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Ryerson Holding Corp., Chicago, reported full-year sales of $5.1 billion, a 19.2 percent decline from the previous year. Net income for the year totaled $145.7 million, a decline of 62.7 percent from the record-setting 2022.

In the fourth quarter, Ryerson’s net sales totaled $1.1 billion, down 10 percent, while fourth-quarter net income declined 26 percent to $25.8 million.

Net tons shipped during 2023 declined 4.2 percent to 1,943. In the fourth quarter, shipments dipped 5.9 percent to 450,000 tons.

“2023 marked the second year of Ryerson’s longest and most significant investment cycle in more than a generation. We are taking big steps to create our next-generation operating model and the industry’s best customer experience,” said Eddie Lehner, Ryerson’s president and CEO.

“Over the past year, we invested in the modernization, integration and expansion of our network of interconnected intelligent service centers, highlighted by an Enterprise Resource Planning conversion across our largest business unit, new and expanding facilities at Centralia, Wash., University Park, Ill, Las Vegas and Shelbyville, Ky., as well as welcoming four excellent additions to the Family of Companies in BLP Holdings, LLC, Norlen Incorporated, TSA Processing and Hudson Tool Steel Corp,” he added.

Looking ahead, Ryerson expects normal seasonal demand conditions, with customer shipments expected to increase approximately eight to 10 percent quarter-over-quarter.