Incremental Market Share Gains
Ryerson's North American shipments decreased by only 1.2% quarter-over-quarter compared to the industry's 2.1% decrease, resulting in market share gains, particularly in carbon long, carbon plate, and stainless long products.
Adjusted EBITDA Performance
Second quarter adjusted EBITDA, excluding LIFO, was $45 million, which was at the high end of the guidance range and showed improvement from $32.8 million in the prior quarter.
Cash Conversion Cycle Improvement
Ryerson achieved a cash conversion cycle of 66 days, which is 11 days lower than the same period last year, indicating improved operational efficiency.
Positive Net Income
Second quarter net income attributable to Ryerson was $1.9 million or $0.06 per diluted share, compared to a net loss of $5.6 million in the prior quarter.