In Q1 2026, Ryerson generated revenue of $1.57 billion following the February 2026 merger with Olympic Steel, with tons shipped up 31.2% and average selling prices up 5.2% compared to the first quarter of 2025. The company is focused on attaining the projected $120 million in annual run-rate synergies by early 2028 through integration of Olympic Steel. The company serves commercial transportation, fabrication and welding, machinery and equipment, consumer products, heavy equipment, climate, power, and machine shop industries.
Cyborg Score Rationale
Ryerson achieved net income of $4.5 million, or $0.10 per share in Q1 2026, with Adjusted net income of $13.1 million or $0.30 per share, beating analyst consensus. Gross margin expanded to 19.1% excluding LIFO impact in Q1 2026 compared to 17.3% in the prior quarter. The company is executing a major integration with clear synergy targets and strategic positioning in a consolidated industry.
Top Insights
(February 2026) Completed strategic merger with Olympic Steel to enhance geographic footprint and create North America's second-largest metals service center
(Q1 2026) Q1 revenue reached $1.57B (+37.9% YoY) with solid gross margin expansion and adjusted EPS of $0.30 beating FactSet consensus of $0.28
(May 2026) Board authorized $100 million share repurchase program through April 2028, signaling confidence in merged entity valuation
Strong average selling prices momentum (+8.9% YoY on same-store basis) reflects pricing power in tight industrial metals markets despite macroeconomic uncertainty
Named Competitors
Steel Dynamics — Integrated steel producer and metals distributor
Reliance Steel — Metals service center and distributor
Worthington Industries — Metals processing and industrial products
Aleris Corporation — Aluminum rolling and recasting
Recent Developments
(February 2026) Merger with Olympic Steel completed; company trading as RYZ on NYSE starting February 24, 2026
(March 2026) Leadership restructuring announced to accelerate strategic integration of the merged organization
(May 2026) Q1 2026 results: $1.57B revenue (+37.9% YoY), net income $4.5M, adjusted EPS $0.30; Q2 guidance $1.86B–$1.93B net sales
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