Ryerson Holding Corporation

Good day and welcome to the Ryerson Holding Corporation's second quarter 2026 conference call. Today's conference is being recorded. There will be a question and answer session later. If you'd 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 and thank you all for joining Ryerson Holding Corporation's second quarter 2026 earnings call. On our call, we have Eddie Lehner, Ryerson's Chief Executive Officer, Rick Marabito, our President and Chief Operating Officer, Jim Claussen, our Chief Financial Officer, and Molly Kannan, our Chief Accounting Officer and Corporate Controller. Rich Manson, Ryerson's Senior Vice President of Finance and Chief Financial Officer of Olympic Steel, Andrew Greiff, Executive Vice President of Ryerson and President of Olympic Steel, and Trent McFarland, our Senior Vice President of Supply Chain and Ryerson Process Metals, will be joining us for Q&A. A 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 refer to several non-GAAP measures. Reconciliations of these adjusted numbers are also included in our earnings release. I will now turn the call over to Eddie.

Thank you, Justine. Good morning, everyone. and thank you all for joining us. In the second quarter of 2026, I am pleased to say that we made the most of our opportunities and continued to position RYZ for higher quality earnings generation through the cycle as we further realized merger related synergies while building an ever better customer experience engine. We delivered greater than expected shipments on a same store and total company basis, achieved revenue and adjusted EBITDA, excluding LIFO, well above our guidance ranges, and generated higher net income sequentially and year over year. In our first full quarter together as RYZ, we continued advancing our shared vision of the Ryerson and Olympic Steel merger potential as we attained second quarter synergy realizations in line with our guidance. And more importantly, we are finding additional opportunities for growth commercially, which we expect will continue to drive top line performance and market share gains. Our results in the quarter were impacted by a unique amalgamation of puts and takes. On the positive side of the ledger, Business investment-driven demand, quote activity, transactional order win rates, and spot transactional margins were outsized drivers for EBITDA generation, while program customer business volumes, program pricing margins continued to lag with inflationary delivery cost pressures building through the quarter as fuel prices rose and truck capacity tightened. in a supply-side tension market where extended mill lead times, low distributor inventories, domestic capacity constraints, and carbon steel plate and tube mill production and heightened geopolitical turmoil are complicating customer backlog turnover and efficient resource allocation. We don't dwell on the imperfect, and we get on with the business of creating consistently great customer experiences, which is a forever part of our strategy. On the demand side, the improved though asymmetrical manufacturing demand conditions as illustrated more broadly by a now six month streak of expanding ISM manufacturing purchasing managers index readings, but more narrowly by end market strength that is skewing heavily to artificial intelligence, Aerospace, Defense, Semiconductor, and Electrification. We note that we should be well positioned through our network to take advantage of this demand upside while other verticals such as agriculture, consumer discretionary, and residential construction move further toward eventual recovery. On the price side of the ledger, average selling prices have been increasing. However, pricing and margin spreads widened in the quarter between transactional pricing and program pricing to their highest deltas in three years. With respect to commodity price drivers, carbon was the best performer in the quarter, followed by stainless and then aluminum, whereas non-ferrous commodity bellwethers saw an approximately 15% price reversion at the end of Q2 and into early Q3, before recently stabilizing within a lower trading range. Moving beyond the industry macro environment, what has been especially inspiring is the energy and shared purpose we are seeing across the unified enterprise as our teams combine strengths, share best practices, and scale customer solutions. We have achieved a great deal together in these first months. We are just in the early stages of getting to escape velocity. The work is taking hold. The commercial and financial impacts are beginning to show, and we are progressing toward realizing the full potential and value this merger can create for our customers, teammates, shareholders, and one another. With that, I will turn the call over to Rick to discuss market conditions, industry trends, and how we are executing operationally across the business.