Ryerson reports net loss in Q3 as weak demand offsets tariff price support

Ryerson Holding Co. (Ryerson) reported sales at $1.16 billion within its guidance. Selling prices increased by 2.6%, while shipments decreased by 3.2%.

The Chicago-based service center group reported a Q3’25 net loss of $14.8 million, down 124% from its year-earlier loss of $6.6 million. Revenue fell 3% to $1.16 billion in the same comparison.  

Year-to-date carbon steel shipments dropped 0.7% to 1.161 million short tons (st) in 2025 from 1.163 million st in 2024.

President and CEO Eddie Lehner said Ryerson has faced market headwinds in the third quarter.

“During the third quarter, we executed on our self-help playbook, delivering on perennial service center fundamentals of speed, availability, consistency, and on-time-delivery as we effectively managed the business amidst a procession of challenges that have endured for 36 months running,” said Lehner.

He noted slowdowns in the original equipment manufacturing (OEM) segment.

“Areas of particular weakness in the quarter were OEM contract shipments and carbon steel margin compression. Areas of strength were transactional sales growth and further operationalization of new investments made over the past three years,” he said.

Outlook

Ryerson announced it was merging with Olympic Steel as part of its earnings release and offered a separate statement you can find here.

The company expects seasonal conditions to depress customer shipments by 5-7% quarter-over-quarter. Soft manufacturing and industrial metal demand slowdowns are captured in the percentage forecast.

Ryerson anticipates fourth-quarter selling prices to be flat to up 2%. Net sales are expected to range from $1.07 billion to $1.11 billion.

LIFO expense is expected to be between $10 million to $14 million.

The adjusted Q4’2,5 EBITDA, excluding LIFO, is projected to range from $33 million to $37 million and loss per diluted share in the range of $0.28 to $0.22.