Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'RYERSON INC. | ' |
Entity Central Index Key | '0000790528 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 100 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $931.50 | $906.90 | $1,805.90 | $1,798 |
Cost of materials sold | 777.1 | 748.4 | 1,503.80 | 1,483.70 |
Gross profit | 154.4 | 158.5 | 302.1 | 314.3 |
Warehousing, delivery, selling, general and administrative | 120.4 | 121.4 | 238.2 | 243.1 |
Restructuring and other charges | ' | 2.1 | ' | 2.1 |
Impairment charges on fixed assets and goodwill | ' | 6.8 | ' | 7.7 |
Operating profit | 34 | 28.2 | 63.9 | 61.4 |
Other income and (expense), net | -1.7 | 2 | 0.3 | 3.2 |
Interest and other expense on debt | -27.5 | -27.8 | -54.9 | -56.2 |
Income (loss) before income taxes | 4.8 | 2.4 | 9.3 | 8.4 |
Provision for income taxes | 2.1 | 2.2 | 5.6 | 3.3 |
Net income (loss) | 2.7 | 0.2 | 3.7 | 5.1 |
Less: Net loss attributable to noncontrolling interest | -0.9 | -1.7 | -1.8 | -3.9 |
Net income attributable to Ryerson Inc. | 3.6 | 1.9 | 5.5 | 9 |
Comprehensive income (loss) | 6.2 | -7.8 | ' | -1.7 |
Less: Comprehensive loss attributable to noncontrolling interest | -0.8 | -1.6 | -1.9 | -3.7 |
Comprehensive income (loss) attributable to Ryerson Inc. | $7 | ($6.20) | $1.90 | $2 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $3.70 | $5.10 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 22.5 | 22.9 |
Deferred income taxes | 6.3 | 2.4 |
Provision for allowances, claims and doubtful accounts | 1.3 | -0.1 |
Impairment charges on fixed assets and goodwill | ' | 7.7 |
Restructuring and other charges | ' | 2.1 |
Other items | 0.1 | 0.1 |
Change in operating assets and liabilities | ' | ' |
Receivables | -82.2 | -42 |
Inventories | 10.1 | 44.6 |
Other assets | 7.1 | 0.7 |
Accounts payable | 64.8 | 33.8 |
Accrued liabilities | 7.2 | -1.5 |
Accrued taxes payable/receivable | -1 | 0.4 |
Deferred employee benefit costs | -30.5 | -24.8 |
Net adjustments | 5.7 | 46.3 |
Net cash provided by operating activities | 9.4 | 51.4 |
Investing activities: | ' | ' |
(Increase) decrease in restricted cash | -0.1 | 0.1 |
Capital expenditures | -8.2 | -10.5 |
Proceeds from sales of property, plant and equipment | 1.2 | 3 |
Net cash used in investing activities | -7.1 | -7.4 |
Financing activities: | ' | ' |
Net repayments of short term borrowings | -40 | -36.8 |
Long-term debt issuance costs | ' | -0.6 |
Credit facility issuance costs | ' | -3.7 |
Net increase in book overdrafts | 47.5 | 6.1 |
Principal payments on capital lease obligation | -0.5 | ' |
Net cash provided by (used in) financing activities | 7 | -35 |
Net increase in cash and cash equivalents | 9.3 | 9 |
Effect of exchange rate changes on cash and cash equivalents | -0.8 | -4.1 |
Net change in cash and cash equivalents | 8.5 | 4.9 |
Cash and cash equivalents-beginning of period | 74 | 70.8 |
Cash and cash equivalents-end of period | 82.5 | 75.7 |
Cash paid during the period for: | ' | ' |
Interest paid to third parties | 50.9 | 53.1 |
Income taxes, net | 1.1 | 0.9 |
Noncash investing activities: | ' | ' |
Asset additions under capital leases | $3.40 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $82.50 | $74 |
Restricted cash | 1.9 | 1.8 |
Receivables less provision for allowances, claims and doubtful accounts | 466.4 | 385.4 |
Inventories | 723 | 733 |
Prepaid expenses and other current assets | 37.7 | 47.7 |
Total current assets | 1,311.50 | 1,241.90 |
Property, plant, and equipment, at cost | 658.4 | 650.5 |
Less: Accumulated depreciation | 214.5 | 197.8 |
Property, plant and equipment, net | 443.9 | 452.7 |
Deferred income taxes | 46.3 | 49.7 |
Other intangible assets | 48.2 | 51.2 |
Goodwill | 92.1 | 92 |
Deferred charges and other assets | 26.5 | 30.5 |
Total assets | 1,968.50 | 1,918 |
Current liabilities: | ' | ' |
Accounts payable | 319.3 | 207.2 |
Salaries, wages and commissions | 38.7 | 33 |
Deferred income taxes | 119 | 121 |
Other accrued liabilities | 54.2 | 54 |
Short-term debt | 29.8 | 32.3 |
Current portion of deferred employee benefits | 13.5 | 13.6 |
Total current liabilities | 574.5 | 461.1 |
Long-term debt | 1,225 | 1,262.50 |
Deferred employee benefits | 289.8 | 320.8 |
Taxes and other credits | 22.4 | 16.8 |
Total liabilities | 2,111.70 | 2,061.20 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest | 1.2 | 1.3 |
Ryerson Inc. stockholders' equity (deficit): | ' | ' |
Common stock, value | 0 | 0 |
Capital in excess of par value | 64.7 | 64.7 |
Accumulated deficit | -11.3 | -16.8 |
Accumulated other comprehensive loss | -193.5 | -189.9 |
Total Ryerson Inc. stockholders' equity (deficit) | -140.1 | -142 |
Noncontrolling interest | -4.3 | -2.5 |
Total equity (deficit) | -144.4 | -144.5 |
Total liabilities and equity | $1,968.50 | $1,918 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Provision for allowances, claims and doubtful accounts | $6.50 | $5.40 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 100 | 100 |
Financial_Statements
Financial Statements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Financial Statements | ' | ||||||||||||||||
NOTE 1: FINANCIAL STATEMENTS | |||||||||||||||||
Ryerson Inc. (“Ryerson”), a Delaware corporation, is a wholly-owned subsidiary of Ryerson Holding Corporation (“Ryerson Holding”). Ryerson Holding is 100% owned by affiliates of Platinum Equity, LLC (“Platinum”). | |||||||||||||||||
Ryerson conducts materials distribution operations in the United States through its wholly-owned direct subsidiary Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials distribution operations in China through Ryerson China Limited (“Ryerson China”), a company in which we have a 50% direct ownership percentage and an additional 50% interest through affiliates of Ryerson Holding, and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have had a 50% direct ownership percentage since February 17, 2012. Unless the context indicates otherwise, Ryerson, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “we,” “us,” “our,” or the “Company.” | |||||||||||||||||
The following table shows our percentage of sales by major product lines for the three and six months ended June 30, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Product Line | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Carbon Steel Flat | 27 | % | 26 | % | 27 | % | 26 | % | |||||||||
Carbon Steel Plate | 11 | 11 | 11 | 11 | |||||||||||||
Carbon Steel Long | 15 | 15 | 16 | 15 | |||||||||||||
Stainless Steel Flat | 16 | 16 | 16 | 16 | |||||||||||||
Stainless Steel Plate | 4 | 4 | 4 | 4 | |||||||||||||
Stainless Steel Long | 3 | 3 | 3 | 4 | |||||||||||||
Aluminum Flat | 15 | 15 | 14 | 14 | |||||||||||||
Aluminum Plate | 3 | 3 | 3 | 3 | |||||||||||||
Aluminum Long | 4 | 4 | 4 | 4 | |||||||||||||
Other | 2 | 3 | 2 | 3 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of June 30, 2014 and for the three-month and six-month periods ended June 30, 2014 and 2013 are unaudited, but in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The year-end condensed consolidated balance sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013 -11 was issued to promote consistency among financial statement issuers and amends Accounting Standards Codification (“ASC”) 740, “Income Taxes,” to provide clarification of the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. According to ASU 2013-11, an unrecognized tax benefit or a portion of an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The revised guidance is effective for interim and annual periods beginning after December 15, 2013 with early adoption permitted. We adopted this guidance for our fiscal year beginning January 1, 2014. The adoption did not have a material impact on our financial statements. | |
In April 2014, the FASB issued ASU 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update amends the criteria for reporting discontinued operations to, among other things, raise the threshold for disposals to qualify as discontinued operations. Under the revised standard, a discontinued operation must represent a strategic shift that has or will have a major effect on an entity’s operations and financial results. The revised standard will also allow an entity to have certain continuing cash flows or involvement with the component after the disposal. This update is effective for interim and annual reporting periods, beginning after December 15, 2014, with early adoption permitted. We will adopt this guidance for our fiscal year beginning January 1, 2015. We do not expect the adoption to have a material impact on our financial statements. | |
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which creates ASC 606 “Revenue from Contracts with Customers” and supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition”. The update outlines a comprehensive model for all entities to use in accounting for revenue arising from contracts with customers as well as required disclosures. Entities have the option of using either a full retrospective or modified approach to adopt the new guidance. This update is effective for annual reporting periods beginning after December 15, 2016. We will adopt this guidance for our fiscal year beginning January 1, 2017. We have not decided upon the method of adoption, however, we do not expect the adoption to have a material impact on our financial statements. |
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
NOTE 3: INVENTORIES | |||||||||
The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels. | |||||||||
Inventories, at stated LIFO value, were classified at June 30, 2014 and December 31, 2013 as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
In process and finished products | $ | 723 | $ | 733 | |||||
If current cost had been used to value inventories, such inventories would have been $44 million and $67 million lower than reported at June 30, 2014 and December 31, 2013, respectively. Approximately 90% and 91% of inventories are accounted for under the LIFO method at June 30, 2014 and December 31, 2013, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost and the specific cost methods. Substantially all of our inventories consist of finished products. | |||||||||
The Company has consignment inventory at certain customer locations, which totaled $10.0 million and $11.7 million at June 30, 2014 and December 31, 2013, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Other Intangible Assets | ' |
NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS | |
Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $92.1 million at June 30, 2014. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2013 and it was determined that no impairment existed. Other intangible assets with finite useful lives continue to be amortized over their useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
NOTE 5: LONG-TERM DEBT | |||||||||
Long-term debt consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Ryerson Secured Credit Facility | $ | 325 | $ | 369.1 | |||||
9% Senior Secured Notes due 2017 | 600 | 600 | |||||||
11 1/4% Senior Notes due 2018 | 300 | 300 | |||||||
Foreign debt | 29.8 | 25.7 | |||||||
Total debt | 1,254.80 | 1,294.80 | |||||||
Less: | |||||||||
Short-term credit facility borrowings | — | 6.6 | |||||||
Short-term foreign debt | 29.8 | 25.7 | |||||||
Total long-term debt | $ | 1,225.00 | $ | 1,262.50 | |||||
Ryerson Credit Facility | |||||||||
On April 3, 2013, Ryerson amended and restated its $1.35 billion revolving credit facility agreement (as amended and restated, the “Ryerson Credit Facility”), to, among other things, extend the maturity date to the earlier of (a) April 3, 2018 or (b) August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. At June 30, 2014, Ryerson had $325.0 million of outstanding borrowings, $27 million of letters of credit issued and $344 million available under the $1.35 billion Ryerson Credit Facility compared to $369.1 million of outstanding borrowings, $27 million of letters of credit issued and $234 million available at December 31, 2013. Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendition of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.2 percent and 2.1 percent at June 30, 2014 and December 31, 2013, respectively. | |||||||||
The total $1.35 billion revolving credit facility has an allocation of $1.215 billion to Ryerson and its subsidiaries in the United States and an allocation of $135 million to Ryerson Canada. Amounts outstanding under the U.S. facility bear interest at a rate determined by reference to the base rate (Bank of America’s prime rate) or a LIBOR rate or, for the Canadian facility a rate determined by reference to the Canadian base rate (Bank of America-Canada Branch’s “Base Rate” for loans in U.S. Dollars in Canada) or the BA rate (average annual rate applicable to Canadian Dollar bankers’ acceptances) or a LIBOR rate and the Canadian prime rate (Bank of America-Canada Branch’s “Prime Rate.”). The spread over the base rate and Canadian prime rate is between 0.50% and 1.00% and the spread over the LIBOR and for the bankers’ acceptances is between 1.50% and 2.00%, depending on the amount available to be borrowed. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. The Company also pays commitment fees on amounts not borrowed at a rate between 0.25% and 0.375% depending on the average borrowings as a percentage of the total $1.35 billion agreement during a rolling three month period. | |||||||||
Borrowings under the Ryerson Credit Facility are secured by (i) in the case of the U.S. facility, first-priority liens on all of the inventory, accounts receivable, lockbox accounts (excluding any proceeds therein of collateral securing the 2017 Notes on a first priority lien basis) and related U.S. assets of Ryerson, the U.S. subsidiary borrowers and certain other U.S. subsidiaries of Ryerson that act as guarantors, and (ii) in the case of the Canadian facility, the assets securing the U.S. Facility and also first priority liens on all of the inventory, accounts receivable, lockbox accounts and related assets of Ryerson’s Canadian subsidiary borrower and its Canadian subsidiaries that act as guarantors thereof. | |||||||||
The Ryerson Credit Facility contains covenants that, among other things, restrict Ryerson and its subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets and acquisitions. The Ryerson Credit Facility also requires that, if availability under such facility falls below a certain level, the Company maintain a minimum fixed charge coverage ratio as of the end of each calendar month. | |||||||||
The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments and the occurrence of a change of control of Ryerson. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors. | |||||||||
The lenders under the Ryerson Credit Facility have the ability to reject a borrowing request if any event, circumstance or development has occurred that has had or could reasonably be expected to have a material adverse effect on Ryerson. If Ryerson or any significant subsidiaries of the other borrowers becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. | |||||||||
Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months. | |||||||||
2017 and 2018 Notes | |||||||||
On October 10, 2012, Ryerson and its wholly owned subsidiary, Joseph T. Ryerson & Son, Inc., issued $600 million in aggregate principal amount of the 2017 Notes and $300 million in aggregate principal amount of the 11 1/4% Senior Notes due 2018 (the “2018 Notes” and, together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantors under the Ryerson Credit Facility. | |||||||||
The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. | |||||||||
The 2017 Notes will become redeemable by the Company, in whole or in part, at any time on or after April 15, 2015 (the “2017 Redemption Date”) and the 2018 Notes will become redeemable, in whole or in part, at any time on or after October 15, 2015 (the “2018 Redemption Date”), in each case at specified redemption prices. The 2017 and 2018 Notes are redeemable prior to such dates, as applicable, at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest, if any, to the redemption date, plus a make-whole premium. Additionally, we may redeem up to 35% of each of the 2017 and 2018 Notes prior to the 2017 Redemption Date or 2018 Redemption Date, as applicable, with net cash proceeds from certain equity offerings at a price equal to (a) 109.000%, with respect to the 2017 Notes and (b) 111.250%, with respect to the 2018 Notes, of the principal amount thereof, plus any accrued and unpaid interest. If a change of control occurs, Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest. | |||||||||
Pursuant to registration rights agreements relating to the 2017 and 2018 Notes, we agreed to file with the SEC by July 7, 2013, registration statements with respect to offers to exchange each of the 2017 and 2018 Notes for new issues of our debt securities registered under the Securities Act, with terms substantially identical to those of the 2017 and 2018 Notes and to consummate such exchange offers no later than October 5, 2013. Ryerson completed the exchange offer on September 10, 2013. As a result of completing the exchange offer, Ryerson satisfied its obligation under the registration rights agreements covering each of the 2017 and 2018 Notes. | |||||||||
Foreign Debt | |||||||||
At June 30, 2014, Ryerson China’s total foreign borrowings were $29.8 million, which were owed to banks in Asia at a weighted average interest rate of 4.5% and secured by inventory and property, plant and equipment. At December 31, 2013, Ryerson China’s total foreign borrowings were $25.7 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% and secured by inventory and property, plant and equipment. | |||||||||
Availability under the foreign credit lines was $9 million and $22 million at June 30, 2014 and December 31, 2013 respectively. Letters of credit issued by our foreign subsidiaries totaled $3 million and $4 million at June 30, 2014 and December 31, 2013, respectively. |
Employee_Benefits
Employee Benefits | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefits | ' | ||||||||||||||||
NOTE 6: EMPLOYEE BENEFITS | |||||||||||||||||
The following table summarizes the components of net periodic benefit cost for the three and six month periods ended June 30, 2014 and 2013 for the Ryerson pension plans and postretirement benefits other than pension: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1 | $ | — | $ | — | $ | — | |||||||||
Interest cost | 9 | 9 | 1 | 1 | |||||||||||||
Expected return on assets | (12 | ) | (11 | ) | — | — | |||||||||||
Prior service credit | — | — | — | (1 | ) | ||||||||||||
Recognized actuarial net (gain) loss | 2 | 4 | (2 | ) | (1 | ) | |||||||||||
Net periodic benefit cost (credit) | $ | — | $ | 2 | $ | (1 | ) | $ | (1 | ) | |||||||
Six Months Ended June 30, | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||
Interest cost | 19 | 18 | 2 | 2 | |||||||||||||
Expected return on assets | (24 | ) | (22 | ) | — | — | |||||||||||
Prior service credit | — | — | — | (1 | ) | ||||||||||||
Recognized actuarial net (gain) loss | 5 | 7 | (4 | ) | (3 | ) | |||||||||||
Net periodic benefit cost (credit) | $ | 1 | $ | 4 | $ | (2 | ) | $ | (2 | ) | |||||||
Contributions | |||||||||||||||||
The Company has contributed $24.4 million to the pension plan fund through the six months ended June 30, 2014 and anticipates that it will have a minimum required pension contribution funding of approximately $42 million for the remaining six months of 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 7: COMMITMENTS AND CONTINGENCIES | |
From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. | |
On December 27, 2011, Nancy Hoffman, Mark Hoffman, and Karen Hoffman (collectively, the “plaintiffs”) filed a sixth amended complaint in the Circuit Court of Cook County, Illinois naming JT Ryerson and three other entities as defendants (collectively, the “defendants”) in a lawsuit (Nancy Hoffman, et.al. v. Dorlan Crane, et.al.). That complaint asserted negligence and loss of consortium counts against the defendants for personal injuries allegedly suffered by plaintiffs resulting from a motor vehicle accident. On February 10, 2012, a jury returned a verdict against the defendants and awarded damages totaling $27.7 million for which the defendants are purportedly jointly and severally liable. On August 28, 2012, our post-trial motion was denied. On September 24, 2012, we filed our Notice of Appeal to the Appellate Court of Illinois, First Judicial District. On June 3, 2014, the appellate court affirmed the judgment of the trial court. We are in the process of considering whether to seek further review. Any potential loss ranges from zero to $27.7 million plus interest. We believe that any loss will be covered by insurance. At this time, the Company cannot predict the likely outcome of this matter. | |
In October 2011, the United States Environmental Protection Agency named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. | |
There are other various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at June 30, 2014 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. |
Derivatives_and_Fair_Value_Mea
Derivatives and Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Derivatives and Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
NOTE 8: DERIVATIVES AND FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts periodically to reduce volatility in the price of metals. We may also enter into natural gas price swaps to manage the price risk of forecasted purchases of natural gas. The Company currently does not account for its 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 our derivative instruments reported in our Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | ||||||||||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||
Commodity contracts | Prepaid | $ | 0.2 | Prepaid | $ | — | Other | $ | 0.1 | Other | $ | 0.2 | |||||||||||||||||||||
expenses | expenses | accrued | accrued | ||||||||||||||||||||||||||||||
and | and | liabilities | liabilities | ||||||||||||||||||||||||||||||
other | other | ||||||||||||||||||||||||||||||||
current | current | ||||||||||||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $0.8 million and $2.2 million, respectively. As of June 30, 2014 and December 31, 2013, the Company had 58 tons and 131 tons, respectively, of nickel futures or option contracts related to forecasted purchases. As of June 30, 2014 and December 31, 2013, the Company had net 1,940 tons and 4,600 tons, respectively, of hot roll steel coil option contracts related to forecasted purchases and sales. The Company has aluminum price swaps related to forecasted purchases, which had a notional amount of 209 tons and 195 tons as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Derivatives not designated as | Location of Gain/(Loss) | Amount of Gain/(Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||
hedging instruments under | Recognized in Income on | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
ASC 815 | Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Metal commodity contracts | Cost of materials sold | $ | 0.1 | $ | (0.4 | ) | $ | 0.3 | $ | (0.7 | ) | ||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||
To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: | |||||||||||||||||||||||||||||||||
1 | Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. | ||||||||||||||||||||||||||||||||
2 | Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. | ||||||||||||||||||||||||||||||||
3 | Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. | ||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2014: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.7 | $ | — | $ | — | |||||||||||||||||||||||||||
Prepaid and other current assets: | |||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 15.4 | $ | — | $ | — | |||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.9 | $ | — | $ | — | |||||||||||||||||||||||||||
Prepaid and other current assets: | |||||||||||||||||||||||||||||||||
Common stock – available-for-sale investment | $ | 20.7 | $ | — | $ | — | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | |||||||||||||||||||||||||||
The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of derivatives is determined by comparing the spot price of each individual contract to the forward market price for a similar contract as published by the London Metal Exchange as of the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of derivatives is determined by comparing the spot price of each individual contract to the forward market price of a similar contract for the commodity as published by the Chicago Mercantile Exchange as of the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and forward 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 contract term varies in the number of months, but on average is between 3 to 12 months in length. | |||||||||||||||||||||||||||||||||
The carrying and estimated fair values of the Company’s financial instruments at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 82.5 | $ | 82.5 | $ | 74 | $ | 74 | |||||||||||||||||||||||||
Restricted cash | 1.9 | 1.9 | 1.8 | 1.8 | |||||||||||||||||||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 466.4 | 466.4 | 385.4 | 385.4 | |||||||||||||||||||||||||||||
Accounts payable | 319.3 | 319.3 | 207.2 | 207.2 | |||||||||||||||||||||||||||||
Long-term debt, including current portion | 1,254.80 | 1,331.30 | 1,294.80 | 1,348.80 | |||||||||||||||||||||||||||||
The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts 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 is determined by using quoted market prices of Company debt securities (Level 2 inputs). | |||||||||||||||||||||||||||||||||
Assets Held for Sale | |||||||||||||||||||||||||||||||||
The Company had $3.7 million and $4.7 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of June 30, 2014 and December 31, 2013, respectively. The Company recorded zero and $0.9 million of impairment charges in the six months ended June 30, 2014 and 2013, respectively, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “Property, Plant and Equipment – Other Presentation Matters.” The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period that they remain classified as held for sale. Any increase or decrease in the held for sale long-lived asset’s fair value less cost to sell is reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. The fair values of each property were determined based on appraisals obtained from a third-party, pending sales contracts, or recent listing agreements with third-party brokerage firms. | |||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at June 30, 2014: | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets – assets held for sale | $ | — | $ | 3.7 | $ | — | |||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2013: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets – assets held for sale | $ | — | $ | 4.7 | $ | — | |||||||||||||||||||||||||||
Available-For-Sale Investments | |||||||||||||||||||||||||||||||||
The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its fair value at the end of the period in which it is determined that an other-than-temporary decline has occurred. The investment has been in a gross unrealized loss position for less than twelve months. Management does not currently intend to sell the investment before recovery of its amortized cost basis. Realized gains and losses are recorded within the statement of operations upon sale of the security and are based on specific identification. | |||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of June 30, 2014 can be summarized as follows: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | — | $ | (2.0 | ) | $ | 15.4 | ||||||||||||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | |||||||||||||||||||||||||
There is no maturity date for these investments and there have been no sales during the six months ended June 30, 2014. |
Stockholders_Equity_Deficit_Ac
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | ' | ||||||||||||||||||||||||||||||||||||||||
NOTE 9: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME AND REDEEMABLE NONCONTROLLING INTEREST | |||||||||||||||||||||||||||||||||||||||||
The following table details changes in these accounts: | |||||||||||||||||||||||||||||||||||||||||
Ryerson Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Common | Capital in | Accumulated | Foreign | Benefit Plan | Unrealized | Noncontrolling | Total | Redeemable | |||||||||||||||||||||||||||||||||
Stock | Excess of | Deficit | Currency | Liabilities | Gain on | Interest | Equity | Noncontrolling | |||||||||||||||||||||||||||||||||
Par Value | Translation | Available- | Interest | ||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | ||||||||||||||||||||||||||||||||
(In millions, except share data) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | 100 | $ | — | $ | 64.7 | $ | (16.8 | ) | $ | (18.3 | ) | $ | (174.9 | ) | $ | 3.3 | $ | (2.5 | ) | $ | (144.5 | ) | $ | 1.3 | |||||||||||||||||
Net income (loss) | — | — | — | 5.5 | — | — | — | (1.7 | ) | 3.8 | (0.1 | ) | |||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (0.7 | ) | — | — | (0.1 | ) | (0.8 | ) | — | ||||||||||||||||||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax provision of $0.1 | — | — | — | — | — | 0.4 | — | — | 0.4 | — | |||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale investment, net of tax benefit of $1.9 | — | — | — | — | — | — | (3.3 | ) | — | (3.3 | ) | — | |||||||||||||||||||||||||||||
Balance at June 30, 2014 | 100 | $ | — | $ | 64.7 | $ | (11.3 | ) | $ | (19.0 | ) | $ | (174.5 | ) | $ | — | $ | (4.3 | ) | $ | (144.4 | ) | $ | 1.2 | |||||||||||||||||
The following table details the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income (Loss) by Component | |||||||||||||||||||||||||||||||||||||||||
Foreign | Benefit | Unrealized | |||||||||||||||||||||||||||||||||||||||
Currency | Plan | Gain on | |||||||||||||||||||||||||||||||||||||||
Translation | Liabilities | Available- | |||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | (18.3 | ) | $ | (174.9 | ) | $ | 3.3 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (0.7 | ) | — | (3.3 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 0.4 | — | ||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (0.7 | ) | 0.4 | (3.3 | ) | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | (19.0 | ) | $ | (174.5 | ) | $ | — | |||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | Amount reclassified from Accumulated Other | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Consolidated Statements of | ||||||||||||||||||||||||||||||||||||||||
Components | Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 0.6 | $ | 1.2 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Prior service credits | (0.3 | ) | (0.7 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Total before tax | 0.3 | 0.5 | |||||||||||||||||||||||||||||||||||||||
Tax provision | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 0.2 | $ | 0.4 | |||||||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | Amount reclassified from Accumulated Other | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Consolidated Statements of | ||||||||||||||||||||||||||||||||||||||||
Components | Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||
Actuarial gain | $ | 1.7 | $ | 3.3 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Prior service credits | (0.3 | ) | (0.7 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Total before tax | 1.4 | 2.6 | |||||||||||||||||||||||||||||||||||||||
Tax provision | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 1.2 | $ | 2.3 | |||||||||||||||||||||||||||||||||||||
Related_Parties
Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
NOTE 10: RELATED PARTIES | |
JT Ryerson pays an affiliate of Platinum an annual advisory fee of up to $5.0 million pursuant to a corporate advisory services agreement. The advisory fee recorded in the first six months of 2014 and 2013 was $2.5 million. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
NOTE 11: INCOME TAXES | |
For the three months ended June 30, 2014, the Company recorded income tax expense from operations of $2.1 million compared to $2.2 million in the prior year. The $2.1 million tax expense in the second quarter of 2014 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses. | |
For the six months ended June 30, 2014, the Company recorded income tax expense of $5.6 million compared to $3.3 million in the prior year. The $5.6 million tax expense in the first six months of 2014 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses. | |
In accordance with FASB ASC 740, “Income Taxes,” the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies and future income. After considering both the positive and negative evidence available, in the second quarter of 2009, the Company determined that it was more-likely-than-not that it would not realize a portion of its U.S. deferred tax assets. As a result, the Company established a valuation allowance against a portion of its U.S. deferred tax assets. In 2013, the Company recognized a total net tax benefit of $76.8 million due to the release of a portion of the valuation allowance as the Company determined it is more likely than not that certain deferred tax assets will be realized. | |
The Company will continue to maintain a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $18.4 million at June 30, 2014 and December 31, 2013. |
Condensed_Consolidating_Guaran
Condensed Consolidating Guarantor Financial Statements | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements | ' | ||||||||||||||||||||||||
NOTE 12: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||||||||||||
On October 10, 2012, Ryerson and JT Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson and the guarantees are joint and several. Ryerson Inc. may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. | |||||||||||||||||||||||||
The following are condensed consolidating financial information of Ryerson and its guarantor and non-guarantor subsidiaries and affiliates as of June 30, 2014 and December 31, 2013 and for the three-month and six-month periods ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 793 | $ | 669.8 | $ | 116.8 | $ | (648.1 | ) | $ | 931.5 | ||||||||||||
Cost of materials sold | — | 670.3 | 656.8 | 98.1 | (648.1 | ) | 777.1 | ||||||||||||||||||
Gross profit | — | 122.7 | 13 | 18.7 | — | 154.4 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 1.4 | 95.9 | 6 | 17.1 | — | 120.4 | |||||||||||||||||||
Operating profit (loss) | (1.4 | ) | 26.8 | 7 | 1.6 | — | 34 | ||||||||||||||||||
Other income and (expense), net | — | 0.1 | — | (1.8 | ) | — | (1.7 | ) | |||||||||||||||||
Interest and other expense on debt | (3.7 | ) | (23.0 | ) | — | (0.8 | ) | — | (27.5 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (7.5 | ) | — | — | — | 7.5 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 5.6 | 1.9 | — | (7.5 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (12.6 | ) | 9.5 | 8.9 | (1.0 | ) | — | 4.8 | |||||||||||||||||
Provision (benefit) for income taxes | (5.0 | ) | 4.1 | 4.3 | (1.3 | ) | — | 2.1 | |||||||||||||||||
Equity in earnings of subsidiaries | (11.2 | ) | (8.6 | ) | (1.3 | ) | — | 21.1 | — | ||||||||||||||||
Net income | 3.6 | 14 | 5.9 | 0.3 | (21.1 | ) | 2.7 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||
Net income attributable to Ryerson Inc. | $ | 3.6 | $ | 14 | $ | 5.9 | $ | 1.2 | $ | (21.1 | ) | $ | 3.6 | ||||||||||||
Comprehensive income | $ | 7 | $ | 13.9 | $ | 2.7 | $ | 7.2 | $ | (24.6 | ) | $ | 6.2 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Comprehensive income attributable to Ryerson Inc. | $ | 7 | $ | 13.9 | $ | 2.7 | $ | 8 | $ | (24.6 | ) | $ | 7 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 766 | $ | 598.7 | $ | 121.7 | $ | (579.5 | ) | $ | 906.9 | ||||||||||||
Cost of materials sold | — | 636.3 | 587.1 | 104.5 | (579.5 | ) | 748.4 | ||||||||||||||||||
Gross profit | — | 129.7 | 11.6 | 17.2 | — | 158.5 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 1.2 | 93.3 | 5.7 | 21.2 | — | 121.4 | |||||||||||||||||||
Restructuring and other charges | — | — | — | 2.1 | — | 2.1 | |||||||||||||||||||
Impairment charge on goodwill | — | — | — | 6.8 | — | 6.8 | |||||||||||||||||||
Operating profit (loss) | (1.2 | ) | 36.4 | 5.9 | (12.9 | ) | — | 28.2 | |||||||||||||||||
Other income and (expense), net | — | 0.1 | — | 1.9 | — | 2 | |||||||||||||||||||
Interest and other expense on debt | (4.0 | ) | (23.0 | ) | — | (0.8 | ) | — | (27.8 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (6.6 | ) | — | — | — | 6.6 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 4.7 | 1.9 | — | (6.6 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (11.8 | ) | 18.2 | 7.8 | (11.8 | ) | — | 2.4 | |||||||||||||||||
Provision (benefit) for income taxes | (2.7 | ) | 4 | 1.8 | (0.9 | ) | — | 2.2 | |||||||||||||||||
Equity in (earnings) loss of subsidiaries | (11.0 | ) | (1.6 | ) | 3 | — | 9.6 | — | |||||||||||||||||
Net income (loss) | 1.9 | 15.8 | 3 | (10.9 | ) | (9.6 | ) | 0.2 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||||||
Net income (loss) attributable to Ryerson Inc. | $ | 1.9 | $ | 15.8 | $ | 3 | $ | (9.2 | ) | $ | (9.6 | ) | $ | 1.9 | |||||||||||
Comprehensive income (loss) | $ | (6.2 | ) | $ | 16.6 | $ | 0.6 | $ | (17.2 | ) | $ | (1.6 | ) | $ | (7.8 | ) | |||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||||
Comprehensive income (loss) attributable to Ryerson Inc. | $ | (6.2 | ) | $ | 16.6 | $ | 0.6 | $ | (15.6 | ) | $ | (1.6 | ) | $ | (6.2 | ) | |||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 1,535.80 | $ | 1,238.40 | $ | 228.7 | $ | (1,197.0 | ) | $ | 1,805.90 | ||||||||||||
Cost of materials sold | — | 1,295.10 | 1,213.50 | 192.2 | (1,197.0 | ) | 1,503.80 | ||||||||||||||||||
Gross profit | — | 240.7 | 24.9 | 36.5 | — | 302.1 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 2.7 | 188.5 | 12.1 | 34.9 | — | 238.2 | |||||||||||||||||||
Operating profit (loss) | (2.7 | ) | 52.2 | 12.8 | 1.6 | — | 63.9 | ||||||||||||||||||
Other income and (expense), net | — | 0.1 | — | 0.2 | — | 0.3 | |||||||||||||||||||
Interest and other expense on debt | (7.5 | ) | (46.0 | ) | — | (1.4 | ) | — | (54.9 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (15.0 | ) | — | — | — | 12 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 11.1 | 3.9 | — | (12.0 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (25.2 | ) | 17.4 | 16.7 | 0.4 | — | 9.3 | ||||||||||||||||||
Provision (benefit) for income taxes | (15.0 | ) | 10.3 | 10 | 0.3 | — | 5.6 | ||||||||||||||||||
Equity in earnings of subsidiaries | (15.7 | ) | (18.3 | ) | (0.1 | ) | — | 34.1 | — | ||||||||||||||||
Net income | 5.5 | 25.4 | 6.8 | 0.1 | (34.1 | ) | 3.7 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||||
Net income attributable to Ryerson Inc. | $ | 5.5 | $ | 25.4 | $ | 6.8 | $ | 1.9 | $ | (34.1 | ) | $ | 5.5 | ||||||||||||
Comprehensive income (loss) | $ | 1.9 | $ | 25.3 | $ | 3.5 | $ | (0.1 | ) | $ | (30.6 | ) | $ | — | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||||
Comprehensive income attributable to Ryerson Inc. | $ | 1.9 | $ | 25.3 | $ | 3.5 | $ | 1.8 | $ | (30.6 | ) | $ | 1.9 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 1,515.70 | $ | 1,203.50 | $ | 244.4 | $ | (1,165.6 | ) | $ | 1,798.00 | ||||||||||||
Cost of materials sold | — | 1,258.20 | 1,180.50 | 210.6 | (1,165.6 | ) | 1,483.70 | ||||||||||||||||||
Gross profit | — | 257.5 | 23 | 33.8 | — | 314.3 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 2.5 | 187.6 | 11.2 | 41.8 | — | 243.1 | |||||||||||||||||||
Restructuring and other charges | — | — | — | 2.1 | 2.1 | ||||||||||||||||||||
Impairment charges on fixed assets and goodwill | — | 0.9 | — | 6.8 | — | 7.7 | |||||||||||||||||||
Operating profit (loss) | (2.5 | ) | 69 | 11.8 | (16.9 | ) | — | 61.4 | |||||||||||||||||
Other income and (expense), net | — | 0.2 | — | 3 | — | 3.2 | |||||||||||||||||||
Interest and other expense on debt | (8.6 | ) | (46.1 | ) | — | (1.5 | ) | — | (56.2 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (12.0 | ) | — | — | — | 12 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 8.1 | 3.9 | — | (12.0 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (23.1 | ) | 31.2 | 15.7 | (15.4 | ) | — | 8.4 | |||||||||||||||||
Provision (benefit) for income taxes | (4.4 | ) | 6.1 | 3 | (1.4 | ) | — | 3.3 | |||||||||||||||||
Equity in (earnings) loss of subsidiaries | (27.7 | ) | (9.6 | ) | 3.9 | — | 33.4 | — | |||||||||||||||||
Net income (loss) | 9 | 34.7 | 8.8 | (14.0 | ) | (33.4 | ) | 5.1 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (3.9 | ) | — | (3.9 | ) | |||||||||||||||||
Net income (loss) attributable to Ryerson Inc. | $ | 9 | $ | 34.7 | $ | 8.8 | $ | (10.1 | ) | $ | (33.4 | ) | $ | 9 | |||||||||||
Comprehensive income (loss) | $ | 2 | $ | 36.4 | $ | 10.1 | $ | (23.8 | ) | $ | (26.4 | ) | $ | (1.7 | ) | ||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (3.7 | ) | — | (3.7 | ) | |||||||||||||||||
Comprehensive income (loss) attributable to Ryerson Inc. | $ | 2 | $ | 36.4 | $ | 10.1 | $ | (20.1 | ) | $ | (26.4 | ) | $ | 2 | |||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 5.5 | $ | 25.4 | $ | 6.8 | $ | 0.1 | $ | (34.1 | ) | $ | 3.7 | ||||||||||||
Non-cash expenses | (9.0 | ) | 25.3 | 9.1 | 3.3 | 1.5 | 30.2 | ||||||||||||||||||
Equity in earnings of subsidiaries | (15.7 | ) | (18.3 | ) | (0.1 | ) | — | 34.1 | — | ||||||||||||||||
Changes in working capital | 3.8 | 13.6 | (25.5 | ) | (14.9 | ) | (1.5 | ) | (24.5 | ) | |||||||||||||||
Net adjustments | (20.9 | ) | 20.6 | (16.5 | ) | (11.6 | ) | 34.1 | 5.7 | ||||||||||||||||
Net cash provided by (used in) operating activities | (15.4 | ) | 46 | (9.7 | ) | (11.5 | ) | — | 9.4 | ||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (7.2 | ) | (0.4 | ) | (0.6 | ) | — | (8.2 | ) | |||||||||||||||
Loan to related companies | — | (40.7 | ) | (19.0 | ) | — | 59.7 | — | |||||||||||||||||
Other investing activities | (0.3 | ) | 1.2 | — | 0.1 | 0.1 | 1.1 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (0.3 | ) | (46.7 | ) | (19.4 | ) | (0.5 | ) | 59.8 | (7.1 | ) | ||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Net proceeds/(repayments) of short term borrowings | (44.1 | ) | — | — | 4.1 | — | (40.0 | ) | |||||||||||||||||
Proceeds from intercompany borrowings | 59.7 | — | — | — | (59.7 | ) | — | ||||||||||||||||||
Net increase book overdrafts | 0.2 | 2.2 | 45.1 | — | — | 47.5 | |||||||||||||||||||
Other financing activities | — | (0.5 | ) | — | 0.1 | (0.1 | ) | (0.5 | ) | ||||||||||||||||
Net cash provided by financing activities | 15.8 | 1.7 | 45.1 | 4.2 | (59.8 | ) | 7 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 0.1 | 1 | 16 | (7.8 | ) | — | 9.3 | ||||||||||||||||||
Effect of exchange rates | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 0.1 | 1 | 16 | (8.6 | ) | — | 8.5 | ||||||||||||||||||
Beginning cash and cash equivalents | — | 7.8 | 2.4 | 63.8 | — | 74 | |||||||||||||||||||
Ending cash and cash equivalents | $ | 0.1 | $ | 8.8 | $ | 18.4 | $ | 55.2 | $ | — | $ | 82.5 | |||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income (loss) | $ | 9 | $ | 34.7 | $ | 8.8 | $ | (14.0 | ) | $ | (33.4 | ) | $ | 5.1 | |||||||||||
Non-cash expenses | (0.1 | ) | 21.7 | 1.5 | 12 | — | 35.1 | ||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (27.7 | ) | (9.6 | ) | 3.9 | — | 33.4 | — | |||||||||||||||||
Changes in working capital | 629.4 | 1,021.70 | (1,650.6 | ) | 10.7 | — | 11.2 | ||||||||||||||||||
Net adjustments | 601.6 | 1,033.80 | (1,645.2 | ) | 22.7 | 33.4 | 46.3 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 610.6 | 1,068.50 | (1,636.4 | ) | 8.7 | — | 51.4 | ||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (8.0 | ) | (0.3 | ) | (2.2 | ) | — | (10.5 | ) | |||||||||||||||
Loan to related companies | — | (399.7 | ) | — | — | 399.7 | — | ||||||||||||||||||
Loan repayment from related companies | 494.6 | — | 1,458.30 | — | (1,952.9 | ) | — | ||||||||||||||||||
Investment in related companies | — | (173.2 | ) | — | — | 173.2 | — | ||||||||||||||||||
Other investing activities | — | 3 | — | 0.1 | — | 3.1 | |||||||||||||||||||
Net cash provided by (used in) investing activities | 494.6 | (577.9 | ) | 1,458.00 | (2.1 | ) | (1,380.0 | ) | (7.4 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Net proceeds/(repayments) of short term borrowings | (38.6 | ) | — | — | 1.8 | — | (36.8 | ) | |||||||||||||||||
Proceeds from intercompany borrowings | 399.7 | — | — | — | (399.7 | ) | — | ||||||||||||||||||
Repayment of intercompany borrowings | (1,458.3 | ) | (494.6 | ) | — | — | 1,952.90 | — | |||||||||||||||||
Net increase/(decrease) book overdrafts | — | (0.3 | ) | 6.4 | — | — | 6.1 | ||||||||||||||||||
Capital contribution | — | — | 173.2 | — | (173.2 | ) | — | ||||||||||||||||||
Other financing activities | (3.2 | ) | (0.6 | ) | — | (0.5 | ) | — | (4.3 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (1,100.4 | ) | (495.5 | ) | 179.6 | 1.3 | 1,380.00 | (35.0 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4.8 | (4.9 | ) | 1.2 | 7.9 | — | 9 | ||||||||||||||||||
Effect of exchange rates | — | 0.2 | — | (4.3 | ) | — | (4.1 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 4.8 | (4.7 | ) | 1.2 | 3.6 | — | 4.9 | ||||||||||||||||||
Beginning cash and cash equivalents | 0.2 | 15.3 | 1.9 | 53.4 | — | 70.8 | |||||||||||||||||||
Ending cash and cash equivalents | $ | 5 | $ | 10.6 | $ | 3.1 | $ | 57 | $ | — | $ | 75.7 | |||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||||||
JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | 8.8 | $ | 18.4 | $ | 55.2 | $ | — | $ | 82.5 | |||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 3.8 | 359 | 12.5 | 91.1 | — | 466.4 | |||||||||||||||||||
Inventories | — | 622.1 | 24.8 | 76.1 | — | 723 | |||||||||||||||||||
Intercompany receivable | — | 154.8 | 131.3 | — | (286.1 | ) | — | ||||||||||||||||||
Other current assets | 0.4 | 9 | 15.5 | 16.4 | (1.7 | ) | 39.6 | ||||||||||||||||||
Total current assets | 4.3 | 1,153.70 | 202.5 | 238.8 | (287.8 | ) | 1,311.50 | ||||||||||||||||||
Investments in subsidiaries | 1,017.90 | 434.3 | 34.1 | — | (1,486.3 | ) | — | ||||||||||||||||||
Intercompany notes receivable | — | 446.8 | 242.8 | — | (689.6 | ) | — | ||||||||||||||||||
Property, plant and equipment net of accumulated depreciation | — | 382.5 | 3.4 | 58 | — | 443.9 | |||||||||||||||||||
Other noncurrent assets | 114.6 | 37.7 | 62.4 | 5.7 | (7.3 | ) | 213.1 | ||||||||||||||||||
Total assets | $ | 1,136.80 | $ | 2,455.00 | $ | 545.2 | $ | 302.5 | $ | (2,471.0 | ) | $ | 1,968.50 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 53.4 | $ | 229.1 | $ | 36.7 | $ | 0.1 | $ | 319.3 | |||||||||||||
Intercompany payable | 251.4 | — | — | 34.8 | (286.2 | ) | — | ||||||||||||||||||
Deferred income taxes | 1.3 | 119.1 | 0.5 | — | (1.9 | ) | 119 | ||||||||||||||||||
Other current liabilities | 3 | 89.1 | 4.2 | 39.7 | 0.2 | 136.2 | |||||||||||||||||||
Total current liabilities | 255.7 | 261.6 | 233.8 | 111.2 | (287.8 | ) | 574.5 | ||||||||||||||||||
Long-term debt | 325 | 900 | — | — | — | 1,225.00 | |||||||||||||||||||
Long-term debt – intercompany | 689.6 | — | — | — | (689.6 | ) | — | ||||||||||||||||||
Deferred employee benefits | 0.7 | 264.3 | — | 24.8 | — | 289.8 | |||||||||||||||||||
Taxes and other credits | 5.9 | 11.4 | 10.4 | 2 | (7.3 | ) | 22.4 | ||||||||||||||||||
Total liabilities | 1,276.90 | 1,437.30 | 244.2 | 138 | (984.7 | ) | 2,111.70 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||||
Ryerson Inc. stockholders’ equity | (140.1 | ) | 1,017.70 | 301 | 167.6 | (1,486.3 | ) | (140.1 | ) | ||||||||||||||||
Noncontrolling interest | — | — | — | (4.3 | ) | — | (4.3 | ) | |||||||||||||||||
Total liabilities and equity | $ | 1,136.80 | $ | 2,455.00 | $ | 545.2 | $ | 302.5 | $ | (2,471.0 | ) | $ | 1,968.50 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 7.8 | $ | 2.4 | $ | 63.8 | $ | — | $ | 74 | |||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 3.5 | 290.4 | 8.8 | 82.7 | — | 385.4 | |||||||||||||||||||
Inventories | — | 637.1 | 25.8 | 70.1 | — | 733 | |||||||||||||||||||
Intercompany receivable | — | 227 | 55.2 | — | (282.2 | ) | — | ||||||||||||||||||
Other current assets | — | 11.4 | 20.8 | 18.8 | (1.5 | ) | 49.5 | ||||||||||||||||||
Total current assets | 3.5 | 1,173.70 | 113 | 235.4 | (283.7 | ) | 1,241.90 | ||||||||||||||||||
Investments in subsidiaries | 1,005.70 | 416 | 34 | — | (1,455.7 | ) | — | ||||||||||||||||||
Intercompany notes receivable | — | 406.1 | 223.8 | — | (629.9 | ) | — | ||||||||||||||||||
Property, plant and equipment net of accumulated depreciation | — | 387.8 | 3.1 | 61.8 | — | 452.7 | |||||||||||||||||||
Other noncurrent assets | 107.3 | 48.5 | 64 | 5.8 | (2.2 | ) | 223.4 | ||||||||||||||||||
Total assets | $ | 1,116.50 | $ | 2,432.10 | $ | 437.9 | $ | 303 | $ | (2,371.5 | ) | $ | 1,918.00 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Accounts payable | $ | (0.2 | ) | $ | 35.1 | $ | 132.8 | $ | 39.1 | $ | 0.4 | $ | 207.2 | ||||||||||||
Intercompany payable | 247.6 | — | — | 35 | (282.6 | ) | — | ||||||||||||||||||
Other current liabilities | 11.9 | 204.6 | 2.2 | 36.7 | (1.5 | ) | 253.9 | ||||||||||||||||||
Total current liabilities | 259.3 | 239.7 | 135 | 110.8 | (283.7 | ) | 461.1 | ||||||||||||||||||
Long-term debt | 362.5 | 900 | — | — | — | 1,262.50 | |||||||||||||||||||
Long-term debt – intercompany | 629.9 | — | — | — | (629.9 | ) | — | ||||||||||||||||||
Deferred employee benefits | 0.6 | 294.4 | — | 25.8 | — | 320.8 | |||||||||||||||||||
Taxes and other credits | 6.2 | 5.6 | 5.3 | 1.9 | (2.2 | ) | 16.8 | ||||||||||||||||||
Total liabilities | 1,258.50 | 1,439.70 | 140.3 | 138.5 | (915.8 | ) | 2,061.20 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Ryerson Inc. stockholders’ equity | (142.0 | ) | 992.4 | 297.6 | 165.7 | (1,455.7 | ) | (142.0 | ) | ||||||||||||||||
Noncontrolling interest | — | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||
Total liabilities and equity | $ | 1,116.50 | $ | 2,432.10 | $ | 437.9 | $ | 303 | $ | (2,371.5 | ) | $ | 1,918.00 | ||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 13: SUBSEQUENT EVENTS | |
JT Ryerson, one of our subsidiaries, is party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provides JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering of Ryerson Holding Corporation common stock. As consideration for terminating the advisory fee payable thereunder, JT Ryerson will pay Platinum Advisors or its affiliates $25.0 million. The Company will recognize the termination fee within Warehousing, delivery, selling, general and administrative expense upon the closing of the initial public offering. | |
On August 13, 2014, Ryerson Holding Corporation completed an initial public offering of 11 million shares of common stock at $11 per share. Net proceeds from the offering totaled $110.7 million, after deducting the underwriting discount and estimated offering expenses, and were used to (i) redeem $99.5 million in aggregate principal amount of the 2018 Notes, (ii) pay Platinum Advisors or its affiliates $25.0 million as consideration for terminating the services agreement and (iii) pay related transaction fees, expenses and premiums in connection with the offering, which were approximately $15.7 million. We estimate that we will borrow an additional $29.5 million under the Ryerson Credit Facility as part of the funding of these transactions. In connection with this transaction, we will recognize $11.2 million of expense in the third quarter related to the premium paid to redeem $99.5 million in principal amount of the 2018 Notes, which will be recorded within other income and (expense), net. In addition, we will recognize $1.2 million of expense in the third quarter to write off debt issuance costs associated with the partial redemption of the 2018 Notes, which will be recorded within interest and other expense on debt. During the third quarter of 2014, we will recognize $7.3 million of compensation expense associated with the initial public offering within warehousing, delivery, selling, general and administrative expense. |
Financial_Statements_Tables
Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Percentage of Sales by Major Product Lines | ' | ||||||||||||||||
The following table shows our percentage of sales by major product lines for the three and six months ended June 30, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Product Line | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Carbon Steel Flat | 27 | % | 26 | % | 27 | % | 26 | % | |||||||||
Carbon Steel Plate | 11 | 11 | 11 | 11 | |||||||||||||
Carbon Steel Long | 15 | 15 | 16 | 15 | |||||||||||||
Stainless Steel Flat | 16 | 16 | 16 | 16 | |||||||||||||
Stainless Steel Plate | 4 | 4 | 4 | 4 | |||||||||||||
Stainless Steel Long | 3 | 3 | 3 | 4 | |||||||||||||
Aluminum Flat | 15 | 15 | 14 | 14 | |||||||||||||
Aluminum Plate | 3 | 3 | 3 | 3 | |||||||||||||
Aluminum Long | 4 | 4 | 4 | 4 | |||||||||||||
Other | 2 | 3 | 2 | 3 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories, at stated LIFO value, were classified at June 30, 2014 and December 31, 2013 as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
In process and finished products | $ | 723 | $ | 733 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In millions) | |||||||||
Ryerson Secured Credit Facility | $ | 325 | $ | 369.1 | |||||
9% Senior Secured Notes due 2017 | 600 | 600 | |||||||
11 1/4% Senior Notes due 2018 | 300 | 300 | |||||||
Foreign debt | 29.8 | 25.7 | |||||||
Total debt | 1,254.80 | 1,294.80 | |||||||
Less: | |||||||||
Short-term credit facility borrowings | — | 6.6 | |||||||
Short-term foreign debt | 29.8 | 25.7 | |||||||
Total long-term debt | $ | 1,225.00 | $ | 1,262.50 | |||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost for the three and six month periods ended June 30, 2014 and 2013 for the Ryerson pension plans and postretirement benefits other than pension: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1 | $ | — | $ | — | $ | — | |||||||||
Interest cost | 9 | 9 | 1 | 1 | |||||||||||||
Expected return on assets | (12 | ) | (11 | ) | — | — | |||||||||||
Prior service credit | — | — | — | (1 | ) | ||||||||||||
Recognized actuarial net (gain) loss | 2 | 4 | (2 | ) | (1 | ) | |||||||||||
Net periodic benefit cost (credit) | $ | — | $ | 2 | $ | (1 | ) | $ | (1 | ) | |||||||
Six Months Ended June 30, | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||
Interest cost | 19 | 18 | 2 | 2 | |||||||||||||
Expected return on assets | (24 | ) | (22 | ) | — | — | |||||||||||
Prior service credit | — | — | — | (1 | ) | ||||||||||||
Recognized actuarial net (gain) loss | 5 | 7 | (4 | ) | (3 | ) | |||||||||||
Net periodic benefit cost (credit) | $ | 1 | $ | 4 | $ | (2 | ) | $ | (2 | ) | |||||||
Derivatives_and_Fair_Value_Mea1
Derivatives and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Location and Fair Value Amount of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | ||||||||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | ||||||||||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||
Commodity contracts | Prepaid | $ | 0.2 | Prepaid | $ | — | Other | $ | 0.1 | Other | $ | 0.2 | |||||||||||||||||||||
expenses | expenses | accrued | accrued | ||||||||||||||||||||||||||||||
and | and | liabilities | liabilities | ||||||||||||||||||||||||||||||
other | other | ||||||||||||||||||||||||||||||||
current | current | ||||||||||||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||||||||||
Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Derivatives not designated as | Location of Gain/(Loss) | Amount of Gain/(Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||
hedging instruments under | Recognized in Income on | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
ASC 815 | Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Metal commodity contracts | Cost of materials sold | $ | 0.1 | $ | (0.4 | ) | $ | 0.3 | $ | (0.7 | ) | ||||||||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value | ' | ||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2014: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.7 | $ | — | $ | — | |||||||||||||||||||||||||||
Prepaid and other current assets: | |||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 15.4 | $ | — | $ | — | |||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.9 | $ | — | $ | — | |||||||||||||||||||||||||||
Prepaid and other current assets: | |||||||||||||||||||||||||||||||||
Common stock – available-for-sale investment | $ | 20.7 | $ | — | $ | — | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | |||||||||||||||||||||||||||
Carrying and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
The carrying and estimated fair values of the Company’s financial instruments at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 82.5 | $ | 82.5 | $ | 74 | $ | 74 | |||||||||||||||||||||||||
Restricted cash | 1.9 | 1.9 | 1.8 | 1.8 | |||||||||||||||||||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 466.4 | 466.4 | 385.4 | 385.4 | |||||||||||||||||||||||||||||
Accounts payable | 319.3 | 319.3 | 207.2 | 207.2 | |||||||||||||||||||||||||||||
Long-term debt, including current portion | 1,254.80 | 1,331.30 | 1,294.80 | 1,348.80 | |||||||||||||||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at June 30, 2014: | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets – assets held for sale | $ | — | $ | 3.7 | $ | — | |||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2013: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets – assets held for sale | $ | — | $ | 4.7 | $ | — | |||||||||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of June 30, 2014 can be summarized as follows: | |||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | — | $ | (2.0 | ) | $ | 15.4 | ||||||||||||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 |
Stockholders_Equity_Deficit_Ac1
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Stockholders Equity | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details changes in these accounts: | |||||||||||||||||||||||||||||||||||||||||
Ryerson Inc. Stockholders | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Common | Capital in | Accumulated | Foreign | Benefit Plan | Unrealized | Noncontrolling | Total | Redeemable | |||||||||||||||||||||||||||||||||
Stock | Excess of | Deficit | Currency | Liabilities | Gain on | Interest | Equity | Noncontrolling | |||||||||||||||||||||||||||||||||
Par Value | Translation | Available- | Interest | ||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | ||||||||||||||||||||||||||||||||
(In millions, except share data) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | 100 | $ | — | $ | 64.7 | $ | (16.8 | ) | $ | (18.3 | ) | $ | (174.9 | ) | $ | 3.3 | $ | (2.5 | ) | $ | (144.5 | ) | $ | 1.3 | |||||||||||||||||
Net income (loss) | — | — | — | 5.5 | — | — | — | (1.7 | ) | 3.8 | (0.1 | ) | |||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (0.7 | ) | — | — | (0.1 | ) | (0.8 | ) | — | ||||||||||||||||||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax provision of $0.1 | — | — | — | — | — | 0.4 | — | — | 0.4 | — | |||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale investment, net of tax benefit of $1.9 | — | — | — | — | — | — | (3.3 | ) | — | (3.3 | ) | — | |||||||||||||||||||||||||||||
Balance at June 30, 2014 | 100 | $ | — | $ | 64.7 | $ | (11.3 | ) | $ | (19.0 | ) | $ | (174.5 | ) | $ | — | $ | (4.3 | ) | $ | (144.4 | ) | $ | 1.2 | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income (Loss) by Component | |||||||||||||||||||||||||||||||||||||||||
Foreign | Benefit | Unrealized | |||||||||||||||||||||||||||||||||||||||
Currency | Plan | Gain on | |||||||||||||||||||||||||||||||||||||||
Translation | Liabilities | Available- | |||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | (18.3 | ) | $ | (174.9 | ) | $ | 3.3 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (0.7 | ) | — | (3.3 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 0.4 | — | ||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (0.7 | ) | 0.4 | (3.3 | ) | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | (19.0 | ) | $ | (174.5 | ) | $ | — | |||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated | Amount reclassified from Accumulated Other | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) Components | Comprehensive Income (Loss) | Consolidated Statements of | |||||||||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 0.6 | $ | 1.2 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Prior service credits | (0.3 | ) | (0.7 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Total before tax | 0.3 | 0.5 | |||||||||||||||||||||||||||||||||||||||
Tax provision | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 0.2 | $ | 0.4 | |||||||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | Amount reclassified from Accumulated Other | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Components | Comprehensive Income (Loss) | Consolidated Statements of | |||||||||||||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||
Actuarial gain | $ | 1.7 | $ | 3.3 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Prior service credits | (0.3 | ) | (0.7 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||
Total before tax | 1.4 | 2.6 | |||||||||||||||||||||||||||||||||||||||
Tax provision | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 1.2 | $ | 2.3 | |||||||||||||||||||||||||||||||||||||
Condensed_Consolidating_Guaran1
Condensed Consolidating Guarantor Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 793 | $ | 669.8 | $ | 116.8 | $ | (648.1 | ) | $ | 931.5 | ||||||||||||
Cost of materials sold | — | 670.3 | 656.8 | 98.1 | (648.1 | ) | 777.1 | ||||||||||||||||||
Gross profit | — | 122.7 | 13 | 18.7 | — | 154.4 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 1.4 | 95.9 | 6 | 17.1 | — | 120.4 | |||||||||||||||||||
Operating profit (loss) | (1.4 | ) | 26.8 | 7 | 1.6 | — | 34 | ||||||||||||||||||
Other income and (expense), net | — | 0.1 | — | (1.8 | ) | — | (1.7 | ) | |||||||||||||||||
Interest and other expense on debt | (3.7 | ) | (23.0 | ) | — | (0.8 | ) | — | (27.5 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (7.5 | ) | — | — | — | 7.5 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 5.6 | 1.9 | — | (7.5 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (12.6 | ) | 9.5 | 8.9 | (1.0 | ) | — | 4.8 | |||||||||||||||||
Provision (benefit) for income taxes | (5.0 | ) | 4.1 | 4.3 | (1.3 | ) | — | 2.1 | |||||||||||||||||
Equity in earnings of subsidiaries | (11.2 | ) | (8.6 | ) | (1.3 | ) | — | 21.1 | — | ||||||||||||||||
Net income | 3.6 | 14 | 5.9 | 0.3 | (21.1 | ) | 2.7 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||
Net income attributable to Ryerson Inc. | $ | 3.6 | $ | 14 | $ | 5.9 | $ | 1.2 | $ | (21.1 | ) | $ | 3.6 | ||||||||||||
Comprehensive income | $ | 7 | $ | 13.9 | $ | 2.7 | $ | 7.2 | $ | (24.6 | ) | $ | 6.2 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Comprehensive income attributable to Ryerson Inc. | $ | 7 | $ | 13.9 | $ | 2.7 | $ | 8 | $ | (24.6 | ) | $ | 7 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 766 | $ | 598.7 | $ | 121.7 | $ | (579.5 | ) | $ | 906.9 | ||||||||||||
Cost of materials sold | — | 636.3 | 587.1 | 104.5 | (579.5 | ) | 748.4 | ||||||||||||||||||
Gross profit | — | 129.7 | 11.6 | 17.2 | — | 158.5 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 1.2 | 93.3 | 5.7 | 21.2 | — | 121.4 | |||||||||||||||||||
Restructuring and other charges | — | — | — | 2.1 | — | 2.1 | |||||||||||||||||||
Impairment charge on goodwill | — | — | — | 6.8 | — | 6.8 | |||||||||||||||||||
Operating profit (loss) | (1.2 | ) | 36.4 | 5.9 | (12.9 | ) | — | 28.2 | |||||||||||||||||
Other income and (expense), net | — | 0.1 | — | 1.9 | — | 2 | |||||||||||||||||||
Interest and other expense on debt | (4.0 | ) | (23.0 | ) | — | (0.8 | ) | — | (27.8 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (6.6 | ) | — | — | — | 6.6 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 4.7 | 1.9 | — | (6.6 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (11.8 | ) | 18.2 | 7.8 | (11.8 | ) | — | 2.4 | |||||||||||||||||
Provision (benefit) for income taxes | (2.7 | ) | 4 | 1.8 | (0.9 | ) | — | 2.2 | |||||||||||||||||
Equity in (earnings) loss of subsidiaries | (11.0 | ) | (1.6 | ) | 3 | — | 9.6 | — | |||||||||||||||||
Net income (loss) | 1.9 | 15.8 | 3 | (10.9 | ) | (9.6 | ) | 0.2 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||||||
Net income (loss) attributable to Ryerson Inc. | $ | 1.9 | $ | 15.8 | $ | 3 | $ | (9.2 | ) | $ | (9.6 | ) | $ | 1.9 | |||||||||||
Comprehensive income (loss) | $ | (6.2 | ) | $ | 16.6 | $ | 0.6 | $ | (17.2 | ) | $ | (1.6 | ) | $ | (7.8 | ) | |||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||||
Comprehensive income (loss) attributable to Ryerson Inc. | $ | (6.2 | ) | $ | 16.6 | $ | 0.6 | $ | (15.6 | ) | $ | (1.6 | ) | $ | (6.2 | ) | |||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 1,535.80 | $ | 1,238.40 | $ | 228.7 | $ | (1,197.0 | ) | $ | 1,805.90 | ||||||||||||
Cost of materials sold | — | 1,295.10 | 1,213.50 | 192.2 | (1,197.0 | ) | 1,503.80 | ||||||||||||||||||
Gross profit | — | 240.7 | 24.9 | 36.5 | — | 302.1 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 2.7 | 188.5 | 12.1 | 34.9 | — | 238.2 | |||||||||||||||||||
Operating profit (loss) | (2.7 | ) | 52.2 | 12.8 | 1.6 | — | 63.9 | ||||||||||||||||||
Other income and (expense), net | — | 0.1 | — | 0.2 | — | 0.3 | |||||||||||||||||||
Interest and other expense on debt | (7.5 | ) | (46.0 | ) | — | (1.4 | ) | — | (54.9 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (15.0 | ) | — | — | — | 12 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 11.1 | 3.9 | — | (12.0 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (25.2 | ) | 17.4 | 16.7 | 0.4 | — | 9.3 | ||||||||||||||||||
Provision (benefit) for income taxes | (15.0 | ) | 10.3 | 10 | 0.3 | — | 5.6 | ||||||||||||||||||
Equity in earnings of subsidiaries | (15.7 | ) | (18.3 | ) | (0.1 | ) | — | 34.1 | — | ||||||||||||||||
Net income | 5.5 | 25.4 | 6.8 | 0.1 | (34.1 | ) | 3.7 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||||
Net income attributable to Ryerson Inc. | $ | 5.5 | $ | 25.4 | $ | 6.8 | $ | 1.9 | $ | (34.1 | ) | $ | 5.5 | ||||||||||||
Comprehensive income (loss) | $ | 1.9 | $ | 25.3 | $ | 3.5 | $ | (0.1 | ) | $ | (30.6 | ) | $ | — | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||||
Comprehensive income attributable to Ryerson Inc. | $ | 1.9 | $ | 25.3 | $ | 3.5 | $ | 1.8 | $ | (30.6 | ) | $ | 1.9 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
Net sales | $ | — | $ | 1,515.70 | $ | 1,203.50 | $ | 244.4 | $ | (1,165.6 | ) | $ | 1,798.00 | ||||||||||||
Cost of materials sold | — | 1,258.20 | 1,180.50 | 210.6 | (1,165.6 | ) | 1,483.70 | ||||||||||||||||||
Gross profit | — | 257.5 | 23 | 33.8 | — | 314.3 | |||||||||||||||||||
Warehousing, delivery, selling, general and administrative | 2.5 | 187.6 | 11.2 | 41.8 | — | 243.1 | |||||||||||||||||||
Restructuring and other charges | — | — | — | 2.1 | 2.1 | ||||||||||||||||||||
Impairment charges on fixed assets and goodwill | — | 0.9 | — | 6.8 | — | 7.7 | |||||||||||||||||||
Operating profit (loss) | (2.5 | ) | 69 | 11.8 | (16.9 | ) | — | 61.4 | |||||||||||||||||
Other income and (expense), net | — | 0.2 | — | 3 | — | 3.2 | |||||||||||||||||||
Interest and other expense on debt | (8.6 | ) | (46.1 | ) | — | (1.5 | ) | — | (56.2 | ) | |||||||||||||||
Intercompany transactions: | |||||||||||||||||||||||||
Interest expense on intercompany loans | (12.0 | ) | — | — | — | 12 | — | ||||||||||||||||||
Interest income on intercompany loans | — | 8.1 | 3.9 | — | (12.0 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (23.1 | ) | 31.2 | 15.7 | (15.4 | ) | — | 8.4 | |||||||||||||||||
Provision (benefit) for income taxes | (4.4 | ) | 6.1 | 3 | (1.4 | ) | — | 3.3 | |||||||||||||||||
Equity in (earnings) loss of subsidiaries | (27.7 | ) | (9.6 | ) | 3.9 | — | 33.4 | — | |||||||||||||||||
Net income (loss) | 9 | 34.7 | 8.8 | (14.0 | ) | (33.4 | ) | 5.1 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (3.9 | ) | — | (3.9 | ) | |||||||||||||||||
Net income (loss) attributable to Ryerson Inc. | $ | 9 | $ | 34.7 | $ | 8.8 | $ | (10.1 | ) | $ | (33.4 | ) | $ | 9 | |||||||||||
Comprehensive income (loss) | $ | 2 | $ | 36.4 | $ | 10.1 | $ | (23.8 | ) | $ | (26.4 | ) | $ | (1.7 | ) | ||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (3.7 | ) | — | (3.7 | ) | |||||||||||||||||
Comprehensive income (loss) attributable to Ryerson Inc. | $ | 2 | $ | 36.4 | $ | 10.1 | $ | (20.1 | ) | $ | (26.4 | ) | $ | 2 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income | $ | 5.5 | $ | 25.4 | $ | 6.8 | $ | 0.1 | $ | (34.1 | ) | $ | 3.7 | ||||||||||||
Non-cash expenses | (9.0 | ) | 25.3 | 9.1 | 3.3 | 1.5 | 30.2 | ||||||||||||||||||
Equity in earnings of subsidiaries | (15.7 | ) | (18.3 | ) | (0.1 | ) | — | 34.1 | — | ||||||||||||||||
Changes in working capital | 3.8 | 13.6 | (25.5 | ) | (14.9 | ) | (1.5 | ) | (24.5 | ) | |||||||||||||||
Net adjustments | (20.9 | ) | 20.6 | (16.5 | ) | (11.6 | ) | 34.1 | 5.7 | ||||||||||||||||
Net cash provided by (used in) operating activities | (15.4 | ) | 46 | (9.7 | ) | (11.5 | ) | — | 9.4 | ||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (7.2 | ) | (0.4 | ) | (0.6 | ) | — | (8.2 | ) | |||||||||||||||
Loan to related companies | — | (40.7 | ) | (19.0 | ) | — | 59.7 | — | |||||||||||||||||
Other investing activities | (0.3 | ) | 1.2 | — | 0.1 | 0.1 | 1.1 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (0.3 | ) | (46.7 | ) | (19.4 | ) | (0.5 | ) | 59.8 | (7.1 | ) | ||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Net proceeds/(repayments) of short term borrowings | (44.1 | ) | — | — | 4.1 | — | (40.0 | ) | |||||||||||||||||
Proceeds from intercompany borrowings | 59.7 | — | — | — | (59.7 | ) | — | ||||||||||||||||||
Net increase book overdrafts | 0.2 | 2.2 | 45.1 | — | — | 47.5 | |||||||||||||||||||
Other financing activities | — | (0.5 | ) | — | 0.1 | (0.1 | ) | (0.5 | ) | ||||||||||||||||
Net cash provided by financing activities | 15.8 | 1.7 | 45.1 | 4.2 | (59.8 | ) | 7 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 0.1 | 1 | 16 | (7.8 | ) | — | 9.3 | ||||||||||||||||||
Effect of exchange rates | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 0.1 | 1 | 16 | (8.6 | ) | — | 8.5 | ||||||||||||||||||
Beginning cash and cash equivalents | — | 7.8 | 2.4 | 63.8 | — | 74 | |||||||||||||||||||
Ending cash and cash equivalents | $ | 0.1 | $ | 8.8 | $ | 18.4 | $ | 55.2 | $ | — | $ | 82.5 | |||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2013 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||
Net income (loss) | $ | 9 | $ | 34.7 | $ | 8.8 | $ | (14.0 | ) | $ | (33.4 | ) | $ | 5.1 | |||||||||||
Non-cash expenses | (0.1 | ) | 21.7 | 1.5 | 12 | — | 35.1 | ||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (27.7 | ) | (9.6 | ) | 3.9 | — | 33.4 | — | |||||||||||||||||
Changes in working capital | 629.4 | 1,021.70 | (1,650.6 | ) | 10.7 | — | 11.2 | ||||||||||||||||||
Net adjustments | 601.6 | 1,033.80 | (1,645.2 | ) | 22.7 | 33.4 | 46.3 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 610.6 | 1,068.50 | (1,636.4 | ) | 8.7 | — | 51.4 | ||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||
Capital expenditures | — | (8.0 | ) | (0.3 | ) | (2.2 | ) | — | (10.5 | ) | |||||||||||||||
Loan to related companies | — | (399.7 | ) | — | — | 399.7 | — | ||||||||||||||||||
Loan repayment from related companies | 494.6 | — | 1,458.30 | — | (1,952.9 | ) | — | ||||||||||||||||||
Investment in related companies | — | (173.2 | ) | — | — | 173.2 | — | ||||||||||||||||||
Other investing activities | — | 3 | — | 0.1 | — | 3.1 | |||||||||||||||||||
Net cash provided by (used in) investing activities | 494.6 | (577.9 | ) | 1,458.00 | (2.1 | ) | (1,380.0 | ) | (7.4 | ) | |||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||
Net proceeds/(repayments) of short term borrowings | (38.6 | ) | — | — | 1.8 | — | (36.8 | ) | |||||||||||||||||
Proceeds from intercompany borrowings | 399.7 | — | — | — | (399.7 | ) | — | ||||||||||||||||||
Repayment of intercompany borrowings | (1,458.3 | ) | (494.6 | ) | — | — | 1,952.90 | — | |||||||||||||||||
Net increase/(decrease) book overdrafts | — | (0.3 | ) | 6.4 | — | — | 6.1 | ||||||||||||||||||
Capital contribution | — | — | 173.2 | — | (173.2 | ) | — | ||||||||||||||||||
Other financing activities | (3.2 | ) | (0.6 | ) | — | (0.5 | ) | — | (4.3 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (1,100.4 | ) | (495.5 | ) | 179.6 | 1.3 | 1,380.00 | (35.0 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4.8 | (4.9 | ) | 1.2 | 7.9 | — | 9 | ||||||||||||||||||
Effect of exchange rates | — | 0.2 | — | (4.3 | ) | — | (4.1 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 4.8 | (4.7 | ) | 1.2 | 3.6 | — | 4.9 | ||||||||||||||||||
Beginning cash and cash equivalents | 0.2 | 15.3 | 1.9 | 53.4 | — | 70.8 | |||||||||||||||||||
Ending cash and cash equivalents | $ | 5 | $ | 10.6 | $ | 3.1 | $ | 57 | $ | — | $ | 75.7 | |||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||||||
JUNE 30, 2014 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | 8.8 | $ | 18.4 | $ | 55.2 | $ | — | $ | 82.5 | |||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 3.8 | 359 | 12.5 | 91.1 | — | 466.4 | |||||||||||||||||||
Inventories | — | 622.1 | 24.8 | 76.1 | — | 723 | |||||||||||||||||||
Intercompany receivable | — | 154.8 | 131.3 | — | (286.1 | ) | — | ||||||||||||||||||
Other current assets | 0.4 | 9 | 15.5 | 16.4 | (1.7 | ) | 39.6 | ||||||||||||||||||
Total current assets | 4.3 | 1,153.70 | 202.5 | 238.8 | (287.8 | ) | 1,311.50 | ||||||||||||||||||
Investments in subsidiaries | 1,017.90 | 434.3 | 34.1 | — | (1,486.3 | ) | — | ||||||||||||||||||
Intercompany notes receivable | — | 446.8 | 242.8 | — | (689.6 | ) | — | ||||||||||||||||||
Property, plant and equipment net of accumulated depreciation | — | 382.5 | 3.4 | 58 | — | 443.9 | |||||||||||||||||||
Other noncurrent assets | 114.6 | 37.7 | 62.4 | 5.7 | (7.3 | ) | 213.1 | ||||||||||||||||||
Total assets | $ | 1,136.80 | $ | 2,455.00 | $ | 545.2 | $ | 302.5 | $ | (2,471.0 | ) | $ | 1,968.50 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 53.4 | $ | 229.1 | $ | 36.7 | $ | 0.1 | $ | 319.3 | |||||||||||||
Intercompany payable | 251.4 | — | — | 34.8 | (286.2 | ) | — | ||||||||||||||||||
Deferred income taxes | 1.3 | 119.1 | 0.5 | — | (1.9 | ) | 119 | ||||||||||||||||||
Other current liabilities | 3 | 89.1 | 4.2 | 39.7 | 0.2 | 136.2 | |||||||||||||||||||
Total current liabilities | 255.7 | 261.6 | 233.8 | 111.2 | (287.8 | ) | 574.5 | ||||||||||||||||||
Long-term debt | 325 | 900 | — | — | — | 1,225.00 | |||||||||||||||||||
Long-term debt – intercompany | 689.6 | — | — | — | (689.6 | ) | — | ||||||||||||||||||
Deferred employee benefits | 0.7 | 264.3 | — | 24.8 | — | 289.8 | |||||||||||||||||||
Taxes and other credits | 5.9 | 11.4 | 10.4 | 2 | (7.3 | ) | 22.4 | ||||||||||||||||||
Total liabilities | 1,276.90 | 1,437.30 | 244.2 | 138 | (984.7 | ) | 2,111.70 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||||
Ryerson Inc. stockholders’ equity | (140.1 | ) | 1,017.70 | 301 | 167.6 | (1,486.3 | ) | (140.1 | ) | ||||||||||||||||
Noncontrolling interest | — | — | — | (4.3 | ) | — | (4.3 | ) | |||||||||||||||||
Total liabilities and equity | $ | 1,136.80 | $ | 2,455.00 | $ | 545.2 | $ | 302.5 | $ | (2,471.0 | ) | $ | 1,968.50 | ||||||||||||
RYERSON INC. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Parent | Joseph T. | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Ryerson | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 7.8 | $ | 2.4 | $ | 63.8 | $ | — | $ | 74 | |||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 3.5 | 290.4 | 8.8 | 82.7 | — | 385.4 | |||||||||||||||||||
Inventories | — | 637.1 | 25.8 | 70.1 | — | 733 | |||||||||||||||||||
Intercompany receivable | — | 227 | 55.2 | — | (282.2 | ) | — | ||||||||||||||||||
Other current assets | — | 11.4 | 20.8 | 18.8 | (1.5 | ) | 49.5 | ||||||||||||||||||
Total current assets | 3.5 | 1,173.70 | 113 | 235.4 | (283.7 | ) | 1,241.90 | ||||||||||||||||||
Investments in subsidiaries | 1,005.70 | 416 | 34 | — | (1,455.7 | ) | — | ||||||||||||||||||
Intercompany notes receivable | — | 406.1 | 223.8 | — | (629.9 | ) | — | ||||||||||||||||||
Property, plant and equipment net of accumulated depreciation | — | 387.8 | 3.1 | 61.8 | — | 452.7 | |||||||||||||||||||
Other noncurrent assets | 107.3 | 48.5 | 64 | 5.8 | (2.2 | ) | 223.4 | ||||||||||||||||||
Total assets | $ | 1,116.50 | $ | 2,432.10 | $ | 437.9 | $ | 303 | $ | (2,371.5 | ) | $ | 1,918.00 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Accounts payable | $ | (0.2 | ) | $ | 35.1 | $ | 132.8 | $ | 39.1 | $ | 0.4 | $ | 207.2 | ||||||||||||
Intercompany payable | 247.6 | — | — | 35 | (282.6 | ) | — | ||||||||||||||||||
Other current liabilities | 11.9 | 204.6 | 2.2 | 36.7 | (1.5 | ) | 253.9 | ||||||||||||||||||
Total current liabilities | 259.3 | 239.7 | 135 | 110.8 | (283.7 | ) | 461.1 | ||||||||||||||||||
Long-term debt | 362.5 | 900 | — | — | — | 1,262.50 | |||||||||||||||||||
Long-term debt – intercompany | 629.9 | — | — | — | (629.9 | ) | — | ||||||||||||||||||
Deferred employee benefits | 0.6 | 294.4 | — | 25.8 | — | 320.8 | |||||||||||||||||||
Taxes and other credits | 6.2 | 5.6 | 5.3 | 1.9 | (2.2 | ) | 16.8 | ||||||||||||||||||
Total liabilities | 1,258.50 | 1,439.70 | 140.3 | 138.5 | (915.8 | ) | 2,061.20 | ||||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Ryerson Inc. stockholders’ equity | (142.0 | ) | 992.4 | 297.6 | 165.7 | (1,455.7 | ) | (142.0 | ) | ||||||||||||||||
Noncontrolling interest | — | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||
Total liabilities and equity | $ | 1,116.50 | $ | 2,432.10 | $ | 437.9 | $ | 303 | $ | (2,371.5 | ) | $ | 1,918.00 | ||||||||||||
Financial_Statements_Additiona
Financial Statements - Additional Information (Detail) | Jun. 30, 2014 |
Summary of Accounting and Financial Policies [Line Items] | ' |
Parent company percentage owned by affiliates | 100.00% |
Acofran [Member] | ' |
Summary of Accounting and Financial Policies [Line Items] | ' |
Ownership percentage by parent | 50.00% |
Ryerson China [Member] | ' |
Summary of Accounting and Financial Policies [Line Items] | ' |
Ownership percentage by parent | 50.00% |
Additional ownership interest through affiliates | 50.00% |
Financial_Statements_Percentag
Financial Statements - Percentage of Sales by Major Product Line (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 27.00% | 26.00% | 27.00% | 26.00% |
Carbon Steel Plate [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 11.00% | 11.00% | 11.00% | 11.00% |
Carbon Steel Long [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 15.00% | 15.00% | 16.00% | 15.00% |
Stainless Steel Flat [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 16.00% | 16.00% | 16.00% | 16.00% |
Stainless Steel Plate [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 4.00% |
Aluminum Flat [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 15.00% | 15.00% | 14.00% | 14.00% |
Aluminum Plate [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% |
Other [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of sales by major product lines | 2.00% | 3.00% | 2.00% | 3.00% |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
In process and finished products | $723 | $733 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $44 | $67 |
Inventories accounted under the LIFO method | 90.00% | 91.00% |
Consignment inventory | $10 | $11.70 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $92.10 | $92 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Foreign debt | $29.80 | $25.70 |
Total debt | 1,254.80 | 1,294.80 |
Total long-term debt | 1,225 | 1,262.50 |
2017 Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 600 | 600 |
2018 Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 300 | 300 |
Short-term credit facility borrowings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term credit facility borrowings | ' | 6.6 |
Short-term foreign debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Foreign debt | 29.8 | 25.7 |
Ryerson Secured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Ryerson Secured Credit Facility | $325 | $369.10 |
LongTerm_Debt_Ryerson_Credit_F
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) (Ryerson Secured Credit Facility [Member], USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Apr. 03, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Amended and restated credit facility agreement | $1,350,000,000 | ' | $1,350,000,000 |
Outstanding borrowings | 325,000,000 | 369,100,000 | ' |
Available credit facility | 344,000,000 | 234,000,000 | ' |
Letters of credit | 27,000,000 | 27,000,000 | ' |
Weighted average interest rate | 2.20% | 2.10% | ' |
Line of credit facility, description of collateral | 'Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendition of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as bsuppliesb or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. | ' | ' |
Default bear interest rate | 2.00% | ' | ' |
Scenario 2 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility scenario 2 maturity description of ("2017 Notes") | 'August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 ("2017 Notes")), if the 2017 Notes are then outstanding. | ' | ' |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fess on amounts not borrowed | 0.25% | ' | ' |
Minimum [Member] | Base Rate And Canadian Prime Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 0.50% | ' | ' |
Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 1.50% | ' | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Commitment fess on amounts not borrowed | 0.38% | ' | ' |
Maximum [Member] | Base Rate And Canadian Prime Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 1.00% | ' | ' |
Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 2.00% | ' | ' |
US Subsidiaries [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amended and restated credit facility agreement | 1,215,000,000 | ' | ' |
Canadian Subsidiaries [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amended and restated credit facility agreement | $135,000,000 | ' | ' |
LongTerm_Debt_2017_and_2018_No
Long-Term Debt - 2017 and 2018 Notes - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Oct. 10, 2012 | |
2017 Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate amount of senior notes issued | ' | $600,000,000 |
Debt Instrument Percentage | ' | 9.00% |
Notes redemption date | 15-Apr-15 | ' |
Redemption price as a percentage of principal amount Prior to Redemption date | 109.00% | ' |
2018 Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate amount of senior notes issued | ' | $300,000,000 |
Debt Instrument Percentage | ' | 11.25% |
Notes redemption date | 15-Oct-15 | ' |
Redemption price as a percentage of principal amount Prior to Redemption date | 111.25% | ' |
2017 and 2018 Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum percentage of dividend of future net income | 50.00% | ' |
Redemption price as a percentage of principal amount | 100.00% | ' |
Optional redemption amount prior to redemption date | 35.00% | ' |
2017 and 2018 Notes [Member] | Change Of Control Event [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Redemption price as a percentage of principal amount | 101.00% | ' |
LongTerm_Debt_Foreign_Debt_Add
Long-Term Debt - Foreign Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Foreign debt | $29.80 | $25.70 |
Owed To Banks [Member] | Ryerson China [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Foreign debt | 29.8 | 25.7 |
Foreign Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available credit facility | 9 | 22 |
Letters of credit issued by our foreign subsidiaries | $3 | $4 |
Foreign Debt [Member] | Owed To Banks [Member] | Ryerson China [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 4.50% | 4.30% |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $1 | ' | $1 | $1 |
Interest cost | 9 | 9 | 19 | 18 |
Expected return on assets | -12 | -11 | -24 | -22 |
Recognized actuarial net (gain) loss | 2 | 4 | 5 | 7 |
Net periodic benefit cost (credit) | ' | 2 | 1 | 4 |
Other Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Interest cost | 1 | 1 | 2 | 2 |
Prior service credit | ' | -1 | ' | -1 |
Recognized actuarial net (gain) loss | -2 | -1 | -4 | -3 |
Net periodic benefit cost (credit) | ($1) | ($1) | ($2) | ($2) |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Compensation And Retirement Disclosure [Abstract] | ' |
Contribution to the pension plan fund | $24.40 |
Anticipated minimum required pension contribution funding | $42 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Commitments And Contingencies Disclosure [Abstract] | ' |
Potential loss range minimum | $0 |
Potential loss range maximum | 27.7 |
Total awarded value for damages to plaintiffs | $27.70 |
Derivative_and_Fair_Value_Meas
Derivative and Fair Value Measurements - Location of Fair Value Amount of Our Derivative Instruments (Detail) (Derivatives not designated as hedging instruments under ASC 815 [Member], Commodity contracts [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other accrued liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $0.10 | $0.20 |
Prepaid expenses and other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $0.20 | ' |
Derivatives_and_Fair_Value_Mea2
Derivatives and Fair Value Measurements - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Nickel Futures or Option Contracts [Member] | Nickel Futures or Option Contracts [Member] | Hot Roll Steel Coil Option [Member] | Hot Roll Steel Coil Option [Member] | Aluminum Price Swaps [Member] | Aluminum Price Swaps [Member] | Minimum [Member] | Maximum [Member] | ||||
T | T | T | T | T | T | ||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency exchange contracts | ' | ' | ' | $0.80 | $2.20 | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity notional value | ' | ' | ' | ' | ' | 58 | 131 | 1,940 | 4,600 | 209 | 195 | ' | ' |
Contract term for exchange contracts, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '12 months |
Assets held for sale | 3.7 | ' | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge of asset held for sale | 0 | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of investments | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Fair_Value_Mea3
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income (Detail) (Derivatives not designated as hedging instruments under ASC 815 [Member], Commodity contracts [Member], Cost of Sales [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivatives not designated as hedging instruments under ASC 815 [Member] | Commodity contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $0.10 | ($0.40) | $0.30 | ($0.70) |
Derivatives_and_Fair_Value_Mea4
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 1 [Member] | Commodity contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mark-to-market liability derivatives | ' | ' |
Level 2 [Member] | Commodity contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mark-to-market asset derivatives | 0.2 | ' |
Mark-to-market liability derivatives | 0.1 | 0.2 |
Level 3 [Member] | Commodity contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mark-to-market liability derivatives | ' | ' |
Commercial Paper [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 39.7 | 39.9 |
Commercial Paper [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Commercial Paper [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Common stock - available-for-sale investment [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid and other current assets | 15.4 | 20.7 |
Common stock - available-for-sale investment [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid and other current assets | ' | ' |
Common stock - available-for-sale investment [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid and other current assets | ' | ' |
Derivatives_and_Fair_Value_Mea5
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $82.50 | $74 | $75.70 | $70.80 |
Restricted Cash, Carrying Amount | 1.9 | 1.8 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 466.4 | 385.4 | ' | ' |
Accounts payable, Carrying Amount | 319.3 | 207.2 | ' | ' |
Long-term debt, including current portion, Carrying Amount | 1,254.80 | 1,294.80 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 82.5 | 74 | ' | ' |
Restricted Cash, Fair Value | 1.9 | 1.8 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Fair Value | 466.4 | 385.4 | ' | ' |
Accounts payable, Fair Value | 319.3 | 207.2 | ' | ' |
Long-term debt, including current portion, Fair Value | 1,331.30 | 1,348.80 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | 82.5 | 74 | ' | ' |
Restricted Cash, Carrying Amount | 1.9 | 1.8 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 466.4 | 385.4 | ' | ' |
Accounts payable, Carrying Amount | 319.3 | 207.2 | ' | ' |
Long-term debt, including current portion, Carrying Amount | $1,254.80 | $1,294.80 | ' | ' |
Derivatives_and_Fair_Value_Mea6
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid expenses and other current assets - assets held for sale | $3.70 | $4.70 |
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid expenses and other current assets - assets held for sale | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid expenses and other current assets - assets held for sale | 3.7 | 4.7 |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepaid expenses and other current assets - assets held for sale | $0 | $0 |
Derivatives_and_Fair_Value_Mea7
Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) (Common Stock [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Common Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $17.40 | $17.40 |
Gross Unrealized Gains | ' | 3.3 |
Gross Unrealized Losses | -2 | ' |
Fair Value | $15.40 | $20.70 |
Stockholders_Equity_Deficit_Ac2
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Detail) (USD $) | 6 Months Ended | 6 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Common Stock [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Accumulated Deficit [Member] | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Available-For-Sale Investments [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ($144.50) | $0 | $0 | $64.70 | $64.70 | ($16.80) | ($18.30) | ($174.90) | $3.30 | ($2.50) | ' |
Beginning Balance | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 |
Beginning Balance, shares | 100 | 100 | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3.8 | ' | ' | ' | ' | 5.5 | ' | ' | ' | -1.7 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 |
Foreign currency translation | -0.8 | ' | ' | ' | ' | ' | -0.7 | ' | ' | -0.1 | ' |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax provision of $0.1 | 0.4 | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' |
Unrealized loss on available-for-sale investment, net of tax benefit of $1.9 | -3.3 | ' | ' | ' | ' | ' | ' | ' | -3.3 | ' | ' |
Ending Balance | -144.4 | 0 | 0 | 64.7 | 64.7 | -11.3 | -19 | -174.5 | ' | -4.3 | ' |
Ending Balance | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 |
Ending Balance, shares | 100 | 100 | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Deficit_Ac3
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Equity [Abstract] | ' |
Net of tax provision | $0.10 |
Net of tax benefit | $1.90 |
Stockholders_Equity_Deficit_Ac4
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax, beginning balance | ($193.50) | ($189.90) | ($18.30) | ($174.90) | $3.30 |
Other comprehensive income (loss) before reclassifications | ' | ' | -0.7 | ' | -3.3 |
Reclassification from accumulated other comprehensive income, period net of tax | ' | ' | ' | 0.4 | ' |
Net current-period other comprehensive income (loss) | ' | ' | -0.7 | 0.4 | -3.3 |
Accumulated other comprehensive income (loss) net of tax, ending balance | ($193.50) | ($189.90) | ($19) | ($174.50) | ' |
Stockholders_Equity_Deficit_Ac5
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | $4.80 | $2.40 | $9.30 | $8.40 |
Tax provision | -2.1 | -2.2 | -5.6 | -3.3 |
Net of tax | 2.7 | 0.2 | 3.7 | 5.1 |
Benefit Plan Liabilities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before tax | 0.3 | 1.4 | 0.5 | 2.6 |
Tax provision | 0.1 | 0.2 | 0.1 | 0.3 |
Net of tax | 0.2 | 1.2 | 0.4 | 2.3 |
Benefit Plan Liabilities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Operating Expense [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Actuarial gain | 0.6 | 1.7 | 1.2 | 3.3 |
Prior service credits | ($0.30) | ($0.30) | ($0.70) | ($0.70) |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Annual related party advisory fee maximum | $5 | ' |
Payment of advisory fee recorded | $2.50 | $2.50 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Provision for income taxes | $2.10 | $2.20 | $5.60 | $3.30 | ' |
Net Tax Benefits related to changes in valuation allowance | ' | ' | ' | ' | 76.8 |
Valuation allowance | $18.40 | ' | $18.40 | ' | $18.40 |
Condensed_Consolidating_Guaran2
Condensed Consolidating Guarantor Financial Statements - Additional information (Detail) (2017 and 2018 Notes [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
2017 and 2018 Notes [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Ownership percentage | 100.00% |
Dividend payment threshold of percentage of future net income | 50.00% |
Condensed_Consolidating_Guaran3
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Unaudited) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | $931.50 | $906.90 | $1,805.90 | $1,798 |
Cost of materials sold | 777.1 | 748.4 | 1,503.80 | 1,483.70 |
Gross profit | 154.4 | 158.5 | 302.1 | 314.3 |
Warehousing, delivery, selling, general and administrative | 120.4 | 121.4 | 238.2 | 243.1 |
Restructuring and other charges | ' | 2.1 | ' | 2.1 |
Impairment charge on goodwill | ' | 6.8 | ' | 7.7 |
Operating profit (loss) | 34 | 28.2 | 63.9 | 61.4 |
Other income and (expense), net | -1.7 | 2 | 0.3 | 3.2 |
Interest and other expense on debt | -27.5 | -27.8 | -54.9 | -56.2 |
Income (loss) before income taxes | 4.8 | 2.4 | 9.3 | 8.4 |
Provision (benefit) for income taxes | 2.1 | 2.2 | 5.6 | 3.3 |
Net income (loss) | 2.7 | 0.2 | 3.7 | 5.1 |
Less: Net loss attributable to noncontrolling interest | -0.9 | -1.7 | -1.8 | -3.9 |
Net income (loss) attributable to Ryerson Inc. | 3.6 | 1.9 | 5.5 | 9 |
Comprehensive income (loss) | 6.2 | -7.8 | ' | -1.7 |
Less: Comprehensive loss attributable to noncontrolling interest | -0.8 | -1.6 | -1.9 | -3.7 |
Comprehensive income (loss) attributable to Ryerson Inc. | 7 | -6.2 | 1.9 | 2 |
Parent [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Warehousing, delivery, selling, general and administrative | 1.4 | 1.2 | 2.7 | 2.5 |
Operating profit (loss) | -1.4 | -1.2 | -2.7 | -2.5 |
Interest and other expense on debt | -3.7 | -4 | -7.5 | -8.6 |
Interest expense on intercompany loans | -7.5 | -6.6 | -15 | -12 |
Income (loss) before income taxes | -12.6 | -11.8 | -25.2 | -23.1 |
Provision (benefit) for income taxes | -5 | -2.7 | -15 | -4.4 |
Equity in (earnings) loss of subsidiaries | -11.2 | -11 | -15.7 | -27.7 |
Net income (loss) | 3.6 | 1.9 | 5.5 | 9 |
Net income (loss) attributable to Ryerson Inc. | 3.6 | 1.9 | 5.5 | 9 |
Comprehensive income (loss) | 7 | -6.2 | 1.9 | 2 |
Comprehensive income (loss) attributable to Ryerson Inc. | 7 | -6.2 | 1.9 | 2 |
Joseph T. Ryerson [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | 793 | 766 | 1,535.80 | 1,515.70 |
Cost of materials sold | 670.3 | 636.3 | 1,295.10 | 1,258.20 |
Gross profit | 122.7 | 129.7 | 240.7 | 257.5 |
Warehousing, delivery, selling, general and administrative | 95.9 | 93.3 | 188.5 | 187.6 |
Impairment charge on goodwill | ' | ' | ' | 0.9 |
Operating profit (loss) | 26.8 | 36.4 | 52.2 | 69 |
Other income and (expense), net | 0.1 | 0.1 | 0.1 | 0.2 |
Interest and other expense on debt | -23 | -23 | -46 | -46.1 |
Interest income on intercompany loans | 5.6 | 4.7 | 11.1 | 8.1 |
Income (loss) before income taxes | 9.5 | 18.2 | 17.4 | 31.2 |
Provision (benefit) for income taxes | 4.1 | 4 | 10.3 | 6.1 |
Equity in (earnings) loss of subsidiaries | -8.6 | -1.6 | -18.3 | -9.6 |
Net income (loss) | 14 | 15.8 | 25.4 | 34.7 |
Net income (loss) attributable to Ryerson Inc. | 14 | 15.8 | 25.4 | 34.7 |
Comprehensive income (loss) | 13.9 | 16.6 | 25.3 | 36.4 |
Comprehensive income (loss) attributable to Ryerson Inc. | 13.9 | 16.6 | 25.3 | 36.4 |
Guarantor [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | 669.8 | 598.7 | 1,238.40 | 1,203.50 |
Cost of materials sold | 656.8 | 587.1 | 1,213.50 | 1,180.50 |
Gross profit | 13 | 11.6 | 24.9 | 23 |
Warehousing, delivery, selling, general and administrative | 6 | 5.7 | 12.1 | 11.2 |
Operating profit (loss) | 7 | 5.9 | 12.8 | 11.8 |
Interest income on intercompany loans | 1.9 | 1.9 | 3.9 | 3.9 |
Income (loss) before income taxes | 8.9 | 7.8 | 16.7 | 15.7 |
Provision (benefit) for income taxes | 4.3 | 1.8 | 10 | 3 |
Equity in (earnings) loss of subsidiaries | -1.3 | 3 | -0.1 | 3.9 |
Net income (loss) | 5.9 | 3 | 6.8 | 8.8 |
Net income (loss) attributable to Ryerson Inc. | 5.9 | 3 | 6.8 | 8.8 |
Comprehensive income (loss) | 2.7 | 0.6 | 3.5 | 10.1 |
Comprehensive income (loss) attributable to Ryerson Inc. | 2.7 | 0.6 | 3.5 | 10.1 |
Non-Guarantor [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | 116.8 | 121.7 | 228.7 | 244.4 |
Cost of materials sold | 98.1 | 104.5 | 192.2 | 210.6 |
Gross profit | 18.7 | 17.2 | 36.5 | 33.8 |
Warehousing, delivery, selling, general and administrative | 17.1 | 21.2 | 34.9 | 41.8 |
Restructuring and other charges | ' | 2.1 | ' | 2.1 |
Impairment charge on goodwill | ' | 6.8 | ' | 6.8 |
Operating profit (loss) | 1.6 | -12.9 | 1.6 | -16.9 |
Other income and (expense), net | -1.8 | 1.9 | 0.2 | 3 |
Interest and other expense on debt | -0.8 | -0.8 | -1.4 | -1.5 |
Income (loss) before income taxes | -1 | -11.8 | 0.4 | -15.4 |
Provision (benefit) for income taxes | -1.3 | -0.9 | 0.3 | -1.4 |
Net income (loss) | 0.3 | -10.9 | 0.1 | -14 |
Less: Net loss attributable to noncontrolling interest | -0.9 | -1.7 | -1.8 | -3.9 |
Net income (loss) attributable to Ryerson Inc. | 1.2 | -9.2 | 1.9 | -10.1 |
Comprehensive income (loss) | 7.2 | -17.2 | -0.1 | -23.8 |
Less: Comprehensive loss attributable to noncontrolling interest | -0.8 | -1.6 | -1.9 | -3.7 |
Comprehensive income (loss) attributable to Ryerson Inc. | 8 | -15.6 | 1.8 | -20.1 |
Eliminations [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net sales | -648.1 | -579.5 | -1,197 | -1,165.60 |
Cost of materials sold | -648.1 | -579.5 | -1,197 | -1,165.60 |
Interest expense on intercompany loans | 7.5 | 6.6 | 12 | 12 |
Interest income on intercompany loans | -7.5 | -6.6 | -12 | -12 |
Equity in (earnings) loss of subsidiaries | 21.1 | 9.6 | 34.1 | 33.4 |
Net income (loss) | -21.1 | -9.6 | -34.1 | -33.4 |
Net income (loss) attributable to Ryerson Inc. | -21.1 | -9.6 | -34.1 | -33.4 |
Comprehensive income (loss) | -24.6 | -1.6 | -30.6 | -26.4 |
Comprehensive income (loss) attributable to Ryerson Inc. | ($24.60) | ($1.60) | ($30.60) | ($26.40) |
Condensed_Consolidating_Guaran4
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $3.70 | $5.10 |
Non-cash expenses | 30.2 | 35.1 |
Changes in working capital | -24.5 | 11.2 |
Net adjustments | 5.7 | 46.3 |
Net cash provided by (used in) operating activities | 9.4 | 51.4 |
Investing activities: | ' | ' |
Capital expenditures | -8.2 | -10.5 |
Other investing activities | 1.1 | 3.1 |
Net cash provided by (used in) investing activities | -7.1 | -7.4 |
Financing activities: | ' | ' |
Net proceeds/(repayments) of short term borrowings | -40 | -36.8 |
Net increase/(decrease) book overdrafts | 47.5 | 6.1 |
Other financing activities | -0.5 | -4.3 |
Net cash provided by (used in) financing activities | 7 | -35 |
Net increase (decrease) in cash and cash equivalents | 9.3 | 9 |
Effect of exchange rates | -0.8 | -4.1 |
Net change in cash and cash equivalents | 8.5 | 4.9 |
Cash and cash equivalents-beginning of period | 74 | 70.8 |
Cash and cash equivalents-end of period | 82.5 | 75.7 |
Parent [Member] | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 5.5 | 9 |
Non-cash expenses | -9 | -0.1 |
Equity in (earnings) loss of subsidiaries | -15.7 | -27.7 |
Changes in working capital | 3.8 | 629.4 |
Net adjustments | -20.9 | 601.6 |
Net cash provided by (used in) operating activities | -15.4 | 610.6 |
Investing activities: | ' | ' |
Loan repayment from related companies | ' | 494.6 |
Other investing activities | -0.3 | ' |
Net cash provided by (used in) investing activities | -0.3 | 494.6 |
Financing activities: | ' | ' |
Net proceeds/(repayments) of short term borrowings | -44.1 | -38.6 |
Proceeds from intercompany borrowings | ' | 399.7 |
Proceeds from intercompany borrowings | 59.7 | -1,458.30 |
Net increase/(decrease) book overdrafts | 0.2 | ' |
Other financing activities | ' | -3.2 |
Net cash provided by (used in) financing activities | 15.8 | -1,100.40 |
Net increase (decrease) in cash and cash equivalents | 0.1 | 4.8 |
Net change in cash and cash equivalents | 0.1 | 4.8 |
Cash and cash equivalents-beginning of period | ' | 0.2 |
Cash and cash equivalents-end of period | 0.1 | 5 |
Joseph T. Ryerson [Member] | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 25.4 | 34.7 |
Non-cash expenses | 25.3 | 21.7 |
Equity in (earnings) loss of subsidiaries | -18.3 | -9.6 |
Changes in working capital | 13.6 | 1,021.70 |
Net adjustments | 20.6 | 1,033.80 |
Net cash provided by (used in) operating activities | 46 | 1,068.50 |
Investing activities: | ' | ' |
Capital expenditures | -7.2 | -8 |
Loan to related companies | -40.7 | -399.7 |
Investment in related companies | ' | -173.2 |
Other investing activities | 1.2 | 3 |
Net cash provided by (used in) investing activities | -46.7 | -577.9 |
Financing activities: | ' | ' |
Proceeds from intercompany borrowings | ' | -494.6 |
Net increase/(decrease) book overdrafts | 2.2 | -0.3 |
Other financing activities | -0.5 | -0.6 |
Net cash provided by (used in) financing activities | 1.7 | -495.5 |
Net increase (decrease) in cash and cash equivalents | 1 | -4.9 |
Effect of exchange rates | ' | 0.2 |
Net change in cash and cash equivalents | 1 | -4.7 |
Cash and cash equivalents-beginning of period | 7.8 | 15.3 |
Cash and cash equivalents-end of period | 8.8 | 10.6 |
Guarantor [Member] | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 6.8 | 8.8 |
Non-cash expenses | 9.1 | 1.5 |
Equity in (earnings) loss of subsidiaries | -0.1 | 3.9 |
Changes in working capital | -25.5 | -1,650.60 |
Net adjustments | -16.5 | -1,645.20 |
Net cash provided by (used in) operating activities | -9.7 | -1,636.40 |
Investing activities: | ' | ' |
Capital expenditures | -0.4 | -0.3 |
Loan to related companies | -19 | ' |
Loan repayment from related companies | ' | 1,458.30 |
Net cash provided by (used in) investing activities | -19.4 | 1,458 |
Financing activities: | ' | ' |
Net increase/(decrease) book overdrafts | 45.1 | 6.4 |
Capital contribution | ' | 173.2 |
Net cash provided by (used in) financing activities | 45.1 | 179.6 |
Net increase (decrease) in cash and cash equivalents | 16 | 1.2 |
Net change in cash and cash equivalents | 16 | 1.2 |
Cash and cash equivalents-beginning of period | 2.4 | 1.9 |
Cash and cash equivalents-end of period | 18.4 | 3.1 |
Non-Guarantor [Member] | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 0.1 | -14 |
Non-cash expenses | 3.3 | 12 |
Changes in working capital | -14.9 | 10.7 |
Net adjustments | -11.6 | 22.7 |
Net cash provided by (used in) operating activities | -11.5 | 8.7 |
Investing activities: | ' | ' |
Capital expenditures | -0.6 | -2.2 |
Other investing activities | 0.1 | 0.1 |
Net cash provided by (used in) investing activities | -0.5 | -2.1 |
Financing activities: | ' | ' |
Net proceeds/(repayments) of short term borrowings | 4.1 | 1.8 |
Other financing activities | 0.1 | -0.5 |
Net cash provided by (used in) financing activities | 4.2 | 1.3 |
Net increase (decrease) in cash and cash equivalents | -7.8 | 7.9 |
Effect of exchange rates | -0.8 | -4.3 |
Net change in cash and cash equivalents | -8.6 | 3.6 |
Cash and cash equivalents-beginning of period | 63.8 | 53.4 |
Cash and cash equivalents-end of period | 55.2 | 57 |
Eliminations [Member] | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | -34.1 | -33.4 |
Non-cash expenses | 1.5 | ' |
Equity in (earnings) loss of subsidiaries | 34.1 | 33.4 |
Changes in working capital | -1.5 | ' |
Net adjustments | 34.1 | 33.4 |
Investing activities: | ' | ' |
Loan to related companies | 59.7 | 399.7 |
Loan repayment from related companies | ' | -1,952.90 |
Investment in related companies | ' | 173.2 |
Other investing activities | 0.1 | ' |
Net cash provided by (used in) investing activities | 59.8 | -1,380 |
Financing activities: | ' | ' |
Proceeds from intercompany borrowings | ' | -399.7 |
Proceeds from intercompany borrowings | -59.7 | 1,952.90 |
Capital contribution | ' | -173.2 |
Other financing activities | -0.1 | ' |
Net cash provided by (used in) financing activities | ($59.80) | $1,380 |
Condensed_Consolidating_Guaran5
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Balance Sheet (Unaudited) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $82.50 | $74 | $75.70 | $70.80 |
Receivables less provision for allowances, claims and doubtful accounts | 466.4 | 385.4 | ' | ' |
Inventories | 723 | 733 | ' | ' |
Other current assets | 39.6 | 49.5 | ' | ' |
Total current assets | 1,311.50 | 1,241.90 | ' | ' |
Property, plant and equipment net of accumulated depreciation | 443.9 | 452.7 | ' | ' |
Other noncurrent assets | 213.1 | 223.4 | ' | ' |
Total assets | 1,968.50 | 1,918 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 319.3 | 207.2 | ' | ' |
Deferred income taxes | 119 | 121 | ' | ' |
Other current liabilities | 136.2 | 253.9 | ' | ' |
Total current liabilities | 574.5 | 461.1 | ' | ' |
Long-term debt | 1,225 | 1,262.50 | ' | ' |
Deferred employee benefits | 289.8 | 320.8 | ' | ' |
Taxes and other credits | 22.4 | 16.8 | ' | ' |
Total liabilities | 2,111.70 | 2,061.20 | ' | ' |
Redeemable noncontrolling interest | 1.2 | 1.3 | ' | ' |
Ryerson Inc. stockholders' equity | -140.1 | -142 | ' | ' |
Noncontrolling interest | -4.3 | -2.5 | ' | ' |
Total liabilities and equity | 1,968.50 | 1,918 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0.1 | ' | 5 | 0.2 |
Receivables less provision for allowances, claims and doubtful accounts | 3.8 | 3.5 | ' | ' |
Other current assets | 0.4 | ' | ' | ' |
Total current assets | 4.3 | 3.5 | ' | ' |
Investments in subsidiaries | 1,017.90 | 1,005.70 | ' | ' |
Other noncurrent assets | 114.6 | 107.3 | ' | ' |
Total assets | 1,136.80 | 1,116.50 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | ' | -0.2 | ' | ' |
Intercompany payable | 251.4 | 247.6 | ' | ' |
Deferred income taxes | 1.3 | ' | ' | ' |
Other current liabilities | 3 | 11.9 | ' | ' |
Total current liabilities | 255.7 | 259.3 | ' | ' |
Long-term debt | 325 | 362.5 | ' | ' |
Long-term debt - intercompany | 689.6 | 629.9 | ' | ' |
Deferred employee benefits | 0.7 | 0.6 | ' | ' |
Taxes and other credits | 5.9 | 6.2 | ' | ' |
Total liabilities | 1,276.90 | 1,258.50 | ' | ' |
Ryerson Inc. stockholders' equity | -140.1 | -142 | ' | ' |
Total liabilities and equity | 1,136.80 | 1,116.50 | ' | ' |
Joseph T. Ryerson [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 8.8 | 7.8 | 10.6 | 15.3 |
Receivables less provision for allowances, claims and doubtful accounts | 359 | 290.4 | ' | ' |
Inventories | 622.1 | 637.1 | ' | ' |
Intercompany receivable | 154.8 | 227 | ' | ' |
Other current assets | 9 | 11.4 | ' | ' |
Total current assets | 1,153.70 | 1,173.70 | ' | ' |
Investments in subsidiaries | 434.3 | 416 | ' | ' |
Intercompany notes receivable | 446.8 | 406.1 | ' | ' |
Property, plant and equipment net of accumulated depreciation | 382.5 | 387.8 | ' | ' |
Other noncurrent assets | 37.7 | 48.5 | ' | ' |
Total assets | 2,455 | 2,432.10 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 53.4 | 35.1 | ' | ' |
Deferred income taxes | 119.1 | ' | ' | ' |
Other current liabilities | 89.1 | 204.6 | ' | ' |
Total current liabilities | 261.6 | 239.7 | ' | ' |
Long-term debt | 900 | 900 | ' | ' |
Deferred employee benefits | 264.3 | 294.4 | ' | ' |
Taxes and other credits | 11.4 | 5.6 | ' | ' |
Total liabilities | 1,437.30 | 1,439.70 | ' | ' |
Ryerson Inc. stockholders' equity | 1,017.70 | 992.4 | ' | ' |
Total liabilities and equity | 2,455 | 2,432.10 | ' | ' |
Guarantor [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 18.4 | 2.4 | 3.1 | 1.9 |
Receivables less provision for allowances, claims and doubtful accounts | 12.5 | 8.8 | ' | ' |
Inventories | 24.8 | 25.8 | ' | ' |
Intercompany receivable | 131.3 | 55.2 | ' | ' |
Other current assets | 15.5 | 20.8 | ' | ' |
Total current assets | 202.5 | 113 | ' | ' |
Investments in subsidiaries | 34.1 | 34 | ' | ' |
Intercompany notes receivable | 242.8 | 223.8 | ' | ' |
Property, plant and equipment net of accumulated depreciation | 3.4 | 3.1 | ' | ' |
Other noncurrent assets | 62.4 | 64 | ' | ' |
Total assets | 545.2 | 437.9 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 229.1 | 132.8 | ' | ' |
Deferred income taxes | 0.5 | ' | ' | ' |
Other current liabilities | 4.2 | 2.2 | ' | ' |
Total current liabilities | 233.8 | 135 | ' | ' |
Taxes and other credits | 10.4 | 5.3 | ' | ' |
Total liabilities | 244.2 | 140.3 | ' | ' |
Ryerson Inc. stockholders' equity | 301 | 297.6 | ' | ' |
Total liabilities and equity | 545.2 | 437.9 | ' | ' |
Non-Guarantor [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 55.2 | 63.8 | 57 | 53.4 |
Receivables less provision for allowances, claims and doubtful accounts | 91.1 | 82.7 | ' | ' |
Inventories | 76.1 | 70.1 | ' | ' |
Other current assets | 16.4 | 18.8 | ' | ' |
Total current assets | 238.8 | 235.4 | ' | ' |
Property, plant and equipment net of accumulated depreciation | 58 | 61.8 | ' | ' |
Other noncurrent assets | 5.7 | 5.8 | ' | ' |
Total assets | 302.5 | 303 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 36.7 | 39.1 | ' | ' |
Intercompany payable | 34.8 | 35 | ' | ' |
Other current liabilities | 39.7 | 36.7 | ' | ' |
Total current liabilities | 111.2 | 110.8 | ' | ' |
Deferred employee benefits | 24.8 | 25.8 | ' | ' |
Taxes and other credits | 2 | 1.9 | ' | ' |
Total liabilities | 138 | 138.5 | ' | ' |
Redeemable noncontrolling interest | 1.2 | 1.3 | ' | ' |
Ryerson Inc. stockholders' equity | 167.6 | 165.7 | ' | ' |
Noncontrolling interest | -4.3 | -2.5 | ' | ' |
Total liabilities and equity | 302.5 | 303 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Intercompany receivable | -286.1 | -282.2 | ' | ' |
Other current assets | -1.7 | -1.5 | ' | ' |
Total current assets | -287.8 | -283.7 | ' | ' |
Investments in subsidiaries | -1,486.30 | -1,455.70 | ' | ' |
Intercompany notes receivable | -689.6 | -629.9 | ' | ' |
Other noncurrent assets | -7.3 | -2.2 | ' | ' |
Total assets | -2,471 | -2,371.50 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable | 0.1 | 0.4 | ' | ' |
Intercompany payable | -286.2 | -282.6 | ' | ' |
Deferred income taxes | -1.9 | ' | ' | ' |
Other current liabilities | 0.2 | -1.5 | ' | ' |
Total current liabilities | -287.8 | -283.7 | ' | ' |
Long-term debt - intercompany | -689.6 | -629.9 | ' | ' |
Taxes and other credits | -7.3 | -2.2 | ' | ' |
Total liabilities | -984.7 | -915.8 | ' | ' |
Ryerson Inc. stockholders' equity | -1,486.30 | -1,455.70 | ' | ' |
Total liabilities and equity | ($2,471) | ($2,371.50) | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 13, 2014 | Jul. 23, 2014 | Aug. 13, 2014 | Aug. 13, 2014 |
In Millions, except Share data, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Ryerson Holding [Member] | Ryerson Holding [Member] | Ryerson Holding [Member] | Ryerson Holding [Member] | |||
Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | |||
Ryerson Credit Facility [Member] | 2018 Notes [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Agreement Termination Advisory fee | ' | ' | $25 | $25 | ' | ' |
Common stock shares, issued | 100 | 100 | 11,000,000 | ' | ' | ' |
Common stock, per share | $0.01 | $0.01 | $11 | ' | ' | ' |
Net Proceeds from initial public offering | ' | ' | 110.7 | ' | ' | ' |
Aggregate principal amount of 2018 notes | ' | ' | 99.5 | ' | ' | 99.5 |
Payments related to transaction fees, expenses and premiums on offering | ' | ' | 15.7 | ' | ' | ' |
Additional amount borrowed | ' | ' | ' | ' | 29.5 | ' |
Redemption premium | ' | ' | ' | ' | ' | 11.2 |
Debt issuance costs associated with partial redemption | ' | ' | ' | ' | ' | 1.2 |
Compensation expense | ' | ' | $7.30 | ' | ' | ' |