J P M O R G A N J P M O R G A N G L O B A L H I G H Y I E L D C O N F E R E N C E

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1 J P M O R G A N GLO BAL H I GH YIELD AND LEVERAGED FINANCE CONFERENCE February 29,

2 IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATION These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation and no investment decision should be made based upon the information provided herein. Ryerson strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at ir.ryerson.com/financial-info/sec-filings/. This site also provides additional information about Ryerson. SAFE HARBOR PROVISION Certain statements made in this presentation and other written or oral statements made by or on behalf of the company constitute forward-looking statements within the meaning of the federal securities laws, including statements regarding our future performance, as well as management s expectations, beliefs, intentions, plans, estimates or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as believes, expects, may, estimates, will, should, plans or anticipates or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations regarding certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals producer industry. Forwardlooking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under Risk Factors in our annual report on Form 10-K for the year ended December 31, 2014 and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise. NON-GAAP MEASURES Certain measures contained in these slides or the related presentation are not measures calculated in accordance with generally accepted accounting principles (GAAP). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnotes. A reconciliation of these non-gaap measures to the most directly comparable GAAP financial measures is included in the Appendix. A copy of this presentation is available on our website ir.ryerson.com, in the Events & Presentations section. 2 2

3 Business Overview EDDIE LEHNER PRESIDENT AND CHIEF EXECUTIVE OFFICER Note: Presentation is available at ir.ryerson.com 3 3

4 Metal Service Center Supply Chain SUPPLIERS Manufacture metals Produce in large volume Have long lead times SERVICE CENTERS Purchase in scale; ship smaller quantities Process more than half of products sold Same/next day delivery CUSTOMERS Purchase smaller quantities Require a variety of products and services 4 4

5 Ryerson One of North America s largest metals processors and distributors, with TTM sales of $3.4 billion More than 100 locations in U.S., Canada, Mexico, China and Brazil Founded in 1842; relisted on NYSE with IPO in August 2014 Distribute more than 70,000 products to 35,000 active customers Industrial metals: carbon, stainless and aluminum Primary shapes: sheet, plate and long bar 5 5

6 Executive Summary 1 Transformation creating a stronger company 2 Industry-leading expense and working capital management 3 Successful shift to higher value mix and value-added processing 4 Building sustainable competitive advantages to fuel growth 5 Generating counter cyclical cash flow and deleveraging balance sheet 6 6

7 Transformation Driving Industry-Leading Performance OPERATIONAL EFFICIENCY Structural cost reduction Expense control leadership Working capital leadership Best practice talent management MARGIN EXPANSION Shift product mix Optimize customer mix Value-driven pricing and value-added processing Supply chain innovation, architecture and leadership PROFITABLE GROWTH Leveraging scale in highly fragmented market Multi-channel sales and distribution platform Expansion of capabilities and greenfield investment Bolt-on acquisitions 7 7

8 Weak Service Center Shipments* Monthly shipments ton in thousands *Source: MSCI Current industry shipments below pre- and post-recession averages 8 8

9 Demand Uncertainty* PMI index contracted in December *Source: Institute for Supply Management 9 9

10 Persistent Deflation in CRU HRC LME Nickel Midwest Aluminum Price index to Jun Deflationary trends have persisted for industrial metals in 2015, with average prices down 40% from 4Q, 14 to 4Q,

11 Transformation Driving Industry-Leading Performance OPERATIONAL EFFICIENCY MARGIN EXPANSION PROFITABLE GROWTH Structural cost reduction Expense control leadership Working capital leadership Best practice talent management Shift product mix Optimize customer mix Value-driven pricing and valueadded processing Supply chain innovation, architecture and leadership Leveraging scale in highly fragmented market Multi-channel sales and distribution platform Expansion of capabilities and greenfield investment Bolt-on acquisitions 11 11

12 Proven Operational Efficiency Expenses as a percent of sales (1) Working capital management Inventory days of supply (DOS) 16.3% 16.4% 17.7% 17.6% % 11.5% 12.5% 11.9% Competitor averages are based on Ryerson s analysis of financial information disclosed in competitors SEC filings. Competitor average includes Reliance Steel & Aluminum, A.M. Castle, Olympic Steel, Kloeckner Metals and Russel Metals. RYERSON COMPETITOR AVERAGE 1. Expenses exclude depreciation and amortization, impairments, restructuring, and other one-time items including Ryerson s one-time IPO expenses of $32.7 million. A reconciliation of these non-gaap financial measures to comparable GAAP measures is included in the Appendix

13 Transformation Driving Industry-Leading Performance OPERATIONAL EFFICIENCY Structural cost reduction Expense control leadership Working capital leadership Best practice talent management MARGIN EXPANSION Shift product mix Optimize customer mix Value-driven pricing and value-added processing Supply chain innovation, architecture and leadership Leveraging scale in highly fragmented market Multi-channel sales and distribution platform PROFITABLE GROWTH Expansion of capabilities and greenfield investment Bolt-on acquisitions 13 13

14 Higher Value Mix to Improve Margins PRODUCT MIX (percentage of sales) HIGHER MARGIN MIX 100% 4% 2% 90% 16% 80% 15% 70% 60% 50% Service Center 23% 31% 42% 19% 40% 65% 30% 56% 20% 10% ~ 12 Multi- Markets ~ FLAT ~ LONG PLATE OTHER Optimize shape mix for margin, working capital investment and cost to serve Increase higher margin value-added processing Expand higher margin transactional businesses 0% Source: SEC filings and company estimates

15 Transformation Driving Industry-Leading Performance OPERATIONAL EFFICIENCY Structural cost reduction Expense control leadership Working capital leadership Best practice talent management MARGIN EXPANSION Shift product mix Optimize customer mix Value-driven pricing and valueadded processing Supply chain innovation, architecture and leadership PROFITABLE GROWTH Leveraging scale in highly fragmented market Multi-channel sales and distribution platform Expansion of capabilities and greenfield investment Bolt-on acquisitions 15 15

16 Leveraging Scale and Integrated Network BENEFITS Better asset utilization: Shared and optimized inventory Shared processing equipment Shared human resources Service Center 12 Multi- Markets Ryerson Integrated Network of 100+ Locations More responsive customer service and prospecting: Local service center Ryerson.com / e-commerce After hours call centers 16 16

17 Impact of Transformation: Performance Versus Peers Gross margin, excluding LIFO Adjusted EBITDA margin, excluding LIFO 25.0% 20.0% 15.0% 10.0% 5.0% 22.4% 22.1% 21.4% 21.6% 21.3% 17.6% 16.1% 16.9% 15.2% 15.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 3.6% 4.7% 5.8% 4.8% 4.7% 5.0% 4.9% 3.9% 6.0% 3.7% 0.0% % RYERSON COMPETITOR AVERAGE RYERSON COMPETITOR AVERAGE Ryerson has demonstrated Gross and EBITDA margin progress on an absolute basis and relative to public peers Gross margins, excluding LIFO and Adjusted EBITDA margin, excluding LIFO are non-gaap financial measures. A reconciliation of these non-gaap financial measures to comparable GAAP measures is included in the Appendix. Competitor averages are based on Ryerson s analysis of financial information disclosed in competitors SEC filings. Competitor average includes Reliance Steel & Aluminum, A.M. Castle, Olympic Steel, Kloeckner Metals and Russel Metals

18 Financial Overview ERICH SCHNAUFER CHIEF FINANCIAL OFFICER 18 18

19 Ryerson Financial Priorities 1 Support corporate transformation and weather current industry conditions 2 Reduce balance sheet leverage 3 Invest in high return growth capital projects and attractive bolt-on companies 19 19

20 Strong Execution in a Recessionary Environment Generate strong countercyclical cash flow Reduce debt Maintain positive EBITDA Announced additional action in November 2015, with plans to achieve annualized expense savings of $20 million by mid-2016 and realize more than $10 million from sale of non-core assets Incremental cash flow in 2016 vs. 2015: Expect $20 million reduction in pension contribution Expect $5 million reduction in cash interest expense 20 20

21 Nine Months of 2015: Impacted by Deflationary Pressure Net income attributable to Ryerson Holding Corp. ($M) Adjusted EBITDA, excluding LIFO $1.6 $ ($30.5) $177.4 $ mos mos mos mos Includes IPO-related and debt redemption expenses of $37.3 million, after tax, in the first nine months of Includes impairment charges on assets of $9.1 million, after tax, in the first nine months of Adjusted EBITDA, excluding LIFO, is a non-gaap financial measure. A reconciliation of this non-gaap financial measure to the comparable GAAP measure is included in the Appendix

22 Counter-Cyclical Cash Flow and Debt Reduction Cash Flow From Operations ($M) First Nine Months of $192.6 $162.9 Repurchased $60 million principal amount of long-term notes mos mos.2015 ($34.7) Reduced total debt $165 million or 13% 22 22

23 Conclusion EDDIE LEHNER PRESIDENT AND CHIEF EXECUTIVE OFFICER 23 23

24 Conclusion 1 Transformation creating a stronger company 2 Industry-leading expense and working capital management 3 Successful shift to higher value mix and value-added processing 4 Building sustainable competitive advantages to fuel growth 5 Generating counter cyclical cash flow and deleveraging balance sheet 24 24

25 Appendix 25 25

26 Non-GAAP Reconciliation EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, impairment charges on assets, reorganization expenses and the payment of management fees. We believe that the presentation of EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor s overall understanding of our core financial performance and provide a basis of comparison of results between current, past and future periods. We also disclose the metric adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income) do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This presentation also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit plus LIFO expense (or minus LIFO income), divided by net sales. We have excluded LIFO expense (income) from the gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. We also have disclosed the metric warehousing, delivery, selling, general and administrative expenses excluding depreciation and amortization and IPO-related expenses, to provide a means of comparison to our prior periods that do not include IPO-related expenses. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies

27 Non-GAAP Reconciliation Figures may not add due to rounding. ($M) Net Sales $3,896 $4,730 $4,025 $3,460 $3,622 Gross Profit $ LIFO Expense (Income) (63) (33) 42 Gross Profit, excluding LIFO Gross Margin, excluding LIFO Warehousing, delivery, selling, general and administrative expenses IPO-related expenses Depreciation and amortization expense $592 $707 $ % 15.0% 16.1% $ $ % $ % Warehousing, delivery, selling, general and administrative expenses excluding Depreciation and Amortization and IPO-related expenses $469 $497 $462 $434 $430 Expense excluding Depreciation and Amortization, impairment, restructuring, and IPO-related expenses % of Net Sales 12.0% 10.5% 11.5% 12.5% 11.9% Net Income (loss) attributable to Ryerson Holding ($104) ($8) $47 $127 $(26) Interest and other expense on debt Provision (benefit) for income taxes Depreciation and amortization expense (11) (6) (112) (1) 46 EBITDA Reorganization Advisory Service Fee Loss on Retirement of Debt $ $ $ $ Foreign Currency Transaction (Gains) Losses (4) Impairment Charges on Fixed Assets and Goodwill Gain on Bargain Purchase Purchase Consideration (6) Other Adjustments (2) 1 (1) 4 $ (5) (2) Adjusted EBITDA LIFO Expense (Income) $81 52 $ $265 (63) $203 (33) $ Adjusted EBITDA, excluding LIFO $133 $223 $202 $170 $218 Adjusted EBITDA Margin, excluding LIFO 3.4% 4.7% 5.0% 4.9% 6.0% 27 27

28 Non-GAAP Reconciliation ($M) 9 mos mos Net Income attributable to Ryerson Holding Interest and other expense on debt Provision for income taxes Depreciation and amortization expense $(30.5) $ EBITDA Reorganization Advisory Service Fee 28.3 (Gain) Loss on Retirement of Debt 11.2 Foreign Currency Transaction Gains (2.9) (1.2) Impairment Charges on Fixed Assets and Goodwill Purchase Consideration $ Other Adjustments (1.4) 10.1 $ (0.3) 3.1 (0.2) Adjusted EBITDA LIFO Expense (Income) $ $165.1 (70.3) Adjusted EBITDA, excluding LIFO $177.4 $

29 Net Debt to Adjusted EBITDA, excl. LIFO Reconciliation Figures may not add due to rounding. ($M) Trailing 12-mos. (as of 9/30/15) Cash and Cash Equivalents $63 $62 $71 $74 $60 $48 Marketable Securities Total Debt 1,211 1,316 1,305 1,295 1,259 1,094 Net Debt $1,128 $1,244 $1,214 $1,200 $1,188 $1,043 Adjusted EBITDA, excluding LIFO $133 $223 $202 $170 $218 $135 Net Debt to Adjusted EBITDA, excluding LIFO 8.5x 5.6x 6.0x 7.1x 5.5x 7.7x 29 29

30 Capitalization Figures may not add due to rounding. 9/30/15 Book Value ($M) Trailing 12-mos. Adj. EBITDA, excl. LIFO Multiple (as of 9/30/15) Cash and Cash Equivalents Marketable Securities Availability under Revolver and Foreign Debt Facilities Total Liquidity ABL Revolver due 2017 Senior Secured Notes due 2017 Senior Notes Due 2018 Foreign Debt Total Debt Net Debt $ $269 $ x $1, $1, No debt maturi es un l 2017 Flexible debt covenant package 30 30

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