Steel Mills

Olympic Posts Record Sales in Second Quarter
Written by Laura Miller
August 5, 2022
Service center chain Olympic Steel posted record quarterly sales and the second-most-profitable quarter in the company’s history during the second quarter.

Both net income and sales were 27% higher year-on-year at $37.6 million and $709 million, respectively.
“The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic Steel. … During the second quarter, Specialty Metals achieved record quarterly sales and earnings, Pipe and Tube continued its run of strong results, and our Carbon Flat business delivered strong EBITDA,” CEO Richard Marabito said.
Tons sold in both its carbon flats and specialty metals flats segments were lower YoY, with carbon flats down 14% to 210,604 tons and specialty flats down 4.5% to 38,386 tons. Average selling prices were higher, however, in both segments at $1,760 per ton and $5,913 per ton, respectively.
“While metal pricing is declining during the third quarter, we remain optimistic regarding underlying demand and our ability to consistently produce earnings in all market cycles,” Marabito added.
The company is investing in all three of its business segments. It is adding a second automotive stamping line in Winder, Ga.; expanding its pipe and tube facility in Des Moines, Iowa, with a 30,000-square-foot addition; and has leased an 80,000-square-foot white metals fabrication facility in Bartlett, Ill. It is also investing further in automation as well as “actively seeking additional acquisitions.”
Headquartered in Cleveland, Olympic operates 42 facilities across North America.
By Laura Miller, Laura@SteelMarketUpdate.com
 
			    			
			    		Laura Miller
Read more from Laura MillerLatest in Steel Mills
 
		                                Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
 
		                                Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.
 
		                                Cliffs, POSCO announce MoU for ‘transformative’ partnership
Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."
 
		                                Cliffs touts steel stamping solution to replace aluminum in automotive
Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,
 
		                                Nucor navigates mixed flat-rolled markets with strategic muscle
Nucor entered the fourth quarter with clear forward momentum: stronger-than-expected results, solid sheet and plate demand, and construction progress on a major new mill that should add capacity next year.
