EFTA01385455.pdf

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite iFigure 5: Ryerson Holding Corporation (Mill Financial Summary IS, millions, Ian Mont litiSkt Slew Condit OCAS Onditin yI OM I I ,,--. rcured N NO due 5/15/2022 5660 5/15/2022 Caa1/5 105.500 6/15/2019 112.000 5.8% 408 Ry on tasking Cerperedes On 3014 4010 1017 1017 3017 LT1A PEMS INE 31111 Income Statement pew inn 1nn awn 0111117 1919111 1111117 12910. 1211101 NM Sales 5726 NC SS WE SW 11.231 11147 era % CJuange YoY -61% 20% 15.11% WS 170% - -12.2% 417% (.,,,! u, Mzterials Sold $590 $§§1 $6(1 $226 $112 124171 12, UM Gros Profit 1146 1115 $161 11141 $146 1.71 snit 1171 Grose Mn!. 1111% 16.0% 11.7% 11.0% 11.6% 172% 17.1% ISA% ". Change Ye? -33% 12.8% 88% •13.9% 4.3% .4.4% 06% 15ra/choosing, delivery and SG&A $1D9 5406 $117 5117 $119 $458 $461 $436 Restructuring and other charges 3 12) 0 0 0 12) 3 1 Gain on sale of assets 0 0 0 0 0 0 12) 0 Impairment charges and goodwill 0 0 0 0 0 0 8 0 Other operating expense (Incomel 0 0 o o 1 1 o o Ownaw Weems $14 111 181 $24 $24 /104 1100 Ma Operating Mama 4.6% 1.0% 12% 27% 2.8% 12% 3.4% 4.7% % Chap Yel' any -101.1% 111% an Ca • 111% 227% Interest Expense $24 522 $22 $23 523 SZIO 9)6 580 Other expense (income) 0 4 Sig 1 2 6 10 12 Pinata Meanie 610 OM In *0 $1 el tt ta 1mxr, IBrnefiti 2 17) 7 111 11) (2) 4 7 minority Intotent 0 4 2 2 0 1 III 4 Net Income (Lose) $8 041 114 $1 a so NI) tee necabiAndYds Warehousing, delnrery and SG&A 14.8% 15.4% 144% 13.3% 13.8% 14.2% 142% 15.3% Adjusted Operating Margin 5.1% 1.7% 6.4% 2.9% 3.2% 3.4% 3.9% 5.0% Adjusted EBITDA Margin 6.4% 3.3% 6.8% 43% 46% 48% 5.3% 6.5% Mi EBITDA ex-LIFO Margin 6.6% 5.3% 6.7% 5.9% 4.4% 5.5% 3.4% 92% IiIIII.B916 Opining Sews $34 111 *13 *4 124 1/10$ 11100 *131 Depreciation & Amortization 10 II II 12 12 es 44 43 Adjustments 3 2 1 2 3 6 16 9 Adjusted EMMA $47 122 in 07 /131 1114 *110 /NI EBITDA Marta 1.4% 3.3% On 43% a% 41% LI% 1.11% % Cher Tor -7.1% SEM% Ka 402% -MS - al% AM LIFO expense (income) SI $14 LW $.14 162/ 626 (25141 1171 A4 EMMA as4110 rower/ $41 $11 164 1/2 as 1100 IDS 0176 EMMA Mena 1.6% 1.3% 1.7% 11% 4.4% In 3.4% 12% % Char YeY Oa% MS% Oa -8.0% -22.7% - -at% NJ% Less: Capes S3 14 14 1G 112 122 622 2/2104 - Cepa •41 111 141 VI $34 1135 3141 en Less. Interest Expense 24 22 22 22 22 90 M 1K Simple nab Cods Row $17 Ni) IN 011 $11 WS 1111 172 OvitatoaDies 3214 4214 1017 2217 Nil LIM Din rani. Tons Shipped 10001) 480 440 487 518 515 1,970 1,897 1903 Avg Selling Price / Ton $1,531 $1,550 $1,0351 51,690 $1,678 51,643 $1970 51,503 5.1051.112.86 1414 4214 1212 2412 au LIM 01..1215 Ea2211 Cash & Equivalents $42 $60 572 $77 574 574 $63 $50 Total Debt $878 $864 4993 81,036 $1,042 51,042 $1,024 $964 Sat Ns: It VS. YON Coil Reza 1.1111 2/15 FOE 2014 1.150 Sr Secured RCF due 11/1612021 ' saes $385 COMM S9907 WIEN 121111.9 11.0% Sr Secured Nts due 5/192022 ' &so 112.000 650 5.8% Seed Lvg 5.8x 7.9x 5.5x Foreign Debt 20 20 Net Lvg tlx 5.1x Debt Discount 1121 Total Lvg 9.4x 5.41 Total Debt 11.041 1.Y 11.012 Eitia/Sanstil Ind Sind Marko Capitalization as of 12/22/2017 3272 2.7x 3770 21x Reliance Stool & Alum IRS/ 9.5x $.6x Net Entespiee Value 7.14 Stem 704 Worthington Industries 12 lx 98x Unlike Kloeckner & Co SF I lx 6 5x Cash & Equivalents $74 Avenge Equity Multiple 9.6x 8.3x Cash Pledged as Collateral under RCF 1361 RCF Availability (U.S. & CAD) 291 lushaess basielneleor Ryerson Ise processor isdellstritutoref metals with operations in the United States, Availability under Foreign credit lines 26 Merl co, Canada, China and ScanI.11se companysaves several Industrie indudngallandps, industrial Less: STD & CPLTD (211 equiprnemt. Panspooatienequipmom heavy equipment andelearlealmechinery. Ibsen WNW/ 00 Sans Druredwollynk °nemv &sou Deutsche Bank Securities Inc. Page 181 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086740 CONFIDENTIAL SONY GM 00232924 EFTA01385455