Ryerson Holding Corporation (RYZ) 2026 Q2 法說會逐字稿

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

大家好，歡迎參加 Ryerson Holding Corporation 2026 年第二季電話會議。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, and thank you all for joining Ryerson Holding Corporation's second 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; Rich Manson, Ryerson's Senior Vice President of Finance and Chief Financial Officer of Olympic Steel; Andrew Greiff, Executive Vice President of Ryerson and President of Olympic Steel; and Trent McFarland, our Senior Vice President of Supply Chain at Ryerson Process Metals, joining us for Q&A. 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.

各位早安，感謝各位參加 Ryerson Holding Corporation 2026 年第二季財報電話會議。今天的電話會議上，我們有 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主管 Molly Kannan；Ryerson 財務資深副總裁暨 Olympic Steel 財務長 Rich Manson；Ryerson 執行副總裁暨 Olympic Steel 總裁 Andrew Greiff；以及 Ryerson Process Metals 供應鏈資深副總裁 Trent McFarland，將在問答環節與我們一同參與。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。請閱讀我們於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 衡量指標。這些調整後數字的調節表亦包含在我們的財報新聞稿中。

I will now turn the call over to Eddie.

我現在把電話交給 Eddie。

Thank you, Justine. Good morning, everyone, and thank you all for joining us. In the second quarter of 2026, I am pleased to say that we made the most of our opportunities and continued to position RYZ for higher quality earnings generation through the cycle as we further realized merger-related synergies while building an ever-better customer experience engine. We delivered greater-than-expected shipments on a same-store and total company basis, achieved revenue and adjusted EBITDA, excluding LIFO, well above our guidance ranges, and generated higher net income sequentially and year-over-year. In our first full quarter together as RYZ, we continued advancing our shared vision of the Ryerson and Olympic Steel merger potential as we attained second quarter synergy realizations in line with our guidance.

謝謝你，Justine。各位早安，感謝各位加入我們。在 2026 年第二季，我很高興地表示，我們充分把握機會，並持續讓 RYZ 在景氣循環中具備更高品質的獲利能力定位；我們在持續實現併購相關綜效的同時，也打造更出色的客戶體驗引擎。我們在同店與全公司層面皆交出高於預期的出貨量；營收與調整後 EBITDA（不含 LIFO）均顯著高於我們的指引區間；且淨利較前一季及去年同期皆有所提升。作為 RYZ 合併後的第一個完整季度，我們持續推進對 Ryerson 與 Olympic Steel 併購潛力的共同願景，並在第二季達成與指引一致的綜效實現。

And more importantly, we are finding additional opportunities for growth commercially, which we expect will continue to drive top line performance and market share gains. Our results in the quarter were impacted by a unique amalgamation of puts and takes. On the positive side of the ledger, business investment-driven demand, quote activity, transactional order win rates, and spot transactional margins were outsized drivers for EBITDA generation, while program customer business volumes, program pricing and margins continue to lag with inflationary delivery cost pressures building through the quarter as fuel prices rose and truck capacity tightened. In a supply-side tension market where extended mill lead times, low distributor inventories, domestic capacity constraints, and carbon steel plate and tube mill production, and heightened geopolitical turmoil are complicating customer backlog turnover and efficient resource allocation. We don't dwell on the imperfect, and we get on with the business of creating consistently great customer experiences, which is a forever part of our strategy.

更重要的是，我們在商業面發現更多成長機會，預期將持續推動營收表現與市占率提升。本季業績受到多項特殊利多與利空因素交織影響。在正面因素方面，企業投資帶動的需求、報價活動、交易型訂單得標率，以及現貨交易毛利率，對 EBITDA 形成超預期的推動；然而，方案型（program）客戶的業務量、方案定價與毛利仍然落後，且隨著燃油價格上升與卡車運能趨緊，通膨性的交付成本壓力在本季逐步累積。在供給端緊張的市場中，鋼廠交期延長、通路商庫存偏低、國內產能受限，以及碳鋼厚板與管材鋼廠產量情況，加上地緣政治動盪升高，皆使客戶訂單積壓的消化與資源的有效配置更為複雜。我們不會糾結於不完美之處，而是持續專注於打造一致且卓越的客戶體驗，這是我們策略中永恆的一部分。

On the demand side, the improved, though asymmetrical, manufacturing demand conditions as illustrated more broadly by a now six-month streak of expanding ISM manufacturing purchasing managers' index readings, but more narrowly by end market strength that is skewing heavily to artificial intelligence, aerospace, defense, semiconductor, and electrification. We note that we should be well-positioned through our network to take advantage of this demand upside while other verticals such as agriculture, consumer discretionary, and residential construction move further toward eventual recovery.

在需求端，製造業需求狀況有所改善但呈現不對稱；更廣泛地看，ISM 製造業採購經理人指數（PMI）讀數已連續 6 個月擴張；但更細部地看，終端市場的強勁主要偏向人工智慧、航太、國防、半導體與電氣化。我們認為，憑藉我們的網絡布局，應能充分把握這波需求上行；同時，農業、非必需消費與住宅建築等其他垂直領域則正進一步邁向最終復甦。

On the price side of the ledger, average selling prices have been increasing. However, pricing and margin spreads widened in the quarter between transactional pricing and program pricing to their highest deltas in 3 years. With respect to commodity price drivers, carbon was the best performer in the quarter, followed by stainless and then aluminum, whereas non-ferrous commodity bellwethers saw an approximately 15% price reversion at the end of Q2 and into early Q3 before recently stabilizing within a lower trading range.

在價格端，平均銷售價格持續上升。然而，本季交易型定價與方案型定價之間的價格與毛利差距擴大，達到近 3 年來最高。就大宗商品價格驅動因素而言，本季表現最佳的是碳鋼，其次是不鏽鋼，再來是鋁；而有色金屬的大宗商品指標在第二季末至第三季初出現約 15% 的價格回落，近期則在較低的交易區間內趨於穩定。

Moving beyond the industry macro environment, what has been especially inspiring is the energy and shared purpose we are seeing across the unified enterprise as our teams combine strengths, share best practices, and scale customer solutions. We have achieved a great deal together in these first months, but we are just in the early stages of getting to escape velocity. The work is taking hold, the commercial and financial impacts are beginning to show, and we are progressing toward realizing the full potential and value this merger can create for our customers, teammates, shareholders, and one another.

除了產業總體環境之外，特別令人振奮的是，我們在整合後的企業中看到的活力與共同使命感；各團隊正結合優勢、分享最佳實務，並擴大客戶解決方案的規模。在這最初幾個月，我們已共同達成許多成果，但我們仍處於達到「逃逸速度」的早期階段。相關工作正在落地，商業與財務影響開始顯現，我們正朝著實現此次併購可為客戶、同仁、股東以及彼此創造的全部潛力與價值邁進。

With that, I will turn the call over to Rick to discuss market conditions, industry trends, and how we are executing operationally across the business.

接下來，我將把電話交給 Rick，請他說明市場狀況、產業趨勢，以及我們如何在全業務範圍內執行營運。

Thanks, Eddie, and good morning, everyone. On a year-to-date basis, Ryerson's North American tons shipped increased by 49% compared to the first half of 2025, or by 5.8% on a same-store basis, implying market share gains when compared to the industry's growth of 2.9% in the year-to-date period, and that's according to the Metals Service Center Institute.

謝謝你，Eddie，各位早安。以年初至今來看，Ryerson 在北美的出貨噸數較 2025 年上半年增加 49%，若以同店口徑則增加 5.8%；相較於金屬服務中心協會（Metals Service Center Institute）所統計之產業年初至今 2.9% 的成長，這意味著我們取得了市占率提升。

Ryerson's year-to-date volume growth was led by solid double-digit growth in its transactional business. And we also saw encouraging early third quarter indicators around improvement in our contractual business on a year-over-year basis for the first time since 2022. On a total company basis, Ryerson generated net sales of over $2 billion and tons shipped of over 800,000 in the second quarter.

Ryerson 年初至今的出貨量成長主要由交易型業務穩健的雙位數成長所帶動。我們也在第三季初看到令人鼓舞的早期指標：我們的合約型業務在年對年基礎上首次自 2022 年以來出現改善。以全公司口徑計，Ryerson 在第二季創造超過 20 億美元的淨銷售額，出貨噸數超過 80 萬噸。

Our shipments increased 22.6% compared to the prior quarter, or 4% on a same-store basis, exceeding our guidance expectations. The improvement reflected broad sequential volume growth across the business supported by better market conditions, stronger customer activity, commercial collaboration, and continued execution by our teams.

我們的出貨量較前一季增加 22.6%，若以同店口徑則增加 4%，超出我們的指引預期。此改善反映出在更佳的市場環境、更強的客戶活動、商業協作，以及團隊持續執行力的支持下，業務各面向皆呈現廣泛的連續性（季對季）量增。

Second quarter results also continue to benefit from secular demand tied to data center and power generation projects, which we estimate represented approximately 7% of our second quarter revenues. Sales tied to these applications continue to accelerate during the quarter, increasing approximately 30% sequentially, and we expect opportunities in these markets to continue building in future periods. Ryerson is participating in this demand through customers' power, IT hardware, cooling, fabrication, and related project activity, with that demand showing up across a number of our traditional end market categories.

第二季業績亦持續受惠於與資料中心及發電專案相關的結構性需求；我們估計此類需求約占第二季營收的 7%。與這些應用相關的銷售在本季持續加速，季對季增加約 30%，我們預期未來期間這些市場的機會仍將持續累積。Ryerson 透過客戶在電力、IT 硬體、冷卻、加工製造及相關專案活動參與此波需求，而該需求也在我們多個傳統終端市場類別中顯現。

Given our scale, processing capabilities, product breadth, and customer relationships, we believe Ryerson is well-positioned to support continued growth in these areas and expand our participation. Within our Ryerson North American same-store end markets, commercial transportation and climate were notable areas of strength. In commercial transportation, we saw solid single-digit North American same-store volume growth quarter-over-quarter, led by our truck cab subsector. We continue to view 2026 as a transition year for the Class 8 industry and remain cautiously optimistic about improving demand conditions as we move further into 2026 and into 2027. In climate, we delivered double-digit North American same-store volume growth quarter-over-quarter, supported by stronger activity from larger HVAC customers serving both data center-related demand and traditional product lines.

鑑於我們的規模、加工能力、產品廣度與客戶關係，我們相信 Ryerson 具備良好條件以支持這些領域的持續成長，並擴大我們的參與度。在 Ryerson 北美同店終端市場中，商用運輸與氣候（climate）是值得注意的強勁領域。在商用運輸方面，我們看到北美同店出貨量季對季呈現穩健的個位數成長，主要由卡車駕駛室（truck cab）子產業帶動。我們仍將 2026 年視為 8 級（Class 8）產業的過渡年，並對需求狀況在 2026 年後段至 2027 年改善保持審慎樂觀。在氣候領域，我們交出北美同店出貨量季對季雙位數成長，主要受惠於大型 HVAC 客戶活動轉強，這些客戶同時服務資料中心相關需求與傳統產品線。

At the same time, recovery across more cyclical end markets remains selective. Ryerson North American same-store agriculture shipments improved modestly during the period, suggesting that some larger customers may have slightly increased production after an extended period of inventory destocking. However, the agriculture market remains recessed given current farming economics, and we expect demand to remain largely subdued in the near term. Same-store North American fabrication and welding also improved modestly, supported by data center-related projects and broader improvement in manufacturing activities. In consumer products, Ryerson's same-store North American volumes were flat quarter-over-quarter, although we saw solid single-digit growth among top appliance customers.

同時，在較具景氣循環性的終端市場中，復甦仍呈現選擇性。期間內，Ryerson 北美同店農業出貨量小幅改善，顯示部分大型客戶在經歷一段較長的去庫存後，可能已略微提高產量。然而，鑑於目前的農業經濟狀況，農業市場仍處於低迷，我們預期短期內需求大致仍將維持疲弱。北美同店的加工製造與焊接業務亦小幅改善，受資料中心相關專案以及製造活動整體回升所支撐。在消費性產品方面，Ryerson 北美同店銷量季對季持平，但我們在主要家電客戶中看到穩健的個位數成長。

Overall, consumer demand remains disciplined as higher-for-longer interest rates and inflation continue to influence purchasing behavior. Across all of our end markets, customers have increasingly valued product availability, reliability, processing capabilities, and speed of response. All areas where our expanded scale and combined footprint are enhancing our ability to service our customers. One example of our enhanced ability to serve our customers is through the sharing of assets. Our Integrity Stainless business previously rented external storage due to space constraints at its location.

整體而言，在「利率維持高檔更久」以及通膨持續影響購買行為的情況下，消費需求仍保持審慎。在我們所有終端市場中，客戶愈來愈重視產品供應性、可靠性、加工能力與回應速度。而我們擴大的規模與整合後的據點版圖，正提升我們服務客戶的能力，這些正是我們的強項。我們提升服務能力的一個例子，是透過資產共享。由於場地空間受限，我們的 Integrity Stainless 業務過去曾租用外部倉儲。

Through coordination with our nearby Singer Steel facility, we moved Integrity Stainless product into available space within our own network, reducing external storage costs, lowering logistics costs, and improving turnaround times for our customers. We're also winning business through collaboration across geographies. For example, a customer in our Northeast market reached out to their Olympic representative in need of support for their new West Coast facility. Our Olympic representative connected with Ryerson Los Angeles, which fulfilled the customer's needs and delivered a successful customer experience. This is a good example of how the merger has opened doors for additional business opportunities for the combined enterprise.

透過與附近的 Singer Steel 廠區協調，我們將 Integrity Stainless 的產品移入我們自有網路內的可用空間，降低外部倉儲成本、降低物流成本，並改善客戶的周轉時間。我們也透過跨地域協作贏得業務。例如，我們東北市場的一位客戶聯繫其 Olympic 業務代表，尋求其新設西岸廠區的支援。我們的 Olympic 代表與 Ryerson 洛杉磯據點聯繫，由其滿足客戶需求並提供成功的客戶體驗。這是一個很好的例子，說明此次合併如何為整合後的企業開啟更多額外的商機。

We're also beginning to coordinate order flow more strategically across the combined network. In certain cases, that means aligning contract business within Olympic facilities that are well-positioned to support it, while creating additional capacity at Ryerson facilities for quicker-turning, higher-margin transaction work. This is a synergistic example of how our combined footprint can improve customer service, facility utilization, and earnings quality. Across the business, we are seeing collaboration among commercial, procurement, operations, logistics, and leadership teams translate into practical execution. Our teams are identifying new ways to serve customers through the combined footprint, broader product access, shared inventory, increased in-house processing, and faster response in a market where availability and reliability matter.

我們也開始在整合後的網路中，更具策略性地協調訂單流向。在某些情況下，這意味著將合約型業務配置在最適合支援的 Olympic 廠區，同時在 Ryerson 廠區釋出更多產能，以承接周轉更快、毛利更高的交易型業務。這是一個具協同效益的例子，展現我們整合後的據點版圖如何提升客戶服務、廠區利用率與獲利品質。在整體業務上，我們看到商務、採購、營運、物流與管理團隊之間的協作，正轉化為務實的執行成果。我們的團隊正透過整合後的據點版圖、更廣的產品取得、共享庫存、增加內部加工能力，以及在供應性與可靠性至關重要的市場中更快的回應速度，找出服務客戶的新方式。

We continue to be encouraged by how naturally the organizations are integrating. The shared customer-first mindset is showing up in our everyday decisions, how we move material, connecting customers to new capabilities, and solving problems across our expanded network. From an operating standpoint, our focus remains straightforward: serve our customers well, execute on our synergies, and build a more cohesive, interconnected metal service center platform. The second quarter began to show the power of that model. We still have much work ahead, but we're already creating real value for our customers, our teammates, and our stakeholders.

我們持續對兩個組織能如此自然地整合感到鼓舞。共同的「客戶優先」思維，體現在我們日常決策、物料調度方式、為客戶連結新能力，以及在擴大後的網路中解決問題的作法上。從營運角度來看，我們的重點仍很明確：把客戶服務好、落實協同效益，並打造更一致、更互聯的金屬服務中心平台。第二季開始展現這個模式的威力。我們仍有許多工作要做，但我們已經在為客戶、同仁與利害關係人創造實質價值。

And now I'll turn the call over to Jim Claussen to review our performance relative to second quarter guidance. He'll also discuss our expectations for the third quarter and provide an update on synergy attainment and capital allocation. Jim?

接下來我把電話交給 Jim Claussen，請他回顧我們相對於第二季財測指引的表現。他也會談談我們對第三季的展望，並更新協同效益達成進度與資本配置。Jim？

Thank you, Rick, and good morning, everyone. As Rick mentioned, Ryerson generated a record $2 billion in revenue for the quarter on just over 800,000 in tons shipped, exceeding guidance expectations on both a revenue and shipment basis. Our top line performance reflects both stronger same-store and total company shipment performance, improved pricing, and effective execution across the organization. On the bottom line, our net income and earnings per share generation came in at $15.5 million and $0.30 per diluted share. Net income for the quarter was impacted by a $15.7 million purchase accounting adjustment to cost of materials sold, which reduced our gross margin and net income generation.

謝謝你，Rick，各位早安。如 Rick 所提，Ryerson 本季在出貨量略高於 80 萬噸的情況下，創下 20 億美元的季度營收新高，無論在營收或出貨量方面都超出指引預期。我們的營收表現反映了同店與全公司出貨表現更強、定價改善，以及全組織有效的執行。在獲利端，我們本季淨利與每股盈餘分別為 1,550 萬美元與稀釋後每股 0.30 美元。本季淨利受到 1,570 萬美元的收購會計調整（計入銷售材料成本）影響，該調整降低了毛利率與淨利表現。

Excluding the impact of purchase accounting and other one-time items, adjusted net income generation for the second quarter was $27.6 million, or $0.52 per diluted share. Adjusted EBITDA, excluding LIFO, was $101 million in the second quarter, which exceeded our guidance range of $88 million to $92 million. Olympic Steel generated $23.5 million in adjusted EBITDA, excluding LIFO, also exceeding our expectations. In the second quarter, we recorded LIFO expense of $17 million. Turning to our outlook for the third quarter, we expect that market demand will follow normal seasonal industry demand patterns, leading to volumes 3% to 5% lower compared to the second quarter.

若排除收購會計影響及其他一次性項目，第二季調整後淨利為 2,760 萬美元，或稀釋後每股 0.52 美元。第二季調整後 EBITDA（不含 LIFO）為 1.01 億美元，超出我們 8,800 萬至 9,200 萬美元的指引區間。Olympic Steel 的調整後 EBITDA（不含 LIFO）為 2,350 萬美元，也高於我們的預期。第二季我們認列 LIFO 費用 1,700 萬美元。談到第三季展望，我們預期市場需求將遵循正常的季節性產業需求型態，使得出貨量較第二季下降 3% 至 5%。

At the same time, we expect that average selling prices will be flat to up by 2% as we anticipate that carbon pricing will remain supported and offset recent corrections in stainless and aluminum prices. We therefore expect that our third quarter revenues will be in the range of $1.87 billion to $1.95 billion. We anticipate that rising material costs, ongoing program customer pricing lags, and continued inflationary pressures across labor and delivery will pressure margins, causing some compression in the third quarter. We also expect to recognize approximately $5 million to $7 million of additional inventory purchase accounting adjustments through the end of the year as we sell through the remaining acquired inventory and get further distance from one-time merger closing events. Excluding these inventory purchase accounting adjustments, we anticipate net income generation in the range of $19 million to $21 million, or $0.37 to $0.40 per diluted share in the third quarter.

同時，我們預期平均銷售價格將持平至上升 2%，因我們預期碳鋼價格仍將獲得支撐，並抵消不鏽鋼與鋁價近期的修正。因此，我們預期第三季營收將落在 18.7 億至 19.5 億美元之間。我們預期原料成本上升、專案型客戶定價的滯後效應，以及勞動與配送等持續的通膨壓力，將對毛利率造成壓力，使第三季毛利率出現一定程度的壓縮。我們也預期在今年年底前，隨著我們銷售剩餘的併購取得庫存並逐步遠離一次性的併購交割事件，將額外認列約 500 萬至 700 萬美元的庫存收購會計調整。若排除這些庫存收購會計調整，我們預期第三季淨利將落在 1,900 萬至 2,100 萬美元之間，或稀釋後每股 0.37 至 0.40 美元。

We expect to record LIFO expense in the range of $16 million to $18 million in the third quarter, leading to adjusted EBITDA, excluding LIFO, in the range of $88 million to $92 million, with $21 million to $23 million of that generation contributed by Olympic Steel. At the same time, given that stainless and aluminum prices are reverting from recent highs, we expect working capital requirements to moderate in the third quarter, supporting free cash flow generation and net debt reduction. This working capital requirement moderation, coupled with higher trailing 12-month EBITDA generation, is expected to move us closer to a net leverage ratio of 3x by the end of the year. Turning to our progress on synergies, our second quarter results included the realization of approximately $5 million of synergy attainment across our four synergy pillars. Based on the actions already implemented and those currently underway, we expect to realize approximately $13 million to $14 million in synergies in the third quarter.

我們預期第三季將認列 1,600 萬至 1,800 萬美元的 LIFO 費用，使調整後 EBITDA（不含 LIFO）落在 8,800 萬至 9,200 萬美元之間，其中 2,100 萬至 2,300 萬美元將由 Olympic Steel 貢獻。同時，鑑於不鏽鋼與鋁價正自近期高點回落，我們預期第三季營運資金需求將趨於緩和，進而支持自由現金流的產生與淨負債的降低。此一營運資金需求緩和，加上過去 12 個月 EBITDA 的提升，預期將使我們在年底前更接近 3 倍的淨槓桿比率。談到協同效益進展，我們第二季結果包含在四大協同支柱中約 500 萬美元的協同效益達成。基於已落地的措施與目前正在推進的行動，我們預期第三季可實現約 1,300 萬至 1,400 萬美元的協同效益。

This third quarter expectation would result in an annual run rate synergy amount of $52 million to $56 million and exceed our first-year target of $40 million in annual run rate synergies ahead of schedule. Through the second quarter, we have spent approximately $1.2 million in one-time costs to achieve these synergies. Of our third quarter forecasted attainment, we expect that our procurement synergies will generate approximately $6.5 million as we continue to align purchasing programs and leverage the increased scale of the combined company. Efficiency and public company cost savings are progressing as expected, and we anticipate that this category will create approximately $3 million in savings in the third quarter through the elimination of duplicative public company costs, attrition, and related efficiency actions. Our commercial enhancement strategy is off to an even stronger start than anticipated, and Rick gave great examples of the wins we are seeing across our markets.

此一第三季預期將使年度化的協同效益「運行率」達到 5,200 萬至 5,600 萬美元，並可提前達成且超越我們第一年 4,000 萬美元年度化運行率協同效益的目標。截至第二季，我們為達成這些協同效益已支出約 120 萬美元的一次性成本。就第三季預估達成的部分而言，我們預期採購協同效益將貢獻約 650 萬美元，因我們持續對齊採購計畫並運用整合後公司的規模擴大。效率提升與上市公司成本節省如預期推進，我們預期此類別在第三季可透過消除重複的上市公司成本、人員自然流失（attrition）及相關效率措施，創造約 300 萬美元的節省。我們的商業強化策略起步比預期更強勁，Rick 也分享了我們在各市場看到的多個成功案例。

As a reminder, we projected $20 million in annual run rate opportunities from this category. Our third quarter expectation includes approximately $2 million of synergy benefits generated by commercial strategies, approximately $8 million of annualized incremental EBITDA from new business opportunities enabled by the scale of our combined facilities, equipment, customer relationships, and geographic reach. And finally, our third quarter synergy outlook includes approximately $2 million of expected benefits from network optimization actions, or approximately $8 million on an annualized basis. This work includes practical actions such as bringing more processing in-house, reducing third-party costs, sharing inventory across the combined network, and consolidating facilities where we believe in improved service and cost structure. Together, these actions are expected to support EBITDA performance while enhancing our ability to serve customers during a period of extended lead times and constrained availability.

提醒一下，我們先前預估此類別可帶來每年約2,000萬美元的年化運行率機會。我們對第三季的預期包含：約200萬美元由商業策略所產生的協同效益；以及約800萬美元的年化增量EBITDA，來自於因我們合併後的設施、設備、客戶關係與地理覆蓋規模所促成的新業務機會。最後，我們第三季的協同效益展望亦包含：約200萬美元來自網路優化行動的預期效益，換算年化約800萬美元。這項工作包含一些務實的行動，例如將更多加工內製化、降低第三方成本、在合併後的網路間共享庫存，以及在我們相信可改善服務與成本結構之處整併設施。綜合而言，預期這些行動將在提升我們於交期延長與供應受限期間服務客戶能力的同時，支撐EBITDA表現。

Within this network optimization strategy, we have already completed a consolidation project in Mexico that is generating approximately $1.3 million of annual run rate synergies, and we are advancing a Connecticut project that will consolidate Olympic Milford and Ryerson Specialty Alloys. The Connecticut project is expected to be completed in the first quarter of 2027 and create a stronger operating platform with improved workflow, expanded processing capabilities, better product availability, lower fixed costs, and enhanced logistics. In all, we are very pleased with how our synergy strategies are progressing. That progress is the direct reflection of our teams in the field, from those serving on dedicated synergy councils to those in local markets reaching across offices, warehouses, and geographies to create solutions for customers. Looking ahead with our first-year target in sight, we remain confident in our ability to achieve our total two-year target of $120 million of annual run rate synergies.

在此網路優化策略之下，我們已在墨西哥完成一項整併專案，正產生約130萬美元的年化運行率協同效益；同時我們也正推進康乃狄克州專案，將整併Olympic Milford與Ryerson Specialty Alloys。康乃狄克州專案預計於2027年第一季完成，並透過改善作業流程、擴增加工能力、提升產品可得性、降低固定成本及強化物流，打造更強健的營運平台。整體而言，我們對協同效益策略的推進進度感到非常滿意。這項進展直接反映了我們前線團隊的努力，從參與專責協同效益委員會的同仁，到在各地市場跨辦公室、倉庫與不同地理區域協作、為客戶創造解決方案的同仁。展望未來，在第一年目標近在眼前之際，我們仍對達成兩年合計每年1.2億美元年化運行率協同效益的總目標充滿信心。

Turning to investments in the business, capital expenditures totaled $16 million in the quarter and included investments in the maintenance of our facilities, as well as projects supporting our transactional and value-add growth. Year-to-date, we have invested $29 million in CapEx. We still expect to invest approximately $75 million for the full year, with $50 million in same-store capital expenditures anticipated. During the second quarter, we returned approximately $800,000 to shareholders through the opportunistic repurchase of approximately 39,000 shares. These repurchases were completed prior to the effectiveness of the new authorization announced in May, and as a result, the full $100 million authorization remains available to us through April 2028.

談到對業務的投資，本季資本支出合計1,600萬美元，包含對設施維護的投資，以及支持我們交易型與加值型成長的專案。年初至今，我們已投入2,900萬美元的資本支出（CapEx）。我們仍預期全年將投資約7,500萬美元，其中預計5,000萬美元為同店資本支出。在第二季，我們透過機會性回購約39,000股，向股東返還約80萬美元。這些回購是在5月宣布的新授權生效之前完成，因此，完整的1億美元回購授權仍可供我們使用，期限至2028年4月。

Our Board has declared a quarterly dividend of $0.1875 per share, which is consistent with our prior quarter and will be paid on September 17th to shareholders of record as of September 3rd. Overall, our capital allocation strategy remains focused on enabling free cash flow generation and reducing debt, that means maintaining a disciplined approach to capital expenditures, being highly selective on M&A, continuing to support our dividend, and preserving the flexibility to prudently exercise our share repurchase authorization as conditions warrant. I'll now turn the call over to Molly Kannan to discuss our financial performance highlights for the second quarter.

董事會已宣告每股0.1875美元的季度股利，與前一季一致，將於9月17日支付給截至9月3日登記在冊的股東。整體而言，我們的資本配置策略仍聚焦於促進自由現金流的產生並降低負債；這意味著維持對資本支出的紀律性作法、在併購（M&A）上高度審慎篩選、持續支持股利，並保留彈性以在條件允許時審慎運用我們的股票回購授權。接下來我將把電話會議交給Molly Kannan，請她說明我們第二季的財務表現重點。

Thanks, Jim, and good morning, everyone. In the second quarter of 2026, Ryerson generated net sales of $2.01 billion, an increase of 28.1% compared to the prior quarter, with tons shipped 22.6% higher and average selling prices 4.5% higher. On a same-store basis, revenue was $1.44 billion, an increase of 11.5% sequentially, with average selling prices 7.2% higher and tons shipped 4% higher. Impacted by the one-time purchase accounting adjustment that Jim mentioned, gross margin contracted during the second quarter by 70 basis points to 17.7% compared to 18.4% in the prior period. Excluding our second quarter LIFO expense of $17 million and the impact of purchase accounting, adjusted gross margin, excluding LIFO, expanded by 20 basis points to 19.3% compared to gross margin, excluding LIFO, of 19.1% in the first quarter of 2026.

謝謝你，Jim，各位早安。2026年第二季，Ryerson的淨銷售額為20.1億美元，較前一季成長28.1%，其中出貨噸數增加22.6%，平均銷售價格上升4.5%。以同店基礎計算，營收為14.4億美元，較前一季增加11.5%，其中平均銷售價格上升7.2%，出貨噸數增加4%。受Jim提到的一次性購買會計調整影響，第二季毛利率較前期收縮70個基點至17.7%，前期為18.4%。若排除第二季1,700萬美元的LIFO費用以及購買會計的影響，調整後毛利率（不含LIFO）擴張20個基點至19.3%，相較於2026年第一季不含LIFO的毛利率為19.1%。

Warehousing, delivery, selling, general, and administrative expenses, or WDSG&A, totaled $320.3 million in the second quarter, an increase of 20.8% compared to the first quarter. On a same-store basis, WDSG&A was relatively flat compared to the first quarter, up by just $1.1 million to $218.7 million and down as a percentage of sales from 16.8% to 15.2%. On a per-ton basis, total company WDSG&A decreased to $398 per ton in the second quarter from $404 per ton in the first quarter and decreased on a same-store basis to $402 per ton from $416 per ton in the first quarter, reflecting operating leverage across the expanded platform as volumes increase.

倉儲、配送、銷售、一般及行政費用（WDSG&A）在第二季合計3.203億美元，較第一季增加20.8%。以同店基礎計算，WDSG&A相較第一季大致持平，僅增加110萬美元至2.187億美元，且占銷售額比重由16.8%降至15.2%。以每噸計算，全公司WDSG&A在第二季降至每噸398美元，第一季為每噸404美元；同店基礎亦由第一季每噸416美元降至每噸402美元，反映隨著量能提升，擴大後的平台帶來營運槓桿效益。

In all, we generated net income of $15.5 million, or $0.30 per diluted share, in the second quarter, compared to net income of $4.5 million, or $0.10 per share, in the first quarter. After removing the impact of purchase accounting adjustments and insurance settlement gains, advisory service fees, and impairment charges on assets, as well as the related income tax benefits of these items, Ryerson's second quarter adjusted net income was $27.6 million, or $0.52 per diluted share.

整體而言，我們第二季淨利為1,550萬美元，或稀釋後每股0.30美元；相較之下，第一季淨利為450萬美元，或每股0.10美元。在剔除購買會計調整與保險理賠結算收益、顧問服務費用、資產減損費用，以及上述項目相關的所得稅利益影響後，Ryerson第二季調整後淨利為2,760萬美元，或稀釋後每股0.52美元。

Our total company adjusted EBITDA, excluding LIFO generation for the second quarter, was $101 million, $23.5 million of which was contributed by Olympic Steel. This compares to $67.4 million generated in the first quarter, $12.5 million of which was contributed by Olympic Steel on the six-week sub-period. Turning to cash flow, Ryerson used $5.6 million in cash from operations in the second quarter as net income generation was offset by a higher-than-anticipated working capital build supporting higher revenues. We anticipate the working capital build to mitigate in Q3 as both stainless steel and aluminum products have come off their 2026 highs in June. Our inventory remained well-managed in the second quarter as our days of supply decreased by one day to 73 days, which is within our target range of 70 to 75 days.

第二季全公司調整後EBITDA（不含LIFO產生）為1.01億美元，其中2,350萬美元由Olympic Steel貢獻。相較之下，第一季為6,740萬美元，其中1,250萬美元由Olympic Steel在六週的子期間貢獻。談到現金流，第二季Ryerson營運活動使用現金560萬美元，因淨利的產生被高於預期、用以支撐較高營收的營運資金增加所抵銷。我們預期營運資金增加將在第三季趨緩，因不鏽鋼與鋁產品已於6月自其2026年高點回落。第二季我們的庫存管理仍然良好，供應天數減少1天至73天，落在我們70至75天的目標區間內。

Our cash conversion cycle increased to 71 days for the second quarter compared to 67 days in the first quarter as we took advantage of early payment discounts during the quarter, decreasing our payable cycle while our receivable cycle increased slightly. We ended the quarter with total debt of $955 million and net debt of $913 million, which represents sequential increases of $47 million and $30 million, respectively, due to higher working capital requirements. Our leverage ratio decreased from 5.1 times in the first quarter to 4 times in the second, driven by higher trailing 12-month adjusted EBITDA, excluding LIFO, as we recorded higher same-store achievement and a full quarter of Olympic Steel results.

第二季現金轉換週期上升至71天，第一季為67天，原因是我們在本季把握提前付款折扣，使應付帳款週期縮短，而應收帳款週期則小幅增加。本季末我們的總負債為9.55億美元，淨負債為9.13億美元；由於較高的營運資金需求，兩者分別較前一季增加4,700萬美元與3,000萬美元。我們的槓桿比率由第一季的5.1倍降至第二季的4倍，主要受惠於過去12個月調整後EBITDA（不含LIFO）提高，因我們同店表現提升，且Olympic Steel的業績貢獻涵蓋完整一季。

We expect our leverage ratio to continue its downward trend as we anticipate that our trailing 12-month adjusted EBITDA, excluding LIFO, will increase with the addition of Olympic Steel, our expectations for higher year-over-year, same-store generation, and our forecasted synergy attainment. And finally, total global liquidity increased from $618 million at the end of the first quarter to $757 million at the end of the second, as our borrowing base continued to expand with our working capital.

我們預期槓桿比率將延續下行趨勢，因為我們預計在納入 Olympic Steel 後，過去12個月的調整後 EBITDA（不含 LIFO）將隨之增加，同時受惠於我們對同店年增發展的較高預期，以及我們對協同效益達成的預測。最後，隨著我們的借款基礎因營運資金而持續擴大，全球總流動性自第一季末的6.18億美元增加至第二季末的7.57億美元。

Overall, the second quarter reflected strong revenue, adjusted net income, and adjusted EBITDA generation, improved operating leverage, and incremental progress on deleveraging with ample liquidity to support our growth strategies. With that, I will turn the call back to Eddie to conclude our prepared comments.

整體而言，第二季反映出強勁的營收、調整後淨利與調整後 EBITDA 產出、營運槓桿改善，以及在充裕流動性支持我們成長策略下，去槓桿化方面的進一步進展。接下來我把電話交回給 Eddie，請他結束我們的事先準備發言。

Edward LehnerExecutive

Edward Lehner 主管

Thank you, Molly. Taking it all together, Ryerson succeeded in delivering revenue and adjusted EBITDA, excluding LIFO, results that exceeded expectations. And we continue making meaningful synergy and operating model progress while navigating an improved but complex market. This quarter's achievements are a credit to our people and to the daily decisions they are making and actions they are taking to connect capabilities, solve problems, reduce friction, and create excellent customer experiences.

謝謝你，Molly。綜合來看，Ryerson 成功交出營收與調整後 EBITDA（不含 LIFO）表現，結果優於預期。同時，我們在面對改善但仍複雜的市場環境下，持續在協同效益與營運模式上取得具意義的進展。本季的成果要歸功於我們的同仁，以及他們每天所做的決策與採取的行動，將能力串聯、解決問題、降低摩擦，並創造卓越的客戶體驗。

We believed from the beginning that merging Ryerson and Olympic Steel together would act as a growth and enterprise value accelerant, giving us the scale, capabilities, and momentum to support the transformation of one of North America's largest metal service center platforms into a higher-performing, technologically enabled industrial metal solutions network with speed, joy, and operational excellence.

我們從一開始就相信，將 Ryerson 與 Olympic Steel 合併將成為成長與企業價值的加速器，賦予我們規模、能力與動能，以速度、喜悅與營運卓越，支持把北美最大金屬服務中心平台之一，轉型為更高績效、以科技賦能的工業金屬解決方案網路。

After our first full quarter together, we are beginning to see tangible proof of what this was all about: great experiences all around for our customers, our employees, and our shareholders as RYZ continues to rise. With that, we look forward to your questions. Operator?

在我們共同合作的第一個完整季度之後，我們開始看到這一切的具體證明：當 RYZ 持續上升時，為客戶、員工與股東帶來全方位的優質體驗。接下來，我們期待各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Samuel McKinney, KeyBank Capital Markets.

Samuel McKinney，KeyBank Capital Markets。

The transactional business outperforming contract has been the trend at Ryerson for a while, but you also mentioned some transactional market share gains in the release. Just maybe an outline of where you're seeing those wins right now.

交易型業務表現優於合約型業務，這在 Ryerson 已經是持續一段時間的趨勢，但你們也在新聞稿中提到交易型市占率有所提升。能否大致說明一下你們目前在哪些地方看到這些勝利？

Hey, good morning, Sam. Yes, it's really broad-based, and it really depends on what we term service center fundamentals that we've referenced, where when we have service levels that are standard, which we peg at 95% for A1A items, when that inventory is in the network, positioned locally in the right place at the right time, in addition to some of the technologies that we've developed to improve quoting bandwidth, quoting speed. When that inventory is available, we do better.

嗨，早安，Sam。是的，這其實相當廣泛，也很取決於我們所稱的、先前提到的服務中心基本面：當我們的服務水準達到標準（我們對 A1A 品項的目標是95%），當庫存在網路中、並在正確的時間於當地正確位置就位，再加上我們所開發的一些技術以提升報價產能與報價速度。當庫存可供時，我們表現就會更好。

And it's really that simple. And I think over the last two to three years, as we've talked about investments that we've made in the company that maybe weren't quite ready for prime time two, three, four years ago, as those investments now have really come to fruition in a market environment that is better on the whole, we're seeing that transactional growth because we do have a name and brand in the industry that gets us the quoting opportunity, but then we need to perform when we get that opportunity, increase win rates, and get that product positioned where it can do the most good.

事情就是這麼簡單。我認為在過去兩到三年，我們談到對公司所做的一些投資，可能在兩、三、四年前還未完全成熟；而當這些投資如今在整體更佳的市場環境中真正開花結果時，我們就看到交易型成長，因為我們在產業中具備名號與品牌，能讓我們取得報價機會；但當機會來臨時，我們必須交出表現、提高得標率，並把產品配置到最能發揮效益的位置。

Okay, and then if you could just level-set us on the split between the transactional and the contract business today.

好的，那麼你能否幫我們校準一下，目前交易型與合約型業務的占比？

Yes, I mean, where we are now as a combined enterprise is, I'd say, 40-60 when you look at the two enterprises. And, you know, we're looking to improve both sides of the ledger. I think where we can improve the program portfolio of business. We're doing that, and we call it, you know, sweat the P and grow the T. So what you do is you look to lower the cost to serve on your program assets by moving that business to the work centers that can accommodate those higher volumes.

是的，我是說，以合併後的整體企業來看，若把兩家企業放在一起看，我會說大約是40-60。而且，你知道的，我們希望兩邊都能改善。我認為在方案型（program）業務組合方面，我們可以做得更好。我們正在做，我們把它稱為「把 P 榨乾、把 T 做大」（sweat the P and grow the T）。也就是說，你會透過把這些業務移轉到能承接更高量的工作中心，來降低方案資產的服務成本。

And so you can increase the spread of the margin that way. That frees up more space to go ahead and grow the transactional side of the ledger. So, you know, as we go from 40-60, we're looking to get to that next benchmark of 45-55, because right now, as we referenced in the script, you've got a margin differential between transactional and program between 700 and 800 basis points, and so there's ample opportunity to improve both parts of that commercial portfolio.

如此一來，你就能擴大毛利差。這也會釋放更多空間，進一步擴大交易型業務。因此，當我們從40-60往前走時，我們希望達到下一個基準45-55，因為如同我們在講稿中提到的，目前交易型與方案型之間的毛利差約為700到800個基點，因此在這個商業組合的兩個部分都有充足的改善機會。

(Operator Instructions)

(接線員指示)

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO Capital Markets。

Maybe staying on the contractual and transactional business. Eddie, you just mentioned that the gap, I think, currently is -- margin gap is between 700 to 800 basis points. How does that compare to typical historical gap?

或許延續合約型與交易型業務的話題。Eddie，你剛提到目前的差距——我想是毛利差——大約在700到800個基點。這與過去典型的歷史差距相比如何？

That's a great question. I mean, in my time over the last, call it 14 years with Ryerson, I've seen the gap narrow to as low as 250 basis. We really dial it into about 600 to 700 basis points difference between that transactional order, that spot bill of material order, and the program order.

這是個很好的問題。以我在 Ryerson 過去大約14年的時間來看，我看過這個差距最小縮到約250個基點。我們通常會把它調整在大約600到700個基點的差距，介於交易型訂單（現貨 BOM 訂單）與方案型訂單之間。

And then on the program, what are kind of the main factors that are driving the margin to lag so much? And are there steps that are in your control that you can take to maybe reduce that?

那麼在方案型業務方面，造成毛利落後這麼多的主要因素是什麼？以及是否有你們可控的措施，可以採取來縮小差距？

Yes, absolutely .I'm going to actually ask Rick and Andy to add color to this. I would only say that the answer is yes. I mean, there's a unique set of circumstances, I think, around the program book coming out of Q4 '25 and into 2026. Some of it has to do with some supply-side constraints that I know you're well aware of around carbon sheet, carbon plate, and tube, for example, and maybe catching a little bit of a downdraft in a little bit of stainless. But I'd ask Rick and Andrew to append to that.

是的，絕對可以。我其實會請 Rick 和 Andy 來補充說明。我只想說答案是肯定的。我認為在2025年第四季結束、進入2026年之際，方案型訂單簿存在一組特殊情況。其中一部分與供給端限制有關，我知道你也很清楚，例如碳鋼薄板、碳鋼厚板與鋼管等，另外不鏽鋼可能也有些許下行氣流。不過我會請 Rick 和 Andrew 再補充。

Yes, Katja, this is Andrew. What I would tell you is so many of the contract businesses, especially on the carbon side, are index-based. So as you came out of '25 going into '26, the numbers were relatively fixed going up or down based on either monthly or quarterly contracts. Where we certainly have the opportunities, both Eddie and Rick have talked about, is the opportunity to get better asset utilization. The more we're running contract business on the Olympic assets and running full shifts and getting into a third full shift, we'll see greater opportunities for profitability.

是的，Katja，我是 Andrew。我想告訴你的是，許多合約業務，特別是在碳鋼端，是以指數為基礎定價的。因此從2025年走到2026年時，數字相對固定，會依月度或季度合約而上調或下調。我們確實有機會的地方——Eddie 和 Rick 都談過——在於提升資產使用率。當我們在 Olympic 的資產上承接更多合約業務、跑滿班次，並進一步進入第三個完整班次時，我們將看到更大的獲利機會。

And I think that will allow, as Eddie talked about, on the number of the Ryerson assets to be able to free up to put more transactional items on the floor, getting up to those A1A items and getting closer to a 95% rate of inventory on the floor.

我認為這也將使得——如 Eddie 所說——Ryerson 的資產能夠釋放出來，把更多交易型品項放到產線上，提升到那些 A1A 品項，並讓現場庫存率更接近95%。

And Katja, I think, as you know, there's always a normal lag on the contract business, as Andrew just described, because you're -- typically, the preponderance of those contracts are pricing a quarter in arrears based on the prior quarter's index. So the good news is we continue, especially in carbon, to be in a rising price environment. So, you know, that lag that we talk about, we still haven't caught equilibrium yet on the contracts where, as you see pricing starting to level off, off those subsequent one or two quarters, you start to really catch up on that plan. So it's timing. It's the things Andrew talked about.

Katja，我想如你所知，合約業務一向會有正常的滯後，正如 Andrew 剛才所描述的，因為你們——通常，這些合約中占大宗的是以落後一季、依據前一季的指數來定價。所以好消息是，我們仍然持續，尤其是在碳鋼方面，處於價格上升的環境。所以，你知道，我們所談到的那個滯後，在合約上我們仍尚未追上均衡；當你看到定價開始趨於平緩，在接下來的一到兩季，你就會真正追上那個計畫。所以這是時間點的問題。也是 Andrew 談到的那些事情。

And then, you know, there's long lead times also, so that also creates some other dynamics in terms of the lag in terms of servicing the customers but having the perfect matching of what you'd like with the supply side really being extended.

然後，你知道，交期也很長，所以這也會在服務客戶的滯後方面造成一些其他動態，但你希望與供給端做到完美匹配，而供給端的延伸期確實更長。

Perfect. And if I can just squeeze one more. You talked about cost pressures, including freight or transportation costs. I always understood or thought that those type of costs are passed through to customers. Are you not able to do that now?

明白。如果我可以再擠一個問題。你提到成本壓力，包括運費或運輸成本。我一直理解或以為這類成本會轉嫁給客戶。你們現在做不到嗎？

Yes, Katja, I'll start, and then again I'll ask the team to contribute. I would say this. There's always a lag. I think when you look at the speed and rate at which fuel price increases and flatbed trucking capacity has tightened, there's just an adjustment, especially on the program side where those contracts have terms in them that tell you pretty much when you can introduce those price increases. On the spot side of the ledger, on the transactional side, we have a lot more flexibility to price that alongside of competitors that we're bidding against for that next order.

是的，Katja，我先回答，然後我也會請團隊補充。我會這麼說。總是會有滯後。我想當你看燃料價格上漲的速度與幅度，以及平板卡車運能收緊的情況時，確實需要一段調整期，尤其是在專案端，因為那些合約條款幾乎會明確規定你何時可以導入這些漲價。在帳本的現貨端、也就是交易端，我們有更大的彈性，可以在為下一筆訂單投標、與競爭對手競價時，把這些成本反映到定價上。

So those price pass-throughs are coming. I would take everybody back to the operating leverage that we generated, even though some of those variable cost components are surging higher than maybe the average selling price increase. So the synergy side has been a really good story for us. And we've dealt ourselves some really good cards in this merger. So we've got winning hands to play.

所以這些價格轉嫁正在發生。我會請大家回想一下我們所產生的營運槓桿，即使其中一些變動成本項目飆升的幅度可能高於平均售價的漲幅。所以協同效益這一塊對我們來說一直是個非常好的故事。而且在這次合併中，我們也等於拿到了一手好牌。所以我們有贏面很大的牌可以打。

We just have to kind of catch up to that lag. But, you know, I would ask Jim and Rich to kind of talk a little bit about that.

我們只是需要在某種程度上追上這個滯後。不過，你知道，我想請 Jim 和 Rich 來稍微談談這一點。

Yes, thanks, Eddie. Good morning, Katja. I think Eddie really covered it. I mean, there can be a bit of a lag, especially on fuel prices as you have fuel surcharges that may index up over time and things like that. And really, the spot market is also driven by market dynamics with supply and demand.

好的，謝謝你，Eddie。早安，Katja。我想 Eddie 已經把重點都涵蓋了。我的意思是，確實可能會有一些滯後，尤其是在燃料價格方面，因為你有燃油附加費，可能會隨時間依指數上調之類的。而且現貨市場也確實是由供需等市場動態所驅動。

So there are pressures on that cost, and we've seen them across both platforms and continue to work together to try to moderate logistics costs, leverage our synergies, leverage that network to reduce those miles and trips.

所以那項成本確實有壓力，我們在兩個平台上都看到了，並且持續一起努力，試著緩和物流成本、發揮協同效益、運用那個網路來減少里程與趟次。

And we have a question from online. Thanks for sending that in. This one's regarding our FIFO gross margin outlook for the third quarter, given the noted price-cost dynamics on contracts and the stainless price declines.

我們收到一個線上提問。感謝你送出問題。這題是關於在合約的價格—成本動態以及不鏽鋼價格下跌的情況下，我們對第三季 FIFO 毛利率展望的看法。

Yes, I think following up on what we talked about in the script and even so far in the Q&A, I would say this: we have a real opportunity. I think we all agree that the biggest opportunity that we have is within our commercial portfolio to drive margin accretion over time. I think some of the headwinds that have shown themselves in the transition from Q2 to Q3, they're really lags and they're transitional lags. So whereas aluminum and stainless on a three-month average both stepped down between 10% and 15%, you're going to see that run through Q3, along with some of the supply chain disruptions, where you have to cover buy, or you have to take on some additional network costs because you want to make sure that you create those great customer experiences. Those are all transitory costs.

是的，我想延續我們在講稿中、以及到目前為止在問答中談到的內容，我會這麼說：我們有一個很實質的機會。我想我們都同意，我們最大的機會是在我們的商業組合中，隨時間推進毛利率的提升。我想在從第二季到第三季的轉換中所顯現的一些逆風，其實主要是滯後，而且是過渡性的滯後。因此，當鋁與不鏽鋼以三個月平均來看都下滑了 10% 到 15% 之間，你會看到這個影響延續到第三季；再加上一些供應鏈中斷，在那種情況下你必須補貨採購（cover buy），或者你必須承擔一些額外的網路成本，因為你想確保能創造很好的客戶體驗。這些都是暫時性的成本。

And I think over time, we'll continue to grow our margin profile and expand margins as we go forward. But it really is something that we just need to cycle through about one inventory turn as we go from Q2 to Q3. We've been looking forward to this Q&A for a long time. Come on. Let's bring the questions.

而且我認為，隨著時間推進，我們會持續改善我們的毛利結構，並在未來擴大毛利率。但這確實是我們只需要在第二季到第三季之間，隨著大約一個庫存周轉周期把它走完。我們期待這場問答已經很久了。來吧。把問題帶上來。

(Operator Instructions) It appears there are no further questions in the queue at this time. I'll turn it back to the speakers for any closing remarks.

(接線員指示) 目前看起來隊列中沒有其他問題。我把時間交回給講者做任何結語。

So, we really appreciate your support of Ryerson, and we look forward to being with you to discuss Q3 results sometime in early November. Thank you.

所以，我們非常感謝各位對 Ryerson 的支持，也期待在 11 月上旬的某個時間與各位一起討論第三季的結果。謝謝。

And ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect and have a great day.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。