Olympic Steel, Inc. - ZEUS STOCK NEWS

Olympic Steel Inc. (Nasdaq: ZEUS) announced that CEO Richard T. Marabito has been awarded the 2022 Service Center Executive of the Year by Metal Center News. This annual honor, presented to individuals exemplifying service center excellence, marks the second recognition for Olympic Steel's leadership. Under Marabito's tenure since 2019, the company has seen substantial growth in revenue and operations. His leadership is acknowledged for transforming Olympic Steel and advancing the industry through his role as Chairman of the Metals Service Center Institute.

Olympic Steel Inc. (NASDAQ: ZEUS) congratulates Executive Chairman Michael D. Siegal for receiving the Israeli Presidential Medal of Honor for his contributions to Israel and humanity. With over 40 years at Olympic Steel, Siegal has played pivotal roles in the company’s growth, including its IPO and multiple acquisitions, increasing revenues from $35 million to over $1 billion. He has received numerous accolades, including a Lifetime Achievement Award from the Metals Service Center Institute. Olympic Steel is based in Cleveland, Ohio, and operates 42 facilities across North America.

Olympic Steel, Inc. (Nasdaq: ZEUS) reported net income of $12.0 million ($1.04 per diluted share) for Q3 2022, down from $44.5 million ($3.87 per share) in Q3 2021. Sales decreased to $634 million from $668 million year-over-year. Adjusted EBITDA fell to $25.3 million from $70.5 million. The company faced challenges due to declining metals pricing and macroeconomic uncertainties but was able to reduce debt by $84 million (26%) this year. A quarterly cash dividend of $0.09 per share was approved, continuing the dividend since March 2006.

Olympic Steel (NASDAQ: ZEUS) plans to release its Q3 2022 financial results after market close on November 3, 2022. A webcast discussing these results will occur on November 4, 2022, at 10:00 a.m. ET. The company, founded in 1954 and headquartered in Cleveland, Ohio, specializes in processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, and metal-intensive branded products, operating 42 facilities across North America.

Olympic Steel, Inc. (Nasdaq: ZEUS) reported impressive second-quarter results for 2022, with net income reaching $37.6 million or $3.26 per diluted share, compared to $29.6 million or $2.58 a year ago. The record quarterly sales totaled $709 million, up from $556 million in Q2 2021. Adjusted EBITDA also rose to $58.8 million from $51.7 million. The company continues to expand its operations and recently announced a quarterly cash dividend increase to $0.09 per share. Despite declining metal prices, management remains optimistic about demand and earnings.

Olympic Steel (NASDAQ: ZEUS) plans to announce its Q2 2022 financial results on August 4, 2022, after market close. A webcast to discuss these results is scheduled for 10:00 a.m. ET on August 5. The event will feature insights from key executives including CEO Richard T. Marabito, President Andrew Greiff, and CFO Richard A. Manson. Olympic Steel, founded in 1954 and headquartered in Cleveland, Ohio, operates 41 facilities across North America, specializing in processed metal products.

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.

Olympic Steel reports a record quarterly sales of $696 million for Q1 2022, up from $463 million in Q1 2021. Net income soared to $37.3 million or $3.23 per diluted share, compared to $22.0 million or $1.91 in the previous year. Adjusted EBITDA also rose to $56 million, from $37.8 million.

Despite challenges with falling hot-rolled carbon prices, the company saw strong performance across Specialty Metals and Pipe and Tube segments. A quarterly cash dividend of $0.09 was declared, payable June 15, 2022.

Olympic Steel (NASDAQ: ZEUS) plans to release its first-quarter 2022 financial results on May 5, 2022, after market close. A webcast to discuss these results will be hosted on May 6, 2022, at 10:00 a.m. ET. Key executives, including CEO Richard T. Marabito, COO Andrew Greiff, and CFO Richard A. Manson, will participate in the event. Olympic Steel operates from 41 locations across North America, specializing in carbon, coated, and stainless flat-rolled products.