Olympic Steel Reports Record Second-Quarter 2021 Results
Leading US metals service center Olympic Steel Inc announced that net income for the second quarter totaled USD 29.6 million as compared with a net loss of USD 6.5 million in the second quarter of 2020. Adjusted EBITDA for the second quarter of 2021 was USD 51.7 million, compared with USD 0.5 million in the second quarter of 2020. The Company reported sales totaling USD 556 million for the second quarter of 2021, compared with USD 248 million in the second quarter of 2020.
Olympic Steel Chief Executive Officer Mr Richard T Marabito said "The second quarter of 2021 was the most profitable quarter in the history of Olympic Steel. Our strategic execution and ongoing focus on working capital and operating expenses, combined with exceptional markets and historically high metal prices, resulted in record quarterly adjusted EBITDA of USD 51.7 million and our second consecutive quarter of record sales. Our shipping volumes have returned to pre-COVID levels and we expect steady demand to continue in the third quarter despite our customers navigating persistent component shortages and other supply chain and labor constraints.”
He added “We are optimistic about the future and, in the near term, anticipate a similarly strong third quarter. We are hopeful that new infrastructure legislation will be passed this year and we are poised to be key supplier to our customers who provide equipment and components that are critical to the nation’s roads, bridges and other infrastructure."