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Olympic Steel, Inc. (symbol: ZEUS) is a premier U.S.-based metals service center, founded in 1954 and headquartered in Cleveland, Ohio. The company stands out in the industry for its exceptional capabilities in the direct sale and distribution of processed carbon, coated, and stainless flat-rolled sheet, coil, and plate steel, as well as aluminum products. Olympic Steel operates through three main segments: specialty metals flat products, carbon flat products, and tubular and pipe products.
Olympic Steel's expertise extends to its subsidiary, CTI, which is a leading distributor of steel tubing, bar, pipe, valves, and fittings, and also fabricates pressure parts for the electric utility industry. The company serves a diverse range of industries, including industrial machinery, automotive, and transportation equipment manufacturing.
With a strong commitment to safety and quality, Olympic Steel aims to achieve profitable growth by providing unparalleled business solutions tailored to metal product users. The company has earned numerous accolades, such as being named one of the 50 most engaged workplaces in the U.S. and receiving the Northeast Ohio North Coast 99 award multiple times for excellence in attracting, motivating, and retaining top talent.
Financially, Olympic Steel has consistently demonstrated robust performance through strategic facility locations across North America and an extensive portfolio of products and services. The company's recent achievements include expanding its processing capabilities and entering into strategic partnerships that enhance its market presence and service offerings.
Olympic Steel is also known for its strong corporate culture and commitment to employee development, making it a sought-after workplace in the metals industry. The company's focus on innovation and customer satisfaction continues to drive its success and industry leadership.
Olympic Steel (ZEUS) reported third-quarter 2024 financial results with net income of $2.7 million, or $0.23 per diluted share, down from $12.2 million, or $1.06 per diluted share, in Q3 2023. Sales decreased to $470 million from $526 million year-over-year, primarily due to declining metal pricing. EBITDA was $15.0 million compared to $27.1 million in Q3 2023. The company reduced debt by $12 million to $197 million and maintained $304 million in credit availability. Despite industry-wide pricing pressure and lower OEM demand, all three business segments remained EBITDA-positive. The Board approved a regular quarterly dividend of $0.15 per share.
Olympic Steel (Nasdaq: ZEUS), a leading national metals service center, has announced it will release its third-quarter 2024 financial results after the market closes on October 31, 2024. The company will hold a webcast to discuss these results on Friday, November 1, 2024 at 10:00 a.m. Eastern Time.
Participants in the webcast will include Richard T. Marabito (Chief Executive Officer), Andrew Greiff (President and Chief Operating Officer), and Richard A. Manson (Chief Financial Officer). Interested parties can access the webcast through the company's website at www.olysteel.com. For those unable to attend the live event, the webcast will be archived and available for replay on the company's website.
Olympic Steel (Nasdaq: ZEUS) reported Q2 2024 financial results, with net income of $7.7 million ($0.66 per diluted share), compared to $15.0 million ($1.30 per diluted share) in Q2 2023. Adjusted EBITDA was $21.3 million, down from $31.2 million in Q2 2023. Sales decreased to $526 million from $569 million year-over-year, despite higher shipping volumes. The company's diversification strategy helped maintain profitability across all three business segments despite challenging market conditions, including a 22% drop in hot-rolled index pricing during Q2. Olympic Steel declared a quarterly dividend of $0.15 per share and reported over $340 million in borrowing availability, positioning it for potential growth opportunities.
Olympic Steel (Nasdaq: ZEUS) will announce its second-quarter 2024 financial results after the market closes on August 1, 2024.
A webcast to discuss the results will be held on August 2, 2024, at 10:00 a.m. ET.
Key speakers include CEO Richard T. Marabito, President and COO Andrew Greiff, and CFO Richard A. Manson.
The webcast can be accessed on the company's website, and an archived replay will be available for those unable to attend the live event.
Olympic Steel (Nasdaq: ZEUS) celebrates its 70th anniversary and the 50th anniversary of Executive Chairman Michael D. Siegal. Founded in 1954 by Sam and Sol Siegal with a $17,000 investment, the company has grown into a leading metals service center with over $1 billion in revenues. Michael Siegal joined the company in 1974 and became CEO in 1984, overseeing its public listing on Nasdaq in 1994. Under his leadership, Olympic Steel expanded through acquisitions and new product lines. Today, the company offers a diverse range of metals and fabrication services. Michael Siegal also holds various board positions and is recognized for his philanthropic efforts.
Olympic Steel (Nasdaq: ZEUS) has appointed Anthony Roberts as General Manager for its Chambersburg, Pennsylvania facilities. With over 30 years of experience in the aerospace, automotive, defense, and industrial sectors, Roberts brings leadership expertise from various prominent companies including Mancor Industries, MB Aerospace, Howmet Aerospace, and McLaren Automotive. He will manage two facilities providing metal fabrication services to OEMs, reporting to Region VP James Post. The facilities span 307,000 square feet and specialize in burning, machining, forming, welding, kitting, and assembly. Olympic Steel executives highlight Roberts’ role in advancing their fabrication growth and mitigating cyclical business risks.
Olympic Steel (Nasdaq: ZEUS), a prominent national metals service center, has promoted George Frost to Vice President - Aluminum. This move aligns with the company's strategic growth plans in the specialty metals market. Frost, who will report directly to Andy Markowitz, President - Specialty Metals, brings extensive knowledge of the aluminum sector. His leadership is expected to help Olympic Steel expand its market share and strengthen its position as a top aluminum distributor. Frost holds a Bachelor's degree from Western Carolina University and an MBA from the University of Phoenix. He is actively involved in the Metals Service Center Institute's (MSCI) Aluminum Products Board and the DEI Task Force.
Olympic Steel, Inc. (Nasdaq: ZEUS) reported financial results for Q1 2024, with net income of $8.7 million and sales of $527 million. Despite a decline in income and sales compared to Q1 2023, the company remains in a strong financial position. The CEO highlighted growth in shipping volumes, diversification into higher-value products, and market share gains. The company plans to invest in organic growth, automation, and acquisitions. A cash dividend of $0.15 per share was approved. Adjusted net income per diluted share was $0.77, compared to $1.15 in Q1 2023.
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