Ryerson Confirms Receipt of Director Nomination Proposal

Jan. 4, 2006 — Ryerson Inc. acknowledged receipt of the notice from Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP seeking to nominate seven individuals for election to Ryerson's Board of Directors at its 2007 Annual Meeting of shareholders to replace a majority of the existing Board of Directors of Ryerson Inc.

Ryerson said the notice also stated that the Harbinger funds intend to offer proposals at the 2007 Annual Meeting to repeal any amendments to Ryerson's bylaws adopted by Ryerson's Board of Directors after January 1, 2006 and to amend Ryerson's bylaws to provide that the Board of Directors shall consist of not fewer than six or more than ten directors.

Ryerson stated that the Harbinger funds communications have been forwarded to its Board of Directors and the Nominating and Governance Committee of the Board of Directors for review.

Ryerson also noted that it plans to file with the Securities and Exchange Commission (SEC) and mail to its stockholders a Proxy Statement in connection with its 2007 Annual Meeting. The company advises its security holders to read the Proxy Statement relating to the 2007 Annual Meeting when it becomes available.

Ryerson Inc. is a leading distributor and processor of metals in North America, with 2005 revenues of $5.8 billion. The company services customers through a network of service centers across the United States and in Canada, Mexico, China and India.