Olympic Steel Announces Increased Quarterly Cash Dividend

Rhea-AI Summary

Olympic Steel (ZEUS) announced a quarterly cash dividend increase from $0.02 to $0.09 per share, payable on March 15, 2022 to shareholders of record on March 1, 2022. This marks the company's commitment to return profits to shareholders, a practice maintained since March 2006. CEO Richard T. Marabito highlighted record profitability for 2021 and anticipates maintaining the increased dividend, subject to Board Approval. Q4 and full-year results are expected on February 24, 2022.

Positive

• Dividend increase from $0.02 to $0.09 per share demonstrates strong profitability.
• Continued commitment to shareholder returns with regular quarterly dividends since 2006.

Negative

• None.

CLEVELAND--(BUSINESS WIRE)-- Olympic Steel Inc. (Nasdaq: ZEUS), a leading national service center, today announced that the Company’s Board of Directors approved a regular quarterly cash dividend of $0.09 per share, which is an increase of $0.07 per share from the Company’s last dividend of $0.02 per share. The dividend is payable on March 15, 2022, to shareholders of record on March 1, 2022. The Company has paid a regular quarterly dividend since March 2006.

“As indicated in our earnings releases for the first three quarters of 2021, this has been an extraordinary year with record profitability for Olympic Steel. We are pleased to share that success with our shareholders by declaring a quarterly dividend that has been increased from $0.02 per share to $0.09 per share. We expect to maintain this increased quarterly dividend on a regular basis, subject to Board Approval. We also look forward to sharing our fourth quarter and full-year results on Thursday, February 24, followed by our quarterly earnings webcast on Friday, February 25,” said Richard T. Marabito, Chief Executive Officer.

Details about the Company’s quarterly earnings webcast are available at https://olysteel.com/corporate-profile/

About Olympic Steel

Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 41 facilities in North America.

For additional information, please visit the Company’s website at www.olysteel.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005947/en/

Richard A. Manson

Chief Financial Officer

(216) 672-0522

ir@olysteel.com

Source: Olympic Steel, Inc.

FAQ

What is the new dividend amount for Olympic Steel (ZEUS)?

The new dividend amount for Olympic Steel (ZEUS) is $0.09 per share.

When will the dividend be paid to shareholders of Olympic Steel (ZEUS)?

The dividend will be paid on March 15, 2022.

What are the upcoming financial results announcements for Olympic Steel (ZEUS)?

Olympic Steel will announce its fourth quarter and full-year results on February 24, 2022.

How often does Olympic Steel (ZEUS) pay dividends?

Olympic Steel has paid quarterly dividends regularly since March 2006.