S&P puts Ryerson on watch

Standard & Poor's said it placed Ryerson Inc.'s B corporate credit and senior secured debt ratings on CreditWatch with negative implications.

"The CreditWatch listing reflects our concern that Ryerson's profitability, cash flow, and credit measures will likely weaken materially during 2009, likely pressuring the company's liquidity position," S&P analyst Maurice Austin said in a statement.

Given the sharp deterioration in both steel and aluminum market conditions in North America over the past several months, the agency said it expects operating conditions to remain challenging in the near term.

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