v3.25.2
Employee Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits

NOTE 7: EMPLOYEE BENEFITS

The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension:

 

 

 

Three Months Ended June 30,

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In millions)

 

Components of net periodic benefit cost (credit)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.4

 

 

$

0.4

 

 

$

0.1

 

 

$

—

 

Interest cost

 

 

3.6

 

 

 

3.8

 

 

 

0.4

 

 

 

0.4

 

Expected return on assets

 

 

(3.8

)

 

 

(3.8

)

 

 

—

 

 

 

—

 

Settlement gain

 

 

(0.3

)

 

 

(0.6

)

 

 

—

 

 

 

—

 

Recognized actuarial (gain) loss

 

 

1.1

 

 

 

1.0

 

 

 

(1.7

)

 

 

(1.8

)

Net periodic benefit cost (credit)

 

$

1.0

 

 

$

0.8

 

 

$

(1.2

)

 

$

(1.4

)

 

 

 

Six Months Ended June 30,

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In millions)

 

Components of net periodic benefit cost (credit)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.7

 

 

$

0.8

 

 

 

0.1

 

 

$

0.1

 

Interest cost

 

 

7.3

 

 

 

7.5

 

 

 

0.8

 

 

 

0.8

 

Expected return on assets

 

 

(7.6

)

 

 

(7.6

)

 

 

—

 

 

 

—

 

Settlement (gain) expense

 

 

(0.5

)

 

 

1.1

 

 

 

—

 

 

 

—

 

Curtailment gain

 

 

—

 

 

 

(0.2

)

 

 

—

 

 

 

(0.1

)

Recognized actuarial (gain) loss

 

 

2.2

 

 

 

2.0

 

 

 

(3.4

)

 

 

(3.6

)

Net periodic benefit cost (credit)

 

$

2.1

 

 

$

3.6

 

 

$

(2.5

)

 

$

(2.8

)

Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income.

Due to the closure of the Central Steel & Wire ("CSW") headquarters in Chicago, IL and move to University Park, IL, a significant reduction in the service years of employees occurred between the fourth quarter of 2023 and first quarter of 2024, triggering curtailment accounting. The CSW Pension and Postretirement Benefits plans were remeasured as of February 29, 2024, resulting in a curtailment gain. As the curtailment was a net gain, the gain is required to be reflected in the periods in which the terminations occurred, resulting in a curtailment gain of $0.3 million recognized in the first quarter of 2024 and $0.5 million recognized in the fourth quarter of 2023 for those terminations occurring during the respective periods. Additionally, the CSW Pension Plan lump sum payments for 2024 were in excess of service cost and interest cost, therefore, a settlement gain of $1.1 million was recorded in the first six months of 2024. In 2025, the CSW Pension Plan is expecting lump sum payments to be in excess of service cost and interest cost. therefore, a settlement gain of $0.5 million was recorded in the first six months of 2025.

In the first quarter of 2024, the Ryerson Canada Bargaining Unit Pension Plan made $1.2 million of lump sum payments to plan participants and purchased $5.0 million of annuities on behalf of plan participants. The lump sum payments and annuity purchases consisted of all of the existing liabilities of the Ryerson Canada Bargaining Unit Pension Plan, resulting in the termination of the plan. The Ryerson Canada Bargaining Unit Pension Plan was fully funded as of the termination date, and as such, all lump sum payments and annuity purchases were funded with pension plan assets. As a result of the termination, the Company recorded a $2.2 million settlement loss in the first quarter of 2024.

In the second quarter of 2025, the Company announced that the Ryerson Canada Salaried Pension Plan will be frozen effective June 30, 2027. The Ryerson Canada Salaried Pension Plan was remeasured as of June 30, 2025. The remeasurement did not have an impact on the Condensed Consolidated Statement of Comprehensive Income and did not have a material impact on the Condensed Consolidated Balance Sheet.

The net pension settlements and the curtailment gain were recorded within Other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2025.

The Company contributed $10.3 million to the pension plan funds through the six months ended June 30, 2025, and anticipates that it will have a minimum required pension contribution funding of approximately $4.9 million for the remaining six months of 2025.