Leading US metals service center Olympic Steel Inc announced record quarterly financial results for the three months ended September 30, 2021. Net income for the third quarter totaled USD 44.5 million as compared with a net loss of USD 1.5 million in the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 was USD 70.5 million, compared with USD 4.3 million in the third quarter of 2020. The Company reported sales totaling USD 668 million for the third quarter of 2021, compared with USD 300 million in the third quarter of 2020. Chief Executive Officer Mr Richard T Marabito said "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." Mr Marabito added "Customer demand and our shipping volumes remain strong, despite continued supply chain disruptions. Our total shipments have outpaced the industry through the first three quarters of this year, particularly in our higher-margin product categories. As a result of the outstanding efforts of our entire team, the success of our acquisitions, our strong balance sheet and commitment to our long-term strategy, we remain well-positioned for a strong fourth quarter and our continued pursuit of higher-margin growth opportunities."
Leading US metals service center Olympic Steel Inc announced record quarterly financial results for the three months ended September 30, 2021. Net income for the third quarter totaled USD 44.5 million as compared with a net loss of USD 1.5 million in the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 was USD 70.5 million, compared with USD 4.3 million in the third quarter of 2020. The Company reported sales totaling USD 668 million for the third quarter of 2021, compared with USD 300 million in the third quarter of 2020. Chief Executive Officer Mr Richard T Marabito said "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." Mr Marabito added "Customer demand and our shipping volumes remain strong, despite continued supply chain disruptions. Our total shipments have outpaced the industry through the first three quarters of this year, particularly in our higher-margin product categories. As a result of the outstanding efforts of our entire team, the success of our acquisitions, our strong balance sheet and commitment to our long-term strategy, we remain well-positioned for a strong fourth quarter and our continued pursuit of higher-margin growth opportunities."
