Ryerson Holding Corp buys Production Metals

Ryerson Holding Corporation (NYSE: RYI) said that it had acquired Production Metals LLC, a distributor of aluminum, stainless and specialty steels.

Headquartered in Monroe, Connecticut, Production Metals serves clients in New England and the surrounding area with bar, tube, sheet and plate products alongside precision sawing, lasering and water jet cutting.

“On behalf of all Ryerson Stakeholders, we could not be more excited in welcoming Production Metals to the Ryerson Family of Companies, as we have here the opportunity to bolster our value-added aluminum, stainless, and specialty steel offerings in the Northeastern United States and throughout the entire Ryerson network of service centers,” Eddie Lehner, Ryerson’s President and Chief Executive Officer, said in a press release.

“In addition to serving the aerospace, defense, and semiconductor end markets, Production Metals has a reputation for service that aligns with Ryerson’s commitment to providing great customer experiences, and their precision cutting capabilities add to our value-added business. Craig and his team at Production Metals have proven over the past five-plus years that creative entrepreneurship is alive and thriving in our industry, and we look forward to seeing that vision through to its fullest potential.”

Stock Performance

The shares of Ryerson Holding Corporation (RYI) closed 2.95% ($0.62) lower at $20.37 in New York on Friday, as they extended the losses from the previous four market sessions.

The company’s total market cap now stands at $676.319 million.

The shares of Ryerson Holding Corporation (RYI) went up 14.61% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have retreated 41.26% so far this year.