Service Centers

Ryerson profits fall in Q2 on low demand

Written by Ethan Bernard

July 30, 2025

Ryerson Holding Corp.

Second quarter ended June 3020252024% Change
Net sales$1,169.3$1,225.5-4.6%
Net earnings (loss)$1.9$9.9-80.8%
Per diluted share$0.06$0.29-79.3%
Six months ended June 30
Net sales$2,305.0$2,464.7-6.5%
Net earnings (loss)$(3.7)$2.3-261%
Per diluted share$(0.12)$0.07-271%
(in millions of dollars except per share)

Ryerson’s earnings slumped in the second quarter amid “recessed” demand.

The Chicago-based service center group reported Q2’25 net earnings attributable to Ryerson of $1.9 million, down 81% from $9.9 million a year earlier. Revenues fell 5% to $1.17 billion in the same comparison.

The company shipped 501,000 short tons (st) in the quarter, up 0.2% sequentially but down 1.4% from Q2’24.

“Self-help and execution are the name of the game amidst ongoing recessed demand conditions in the overall manufacturing and industrial metals sectors of the economy,” Ryerson’s President, CEO, and Director Eddie Lehner said in a statement on Tuesday.

He noted that “on the pricing side of the house, we have seen falling stainless and carbon prices begin to stabilize while aluminum prices have trended higher.”

Lehner said revenue performance during the quarter was influenced by a combination of tariff-supported higher average selling prices for its carbon and aluminum products.

Slower customer activity after Q1 pre-buying and a continuation of trade policy uncertainty partially offset the higher prices.

In an earnings call on Wednesday, Lehner said, “We are in the dog days of this extended downturn.”

He added: “The playbook calls for execution around continuing to take out non-value added costs, precise working capital management, and hustling for every order.”

Outlook

Ryerson expects Q3’25 customer shipments to fall sequentially by 2% to 4%.

This reflects normal seasonality, “as well as overall recessed manufacturing and industrial metal demand conditions driving cautious customer behavior,” the company said.

Net sales are anticipated to be in the range of $1.14 billion to $1.18 billion in Q3’25, with average selling prices up 1% to 3%.

Ryerson expects adjusted EBITDA, excluding LIFO, in the range of $40 million to $45 million in Q3’25, and earnings per diluted share in the range of $0.00 to $0.06.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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