Platinum Equity to Buy Ryerson for $2B

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July 24, 2007

Platinum Equity to Buy Ryerson for $2B

Platinum Equity has agreed to acquire Ryerson Inc., Chicago, IL, for $2 billion, which includes the assumption of debt. The price represents a 15% premium over Ryerson's closing share price on Feb. 31, 2007, the day Ryerson announced it was considering strategic alternatives.

Ryerson is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion.

With the transaction, Ryerson will go from a public to a private company.

The merger agreement allows Ryerson to solicit additional proposals from other potential acquirers through Aug. 18, 2007.

When Ryerson announced it was considering strategic alternatives for the company, 50 potential acquirers were identified and contacted, including foreign and domestic mills and service centers, as well as financial buyers.

Ryerson services customers through a network of service centers across the U.S. and in Canada, Mexico, India, and China.

Platinum Equity is a global firm specializing in the merger, acquisition and operation of companies in a broad range of business markets, including information technology, telecommunications, industrials, logistics, manufacturing, and entertainment distribution. Platinum recently acquired Strategic Distribution.

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