Chicago-based metals processor and distributor firm Ryerson Holding Corporation reported Tuesday that revenues for 2014 were $3.6 billion, an increase of 4.7 percent from 2013. Gross margin was 16.4 percent for 2014, compared to 17.8 percent for 2013. However, gross margin, excluding LIFO was 17.6 percent for 2014, compared to 16.9 percent for 2013.
For 2014, net loss attributable to Ryerson Holding Corporation was $25.7 million, or a loss of $1.01 per share, compared to net income attributable to Ryerson Holding Corporation of $127.3 million for 2013. Excluding the IPO-related and debt redemption expenses, net of income taxes, net income attributable to Ryerson Holding Corporation was $11.6 million, or $0.46 per share, for 2014. Adjusted EBITDA, excluding LIFO was $217.5 million for 2014, an expansion of 28 percent compared to $169.6 million for 2013.
"We showed year-over-year improvement in our key metrics for 2014, despite second half margin pressure driven by metal price deflation, high metal import levels and high service center level inventories," said Mike Arnold, Ryerson's president and chief executive officer. "For the year, we continued to effectively manage gross margins, expenses and working capital. And, the company captured a steady expansion in our targeted areas of processed plate and long products."
For the fourth quarter of 2014, revenues of $868.4 million increased 8.2 percent year-over-year from the fourth quarter of 2013 and declined 8.4 percent sequentially from the third quarter of 2014. Gross margin was 16.4 percent for the fourth quarter of 2014, compared to 18.3 percent in the year-ago period and 15.8 percent in the third quarter of 2014. Net income attributable to Ryerson Holding Corporation was $4.8 million, or $0.15 per share for the fourth quarter of 2014, compared to $118.2 million in the year-ago period and a net loss attributable to Ryerson Holding Corporation of $34.7 million for the third quarter of 2014. Adjusted EBITDA, excluding LIFO was $40.1 million for the fourth quarter of 2014, compared to $41.5 million in the fourth quarter of 2013 and $62.2 million in the third quarter of 2014.