The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost or risk of hedging particular exposures. There can be no assurance that the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps may be entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. The Company uses foreign currency exchange contracts to hedge variability in cash flows in its Canada, Mexico, and China operations when a payment currency is different from its functional currency. From time to time, the Company may enter into fixed price sales contracts with its customers for certain of its inventory components. The Company may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals, as well as natural gas and diesel fuel future and option contracts to manage the price risk of forecasted purchases of these energy costs.

From time to time, the Company may enter into metal commodity forward contracts on behalf of its customers. The economic benefit or loss arising from the settlement of the forward contracts is passed through to the customer. The primary risk associated with

this type of arrangement is the ability of the customer to honor their agreements with the Company related to these derivative

instruments. If the customer were unable to honor their agreements, the Company's risk of loss is the fair value of the metal

commodity forward contracts. For these arrangements, the Company recognizes the fair value of the derivative positions with both the

financial institution and the customer ("embedded customer derivative") on the Condensed Consolidated Balance Sheet. The change in the fair value of the metal commodity forward contracts and the embedded customer derivatives are recorded in cost of materials sold on the Condensed Consolidated Statements of Comprehensive Income (Loss).

The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but, rather marks them to market with a corresponding offset to current earnings.

The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements.

The following table summarizes the location and fair value amount of the Company's derivative instruments reported in the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. As of June 30, 2026 and December 31, 2025, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in the Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $12.9 million and $9.4 million as of June 30, 2026 and December 31, 2025, respectively.


	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	June 30, 2026		December 31, 2025		Balance Sheet Location	June 30, 2026		December 31, 2025
Derivatives not designated as hedging instruments under ASC 815	(In millions)
Metal commodity contracts	Prepaid expenses and other current assets	$	19.8	$	12.2	Other accrued liabilities	$	8.1	$	2.6
Energy commodity contracts	Prepaid expenses and other current assets		1.1		—	Other accrued liabilities		—		0.2
Foreign currency exchange contracts	Prepaid expenses and other current assets		0.1		—	Other accrued liabilities		—		—
Embedded customer derivatives	Receivables less provisions		—		—	Other accrued liabilities		14.0		9.7
Total derivatives		$	21.0	$	12.2		$	22.1	$	12.5

The following table presents the volume of the Company’s activity in derivative instruments as of June 30, 2026 and December 31, 2025:


	Notional Amount
Derivative Instruments	June 30, 2026		December 31, 2025		Unit of Measurement
Hot roll coil swap contracts		54,869		16,972	Tons
Aluminum swap contracts		24,347		20,075	Tons
Nickel swap contracts		623		288	Tons
Copper swap contracts		6,575		6,297	Tons
Natural gas swap contracts		79,240		147,160	Gallons
Diesel fuel swap contracts		1,064,000		1,964,000	Gallons
Foreign currency exchange contracts	4.3 million		1.8 million		U.S. dollars

The following table summarizes the location and amount of gains and losses on derivatives with financial institutions net of embedded customer derivatives not designated as hedging instruments reported in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025:


		Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	Three Months Ended June 30,						Six Months Ended June 30,
	Location of Gain/(Loss) Recognized in Income on Derivatives	2026			2025			2026		2025
		(In millions)
Metal commodity contracts, net of embedded customer derivatives	Cost of materials sold	$	(2.9	)	$	1.0		$	1.6	$	7.1
Energy contracts	Warehousing, delivery, selling, general, and administrative		0.2			(0.2	)		2.1		—
Foreign exchange contracts	Other income and (expense), net		0.2			—			0.2		(0.1	)
Total		$	(2.5	)	$	0.8		$	3.9	$	7.0

The Company has various commodity derivatives to lock in hot roll coil, nickel, aluminum, copper, natural gas, and diesel fuel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil, hot-dipped galvanized premium, copper, Midwest Premium, natural gas, and diesel fuel) and the London Metals Exchange (nickel and aluminum), or the monthly average of an index published by the Metal Bulletin (European Aluminum Premium), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from its functional currency. The Company defines the fair value of foreign exchange contracts as the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. As the fair value of each commodity and foreign exchange contract is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) and the market approach valuation technique, as described in ASC 820, "Fair Value Measurement", these derivative balances are classified as Level 2 within the fair value hierarchy.

As of June 30, 2026, the Company had no assets held for sale. As of December 31, 2025, there were $5.5 million of assets held for sale included within "Prepaid expenses and other current assets" on the Condensed Consolidated Balance Sheet. The assets were recognized at fair value less cost to sell, in accordance with ASC 360, "Property Plant and Equipment". The fair value of the properties and machinery and equipment were determined based on purchase agreements, listing agreements with third-party brokerage firms and appraisals performed by a third-party. For the three-month and six-month periods ended June 30, 2026, $0.5 million and $0.9 million, respectively, of impairment charges related to these assets was recorded within the Condensed Consolidated Statements of Comprehensive Income (Loss). As the fair value of the properties and machinery and equipment is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) these asset balances are classified as Level 2 within the fair value hierarchy on a non-recurring basis.

In connection with the Olympic Steel Merger, as of June 30, 2026, the Company recorded $25.1 million of supplemental executive retirement plan ("SERP") assets classified within "Deferred charges and other assets" on the Condensed Consolidated Balance Sheet. The SERP assets are valued using the readily available fair value of the mutual funds that comprise the plan assets

(Level 1 inputs). The plan is fully funded and offset by a liability recorded in "Deferred employee benefits" on the Condensed Consolidated Balance Sheet.

The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof approximate the carrying amounts in the consolidated financial statements due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility. See the Condensed Consolidated Balance Sheets for the June 30, 2026 and December 31, 2025 values of these assets and liabilities.