RYERSON INC.

CIK:0000790528|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net sales	$ 947.9	$ 859.8	$ 2,753.8	$ 2,657.8
Cost of materials sold	798.4	704.7	2,302.2	2,188.4
Gross profit	149.5	155.1	451.6	469.4
Warehousing, delivery, selling, general and administrative	154.2	119.6	392.4	362.7
Gain on sale of assets	(1.3)		(1.3)
Restructuring and other charges				2.1
Impairment charges on fixed assets and goodwill		1.1		8.8
Operating profit (loss)	(3.4)	34.4	60.5	95.8
Other income and (expense), net	(8.5)	(1.1)	(8.2)	2.1
Interest and other expense on debt	(27.9)	(27.1)	(82.8)	(83.3)
Income (loss) before income taxes	(39.8)	6.2	(30.5)	14.6
Provision (benefit) for income taxes	(13.4)	2.9	(7.8)	6.2
Net income (loss)	(26.4)	3.3	(22.7)	8.4
Less: Net loss attributable to noncontrolling interest	(0.8)	(1.0)	(2.6)	(4.9)
Net income (loss) attributable to Ryerson Inc.	(25.6)	4.3	(20.1)	13.3
Comprehensive income (loss)	(33.7)	8.6	(33.7)	6.9
Less: Comprehensive loss attributable to noncontrolling interest	(0.8)	(1.2)	(2.7)	(4.9)
Comprehensive income (loss) attributable to Ryerson Inc.	$ (32.9)	$ 9.8	$ (31.0)	$ 11.8

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:
Net income (loss)	$ (22.7)	$ 8.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	34.2	34.9
Deferred income taxes	(11.0)	7.3
Provision for allowances, claims and doubtful accounts	1.2	(0.4)
Impairment charges on fixed assets and goodwill		8.8
Gain on sale of assets	(1.3)
Restructuring and other charges		2.1
Loss on retirement of debt	11.2
Other items	0.4	0.6
Change in operating assets and liabilities
Receivables	(85.8)	(28.0)
Inventories	(5.8)	36.5
Other assets	6.2	4.2
Accounts payable	57.7	36.4
Accrued liabilities	28.4	21.4
Accrued taxes payable/receivable	1.3	(0.4)
Deferred employee benefit costs	(58.6)	(43.8)
Net adjustments	(21.9)	79.6
Net cash provided by (used in) operating activities	(44.6)	88.0
Investing activities:
Increase in restricted cash	(0.1)	(0.7)
Capital expenditures	(13.7)	(16.5)
Proceeds from sales of property, plant and equipment	3.9	4.3
Net cash provided by (used in) investing activities	(9.9)	(12.9)
Financing activities:
Capital contribution from Ryerson Holding	110.7
Repayment of debt	(110.7)
Net proceeds/(repayments) of short-term borrowings	32.5	(65.3)
Long-term debt issuance costs		(0.9)
Credit facility issuance costs		(3.7)
Net increase in book overdrafts	21.8	7.7
Principal payments on capital lease obligation	(0.7)	(0.3)
Net cash provided by (used in) financing activities	53.6	(62.5)
Net increase (decrease) in cash and cash equivalents	(0.9)	12.6
Effect of exchange rate changes on cash and cash equivalents	(4.5)	(2.7)
Net change in cash and cash equivalents	(5.4)	9.9
Cash and cash equivalents-beginning of period	74.0	70.8
Cash and cash equivalents-end of period	68.6	80.7
Cash paid during the period for:
Interest paid to third parties	58.5	56.4
Income taxes, net	0.8	0.8
Noncash investing activities:
Asset additions under capital leases	$ 3.5	$ 0.7

Condensed Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 68.6	$ 74.0
Restricted cash	1.9	1.8
Receivables less provision for allowances, claims and doubtful accounts	468.2	385.4
Inventories	736.0	733.0
Prepaid expenses and other current assets	37.1	47.7
Total current assets	1,311.8	1,241.9
Property, plant, and equipment, at cost	653.3	650.5
Less: Accumulated depreciation	219.4	197.8
Property, plant and equipment, net	433.9	452.7
Deferred income taxes	59.1	49.7
Other intangible assets	46.7	51.2
Goodwill	92.1	92.0
Deferred charges and other assets	23.6	30.5
Total assets	1,967.2	1,918.0
Current liabilities:
Accounts payable	286.0	207.2
Salaries, wages and commissions	42.6	33.0
Deferred income taxes	117.7	121.0
Other accrued liabilities	72.4	54.0
Short-term debt	29.7	32.3
Current portion of deferred employee benefits	13.5	13.6
Total current liabilities	561.9	461.1
Long-term debt	1,198.1	1,262.5
Deferred employee benefits	253.7	320.8
Taxes and other credits	19.7	16.8
Total liabilities	2,033.4	2,061.2
Commitments and contingencies
Redeemable noncontrolling interest	1.2	1.3
Ryerson Inc. stockholders' equity (deficit):
Common stock, value	0	0
Capital in excess of par value	175.4	64.7
Accumulated deficit	(36.9)	(16.8)
Accumulated other comprehensive loss	(200.8)	(189.9)
Total Ryerson Inc. stockholders' equity (deficit)	(62.3)	(142.0)
Noncontrolling interest	(5.1)	(2.5)
Total equity (deficit)	(67.4)	(144.5)
Total liabilities and equity	$ 1,967.2	$ 1,918.0