Olympic Steel to be acquired by Ryerson in first-quarter 2026

Olympic Steel Inc. (NASDAQ: ZEUS) reported third-quarter net income of $2.2 million, or $0.18 per diluted share, compared with $2.7 million, or $0.23 per diluted share, in the same period last year. The Cleveland-based metals service center announced it has entered into a definitive merger agreement with Ryerson Holding Corporation.

Sales for the quarter totaled $491 million, up 4.5% from $470 million in the third quarter of 2024. Adjusted EBITDA increased to $15.4 million from $13.0 million in the prior-year period.

The company's Specialty Metals segment delivered its strongest quarterly shipping volume in three years, contributing to the overall performance despite softer demand conditions.

Under the merger agreement, Olympic Steel will become a wholly owned subsidiary of Ryerson. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals, shareholder approval, and other customary closing conditions.

The Board of Directors approved a regular quarterly cash dividend of $0.16 per share, payable December 15, 2025, to shareholders of record as of December 1, 2025. The company has maintained regular quarterly dividend payments since March 2006.

Due to the pending merger, Olympic Steel canceled its regularly scheduled earnings call that was planned for October 31.

For the nine months ended September 30, 2025, the company reported net income of $9.9 million, or $0.84 per diluted share, compared with $19.1 million, or $1.64 per diluted share, in the prior year. Nine-month sales were $1.48 billion compared with $1.52 billion in 2024.

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