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Olympic Sets Quarterly Sales Record

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Olympic Steel Inc., Cleveland, reported net sales of $457 million in the third quarter, a 38 percent increase from the same quarter in 2017 and the highest quarterly sales figure in company history.

For the year to date, net sales were up 26 percent from 2017, reaching a record $1.3 billion. Higher year-over-year shipping volume and higher average prices drove the increase.

Net income increased to $11.6 million from $2.3 million in the third quarter. For the nine-month period, net income grew to $35.1 million, more than doubled the $14.8 million through the third quarter of 2017.

"Robust demand for metals and active shipping volume continued in the third quarter," said Chairman and CEO Michael D. Siegal. "Our diversification strategies and strong balance sheet, combined with record sales and higher margins, drove significant earnings improvement in all three of our operating segments for the third quarter and nine months of 2018."

"End-market demand is expected to remain strong in all industries that we serve," Siegal said. "Our customers anticipate year-over-year growth will continue in this year's final quarter, and into 2019."

During the quarter, Olympic sold 281,225 tons of flat-rolled carbon steel products, a modest increase from the same quarter in 2017. Carbon flat product sales totaled $282.8 million an increase of 31.0 percent from last year.

The company sold 36,606 tons of specialty metals flat products in the quarter, up from 23,253 tons in the third quarter of 2017. Sales increased 60.1 percent to $92.2 million.

In the pipe and tube segment, net sales totaled $82 million, an increase of 41.3 percent.