Ryerson Holding Corp Segments Disclosure
Note 13: Segment Information
Edward Lehner, our, serves as our Chief Operating Decision Maker ("CODM"). Our CODM reviews our consolidated Ryerson Holding Corporation financial information for purpose of making operational decisions and assessing financial performance. The CODM views our business globally, therefore, we have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the processing and distribution of metals. See Note 16: Revenue Recognition for the Company’s percentage of sales by major product line.
The Company’s segment revenue, significant expenses regularly reviewed by the CODM, and other segment items are as follows:
|
|
Year Ended December 31, |
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|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
|
|
|
(Dollars in millions) |
|
|
|
|
|||
Net sales |
|
$ |
4,571.3 |
|
|
$ |
4,598.7 |
|
|
$ |
5,108.7 |
|
Less 1 : |
|
|
|
|
|
|
|
|
|
|||
Cost of materials sold, excluding LIFO (income) expense |
|
|
3,733.4 |
|
|
|
3,817.0 |
|
|
|
4,184.8 |
|
LIFO (income) expense |
|
|
55.7 |
|
|
|
(52.5 |
) |
|
|
(97.7 |
) |
Delivery expense |
|
|
124.1 |
|
|
|
113.0 |
|
|
|
115.4 |
|
Compensation and benefits expense |
|
|
372.6 |
|
|
|
354.8 |
|
|
|
367.8 |
|
Selling general and administration expense |
|
|
69.1 |
|
|
|
72.4 |
|
|
|
69.0 |
|
Operating expense - fixed |
|
|
75.1 |
|
|
|
71.4 |
|
|
|
81.8 |
|
Operating expense - variable |
|
|
59.9 |
|
|
|
60.1 |
|
|
|
61.2 |
|
Reorganization expense 2 |
|
|
23.7 |
|
|
|
58.1 |
|
|
|
35.7 |
|
Depreciation and amortization expense |
|
|
79.7 |
|
|
|
77.6 |
|
|
|
62.5 |
|
Interest and other expense on debt |
|
|
38.9 |
|
|
|
43.0 |
|
|
|
34.7 |
|
Other segment items 3 |
|
|
10.3 |
|
|
|
(8.8 |
) |
|
|
(0.2 |
) |
Income (loss) before income taxes |
|
|
(71.2 |
) |
|
|
(7.4 |
) |
|
|
193.7 |
|
Provision (benefit) for income taxes |
|
|
(16.1 |
) |
|
|
(0.1 |
) |
|
|
47.3 |
|
Net income (loss) |
|
|
(55.1 |
) |
|
|
(7.3 |
) |
|
|
146.4 |
|
Less: Net income attributable to noncontrolling interest |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
0.7 |
|
Net income (loss) attributable to Ryerson Holding Corporation |
|
$ |
(56.4 |
) |
|
$ |
(8.6 |
) |
|
$ |
145.7 |
|
(1) The significant expense categories and amounts align with the information that is regularly provided to the CODM.
(2) Reorganization expense is used by management to capture excess costs associated with one-time events or with implementing significant Company projects or changes and allows the CODM to assess performance without the impact of these items. It is not a GAAP financial measure. Expenses excluding reorganization expense should not be used as a substitute for total expenses reported on our Consolidated Statement of Operations. Reorganization expense includes restructuring and other charges reported on the Consolidated Statements of Operations.
(3) Other segment items include foreign exchange gain and loss, pension settlement and curtailment gains and losses, pension and postretirement benefit costs other than service costs, gains on insurance settlements, impairment charges on assets, gains on litigation settlements, professional advisory costs, deferred compensation expenses, gains on sales of assets, purchase consideration, and discounts on accounts receivable factoring.
The measure of segment assets used by the CODM is reported on the Consolidated Balance Sheets as total consolidated assets. The primary measure of segment profit or loss that is most consistent with GAAP is net income (loss) attributable to Ryerson Holding Corporation as reported on the Consolidated Statements of Operations. Net income (loss) is used by the CODM for planning and forecasting in future periods, analyzing the core operating performance of the business, as well as to allocate resources, including for employee compensation and capital investment.
Capital expenditures are regularly provided to the CODM. See our Consolidated Statement of Cash Flows for capital expenditure amounts as of December 31, 2025, 2024, and 2023.
No customer, including their subcontractors, accounted for more than 8 percent of Company sales for any of the years ended December 31, 2025, 2024, and 2023. The top ten customers accounted for no more than approximately 18 percent of our sales for any of the years ended December 31, 2025, 2024, and 2023. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the U.S. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico.
The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated or where the assets are held:
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|
United States |
|
|
Foreign countries |
|
|
Total |
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|
|
(Dollars in millions) |
|
|||||||||||||||||||||
Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales |
|
|
4,109.5 |
|
|
|
90 |
% |
|
|
461.8 |
|
|
|
10 |
% |
|
|
4,571.3 |
|
|
|
100 |
% |
Long-lived assets |
|
|
885.5 |
|
|
|
95 |
% |
|
|
48.2 |
|
|
|
5 |
% |
|
|
933.7 |
|
|
|
100 |
% |
Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales |
|
|
4,141.1 |
|
|
|
90 |
% |
|
|
457.6 |
|
|
|
10 |
% |
|
|
4,598.7 |
|
|
|
100 |
% |
Long-lived assets |
|
|
931.1 |
|
|
|
95 |
% |
|
|
50.2 |
|
|
|
5 |
% |
|
|
981.3 |
|
|
|
100 |
% |
Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales |
|
|
4,642.3 |
|
|
|
91 |
% |
|
|
466.4 |
|
|
|
9 |
% |
|
|
5,108.7 |
|
|
|
100 |
% |
Long-lived assets |
|
|
890.9 |
|
|
|
95 |
% |
|
|
48.1 |
|
|
|
5 |
% |
|
|
939.0 |
|
|
|
100 |
% |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 4, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.