Ryerson Holding Corporation (NYSE: RYI), a prominent industrial metals distributor and processor, and Olympic Steel, Inc (NASDAQ: ZEUS), a leading U.S. metals service center, announced they have signed a definitive agreement to merge. This strategic move positions the new entity as the second-largest metals service center in North America, combining their complementary strengths, including Olympic Steel’s extensive product offerings and Ryerson’s established network of value-added service centers. The merger is anticipated to generate approximately $120 million in annual synergies by the end of year two, driven by procurement efficiencies, enhanced commercial operations, and network optimization.
Under the terms of the agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share they hold, and they will own about 37% of the merged company. The deal is expected to be immediately accretive to Ryerson shareholders, with a projected reduction in the combined company’s pro-forma leverage ratio to under three times, factoring in the anticipated synergies. The merger is slated to close in Q1 2026, pending regulatory approvals and customary closing conditions.
Michael D Siegal, Executive Chairman of Olympic Steel’s Board of Directors, will assume the role of chairman of the new company’s Board of Directors. Additionally, Olympic Steel will appoint three other directors to the combined 11-member board. Eddie Lehner, current President and CEO of Ryerson, will continue as CEO of the merged company, while Richard T Marabito, CEO of Olympic Steel, will serve as President and Chief Operating Officer.
Eddie Lehner remarked, “This merger is a unique opportunity that strengthens both of our organizations. It combines our products, services, and customer offerings in a way that will enhance our market presence and create substantial value for our stakeholders. The expanded scale will allow us to deliver more customized solutions to our customers while also driving synergies and improving margins for our shareholders.”
Steve Larson, Chairman of Ryerson’s Board, also expressed enthusiasm about the merger: “We are excited about what this means for Ryerson’s future. Michael and the Olympic Steel directors bring valuable experience to the table, and we look forward to leveraging that expertise to unlock the full potential of the combined business.”
Rick Marabito, CEO of Olympic Steel, added, “This merger marks a significant milestone for our company and opens up new opportunities for growth. By joining forces with Ryerson, we will be able to offer enhanced services to customers, create new career growth opportunities for our employees, and deliver even more value to our investors.”
Michael Siegal, Executive Chairman of Olympic Steel, commented, “This partnership represents the next chapter in Olympic Steel’s growth journey. We are excited to combine forces with a respected company like Ryerson, and we believe this merger will benefit our employees, customers, and stakeholders as we build on a shared values-driven culture.”
Founded in 1842, Ryerson is a leading distributor and processor of industrial metals, with operations across the U.S., Canada, Mexico, and China. The company employs approximately 4,300 people across 110 locations.
Established in 1954, Olympic Steel is a leading U.S. metals service center, specializing in the direct sale and value-added processing of a wide range of metal products, including steel, stainless steel, aluminum, and more. The company operates 54 facilities across the U.S., with headquarters in Cleveland, Ohio.
