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B A N K O F A M E R I C A M E R R I L L L Y N C H 2 0 1 5 L E V E R A G E D F I N A N C E C O N F E R E N C E

D e c e m b e r 3 , 2 0 1 5

B A N K O F A M E R I C A M E R R I L L L Y N C H 2 0 1 5 L E V E R A G E D F I N A N C E C O N F E R E N C E 2

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.

2


B U S I N E S S O V E R V I E W

E 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


CUSTOMERS

• Purchase smaller quantities

• Require a variety of products and services

METAL SERVICE CENTER SUPPLY CHAIN

SERVICE CENTERS

• Purchase in scale; ship smaller quantities

• Process more than half of products sold

• Same/next day delivery

SUPPLIERS

• Manufacture metals

• Produce in large volume

• Have long lead times


• One of North America’s largest metals processors and distributors, with 2014 sales of $3.6 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

• Primary base metals: carbon, stainless and aluminum

• Primary shapes: sheet, plate and long bar


EXECUTIVE SUMMARY

Industry-leading expense and working capital management

Successful shift to higher value mix and value-added processing

Transformation yielding higher performance and potential1

2

3

Generating counter cyclical cash flow and deleveraging balance sheet

Building sustainable competitive advantages to fuel growth

5

4


~% 2% 3%

MACRO TRENDS: Lackluster Demand

U.S. Purchasing Managers’ Index (PMI)

Source: Institute of Supply Management


MACRO TRENDS: Highly Deflationary Base Metal Prices

Source: LME and CRU


Source: Metals Service Center Institute

MACRO TRENDS: Well Below Pre-recession Levels

U.S. CARBON and STAINLESS STEEL SHIPMENTS

(M tons)

40% below prior peak


� 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


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.

(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.

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

7482

84 82

95110 109

107

Working capital management

Inventory days of supply (DOS)

PROVEN OPERATIONAL EFFICIENCY

RYERSON COMPETITOR AVERAGE


~

~

~

31% 42%

Source: SEC filings and company estimates.

65% 56%

15%

19%

16% 23%

4% 2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2014

HIGHER VALUE MIX to IMPROVE MARGINS

PRODUCT MIX (PERCENTAGE OF SALES)

FLAT PLATE LONG OTHER

~

~

65% 56%

6.7%

8.3%

9.9%9.5%

10.3%

10.6%

• Shift to higher margin plate and long products

• Increase value-added processing

• Expand transactional businesses

HIGHER MARGIN MIX


INVESTING IN THE BUSINESSES

• More than $100 million growth capex since 2010, expanding value-

added capabilities

• Six bolt-on acquisitions since 2010

• Additive to earnings and margins

• Focus on value-added processing

• Broaden transactional customer portfolio


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

PERFORMANCE VERSUS PEERS

Gross margin, excluding LIFO

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% 21.5% 21.0%


Adjusted EBITDA margin, excluding LIFO

0.0%

1.0%

2.0%

3.0%

4.0%

7.0%

2010 2011 2012 2013 2014

3.4%

4.7% 4.9%5.0%

6.0%4.6%

5.8%

4.9%

3.7%3.3%


5.0%

6.0%


DIFFERENTIATED MODEL

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

• Speed

• 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

• RyersonDirect e-Commerce platform

• Capitalize on industry fragmentation


F I N A N C I A L R E V I E W

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

I n t e r i m C h i e f F i n a n c i a l O f f i c e r


RYERSON FINANCIAL PRIORITIES

1. Support corporate transformation and weather

current industry conditions

2. Reduce balance sheet leverage

3. Invest in high return growth capital projects and

attractive “bolt-on” companies


STRONG EXECUTION IN A “RECESSIONARY” ENVIRONMENT

• Control what we can control – expenses and inventory

• Continued expense management

• Implementing plan to achieve $20 million in additional expense savings by mid-2016

• Continued strong working capital management / rapid inventory turnover

• Generate countercyclical cash flow

• Plan to realize more than $10 million from non-core asset sales

• Expect $20 million reduction in pension contribution in 2016 vs. 2015

• $5 million lower cash interest expense in 2016 vs. 2015

• Reduce debt

• Maintain positive net income and EBITDA


Adjusted EBITDA, excluding LIFO ($M)

NINE MONTHS OF 2015: Impacted by Deflationary Pressure

250

200

150

100

50

0

Net income attributable to Ryerson Holding Corp. ($M)

$177.4

$94.8

30

20

10

5

0

-5

-10

-20

-309 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

Cash Flow From Operations ($M)

$53.2

($34.7)

$162.9

First Nine Months of 2015

• Repurchased

$60 million principal amount of long-term notes

• Reduced total debt

$165 million or 13%

200

150

100

50

0

-50

9 mos. 2014 9 mos. 2015

$192.6


C O N C L U S I O N

E 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


CONCLUSION

Industry-leading expense and working capital management

Successful shift to higher value mix and value-added processing

Transformation yielding higher performance and potential1

2

3

Generating counter cyclical cash flow and deleveraging balance sheet

Building sustainable competitive advantages to fuel growth

5

4


D e c e m b e r 3 , 2 0 1 5

B A N K O F A M E R I C A M E R R I L L L Y N C H 2 0 1 5 L E V E R A G E D F I N A N C E C O N F E R E N C E


A P P E N D I X


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.

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 taxesDepreciation and amortization expense

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 LIFOGross 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

$1275

28

(5)

-

11

(2)

$175

42

$218

6.0%

11

2014

$636

17.6%

50933

-

NON-GAAP RECONCILIATION Figures may not add due to rounding.


Net Income attributable to Ryerson Holding

Interest and other expense on debt

Provision for income taxesDepreciation and amortization expense

EBITDA

ReorganizationAdvisory 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

16.133.9

$144.55.0

(0.3)

14.2

3.1

$165.1

(70.3)

$94.8

9 mos. 2014

$(30.5)

82.8

0.734.0

$87.03.1

28.3

(2.9)

$135.4

42.0

$177.4

($M)

NON-GAAP RECONCILIATION

10.1

-

-

(0.2)


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

NET DEBT to ADJUSTED EBITDA, excl. LIFO RECONCILIATION

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)

Figures 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

9.00% 570 4.2

11.25% 170 1.3

23 0.2

$1,094 8.1

$1,043 7.7

CAPITALIZATIONCurrent

Rate

Trailing 12-mos. Adj. EBITDA,

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

No debt maturities until 2017 │ Flexible debt covenant package

Figures may not add due to rounding.

$48

218

9/30/15

Book Value($M)

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