Olympic Reports Strong Fourth Quarter
By Metal Center News Staff
on Feb 25, 2021
Olympic Steel Inc., Cleveland, reported a full-year loss of $5.6 million in the coronavirus-affected 2020. The company had reported a net income of $3.9 million in the prior year.
Net sales for the year totaled $1.2 billion, a 25 percent decline from 2019.
In the fourth quarter, Olympic’s income totaled $1.8 million, a reversal of the $900,000 loss in the prior-year quarter. Net sales were up 3.8 percent to $332 million.
"Olympic Steel delivered its strongest performance of the year in the fourth quarter of 2020, which is a true testament to the hard work and resilience of our entire team," said Richard T. Marabito, CEO. "We are proud to finish this unprecedented year on a high note by delivering improved profitability while safely operating as an essential business."
In the quarter, Olympic’s sales were up across the board. Carbon flat products sales increased 0.9 percent to $178.6 million, specialty metals sales were up 9 percent to $89.3 million and tubular product sales climbed 4.7 percent to $63.7 million.
During the quarter, the company acquired Action Stainless & Alloys, which will expand its geographic footprint in Texas, Missouri and Arkansas.
"We enter 2021 with optimism and momentum as market conditions are favorable and metal prices have reached all-time highs. We will stay vigilant in our operational discipline to capitalize on efficiencies and operate with flexibility in the face of the ongoing pandemic, the recovering economy and changing industry dynamics,” said Marabito.