BMO Capital Markets

1B M O M E T A L S A N D M I N I N G C O N F E R E N C E1

B M OC a p i t a l M a r k e t s

2 5 T H G L O B A L M E T A L S A N D M I N I N G C O N F E R E N C E

M A R C H 1 , 2 0 1 6


IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATIONThese materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation 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 ir.ryerson.com/financial-info/sec-filings/. 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 or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “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 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 regarding 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, 2014 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. A copy of this presentation is available on our website ir.ryerson.com, in the “Events & Presentations” section.


Business OverviewE D D I E L E H N E R

P R E S I D E N T A N D C H I E F E X E C U T I V E O F F I C E R


Ryerson• One of North America’s

largest metals processors

and distributors, with

TTM sales of $3.4 billion

• More than 100 locations

in U.S., Canada, Mexico,

China and Brazil

• Founded in 1842; relisted

on NYSE with IPO in

August 2014

• Distribute more than 70,000

products to 35,000 active customers

• Industrial metals:

carbon, stainless and aluminum

• Primary shapes:

sheet, plate and long bar


Generating counter cyclical cash flow and deleveraging balance sheet

Executive Summary

Industry-leading expense and working capital management

Successful shift to higher value mix and value-added processing

Transformation creating a stronger company1

2

3

Building sustainable competitive advantages to fuel growth 4

5


� Structural cost reduction

� Expense control leadership

� Working capital leadership

� Best practice talent management

MARGIN EXPANSIONOPERATIONAL EFFICIENCY

� Leveraging scale in highly

fragmented market

� Multi-channel sales and

distribution platform

� Expansion of capabilities

and greenfield investment

� Bolt-on acquisitions

PROFITABLE GROWTH

Transformation Driving Industry-Leading Performance

� Shift product mix

� Optimize customer mix

� Value-driven pricing and

value-added processing

� Supply chain innovation,

architecture and leadership


Weak Service Center Shipments*

Current industry shipments below pre- and post-recession averages

*Source: MSCI

Mo

nth

ly s

hip

me

nts

ton

in t

ho

usa

nd

s


PMI index contracted in December

Demand Uncertainty*

*Source: Institute for Supply Management


0.450

0.550

0.650

0.750

0.850

0.950

1.050

1.150

1.250

Pri

ce

in

de

x t

o J

un

. 20

14

CRU HRC LME Nickel Midwest Aluminum

Persistent Deflation in 2015

Deflationary trends have persisted for industrial metals in 2015, with

average prices down 40% from 4Q, ‘14 to 4Q, ‘15


Transformation Driving

Industry-Leading Performance

MARGIN EXPANSION


fragmented market

� Multi-channel sales and distribution

platform




PROFITABLE GROWTH



� Value-driven pricing and value-

added processing







OPERATIONAL EFFICIENCY


16.3% 16.4%17.7%

17.6%

10.5% 11.5%

12.5%11.9%

Expenses as a percent of sales(1)

2011 2012 2013 2014 2011 2012 2013 2014

74

8284 82

95

110 109

107

Working capital management

Inventory days of supply (DOS)

Proven Operational Efficiency

RYERSON COMPETITOR AVERAGECompetitor averages are based on Ryerson’s analysis of financial information disclosed in competitors’ SEC filings.

Competitor average includes Reliance Steel & Aluminum, A.M. Castle, Olympic Steel, Kloeckner Metals and Russel Metals.

1. Expenses exclude depreciation and amortization, impairments, restructuring, and other one-time items including Ryerson’s one-time IPO expenses of $32.7 million. A reconciliation of these non-GAAP financial measures to

comparable GAAP measures is included in the Appendix.










fragmented market

� Multi-channel sales and distribution

platform




PROFITABLE GROWTHMARGIN EXPANSION



� Value-driven pricing and

value-added processing




Higher Value Mix to Improve Margins

HIGHER MARGIN MIX

• Optimize shape mix for margin, working capital investment and cost to serve

• Increase higher marginvalue-added processing and fabrication

• Expand higher margin transactional businesses

PRODUCT MIX (percentage of sales)

Source: SEC filings and company estimates.

Service Center

12 Multi-Markets

~

~

~

31% 42%

65%

56%

15%

19%

16% 23%

4% 2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2014

FLAT PLATE

LONG OTHER


MARGIN EXPANSION



� Value-driven pricing and value-

added processing











fragmented market

� Multi-channel sales and

distribution platform




PROFITABLE GROWTH


Leveraging Scale and Integrated Network

Service Center

12 Multi-Markets

Ryerson Integrated Network of 100+ Locations

BENEFITS

• Better asset utilization:

• Shared and optimized inventory• Shared processing equipment• Shared human resources

• More responsive customer service and prospecting:

• Local service center • Ryerson.com / e-commerce • After hours call centers


• More than $100 million growth capex

since 2010, expanding value-added capabilities

• Six bolt-on acquisitions since 2010

• Accretive to earnings and margins

• Focus on value-added processing

• Broaden transactional customer portfolio

Investing in the Businesses


Impact of Transformation: Performance Versus Peers

Gross margin, excluding LIFO Adjusted EBITDA margin, excluding LIFO

Gross margins, excluding LIFO and Adjusted EBITDA margin, excluding LIFO are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP measures is included in the Appendix.

Competitor averages are based on Ryerson’s analysis of financial information disclosed in competitors’ SEC filings.

Competitor average includes Reliance Steel & Aluminum, A.M. Castle, Olympic Steel, Kloeckner Metals and Russel Metals.

Ryerson has demonstrated Gross and EBITDA margin progress on an absolute basis and relative to public peers

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2010 2011 2012 2013 2014

15.2% 15.0%16.9%16.1%

17.6%

22.4% 22.1% 21.4% 21.6% 21.3%

RYERSON COMPETITOR AVERAGE

0.0%

1.0%

2.0%

3.0%

4.0%

7.0%

2010 2011 2012 2013 2014

3.6%

4.7% 4.9%5.0%

6.0%4.7%

5.8%

4.8%

3.9%3.7%

RYERSON COMPETITOR AVERAGE

5.0%

6.0%


RY E RS O NLeveraging Scale and

Integrated Network

G L O B A L S C A L E• Global capabilities in

local markets

“ O N E R Y E R S O N ”• Single franchise / one brand• Great customer experiences

C O N N E C T I V I T Y• Technical knowledge• Processing and fabrication• Logistics• Inventory services

M U LT I - C H A N N E L S A L E S• Local sales and service• Customer service prospecting centers • Ryerson.com /e-commerce

Ryerson’s Differentiated Model


Financial OverviewE R I C H S C H N A U F E R

C H I E F F I N A N C I A L O F F I C E R


Ryerson Financial Priorities

Reduce balance sheet leverage

Support corporate transformation and weather current

industry conditions1

2

Invest in high return growth capital projects and attractive

“bolt-on” companies 3


• Generate strong countercyclical cash flow

• Reduce debt

• Maintain positive EBITDA

• Announced additional action in November 2015, with plans to achieve annualized

expense savings of $20 million by mid-2016 and realize more than $10 million from sale

of non-core assets

• Incremental cash flow in 2016 vs. 2015:

• Expect $20 million reduction in pension contribution

• Expect $5 million reduction in cash interest expense

Strong Execution in a “Recessionary” Environment


Nine Months of 2015: Impacted by Deflationary Pressure

Net income attributable to Ryerson Holding Corp. ($M) Adjusted EBITDA, excluding LIFO

250

200

150

100

50

0

$177.4

$94.8

30

20

10

5

0

-5

-10

-20

-30

9 mos. 2014 9 mos. 2015

$1.6 $20.02

9 mos. 2014 9 mos. 2015

Adjusted EBITDA, excluding LIFO, is a non-GAAP financial measure. A reconciliation of this non-GAAP

financial measure to the comparable GAAP measure is included in the Appendix.

.

($30.5)1

1 Includes IPO-related and debt redemption expenses of $37.3 million, after tax, in the first nine months of 2014.

2 Includes impairment charges on assets of $9.1 million, after tax, in the first nine months of 2015.


Counter-Cyclical Cash Flow and Debt Reduction

First Nine Months of 2015Cash Flow From Operations ($M)

$162.9

• Repurchased

$60 million principal amount of long-term notes

• Reduced total debt

$165 million or 13%

($34.7)

200

150

100

50

0

-509 mos. 2014 9 mos. 2015

$192.6


ConclusionE D D I E L E H N E R

P R E S I D E N T A N D C H I E F E X E C U T I V E O F F I C E R


Generating counter cyclical cash flow and deleveraging balance sheet

Conclusion

Industry-leading expense and working capital management

Successful shift to higher value mix and value-added processing

Transformation creating a stronger company1

2

3

Building sustainable competitive advantages to fuel growth 4

5


Appendix


EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, impairment charges on

assets, reorganization expenses and the payment of management fees. 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 presentation 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. We have excluded LIFO expense

(income) from the 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. We also have disclosed the metric warehousing, delivery, selling, general and administrative expenses excluding depreciation and amortization and IPO-related expenses, to provide a means of comparison to our

prior periods that do not include IPO-related expenses. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted

EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies.

27

Non-GAAP Reconciliation



Net Sales

Gross Profit

LIFO Expense (Income)

Depreciation and amortization expense

Warehousing, delivery, selling, general and administrative

expenses excluding Depreciation and Amortization and IPO-related expenses

Expense excluding Depreciation and Amortization, impairment, restructuring, and

IPO-related expenses % of Net Sales

Net Income (loss) attributable to Ryerson Holding

Interest and other expense on debt

Provision (benefit) for income taxes


EBITDA

Reorganization

Advisory Service Fee

Loss on Retirement of Debt - -

Foreign Currency Transaction (Gains) Losses 2

Impairment Charges on Fixed Assets and Goodwill

Gain on Bargain Purchase

Purchase Consideration -

Other Adjustments 1

Adjusted EBITDA


Adjusted EBITDA, excluding LIFO

Adjusted EBITDA Margin, excluding LIFO

Gross Profit, excluding LIFO

Gross Margin, excluding LIFO

Warehousing, delivery, selling, general and administrative expenses

2012

$4,025

710

(63)

47

$462

11.5%

$47

127

(6)

47

$215

6

5

33

1

-

4

(1)

$265

(63)

$202

5.0%

$647

16.1%

509

IPO-related expenses

2010

$3,896

$540

52

38

$469

12.0%

($104)

108

13

38

$55

19

5

-

3

1

-

-

(2)

$81

52

$133

3.4%

$592

15.2%

$507

- -

2013

$3,460

617

(33)

47

$434

12.5%

$127

110

(112)

47

$172

12

5

(4)

10

-

4

4

$203

(33)

$170

4.9%

$584

16.9%

480

-

2011

$4,730

659

48

43

$497

10.5%

($8)

123

(11)

43

$147

18

5

1

9

(6)

$175

48

$223

4.7%

$707

15.0%

540

-

($M)

$3,622

594

42

46

$430

11.9%

$(26)

107

(1)

46

$127

5

28

(5)

-

11

(2)

$175

42

$218

6.0%

11

2014

$636

17.6%

509

33

-

Figures may not add due to rounding.



Net Income attributable to Ryerson Holding

Interest and other expense on debt

Provision for income taxes


EBITDA

Reorganization

Advisory Service Fee

(Gain) Loss on Retirement of Debt 11.2

Foreign Currency Transaction Gains (1.2)

Impairment Charges on Fixed Assets and Goodwill

Purchase Consideration

Other Adjustments (1.4)

Adjusted EBITDA


Adjusted EBITDA, excluding LIFO

9 mos. 2015

$20.0

74.5

16.1

33.9

$144.5

5.0

(0.3)

14.2

3.1

$165.1

(70.3)

$94.8

9 mos. 2014

$(30.5)

82.8

0.7

34.0

$87.0

3.1

28.3

(2.9)

$135.4

42.0

$177.4

($M)

10.1

-

-

(0.2)


Net Debt to Adjusted EBITDA, excl. LIFO ReconciliationFigures may not add due to rounding.

Cash and Cash Equivalents

Marketable Securities

Total Debt

Net Debt

Adjusted EBITDA,

excluding LIFO

Net Debt to Adjusted

EBITDA, excluding LIFO

$63

20

1,211

$1,128

$133

8.5x

2010 2011($M) 2012 2013

$62

10

1,316

$1,244

$223

5.6x

$71

21

1,305

$1,214

$202

6.0x

$74

21

1,295

$1,200

$170

7.1x

$60

11

1,259

$1,188

$218

5.5x

2014

$48

3

1,094

$1,043

$135

7.7x

Trailing 12-mos. (as of 9/30/15)


CapitalizationFigures may not add due to rounding.

Cash and Cash Equivalents

Marketable Securities

Availability under Revolver and Foreign Debt Facilities

Total Liquidity

ABL Revolver due 2017

Senior Secured Notes due 2017

Senior Notes Due 2018

Foreign Debt

Total Debt

Net Debt

3

$269

$331 2.5x

570 4.2

170 1.3

23 0.2

$1,094 8.1

$1,043 7.7

Trailing 12-mos. Adj. EBITDA,

excl. LIFO Multiple (as of 9/30/15)

$48

218

9/30/15

Book Value($M)

No debt maturiKes unKl 2017 │ Flexible debt covenant package


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