Cleveland US headquartered leading service center Olympic Steel Inc announced Net income of USD 121.1 million in 2021 as compared with a net loss of USSD 5.6 million in 2020. Adjusted EBITDA for 2021 was USD 211.1 million, compared with USD 22.1 million in 2020. Sales for 2021 totaled USD 2.3 billion compared with UD 1.2 billion in 2020. Olympic Steel CEO Mr Richard T Marabito said "We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel. All three of our operating segments earned record EBITDA in 2021, reflecting not only strong market demand for our products but also the benefits of our diversification and acquisition strategy. At the same time, we remained focused on operational and working capital disciplines, including record inventory turns, which further enhanced our financial performance."---------------------------------Carbon Flat Products -2021---------------------------------Tons sold –921,295 ton, up 132% YoYNet sales - USD 1,344 million, up 95% YoYOperating income - USD 110 million, up 975% YoY--------------------------------------------Specialty Metals Flat Products -2021--------------------------------------------Tons sold - 157,807 ton, up 25% YoYNet sales - USD 585 million, up 87% YoYOperating income - USD 70 million, up 505% YoY----------------------------------------Tubular and Pipe Products -2021----------------------------------------Net sales - USD 382 million, up 66% YoYOperating income - USD 7 million, down 18% YoYMr Marabito added "As we begin 2022, we are well-positioned for a strong first quarter. The stainless steel, aluminum, and pipe and tube markets remain robust. Although prices in the carbon segment began to transition down in the fourth quarter, we are optimistic about business conditions in the first quarter of 2022. We are confident that our efforts to diversify and expand in higher-margin products will help Olympic Steel provide more consistent profitability and reduce the impact of market cyclicality on our financial performance."
Cleveland US headquartered leading service center Olympic Steel Inc announced Net income of USD 121.1 million in 2021 as compared with a net loss of USSD 5.6 million in 2020. Adjusted EBITDA for 2021 was USD 211.1 million, compared with USD 22.1 million in 2020. Sales for 2021 totaled USD 2.3 billion compared with UD 1.2 billion in 2020. Olympic Steel CEO Mr Richard T Marabito said "We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel. All three of our operating segments earned record EBITDA in 2021, reflecting not only strong market demand for our products but also the benefits of our diversification and acquisition strategy. At the same time, we remained focused on operational and working capital disciplines, including record inventory turns, which further enhanced our financial performance."---------------------------------Carbon Flat Products -2021---------------------------------Tons sold –921,295 ton, up 132% YoYNet sales - USD 1,344 million, up 95% YoYOperating income - USD 110 million, up 975% YoY--------------------------------------------Specialty Metals Flat Products -2021--------------------------------------------Tons sold - 157,807 ton, up 25% YoYNet sales - USD 585 million, up 87% YoYOperating income - USD 70 million, up 505% YoY----------------------------------------Tubular and Pipe Products -2021----------------------------------------Net sales - USD 382 million, up 66% YoYOperating income - USD 7 million, down 18% YoYMr Marabito added "As we begin 2022, we are well-positioned for a strong first quarter. The stainless steel, aluminum, and pipe and tube markets remain robust. Although prices in the carbon segment began to transition down in the fourth quarter, we are optimistic about business conditions in the first quarter of 2022. We are confident that our efforts to diversify and expand in higher-margin products will help Olympic Steel provide more consistent profitability and reduce the impact of market cyclicality on our financial performance."
