S&P raises Ryerson

S&P said it raised its ratings on Ryerson Holding Corp. and its senior secured notes to B+ from B and revised the notes’ recovery rating to 3 from 4.

“Robust steel markets should result in strong operating performance for Ryerson in 2021 and 2022. The strong momentum in steel markets, following the late 2020 rebound, has persisted this year and is expected to continue into 2022. An increased infrastructure spending pipeline, the onshoring trend in the manufacturing industry, robust construction markets and consumer demand are supporting a durable recovery and stronger outlook for the North American steel sector,” S&P said in a press release.

The agency said it forecasts Ryerson keeping leverage under 3x over the next 12 months.

The outlook is stable.

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