Olympic Steel Publishes Corporate Responsibility Report

Rhea-AI Summary

Olympic Steel Inc. (NASDAQ: ZEUS) has released its 2021 Corporate Responsibility Report, focusing on its environmental, social, and governance (ESG) efforts. Key achievements include recognition for safety performance, a 33% rise in employee-reported safety solutions, and a 16% reduction in electricity usage since 2019. Olympic Steel also donated over $122,000 to charity and established a Diversity, Equity, and Inclusion Leadership Council. This report marks the start of an annual initiative to enhance transparency and accountability in corporate governance.

Positive

• 18 divisions recognized for outstanding safety performance
• 33% annual increase in employee-reported safety solutions
• 16% reduction in electricity consumption since 2019
• 25% reduction in natural gas use since 2019
• $122,000 contributed to charitable organizations
• Established Diversity, Equity, and Inclusion Leadership Council

Negative

• None.

CLEVELAND--(BUSINESS WIRE)-- Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced the release of its 2021 Corporate Responsibility Report, highlighting the Company’s environmental stewardship, social engagement, governance transparency and accountability efforts.

“Olympic Steel’s Core Values guide our approach to work and commitment to the communities in which we operate,” said Richard T. Marabito, Chief Executive Officer. “Our 2021 Corporate Responsibility Report is an opportunity to recognize the hard work of our teams in accordance with those values and to acknowledge annual progress that has always been foundational to our culture and the way we do business.”

The 2021 report marks the first of what the Company intends to become an annual update related to its ongoing environmental, social and governance (ESG) work. Several achievements summarized in the report include the following:

• 18 divisions recognized by the Fabricators & Manufacturers Association (FMA) for outstanding safety performance
• 10 divisions with zero OSHA-recordable incidents
• A 33% annual increase in safety poka-yokes (employee-reported safety solutions) and a 44% annual increase in near-miss reporting (integral to the Company’s safety culture of learning)
• More than 4,198 safety actions completed across the organization
• A 16% reduction in electricity consumption since 2019
• A 25% reduction in natural gas use since 2019
• More than $122,000 contributed to charitable organizations by Olympic Steel employees
• Establishing an Olympic Steel Diversity, Equity and Inclusion (DEI) Leadership Council and Steering Committee
• Participating in the formation of the Metal Service Center Institute’s (MSCI’s) DEI Task Force and Safety Task Force

The full report is available online at https://olysteel.com/wp-content/uploads/2022/04/corporate-responsibility-report-2021_d8.pdf.

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/20220519005706/en/

Michelle Pearson-Casey

Vice President Corporate Communications & Marketing

(216) 292-3800

Source: Olympic Steel, Inc.

FAQ

What are the key highlights of Olympic Steel's 2021 Corporate Responsibility Report?

Key highlights include a 33% increase in safety solutions, 16% reduction in electricity consumption, and over $122,000 donated to charity.

How has Olympic Steel improved its safety performance?

Olympic Steel reported 18 divisions recognized for safety performance and a 44% annual increase in near-miss reporting.

What commitments has Olympic Steel made regarding sustainability?

The company has committed to reducing energy consumption, with a 16% reduction in electricity and a 25% reduction in natural gas use since 2019.

Is Olympic Steel's Corporate Responsibility Report a one-time publication?

No, it marks the first of what the company intends to be an annual update on its ESG efforts.

What initiatives has Olympic Steel taken for diversity and inclusion?

Olympic Steel established a Diversity, Equity, and Inclusion Leadership Council and participated in related task forces.