Olympic's Sales Increase 24 Percent in Third Quarter
By Metal Center News Staff
on Nov 21, 2017
Olympic Steel Inc. reported net income of $2.3 million in the third quarter, compared with a net loss of $1.8 million a year ago. Net sales of $331.4 million were 24 percent higher than the year-ago period.
The Cleveland-based service center says higher shipping volume and increased average selling prices contributed to significantly higher sales in the third quarter. “We continued to grow our shipping volumes in a recovering metals market,” Chairman and CEO Michael Siegal said. “Through the first nine months of 2017, our 13 percent increase in shipping volume has resulted in improved profitability.”
The company also reported improved year-to-date results. Net income through September was $14.8 million, compared with $1 million last year. Year-to-date net sales increased 28 percent to $1 billion, compared with $800.2 million through the first nine months of 2016.
Siegal added that demand for products and processing services is strong in all three of Olympic’s business segments. Net sales of carbon flat products increased to $215.8 million, specialty metals flat products increased to $57.6 million, and tubular and pipe products increased to $58 million. Olympic shipped 277,426 tons of carbon flat products in the third quarter and 23,253 tons of specialty metals flat products.
“Looking ahead, we are encouraged by both the positive demand trends our customers are projecting for 2018, and by the market’s outlook for improved metal pricing,” Siegal said.