Ryerson BAML Leveraged Finance Presentation

1. 1
December 2018
BAML Leveraged Finance Conference

2. 2
Important Information About Ryerson Holding Corporation
These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) and no
investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange
Commission, which can be found at https://ir.ryerson.com/sec-filings/sec-filings/default.aspx. This site also provides additional information about Ryerson.
Safe Harbor Provision
Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within
the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans,
estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “objectives,” “goals,”
"believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by
discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks
and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that
significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented market in
which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired
operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations under
certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in
the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set
forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2017, and in our other filings with the Securities and Exchange
Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not
undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
Non-GAAP Measures
Certain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles
(“GAAP”). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes.
A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is included in the Appendix.

3. 3
Business Overview
E D D I E L E H N E R │ P R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R

4. 4
Iconic Industrial Metals Company Founded in 1842
Distributes 65,000+ products to
40,000 manufacturing customers
100 interconnected facilities located
in North America and China
Distribution, processing, and
fabrication of industrial metals
centered on carbon, aluminum, and
stainless steel products

5. 5
Local Presence, National Scale
Intelligently networked locations sharing
knowledge, assets, and inventory at scale
2nd Largest North American metals processor and
distributor optimizing customer supply chains
with tailored solutions, services, and products
24/7 customer access through omni-channel
sales networks
Differentiated model creates repeatable
great customer experiences

6. 6
Metal Shape Processing
Carbon 50%
Stainless 26%
Aluminum 22%
Fabrication
Burn/Cut
As Is
Flat Long Plate
Delivering Value to Customers:
Understanding Ryerson’s Periodic Table Is Vital to Profitable Growth
Percent of 2017 Sales

7. 7
The DNA of Our Success
SCALE
VALUE-ADD
SPEED CULTURE
ANALYTICS

8. 8
Ryerson’s Strategic Drivers – Optimizing the Customer Experience
Through Intelligently Networked Service Centers
8
Ryerson Virtual
Warehouse – Mapped
Supply Chains
7
Ryerson E-Commerce
Built-Out & Scaling
5
Long Products Depots
Centers of Excellence
6
Stainless Products
Leadership
4
Develop & Diversify
Vertical Markets
Portfolio
3
Coil & Sheet Franchise
Renewal
1 2
Ryerson Advanced
Processing – Value-Add
Amplifier & Accelerator
Scale Prospecting &
Call Centers

9. 9
INDUSTRY-LEADING PERFORMANCE
MARGIN EXPANSIONOPERATIONAL EFFICIENCY
⚫ Growing share by leveraging scale
in highly fragmented market
⚫ Multi-channel sales and distribution
platform
⚫ Investment in capabilities
⚫ Strategic acquisitions
⚫ Expanding use of analytics
PROFITABLE GROWTH
⚫ Optimize product and customer mix
⚫ Value-added processing
⚫ Value-driven pricing
⚫ Supply chain innovation,
architecture, and leadership
▪ Expense and working
capital leadership
▪ Significant operating leverage
▪ Best practice talent management
▪ Speed
Contributing to our customers’ success

10. 10
Current Macro Conditions
Sources: Bloomberg; prices through November 26th, 2018; Federal Reserve; industrial production index monthly year-over-year change.
Strong U.S.
Industrial Production
Dec.‘15-Nov.‘18
performance
Volatile but Improved Commodity
Prices Since Dec. 2015
-2.0
-1.3
-0.9
0.5
-0.5
-0.2
1.2
1.92.1
1.8
1.4
1.11.2
2.7
3.4
2.02.8
3.73.63.8
3.0
3.6
4.1
5.45.6
4.1
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
0.8
1.3
1.8
2.3
2.8
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
PricesIndexedtoDec.2015
CRU HRC
LME Nickel
LME Aluminum + Midwest Premium
+24%
+38%
+126%

11. 11
Macro Outlook – Leading and Lagging Indicators
Sources: Bloomberg Commodity Index (BCOM); Federal Reserve; industrial production index monthly year-over-year change.
85.3
90.7
83.2
-1.7
5.6
4.1
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
78
80
82
84
86
88
90
92 Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Bloomberg Commodity Index (Leading) U.S. Industrial Production (Lagging)
The relationship between U.S. Industrial Production Growth and the Bloomberg Commodity Index over
the past two years showing counter-cyclical inflection lead-lags.
Bloomberg Commodity
Price Index
U.S. Industrial
Production Growth

12. 12
Diverse End-Market Exposure
Percentages are based on 2017 sales as disclosed in Ryerson’s Annual
Report on Form 10-K for the year ended December 31, 2017.
Industrial Machinery
& Equipment
18%
Commercial
Ground
Transportation
16%
Consumer
Durable
11%Food
Processing
& Ag.
10%
Construction
Equipment
9%
HVAC
7%
Oil &
Gas 5%
All Other
4%
Metal Fabrication &
Machine Shops
20%

13. 13
Growing Market Share and Scale
in a Highly Fragmented Industry
5.2%
Higher Baseline Revenue and Earnings Power Prospects
3.8% 4.2% 4.2%
1.0%
2014 2017 Q3 2018 YTD
Central Steel & Wire MSCI Market Share
RYI U.S. MSCI Market Share
Sources: Metals Service Center Institute and IBISWorld
Estimated market data based on Ryerson’s analysis of Metals Service Center
Institute data.
• 7,000 service centers
• 1 million customers
• 30 million transactions
per year
Ryerson U.S. Market Share Industry Dynamics

14. 14
Machining and
Forming Plate
Painting
Welding
Beveling
Ryerson’s Processing Capabilities = Value-Add
Bending
Beveling
Blanchard Grinding
Blasting
Burning
Centerless Grinding
Cutting-to-Length
Drilling
Embossing
Flattening
Forming
Grinding
Laser Cutting
Machining
Notching
Painting
Perforating
Precision Blanking
Polishing
Profile Cutting
Punching
Rolling
Sawing
Scribing
Shearing
Slitting
Stamping
Tapping
Threading
Toll Processing
Turning
Water Jet Cutting
WeldingImage: Converter system for packaging equipment customer
Fully integrated into our customer’s supply chain, delivering
value-add products that exceed our customers’ expectations

15. 15
$240 $291$263 $301
15.2%
17.9%
2010 2017
Gross Profit per Ton
Gross Profit Per Ton ($M)
Gross Profit Per Ton, excl. LIFO ($M)
Gross Margin, excl. LIFO
Optimizing Mix to Drive Margin Expansion
Ryerson processes over 75% of
the metal we sell, with a greater
emphasis on value-added
fabrication services
6.7% 9.8%
2010 2017
Fabrication % of Sales
$M, Tons 000's 2010 2017 Change % Change
Tons Sold 2,252 2,000 (252) -11%
Gross Profit $540 $583 $43 8%
Gross Margin 13.9% 17.3% 340 bps
Gross Profit, excl. LIFO $592 $602 $10 2%
Gross Margin, excl. LIFO 15.2% 17.9% 270 bps

16. 16
Improving Credit Profile
Annual Fixed Cash
Commitments ($M)
Cash Interest $ 93M
Pension and OPEB 34M
Maintenance Capital
Expenditures
15M
Taxes and Other 8M
Annual Fixed Cash
Commitments
$ 150M
Net Debt to Adj. EBITDA,
excl. LIFO
Ryerson has improved our Net
Debt to EBITDA ratio, working
toward our goal of 2X-3X
$M 2017 TTM Q3 '18
Adj. EBITDA, excl. LIFO $184 $298
Ending Net Debt $968 $1,231
Net Debt to Adj. EBITDA, excl. LIFO 5.3X 4.1X
TTM - Trailing 12 month number

17. 17
Generating Significant Free Cash Flow Through The Cycle
Improved Operating Profile Means Higher Through The Cycle Quality of Earnings and Less
Cash Flow Generation Volatility
TTM – Trailing Twelve Month Period
$M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM Q3 '18 Total
Cash flow from Operating Activities $281 $285 ($199) $55 $187 $48 ($73) $259 $25 ($2) $28 $894
Less: Capital Expenditures 30 23 27 47 41 20 22 22 23 25 39 319
Plus: Asset Sales 32 18 6 11 12 5 7 10 3 4 1 109
Free Cash Flow (FCF) $283 $280 ($220) $19 $158 $33 ($88) $247 $5 ($23) ($10) $684

18. 18
Reinvesting Cash in Growth Since IPO
• Legacy cash distributions,
including PIK interest and
dividends, were a significant
portion of our cash usage in
2010 through 2012.
• Since going public in 2014,
legacy liabilities have declined
significantly, while Ryerson
has invested more into growth
capital projects and
acquisitions.
• Stage is set for free cash flow
and deployment toward
significant deleveraging in the
coming years beginning in
2019.
Significant Cash Uses ($M)
See reconciliation of significant cash uses in the Appendix

19. 19
Financial Overview
E R I C H S C H N A U F E R │ C H I E F F I N A N C I A L O F F I C E R

20. 20
Ryerson Financial Priorities
Gaining Financial Strength Through Continuously Improving
Operating and Financial Performance
70-75
Days of
Supply
2x-3x
Debt /
EBITDA
20%
Gross Margins,
excl. LIFO

21. 21
Proven Inventory & Operational Efficiency
Industry Leadership
Competitor averages are based on Ryerson’s analysis of financial information disclosed in peer groups’ annual reports.
Ryerson’s peer group includes Reliance Steel & Aluminum, Olympic Steel, Kloeckner Metals, and Russel Metals.
Expense % excluding D&A and one-time items is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the comparable GAAP measure is included in the Appendix.
Ryerson Competitor Averages
Expense Percentage of Sales
Excluding D&A and One-Time Items
Days of Supply

22. 22
Quarterly Financial Highlights
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix.
$37.7 $40.6
$62.2
$106.6
$88.7
$1.7 $0.0
$10.4
$17.5
$77.5
Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Adj. EBITDA, excl. LIFO ($M)
Net Income Attributable to Ryerson Holding Corporation ($M)
• Acquisition of Central Steel & Wire
completed on July 2nd contributed
$178.2M in revenue and $8.9M in
Adj. EBITDA, excl. LIFO to Q3
results.
• Ryerson achieved revenue growth
of 18.2% in Q3 compared to Q2
with 14.5% higher volume and
3.2% higher average selling
prices.
• Third quarter net income of
$77.5M, or $2.06 per diluted share.
• Generated Adj. EBITDA, excl. LIFO
of $88.7M, compared to $37.7M in
the Q3 2017, and $106.6M Q2 ‘18.

23. 23
Central Steel & Wire Company: Early and Impactful
Contributions Exceed Expectations
• Central Steel & Wire’s rich history and
complementary product offering
enhances Ryerson’s commercial,
processing, and operational strengths
while increasing market share.
• Focused foremost on customer
relationships, Ryerson is implementing
post-close optimization actions with the
long-term objective of Central Steel &
Wire generating $600M in revenue and
$50M in Adj. EBITDA, excl. LIFO annually
for Ryerson.

24. 24
Central Steel & Wire Proforma Leverage Impact
4.1X
4.7X
3.2X
Q2 2018 July 2nd, 2018 Proforma Long-Term Mid-Cycle
CS&W Proforma
Net Debt / Adj. EBITDA, excl. LIFO
Ryerson anticipates the mid-cycle proforma impact of CS&W to
positively impact our net debt / Adj. EBITDA, excl. LIFO ratio
$M Q2 2018
July 2nd, 2018
Proforma
Long-Term Mid-
Cycle CS&W
Proforma
Acquisition Cost $157 $157
Net Debt, As Reported $1,025 $1,025 $1,025
CS&W Working Capital
Improvements
~$60-80
CS&W Asset Sales ~$10-20
Proforma Net Debt $1,025 $1,182 $940
CS&W Acquired Annualized Adj.
EBITDA, Excl. LIFO
$6 $50
Ryerson Same-Store TTM Adj.
EBITDA, Excl. LIFO
$247 $247 $247
Proforma Adj. EBITDA, excl. LIFO $247 $253 $297
Net Debt / Adj. EBITDA, excl. LIFO 4.1X 4.7X 3.2X

25. 25
Strong Collateral and Asset Profile to Support Capital
Structure with no Significant Maturities Until 2021
$162.9
Capitalization Asset Coverage of 1.6X
$611
$910
$502
$31
$2,054
Assets
$650
$589
$22
$1,261
Secured Debt
Cash and Equivalents
Net PP&E
Inventories
Accounts Receivable
Foreign Debt and Other
ABL Revolver
Senior Secured Notes
Capitalization ($M) Sep. 30, 2018
Cash and Equivalents $31
ABL Revolver ($1.0B) due 2021 589
Senior Secured Notes due 2022 650
Foreign Debt and Other 22
Net Debt $1,230
Market Capitalization
(as of Nov. 19, 2018)
322
Total Enterprise Value $1,552
*Estimated market value of North American real estate portfolio $387M

26. 26
5.8X
5.0X
4.7X
5.0X
5.4X 5.3X
5.0X
4.1X 4.1X
Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Improving Adj. EBITDA, excl. LIFO Resulting in a
Meaningful Reduction of Leverage
Net Debt to TTM Adj. EBITDA, excl. LIFO
TTM – Trailing Twelve Month Period
Reduced
Leverage
Financial Results Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
TTM Adj. EBITDA, excl. LIFO $156 $178 $195 $191 $180 $184 $192 $247 $298
Net Debt 904 882 920 959 968 968 967 1,025 1,231
Net Debt/ TTM EBITDA 5.8X 5.0X 4.7X 5.0X 5.4X 5.3X 5.0X 4.1X 4.1X

27. 27
Pension Benefit Liability Declines Since 2015
Pension liability has
declined 31% over the past
2 years driven by stronger
pension asset returns and
strategic participant
reductions
Sources: Federal Reserve treasury rates; Yahoo Finance daily adjusted stock price
$238 $216 $165
2.3%
2.5%
2.4%
2,044
2,239
2,674
Dec 31, '15 Dec 31, '16 Dec 31, '17
Pension ($M) 10-Year Treasury Rate S&P
$73M

28. 28
Liquidity to Fund Operations and Investments
$162.9
225
264
396
26
25
19
50
49
31
$301
$338
$446
Dec. 31, 2016 Dec. 31, 2017 Sep. 30, 2018
North American Availability Foreign Availability Cash & Equivalents
Liquidity ($M)
Ryerson’s ability to maintain
ample liquidity allows us to
make strategic investments
and fund our operations

29. 29
Improved Book Value of Equity
$162.9
Book Value of Equity ($M) Ryerson’s strong income
generation through the first
nine months of 2018 has
increased equity to $102.1
million as of September 30,
2018 compared to an equity
deficit of $124.5 million as of
December 31, 2014($124.5)
($140.9)
($49.3)
($7.4)
$102.1
Dec. 31, 2014 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Sep. 30, 2018

30. 30
Investing in Value-Add to Lessen Commodity Volatility Impacts
• $78 million in capital
investment since the
beginning of 2016 to expand
value-added capabilities
• Enhanced intelligent systems
to connect people, supply
chains, inventory, fixed
assets, and logistics
• Ten strategic acquisitions
since 2010

31. 31
Conclusion
E D D I E L E H N E R │ P R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R

32. 32
After several years of significant
revenue growth, achieved
organically and supported by
acquisitions as well as net working
capital investments, Ryerson is in
an excellent position to de-lever
the balance sheet over the next
several years
✓ A dynamic, leading business model
for the era in which we compete
✓ Improving Credit Profile
✓ Increased Through The Cycle
Earnings and Cash Flows
✓ Decreasing Legacy Liabilities

33. 33
Appendix

34. 34
Metal Service Center Supply Chain
CUSTOMERS
• Purchase smaller quantities
• Require a variety of products
and services
• Can leverage Ryerson to reduce
processing and inventory
investment needs
SUPPLIERS
• Manufacture metals
• Produce & ship large volumes
• Have long lead times with high
variance delivery times
RYERSON
• 65,000+ aluminum, carbon, and
stainless products
• Processes 75% of products sold
• Delivers same/next day
• Provides product and
end-market expertise
• Purchases in scale; ship
smaller quantities

35. 35
Experienced Management Team
Executive Title
Years in
Position
Years at
Ryerson
Years in
Industry
Eddie Lehner* President & Chief Executive Officer 3 6 29
Erich Schnaufer** Chief Financial Officer 3 13 13
Mark Silver
Executive Vice President, General
Counsel & Secretary
6 6 6
Kevin Richardson President - South / East Region 11 34 34
Mike Burbach President - North / West Region 11 35 35
Leong Fang
Executive Vice President - Global
Operations and Chief Executive Officer -
Asia
6 6 34
*Eddie Lehner previously served as Ryerson's Executive Vice President and Chief Financial Officer.
**Erich Schnaufer previously served as Ryerson's Controller and Chief Accounting Officer.

36. 36
20.0%
17.3% 17.2%
19.7%
17.9%
20.1%
2016 2017 Q3 2018 YTD
13.8%
12.6% 12.5%
2016 2017 Q3 2018 YTD
Annual Financial Highlights
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix.
1,903 2,000
1,691
2016 2017 Q3 2018 YTD
Tons Sold (000’s)
$1,503
$1,682
$1,921
2016 2017 Q3 2018 YTD
Average Selling Price Per Ton
Gross Margin & Gross Margin, excl. LIFO
& Purchase Accounting Adj.
Expense Percentage of Sales
excl. D&A and Restructuring

37. 37
Same-Store Financial Metrics Reconciliation
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix.
Tons Shipped 218 94 528 622
Net Sales $362.2 $178.2 $1,071.8 $1,250.0
Gross margin, excluding LIFO
expense and purchase
accounting adjustments
21.9% 22.7% 19.1% 19.6%
Warehousing, delivery, selling,
general, and administrative
expenses
$68.9 $34.0 $140.0 $174.0
Expense % of sales 19.0% 19.1% 13.1% 13.9%
Adjusted EBITDA, excluding
LIFO
$12.3 $8.9 $79.8 $88.7
Adjusted EBITDA, excluding
LIFO % of sales
3.4% 5.0% 7.4% 7.1%
Central Steel & Wire Company Central Steel & Wire Company Ryerson Holding Corporation
Six Months Ended June 30,
2018
Third Quarter 2018
Ryerson Same Store
(Dollars in millions,
tons in thousands)

38. 38
16.8%
16.8%
17.5%
17.5%
16.7%
16.6%
17.8%
18.9%
21.7%
19.6%
Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Gross Margin %
Gross Margin, excl. LIFO & Purchase Accounting Adj. %
12.7%
13.4%
12.6%
12.0%
12.8%
Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Quarterly Financial Highlights
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix.
515
470
526 543
622
Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Tons Sold (000’s)
$1,678
$1,725
$1,790
$1,947
$2,010
Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Average Selling Price Per Ton
Gross Margin & Gross Margin, excl. LIFO Expense Percentage of Sales
excl. D&A and Restructuring

39. 39
Significant Cash Uses Reconciliation
$M 2010 2011 2012 2013 2014 2015 2016 2017 TTM Q3 '18
Distributions $256 $62 $113 $10 $28 $4 $22 $0 $1
PIK Interest & Retirement Loss 31 42 55
Management Fees 5 5 5 5 28
Dividends 214 35
Debt Issuance Costs 6 16 18 5 4 22 1
$M 2010 2011 2012 2013 2014 2015 2016 2017 TTM Q3 '18
Annual Fixed Cash Commitments $114 $161 $159 $196 $199 $170 $145 $144 $167
Cash Interest 66 72 68 103 100 87 89 85 90
Pension & Retiree Medical 61 59 61 62 66 51 30 30 36
Purchase Consideration, Restructuring, & IPO
transaction costs
19 18 10 15 17 13 8 8 17
Maintenance Capex 15 15 15 15 15 15 16 19 22
Cash paid (received) for/from taxes including AMT
credits
(47) (3) 5 1 2 3 2 2 2
$M 2010 2011 2012 2013 2014 2015 2016 2017 TTM Q3 '18
Growth Cash Uses $24 $121 $31 $5 $27 $16 $8 $56 $181
Growth Capex 12 26 26 5 7 7 7 6 8
Acquisitions 12 95 5 0 20 9 1 50 174

40. 40
Industry Math: 2017 MSCI Shipped Tonnage Mix
2017
Industry Tons Mix
Total Shapes 100%
Flat 68%
Carbon Flat Rolled 63%
Stainless Sheet & Coil 3%
Aluminum Sheet & Coil 2%
Long 20%
Plate 12%
Carbon Plate 10%
Stainless Plate 1%
Aluminum Plate 1%

41. 41
EBITDA represents net income before interest and other expense on debt, provision (benefit) for income taxes, depreciation and amortization.
Adjusted EBITDA gives further effect to, among other things, impairment charges on assets, reorganization expenses, gain on bargain purchase, and
foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO
expense (income), net, provides useful information to investors regarding our operational performance because they enhance an investor’s overall
understanding of our core financial performance and provide a basis of comparison of results between current, past and future periods. We also
disclose the metric Adjusted EBITDA, excluding LIFO expense (income), net, to provide a means of comparison amongst our competitors who may
not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), net, are
three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating
performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses)
that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and
regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO
expense (income), net, targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), net, to benchmark
our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), net do not
represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted
accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), net, is necessarily an
indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense
(income), net, which is calculated as gross profit plus LIFO expense (or minus LIFO income), net, divided by net sales, and gross margin, excluding
LIFO expense (income), net and purchase accounting adjustments, which is calculated as gross profit plus LIFO expense (or minus LIFO income) and
purchase accounting adjustments divided by net sales. We have excluded LIFO expense (income), net and purchase accounting adjustments from
gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who
may not use the same basis of accounting for inventories as we do as well as remove the effect of non-cash purchase accounting adjustments. Our
definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), net, gross margin, excluding LIFO expense (income),
net, gross margin excluding LIFO expense (income), net and purchase accounting adjustments, Adjusted EBITDA, excluding LIFO expense (income),
net, as a percentage of sales, and Adjusted EBITDA, excluding LIFO expense (income), net, and purchase accounting adjustments as a percentage
of sales may differ from that of other companies.
Non-GAAP Reconciliation

42. 42
Non-GAAP Reconciliation: Annual
($M) 2013 2014 2015 2016 2017 Q3 2018 YTD
Tons Sold (000's) 2,038 2,024 1,897 1,903 2,000 1,691
Net Sales 3,460.3 3,622.2 3,167.2 2,859.7 3,364.7 3,248.4
Gross Profit 616.6 593.8 567.7 570.6 582.5 558.4
Gross Profit per Ton 302 293 299 300 291 330
Gross Margin 17.8% 16.4% 17.9% 20.0% 17.3% 17.2%
LIFO Expense (Income) (33.0) 42.3 (59.5) (6.6) 19.9 89.3
Purchase Accounting Adjustments - - - - 4.7
Gross Profit, excluding LIFO and purchase accounting adjustments 636.1 508.2 564.0 602.4 652.4
Gross Profit, excluding LIFO and purchase accounting adjustments per Ton 314.3 267.9 296.4 301.2 385.8
Gross Margin, excluding LIFO and purchase accounting adjustments 17.6% 16.0% 19.7% 17.9% 20.1%
Warehousing, delivery, selling, general, and administrative expenses 480.1 509.2 450.8 436.4 472.5 443.4
IPO-related expenses - 32.7 - - - -
Depreciation and amortization expense 46.6 45.6 43.7 42.5 47.1 37.2
Warehousing, delivery, selling, general, and administrative expenses
excluding depreciation and amortization and IPO-related expenses 433.5 430.9 407.1 393.9 425.4 406.2
Expense excluding depreciation and amortization, impairment, restructuring, and
IPO-related expenses % of Net Sales 12.5% 11.9% 12.9% 13.8% 12.6% 12.5%
Net Income (loss) attributable to Ryerson Holding Corporation 127.3 (25.7) (0.5) 18.7 17.1 105.4
Interest and other expense on debt 110.5 107.4 96.3 89.9 91.0 73.2
Provision (benefit) for income taxes (112.3) (0.7) 3.7 7.2 (1.3) 12.3
Depreciation and amortization expense 46.6 45.6 43.7 42.5 47.1 37.2
EBITDA 172.1 126.6 143.2 158.3 153.9 228.1
Reorganization 11.5 5.4 9.7 6.6 4.1 4.3
Gain on sale of assets - (1.8) (1.9) - - -
Gain on settlements - (0.4) (4.4) - - -
Advisory service fee 5.0 28.3 - - - -
(Gain) loss on retirement of debt - 11.2 (0.3) 8.7 - -
Foreign currency transaction (gains) losses (3.7) (5.3) (1.5) 3.9 2.0 (0.9)
Impairment charges on assets 10.0 - 20.0 5.2 0.2 -
Gain on bargain purchase - - - - - (73.2)
Purchase consideration and other transaction costs 3.5 11.2 3.7 1.5 3.9 10.5
Other adjustments 4.2 - - 0.4 0.1 (0.6)
Adjusted EBITDA 202.6 175.2 168.5 184.6 164.2 168.2
LIFO Expense (Income) (33.0) 42.3 (59.5) (6.6) 19.9 89.3
Adjusted EBITDA, excluding LIFO 169.6 217.5 109.0 178.0 184.1 257.5
Adjusted EBITDA Margin, excluding LIFO 4.9% 6.0% 3.4% 6.2% 5.5% 7.9%

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Non-GAAP Reconciliation: Quarterly
($M) Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
Tons Sold (000's) 515 470 526 543 622
Net Sales 864.2 810.6 941.3 1,057.1 1,250.0
Gross Profit 145.0 136.5 164.9 185.3 208.2
Gross Profit per Ton 282 290 313 341 335
Gross Margin 16.8% 16.8% 17.5% 17.5% 16.7%
LIFO Expense (Income) (1.7) 8.1 13.3 43.9 32.1
Purchase Accounting Adjustments - - - - 4.7
Gross Profit, excluding LIFO and purchase accounting adjustments 143.3 144.6 178.2 229.2 245.0
Gross Profit, excluding LIFO and purchase accounting adjustments per Ton 278 308 339 422 394
Gross Margin, excluding LIFO and purchase accounting adjustments 16.6% 17.8% 18.9% 21.7% 19.6%
Warehousing, delivery, selling, general, and administrative expenses 121.7 119.3 130.5 138.9 174.0
Depreciation and amortization expense 11.9 13.0 11.5 11.6 14.1
Warehousing, delivery, selling, general, and administrative expenses
excluding depreciation and amortization 109.8 106.3 119.0 127.3 159.9
Expense excluding depreciation and amortization, impairment, and restructuring
% of Net Sales 12.7% 13.1% 12.6% 12.0% 12.8%
Net Income attributable to Ryerson Holding Corporation 1.7 - 10.4 17.5 77.5
Interest and other expense on debt 23.2 23.2 23.3 23.9 26.0
Provision (benefit) for income taxes (0.7) (6.6) 4.1 6.2 2.0
Depreciation and amortization expense 11.9 13.0 11.5 11.6 14.1
EBITDA 36.1 29.6 49.3 59.2 119.6
Reorganization 0.9 1.3 0.7 0.6 3.0
Foreign currency transaction (gains) losses 1.4 0.2 (2.0) 0.6 0.5
Purchase consideration and other transaction costs 1.0 1.3 1.5 2.3 6.7
Other adjustments - 0.1 (0.6) - -
Adjusted EBITDA 39.4 32.5 48.9 62.7 56.6
LIFO Expense (Income) (1.7) 8.1 13.3 43.9 32.1
Adjusted EBITDA, excluding LIFO 37.7 40.6 62.2 106.6 88.7
Adjusted EBITDA Margin, excluding LIFO 4.4% 5.0% 6.6% 10.1% 7.1%

44. 44
Sources: Bloomberg; CRU
Metal Commodity Price Movements Impact LIFO Expense
Ryerson LIFO Detail ($M) Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
LIFO Expense (Income) ($M) $9 $14 $19 $0 ($12) ($37) ($30) ($18) ($27) $7 $25 $2 $23 $14 ($2) $8 $13 $44 $32
Lower of Cost or Market Adjustment 0 0 0 0 0 0 9 29 12 (14) (24) 11 (24) 0 0 0 0 0 0
LIFO, Net $9 $14 $19 $0 ($12) ($37) ($21) $11 ($15) ($7) $1 $14 ($1) $14 ($2) $8 $13 $44 $32
Commodity Price Movements Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18
CRU HRC ($/ton) $655 $671 $668 $634 $536 $454 $459 $387 $398 $562 $592 $521 $623 $618 $620 $609 $744 $879 $899
LME Nickel ($/lb.) 6.64 8.37 8.42 7.17 6.51 5.91 4.78 4.27 3.86 4.00 4.66 4.90 4.66 4.20 4.77 5.25 6.03 6.56 6.01
Midwest Aluminum ($/lb.) 0.97 1.00 1.11 1.12 1.05 0.93 0.80 0.76 0.77 0.79 0.80 0.85 0.94 0.96 0.99 1.05 1.12 1.24 1.14
Weighted Avg. Commodity Pricing Change* 2% 9% 2% -6% -12% -13% -8% -12% -1% 22% 7% -3% 11% -2% 4% 3% 17% 14% -3%
Weighted Avg. Commodity Pricing Change Shifted 1 Qtr. Forward (i.e.
Q4 '17 is Q3 '17 data)
1% 2% 9% 2% -6% -12% -13% -8% -12% -1% 22% 7% -3% 11% -2% 4% 3% 17% 14%
*Weighted using 50% CRU HRC, 25% LME Nickel, & 25% Midwest Aluminum to reflect Ryerson's approximate product mix

45. 45