 First Quarter 2006 Exhibit 99.1 |
 1 Safe harbor provision During this presentation, we will make forward-looking statements subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, the volatility in metals demand and prices, the cyclicality of the various industries the company serves, and other risks described in reports filed with the SEC. We assume no obligation to update the information provided in this presentation. |
 2 January 1, 2006 New name: Ryerson New ticker symbol: “RYI” New company: Leading market position Enhanced profit potential Strong cash-generating capability Opportunities for organic and external growth |
 3 The turnaround EBITDA* 28.0 (48.7) 19.9 26.6 118.5 281.2 (100) (50) 0 50 100 150 200 250 300 2000 2001 2002 2003 2004 2005 $ in millions * Earnings before discontinued operations, taxes, interest expense, depreciation and amortization. (Full reconciliation is attached.) |
 4 Three Fundamentals Intense focus on operating efficiency Organic growth Acquisitions and joint ventures to structurally enhance competitive position |
 5 Target world-class operations Through 2004: • Cut annualized fixed costs by $85 million (2000- 2004) • Optimized facility configuration • Centralized non- customer-facing activities • Consolidated purchasing Intense focus on operating efficiency Organic growth Acquisitions and joint ventures to structurally enhance competitive position Three Fundamentals |
 6 2005 and beyond Integration of Integris 2005 Beyond Asset management Ryerson Plus/Lean Six Sigma Upgrade IT capabilities; consolidate multiple platforms into single, integrated platform using SAP $50 million Increase inventory turns to 5x Additional facility consolidation Training 26 more Complete in 2008 • Significant cost savings consolidating 5 platforms into 1 • Seamless link with customers and suppliers • Detailed & timely decision making information • Facilitate sharing of inventory and pricing information $16 million* 15 trained to improve workflow and productivity Successfully rolling out — *Annualized cost savings—year end run rate **From Integris acquisition on January 4, 2005 Reduce inventory $170 million** Consolidate redundant facilities |
 7 Intense focus on operating efficiency Organic growth Acquisitions and joint ventures to structurally enhance competitive position Three Fundamentals |
 8 Organic growth Comprehensive research in 2002 showed: Ryerson had a great reputation But awareness was lacking • 50% of potential customers unaware of Ryerson Customers want the same things everywhere • Available inventory, on-time delivery, competitive prices, quality product, rapid response |
 9 Aggressive marketing • Advertising • Direct mail • Special promotions • Coordinated sales follow-up • Direct sales reps Leads to trial • Good experience leads to retention • Measure internally and externally • Met or exceeded expectations for 80% of customers • Continuous effort to improve National marketing |
 10 2005 and beyond 10,000 new accounts 2003–2005 Beyond Annualized revenue of $200 million Expand into new vertical markets Cross-sell materials and capabilities Expand transactional business |
 11 Intense focus on operating efficiency Organic growth Acquisitions and joint ventures to structurally enhance competitive position Three Fundamentals |
 12 Acquisition strategy Product/supply chain Product/supply chain Different Different Same Same Service center industry is fragmented and consolidating Cross-selling opportunities “Buying a cash flow” Very risky New markets “Add strength to strength” Highest overall potential |
 13 Ryerson Tull acquisition record Will not overpay Priority on keeping customers and key employees Capture integration value Acquired Integris Metals (2004 sales of $2.0 billion) on January 4, 2005, for $644 million Creates company with unparalleled product offerings, value- added capabilities, customer service, and geographic reach Immediately accretive Expect annualized cost savings of at least $50 million by the end of 2007 • Plan to consolidate 20 facilities; reduce headcount by 400; align benefits; consolidated overhead, including IT; capture material cost savings Expands business in faster growth, more profitable stainless and aluminum |
 14 $5,782 $5,109 $1,667 $939 $2,235 Ryerson Reliance Steel & Earle M. Jorgensen (1) Russel Metals (2) Metals USA (3) Olympic Steel Leading metals service center company Source: Company filings and press releases 1 Pro forma, assuming completion of the acquisition of Earle M. Jorgensen. 2 Converted to US$ using exchange rate as of 12/31/2005 3 Metals USA was acquired by Apollo in the 4 th qtr. of 2005, therefore 4 th qtr. earnings are not available. This number reflects 9 months of actual data annualized $ in millions Stainless & aluminum sales $2,888 2005 revenues |
 15 2005 and beyond Complete In process Integris acquisition Joint ventures Global sourcing Customer and key employee retention Operating and sales leadership in place within two months Maintain and improve service levels Leverage supply relationships Began eliminating redundant facilities Use economies of scale to be a low-cost supplier • Additional facility consolidations • Complete consolidation of corporate overhead Mexico and India Other international markets Purchasing office in Hong Kong Direct access to foreign mills Creates a more efficient global supply chain |
 16 Current Environment * * * * * |
 17 Stainless and Aluminum 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 0.7 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Stainless Aluminum Source: Purchasing Magazine *Spot prices include raw materials' surcharges starting in 1st Quarter 2001 Hot Rolled, Cold Rolled and Plate Prices 150 250 350 450 550 650 750 Hot Rolled Cold Rolled Carbon Plate Source: Purchasing Magazine *Spot prices include raw materials' surcharges starting in 1st Quarter 2001 Current environment— metals prices indicate strong market fundamentals |
 18 Current Environment Mills and raw material providers have consolidated. Relatively strong demand and pricing, compared to historic levels: Carbon flat rolled. Prices have stabilized. Some concern about increased supply. Aluminum. Customer demand remains strong. Prices remain near historical highs despite declines in February. Stainless. Pricing remains weak with inventory overhang. Domestic producers have announced price increases effective March 1, 2006. Carbon plate. Remains strong. Some limited customer allocations. |
 19 Financials * * * * * * * * |
 20 Strong Cash Flow Not capital intensive Capex roughly in line with depreciation Generate cash from real estate sales with facility consolidation Earnings are cyclical; cash flow is countercyclical Inventory and debt reductions during downturns Plan to improve working capital management and inventory turns 2005 cash flow of $320 million |
 21 Used to pay down debt 800 850 900 950 1,000 1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400 1/4/05 3/31/05 6/30/05 9/30/05 12/31/05 60% 62% 64% 66% 68% 70% 72% 74% 76% Debt Debt-to-Capital Ryerson Debt and Debt-to-Capital Trend 2005 |
 22 Short term: Reduce debt/capital to pre-acquisition levels of about 55% Other considerations: Growth-oriented capital spending Selective acquisitions and joint ventures Maintain pension funding Future uses of cash flow |
 23 Incentive compensation aligned with shareholders Designed to pay for performance and create long-term value Incentive pay represents at least one-half of executive officer’s total compensation Annual incentive tied to OROOA (operating return on operating assets) Corporate staff: Tied to corporate performance Service center staff: Tied to individual service center Long-term incentive Paid in performance shares Tied to 4-year return on net assets Stock ownership guidelines |
 24 North America’s leading metals service center Strong in stainless and aluminum Extensive reorganization drove earnings turnaround Long-term strategic commitment to continuously improve operations and competitive position Programs in place to capture organic growth Significant upside from recent acquisitions Opportunities to sell excess assets and increase inventory turnover Consolidating supply base improves industry fundamentals Strong management team with proven ability to manage through industry changes Investment highlights and conclusion |
 25 EBITDA Reconciliation Net Income Cumulative effect of change in accounting principle Discontinued operations (gain)/loss Income tax/(benefit) Interest on debt Depreciation and amortization EBITDA $(29.9) – 4.8 (8.4) 29.7 31.8 $28.0 $(60.2) – – (39.6) 19.3 31.8 $(48.7) $(96.3) 82.2 1.7 (7.3) 14.6 25.0 $19.9 $(14.1) – – (2.0) 18.8 23.9 $26.6 $54.5 – (7.0) 26.1 23.8 21.1 $118.5 $104.2 – – 61.6 76.2 39.2 $281.2 2000 2001 2002 2003 2004 2005 |