Ryerson Holding (RYZ) risk factors, FY2025 10-K

RISKS RELATED TO OUR INDUSTRY

1. 01Weakness in the economy, market trends, and other conditions affecting the profitability and financial stability of our customers has and could continue to negatively impact our sales growth and results of operations
2. 02The metals services business is very competitive and increased competition has and could reduce our revenues and gross margins83% rewritten
3. 03large competitors, but most of the market is served by small local and regional competitors. Competition is based principally on price, service, quality, production capabilities, inventory availability, and timely deliveryNew
4. 04Changing metals prices have a significant impact on our liquidity, net sales, gross margins, operating income, and net income23% rewritten
5. 05Unexpected product shortages could negatively impact customer relationships, resulting in an adverse impact on results of operations
6. 06Changes in customer or product mix could cause our gross margin percentage to decline
7. 07We may not be able to retain or expand our customer base if the North American manufacturing industry erodes through acquisition and merger or consolidation activity in our customers’ industries
8. 08Global metal overcapacity and imports of metal products into the United States have adversely affected, and may again adversely affect, United States metal prices, which could impact our sales and results of operations
9. 09Lead time and the cost of our products could increase if we were to lose one of our primary suppliers

RISKS RELATED TO MARKET AND ECONOMIC VOLATILITY

1. 10The volatility of the market could result in a material impairment of goodwill
2. 11Changes in inflation have and may continue to adversely affect financial performance43% rewritten
3. 12Poor investment performance or other factors could require us to make significant unplanned contributions to our pension plan and future funding for postretirement employee benefits other than pensions also may require substantial payments from current cash flow

RISKS RELATED TO EXPANSION AND INTERNATIONAL OPERATIONS

1. 13We may not be able to successfully consummate and complete the integration of future acquisitions, and if we are unable to do so, it could disrupt operations and cause unanticipated increases in costs and/or decreases in revenues and results of operations
2. 14We may be unable to successfully integrate our and Olympic Steel’s businesses in order to realize the anticipated benefits of the Olympic Steel Merger or do so within the intended timeframeNew
3. 15combined company for an undetermined period after completion of the Olympic Steel Merger. In addition, the actual benefits of the Olympic Steel Merger could be less than anticipated, or otherwise offset by other factorsNew
4. 16the disruption of, or the loss of momentum in, each company’s ongoing businesses or inconsistencies in standards, controls, procedures, and policiesNew
5. 17Certain of our operations are located outside of the United States, which subjects us to risks associated with international activities
6. 18We may be adversely affected by currency fluctuations in the U.S. dollar versus the Canadian dollar, the Chinese renminbi, the Hong Kong dollar, and the Mexican peso47% rewritten
7. 19The Chinese government exerts substantial influence over the manner in which we must conduct our business activities, particularly with regards to the land our facilities are located on51% rewritten
8. 20Moreover, the Chinese court system does not provide the same property and contract right guarantees as do courts in the U.S. and, accordingly, disputes may be protracted and resolution of claims may result in significant economic lossNew

RISKS RELATED TO CYBERSECURITY AND INFORMATION TECHNOLOGY

1. 21Damage to our information technology infrastructure could harm our business31% rewritten
2. 22We are subject to cybersecurity risks and other vulnerabilities that could arise with the sophistication and heightened use of artificial intelligence and may incur increasing costs in an effort to minimize those risks
3. 23The use or anticipated use of artificial intelligence technologies by us or third parties may increase operational risks or create new or unanticipated operational risksNew

RISKS RELATED TO OPERATING OUR BUSINESS

1. 24Any significant work stoppages can harm our business66% rewritten
2. 25Certain employee retirement benefit plans are underfunded and the actual cost of those benefits could exceed current estimates, which would require us to fund the shortfall28% rewritten
3. 26Any prolonged disruption of our processing centers could harm our business
4. 27If we are unable to retain, attract, and motivate management and key personnel, it may adversely affect our business
5. 28Our risk management strategies may result in losses

RISKS RELATED TO REGULATORY AND LEGAL MATTERS

1. 29We could incur substantial costs related to environmental, health, and safety laws
2. 30Environmental, social, and governance matters, and any related reporting obligation may impact our business
3. 31Tax changes could affect our effective tax rate, the value of our deferred tax assets, and future profitability
4. 32We are subject to litigation that could strain our resources and distract management
5. 33We may face product liability claims that are costly and create adverse publicity

RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK

1. 34We may incur rapid and substantial decreases in our stock price in the foreseeable future that are unrelated to our operating performance or prospects
2. 35general economic, industry, and market conditions; and
3. 36We paid cash dividends on our common stock in each quarter of 2025, but any future dividend payments are at the discretion of our Board of Directors
4. 37Our corporate documents and Delaware law contain provisions that could discourage, delay, or prevent a change in control of the Company
5. 38establish advance notice requirements for nominations for elections to our Board of Directors or for proposing matters that can be acted upon by stockholders at stockholder meetings
6. 39Any issuance of preferred stock could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock

RISKS RELATED TO OUR CAPITAL STRUCTURE

1. 40We have indebtedness under our Ryerson Credit Facility, which could adversely affect our financial position and prevent us from fulfilling our financial obligations25% rewritten
2. 41increase our vulnerability to the impact of adverse economic and industry conditions
3. 42The covenants in the Ryerson Credit Facility and covenants contained in agreements governing indebtedness that we incur in the future may impose restrictions that may limit our operating and financial flexibility
4. 43engage in transactions with affiliates
5. 44We may not be able to generate sufficient cash to service all of our indebtedness
6. 45Because all of our indebtedness bears interest at rates that fluctuate with changes in certain prevailing short-term interest rates, we are vulnerable to interest rate increases49% rewritten
7. 46Changes in our credit ratings and outlook may reduce access to capital and increase borrowing costs

RISKS RELATED TO OUR STOCKHOLDER BASE

1. 47Platinum owns a substantial percentage of our stock and, as of December 31, 2025, has the right to nominate one member of the Corporation’s board and will be able to exert influence over matters subject to stockholder approval