Two of North America’s largest metals service center companies, Ryerson and Olympic Steel, have announced plans to merge, combining the continent’s second-largest and 13th-largest service centers into one expansive operation.
The merger will strengthen Ryerson’s position as the second-largest service center organization in North America and unite two companies with complementary products, capabilities, and geographic reach. The combined company will include more than 160 facilities and generate over $6.5 billion in annual revenue.
According to both companies, the transaction is expected to deliver approximately $120 million in annual synergies by the end of year two through procurement efficiencies, operational improvements, and network optimization.
Under the terms of the agreement, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each Olympic Steel share owned, representing about 37 percent ownership in the combined company. The deal is projected to close in the first quarter of 2026, pending customary regulatory and shareholder approvals.
Leadership of the merged organization will include Eddie Lehner, Ryerson president and CEO, as chief executive officer; Richard T. Marabito, Olympic Steel CEO, as president and chief operating officer; and Michael D. Siegal, Olympic Steel executive chairman, as chairman of the board. Three additional directors from Olympic Steel will also join Ryerson’s 11-member board.
“This merger represents an immensely attractive and unique opportunity,” said Lehner. “Combining our products, services, and digital capabilities will give customers greater network density, faster lead times, and a broader range of custom solutions from pick-pack-and-ship to finished parts.”
Marabito added, “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.”
Siegal reflected on the milestone, noting, “This is a significant moment for the business my father and uncle started more than 70 years ago. Ryerson’s values-based culture and long history make this an ideal next step for Olympic Steel’s continued growth.”
