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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, Inc. (Nasdaq: ZEUS) reported record earnings for Q4 and the full year 2021, showcasing robust financial health. Net income surged to $24.9 million in Q4 2021, up from $1.8 million in Q4 2020, with adjusted EBITDA rising to $51.1 million from $9.9 million. Full-year net income reached $121.1 million compared to a loss of $5.6 million in 2020. Sales doubled to $2.3 billion. The company announced a dividend increase from $0.02 to $0.09 per share, effective March 15, 2022. Management emphasized a diversification strategy that enhances profitability and reduces market cyclicality.
Olympic Steel (ZEUS) announced a quarterly cash dividend increase from
Olympic Steel, Inc. (Nasdaq: ZEUS) will release its fourth-quarter 2021 financial results on
Olympic Steel (NASDAQ: ZEUS) has announced the promotion of David J. Gea to President of its Carbon Flat Rolled segment, which comprises about 50% of the company's revenue. Gea has been with Olympic Steel since 2002, previously serving as Regional Vice President. His leadership is expected to drive safe and profitable growth in this critical business area. Under the guidance of Andrew S. Greiff, President and COO, the company aims to enhance strategic relationships and operational efficiency.
Olympic Steel reported record financial results for Q3 2021, achieving a net income of $44.5 million ($3.87 per diluted share), compared to a loss of $1.5 million in Q3 2020. The company's sales reached $668 million, up from $300 million a year prior. Adjusted EBITDA soared to $70.5 million from $4.3 million. The sale of Detroit operations was countered by the acquisition of Shaw Stainless, enhancing profit potential. A regular quarterly cash dividend of $0.02 per share was declared, payable December 15, 2021.
Olympic Steel Inc. (NASDAQ: ZEUS) has appointed James D. Esway as General Manager of its facilities in Buford and Winder, Georgia. Esway brings over 20 years of experience in the metals industry, having previously served as Chief Commercial Officer for a major metals manufacturer. His appointment aims to accelerate growth in the Southeast region, continuing the notable expansion of the Buford facility since its opening in 2020. David J. Gea remains the Vice President overseeing these operations.
Olympic Steel (NASDAQ: ZEUS) plans to announce its third-quarter 2021 financial results on
Olympic Steel Inc. (Nasdaq: ZEUS) has acquired the assets of Shaw Stainless & Alloy, Inc. in an all-cash deal that is immediately accretive, though terms weren't disclosed. This marks Olympic Steel's fifth acquisition in four years, enhancing its specialty metals segment. Shaw's operations include stainless steel distribution and fabrication, with various value-added processes provided. The acquisition is expected to drive growth through synergies and replace earnings from recently sold assets in Detroit.
Olympic Steel (Nasdaq: ZEUS) announced the sale of its Detroit operations to Venture Steel Inc. for
Olympic Steel (NASDAQ: ZEUS) has announced the promotion of Brian C. Harkins to Vice President – Aluminum. This move is in line with the company's strategic growth in specialty metals. Harkins, who joined in 2019, has extensive experience in the aluminum market, contributing to market share increases and strengthening supply relations. His vision is set on sustainable growth for the aluminum product line. Olympic Steel, founded in 1954 and headquartered in Cleveland, operates 35 facilities across North America, focusing on various metal products.
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