Olympic posts record results on strong shipments, demand

As it reports record quarterly results, service centre chain Olympic Steel says its shipments this year have been outpacing the rest of the industry. Despite supply chain disruptions, the company reports continuing strength in demand and shipping volumes.

Olympic sold 244,519 short tons of carbon flat products and 41,203 st of specialty flats in the third quarter. Compared to Q3 2020, shipments were up 9% and 22%, respectively. The carbon flats division reported a 121% on-year rise in average selling prices to $1,655/st and a 66% increase in specialty flats prices to $3,985/st during Q3.

The company posted Q3 net income of $44.5 million on sales of more than $668m. This compares to a Q3 2020 net loss of $1.52m on sales of $300m.

“Our third-quarter financial results represent the best quarterly performance in Olympic Steel’s history. Sales, net income and Ebitda significantly exceeded our previous records set in the second quarter of this year,” says ceo Richard Marabito in an earnings release reviewed by Kallanish.

During the quarter, Cleveland-based Olympic sold its carbon flatrolled distribution business in Detroit, then acquired stainless distributor and fabricator Shaw Stainless & Alloy. The company says it is continuing to make investments in processing and automation equipment while it also pursues its long-term strategy of diversifying its business.

Laura Miller USA