The following discussion should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes thereto in Item 1, "Financial Statements" in this Quarterly Report on Form 10-Q and our Consolidated Financial Statements and related Notes thereto for the year ended December 31, 2021 in our Annual Report on Form 10-K filed on February 23, 2022.

First Nine Months 2022 vs. First Nine Months 2021 performance highlights

*A reconciliation of the non-GAAP financial measure to the comparable GAAP measure is included in the subsequent table.

(Dollars and shares in millions, except per share First Nine

Adjusted net income attributable to Ryerson Holding Corporation

Components of Results of Operations

Sales, cost of materials sold, gross profit, and operating expense control are the principal factors that impact our profitability.

The following charts show the Company's percentage of sales by major product lines for the nine months ended September 30, 2022 and 2021:

Below is a reconciliation of cash and cash equivalents to total liquidity:

Below is a reconciliation of total debt to net debt:

The following table summarizes the Company's cash flows:

Total debt in the Condensed Consolidated Balance Sheet decreased to $476.9 million at September 30, 2022 from $639.3 million at December 31, 2021, mainly due to cash generated from operating activities in the first nine months of 2022.

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