Ryerson 8-K Ryerson Inc. Reports Fourth Quarter 2009 Results

Exhibit 99.1

RYERSON INC. REPORTS FOURTH QUARTER 2009 RESULTS

Chicago, IL — March 11, 2010 — Ryerson Inc. today reported revenue of $741.1 million and a net loss attributable to Ryerson Inc. of $47.2 million for the fourth quarter of 2009. The fourth quarter of 2009 included an impairment charge on fixed assets of $13.2 million and a gain of $0.7 million related to the curtailment of other postretirement benefits.

Adjusted EBITDA was $(12.5) million and Adjusted EBITDA, excluding LIFO expense was $17.5 million during the fourth quarter of 2009. We believe that EBITDA and Adjusted EBITDA provide additional information for measuring our performance and a reconciliation of net income to EBITDA and to Adjusted EBITDA is provided on the attached Schedule 1.

Ryerson Inc. will be scheduling a conference call to discuss our financial results after we file our annual report on Form 10-K with the SEC. We expect to file Form 10-K by its due date, on or before March 31, 2010.

About Ryerson Inc.

Ryerson Inc. is a leading North American processor and distributor of metals, with operations in the United States and Canada, as well as in China. The Company distributes and processes various kinds of metals, including stainless and carbon steel and aluminum products.

RYERSON INC. AND SUBSIDIARY COMPANIES

Selected Income and Cash Flow Data—Unaudited

(Dollars in Millions, except Per Ton Data)

							Third			Year Ended
	Fourth Quarter						Quarter			December 31,
	2009			2008			2009			2009			2008
NET SALES	$	741.1		$	1,072.9		$	777.2		$	3,066.1		$	5,309.8
Cost of materials sold		648.5			901.1			625.4			2,610.6			4,597.7
Gross profit		92.6			171.8			151.8			455.5			712.1
Warehousing, delivery, selling, general and administrative		127.4			136.7			114.2			483.9			586.1
Impairment charge on fixed assets		13.2			—			6.1			19.3			—
Gain on the sale of assets		—			—			—			(3.3	)		—
Other postretirement benefits curtailment gain		(0.7	)		—			—			(2.0	)		—
OPERATING PROFIT (LOSS)		(47.3	)		35.1			31.5			(42.4	)		126.0
Other income and (expense), net		(1.6	)		16.3			(6.8	)		(10.2	)		21.4
Interest and other expense on debt		(18.5	)		(27.2	)		(18.0	)		(72.9	)		(109.9	)
INCOME (LOSS) BEFORE INCOME TAXES		(67.4	)		24.2			6.7			(125.5	)		37.5
Provision (benefit) for income taxes		(19.1	)		7.3			14.0			66.9			11.7
NET INCOME (LOSS)		(48.3	)		16.9			(7.3	)		(192.4	)		25.8
Less: Net income (loss) attributable to noncontrolling interest		(1.1	)		(1.6	)		0.5			(3.1	)		(1.6	)
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON INC.	$	(47.2	)	$	18.5		$	(7.8	)	$	(189.3	)	$	27.4
Supplemental Data:
Tons shipped (000)		446			506			497			1,881			2,505
Shipping days		61			61			64			251			253
Average selling price/ton	$	1,661		$	2,120		$	1,565		$	1,630		$	2,120
Gross profit/ton	$	208		$	339		$	306		$	242		$	284
Operating profit/ton		(106	)		69			64			(23	)		50
Depreciation and amortization expense	$	10.7		$	10.8		$	8.7		$	37.1		$	37.7
Cash flow from operating activities	$	(17.8	)	$	285.9		$	(51.6	)	$	284.7		$	279.3
Capital expenditures		(6.0	)		(9.8	)		(3.8	)		(22.8	)		(30.1	)

See Schedule 1 for EBITDA and Adjusted EBITDA reconciliation.

Schedule 1

RYERSON INC. AND SUBSIDIARY COMPANIES

Reconciliation of Net Income (Loss) Attributable to Ryerson Inc. to Adjusted EBITDA

(Dollars in millions)

	Fourth			Year Ended
	Quarter			December 31,
	2009			2009			2008
Net income (loss) attributable to Ryerson Inc.	$	(47.2	)	$	(189.3	)	$	27.4
Interest and other expense on debt		18.5			72.9			109.9
Provision (benefit) for income taxes		(19.1	)		66.9			11.7
Depreciation and amortization expense		10.7			37.1			37.7
EBITDA	$	(37.1	)	$	(12.4	)	$	186.7
Gain on sale of assets		—			(3.3	)		—
Reorganization		8.5			19.9			15.3
Advisory services fee		1.3			5.0			5.0
Foreign currency transaction (gains) losses		1.8			14.8			(1.0	)
Debt retirement gains		—			(2.7	)		(18.2	)
Impairment charge on fixed assets		13.2			19.3			—
Other adjustments		(0.2	)		(1.9	)		(2.2	)
Adjusted EBITDA	$	(12.5	)	$	38.7		$	185.6
Adjusted EBITDA	$	(12.5	)	$	38.7		$	185.6
LIFO expense (income)		30.0			(174.2	)		91.5
Adjusted EBITDA, excluding LIFO expense (income)	$	17.5		$	(135.5	)	$	277.1

Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, gain on the sale of assets, reorganization expenses and the payment of management fees. We believe that EBITDA and Adjusted EBITDA provide additional information for measuring our performance and are measures frequently used by securities analysts and investors. EBITDA and Adjusted EBITDA do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA nor Adjusted EBITDA is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. Our definitions of EBITDA and Adjusted EBITDA may differ from that of other companies. Above is the reconciliation of net income to EBITDA, as further adjusted to Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income).