CHICAGO, Oct. 7, 2019 /PRNewswire/ -- Ryerson Holding Corporation (RYI), a leading value-added processor and distributor of industrial metals, announced today that Fitch Ratings ("Fitch") assigned a first-time B+ credit rating to the Company with a stable outlook.
According to Fitch, the rating reflects Ryerson's significant size, scale, operating leverage, strong working capital management, and product diversification, as well as its history of stable operating margins through the cycle and the counter-cyclical cash generating ability of its business model. The rating also reflects the Company's improving leverage and free cash flow generation.
"We are pleased with Fitch's recognition of our improved operating performance and disciplined balance sheet management," said Erich Schnaufer, Ryerson's Chief Financial Officer. "We remain committed to using our free cash flow to further reduce our outstanding debt and improve our capital structure."
Fitch also rated Ryerson's Senior Secured $1 billion ABL credit facility at BB+ and its 2022 Senior Secured Notes at B.
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,600 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Safe Harbor Provision
Certain statements made in this press release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2018, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
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