Ryerson Holding Corporation

Good day and welcome to the Ryerson Holding Corporation's third quarter 2025 conference call. Today's conference is being recorded. There will be a question and answer session later. If you would like to ask a question, please press star 1 on your telephone keypad at any time. Again, that is star 1 to ask a question. At this time, I'd like to turn the conference over to Justine Carlson. Please go ahead.

Good morning. Thank you for joining Ryerson Holding Corporation's third quarter 2025 earnings call. On our call, we have Eddie Lehner, Ryerson's president and chief executive officer, Jim Claussen, our chief financial officer, and Molly Cannon, our chief accounting officer and corporate controller. Our recording of this call will be posted on our investor relations website at ir.ryerson.com. Please read the forward-looking statement disclosures included in our earnings release issued yesterday. and note that it applies to all statements made during this call. In addition, our remarks today are for the several non-GAAP measures. Reconciliations of these adjusted numbers are also included in our earnings release. I'll now turn the call over to Eddie.

Thank you, Justine. Good morning, and thank you all for joining us to discuss our third quarter 2025 performance and our announced merger agreement with Olympic Steel. I would like to start our call today with an abbreviated version of our prepared financial comments before asking Rick Mirabito, Chief Executive Officer of Olympic Steel, to join us to discuss the announced merger agreement, its strategy, and the benefits we believe it will yield for our stakeholders. So, turning to our performance first, the third quarter market backdrop continued to be difficult as we now find ourselves rounding out a third year of contractionary conditions. The quarter can be summed up as a continuation of industry recessionary conditions characterized by falling industry shipments year over year and sequentially with notable carbon steel margin compression with manufacturing activity well below mid-cycle levels. Supply-side tariffs and trade policy have placed To some extent, floors under bellwether industrial metal commodity prices. However, demand in the aggregate remains stubbornly depressed. We have often said the supply side sets the price. However, our customers set the discount. And through the third quarter, customers continued quoting less and buying less. Within our OEM book of business, especially the contract business, we have actually seen activity come in well below our OEM customer forecasts and historical mid-cycle trends. As we are in the late stages of this counter cycle that is in its 13th quarter and has been of longer duration than is typical of historical counter cycles of between four and six quarters, the OEM side of the commercial portfolio should eventually inflect positively. The offset to that is the very encouraging trend of Ryerson growing its transactional business as recent investments continue to operationalize, stabilize, and scale throughout our network. This shows up in our service center fundamentals metrics of shorter lead times, higher service levels, and improved on-time delivery. As long as we keep on keeping on with improving the customer experience while optimizing our service center network, productively and safely, our performance will continue to improve. As the market navigates the many dynamic factors currently in play around trade policy, investment, interest rates, and geopolitical commerce volatility, we continue to drive what we can control, building earnings quality and earnings leverage by being excellent operators of our business with sunrise consistency. We understand that decades of offshoring take time to unwind, just as the leveraging, asset modernization, and optimization have required long-term vision and commitment. We will persevere through this market environment, working safely and passionately throughout, and come out stronger on the other side. I can't wait for Rick to join me on the call, but before we get there, I'll turn the call over to Jim Claussen to provide more details on our financial results and our outlook.