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Sep 30, 2025
Ryerson Q3 2025 Earnings Report
Ryerson reported its third quarter 2025 results, with revenue in line with guidance despite weak demand and tariff pricing conditions, and a net loss.
Key Takeaways
Ryerson Holding Corporation reported third-quarter 2025 revenue of $1.16 billion, meeting guidance, but experienced a net loss of $14.8 million. The company managed to reduce debt and efficiently manage net working capital amidst a challenging market with protracted weak demand and tariff pricing conditions.
Third-quarter revenue was $1.16 billion, in line with guidance, despite a 0.7% decrease from the prior quarter.
The company reported a net loss of $14.8 million, or diluted loss per share of $0.46, and Adjusted EBITDA, excluding LIFO, of $40.3 million.
Debt was reduced to $500 million and net debt to $470 million by the end of the quarter, showing sequential decreases.
Gross margin contracted by 70 basis points to 17.2%, primarily due to market conditions and LIFO expense.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2025, Ryerson anticipates a decrease in customer shipments by 5% to 7% quarter-over-quarter due to normal seasonality and soft market conditions. Net sales are expected to be between $1.07 billion and $1.11 billion, with average selling prices flat to up 2%. Adjusted EBITDA, excluding LIFO, is projected to be in the range of $33 million to $37 million, and diluted loss per share between $0.28 and $0.22.
Positive Outlook
- Anticipated average selling prices to be flat to up 2% quarter-over-quarter.
- Expected Adjusted EBITDA, excluding LIFO, to be between $33 million and $37 million.
- LIFO expense is expected to be managed within a range of $10 million to $14 million.
- The company is actively managing its business amidst challenging market conditions.
- Strategic actions are being taken to position Ryerson for future improvements.
Challenges Ahead
- Customer shipments are expected to decrease by 5% to 7% quarter-over-quarter.
- Soft manufacturing and industrial metal demand conditions are expected to persist.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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