Ryerson Holding Corp's revenue saw a marginal decline in 2025, driven by soft industrial demand and volatile metal input costs which compressed gross margins significantly. Operating income swung from modest profitability in 2024 to a loss of $30.8 million, with net income declining sharply to -$56.4 million. The company's operational cash flow also halved year-over-year but remained positive, supporting a slim free cash flow generation despite reduced capital expenditures. The recent merger with Olympic Steel, closed in early 2026, promises scale benefits but introduces integration risks and elevated cost burdens in the near term. Market watchers will focus on Ryerson's ability to realize synergies from this consolidation while grappling with an unpredictable metals pricing environment and cyclical demand shifts.