Nov. 9, 2016

Olympic Reports Third-Quarter Loss

Olympic Steel, Cleveland, reported a net loss of $1.8 million in the third quarter, a decline from the $600,000 loss in the same period of 2015 and from the $3.6 million in earnings posted in the second quarter. Olympic’s year-to-date income of $1.0 million is a reversal of the $21.8 million loss posted in the first three quarters of last year.

Third-quarter sales totaled $268.3 million, down 3.1 percent from the 2015 period and 2.0 percent below the previous quarter. Year-to-date sales of $800.2 million were down 14.7 percent from last year. The revenue declines were attributable to lower average selling prices and lower sales of carbon flat products, the company said.

"The commercial discipline exhibited by domestic steel producers this year is encouraging. Higher prices for steelmaking raw materials, such as iron ore and coking coal, suggest the price increases announced by the mills in October may hold," said Chairman and CEO Michael D. Siegal. "Looking ahead, our customers' inventory levels remain lean, suggesting order patterns should normalize if average prices begin to rebound."

Olympic Steel’s carbon flat product sales totaled $169.4 million in the quarter, down 4.1 percent from third-quarter 2015. Tubular product sales declined 8.2 percent to $49.3 million, while specialty flat products increased 6.6 percent to $49.5 million.


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Monday, October 23, 2017