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 Six Months 2022 vs. First Six 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 data) First Half 2022

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.

Results of Operations - Comparison of Three and Six Months Ended June 30, 2022 to Three and Six Months Ended June 30, 2021

The following table sets forth our condensed consolidated statements of income data for the three-month and six-month periods ended June 30, 2022 and 2021 (certain percentages may not calculate due to rounding):

The following charts show the Company's percentage of sales by major product lines for the six months ended June 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 $533.5 million at June 30, 2022 from $639.3 million at December 31, 2021, mainly due to cash generated from operating activities in the first six months of 2022.

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