Olympic Steel Inc reported a third quarter profit of USD 671,000 as compares with a profit of USD 24.2 million in the same quarter a year ago. Sales fell by 64% to USD 121.6 million in the quarter that ended September 30th 2009 from USD 335.2 million a year earlier.
For the first 9 months, the Bedford Heights steel service center reported a loss of USD 58.6 million as compared with a profit of USD 66.9 million in the same period last year. Sales were down by 44% to USD 470.2 million from USD 837.7 million a year ago.
Mr Michael Siegal chairman & CEO of Olympic Steel said that "We expect to grow out market share when steel demand recovers by serving our customers from positions of strength."
