11

Q4 2019

Ryerson Quarterly Release Presentation

22

Important Information About Ryerson Holding CorporationThese materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) and no

investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange

Commission, which can be found at https://ir.ryerson.com/financials/sec-filings/default.aspx. This site also provides additional information about Ryerson.

Safe Harbor ProvisionCertain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within

the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans,

estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “objectives,” “goals,”

“preliminary,” “range,” "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or

comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance

and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various

factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile,

and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness;

the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work

stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency

fluctuations; and consolidation in the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those

set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2019, and in our other filings with the

Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made.

The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new

information or otherwise.

Non-GAAP MeasuresCertain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles

(“GAAP”). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes.

A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is included in the Appendix.

2

33

2019 Key Financial Metrics

A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix.

.

Higher adjusted earnings per share and strong free cash flow generation

3

Net SalesGross Margin,

excl. LIFO

Diluted Adjusted

Earnings per Share

Adj. EBITDA, excl.

LIFO

Cash from

Operating

Activities

$1.0B 18.1% $0.30 $47M $63M-17% vs. Q4’18

-13% vs. Q3’19

+80 bps vs. Q4’18

+230 bps vs. Q3’19

+$0.14 vs. Q4’18

+$0.06 vs. Q3’19

-$4M vs. Q4’18

+$17M vs. Q3’19

-57M vs. Q4’18

-20M vs. Q3’19

$4.5B 16.9% $1.79 $190M $193M+2% vs. 2018 -230 bps vs. 2018 +$0.72 vs. 2018 -$118M vs. 2018 +136M vs. 2018

Fourth Quarter

Full Year 2019

44

Fourth Quarter 2019 vs. Fourth Quarter 2018 Financial Performance

4

6% decrease12%

decrease

17% decrease, which includes an $11M vacation

accrual adjustment as well as reductions in

variable compensation and staffingExpenses exclude depreciation, amortization and one-time items.

A reconciliation of non-GAAP Adjusted EBITDA, excluding LIFO to the comparable GAAP measure is included in the Appendix.

$47M in Adj. EBITDA, excl.

LIFO is a decrease year-

over-year of $4M due to

recessed volume and

declining average selling

prices driven by falling,

commodity prices and

stressed industrial

conditions. These

headwinds were mitigated

by expanded margins and

expense reductions.

Adj. EBITDA, excl. LIFO

80 bps

expansion

55

2019 vs. 2018 Financial Performance

5

2% decrease 2% decrease

250 bps contraction

Expenses decreased by 6%, driven by an

$11M vacation accrual reduction and

reduced variable compensation and staffing

Expenses exclude depreciation and one-time items.

Volume, pricing, margins and expense above are representative of same-store performance only and do not include CS&W results as those are reflected separately above.

A reconciliation of non-GAAP Adjusted EBITDA, excluding LIFO to the comparable GAAP measure is included in the Appendix.

$190M of Adj. EBITDA,

excl. LIFO generated in

2019 was lower year over

year by $118M compared

to 2018 on acute margin

compression amidst early

stage turnaround efforts at

CS&W. Same-store

expense reductions more

than offset macro driven

declines in volume and

pricing.

Adj. EBITDA, excl. LIFO

CRU hot-rolled price deflation during

2019 resulted in inventory holding

losses at CS&W, as the company has

85% carbon steel inventory mix

exposure relative to its total inventory.

66

Central Steel & Wire Integration Performance UpdateLeveraging synergies, streamlining processes while supporting commercial and cultural transformation

6

Integrate CS&W long & tube products, leverage expanded supply

chain, and right-size inventory

Consolidate overlapping locations and execute structural expense

take-outs

Improve working capital management practices

Retain profitable business and increase focus on diversified,

margin-accretive products

Streamline production and logistics processes while investing in

infrastructure and equipment

Empower workforce with upgraded technologies and software

Sustain long-term, mid-cycle target achievement of $600M of

revenue and achieve $50M in Adj. EBITDA, excl. LIFO

CS&W Expenses excl. D&A and

One-Time Items ($M)

Strategic Objectives & Targets

31.6 29.7 29.1 29.1 27.4 27.1

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

77

Next Phase Financial Targets: 2019 Performance

7

16.9%

Gross Margins, excl.

LIFO

Target: 20.0%

5.4%

U.S. Market Share

Target: 6.0%

Targets are based on a 3-year window; Service center industry growth assumed consistent with 2018 tons shipped as a baseline of industry demand with 3.5 thousand tons per month and

average selling prices consistent with Ryerson historical average prices from 2010 through 2019.

A reconciliation of non-GAAP Adjusted EBITDA, excluding LIFO to the comparable GAAP measure is included in the Appendix.

Market Share Source: Metals Service Center Institute.

$190M

LTM Adj. EBITDA,

excl. LIFO

Target: $350M to $400M

4.9x

Net Leverage, Net Debt / LTM Adj.

EBITDA, excl. LIFO

Target: 2.0x

88

Improved Book Value of Equity

8

Continued to build upon a significant equity turnaround in 2019

Book Value of Equity ($M)

99

Strong Liquidity to Fund Operations and Investments

9

Ryerson has significant liquidity to fund operations and pursue strategic investments

($M)

1010

End-Market Performance

10

2019 Tons Shipped and Sales Mix by End Market

Metal Fab and Machine Shop 23%

Industrial Equipment 18%

Commercial Ground Transportation 16%

Consumer Durable 11%

Food & Ag 10%

Construction 8%

HVAC 6%

Oil & Gas 4%

Excluding Other Industry Sectors which represent approximately 4% of Ryerson sales mix

Fourth quarter year-over-year

volume growth was strongest in

food and agricultural

equipment, HVAC, and metal

fabrication sectors. In the first

quarter of 2020, Ryerson

anticipates volume growth

driven by normal seasonality

patterns, but mildly tempered

by the subdued demand that

has carried over from 2019 in

addition to the temporary

operational interruptions within

our China service centers

caused by the Coronavirus

outbreak.

2019

Sales Mix

Commentary &

Q1 2020 Outlook

2019 vs. 2018

Volume Growth

1111

Appendix

1212

EBITDA represents net income before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization.

Adjusted EBITDA gives further effect to, among other things, gain on the sale of assets, impairment charges on assets, reorganization expenses, gain

on bargain purchase, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted

EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an

investor’s overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future

periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our

competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO

expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing

the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues,

and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive

management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA,

excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to

benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense

(income), do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with

generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is

necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding

LIFO expense (income), which is calculated as gross profit plus LIFO expense (or minus LIFO income), divided by net sales, and gross margin,

excluding LIFO expense (income), which is calculated as gross profit plus LIFO expense (or minus LIFO income) divided by net sales. We have

excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of

comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted

EBITDA, Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales, and Adjusted EBITDA, excluding LIFO expense (income), as

a percentage of sales may differ from that of other companies.

Non-GAAP Reconciliation

12

1313

577 619 623 598 541

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

4.4% 5.1% 4.2% 2.7% 4.9%

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

17

.2%

18

.8%

17

.6%

18

.5%

18

.8%

17

.3%

17

.2%

16

.5%

15

.8%

18

.1%

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Gross Margin % Gross Margin, excl. LIFO

Quarterly Financial Highlights

A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix.

Tons Sold (000’s)

$2,010 $1,988 $1,934 $1,847 $1,777

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Average Selling Price Per Ton

Adjusted EBITDA, excl. LIFO Margin %

13

Gross Margin & Gross Margin, excl. LIFO

1414

2,024 1,897 1,903 2,000 2,268 2,381

2014 2015 2016 2017 2018 2019

6.0% 3.4% 6.2% 5.5% 7.0% 4.2%

2014 2015 2016 2017 2018 2019

16

.4%

17

.9%

20

.0%

17

.3%

17

.2%

18

.4%

17

.6%

16

.0% 19

.7%

17

.9%

19

.2%

16

.9%

2014 2015 2016 2017 2018 2019

Gross Margin % Gross Margin, excl. LIFO

Annual Financial Highlights

A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix.

Tons Sold (000’s)

$1,790 $1,670 $1,503 $1,682 $1,944 $1,891

2014 2015 2016 2017 2018 2019

Average Selling Price Per Ton

Gross Margin & Gross Margin, excl. LIFO Adjusted EBITDA, excl. LIFO Margin %

14

1515

Non-GAAP Reconciliation: Adjusted EBITDA, excl. LIFO

15

Net income includes loss on bargain purchase of $3M in Q4 2018 for acquisition of CS&W and includes a vacation accrual adjustment of $11M in Q4 2019. `

($M) Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19

Tons Sold (000's) 577 619 623 598 541

Net Sales 1,160.0 1,230.8 1,204.9 1,104.4 961.5

Gross Profit 199.7 231.3 211.8 204.4 180.4

Gross Profit per Ton 346 374 340 342 333

Gross Margin 17.2% 18.8% 17.6% 18.5% 18.8%

LIFO (Income) Expense 0.9 (20.1) (12.9) (29.6) (6.5)

Gross Profit, excluding LIFO 200.6 211.2 198.9 174.8 173.9

Gross Profit, excluding LIFO per Ton 348 342 319 293 321

Gross Margin, excluding LIFO 17.3% 17.2% 16.5% 15.8% 18.1%

Warehousing, delivery, selling, general, and administrative expenses 171.3 163.7 164.6 165.6 142.9

Depreciation and amortization expense 15.7 14.2 14.5 15.6 14.1

Warehousing, delivery, selling, general, and administrative expenses

excluding depreciation and amortization 155.6 149.5 150.1 150.0 128.8

Warehousing, delivery, selling, general, and administrative expenses

excluding depreciation and amortization % of net sales 13.4% 12.1% 12.5% 13.6% 13.4%

Net Income attributable to Ryerson Holding Corporation 0.6 29.5 16.4 10.1 26.4

Interest and other expense on debt 26.0 23.9 23.9 23.2 22.2

Provision (benefit) for income taxes (2.0) 13.0 5.5 6.3 7.7

Depreciation and amortization expense 15.7 14.2 14.5 15.6 14.1

EBITDA 40.3 80.6 60.3 55.2 70.4

Reorganization 1.8 0.9 2.0 4.0 2.4

Gain on sale of assets - - - - (20.6)

Gain on insurance settlements - - - (1.5) -

Loss on retirement of debt 1.7 0.2 - - -

Foreign currency transaction (gains) losses (1.6) 0.6 0.2 0.4 (0.1)

Loss on bargain purchase 3.2 - - - -

Purchase consideration and other transaction costs 3.8 0.9 0.9 1.0 1.3

Other adjustments 0.4 (0.1) 0.2 - -

Adjusted EBITDA 49.6 83.1 63.6 59.1 53.4

LIFO (Income) Expense 0.9 (20.1) (12.9) (29.6) (6.5)

Adjusted EBITDA, excluding LIFO 50.5 63.0 50.7 29.5 46.9

Adjusted EBITDA Margin, excluding LIFO 4.4% 5.1% 4.2% 2.7% 4.9%

1616

Non-GAAP Reconciliation: Annual

16

Net income includes gain on bargain purchase of $70M in 2018 for acquisition of CS&W and includes a vacation accrual adjustment of $11M in 2019.

($M) 2014 2015 2016 2017 2018 2019

Tons Sold (000's) 2,024 1,897 1,903 2,000 2,268 2,381

Net Sales 3,622.2 3,167.2 2,859.7 3,364.7 4,408.4 4,501.6

Gross Profit 593.8 567.7 570.6 582.5 758.1 827.9

Gross Profit per Ton 293 299 300 291 334 348

Gross Margin 16.4% 17.9% 20.0% 17.3% 17.2% 18.4%

LIFO Expense (Income), net 42.3 (59.5) (6.6) 19.9 90.2 (69.1)

Gross Profit, excluding LIFO 636.1 508.2 564.0 602.4 848.3 758.8

Gross Profit, excluding LIFO per Ton 314 268 296 301 374 319

Gross Margin, excluding LIFO 17.6% 16.0% 19.7% 17.9% 19.2% 16.9%

Warehousing, delivery, selling, general, and administrative expenses 512.2 451.9 447.5 481.4 614.7 636.8

IPO-related expenses 32.7 - - - - -

Depreciation and amortization expense 45.6 43.7 42.5 47.1 52.9 58.4

Warehousing, delivery, selling, general, and administrative expenses

excluding depreciation and amortization and IPO-related expenses 433.9 408.2 405.0 434.3 561.8 578.4

Warehousing, delivery, selling, general, and administrative expenses

excluding depreciation and amortization % of net sales 12.0% 12.9% 14.2% 12.9% 12.7% 12.8%

Net Income (Loss) attributable to Ryerson Holding Corporation (25.7) (0.5) 18.7 17.1 106.0 82.4

Interest and other expense on debt 107.4 96.3 89.9 91.0 99.2 93.2

Provision (benefit) for income taxes (0.7) 3.7 7.2 (1.3) 10.3 32.5

Depreciation and amortization expense 45.6 43.7 42.5 47.1 52.9 58.4

EBITDA 126.6 143.2 158.3 153.9 268.4 266.5

Reorganization 5.4 9.7 6.6 4.1 6.1 9.3

Gain on sale of assets (1.8) (1.9) - - - (20.6)

Gain on settlements (0.4) (4.4) - - - (1.5)

Advisory service fee 28.3 - - - - -

(Gain) loss on retirement of debt 11.2 (0.3) 8.7 - 1.7 0.2

Foreign currency transaction (gains) losses (5.3) (1.5) 3.9 2.0 (2.5) 1.1

Impairment charges on assets - 20.0 5.2 0.2 - -

Gain on bargain purchase - - - - (70.0) -

Purchase consideration and other transaction costs 11.2 3.7 1.5 3.9 14.3 4.1

Other adjustments - - 0.4 0.1 (0.2) 0.1

Adjusted EBITDA 175.2 168.5 184.6 164.2 217.8 259.2

LIFO (Income) Expense, net 42.3 (59.5) (6.6) 19.9 90.2 (69.1)

Adjusted EBITDA, excluding LIFO 217.5 109.0 178.0 184.1 308.0 190.1

Adjusted EBITDA Margin, excluding LIFO, net 6.0% 3.4% 6.2% 5.5% 7.0% 4.2%

1717

Non-GAAP Reconciliation: Adjusted Net Income

17

(Dollars and shares in millions, except per share data) Q4 '19 Q4 '18 Q3 '19 2019 2018

Net income attributable to Ryerson Holding Corporation $26.4 $0.6 $10.1 $82.4 $106.0

Gain on bargain purchase - 3.2 - - (70.0)

Gain on sale of assets (20.6) - - (20.6) -

Gain on insurance settlement - - (1.5) (1.5) -

Restructuring and other charges 0.7 1.5 0.3 2.4 4.2

Loss on retirement of debt - 1.7 - 0.2 1.7

Provision (benefit) for income taxes 5.1 (0.8) 0.3 5.0 (1.5)

Adjusted net income attributable to Ryerson Holding Corporation $11.6 $6.2 $9.2 $67.9 $40.4

Diluted adjusted earnings per share $0.30 $0.16 $0.24 $1.79 $1.07

Shares outstanding - diluted 38.1 37.7 38.0 38.0 37.7

1818