Metals processors, distributors and service centers Ryerson and Olympic Steel have agreed to merge via an all-stock transaction.

A purchase price or deal valuation wasn’t disclosed, but the companies noted that the combination is expected to generate approximately $120 million in annual synergies by the end of year two via procurement scale, efficiency gains, commercial enhancement and network optimization. The two firms have a combined annual revenue of $6.5 billion, with $4.6 billion of that from Ryerson.

MDM’s Free Virtual M&A Summit Coming Dec. 3. Register here! 

Ryerson’s footprint spans over 110 facilities across North America and 4,200 employees, while Olympic has 54 locations and 2,100 employees.

Under the terms of the merger agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares of common stock for every Olympic Steel share of common stock owned and will own approximately 37% of the combined company. The transaction is expected to close in the first quarter of 2026, subject to closing conditions and regulatory and shareholder approvals.

As part of the transaction, Michael Siegal, Olympic’s Chairman, will be appointed chairman of the combined company, and Olympic Steel will also appoint three other directors to the combined 11-member Board. Eddie Lehner, President and CEO of Ryerson, will serve as CEO of the combined company, while Richard Marabito, CEO of Olympic Steel, will serve as President and Chief Operating Officer.

MDM’s 3Q25 M&A Report (Premium access) 

“This merger represents an immensely attractive and unique opportunity for Ryerson and Olympic Steel as it combines our two organizations, which couldn’t be more complementary and synergistic around the products, services, footprint and customer experience that will enhance our market presence while adding significant value to our stakeholders,” Lehner said in an Oct. 28 news release. “The combination of our organizations will further scale the digital investments that Ryerson has made to bring Olympic Steel’s capabilities and formidable expertise into a larger network and provide our customers with greater network density, faster lead times and a wider array of custom solutions from pick-pack-and-ship to finished parts.”

“This is a significant milestone for the business my father and uncle started more than 70 years ago,” Siegal added. “We went from private to public in 1994, and now we enthusiastically take this next step to accelerate Olympic Steel’s continued growth. Ryerson is a well-respected company with more than 180 years of history and a values-based culture much like our own. We fully endorse this next chapter for Olympic Steel and our stakeholders.”

Both companies also reported their 2025 third quarter financial results on Oct. 28. Ryerson’s showed that sales of $1.16 billion rose 3.1% year-over-year, powered by an identical rise in average selling price per ton. Gross margin of 17.2% fell 70 basis points year-over-year; adjusted EBITDA margin (excluding LIFO) of 3.5% declined 160 bps; and the company had a net loss of $14.8 million. At Olympic, 3Q sales of $491 million increased 4.5% year-over-year; gross margin of 13.4% improved 130 bps; operating profit of $7.26 billion fell 7.0%; and net profit of $2.15 billion fell 21.2%.