Under the terms of the agreement, Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share owned, and will hold approximately 37% of the combined company.

The deal is expected to close in the first quarter of 2026.

“This merger represents an immensely attractive and unique opportunity for Ryerson and Olympic Steel,” said Eddie Lehner, Ryerson’s chief executive officer. “It combines our two organizations, which couldn’t be more complementary and synergistic in terms of products, services, footprint, and customer experience. This will enhance our market presence while adding significant value for our stakeholders.”

Lehner will serve as chief executive officer (CEO) of the combined company. Richard T. Marabito, Olympic Steel’s CEO, will become president and chief operating officer.

Michael D. Siegal, Olympic Steel’s executive chairman, will be appointed chairman of the combined company, which will have 11 members, including three additional directors appointed by Olympic Steel.

“We are thrilled to merge with Ryerson and excited about the opportunities that becoming a US$6.5 billion company will provide to our key stakeholders,” Marabito said. “Together, we will offer new career growth for our employees, enhanced services for our customers, and greater value for our investors. This is an exciting moment for both companies, and we look forward to partnering with the Ryerson team once the deal closes.”