Olympic Reports Profitable First Quarter
By
Metal Center News Staff on
May 11, 2025
Olympic Steel Inc., Cleveland, reported net income for the first quarter of $2.5 million compared with net income of $8.7 million. First-quarter net sales totaled $493 million, down from the $527 million in the same quarter of 2024.
"Olympic Steel had a strong shipping start to the year and delivered positive EBITDA in all three business segments in a challenging macroeconomic environment for the steel industry," said Richard T. Marabito, CEO. "We are well-positioned to support increased manufacturing in the U.S. Over 90 percent of our metals supply and almost all our sales are domestically based. Our fabrication capabilities provide an excellent solution for OEMs looking to outsource or expand their first stages of manufacturing in the U.S."
Carbon flat-rolled tons sold in the quarter increased 5.9 percent to 232,837 from the same quarter in 2024. However, the average price per ton sold declined from $1,370 to $1,229.
In its specialty metals flat products division, tons sold were also up 5.9 percent to $31,679, while the average price per ton declined from $4,332 to $4,089.
"While macro forces are likely to have impacts that reverberate throughout the economy, we believe the strategies we have in place will enable us to drive profitability and growth while delivering value for shareholders," Marabito said.