M&A · Industrials · Wholesale-Metals Service Centers & of fices
Ryerson Holding Corp to acquire Olympic Steel Inc
Announced Oct 28, 2025 · Closed Feb 13, 2026
Deal value—
Premium31.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Ryerson Holding Corp (RYZ)
- Target
- Olympic Steel Inc (ZEUS)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Feb 13, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- KeyBanc Capital Markets
- JPMorgan fee
- $8.0M
Sector context · Industrials
- Comparable deals
- 94 in the prior 24 months
- Premium
- 31.5% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 9.2x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedOct 28, 2025
- Proxy filedJan 14, 2026
- Definitive proxyJan 14, 2026
- Shareholder voteFeb 12, 2026
- ClosedFeb 13, 2026
Valuation · fairness opinions
Trading comparablesJPMorgan$18.30$23.70
Trading comparablesJPMorgan$35.45$43.90
Precedent transactionsJPMorgan$13.80$26.35
Discounted cash flowJPMorgan$47.15$60.20
Discounted cash flowJPMorgan$39.80$51.85
Trading comparablesKeyBanc Capital Markets$31.82$39.00
Trading comparablesKeyBanc Capital Markets$26.84$34.02
Premiums paidKeyBanc Capital Markets$31.93$41.49
Implied value per Olympic Steel Inc share by analysis, from JPMorgan and KeyBanc Capital Markets · DCF discount rate 9.25%–10.25%.