NOTE 9: COMMITMENTS AND CONTINGENCIES

In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). In 2017, the EPA issued its Record of Decision (“ROD”) for the site, which provides for a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at a then- estimated present value cost of $1.05 billion; however, the remedial designs and cost projections issued after the ROD indicate that the final costs for the entire site will be higher. A final allocation of costs of remediation among the various PRPs is not anticipated until 2027. All dates included herein are subject to change.

There are sixteen project areas identified within the PHS Site; JT Ryerson’s identification as a PRP relates to its past operations within two of those project areas: (1) the “Burgard Way” site, which is a subset of the River Mile 3.5 East Project Area and (2) the “Basin Avenue” site, which is a subset of the Swan Island Basin Project Area.

The EPA has set forth its desire for a single overarching consent decree to be negotiated and signed by all settling parties by March of 2027 at the latest. This decree would include implementation of the various proposed remedial design plans, sequencing, and payment of costs for all work to be done at the site, and site-wide covenants not to sue. To facilitate this process, in November 2024, the EPA issued a draft consent decree. At the same time, the EPA also issued Special Notice Letters (“SNL”), which give PRPs information as to why the EPA thinks they are liable as well as clean-up plans. The SNLs invited recipients to “participate in formal negotiations with the EPA to reach a settlement to conduct or finance the response action at the Site” and gave recipients until late May 2025 to submit good faith offers in response. JT Ryerson did not receive an SNL from the EPA.

On May 29, 2026, the third party engaged by the Participation and Common Interest Group (“PCI Group”) to assist with cost estimates for the site issued its draft Joint Preliminary Allocation Report (“JPAR”). The members of the PCI Group have now entered into an allocation report phase during which the mediator meets with each member of the PCI Group to review and solicit comments on the proposed allocations; that phase is scheduled to end on August 31, 2026. Written comments to the JPAR are due on or before September 10, 2026, and the final JPAR is scheduled to be issued on or before November 9, 2026, after which time it will be shared with the EPA.

As the EPA has not yet allocated responsibility for the contamination among the PRPs, including JT Ryerson, and the final cost estimates for the Burgard Way and Basin Avenue sites are not yet known, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether the allocations proposed by the draft JPAR will be included in the final version or accepted by the EPA, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time.

There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions as of June 30, 2026 is not determinable but, in the opinion of management, such liability, if any, will not have a material

adverse effect on the Company’s financial position, results of operations, or cash flows. The Company maintains liability insurance coverage to assist in protecting its assets from losses arising from or related to activities associated with business operations.