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All of our investments in CapEx and acquisitions are geared toward delivering the best possible customer experience with a next generation operating model, delivering improved operating and earnings leverage through the cycle with less volatility. We cannot continue subsisting and thriving on yesteryear's workarounds and patches for customer experience delivery systems and infrastructure that are outdated, and have no hope of delivering competitive differentiation. It is not an easy or comfortable process to endure, particularly through a protracted industry countercycle, but it is necessary and will be well worth it over the long run. We're glad to do the harder things now as we move from current countercyclicality toward the next synchronized industry upturn.

As a good friend of mine in the industry has said to me, grow when it's slow. And so, we're doing that given the opportunity afforded us from record years in 2021 and 2022. The list of investments made over the past two plus years and continuing through 2024 is too numerous to list here, but it is consequential. Please pardon our constructions we build a better Ryerson. And so it goes that as we move from a heavy planting season, we are preparing for the harvest. And with that comes removing some inertia and excesses engendered from the level of investment undertaken relative to Ryerson's size and history, and amidst post-pandemic investment frictions. It is now the appropriate time to transition to an investment, integration and optimization phase, as we grow up and grow into these investments, while pairing and pruning transitory expenses taken on over the past several years and in advance of revenue and cash flow generation across new asset and acquisition additions.

As for our results during the quarter, while our business met the top end of our volume guidance, our financial results and miss on earnings guidance reflected greater-than-expected and intensifying margin compression through the quarter across our carbon steel and stainless steel product franchises. I am encouraged to note that commodity price bellwethers inflected toward the end of the quarter as moving averages across carbon, stainless and aluminum price indices began moving higher. Additionally, we experienced incrementally higher quoting and order conversion rates in the second half of the quarter as we appear to be moving off of a countercyclical bottom in aggregate with destocking activity and post-pandemic effects dissipating and giving way to a more familiar supply demand environment.

The countercycle that began in the second half of 2022 is getting long relative to historical norms and societal needs requiring industrial metals continue to accumulate. As I remarked in my Annual Letter to shareholders, doing the hard and necessary things isn't the expedient or easy way. But for the benefit of reasonably-patient long-term stakeholders, it is the only responsible way. With that, I'll now turn the call over to our Chief Operating Officer, Mike Burbach, to further discuss the pricing and demand environment.

Mike Burbach: Thanks, Eddie and good morning, everyone. Overall, Ryerson's first quarter revenue of $1.24 billion came in line with our guidance expectations with an average sell price of $2,493 per ton and sales volume of 497,000 tons. Our average selling price per ton was up 0.8% quarter-over-quarter, which was slightly below the range of our guidance expectations, primarily due to weaker-than-expected conditions in stainless consuming end markets, which comprised 25% of our product mix. On the other hand, while average selling prices for our carbon products increased by 1% buoyed by late fourth quarter steel mill price increases, headline spot hot rolled coil prices declined notably between early-January, mid-March before stabilizing and inflecting slightly higher by quarter's end.

Additionally, the average selling price for the other half of our bright metals franchise aluminum products increased by 10% from improving sequential end-market demand and an approximately 1% increase in LME aluminum prices through the quarter. From a quarter-over-quarter product perspective, we grew market share versus the industry by regaining share in carbon steel products and by continuing to outperform a subdued stainless market. Unfortunately, although we gained market share without price discounting greater-than-countercyclical norms, we experienced notable year-over-year margin compression while noting a 70-bps sequential gross margin excluding LIFO improvement on growing value added fabrication sales. On an upbeat note, metals commodity pricing for our bright metals franchise, namely stainless and aluminum, which represent roughly 45% of our product mix, inflected positively later in the quarter, which we believe is a positive catalyst moving forward.

Turning to the demand environment. during the first quarter, most of our end markets experienced seasonal restocking demand with transportation showing the largest quarter-over-quarter increase. Ryerson sales volume of 497,000 tons were 10.4% higher quarter-over-quarter and slightly above the top end of our guidance range, benefiting from improved end-market seasonal restocking despite contractionary indicators from PMIs and U.S. Industrial production for most of the quarter. Ryerson's North American shipments outperformed the industry, increasing 13.7% quarter-over-quarter. This compares to a 7% increase for the industry as measured by the Metal Service Center Institute or MSCI. Volume increases were seen across most end markets with ground transportation, construction equipment and industrial manufacturing-related sectors showing the strongest growth.

These sectors benefited from Class 8 truck orders and shipments in metal fabrication, farm machinery, industrial machinery and HVAC reflecting the U.S. durable goods reports by the Census Bureau. Finally, I would like to supplement Eddie's commentary about the benefits of our investment cycle for our customers. The modernization of our service centers and ERP integration across our southern U.S. locations further position us to offer exceptional customer experiences for our diverse customer needs ranging from pure play industrial distribution to full-kit assembly. Investments in our two new service centers at University Park, Illinois and Centralia, Washington, as well as the expansion of capabilities in our Atlanta, Georgia; Portage, Indiana and Dallas, Texas locations are all about improving the value provided to our customers to meet their ever-changing requirements.

The ERP integration across our Southern location enhances the sharing of inventory, information and services on a greater national scale, which is the network leverage effect we are striving for. And with that, I will turn the call over to Jim for first quarter financial highlights, as well as our second quarter 2024 outlook.

James Claussen: Thank you, Mike and good morning, everyone. During the first quarter, we met our guidance on revenue and returned cash to shareholders through dividends and share repurchases while continuing to execute our organic and acquisition growth investments. Before discussing guidance for the second quarter, I would like to highlight the drivers for our Q1 performance compared to our guidance expectations. In the quarter, we generated $40 million in adjusted EBITDA excluding LIFO. This came in below our guidance range and was driven by margin pressure most acutely in our carbon steel franchise as pricing reductions throughout the quarter, as well as continued pricing pressure, most notably on our stainless steel franchise met with lagging higher average costs in inventory.

This led to a loss per share of $0.22, which was below our guidance range. The miss on earnings per share was driven by the previously-mentioned margin compression, as well as increased investment cycle transitory costs related primarily to the startup of our University Park, Illinois Service Center, completion of the ERP conversions, as well as the expansion of our cut to length and automated storage and retrieval service center capabilities in Shelbyville, Kentucky. Looking to the second quarter, we expect volumes to be up sequentially compared to the first quarter in line with normal seasonality of 1% to 3%. As such, we expect second quarter revenues to be in the range of $1.25 billion to $1.29 billion with average selling price up 0% to 1%.

Based on these expectations, we forecast adjusted EBITDA for the second quarter of 2024, excluding LIFO, in the range of $47 million to $53 million and earnings in the range of $0.15 to $0.25 per diluted share. We expect approximately $1 million in LIFO expense in the second quarter. In the first quarter, we used $48 million of cash flow in our operations, which included a $32 million build from working capital requirements. Our working capital build was largely driven by intentional inventory placement closer to the customer at higher service levels aimed at improving lead times and on-time delivery amidst investment program network disruptions. We ended the period with $497 million of total debt $455 million of net debt, while the company's available global liquidity remains healthy and increased $28 million to $684 million.

Due to the timing of our business investments and strategic inventory positioning leading to a greater drawdown on our ABL over lower adjusted EBITDA generation, we exceeded our two times' target range for net leverage during the quarter. Our ABL fits the nature of our business, where we can fluctuate our borrowing up and down based on our needs. In no uncertain terms, a healthy balance sheet is an imperative and central to our operating model. And while we anticipate being above 2.0 times net leverage, as we complete our investment cycle and begin generating revenue and cash across recent and near-term new assets, we reiterate our commitment to our long-term range of 0.5 to two times net leverage. As we work through the final year of our investment and modernization cycle, we are also initiating cost normalization actions to reduce our overall cost structure.

This reduction will begin this quarter and we expect to achieve approximately $40 million in annualized cost savings. Beginning in second quarter, we anticipate realizing roughly $25 million of these cost savings for the balance of 2024. The anticipated restructuring cost associated with these targeted actions is expected to be in the range of $3 million to $4 million. In the first quarter, we invested $22 million in capital expenditures, which included most notably, the exit from our Central Steel & Wire Kedzie facility and startup of operations at our new 900,000 Square Foot Center at University Park, Illinois, as well as the modernization, automation and expansion of our Shelbyville, Kentucky non-ferrous coil processing facility. The investments we are making expected to drive better customer experiences, improve asset utilization, improve working capital efficiency, increase productivity and provide a safer operating environment for our employees.

We are very excited about the modernization efforts across our network and the better customer experiences they will provide. As we work through the completion of the significant projects mentioned previously, we would note that we expect 2024 capital expenditures of our previously-stated budget of $110 million and 2025 capital expenditures of approximately $50 million. We have spent the past few years reinvesting heavily in our business operating model, targeting an improved customer experience with higher and less volatile through the cycle earnings. With the majority of this spend behind us, we're looking forward to providing more value and better servicing our customers through our improved network of intelligently connected industrial metal service centers.

Turning to shareholder returns. Ryerson returned $7.4 million in the quarter, which was comprised of $6.4 million in dividends and $1 million in share repurchases. We paid a quarterly dividend of $0.1875 per share and have announced a second quarter cash dividend of the same amount. As for share repurchases, after repurchasing just over 30,000 shares for approximately $1 million in the open market during the quarter, we currently have approximately $38 million remaining of our $100 million authorization, which expires in April of 2025. As we look forward to the second quarter and balance of 2024, we will continue to prudently evaluate our shareholder return opportunities, as well as our overall capital allocation strategy to maximize long-term shareholder value.

With that, I'll turn the call over to Molly to provide further details on our Q1 financial results.

Molly Kannan: Thank you, Jim and good morning, everyone. In the first quarter of 2024, Ryerson reported net sales of $1.24 billion, which was 11% higher sequentially, driven largely by higher volumes, as well as marginally higher average selling prices. In the same period, gross margin of 17.6% saw a contraction of 460 basis points versus the previous quarter, primarily due to $59 million of LIFO income recorded in the fourth quarter of 2023 versus $1 million of LIFO expense recorded in the first quarter of 2024. Excluding LIFO, gross margin expanded 70 basis points from the fourth quarter to 17.6% as average selling price for our sales mix outpaced higher cost of goods sold. On the expense side, warehousing delivery, selling, general and administrative expenses increased 6% quarter-over-quarter to $217 million, driven primarily by higher investment project-related expenses and higher expenses related to recent acquisition.

These increased expenses were partially offset by lower depreciation expenses. For the first quarter of 2024, net loss attributable to Ryerson was $7.6 million or $0.22 per diluted share compared to net income attributable to Ryerson of $25.8 million and diluted earnings per share of $0.74 in the prior quarter. Finally, Ryerson achieved adjusted EBITDA, excluding LIFO of $40.2 million in the first quarter of 2024, which compares to $25.9 million in the prior quarter. And with this, I'll turn the call back to Eddie.

Edward Lehner: Thank you, Molly. As Ryerson has embarked on its largest investment and shareholder return cycle in more than a generation, we have had to balance the regular demands of our day-to-day operations while executing our investments to position our business for long-term success. With the investments in majority now in place, we can begin monetizing operational efficiencies as we ramp up these investments and move beyond current countercyclical conditions. In that regard, we are commencing an optimization cycle that is expected to generate further expense and earnings leverage within our next generation operating model with modern more efficient facilities, equipment and systems harmonized and tuned to a fully-integrated and synchronized industrial metals service center network, we're better able to reach our customer experience and financial performance aspirations.

With our long-term vision for Ryerson of always adding and expanding value to our customers through greater levels of service, speed, efficiency, joy and success, we are committed to and passionate about partnering with our customers in a long overdue cycle of reinvestment in North America's industrial manufacturing base. Additionally, emergent trends in electrification, climate, mobility and AI, as well as the derisking of global supply chains, all bode well for foundational investments by our society that will promote the greater prosperity and well-being of our fellow citizens and the world we share. With that, we look forward to your questions. Operator?

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