Ryerson Holding Corporation (NYSE: RYI) confirmed that it has invested in FreeFORM Technologies (FreeFORM). FreeFORM earned a reputation as a metal additive manufacturing and engineering firm that specializes in metal binder jet 3D printing and metal injection moulding. FreeFORM, which was established in 2020, supports manufacturers across a wide range of industries and is strategically aligned with Ryerson's existing and prospective customers.
On the other hand, Ryerson has earned recognition as a large industrial metals value-added processor and distributor. Its locations are in the United States, Canada, Mexico, and China. Ryerson University, founded in 1842, employs over 4,000 people across 100 locations. Previously, Ryerson shared its results for the first quarter ended March 31, 2022.
The company has reported a revenue of $1.75 billion on a sequential volume increase of 11.4%. Its diluted EPS stood at $4.17 and adjusted diluted EPS of $4.27. The Net Income remained at $163.6 million and Adjusted EBITDA, not including LIFO of $250.6 million. The warehousing, delivery, selling, general, and administrative expense dropped 3.1% successively to $175.3 million.
This investment in FreeFORM signifies Ryerson's debut into a strategic alliance with additive manufacturing exposure. Furthermore, as the company looks at the evolving present and future of the metals business, it's a significant step forward that allows it to examine synergies, new prospects, and extra value-added capabilities with its clients.
Additionally, FreeFORM Technologies is pleased to join a forward-thinking metal company like Ryerson. Both the companies shared objective of introducing design freedom to the consumer experience will assist to shift manufacturing's conventional thinking.