Ryerson Holding Corporation (RYZ) 2026 Q1 法說會逐字稿

Good day, and welcome to the Ryerson Holding Corporation's first-quarter 2026 conference call. Today's conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Ryerson Holding Corporation 2026 年第一季電話會議。今天的會議將被錄音。(接線員指示)

At this time, I'd like to turn the conference over to Justine Carlson. Please go ahead.

此刻，我想將會議交給 Justine Carlson。請開始。

Good morning. Thank you for joining Ryerson Holding Corporation's first-quarter 2026 earnings call. On our call, we have Eddie Lehner, Ryerson's Chief Executive Officer; Rick Marabito, our President and Chief Operating Officer; Jim Claussen, our Chief Financial Officer; and Molly Kannan, our Chief Accounting Officer and Corporate Controller.

各位早安。感謝各位參加 Ryerson Holding Corporation 2026 年第一季財報電話會議。今天與會者包括：Ryerson 執行長 Eddie Lehner；總裁兼營運長 Rick Marabito；財務長 Jim Claussen；以及會計長兼公司財務控制長 Molly Kannan。

A recording of this call will be posted on our Investor Relations website at ir.ryerson.com. Please read the forward-looking statement disclosures included in our earnings release issued yesterday and note that it applies to all statements made during this call. In addition, our remarks today refer to several non-GAAP measures. Reconciliations of these adjusted numbers are also included in our earnings release.

本次電話會議的錄音將發布於我們的投資人關係網站 ir.ryerson.com。請閱讀我們昨日發布之財報新聞稿中所載的前瞻性陳述揭露，並注意其適用於本次電話會議期間所作的所有陳述。此外，我們今天的發言將提及若干非 GAAP 指標。這些調整後數字的調節表亦包含於我們的財報新聞稿中。

I will now turn the call over to Eddie.

接下來我將把電話交給 Eddie。

Thank you, Justine. Good morning, and thank you all for tuning into WRYZ, the RYZ. I just had to say that, to discuss our first quarter performance, and I am compelled to say again how delighted we are to be working together in common cause with our Olympic teammates. If one-half of a quarter is any indication, I can hardly wait to see what we will do together with full quarters.

謝謝你，Justine。各位早安，也感謝大家收聽 WRYZ，也就是 RYZ。我忍不住要先說這句，來談談我們第一季的表現；同時我也想再次表示，我們非常高興能與我們的 Olympic 隊友為共同目標攜手合作。如果四分之一個季度的一半就能作為指標，我已迫不及待想看看在完整季度中我們能一起做到什麼。

We entered 2026 with order activity at stronger levels than we have seen in quite some time going back to 2022. We achieved double-digit sequential volume growth, market share gains, solid margin expansion, excellent working capital management, and higher adjusted EBITDA, excluding LIFO, above our targeted range while already hard at work in getting at and to those synergies.

我們在 2026 年開局時的接單活動，處於我們相當長一段時間以來未見的強勁水準，可追溯至 2022 年。我們實現了連續（季對季）雙位數的出貨量成長、市占率提升、穩健的毛利率擴張、優異的營運資金管理，以及更高的調整後 EBITDA（不含 LIFO），高於我們的目標區間；同時我們也已全力投入，著手實現並推進這些綜效。

The demand and order activity we referenced is corroborated by recent ISM Manufacturing Purchasing Managers Index readings, which reported expanding manufacturing activity for the past four consecutive months, the longest consecutive growth period since late 2022 or as I have been known to say, PMI don't lie.

我們所提到的需求與接單活動，也可由近期 ISM 製造業採購經理人指數（PMI）讀數加以佐證；該指數顯示製造業活動已連續四個月擴張，為自 2022 年末以來最長的連續成長期間——或者如我常說的，PMI 不會說謊。

Beneath the surface, we note that these early signs of recovery have been unevenly distributed across our customer base as our transactional customers showed particular strength, while many of our large OEMs exhibited ongoing demand stagnation following what had been a prolonged manufacturing contraction with high interest rates and prevailing tariff and geopolitical uncertainty.

在表面之下，我們注意到這些早期復甦跡象在客戶群中的分布並不均衡：我們的交易型客戶表現特別強勁，而許多大型 OEM 客戶在經歷了高利率、關稅與地緣政治不確定性下的長期製造業收縮後，需求仍呈現停滯。

We would be remiss if we didn't mention the omnipresent AI infrastructure and compute build-out and its outsized impact to PMI and GDP growth as well as our increasing participation in this secular super cycle as an AI infrastructure partner to our customers. This has and continues to be a significant contributor to the improving demand environment noted both year over year and sequentially.

若不提無所不在的 AI 基礎設施與運算建置，以及其對 PMI 與 GDP 成長的超比例影響，我們就有所疏漏；同時，隨著我們以 AI 基礎設施合作夥伴的身分與客戶合作，我們在這一結構性超級循環中的參與度也在提升。這一直是、並且仍將是需求環境改善的重要貢獻因素，無論是年對年或季對季皆然。

The most important question continues to be around the duration of demand conditions amidst supply side disruptions and inflationary wildcards, particularly considering heightened global unrest and whether economic expansion circuit breakers can absorb potential hyper shocks to the system. While industrial metal commodity price bellwethers continue moving higher, most notably aluminum, the real puzzle is how much and at what pace can higher input costs move through the value chain to end customers without triggering the dreaded boomerang effect, whereby we invert from current procyclical conditions to countercyclical conditions earlier than any of us would like.

最重要的問題仍在於：在供給端干擾與通膨變數之下，需求狀況能維持多久——尤其是在全球動盪升高的背景下，以及經濟擴張的「斷路器」是否能吸收系統可能遭遇的超級衝擊。儘管工業金屬大宗商品價格的風向球持續走高，尤其是鋁，但真正的難題在於：更高的投入成本能在不引發令人畏懼的「迴力鏢效應」的情況下，以多大幅度、何種速度沿著價值鏈轉嫁至終端客戶；否則我們可能會比任何人期望的更早，從當前的順週期環境反轉為逆週期環境。

Further evidence of this ongoing dynamic is the onset of higher diesel fuel prices, coupled with ongoing tightness in the trucking market, resulting in further inflation of delivery costs industry-wide and the resulting lag effect in these cost increases propagating through the value chain.

這一持續動態的進一步證據，是柴油價格開始上升，加上卡車運輸市場持續吃緊，導致全產業配送成本進一步通膨，並使這些成本上升沿價值鏈傳導出現滯後效應。

Looking inside RYZ, in the last six weeks of the quarter, we began the vital work of integrating with Olympic Steel, and I could not be more encouraged by how the early stages are progressing. From an organizational standpoint, we moved quickly to establish a unified leadership structure, bringing together talent from both legacy companies to drive alignment, accountability, and execution against our synergy targets. In a few moments, I will hand the call over to our President and Chief Operating Officer, Rick Marabito.

回到 RYZ 內部，在本季最後六週，我們開始了與 Olympic Steel 整合的關鍵工作；就目前早期階段的進展而言，我再也沒有比這更受鼓舞的了。從組織角度，我們迅速建立統一的領導架構，匯聚兩家既有公司的優秀人才，以推動一致性、責任歸屬，並依照我們的綜效目標落實執行。稍後我將把電話交給我們的總裁兼營運長 Rick Marabito。

But before I do, I would like to take the opportunity to express that it has been a true pleasure to participate in and witness the cross-collaboration of our teams and see the expanded product and service offerings begin to benefit our customers across our larger, more capable enterprise and footprint. We are stacking wins and building synergy momentum, and I am exceedingly confident about the opportunities we have to create value together and creating the industry's best customer experience.

但在此之前，我想藉此機會表達：能參與並見證我們團隊之間的跨部門協作，並看到擴大的產品與服務供給開始讓客戶受益——在我們更大、更有能力的企業與營運版圖之下——這確實是一種享受。我們正不斷累積勝利、建立綜效動能；我對我們共同創造價值、並打造業界最佳客戶體驗的機會充滿信心。

I would like to thank my Ryerson and Olympic teammates for their adaptability, energy and passion during this process and their continued focus on the customer. Their efforts are transforming us into a fully integrated platform of combined strengths, enabling us to capture the full value of our synergies, foster growth, and further elevate our offering to customers while further building enterprise value for our shareholders.

我要感謝我的 Ryerson 與 Olympic 隊友在此過程中的適應力、活力與熱情，以及他們持續以客戶為中心的專注。他們的努力正把我們轉型為一個充分整合、結合雙方優勢的平台，使我們能捕捉綜效的全部價值、促進成長、進一步提升對客戶的價值主張，同時為股東進一步創造企業價值。

And with that, I will ask Rick to join us to discuss market conditions and industry trends.

接下來，我請 Rick 加入我們，談談市場狀況與產業趨勢。

Thanks, Eddie, and it's great to be with you all, and good morning to everyone. So turning to the market. The North American service center industry shipping volumes as measured by the MSCI or the Metal Service Center Institute, experienced a seasonally aligned and momentum-driven start to 2026 with improved demand relative to the end of 2025. Ryerson's North American volumes by comparison grew significantly even on a same-store basis, outpacing the industry and realizing market share gains during the quarter with particular strength in carbon products.

謝謝你，Eddie；很高興與各位同在，也向大家道早安。接著談市場。以 MSCI（Metal Service Center Institute，金屬服務中心協會）衡量的北美服務中心產業出貨量，在 2026 年呈現符合季節性且由動能驅動的開局，需求較 2025 年底有所改善。相較之下，Ryerson 的北美出貨量即使以同店基礎衡量也大幅成長，表現優於產業並在本季實現市占率提升，其中以碳鋼產品表現尤為強勁。

Our first-quarter total company tons shipped increased sequentially by 42.3% or 13.4% on a same-store basis, in line with guidance expectations. Year over year, total company shipments were up 31.2% in the first quarter of 2026. That's 4.6% up on a same-store basis. And as Eddie mentioned, transactional business led the way in growth and coupled with historically low service center industry inventory levels for plate and sheet products relative to shipments, we anticipate healthy transactional activity moving forward.

我們第一季全公司總出貨噸數季對季增加 42.3%，或以同店基礎增加 13.4%，符合指引預期。年對年而言，2026 年第一季全公司總出貨量成長 31.2%。以同店基礎計算則成長 4.6%。如 Eddie 所提，交易型業務引領成長；再加上服務中心產業在厚板與薄板產品的庫存水位相對出貨量仍處於歷史低檔，我們預期未來交易型活動將維持健康。

On the other side of the business, activity among our contract customers was steady during the quarter. And thematically, we're seeing data centers and power generation projects continue to drive strong backlogs, and we're also seeing optimism for the future in Class 8 truck trailer as that industry now views 2026 as a supply-driven transition year.

在業務的另一端，本季我們的合約型客戶活動保持穩定。從主題面來看，我們看到資料中心與發電專案持續帶動強勁的在手訂單；同時，我們也看到 8 級（Class 8）卡車拖車產業對未來抱持樂觀，因為該產業目前將 2026 年視為由供給驅動的轉換年。

And I would also like to take a moment before I turn the call over to Jim to echo Eddie's comments and say that it's been a true pleasure joining our organizations together and being part of the collaboration and execution of what is truly a unique opportunity for us to create value for all of our stakeholders.

在我把電話交給 Jim 之前，我也想花一點時間呼應 Eddie 的評論：能將我們的組織結合在一起，並參與協作與執行——這確實是一個獨特的機會，讓我們能為所有利害關係人創造價值。

From an operating standpoint, we've been very deliberate about how we're building the combined organization because for us, culture isn't an abstract concept. It's actually the secret sauce, how we align our teams to make decisions, how we serve our customers, and how we execute day in and day out. And for our customers, we've been focusing on expanding capabilities, enhancing our product offerings, and leveraging our larger footprint to serve their needs, help solve their problems, and enhance the value that they receive from us.

從營運角度來看，我們在打造合併後的組織時非常審慎，因為對我們而言，文化不是抽象概念。它其實是祕密武器：我們如何讓團隊對齊以做出決策、如何服務客戶、以及如何日復一日地落實執行。對客戶方面，我們一直專注於擴充能力、強化產品供給，並運用更大的營運版圖來滿足其需求、協助解決問題，並提升他們從我們這裡獲得的價值。

We're also very disciplined about synergy attainment, and I echo what Eddie said. I think we're -- as we're six weeks into it in the first quarter, we're more confident than ever in terms of the attainment of those synergies. And we're approaching synergies as a structured ongoing effort embedded in our operating model with mechanisms in place to build on those gains over time.

我們在綜效達成方面也非常自律，我也呼應 Eddie 所說的。我認為——在第一季進行六週之後——我們對於達成這些綜效比以往任何時候都更有信心。我們將綜效視為一項結構化、持續進行的工作，嵌入於我們的營運模式之中，並設有機制以便隨時間推進、在既有成果上持續累積。

By strengthening the foundation of our business through culture and shared values, synergy execution, and a customer-centric focus, we are positioning the company to generate higher, more consistent earnings, and drive long-term value for shareholders.

透過以文化與共同價值觀、協同效益的落實執行，以及以客戶為中心的聚焦來強化我們業務的基礎，我們正讓公司處於能夠創造更高且更穩定的獲利，並為股東推動長期價值的有利位置。

So now, I'll turn the call over to Jim Claussen to review our performance relative to first-quarter guidance, discuss our expectations for second quarter, and provide an overview of our synergy attainment progress and capital allocation activities.

接下來，我將把電話會議交給 Jim Claussen，由他回顧我們相對於第一季指引的表現，說明我們對第二季的預期，並概述我們在協同效益達成進度與資本配置活動方面的進展。

Thank you, Rick, and good morning, everyone. In the first quarter, we achieved revenue at the top end of our guidance range with same-store volumes increasing as expected and same-store average selling prices exceeding our expectations as aluminum pricing was influenced by geopolitical events. Gross margin expanded as anticipated during the quarter as our contracts began to reset at current market pricing and improved demand conditions supported transactional pricing.

謝謝你，Rick，各位早安。第一季，我們的營收達到指引區間的上緣；同店銷量如預期成長，而同店平均售價也超出我們的預期，因為鋁價受到地緣政治事件影響。本季毛利率如預期擴張，原因是我們的合約開始以當前市場價格重設，且需求狀況改善支撐了現貨/交易性定價。

Net income for the quarter came in at $4.5 million or $0.10 per diluted share and our adjusted net income for the first quarter, which removes transaction-related expenses and a one-time impairment charge was $13.1 million or $0.30 per diluted share.

本季淨利為 450 萬美元，或每股稀釋後盈餘 0.10 美元；第一季調整後淨利（剔除交易相關費用及一次性減損費用）為 1,310 萬美元，或每股稀釋後盈餘 0.30 美元。

Our same-store first-quarter adjusted EBITDA, excluding LIFO generation of $54.9 million exceeded our expectations, while Olympic Steel contributed an additional $12.5 million, which was in range for the business' post-merger six-week sub period. Altogether, our adjusted EBITDA, excluding LIFO in the first quarter was $67.4 million.

我們同店第一季調整後 EBITDA（不含 LIFO 產生的影響）為 5,490 萬美元，超出我們的預期；同時，Olympic Steel 額外貢獻 1,250 萬美元，符合該業務在併購後六週子期間的預期區間。合計而言，第一季我們不含 LIFO 的調整後 EBITDA 為 6,740 萬美元。

Turning to current expectations. Bookings have remained at healthy levels in recent weeks, and we expect the second quarter to fall in line with typical seasonal demand patterns, producing shipments 1% to 3% higher relative to the first quarter on a same-store basis. We, therefore, anticipate that total company tons shipped will be 18% to 20% higher compared to the first quarter of 2026, with Olympic Steel included in the entire period compared to only six weeks at the end of the prior period.

接著談目前的展望。近幾週接單維持在健康水準，我們預期第二季將符合典型的季節性需求型態，同店出貨量相較第一季將增加 1% 至 3%。因此，我們預期全公司出貨噸數將較 2026 年第一季增加 18% 至 20%，因為第二季將把 Olympic Steel 納入整個期間，而前一期間僅在期末納入六週。

Total company revenues are expected to be in the range of $1.86 billion to $1.93 billion, with same-store average selling prices expected to be up 2% to 4% sequentially and overall average selling prices to be up 1% to 3% quarter over quarter as our product mix shifts higher in carbon products with the full quarter inclusion of Olympic Steel and average selling prices for carbon products lower than those for aluminum and stainless.

全公司營收預期介於 18.6 億至 19.3 億美元；同店平均售價預期將季增 2% 至 4%，而整體平均售價預期將季增 1% 至 3%。這主要是因為在 Olympic Steel 全季納入後，我們的產品組合將更多轉向碳鋼產品，而碳鋼產品的平均售價低於鋁與不鏽鋼。

In all, we anticipate generating net income for the second quarter in the range of $20 million to $22 million or $0.38 to $0.42 per diluted share. We expect our LIFO expense to be between $14 million and $16 million in the second quarter, leading to adjusted EBITDA, excluding LIFO generation in the range of $88 million to $92 million, with $21 million to $23 million of that attributed to Olympic Steel. Second-quarter synergy realization is expected to be in the range of $4 million to $6 million.

整體而言，我們預期第二季淨利介於 2,000 萬至 2,200 萬美元，或每股稀釋後盈餘 0.38 至 0.42 美元。我們預期第二季 LIFO 費用介於 1,400 萬至 1,600 萬美元，因此不含 LIFO 影響的調整後 EBITDA 預期介於 8,800 萬至 9,200 萬美元，其中 2,100 萬至 2,300 萬美元歸因於 Olympic Steel。第二季協同效益實現預期介於 400 萬至 600 萬美元。

Turning to our integration with Olympic Steel and our progress on attaining our announced $120 million of annual run rate synergies. In our first six weeks together, before the end of the first quarter, we were able to hit the ground running on many of our strategies and are seeing early encouraging progress across our synergy categories.

接著談我們與 Olympic Steel 的整合，以及我們在達成所宣布的年化執行率協同效益 1.2 億美元方面的進度。在第一季結束前、雙方合作的前六週，我們就能在多項策略上迅速展開行動，並在各項協同效益類別中看到令人鼓舞的早期進展。

One of our earliest priorities post-close was to begin the alignment of our supply chain networks and realize initial harmonization of purchasing programs, which we are confident will lead to meaningful savings and further projected buildup in the future quarters as contracts cycle through and we continue to align our purchasing efforts.

交割後我們最早的優先事項之一，是開始對齊供應鏈網路並實現採購計畫的初步一致化；我們有信心這將帶來可觀的節省，且隨著合約輪替並持續對齊採購作業，未來幾季還會進一步累積。

We expect that in total, the procurement synergies that we executed during the first quarter will generate annual savings of approximately $15 million, and we are on track to meet our anticipated $40 million two-year procurement target.

我們預期第一季所執行的採購協同效益，合計將帶來約 1,500 萬美元的年度節省；同時，我們也正按計畫達成兩年期 4,000 萬美元的採購目標。

We realized efficiency savings during the first quarter through the elimination of overlapping corporate subscriptions and fees, and we have more lined up for the second quarter. We anticipate that in total, the merger will realize approximately $5 million in annualized savings from reduced public company costs alone.

第一季我們透過取消重疊的企業訂閱與費用，實現了效率節省，且第二季還有更多措施將陸續推進。我們預期整體而言，僅就降低上市公司成本一項，這次合併即可帶來約 500 萬美元的年化節省。

We exited two leased facilities during the quarter, one in Hansville, Alabama and the other in Waterbury, Connecticut. Those operations moved into other facilities in Alabama and Connecticut, and we expect to realize annual savings of $1.5 million as a result. We are seeing great progress in supply chain mapping and commercial synergies with several actions implemented to leverage our enhanced footprint.

本季我們退出了兩處租賃設施，一處位於阿拉巴馬州 Hansville，另一處位於康乃狄克州 Waterbury。這些營運已移轉至阿拉巴馬州與康乃狄克州的其他設施，我們預期因此可實現每年 150 萬美元的節省。我們在供應鏈盤點與商業協同效益方面進展良好，並已採取多項行動以運用我們擴大的據點優勢。

For example, our Hickman, Arkansas facility, where we recently had upgraded our Tempur mill, our capabilities are already being leveraged to service current and prospective Olympic customers. We are also exercising Ryerson's strength in Bright Metals to service Olympic accounts through our TSA processing facilities, which would have been brought into the Ryerson family of companies in 2023.

例如，在阿肯色州 Hickman 的設施，我們近期升級了 Tempur 軋機，目前相關能力已開始用於服務現有及潛在的 Olympic 客戶。我們也運用 Ryerson 在亮面金屬（Bright Metals）方面的優勢，透過我們的 TSA 加工設施為 Olympic 客戶提供服務；該設施原本已於 2023 年納入 Ryerson 旗下公司體系。

In total, we realized about $1 million in savings within the first six weeks of integration. As previously mentioned, we expect realization of approximately $4 million to $6 million in Q2, and we are well on our way to achieving our estimated first year attainment of $40 million in annual run rate synergies.

整體而言，我們在整合的前六週內實現了約 100 萬美元的節省。如先前所述，我們預期第二季可實現約 400 萬至 600 萬美元，且正穩步邁向第一年預估可達成的年化執行率協同效益 4,000 萬美元。

As both Eddie and Rick expressed, we are exceedingly pleased with the collaborative efforts of both teams and are looking forward to providing further updates as we drive towards our two-year target of $120 million in annual run rate synergies.

正如 Eddie 與 Rick 所表達的，我們對兩個團隊的協作努力感到非常滿意，也期待在我們朝兩年期年化執行率協同效益 1.2 億美元目標推進的過程中，提供更多更新。

Turning to our investments in the business. In the first quarter, our capital expenditures totaled $12 million and primarily included investments in repair and maintenance projects at our facilities as well as small capability enhancement projects. As a reminder, we anticipated investing approximately $50 million in same-store capital expenditures in '26 with an additional $25 million allocated to Olympic Steel for a total this year of $75 million.

接著談我們對業務的投資。第一季資本支出合計 1,200 萬美元，主要包括對各據點的修繕與維護專案投資，以及小型的能力提升專案。提醒各位，我們原先預期在 2026 年同店資本支出約 5,000 萬美元，另分配給 Olympic Steel 2,500 萬美元，因此今年合計為 7,500 萬美元。

Turning to shareholder returns. During the first quarter, Ryerson distributed $9.7 million in the form of dividends or $0.1875 per share distributed to our expanded shareholder base. For the second quarter, we have announced a dividend of the same amount. Additionally, returned $1.6 million to our shareholders during the first quarter by opportunistically repurchasing approximately 74,000 shares from the open market under our share repurchase authorization.

接著談股東報酬。第一季，Ryerson 以股利形式配發 970 萬美元，或每股 0.1875 美元，並已發放給我們擴大的股東基礎。第二季，我們已宣布相同金額的股利。此外，第一季我們也在股份回購授權下，視市場機會於公開市場回購約 74,000 股，向股東返還 160 萬美元。

We are also pleased to announce that following the expiration of our previous program on April 30, our Board of Directors has approved a new share repurchase program, which provides us with the authorization to repurchase up to $100 million worth of our shares over the next two years. We expect to prudently exercise this authority as opportunities in the market are presented.

我們也很高興宣布，在先前計畫於 4 月 30 日到期後，我們董事會已核准新的股份回購計畫，授權我們在未來兩年內最多回購價值 1 億美元的公司股票。我們將在市場出現機會時，審慎運用此項授權。

I will now turn the call over to Molly Kannan to discuss our financial performance highlights for the first quarter.

接下來我將把電話會議交給 Molly Kannan，請她說明第一季財務表現的重點。

Thanks, Jim, and good morning, everyone. In the first quarter of 2026, Ryerson generated net sales of $1.57 billion, an increase of 37.9% compared to the same quarter of 2025, with tons shipped 31.2% higher and average selling prices 5.2% higher.

謝謝你，Jim，各位早安。2026 年第一季，Ryerson 的淨銷售額為 15.7 億美元，較 2025 年同期增加 37.9%；出貨噸數增加 31.2%，平均售價增加 5.2%。

On a same-store basis, we generated net sales of $1.29 billion with tons shipped 4.6% higher and average selling prices 8.9% higher compared to the same period last year. Compared to the previous quarter, same-store revenues were up 17.1% with shipments 13.4% higher and average selling prices 3.2% higher.

以同店基礎計算，我們的淨銷售額為 12.9 億美元，出貨噸數較去年同期增加 4.6%，平均售價增加 8.9%。與前一季相比，同店營收增加 17.1%，出貨量增加 13.4%，平均售價增加 3.2%。

Commodity prices rose slightly more than anticipated during the quarter and resulted in a LIFO expense of $10 million compared to our expected expense of $6 million to $8 million. Same-store gross margin expanded in the second quarter by 270 basis points to 18% and same-store gross margin, excluding LIFO, expanded by 150 basis points to 18.8%.

本季商品價格小幅上漲，幅度略高於預期，導致產生 1,000 萬美元的 LIFO 費用，較我們原先預期的 600 萬至 800 萬美元為高。第二季同店毛利率擴大 270 個基點至 18%；同店毛利率（不含 LIFO）擴大 150 個基點至 18.8%。

Warehousing, delivery, selling, general, and administrative expenses totaled $265.2 million for the first quarter or $217.6 million on a same-store basis, which represents an increase of $15.5 million compared to the first quarter of 2025. On a per ton basis, total company warehousing, selling, general, and administrative expenses were $404 per ton in the first quarter or $416 per ton on a same-store basis compared to $404 per ton in the year ago period or $445 in the previous period.

第一季倉儲、配送、銷售、一般及行政費用合計 2.652 億美元；以同店基礎計算為 2.176 億美元，較 2025 年第一季增加 1,550 萬美元。以每噸計算，全公司倉儲、銷售、一般及行政費用第一季為每噸 404 美元；以同店基礎計算為每噸 416 美元，相較於去年同期每噸 404 美元，或前一期間每噸 445 美元。

First-quarter same-store year-over-year expense increases were driven by higher compensation and benefits expenses, advisory service fees related to the Olympic Steel merger and higher delivery fees driven by increased diesel prices.

第一季同店費用年增，主要由薪酬與福利費用上升、與 Olympic Steel 併購相關的顧問服務費，以及因柴油價格上漲而推升的配送費用增加所帶動。

Our first-quarter income taxes came in at $8.2 million, significantly higher than our normal effective tax rate due to $2 million in tax impacts from the merger, which included nondeductible transaction costs and changes to our state rate. We do not expect these impacts to be recurring and our effective rate should therefore return to approximately 25% to 26% in future quarters.

我們第一季所得稅為 820 萬美元，顯著高於我們正常的有效稅率，原因是併購帶來 200 萬美元的稅務影響，其中包含不可扣抵的交易成本以及州稅率的變動。我們預期這些影響不會重複發生，因此未來季度的有效稅率應可回到約 25% 至 26%。

In all, we generated total company net income of $4.5 million or $0.10 per diluted share in the first quarter of 2026 compared to net loss of $5.6 million in the first quarter of 2025. After removing the impacts of both the advisory service fees and the income tax provision related to the merger as well as an asset impairment charge, our adjusted net income generation for the quarter was $13.1 million or $0.30 per diluted share.

總體而言，2026 年第一季我們全公司淨利為 450 萬美元，或稀釋後每股 0.10 美元；相較之下，2025 年第一季為淨損 560 萬美元。剔除與併購相關的顧問服務費與所得稅費用影響，以及資產減損費用後，本季調整後淨利為 1,310 萬美元，或稀釋後每股 0.30 美元。

Our total company adjusted EBITDA, excluding LIFO generation for the first quarter of 2026 was $67.4 million, which more than doubles the $32.8 million generated in the first quarter of 2025. On a same-store basis, our adjusted EBITDA, excluding LIFO, increased by $22.1 million year over year.

2026 年第一季全公司調整後 EBITDA（不含 LIFO 產生/影響）為 6,740 萬美元，較 2025 年第一季的 3,280 萬美元增加逾一倍。以同店基礎計算，我們的調整後 EBITDA（不含 LIFO）年增 2,210 萬美元。

We used $179 million in cash from operating activities in the first quarter of 2026, primarily to satisfy the higher working capital requirements of the combined company within the seasonally stronger period. Inventory days of supply decreased by five days quarter over quarter to 74, which is back within our target range of 70 to 75 days. Our overall cash conversion cycle also remained well managed, coming in at 67 days for the first quarter, which is a day less than the prior quarter and in line with the same quarter of last year.

2026 年第一季我們營運活動使用現金 1.79 億美元，主要用於在季節性較強的期間，滿足合併後公司較高的營運資金需求。庫存供應天數較前一季減少 5 天至 74 天，回到我們 70 至 75 天的目標區間內。我們整體現金轉換週期也維持良好管理，第一季為 67 天，較前一季少 1 天，並與去年同季一致。

Our total debt increased to $908 million and net debt to $883 million during the first quarter, an increase of $445 million and $447 million, respectively, as we paid off Olympic Steel debt of approximately $300 million, paid merger-related costs and funded our working capital requirements. As a result of the combined debt base, Ryerson's leverage ratio for the first quarter rose to 5.1 times compared to 3.1 times for the previous quarter.

第一季我們總負債增加至 9.08 億美元，淨負債增加至 8.83 億美元，分別增加 4.45 億美元與 4.47 億美元，原因是我們償還約 3 億美元的 Olympic Steel 債務、支付併購相關成本並支應營運資金需求。由於合併後的債務基礎，Ryerson 第一季槓桿比率上升至 5.1 倍，較前一季的 3.1 倍為高。

We expect our leverage ratio to move lower throughout the year as we anticipate that our trailing 12-month adjusted EBITDA, excluding LIFO, should increase with the addition of Olympic Steel contributions as well as with our forecasted first year synergy attainment. And finally, our global liquidity increased from $502 million at the end of the fourth quarter to $618 million at the end of the first as our borrowing base expanded with our working capital.

我們預期槓桿比率將在全年逐步下降，因為我們預期過去 12 個月的調整後 EBITDA（不含 LIFO）將隨著納入 Olympic Steel 的貢獻，以及我們預估第一年協同效益的達成而提升。最後，隨著營運資金帶動借款基礎擴大，我們的全球流動性由第四季末的 5.02 億美元增加至第一季末的 6.18 億美元。

And with that, I will turn the call back to Eddie to conclude our prepared comments.

接下來，我把電話交回 Eddie，請他為我們的預先準備發言作結。

Thank you, Molly. Throughout our call this morning, as we recounted our accomplishments in the quarter, we pointed to the dedication and commitment of our teammates, and I would like to close our prepared comments on that high note because after all is said and done, we were well-positioned for the first quarter's demand improvement because of the optimizing and refining work we have done internally, incorporating new capabilities from our record investment cycle, honing and bettering our practice of service center fundamentals, and modernizing our operating model. And this quarter, the team, our collective RYZ team, executed in an exemplary fashion of which we can all be proud.

謝謝你，Molly。在今天早上的電話會議中，當我們回顧本季的成果時，我們多次提到團隊夥伴的投入與承諾；我也想以這個高點作為預先準備發言的結尾。因為歸根結底，我們之所以能在第一季需求改善時處於有利位置，是因為我們在內部所做的最佳化與精進工作，納入我們創紀錄投資週期帶來的新能力，強化並提升我們對服務中心基本功的實踐，以及推動營運模式現代化。而在本季，團隊——我們整體的 RYZ 團隊——以堪稱典範的方式執行，值得我們所有人引以為傲。

By the way, have we mentioned synergies lately? Rest assured, there is much more work to do in bringing these home over the next couple of years while building our internal artificial intelligence capabilities as well as serving as a trusted partner to our customers in the AI-related build-out that is still in its early stages. So until next time, let's keep rising and rising toward realizing our maximum potential to the benefit of all RYZ stakeholders.

順帶一提，我們最近有提到協同效益嗎？請放心，未來幾年要把這些成果落地，仍有大量工作要做；同時我們也將建置內部人工智慧能力，並在仍處於早期階段的 AI 相關建置浪潮中，作為客戶值得信賴的合作夥伴。那麼就下次再見；讓我們持續向上、再向上，朝著實現最大潛能邁進，讓所有 RYZ 利害關係人受益。

With that, we look forward to your questions. Operator?

接下來，我們期待各位的提問。接線員？

(Operator Instructions) Samuel McKinney, KeyBanc Capital Markets.

(接線員指示) KeyBanc Capital Markets 的 Samuel McKinney。

Hey, good morning.

嗨，早安。

Hey, good morning, Sam. Congratulations.

嗨，早安，Sam。恭喜。

Thanks. Congrats to you guys, too. You called out particular strength in the transaction business developing over the course of the first quarter, which continues the trend from last year. Could you just talk about the extent to which the divergence between spot and contract tons is continuing? And what do you need to see to really get that contract business moving again?

謝謝。也恭喜你們。你們提到第一季期間交易型業務的特別強勁，延續了去年的趨勢。能否談談現貨與合約噸數之間的分歧在多大程度上仍在延續？以及你們需要看到什麼，才能真正讓合約業務再次動起來？

Yes, Sam, it's a really good question. I'll say this. I mean, I was very pleasantly surprised by the increase in transactional business across our entire footprint. I mean, relative to the MSCI, we really put out a really nice print when it came to market share growth. And I think that's a function of the CapEx investments we've made finally coming online, having inventory at the right place, really practicing service center fundamentals in really an exceedingly good way.

是的，Sam，這是個非常好的問題。我會這麼說。坦白講，我對我們整個版圖中交易型業務的成長感到非常驚喜。相較於 MSCI，我們在市占率成長方面交出了一份非常漂亮的成績。我認為這是因為我們所做的資本支出投資終於上線，庫存配置在正確的位置，並且以極其到位的方式落實服務中心的基本功。

And then on the contract side, and I'll have Andrew Greiff speak to this. On the contract side, we're still lagging by about 4% to 5%. It's pretty uneven on that program side. As you know, when you look at residential construction, ag, heavy truck and trailer and consumer durables, they're still lagging some of the other growth areas that you're seeing in the economy.

至於合約端，我會請 Andrew Greiff 來補充說明。在合約端，我們仍落後約 4% 到 5%。在那些專案/計畫型的部分表現相當不均衡。如你所知，住宅建築、農業、重型卡車與拖車以及耐久消費品，仍落後於你在經濟中看到的其他成長領域。

But let me have Andrew give you more color on that.

不過我先請 Andrew 再提供更多細節。

Yeah, Eddie, I think you said it well. We have seen the first quarter, not the improvement that we had thought we'd see from Q4 in the second half of '25. But I will tell you, Sam, that as we came out of the first quarter coming into the second quarter, and certainly, the expectations that we're hearing from the industrial OEMs, the expectation is second quarter will improve upon first and then the belief is that the second half is going to be certainly better than the first half.

好的，Eddie，我覺得你說得很到位。我們在第一季看到的改善幅度，沒有達到我們原先預期從 2025 年下半年第四季延續到第一季的程度。但我可以告訴你，Sam，當我們走出第一季進入第二季時，尤其是我們從工業 OEM 聽到的預期，普遍認為第二季會優於第一季，並且相信下半年肯定會比上半年更好。

We've seen it in the construction side, certainly with the industrials, a little bit more life in ag. Clearly, on the data center side, that has continued to stay very strong, impacting our flat roll in pipe and tube. And I think that the second-half business, we'll see a nice pickup on the contract side.

我們在建築端已經看到了這點，工業領域也是如此；農業方面也稍微更有起色。很明顯地，在資料中心端仍持續非常強勁，帶動我們在平軋產品以及管材與鋼管（pipe and tube）方面的表現。我認為下半年的業務在合約端會看到不錯的回升。

Okay, thanks. That's helpful. And then the next one, if you could just discuss the capital allocation priorities within the context of instituting that new share repurchase program while the net debt level is approaching $900 million. And I understand the increased same-store earnings and incremental contribution from Olympic will help the ratio, but just trying to better understand the plans for bringing that debt load down.

好的，謝謝。這很有幫助。接著下一題，想請你們在淨負債水位接近9億美元、同時啟動新的股票回購計畫的背景下，談談資本配置的優先順序。我理解同店獲利提升以及Olympic帶來的增量貢獻會改善比率，但我想更清楚了解你們降低這個負債水位的計畫。

Yeah. Sure, Sam. Let me just give you some preamble of that and say that just given our experience in the industry, 255-plus years and the experience of the people in this room, looking at where we are having turned procyclical and getting past the stub period of quarters and being able to project out over four quarters as opposed to some of the, I'd say, some of the math that happens when you're only accounting for half a quarter.

是的。當然，Sam。我先做個鋪陳：以我們在這個產業累積的經驗——超過255年的歷史，以及在座各位的經驗——來看，我們目前已轉為順週期（procyclical），也已經度過那段「短期（stub period）」的季度，現在能以四個季度為單位做預測，而不是像只計入半個季度時會出現的那種、我會說的「數學效果」。

We see our debt trends improving meaningfully as we go through the balance of the year and even more in terms of what we know is our free cash flow generating ability. And also, we're past that big part of the CapEx cycle. So CapEx is really normalizing. And we did find an opportunity through the quarter. When the stock was trading under 20, 21 to 20, it's so far below its intrinsic value. And given the liquidity position we have, which is still very, very strong, it made sense to go in and buy back some shares.

我們看到在今年剩餘期間，我們的負債趨勢會顯著改善；更重要的是，基於我們已知的自由現金流創造能力。另外，我們也已經走過資本支出（CapEx）週期中最重的一段。因此CapEx正在回到正常水準。而且我們在本季也看到一個機會。當股價在20、21到20以下交易時，它遠低於其內在價值。考量到我們仍然非常、非常強勁的流動性部位，進場回購一些股票是合理的。

But let me have Jim Claussen give you a little more color on that.

不過我讓Jim Claussen再補充一些細節。

Yeah. Morning, Sam. I think Eddie really answered the question is as we go forward, certainly going to be prioritization on the leverage ratio. But as we look opportunistically and we understand how the shares can perform, we wanted to make sure that we had the ability to repurchase in certainly a sub book value period, which we saw in the first quarter as we go forward. So we'll be prudent with it.

好的。早安，Sam。我想Eddie其實已經回答了：往前看，我們當然會把槓桿比率的改善放在優先順序。但同時，我們也會把握機會，並且理解股價可能的表現；我們希望確保在低於帳面價值（sub book value）的期間具備回購能力，而我們在第一季就看到了這種情況，未來也會持續。所以我們會審慎執行。

Priority around the leverage ratio continues. As Eddie mentioned, we're through the CapEx cycle. Obviously, we had some merger-related transaction costs in the first quarter that were another drain on cash, and we're past that. So really, I feel really good. We've got the ABL redone. Liquidity is strong, and we're really just full steam ahead on synergies and growing as RYZ.

槓桿比率的優先順序不變。如Eddie提到的，我們已經走過CapEx週期。顯然第一季還有一些併購相關的交易成本，這也進一步消耗了現金，但我們已經度過那段。所以我真的感覺非常好。我們已經重新完成ABL（資產擔保循環信貸）安排。流動性很強，我們正全力推進協同效益，並以RYZ的身分持續成長。

All right. Thanks, guys. Good luck.

好的。謝謝各位。祝順利。

(Operator Instructions) Katja Jancic, BMO Capital Markets.

（接線員指示）BMO Capital Markets的Katja Jancic。

Hi, thank you for taking my questions. I might have missed this, but what is currently the split between contract and transactional business on a pro forma basis?

嗨，謝謝讓我提問。我可能漏聽了，但以備考（pro forma）基礎來看，目前合約型業務與交易型業務的占比各是多少？

Hi, Katja. This is Eddie. Ryerson is running at about -- and I'm happy to say we're running at about 52% transactional, 48% contract on the Ryerson side. On the Olympics side, and I'll have Rick speak to this. I believe on the Olympics side, it's, say, 30% transactional and 40% program. And maybe, Rick, you can give a little more color on Olympics.

嗨，Katja。我是Eddie。Ryerson目前大約——我很高興地說——在Ryerson這邊約52%是交易型、48%是合約型。至於Olympic這邊，我請Rick來說明。我認為Olympic那邊大概是30%交易型、40%方案（program）。Rick，你可以再補充一些Olympic的細節嗎？

Yeah. So that's right, 30%, roughly 30% transactional, 70% contractual. And I think getting back to the earlier question about the transactional business, one of the things I do want to stress is a strategic initiative of the combined company. And actually, one of the benefits of the merger is to really build out that transactional business. And with a much bigger footprint, we're able to do that.

好的。沒錯，大約30%交易型、70%合約型。另外回到先前關於交易型業務的問題，我想強調這是合併後公司的一項策略性倡議。事實上，併購的其中一個好處，就是能真正把交易型業務做大。而且因為版圖更大，我們有能力做到。

And I think you know the transactional, the contractual and transactional, it's tongue twister, business is a lot more difficult to do inside of the same facility versus when you have separate assets and separate facilities doing that. So one of the initiatives going forward, and we're already seeing benefits of this is to move business so we can optimize that transactional business in those locations that are really set up to do same-day, next-day delivery.

而且我想你也知道，交易型、合約型與交易型——這個詞很拗口——這類業務在同一個廠房內運作會困難得多，相較之下，若有不同資產與不同設施分開承作會更容易。因此我們接下來的一項倡議——而且我們已經看到效益——就是移轉業務，讓我們能在那些真正具備當日、隔日交付能力的據點，把交易型業務最佳化。

So I think what you'll see is that mix that we just talked about over time, I think you'll even see us as Ryerson tilt to a higher transactional percentage going forward. But that's where we are to start, and we're excited about the opportunities.

所以我認為你會看到我們剛談到的那個組合比例，隨著時間推進，Ryerson的交易型占比會進一步提高。但這是我們的起點，我們也對這些機會感到興奮。

And Katja, from a -- just a computational perspective, as we get Olympic hub onto our data warehouse, we'll be able to come up with a much more precise calculation. But if I just put my thunder the sun, I would tell you it's probably about 52% or 42% transactional 58% contract and you look at the combined companies and would expect that to move higher in the quarters and years ahead.

另外Katja，從——純計算的角度來看，等我們把Olympic的樞紐（hub）資料接到我們的資料倉儲後，我們就能做出更精準的計算。但如果我先大膽估一下，我會告訴你合併後公司大概是52%或42%交易型、58%合約型，而且你會預期在未來幾季與未來幾年這個比例會往更高的交易型方向移動。

Is there an optimal level given that it works on a -- it depends on the footprint and so on. Is there an optimal level of how much in theory transactional sales you could get to?

考量到它是以——取決於版圖等因素來運作。理論上交易型銷售占比有沒有一個最佳水準？你們最多能做到多少？

Yeah. I mean, I believe with transactional value add, especially given the synergy plans that we have that Rick spoke to, where do you run business? If you're running program business and you're running transactional business on the same cut to length line, you have to do different setups, you have to keep different size coils and inventory. And we become adept at being amphibious in that way, but it's certainly not the way we'd like to do it to scale to that 60-40 target. And make no mistake about it, we love the program business -- it's just a different business.

有的。我的意思是，我相信就交易型加值（transactional value add）而言，特別是考量到Rick提到的協同計畫——也就是業務要放在哪裡跑——如果你把方案（program）業務和交易型業務放在同一條定尺裁切（cut-to-length）產線上，你就必須做不同的換線設定，還要備不同尺寸的鋼捲與庫存。我們已經很擅長以這種方式「兩棲」運作，但要把規模做大、達到60-40的目標，這當然不是我們理想的作法。但請不要誤會，我們很喜歡方案業務——只是那是不同的業務模式。

And the greater growth opportunity still in the economy when it comes to industrial metals to really get at that transactional spot bill of material business that really depends on having the inventory on hand and the equipment to run it with a same-day, one-day, or two-day turnaround time. So I would say our goal is to still get to 60-40, but also optimize the profitability of that program business and continue to grow that as well because in a lot of cases, that same contract customer is also a transactional customer.

而且在整體經濟中，就工業金屬而言，更大的成長機會仍在於切入那種交易型的現貨用料清單（spot bill of material）業務；這非常依賴手上要有庫存，以及具備設備，才能做到當日、一天或兩天的交期周轉。

And I know you're still in the early stages of integration in a way. But so far, it seems like everything is going well. Have you experienced any issues, any early challenges with the integration?

我知道你們在某種程度上仍處於整合的早期階段。但到目前為止，看起來一切都很順利。在整合上你們有遇到任何問題、任何早期挑戰嗎？

Yeah. I mean, Rich Manson is heading up our synergy effort for the overall company. So I'll have Rich speak to that. But we couldn't be more delighted with how the organizations are really collaborating really not just at the top, but as we go deeper in the organization, I think the way that the teams are working together has really even exceeded my expectations and my expectations were high going in. But I'll let Rich speak in more detail of the synergy efforts to date.

有的。我的意思是，Rich Manson正在主導我們整體公司的協同效益工作。所以我請Rich來回答。但我們對於兩個組織的協作方式感到非常滿意——不只是高層，隨著我們往組織更深處看，我認為團隊合作的方式甚至超出我的預期，而我在一開始的預期就已經很高。不過我讓Rich更詳細說明目前為止的協同效益進展。

Sure. Thanks, Eddie. I would echo your comments that I think as we were working on the due diligence, I think collectively, management was very comfortable around the $40 million savings in year one and $120 million after year two. And I think the best part of this has been is we've engaged lower levels of the organization. We're seeing ideas that we didn't even think of, right? And so I think there's been great cooperation amongst the commercial organizations amongst the operators and do believe that the savings are very achievable and we'll have the numbers that we've laid out.

當然。謝謝你，Eddie。我也想呼應你的評論：我認為在我們進行盡職調查時，整體而言，管理團隊對第一年節省4,000萬美元以及第二年後達到1.2億美元的節省非常有信心。而我認為這件事最棒的部分是，我們讓組織中較基層的層級也參與進來。我們看到了一些我們甚至沒想到的點子，對吧？因此我認為商務團隊與營運團隊之間有很好的合作，也相信這些節省是非常可達成的，而且我們會拿出我們所提出的那些數字。

Okay. Thank you.

好的。謝謝你。

Thanks, Katja.

謝謝你，Katja。

Alan Weber, Robotti & Company.

Alan Weber，Robotti & Company。

Hey, good morning. How are you?

嗨，早安。你好嗎？

Hi, Alan. How are you doing?

嗨，Alan。你最近如何？

Good. So when you look at the presentation, can you talk about the third and fourth quarter, not specific estimates, but how you're thinking about them? And I ask that because your first-quarter EBITDA is basically what last year's third and fourth was combined and your fourth-quarter -- your second-quarter EBITDA, your projection of $90 million is $25 million or so higher than the third and fourth combined. So just curious how you really think about the third and fourth quarter in terms of EBITDA.

很好。所以當你看簡報時，能不能談談第三季和第四季——不是具體的預估數字，而是你們怎麼思考它們？我之所以這麼問，是因為你們第一季的EBITDA基本上等於去年第三季和第四季加總，而你們第二季的EBITDA——你們預估的9,000萬美元——大約比去年第三、第四季加總高出2,500萬美元左右。所以我只是好奇，你們對第三季和第四季的EBITDA到底是怎麼看待的。

Yeah. I mean, not wanting to get too far over our skis. I'll say this. Some of the good news that we see that's -- some of the good news we see that's really been building, especially given our book of business around contract pricing lags and really even looking at April activity and May activity so far, I would tell you that May activity, even though it's early in the month, is over year-to-date activity when we look at quote activity and order activity. So that's really positive.

是的。我的意思是，我們不想把話說得太滿。我會這麼說：我們看到的一些好消息——而且這些好消息確實在累積，特別是考量到我們的業務組合中合約定價的滯後效應，甚至再看4月的活動以及截至目前5月的活動——我可以告訴你，雖然5月才剛開始，但就報價活動與訂單活動來看，5月的活動量已經高於年初至今的活動量。

April trended really nicely, which is really positive. We've learned, Alan, not to get too far ahead of ourselves just because there still is a reasonable amount of uncertainty just in the global economy, as you well know. But I think the second half of the year, I'd be very surprised that the second half of this year wasn't better than the second half of last year.

4月的趨勢表現得非常好，這也很正面。Alan，我們也學到不要太早下定論，因為全球經濟仍然存在相當程度的不確定性，你也很清楚。但我認為今年下半年，如果今年下半年不比去年下半年更好，我會非常意外。

But I'll have Rick append to that.

不過我會請Rick補充一下。

Yeah. Good morning, Alan. Thanks for joining us. I think the second half, what I can comment on is the things that we can control. Obviously, there's a lot of variables out there in the marketplace. And those are the things I think Eddie is really referring to that make it difficult.

是的。早安，Alan。謝謝你加入我們。我對下半年能評論的是我們能控制的事情。顯然，市場上有很多變數。而我想Eddie所指的、讓事情變得困難的，就是這些因素。

But what I do know is inside of Ryerson, we are absolutely confident that we'll keep making internal improvements. You're going to see the ramp-up of those synergies. We talked about next quarter having around a $5 million synergy benefit. Obviously, we're very comfortable to get to the $40 million. So I think one thing is sort of our own internal efforts, you're going to see improved results. So we're excited about that.

但我知道的是，在Ryerson內部，我們對持續推動內部改善非常有信心。你會看到那些協同效益逐步拉升。我們談到下個季度大約會有500萬美元的協同效益貢獻。顯然，我們對達到4,000萬美元非常有把握。所以我認為其中一點是我們自身的內部努力，你會看到更好的成果。因此我們對此感到興奮。

I think second of all, you look at the business and one of the benefits of merging talking about that mix now where we're over 50% transactional for that really buoyed first quarter. And so as I look to the second half, the opportunity is really if we start to see some demand recovery in the big OEMs in the United States and our contract business.

第二點，你看這個業務，合併帶來的其中一個好處是我們現在談到的組合——我們超過50%是交易型業務，這確實支撐了第一季的表現。因此當我看向下半年時，真正的機會在於：如果我們開始看到美國大型OEM以及我們的合約業務需求回升。

While it was fine in the quarter, I think there's a lot of room for growth in some of the industries that we talked about, ag and some construction business. I think if we see an improvement there, yes, we're -- we'd be pretty excited and pretty optimistic about the second half. So I think that's the real opportunity is the demand side of the equation and specifically from the big OEMs on the contract side. And pricing trends are positive.

雖然本季表現尚可，但我認為在我們提到的一些產業——農業以及部分建築相關業務——仍有很大的成長空間。我認為如果那裡出現改善，是的，我們會對下半年感到相當興奮、也相當樂觀。所以我認為真正的機會在於需求端，特別是合約端來自大型OEM的需求。而且價格趨勢是正面的。

Yeah, Alan, I would just say pricing can be a real tempest, but pricing trends are really favorable right now, both -- I mean, across the board in carbon and aluminum and nickel has picked up in the last 30 days. And so looking -- as you try to see through pricing going through Q2 into Q3, there would have to be a significant reversion or inversion to really stop that momentum that seems to be building on the price side.

是的，Alan，我只想說價格可能會是一場風暴，但目前價格趨勢確實非常有利，兩者——我的意思是，整體而言，碳鋼、鋁，還有鎳在過去30天也回升了。因此當你試著看穿價格從第二季走到第三季的走勢時，除非出現顯著的回落或反轉，否則很難阻止價格端正在形成的那股動能。

Okay. Because actually, the numbers that I mentioned, obviously don't really include the synergies for this year from the merger, which you're expecting most of those to take place in the second half also.

好的。因為其實我提到的那些數字，顯然並沒有真正把今年合併帶來的協同效益算進去，而你們也預期其中大部分會在下半年發生。

Yeah, that's right. So being as transparent as we can be, $1 million having found its way into the financial statements in Q1, a $5 million midpoint of synergies getting into the financials in Q2. And then, yeah, we'd expect to build momentum through the balance of the year in Q3 and Q4.

是的，沒錯。所以我們盡可能透明：第一季有100萬美元已經反映在財務報表中；第二季協同效益反映在財務上的中位數大約是500萬美元。然後，是的，我們預期在第三季與第四季、也就是今年剩餘期間會持續累積動能。

Okay, great. Thank you very much.

好的，很棒。非常感謝。

Thanks, Alan.

謝謝你，Alan。

And at this time, there are no further questions. I'll now turn the conference back over to you for any additional remarks.

此時沒有其他問題。我現在把電話會議交回給您，看看是否有任何補充說明。

Well, we all want to say --

嗯，我們都想說--

There is a question on the web. Thanks for sending that in. It's our expectations in the second half for synergy attainment compared to $40 million --

網路上有一個問題。謝謝你送出這個問題。問題是：我們對下半年協同效益達成的預期，相較於4,000萬美元——

Yeah. I mean, I think Rich spoke very well to that, and we feel that we're tracking on pace to hit our annual run rate synergies and expect those to continue to propagate and get into the financial statements as we move through the balance of the year as we've discussed on our call so far this morning.

是的。我的意思是，我認為Rich已經講得很好了，我們覺得目前進度符合節奏，能達成我們年度的協同效益年化運行率（run rate），並且預期這些效益會如同我們今天早上在電話會議中所討論的，隨著今年剩餘期間的推進持續擴散並反映到財務報表中。

Well, we want to thank everybody for tuning in to WRYZ. And I'll eventually outgrow that, by the way. I want to thank everybody for tuning in to the earnings call. We look forward to being with you on our Q2 earnings call later this summer. Thanks.

我們想感謝大家收聽WRYZ。順帶一提，我總有一天會不再這麼說的。我們想感謝大家收聽本次財報電話會議。我們期待在今年夏末的第二季財報電話會議再與各位相見。謝謝。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的電話會議到此結束。感謝各位的參與。祝各位有美好的一天。