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May 14, 2014

Olympic's Quarterly Sales Up 2.6 Percent

Olympic Steel Inc., Cleveland, reported net income of $2.8 million on sales of $346.9 million in the first quarter. That compares to net income of $5.2 million on sales of $338.1 million in the prior-year quarter.

"Consistent with our emphasis to improve capacity utilization, volume increased in both the flat-rolled and tubular and pipe segments of the business. Realizing increased tonnage and net sales versus last year's first quarter is particularly gratifying because we had fewer shipping days in the first quarter of 2014 due to inclement weather," said Chairman and CEO Michael D. Siegal.

"Carbon steel, nickel and stainless steel base prices rebounded at the end of the quarter and have built momentum in April," he added. "Stronger metal prices and order activity, combined with a healthy near-term outlook from our customers, points to a more favorable outlook for the second quarter and remainder of the year."


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