Company Announcements
February 16, 2026
Ryerson and Olympic Steel finalize historic merger
Written by Laura Miller
Ryerson Holding Corp. and Olympic Steel Inc. announced they have completed their previously announced blockbuster merger. The move boosts Ryerson’s position as the second-largest service center in North America.
Olympic Steel shareholders received 1.7105 shares of Ryerson common stock for each Olympic share. They now own ~37% of Ryerson.
Cleveland-based Olympic’s legendary stock handle, ZEUS, was delisted from the Nasdaq after the market’s close on Friday, Feb. 13, the date of the deal’s closing, according to an SEC filing.
Combined company leadership
Also effective as of that date, Eddie Lehner remains CEO of Ryerson, and Olympic’s CEO, Richard T. Marabito, has been named president and chief operating officer of Ryerson. Andrew Greiff, formerly president and COO of Olympic, now serves as EVP – Ryerson and president – Olympic Steel. Ryerson EVP and CFO Jim Claussen will continue in his roles, while former Olympic CFO Richard A. Manson will now serve as Ryerson SVP of finance.
“The union of Ryerson and Olympic Steel unlocks tremendous growth opportunities across our now combined network of service centers, family of companies, and brands,” Lehner stated. “The augmented network density, product diversity, and service offerings promises a customer experience with greater speed to market, wider selection of products and services, and consistency of high value-added experiences.”
Marabito added that the merger is “an incredible opportunity to accelerate our growth commercially as we will be able to cross-sell processing capabilities, expand geographically, and strengthen the utilization of shared assets, all of which will improve the service experience for both contract and transactional customers.”
He further noted the two companies are both at the end of “historically high investment cycles, have established strong balance sheets, and are experiencing what we believe to be the inflection of a manufacturing demand cycle.”
The Olympic team is excited to be joining forces with Ryerson, Marabito said, and looks forward to “getting to work, and realizing our extraordinary potential together.”
Michael D. Siegal, formerly Olympic’s executive chairman, has been appointed chairman of Ryerson’s board. He congratulated the management teams of both companies “for achieving what is an important, historic event not only for Olympic Steel and Ryerson, but also for the metals service center industry.”
Peek at financials
Approximately $120 million in annual synergies are expected to be generated by the combined company by early 2028, “majorly via procurement, scale, efficiency gains, commercial portfolio enhancements, and footprint optimization.”
In the third quarter of 2025, the most recent quarter for which its financials are available, Olympic Steel reported sales of $490.7 million and net income of $2.2 million. In 2024, the company posted net income of $23 million on sales of $1.9 billion.
Comparatively, Ryerson lost $14.8 million in Q3’25 on sales of $1.2 billion. In 2024, the Chicago-based company logged $4.6 billion in sales but lost $8.6 million.
With Olympic under its umbrella, Ryerson has enhanced its position as one of the largest metals service center chains in North America, second only to behemoth Reliance Inc.
