Wired News – Ryerson to Buy Central Steel & Wire Co.

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LONDON, UK / ACCESSWIRE / June 7, 2018 / If you want access to our free research report on Ryerson Holding Corp. (NYSE: RYI) (“Ryerson”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RYI as the Company’s latest news hit the wire. On June 05, 2018, the Company announced that it has inked a definitive merger agreement to acquire Central Steel & Wire Co., which is a metal service center with six locations across the Central and Eastern US. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Deal Details

Ryerson will fund the acquisition through existing and acquired sources of liquidity, given Ryerson’s strong performance and ample liquidity as reported in its financial results for Q1 2018 on May 02, 2018.
The transaction values Central Steel & Wire at an enterprise value of $140 million on a cash-free, debt-free basis, with a normalized level of working capital.
The transaction has been approved by the Boards of Directors of both Companies. Central Steel & Wire’s shareholders holding around 73% of the Company’s issued and outstanding voting shares executed a written consent approving the merger agreement.
The transaction is subject to customary closing conditions, as well as the termination or expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
The deal is expected to close during Q3 2018. Following the acquisition, Central Steel & Wire will continue to operate under its current brand name.

Acquisition will Infuse Central Steel & Wire’s and Ryerson’s Customers with a Broader and Deeper Array of Products with Comprehensive Processing Capabilities

Eddie Lehner, President and Chief Executive Officer (CEO) of Ryerson, stated that the addition of Central Steel & Wire into the Ryerson family of highly-valued industrial metal distribution and processing companies takes Ryerson’s ability to provide great customer experiences to another level. Lehner added that Ryerson is happy to elevate the best of Central Steel & Wire, while leveraging Ryerson’s intelligently networked service centers to infuse Central Steel & Wire’s and Ryerson’s customers with a broader and deeper array of products with comprehensive processing capabilities. By supporting and further developing the Central Steel & Wire brand in the marketplace to existing and new customers, Ryerson continues along a smart growth trajectory that it expects to add meaningfully to shareholder value in the years to come.

Ryerson’s Recent Acquisition Deal

On April 04, 2018, the Company acquired Fanello Industries, which is a privately-owned metal service Company located in Lavonia, Georgia. The acquisition of Fanello Industries increased Ryerson’s breadth of value-added services that it leverages across its intelligent service center network to create great experiences for its customers. Fanello Industries is a processor and service provider that supplies blanking, stamping, laser cutting, bending, and machining metal solutions to a diverse group of industries in the Southeastern United States.

About Central Steel & Wire Co.

Central Steel & Wire has a rich history and valued brand spanning more than 100 years, offering a wide selection of products and capabilities, with a commercial portfolio centered on bar, tube, plate, and sheet products. Central Steel & Wire employs approximately 900 people and has an annual revenue of approximately $600 million.

About Ryerson Holding Corp.

Ryerson is a services Company that processes and distributes metals, with operations in the United States, Mexico, Canada, and China. Founded in 1842, Ryerson is headquartered in Chicago and employs approximately 3,500 employees at about 100 locations. The Company serves a diversified customer portfolio of approximately 40,000 customers with a broad range of tailored solutions, services, and products.

Stock Performance Snapshot

June 06, 2018 – At Wednesday’s closing bell, Ryerson’s stock marginally fell 0.82%, ending the trading session at $12.15.

Volume traded for the day: 161.30 thousand shares.

Stock performance in the last month – up 5.19%; previous three-month period – up 19.70%; past twelve-month period – up 33.52%; and year-to-date – up 16.83%

After yesterday’s close, Ryerson’s market cap was at $452.09 million.

Price to Earnings (P/E) ratio was at 220.91.

The stock is part of the Industrial Goods sector, categorized under the Metal Fabrication industry. This sector was up 1.0% at the end of the session.

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