Employee Benefits

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefits

NOTE 9: EMPLOYEE BENEFITS

The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension:

	Three Months Ended June 30,
	Pension Benefits						Other Benefits
	2022			2021			2022			2021
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	0.7		$	0.9		$	0.1		$	0.1
Interest cost		2.4			2.9			0.3			0.3
Expected return on assets		(3.3	)		(5.9	)		—			—
Settlement charge		—			0.2			—			—
Recognized actuarial (gain) loss		2.0			3.9			(1.4	)		(1.5	)
Amortization of prior service credit		—			—			(0.1	)		(0.1	)
Net periodic benefit cost (credit)	$	1.8		$	2.0		$	(1.1	)	$	(1.2	)

	Six Months Ended June 30,
	Pension Benefits						Other Benefits
	2022			2021			2022			2021
	(In millions)
Components of net periodic benefit cost (credit)
Service cost	$	1.4		$	1.8		$	0.2		$	0.2
Interest cost		4.9			5.9			0.6			0.6
Expected return on assets		(6.7	)		(11.8	)		—			—
Settlement charge		0.1			0.4			—			—
Recognized actuarial (gain) loss		4.0			7.8			(2.9	)		(3.0	)
Amortization of prior service credit		—			—			(0.1	)		(0.2	)
Net periodic benefit cost (credit)	$	3.7		$	4.1		$	(2.2	)	$	(2.4	)

Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income.

The Company contributed $4.6 million to the pension plan funds through the six months ended June 30, 2022, and anticipates that it will have a minimum required pension contribution funding of approximately $2.0 million for the remaining six months of 2022. The expected future contributions reflect recent pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021.