Outlook Commentary

In the second quarter of 2026, the Company expects that same-store daily shipments will increase sequentially between 1% to 3% from first quarter levels, in-line with normal seasonality patterns. Therefore, with the full addition of Olympic Steel in the second quarter compared to only six weeks at the end of the first, Ryerson expects that tons shipped will increase by 18% to 20% sequentially. The Company also anticipates that same-store average selling prices will be up 2% to 4% sequentially with overall average selling prices up by 1% to 3% quarter-over-quarter as our weighted average product mix shifts toward a higher carbon product mix post-merger with the full quarter inclusion of Olympic Steel while carbon, stainless, and aluminum prices trend higher sequentially. Net sales are therefore expected to be in the range of $1.86 billion to $1.93 billion. Net income generation for the second quarter of 2026 is expected to be in the range of $20 to $22 million, or $0.38 to $0.42 per diluted share, with LIFO expense between $14 and $16 million. Second quarter Adjusted EBITDA, excluding LIFO generation is expected to be in the range of $88 to $92 million, inclusive of Olympic Steel's expected contribution of $21 to $23 million. Second quarter synergy realization and contribution to Adjusted EBITDA excluding LIFO is expected to be in the range of $4 to $6 million.