Olympic Sets Sales Record in Q1
By Metal Center News Staff
on May 6, 2022
Olympic Steel Inc., Cleveland, reported record sales of $696 million in the first quarter. Sales were up more than 96 percent from the same quarter in 2021.
Net income for the quarter totaled $37.3 million, 69.4 percent higher than the same quarter last year.
"Another quarter of historic performance for Olympic Steel demonstrates that the strategic actions we've taken to diversify our business, reduce exposure to cyclical risks and drive operational efficiencies position us to succeed in all market cycles," said Richard T. Marabito, CEO. "Although we began the year facing a headwind of falling hot-rolled carbon prices, the execution of our strategies enabled us to generate record sales and the second strongest quarter of profitability in our history.”
Olympic saw record quarterly sales figures in both its specialty metals and pipe and tube segments, while its carbon segment recorded its second highest figure.
The sales gains were driven by higher average selling prices, with carbon prices up more than $800 to $1,842 per ton and specialty metals prices increasing 72 percent to $5,189 per ton. Tons shipped were down 14 percent to 206,083 and specialty shipments declined 8.2 percent to 38,444 tons.
“We remain optimistic and expect to have a strong second quarter, as we see consistent demand across our end markets and a balanced inventory position in the service center industry," Marabito said.