Two of North America’s leading metals service center operators, Ryerson Holding Corp. and Olympic Steel Inc., have agreed to merge, forming what will become the continent’s second-largest metals distribution network.
Under the all-stock agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic share they own and will hold about 37% of the combined company. The transaction, subject to shareholder and regulatory approval, is expected to close in the first quarter of 2026.
A Strategic Fit in Metals Distribution
Ryerson president and CEO Eddie Lehner called the merger “an immensely attractive and unique opportunity” for both companies.
“It combines our two organizations, which couldn’t be more complementary, around the products, services, footprint, and customer experience that will enhance our market presence while adding significant value to our stakeholders,” Lehner said in the announcement.
He added that the merger will expand Ryerson’s digital-commerce capabilities and network reach:
“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. I look forward to working with Rick and the entire Olympic Steel organization with shared mission, passion, and purpose to unite our teams in reaching our vast potential together.”
Olympic Steel CEO Rick Marabito said the merger positions the combined business for long-term success.
“We are thrilled to merge with Ryerson and for all the opportunities that becoming a $6.5 billion company will provide to our key stakeholders. Together, we will offer new career growth to our employees, enhanced services to our customers, and greater value for our investors. This is an exciting moment for both of our companies, and we look forward to partnering with the Ryerson team once we close.”
Michael D. Siegal, Olympic Steel’s executive chairman, called the merger a generational milestone for the company his family founded more than seven decades ago.
“This is a significant milestone for the business my father and uncle started more than 70 years ago. 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.”
Leadership and Governance
Under the merger plan, Lehner will serve as CEO of the combined company, while Marabito will assume the role of president and chief operating officer. Siegal will become chairman of the merged board, which will include 11 members, with Olympic Steel appointing three additional directors.
Ryerson board chairman Steve Larson said the new leadership structure brings both strength and continuity.
“We are excited about the combination of Ryerson and Olympic Steel and the trajectory of the business going forward. We look forward to welcoming Michael and the additional Olympic directors to the already strong Ryerson board. They bring a wealth of experience and perspective that will be invaluable as we work together to ensure the full potential of the combined business is realized.”
Market Context and Digital Imperative
The metal service sector remains highly fragmented and has faced headwinds from slower manufacturing activity and uneven demand. Ryerson recently cited “recessionary conditions” across parts of the metals market.
In this environment, scale, digital commerce, and network optimization have become critical differentiators. The merger is expected to generate about $120 million in annual synergies by the end of year two through procurement efficiencies, network optimization, and commercial improvements.
By combining Ryerson’s strength in stainless and aluminum with Olympic Steel’s expertise in carbon steel, tube, and plate products, the merged entity will offer a broader product mix to manufacturers and fabricators. Integrating Ryerson’s digital-commerce platform with Olympic Steel’s automation and processing investments also signals a deeper push toward operational efficiency and customer-centric digital services.
Looking Ahead
With about 160 facilities across the United States, Canada, and Mexico and a workforce exceeding 5,000, the merged Ryerson-Olympic Steel enterprise will emerge as a continental leader in metals distribution.
Both companies said they will share more details on integration and branding in the months ahead. For now, their focus remains on combining two complementary platforms—leveraging digital investments, expanding customer value, and shaping the next era of North American metals distribution.
Don’t miss any content from Distribution Strategy Group. Join our list.
