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  "notes": "The table includes industry context metrics (U.S. Industry Shipments and Bloomberg Commodity Index) at the bottom.",
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      "text": "Ryerson continues improving through the cycle from peak to trough.",
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      "text": "Ryerson continues improving through the cycle from peak to trough. Ryerson has increased net book value of equity by $368M since 2010 or by $13/share based upon average shares outstanding since 2010. Ryerson’s through the cycle leverage ratios continue to decline.",
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      "text": "*2009 leverage ratio not meaningful since it is calculated as net debt / Adj. EBITDA, excl. LIFO and the latter was negative in 2009.",
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