeur de collaboration annuelle
Precision Metalcraft Inc.	Fabrication de métaux personnalisés	5,6 millions de dollars
Thompson Metal Fab	Traitement des métaux industriels	4,3 millions de dollars

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: activités clés

Distribution et traitement des métaux

Ryerson a traité 1 023 000 tonnes de métal en 2022, avec une capacité de traitement annuelle d'environ 1,5 million de tonnes.

Type de métal	Volume de traitement annuel	Lieux de traitement
Carbone	620 000 tonnes	12 centres de traitement
Aluminium	250 000 tonnes	8 centres de traitement
Acier inoxydable	153 000 tonnes	6 centres de traitement

Coupe et fabrication de métaux personnalisés

Ryerson exploite 45 installations de fabrication à travers l'Amérique du Nord, offrant des services de coupe de précision.

• Capacités de coupe CNC
• Technologie de coupe laser
• Services de coupe de plasma
• Capacités de coupe à jet d'eau

Gestion des stocks

Ryerson maintient 650 millions de dollars en stock au troisième trimestre 2023, avec une efficacité de chiffre d'affaires de 98,5%.

Catégorie d'inventaire	Valeur	Taux de rotation
Inventaire en acier au carbone	385 millions de dollars	5.2x par an
Inventaire en aluminium	165 millions de dollars	4.8x par an
Métaux spécialisés	100 millions de dollars	3,9x par an

Optimisation de la chaîne d'approvisionnement

Ryerson exploite un réseau de 62 centres de service à travers l'Amérique du Nord, avec un positionnement stratégique des stocks.

• Suivi des stocks en temps réel
• Programmes d'inventaire gérés par les vendeurs
• Plates-formes d'approvisionnement numériques
• Capacités de livraison juste à temps

Services de support technique client

Ryerson fournit un support technique par le biais de 180 représentants dédiés au service client.

Canal de support	Temps de réponse moyen	Volume de soutien annuel
Support téléphonique	12 minutes	85 000 interactions
Assistance par e-mail	4 heures	62 000 interactions
Portail en ligne	Disponibilité 24/7	120 000 interactions

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: Ressources clés

Inventaire des métaux étendus

Au quatrième trimestre 2023, Ryerson Holding Corporation a maintenu un Inventaire des métaux d'une valeur de 467,3 millions de dollars. La composition des stocks comprend:

Type de métal	Quantité (tonnes)	Valeur estimée
Carbone	82,500	213,5 millions de dollars
Aluminium	37,200	124,6 millions de dollars
Acier inoxydable	22,800	89,2 millions de dollars
Alliages spécialisés	15,600	40 millions de dollars

Équipement de traitement et de coupe avancé

Ryerson exploite 37 centres de traitement avec équipement avancé:

• 12 machines de coupe plasma CNC
• 8 systèmes de coupe laser
• 15 machines à découper à jet d'eau
• 2 plateformes de soudage robotiques

Investissement total d'équipement: 62,4 millions de dollars en 2023.

Main-d'œuvre qualifiée

Statistiques de la main-d'œuvre en décembre 2023:

Catégorie des employés	Nombre d'employés	Expérience moyenne
Techniciens de traitement	624	12,3 ans
Représentants des ventes	287	8,7 ans
Personnel d'ingénierie	156	15,2 ans
Gestion	98	17,5 ans

Réseau de distribution robuste

L'infrastructure de distribution comprend:

• 22 centres de distribution à travers l'Amérique du Nord
• 47 camions appartenant à l'entreprise
• 89 partenariats d'expédition stratégiques

Coût opérationnel du réseau de distribution annuel: 38,6 millions de dollars.

Plateformes technologiques numériques

Investissements technologiques numériques en 2023:

• Système de planification des ressources d'entreprise (ERP): 4,2 millions de dollars
• Logiciel de gestion des stocks: 1,8 million de dollars
• Plateforme de gestion de la relation client (CRM): 2,5 millions de dollars
• Infrastructure de cybersécurité: 3,1 millions de dollars

Investissement total de technologie numérique: 11,6 millions de dollars.

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: propositions de valeur

Solutions métalliques personnalisées pour diverses industries

Ryerson Holding Corporation dessert plusieurs secteurs industriels avec des produits métalliques spécialisés:

Segment de l'industrie	Pénétration du marché (%)	Revenus annuels ($ m)
Fabrication	42%	385,6 M $
Construction	23%	214,7 M $
Automobile	18%	167,3 millions de dollars
Énergie	12%	112,5 M $
Aérospatial	5%	46,2 millions de dollars

Produits métalliques de haute qualité et services de traitement

La gamme de produits comprend:

• Feuilles en acier inoxydable: 4 500 tonnes métriques / an
• Plaques en aluminium: 3 200 tonnes métriques / an
• Bars en acier en carbone: 2 800 tonnes métriques / an
• Alloys spécialisés: 1 500 tonnes métriques / an

Réalisation et livraison des commandes rapides

Métrique	Performance
Temps de traitement des commandes moyen	24-48 heures
Couverture de livraison à l'échelle nationale	98.7%
Taux de livraison à temps	96.5%

Expertise technique et support d'ingénierie

Métriques de support technique:

• Personnel d'ingénierie: 127 professionnels
• Temps de consultation technique du client moyen: 3,2 heures
• Taux de développement de solutions personnalisés: 62 projets / mois

Gestion complète de la chaîne d'approvisionnement en métal

Composant de chaîne d'approvisionnement	Volume annuel	Taux d'efficacité
Chiffre d'affaires	5.7x	92.3%
Diversité des fournisseurs	127 fournisseurs mondiaux	Certifié à 95%
Réseau logistique	22 centres de distribution	Fiabilité de 99,1%

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: relations avec les clients

Gestion de compte dédiée

Depuis le quatrième trimestre 2023, Ryerson Holding Corporation conserve 247 comptes clients de niveau d'entreprise avec des gestionnaires de comptes dédiés. La valeur moyenne du compte est de 3,2 millions de dollars par an.

Segment de compte	Nombre de comptes	Valeur annuelle moyenne
Secteur manufacturier	127	4,1 millions de dollars
Secteur de la construction	68	2,7 millions de dollars
Secteur de l'énergie	52	3,9 millions de dollars

Portail client en ligne

La plate-forme numérique de l'entreprise rapporte un taux d'engagement client de 92% avec 14 563 utilisateurs enregistrés en décembre 2023.

• Fonctionnalités du portail Suivi des stocks en temps réel
• Fournit une génération de devis instantanée
• Permet le placement des commandes directes

Services de consultation technique

Ryerson fournit 1 247 heures de consultation technique par an, avec une valeur de consultation moyenne de 425 $ par heure.

Partenariats stratégiques à long terme

Maintient actuellement 37 partenariats stratégiques avec les principaux fabricants industriels, ce qui représente 62% du total des revenus annuels.

Type de partenariat	Nombre de partenariats	Contribution des revenus
Partenariats de niveau 1	12	38%
Partenariats de niveau 2	25	24%

Support client réactif

Métriques du support client pour 2023 Show:

• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 94,3%
• Taux de résolution des billets de soutien: 96,7%

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: canaux

Équipe de vente directe

Ryerson Holding Corporation maintient une équipe de vente directe de 87 représentants des ventes à partir de 2023, couvrant plusieurs régions géographiques aux États-Unis.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Ventes annuelles moyennes par représentant	2,3 millions de dollars
Couverture géographique	National (États-Unis)

Plateforme de commerce électronique en ligne

Le canal de vente numérique de la société a généré 42,6 millions de dollars de revenus en 2023, ce qui représente 18,5% du total des ventes d'entreprises.

• Plateforme en ligne lancée en 2019
• Taux de croissance des ventes numériques: 12,3% en glissement annuel
• Valeur de transaction en ligne moyenne: 7 500 $

Salons de l'industrie

Ryerson participe à 14 principaux salons commerciaux de l'industrie chaque année, avec un investissement marketing estimé à 1,2 million de dollars.

Métrique du salon	2023 données
Les salons commerciaux totaux sont présents	14
Investissement en marketing	1,2 million de dollars
Génération de leads par spectacle	Moyenne 43 pistes qualifiées

Marketing numérique

Les dépenses de marketing numérique ont atteint 3,7 millions de dollars en 2023, en mettant l'accent sur les campagnes ciblées du secteur industriel et manufacturière.

• Budget publicitaire numérique: 3,7 millions de dollars
• Abonnés des médias sociaux: 45 000
• Liste de marketing par e-mail: 67 500 contacts

Réseaux de distributeur et de revendeur

Ryerson entretient des relations avec 126 distributeurs autorisés en Amérique du Nord, générant 87,3 millions de dollars de revenus de vente indirects.

Métrique du réseau de distribution	2023 données
Total des distributeurs autorisés	126
Revenus de ventes indirects	87,3 millions de dollars
Revenu moyen par distributeur	$693,650

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: segments de clientèle

Entreprises manufacturières

Ryerson dessert des entreprises de fabrication avec des services de traitement des métaux et de distribution.

Caractéristiques du segment	Taille du marché	Contribution des revenus
Fabrication de métal de précision	254,6 millions de dollars	37,2% des revenus totaux
Production de composants métalliques personnalisés	189,3 millions de dollars	28,5% des revenus totaux

Construction et infrastructure

Ryerson fournit des matériaux métalliques pour les projets de construction et d'infrastructure.

• Volume annuel du projet: 642 projets d'infrastructure
• Valeur de l'offre en métal: 176,4 millions de dollars
• Part de marché: 14,7% dans la construction de l'offre de métaux

Industrie automobile

Alimentation et traitement des métaux pour les constructeurs automobiles.

Type de client	Volume de l'offre annuelle	Revenu
Fournisseurs automobiles de niveau 1	128 000 tonnes métriques	215,7 millions de dollars
Fabricants d'équipements d'origine	86 500 tonnes métriques	142,3 millions de dollars

Aérospatial et défense

Traitement des métaux spécialisés pour les secteurs de l'aérospatiale et de la défense.

• Fournisseurs aérospatiaux certifiés: 47
• Alimentation annuelle en métal: 22 500 tonnes métriques
• Revenu du segment: 98,6 millions de dollars

Fabricants d'équipements industriels

Distribution des métaux pour la production de machines industrielles.

Catégorie d'équipement	Fourniture annuelle en métal	Contribution des revenus
Machinerie lourde	65 000 tonnes métriques	112,5 millions de dollars
Équipement d'automatisation industrielle	42 300 tonnes métriques	87,3 millions de dollars

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023 rapports financiers, les coûts de matières premières de Ryerson étaient d'environ 1,385 milliard de dollars, avec une rupture de dépenses de l'approvisionnement en métal clés:

Type de matériau	Coût annuel	Pourcentage du total
Aluminium	612 millions de dollars	44.2%
Acier	453 millions de dollars	32.7%
Acier inoxydable	320 millions de dollars	23.1%

Frais de main-d'œuvre et de main-d'œuvre

Les dépenses totales de la main-d'œuvre pour 2023 étaient de 248,6 millions de dollars, avec la répartition suivante:

• Travail direct: 156,3 millions de dollars
• Salaires de gestion: 62,4 millions de dollars
• Avantages et assurance: 29,9 millions de dollars

Entretien de l'équipement

Les coûts annuels de maintenance des équipements en 2023 ont totalisé 87,2 millions de dollars, distribué comme suit:

Catégorie d'équipement	Coût de maintenance
Machinerie de fabrication	52,3 millions de dollars
Équipement de manutention des matériaux	21,6 millions de dollars
Infrastructure d'entrepôt	13,3 millions de dollars

Transport et logistique

Les dépenses logistiques pour 2023 étaient de 94,5 millions de dollars, notamment:

• Force et expédition: 67,8 millions de dollars
• Opérations d'entrepôt: 18,2 millions de dollars
• Entretien des véhicules: 8,5 millions de dollars

Technologie et infrastructure numérique

L'investissement technologique pour 2023 s'élevait à 42,1 millions de dollars:

Catégorie de technologie	Montant d'investissement
Infrastructure informatique	18,6 millions de dollars
Licence de logiciel	12,4 millions de dollars
Cybersécurité	11,1 millions de dollars

Ryerson Holding Corporation (RYI) - Modèle d'entreprise: Strots de revenus

Ventes de produits métalliques

Pour l'exercice 2023, Ryerson Holding Corporation a déclaré des ventes totales de produits en métaux de 1 742 300 000 $. Le portefeuille de produits de l'entreprise comprend:

• Produits en aluminium
• Produits en acier inoxydable
• Produits en acier au carbone
• Métaux en alliage spécialisés

Type de métal	Revenus (2023)	Pourcentage des ventes totales
Aluminium	$612,800,000	35.2%
Acier inoxydable	$524,700,000	30.1%
Carbone	$428,900,000	24.6%
Alliages spécialisés	$175,900,000	10.1%

Services de traitement et de fabrication

Les services de traitement et de fabrication ont généré 287 500 000 $ de revenus pour 2023, ce qui représente 16,5% du total des revenus commerciaux.

Frais de gestion des stocks

Ryerson a déclaré des frais de service de gestion des stocks de 43 600 000 $ en 2023, avec un taux moyen de frais de 2,5% de la valeur des stocks.

Consultation technique

Les services de consultation technique ont contribué 62 400 000 $ à la source de revenus de la société en 2023.

Solutions métalliques à valeur ajoutée

Les solutions métalliques à valeur ajoutée ont généré 98 700 000 $ de revenus pour l'exercice 2023.

Flux de revenus	Revenus de 2023	Pourcentage du total des revenus
Ventes de produits métalliques	$1,742,300,000	81.4%
Services de traitement	$287,500,000	13.4%
Solutions à valeur ajoutée	$98,700,000	4.6%
Consultation technique	$62,400,000	2.9%
Gestion des stocks	$43,600,000	2.0%

Ryerson Holding Corporation (RYI) - Canvas Business Model: Value Propositions

You're looking at how Ryerson Holding Corporation delivers value to its customers as of late 2025, right after they announced the merger agreement with Olympic Steel, Inc. on October 28, 2025. This combination is set to solidify their position as the second largest metals service center in North America, targeting over $6.5 billion in combined revenue.

Customized Metal Solutions (tailored processing and fabrication)

Ryerson Holding Corporation positions itself as a value-added processor, meaning the value isn't just in the metal, but in what they do to it before delivery. This involves tailoring the product to the customer's exact needs, which is key for manufacturers who need materials ready for their line. The company emphasizes its operational productivity and the ramp up of capital improvements, such as at the Shelbyville, KY non-ferrous processing center, to enhance these capabilities.

Supply chain simplification and reduced lead times (nearshoring)

The value proposition here centers on making the customer's procurement process easier and faster. While specific lead time reduction percentages aren't published for late 2025, the focus on an intelligent network of service centers suggests a commitment to proximity and speed. The company's operational focus in Q3 2025 included executing on a self-help playbook to manage the business amidst enduring challenges. The acquisition of Olympic Steel is framed as creating a powerful platform, suggesting future supply chain efficiencies and potentially better regional coverage to support nearshoring efforts.

Broad product portfolio: Carbon, Stainless Steel, Aluminum, Alloy, Nickel

Ryerson Holding Corporation offers a wide array of industrial metals, which is a core part of its value proposition for customers seeking a single source. Based on Q3 2025 revenue composition, the distribution mix was heavily weighted toward specific categories:

Product Category	Approximate Revenue Share (Q3 2025)
Carbon	50%
Stainless Steel	25%
Aluminum	25%

This mix shows a significant focus on Carbon, though management noted in the Q3 2025 call that Ryerson was underweighted in carbon compared to the industry average of roughly 67% carbon to 33% non-ferrous.

Reliable, localized service via a national/regional service center footprint

Reliability is underpinned by the physical network. Ryerson Holding Corporation operates an intelligent network of branded service centers. As of late 2025, the company has:

• Approximately 4,300 employees.
• Over 110 locations.
• Operations spanning the United States, Canada, Mexico, and China.

This footprint supports localized service delivery. The company's Q3 2025 gross margin was 17.2%, or 18.3% excluding LIFO, demonstrating the margin achieved through this service-based distribution model.

Immediate pricing and lead-times through the digital platform

A key element of modern value delivery is digital access. Ryerson Holding Corporation emphasizes providing immediate pricing and lead-times through its digital platform. While a direct metric on digital adoption or lead-time impact isn't explicitly stated for Q3 2025, the focus on transactional business growth supports this digital push. For instance, transactional sales increased 12% year-over-year in Q1 2025, and the company gained market share for the fifth consecutive quarter through Q2 2025, partially by growing this transactional mix.

The company ended Q3 2025 with $521 million in global liquidity, ensuring they can support the inventory required to meet these immediate demands. Finance: draft 13-week cash view by Friday.

Ryerson Holding Corporation (RYI) - Canvas Business Model: Customer Relationships

You're looking at how Ryerson Holding Corporation manages its diverse customer base as of late 2025, which clearly splits between high-touch, long-term relationships and high-volume, self-service transactions. This dual approach is key to navigating the current market, which saw Q3 2025 revenue hit $1.16 billion, with tons shipped at 485,000 tons.

Dedicated sales and account management for contractual OEM business

The relationships with large Original Equipment Manufacturers (OEMs) are managed through dedicated sales and account teams. This segment appears to be under pressure, as management noted cautious customer behavior in the larger OEM contractual customers book of business during the third quarter of 2025. This relationship type is tied to the portion of revenue recognized over time, which, as of the end of Q2 2025, represented 14% of total revenue, associated with products having no alternative use.

Long-term contracts with large Original Equipment Manufacturers (OEMs)

Ryerson Holding Corporation secures its base demand through these agreements. While specific contract lengths aren't public, the structure implies multi-year commitments that provide stability even when spot demand softens. The company is actively managing through a difficult environment, as evidenced by the Q3 2025 performance where average selling prices were $2,395 per ton, up 2.6% sequentially, despite tons shipped decreasing by 3.2%. This suggests pricing power or contractual pass-throughs in the committed base.

Self-service, transactional model via the ryerson.com e-commerce platform

The transactional segment is a major focus for growth and flexibility. Ryerson Holding Corporation has been increasing its transactional business mix for the fifth consecutive quarter as of Q2 2025. This channel is supported by the ryerson.com platform, which facilitates direct, self-service purchasing. In Q1 2025, transactional sales specifically saw a 12% year-over-year increase. This model aligns with the bulk of the business, where revenue on products with an alternative use accounted for 86% of revenue as of June 30, 2025.

Here's a quick look at how the two primary customer relationship types break down based on the latest available revenue recognition data:

Relationship Type Proxy	Revenue Recognition Timing	Revenue Percentage (as of June 30, 2025)
Transactional / Spot Sales	At a point in time (Products with alternative use)	86%
Contractual / OEM Business	Over time (Products with no alternative use)	14%

High-touch technical support for complex fabrication projects

For projects requiring specialized processing, the relationship involves high-touch technical support, which is essential for value-added services. This support underpins the ability to command higher pricing, as seen by the Q3 2025 average selling price of $2,395 per ton. This service level helps differentiate Ryerson Holding Corporation from pure commodity distributors.

Key operational metrics reflecting customer engagement and market dynamics:

• Transactional sales increased 12% year-over-year in Q1 2025.
• Q3 2025 tons shipped were 485,000 tons.
• Q4 2025 shipment forecast projects a sequential decrease of 5% to 7%.
• Global liquidity stood at $521 million as of September 30, 2025.
• The company ended Q3 2025 with total debt of $500 million.

Finance: draft 13-week cash view by Friday.

Ryerson Holding Corporation (RYI) - Canvas Business Model: Channels

Ryerson Holding Corporation uses an intelligent network of branded service centers to reach its customers. This network includes over 110 physical service centers and warehouses across the United States, Canada, Mexico, and China.

The company supports this physical footprint with a direct sales approach. Ryerson Holding Corporation has approximately 4,300 employees, many of whom support direct sales and service functions. The focus on direct customer interaction is supported by growth in transactional business, which saw transactional sales increase by 12% year-over-year in the first quarter of 2025.

The e-commerce platform, ryerson.com, supports online ordering as part of its overall channel strategy. While specific revenue figures for the platform aren't detailed, the overall channel effectiveness is reflected in the total tons shipped across the network. The company is focused on operational productivity, with expense per ton sold decreasing by $32 year-over-year in the first quarter of 2025.

Logistics capacity, utilizing both company-owned and third-party fleets, moves significant volume through these channels. For example, in the first quarter of 2025, Ryerson Holding Corporation shipped 500,000 tons. Shipments were 485,000 tons in the third quarter of 2025. This movement of material is central to delivering the value-added processing and distribution services. The company is continuing the start-up and commissioning of major capital expenditure projects at service centers in locations like Shelbyville, KY, Norcross, GA, Dallas, TX, and Los Angeles, CA, to optimize these assets.

Here's a look at the volume moved through the distribution channels for the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue	$1.14 billion	$1.17 billion	$1.16 billion
Tons Shipped	500,000	Approx. 501,000	485,000
Average Selling Price/Ton	$2,271	(Implied higher than Q1)	$2,395

The network of over 110 locations provides the physical reach for these channel activities.

You should track the ongoing capital improvements as they directly impact the efficiency of these physical channels. Finance: draft 13-week cash view by Friday.

Ryerson Holding Corporation (RYI) - Canvas Business Model: Customer Segments

You're looking at how Ryerson Holding Corporation segments its diverse customer base, which spans about 40,000 customers across 107 facilities in North America and four in China as of early 2025. The company serves everyone from small local shops to massive international Original Equipment Manufacturers (OEMs).

The breakdown of Ryerson Holding Corporation's customer base by end market, based on the 2024 revenue figures, gives you a clear picture of where the bulk of the sales volume originates. For context, Ryerson Holding Corporation's annual revenue in 2024 was $4.60B.

Customer End Market (Based on 2024 Revenue)	Percentage of 2024 Revenue	Approximate 2024 Revenue Amount
Metal Fabrication & Machine Shops	23%	$1.058B
Commercial Ground Transportation	18%	$0.828B
Industrial Machinery & Equipment	16%	$0.736B
Consumer Durable	9%	$0.414B
Other/Unspecified End Markets	34%	$1.564B

Original Equipment Manufacturers (OEMs) with contractual needs

This group represents Ryerson Holding Corporation's larger, often more predictable, program business. While not broken out as a single segment in the end-market data, these customers are typically embedded within the major categories like Industrial Machinery & Equipment and Commercial Ground Transportation. You saw evidence of this segment's nature in the first quarter of 2025, where revenue performance was 'partially offset by weaker-than-expected demand among larger program accounts.' This suggests that contractual volume can be lumpy or subject to customer capital expenditure cycles. Ryerson Holding Corporation is actively working on modernizing its service center network, which CEO Eddie Lehner noted is aimed at improving earnings quality over time, likely to better serve these long-term partners.

Metal fabricators and machinery manufacturers

This is a core group, with Metal Fabrication & Machine Shops accounting for 23% of 2024 revenue, or about $1.058B. The Industrial Machinery & Equipment segment adds another 16%, or roughly $0.736B of 2024 revenue. These customers rely on Ryerson Holding Corporation for a variety of metals, including stainless steel, aluminum, and carbon steel.

Construction and heavy equipment producers

This specific group likely falls under the broader Industrial Machinery & Equipment category, which represented 16% of 2024 revenue. The demand from this segment is tied to broader economic activity and infrastructure spending. Ryerson Holding Corporation's ability to process nearly 80% of the materials it sells helps it meet the specific fabrication needs of this customer type.

Small-to-midsize businesses (SMBs) using transactional spot-buys

This segment is characterized by its reliance on transactional sales, which are typically smaller, non-contractual orders. Ryerson Holding Corporation showed strength here, as transactional sales increased by 12% year-over-year in the first quarter of 2025. This growth in transactional volume is a key indicator of market share gains in this highly fragmented part of the market, where competition is often based on price, service, and timely delivery. The company serves approximately 40,000 customers, a large portion of whom are these smaller, local fabricators.

• Ryerson Holding Corporation serves approximately 40,000 customers.
• Transactional sales grew 12% year-over-year in Q1 2025.
• The company operates across North America and China, with international locations accounting for 10.0% of consolidated 2024 net sales, or $457.6 million.
• In Q3 2025, Ryerson Holding Corporation generated revenue of $1.1615 billion.

Finance: review the Q3 2025 revenue mix against the 2024 percentages to see if the transactional growth translated into a higher percentage for the SMB-related segments by year-end.

Ryerson Holding Corporation (RYI) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Ryerson Holding Corporation's operations as of late 2025. The cost structure here is dominated by the materials themselves, which makes managing commodity price swings the single biggest factor in profitability.

Cost of Goods Sold (COGS) is the primary cost driver, heavily influenced by metal commodity prices, especially for stainless steel and aluminum, where price inflation was noted in Q3 2025. While the exact COGS figure isn't provided in isolation, the impact is visible through the gross margin performance. For instance, Ryerson Holding Corporation's gross margin in Q3 2025 was reported at 17.2%.

The accounting method used to manage inventory cost volatility introduces specific non-operating expenses that you need to track. The LIFO expense (Last-In, First-Out) was a direct reflection of this commodity pressure, totaling $13.2 million in the third quarter of 2025. This was consistent with the expense recorded in the second quarter of 2025.

Operating costs are managed tightly, though they still represent a substantial outlay. The Operating expenses, which include warehousing, delivery, selling, general, and administrative (SG&A) costs, totaled $200.5 million for the third quarter of 2025. This figure actually represented a sequential decrease of 1.5% compared to the second quarter of 2025, driven by lower variable expenses.

Here's a quick look at the key cost components and related balance sheet items from the third quarter of 2025:

Cost/Expense Category	Q3 2025 Amount (Millions USD)	Context/Target
Warehousing, Delivery, SG&A	$200.5	Q3 2025 Actual Expense
LIFO Expense	$13.2	Q3 2025 Actual Expense
Interest and Other Expense on Debt	$10.3	Q3 2025 Actual Expense
Total Debt	$500	Balance at End of Q3 2025

On the investment side, Ryerson Holding Corporation is managing its long-term spending carefully. Capital expenditures (CapEx) are targeted at $50 million for the full-year 2025. This level follows a record three-year investment cycle and focuses on operationalizing final components of those modernization projects while returning to a more normalized investment pace.

Financing costs are tied directly to the balance sheet leverage. The total debt stood at $500 million at the close of the third quarter of 2025, with net debt at $470 million. The cost of servicing this debt, reflected in the Interest and other expense on debt for Q3 2025, was $10.3 million.

You should keep an eye on these operational expenses, as they are a key area management can control:

• Warehousing and delivery costs are variable with shipment volumes.
• SG&A management is a focus, showing a sequential decrease in Q3 2025.
• The company is managing its asset base to reduce future maintenance CapEx.

Finance: draft 13-week cash view by Friday.

Ryerson Holding Corporation (RYI) - Canvas Business Model: Revenue Streams

The primary engine for Ryerson Holding Corporation revenue comes from the sales of processed and unprocessed industrial metals, which is the core of their distribution business. You saw this reflected clearly in the third quarter of 2025, where the company generated net sales of $1,161.5 million, which was in-line with their guidance for that period. This revenue was achieved even while facing protracted weak demand and tariff pricing conditions in the market.

To give you a clearer picture of the Q3 2025 performance driving that top line, here are the key operational metrics:

Metric	Q3 2025 Value	Q2 2025 Comparison (QoQ)	Q3 2024 Comparison (YoY)
Revenue ($ in millions)	$1,161.5	(0.7) %	3.1 %
Tons Shipped (in thousands)	485	(3.2) %	- % (Flat)
Average Selling Price/Ton	$2,395	Up 2.6 %	Up 3.1 %

The composition of that revenue stream shows a clear dynamic between different customer types. Transactional sales, which represent the spot market business, have been a definite area of strength for Ryerson Holding Corporation. This segment has been growing, with the transactional business mix increasing for the fifth consecutive quarter as of Q2 2025. For instance, in the first quarter of 2025, transactional sales increased by 12% YoY. This self-help driven transactional field business was noted as pulling the plow, even as other areas struggled.

Conversely, the contractual sales stream to large OEM customers has been under pressure. Areas of particular weakness in Q3 2025 included OEM contract shipments. Customer activity was described as turning increasingly cautious, especially within that larger contractual book of business during the second quarter of 2025.

Ryerson Holding Corporation also generates revenue from value-added service fees. These services include things like cutting, forming, and assembly, which add margin to the base metal sales. While specific revenue percentages for these services aren't broken out in the headline figures, they are integral to the value proposition. The company continues to progress on operationalizing new investments made over the past three years, which supports the efficiency and delivery of these services.

The commitment to shareholders through dividends is also supported by these revenue streams. Ryerson Holding Corporation declared a fourth-quarter 2025 dividend of $0.1875 per share, which translated to a cash return of $6.0 million in the third quarter of 2025.

You can see the revenue sources broken down by activity type here:

• Sales of processed and unprocessed industrial metals form the base revenue.
• Transactional sales (spot market) are growing, increasing for five straight quarters through Q2 2025.
• Contractual sales to large OEM customers faced weakness in Q3 2025.
• Value-added service fees support the overall margin structure.

Finance: draft 13-week cash view by Friday.