The following is a summary of the Ryerson Holding Corporation (RYI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ryerson reported Q1 revenue of $1.24 billion, meeting their guidance expectations.

• The average selling price per ton was up 0.8% quarter-over-quarter, slightly below their guidance.

• The firm posted a net loss of $7.6 million or $0.22 per diluted share in this quarter, primarily driven by margin compression and increased investment-related costs.

• Ryerson anticipates a 1% to 3% increase in metal sales volume, which stood at 497,000 tons in the first quarter.

• Ryerson is planning cost normalization actions which are expected to render an annual cost saving of $40 million.

Business Progress:

• Ryerson has initiated operations at Central Steel & Wire's flagship location at the University Park, Illinois Service Center and accomplished the conversion of 17 service centers to a unified ERP system.

• The company aims to invest in CapEx and acquisitions to enhance the customer experience and boost operating and earnings leverage.

• Growth is expected to be driven by the reinvestment cycle in North America's industrial manufacturing base and emergent trends in electrification, climate, mobility, and AI.

• Ryerson is working towards optimizing its network, taking into account M&A activities and organic growth investments.

• The company has primarily accomplished the ERP integration across all its centers, excluding the most recent acquisitions, to streamline business processes, improve customer experience, and enhance network efficiency.

• Ryerson is focused on continuing to explore attractive M&A opportunities, however, will remain selective.

• The company is optimistic about its differentiated strategy and expects it to contribute to accelerated share gains in the future.

More details: Ryerson IR

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