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Highlights
- The combined company projected to realize about 120M USD in annual synergies within two years.
- Olympic Steel shareholders hold roughly 37% of the merged entity.
- Transaction expected to close in Q1 2026, pending regulatory and shareholder approvals.
Ryerson Holding Corporation (NYSE:RYI) and Olympic Steel, Inc. (NASDAQ:ZEUS) have entered into a definitive agreement to merge, combining their operations to establish the second-largest metals service center in North America. The merger brings together Ryerson’s broad network of value-added processing facilities and Olympic Steel’s complementary geographic footprint, product range, and processing expertise.
The combined organization anticipates generating approximately 120M USD in annual cost and operational efficiencies by the end of the second year, driven by improved procurement scale, network optimization, commercial integration, and enhanced efficiency.
Transaction Details
As part of the merger terms, Olympic Steel shareholders will receive 1.7105 Ryerson common shares for each Olympic Steel common share they own. Upon completion, Olympic Steel shareholders will collectively own about 37% of the combined company.
The merger is expected to be immediately accretive for shareholders of the new entity and is projected to reduce the pro forma leverage ratio to below three times, assuming partial realization of planned synergies.
Leadership and Governance
Following completion of the merger, Michael D. Siegal, Executive Chairman of Olympic Steel’s Board, will serve as Chairman of the combined company’s Board of Directors. Olympic Steel will also nominate three additional directors to the new 11-member Board.
Eddie Lehner, currently President and Chief Executive Officer (CEO) of Ryerson, will continue as CEO of the merged company. Richard T. Marabito, CEO of Olympic Steel, will assume the role of President and Chief Operating Officer.
Executive Statements
Eddie Lehner stated, “This merger represents an immensely attractive and unique opportunity for Ryerson and Olympic Steel as it combines our two organizations... I could not be more optimistic and energized about the merging of our two companies with a combined 255 years of industrial metals service center experience.”
Rick Marabito commented, “We are thrilled to merge with Ryerson and for all of the opportunities that becoming a 6.5B USD company will provide to our key stakeholders. Together, we will offer new career growth to our employees, enhanced services to our customers, and greater value for our investors.”
Michael Siegal added, “This is a significant milestone for the business my father and uncle started more than 70 years ago… Ryerson is a well-respected company with more than 180 years of history and a values-based culture much like our own.”
Company Profiles
Ryerson Holding Corporation
Established in 1842, Ryerson is a processor and distributor of industrial metals operating in the United States, Canada, Mexico, and China. The company employs about 4,300 people across 110 locations
Olympic Steel, Inc.
Founded in 1954 and headquartered in Cleveland, Ohio, Olympic Steel operates 54 facilities across the U.S. The company focuses on the sale and value-added processing of carbon, stainless, and aluminum products, along with various metal-intensive components and systems.
