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Nov. 28, 2012
Olympic Sales, Profits Decline in Third Quarter
Net sales and income dipped for Olympic Steel during the company's third quarter. The Cleveland-based service center company reported net sales of $342.6 million, down 1.7 percent from the same period in 2011 and 6.7 percent from the previous quarter. Net income during the third quarter totaled $1.6 million, down from the $6.1 million reported in the year-ago quarter and the $4.5 million in the previous quarter.
For the year to date, Olympic's net sales increased 15.9 percent to $1.1 billion, in large part due to the July 2011 acquisition of Chicago Tube & Iron Company. Net income for the first nine months declined almost 50 percent to $12.4 million.
"Margin pressure persisted during the third quarter and nine-month period, reflecting lower steel pricing versus the prior year's comparable periods. In addition, higher operating expenses—primarily associated with ongoing expansion projects—were incurred during the current year," said Chairman and CEO Michael D. Siegal during the company’s quarterly conference call with investors and analysts.
Third-quarter and nine-month tonnage volumes improved for the company's flat-rolled, tubular and pipe products, partially offsetting the lower margins. "The growth in tonnage volume resulted in an uptick in Olympic Steel's market share during the third quarter and is indicative of the commitment to customer satisfaction and reliably providing high-quality products. As we look toward the end of the current year and into 2013, we believe steel prices will remain volatile. We look forward to focusing on things within our control, such as successfully concluding our capital projects and increasing cash flow," Siegal said.
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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.
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