The following is a summary of the Ryerson Holding Corporation (RYI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ryerson reported Q4 net sales of $1.1 billion, decreased by 11% from the previous quarters due to lower volume.

• Q4's Adjusted EBITDA stood at $26 million and earnings per share were at $0.74, surpassing the guidance range.

• The company estimates Q1 2024 EBITDA to be within $58-62 million and revenue between $1.21-1.25 billion due to 8-10% volume increase.

• $90 million was generated as cash flow in Q4 and net leverage ratio was maintained at 1.7x by year-end.

• Net income for Q4 was $25.8 million or $0.74 per diluted share, down from $35 million, and $1 per diluted share of the prior quarter. Q4's free cash flow was $65.1 million.

• The full year 2023 reported a net income of $145.7 million or $4.10 per diluted share, an EBITDA of $231 million, and a free cash flow of $244 million.

Business Progress:

• Ryerson amplified its market share in aluminum and stainless steel employees and pushed its book value per share to the highest since IPO.

• It strengthened the service network in North America and China and completed construction at University Park, Illinois.

• The acquisition of Norlen Incorporated, TSA Processing, and Hudson Tool Steel Corporation led to an increase in value-added percentage of sales from 14% to 18%.

• Despite unfavourable market conditions, Ryerson remains confident due to strategic investments in modernizing facilities and enhancing value-add services.

• Ryerson reported a positive shift in commercial ground transportation and oil and gas end markets despite lower overall shipments.

• Company's focus is on delivering an improved customer experience through investments in modernization of facilities, capability enhancement, and purchasing businesses that add value.

More details: Ryerson IR

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