Ryerson Holding Corp. and Olympic Steel Inc. have completed their mid-February merger, creating North America’s second-largest metals service center operator. Per the agreement in November last year, Olympic shareholders received 1.7105 Ryerson shares for each share held, securing a 37% stake in the combined entity.

KeyBanc Capital Markets (KBCM), the lead financial advisor to Olympic, expects the deal to be immediately accretive and lower the pro forma leverage ratio to less than three times. The companies anticipate around $120 million in annual synergies by early 2028 through increased procurement scale and network optimization.

This integration combines Olympic’s 50+ sites with Ryerson’s 110 locations and 4,300 employees, increasing their capacity for steady metals recycling across North America.