Cleveland headquartered US’s leading metals service center Olympic Steel has reported that net income for the April-June 2022 quarter totaled USD 37.6 million as compared with net income of USD 29.6 million in April-June 2021 quarter and adjusted EBITDA was USD 58.8 million as compared with USD 51.7 million in the second quarter of 2021. Olympic Steel reported all-time record quarterly sales of USD 709 million in the second quarter of 2022 as compared to USD 556 million in the second quarter of 2021. Olympic Steel Chief Executive Officer Mr Richard T Marabito said “The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic Steel. We achieved all-time record quarterly sales surpassing our first-quarter 2022 results to deliver the second-most-profitable quarter in the Company’s history. Our success is rooted in our expansion into higher-return, value-added products, our five successful acquisitions over the past four years and our disciplined approach to working capital and expense management. 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.”Mr Marabito said “We are excited to advance our capital deployment strategy, making meaningful investments in all three of our business segments to expand our capacity to serve our growing customer base and enhance our returns. These investments include the addition of a second automotive stamping line in Winder in Georgia, a new leased 80,000 square feet white metals fabrication facility in Bartlett in Illinois and a 30,000 square feet expansion of our Pipe and Tube facility in Des Moines in Iowa. We are also investing in automation and actively seeking additional acquisitions to further diversify our business by expanding our higher-return, value-added product and processing portfolio.”Marabito concluded “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.”
Cleveland headquartered US’s leading metals service center Olympic Steel has reported that net income for the April-June 2022 quarter totaled USD 37.6 million as compared with net income of USD 29.6 million in April-June 2021 quarter and adjusted EBITDA was USD 58.8 million as compared with USD 51.7 million in the second quarter of 2021. Olympic Steel reported all-time record quarterly sales of USD 709 million in the second quarter of 2022 as compared to USD 556 million in the second quarter of 2021. Olympic Steel Chief Executive Officer Mr Richard T Marabito said “The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic Steel. We achieved all-time record quarterly sales surpassing our first-quarter 2022 results to deliver the second-most-profitable quarter in the Company’s history. Our success is rooted in our expansion into higher-return, value-added products, our five successful acquisitions over the past four years and our disciplined approach to working capital and expense management. 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.”Mr Marabito said “We are excited to advance our capital deployment strategy, making meaningful investments in all three of our business segments to expand our capacity to serve our growing customer base and enhance our returns. These investments include the addition of a second automotive stamping line in Winder in Georgia, a new leased 80,000 square feet white metals fabrication facility in Bartlett in Illinois and a 30,000 square feet expansion of our Pipe and Tube facility in Des Moines in Iowa. We are also investing in automation and actively seeking additional acquisitions to further diversify our business by expanding our higher-return, value-added product and processing portfolio.”Marabito concluded “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.”