Shareholders OK Ryerson, Olympic deal

Ryerson Holding Corp. and Olympic Steel have taken another step closer to their merger.

Shareholders of both companies gave the greenlight to the tie-up and the related issuance of Ryerson stock. The deal is expected to close on Friday, Feb. 13.

During its third-quarter earnings call, Ryerson President and CEO Eddie Lehner described the combination as “a compelling and attractive merger” that will create the second-largest metals service center in North America. The new company will have more than $6.5 billion in annual revenue and a network of 160 facilities.

Olympic Steel’s shares will cease trading on Friday and will no longer be listed on the NASDAQ.

Lehner will remain CEO. Olympic’s CEO, Rick Marabito, will take on the role of president and COO.

Stephanie Ritenbaugh

Stephanie Ritenbaugh is a reporter for Steel Market Update. She is an experienced business journalist, holding a variety of positions for trade publications and newspapers, including covering shale development for Gas Business Briefing/Platts and for the Pittsburgh Post-Gazette. She can be reached at stephanie.ritenbaugh@crugroup.com or +1 724-759-7868

Stephanie Ritenbaugh

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