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Alan Weber

Research Associate at Robotti & Co. Advisors, LLC

Alan Weber is a Research Associate at Robotti & Company Advisors, LLC, specializing in fundamental equity research centered on small- and mid-cap companies often overlooked by the broader market. Over his career, Weber has covered companies such as Pulse Seismic Inc. and has contributed to long-term, value-driven investment strategies, though specific performance metrics are not publicly available. He began his analyst career before 1993 with roles at American Securities, Fund America, and Bear Stearns, later joined Robotti & Company from 1993 to 1995, worked at Prescott Investors, and rejoined Robotti in 2000, bringing over three decades of experience. Weber holds an MBA from St. John’s University, a Bachelor's in Economics from Queens College, and maintains FINRA Series 7 and 63 securities licenses.

Alan Weber's questions to Ryerson Holding (RYI) leadership

Question · Q4 2025

Alan W. Weber from BMO Capital Markets asked for the company's longer-term perspective on industry consolidation, including the Ryerson/Olympic Steel merger and the Klöckner acquisition, and its impact.

Answer

CEO Eddie Lehner, SVP of Finance Rich Manson, and EVP Andrew Greiff discussed that M&A activity in the sector has been lacking for a long time, leading to a squeeze on distributors due to consolidation on the mill and customer sides. They believe more consolidation is a mathematical necessity and healthy for the industry, citing the Worthington-Klöckner announcement as positive. Mr. Greiff highlighted that the combined Ryerson and Olympic Steel entity sends a strong message to large customers, offering a robust balance sheet, enhanced downstream capabilities, and finished products, which is fantastic for customer experience and growth.

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Question · Q2 2025

Alan Weber from Robotti & Company asked for an assessment of the progress on realizing benefits from recent capital investments, particularly given current market conditions. He also inquired about expectations for second-half cash flow generation and the company's target for its leverage ratio by the end of the year.

Answer

President, CEO & Director, Edward Lehner, responded that while market conditions have extended the return timeline, the investment thesis is intact and they are in the early stages of realizing benefits, citing a significant year-over-year increase in transactional tons as evidence of progress. Regarding cash flow, he stated the base case is to generate cash in the second half, though this depends on market dynamics. He did not provide a specific year-end leverage target.

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Question · Q2 2025

Alan Weber of Robotti & Company asked about the progress on realizing benefits from recent major investments, wanting to know how far along the company is in that process. He also requested an outlook for second-half cash flow and the target for the leverage ratio by year-end.

Answer

President, CEO & Director Edward Lehner described it as being in the 'early stages' of the return cycle, noting that while market conditions have extended the timeline, the investment thesis is intact. He highlighted that transactional tons are up 46,000 year-over-year while contract tons are down, indicating progress. Lehner also stated that the base case is for the company to generate cash through the balance of the year, which should help move the leverage ratio back towards its target range.

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