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    Curtis Jensen

    Portfolio Manager at Robotti & Company, Incorporated

    Curtis Jensen is a Portfolio Manager at Robotti & Company Advisors LLC, specializing in fundamentals-based value investing with an emphasis on small- and mid-cap companies. Jensen previously served as Chief Investment Officer at Third Avenue Management, where he co-managed and later led the Third Avenue Small Cap Value Fund from its inception in 1997, overseeing a $4 billion small-cap strategy and contributing to Third Avenue’s management of over $28 billion in client assets at its peak. Renowned for his rigorous primary research and disciplined approach, he earned the Richard L. Rosenthal award for Innovation in Investment Management and has been recognized for recruiting and mentoring top research talent, as well as serving on the Board of Directors at Investor AB. Jensen holds a BA in Economics from Williams College and an MBA from the Yale School of Management.

    Curtis Jensen's questions to Ryerson Holding (RYI) leadership

    Curtis Jensen's questions to Ryerson Holding (RYI) leadership • Q4 2024

    Question

    Curtis Jensen questioned why net debt reduction was not more explicitly stated as a capital allocation priority given the company is outside its leverage target, and asked if lease liabilities are part of the leverage calculation in its bank agreements.

    Answer

    President and CEO Edward Lehner affirmed that net debt reduction is a priority and that the company expects to lower its leverage throughout 2025 as CapEx investments become operational. CFO Jim Claussen clarified that lease liabilities are not factored into the leverage ratio calculation for their bank agreements, which are primarily based on availability and borrowing base.

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