Ryerson closes secondary offering and repurchases $47.7M of stock, ends controlled company status

Ryerson Holding Corp

Closed secondary offering of 3.5M shares by Platinum Equity affiliate; Ryerson repurchased 1,613,022 shares for $47.68M with cash on hand.
Public float increased ~11% to ~57% of total shares; company no longer a 'controlled company' under NYSE rules.
Share repurchase completed $50M buyback authorization 14 months early; $60M+ returned to shareholders in 8 months via buybacks and dividends.
Management estimates the repurchase is ~4% accretive to forward EPS; dividend increased 56% to $0.125/quarter in past year.

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