 |
|
|
|
|
|
|
|
|
|
|
|
May 16, 2012
Cleveland-based Olympic Steel saw record revenue in the first quarter totaling $382.1 million, an increase of 29.8 percent compared to first-quarter 2011, the company reported during its quarterly conference call. The revenue increase was largely due to the July 2011 acquisition of Chicago Tube and Iron Co. Olympic’s first-quarter net income totaled $6.2 million, down from $10.3 million in last year's first quarter, however.
CTI's pipe and tube sales contributed $65.4 million of Olympic's first-quarter revenue and $6.4 million of the company's $12.3 million in operating income for the quarter. Olympic's flat product sales accounted for $316.6 million of total revenues, an 8.4 percent increase over first-quarter 2011, and $5.8 million in operating income, a 66.4 percent decrease from the prior-year period.
"Our first-quarter results and record sales benefited from sequentially improved flat-rolled performance from the fourth quarter of 2011, and an outstanding performance in the pipe and tube segment. Our pipe and tube business has delivered consistently strong financial results since CTI's acquisition," said Michael Siegal, Olympic chairman and CEO.
The company also has executed well on its previously announced strategic capital investments, including the successful startup of its third temper mill in Gary, Ind., which began delivering tempered sheet to customers in the first quarter, Siegal said. "We look forward to growing our business levels there to its 150,000-ton annual capacity in the upcoming quarters."
|
|
|
|
|
Commentary and analysis on the metals market from Editor Tim Triplett
More...
Subscribe to MCN"s e-newsletter.
More...
|
|
|
 |
| Business Practices and Technologies
|
|
|
 |
|
Business Solutions for Service Centers by experts in their fields.
More...
The Cutting Edge, Cutting and Sawing Equipment, a service center technology supplement to Metal Center News
More...
Systems Designed with Metals in Mind: What Service Centers Should Know About Today's Software Solutions
More...
|
|
|
|
|
All the latest products for the Metal Service Center Industry
More...
TRUMPF TruLaser Improves Bevels, Welds
More...
Behringer Offers High-Production Saw for Pipe, Bar
More...
Miyachi Unitek Offers 5-Axis Fiber Laser
More...
|
|
|
|
|
2012 Directory of Master Distributors
Not Published on This Web site
The Metal Center News Directory of Master Distributors—distributors who sell to other distributors—is an invaluable tool for service centers seeking new sources for special or hard-to-find products. Master distributors play an important role in the marketplace, giving service centers an alternative to buying in mill quantities and helping to remove redundant and excess inventories from the distribution channel.
Print copies are available for $85 U.S. for each copy. Download Order Form.
2013 Directory of Toll Processors
Not Published on This Web site
Metal Center News' annual toll processing directory is a simple-to-use resource to help companies locate service providers that can meet their specific processing needs.
Print copies are available for $85 U.S. for each copy. Download Order Form.
|
|
|
|
|
|
|
|
|
|
|
|