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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 (Nasdaq: ZEUS) has announced the promotion of Cassandra Powers to Vice President of Human Resources. This transition follows the planned retirement of Ken F. Sloan in 2022. Ms. Powers, who has been with the company since 2016, will oversee employee acquisition, engagement, and retention strategies. Her background includes over 11 years of HR experience, with roles enhancing her strategic talent management capabilities. Olympic Steel, founded in 1954, operates 35 facilities across North America, specializing in processed metal products.
Olympic Steel Inc. (NASDAQ: ZEUS) has appointed William Maurer as the new General Manager of its Milford, Connecticut facility, succeeding Gerard Phillips, who will retire in March 2022 after over three decades in the metals industry. Maurer, with more than 25 years of experience, will oversee the facility's operations and commercial growth. This transition aims for a seamless leadership handover, with Phillips supporting during the interim. Olympic Steel is a national metals service center with 35 locations across North America.
Olympic Steel, Inc. (NASDAQ: ZEUS) reported record financial results for Q2 2021, achieving a net income of $29.6 million ($2.58 per diluted share), a significant turnaround from a loss of $6.5 million in Q2 2020. Sales soared to $556 million from $248 million year-over-year. Adjusted EBITDA reached $51.7 million, up from $0.5 million in Q2 2020. The company credits strong market conditions and a solid shipping volume return to pre-COVID levels. A quarterly cash dividend of $0.02 per share has been approved for payment on September 15, 2021.
Olympic Steel, Inc. (Nasdaq: ZEUS) plans to announce its second-quarter 2021 financial results after market close on August 5, 2021. A webcast to discuss these results is scheduled for August 6, 2021, at 10:00 a.m. Eastern Time, featuring key executives including the CEO and CFO. Olympic Steel operates 36 facilities in North America, providing a range of processed metals and metal products.
Olympic Steel Inc. (Nasdaq: ZEUS) has amended and extended its $475 million asset-based revolving credit facility to June 16, 2026. This facility is secured by the company's accounts receivable, inventory, and property, excluding real estate, and includes a $200 million increase option. Currently, Olympic Steel has about $190 million available under this facility, which will be used for working capital and acquisitions. CFO Richard A. Manson highlighted the amendment's role in providing low-cost capital for operations and future growth.
Olympic Steel, Inc. (Nasdaq: ZEUS) reported a substantial increase in net income for Q1 2021, reaching $22.0 million or $1.91 per diluted share, compared to $0.6 million or $0.05 per share in Q1 2020. The company achieved record sales of $463 million, up from $354 million year-over-year. Adjusted EBITDA rose to $37.8 million from $7.5 million. The CEO emphasized robust growth across all segments, driven by high demand and low inventory levels. A quarterly cash dividend of $0.02 per share was approved, payable on June 15, 2021.
Olympic Steel, Inc. (Nasdaq: ZEUS) will host a conference call on May 7, 2021, at 9:00 a.m. ET to discuss its first-quarter financial results. The company plans to release these results before the market opens on the same day. Key executives, including the CEO, President, and CFO, will participate in the call. For those unable to join live, a webcast will be available for replay on their website. Olympic Steel, established in 1954, specializes in processed carbon, coated, stainless flat-rolled sheet, and other metal products, operating 36 facilities across North America.
Olympic Steel, Inc. (Nasdaq: ZEUS) reported its financial results for Q4 and the full year ended December 31, 2020. The fourth quarter saw a net income of $1.8 million ($0.16 per diluted share), recovering from a net loss of $0.9 million in Q4 2019. Sales rose to $332 million, up from $320 million year-over-year. Despite this, the full year resulted in a net loss of $5.6 million ($0.49 per diluted share), down from $3.9 million net income in 2019, with annual sales at $1.2 billion compared to $1.6 billion previously. The acquisition of Action Stainless & Alloys is noted as a strategic growth move.
Olympic Steel (Nasdaq: ZEUS) announced a quarterly cash dividend of $0.02 per share, payable on March 15, 2021, to shareholders of record on March 1, 2021. The company will disclose its 2020 fourth-quarter financial results prior to market opening on February 25, 2021, followed by a conference call beginning at 9:00 a.m. ET. This meeting will feature CEO Richard T. Marabito and other executives. Olympic Steel, founded in 1954, specializes in processed carbon, coated, and stainless flat-rolled sheet and operates 36 facilities across North America.
Olympic Steel, Inc. (Nasdaq: ZEUS) is set to release its 2020 fourth-quarter financial results before the market opens on February 25, 2021. The announcement will be followed by a conference call at 10:00 a.m. Eastern Time, hosted by CEO Richard T. Marabito, President Andrew Greiff, and CFO Richard A. Manson. Interested parties can access the live call or an archived webcast via www.olysteel.com.
Founded in 1954, Olympic Steel focuses on processed carbon and coated flat-rolled sheet products.
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