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Cleveland’s Olympic Steel Inc. reported net sales of $489.4 million in the fourth quarter, down 5.9 percent from the prior quarter. Net sales for the full year were down 15.6 percent to $2.2 billion.

Fourth-quarter net income totaled $13.3 million, a 73.1 percent increase. Full-year net income was down 41.9 percent to $77.7 million.

"Olympic Steel's strong performance in the fourth quarter and for the full year reflects the success of our strategy to build a more diversified company that delivers results and creates shareholder value even under challenging market conditions," said Richard T. Marabito, CEO. "For the second year in a row, we withstood a hot-rolled carbon steel index pricing decline of more than 45 percent during the year. Despite significant pricing fluctuations, we continue to deliver on our commitment to achieve more consistent, profitable results."

Full-year net sales were down in all three of the company’s business units. However, the company’s carbon steel tons sold increased from 806,919 to 854,192 in 2023.

"All three of our business segments positively impacted Olympic Steel's results for the fourth quarter and full year. Our Pipe and Tube business delivered its second-most profitable year ever, and our Carbon business showed its resiliency in navigating the pricing pressures of 2023. While Specialty Metals faced industry-wide stainless steel pricing headwinds, this segment contributed consistent positive EBITDA for both the fourth quarter and the full year," Marabito said.