Stock Track | Ryerson Shares Plunge 7.98% Pre-market Following Merger Announcement with Olympic Steel

Stock Track10-29

Ryerson Holding Corporation (RYI) saw its shares plummet 7.98% in pre-market trading on Wednesday, following the announcement of a merger agreement with Olympic Steel (ZEUS). The significant drop comes as investors react to the terms of the deal and potential implications for Ryerson shareholders.

According to the merger agreement disclosed late Tuesday, Olympic Steel shareholders will receive 1.7105 Ryerson common shares for every Olympic Steel common share they own. This exchange ratio implies a substantial premium for Olympic Steel, whose shares surged 16% in pre-market trading. In contrast, Ryerson's stock faced selling pressure, with an earlier report indicating a 5.3% decline before extending to the current 7.98% drop.

The merger, expected to close in the first quarter of 2026, will result in Olympic Steel shareholders owning approximately 37% of the combined entity. While the companies tout the complementary nature of their operations and potential synergies, Ryerson investors appear concerned about share dilution and the premium being paid for Olympic Steel. The leadership structure of the new company will see Ryerson's current CEO, Eddie Lehner, maintain his position, while Olympic Steel's CEO, Richard Marabito, will transition to the role of chief operating officer. Additionally, Olympic Steel's Executive Chairman, Michael Siegal, is set to become the chairman of the board for the merged company.

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