Olympic Steel Reports Third Quarter Results

Release time：Nov 12, 2019 From：匿名

Leading US metals service center Olympic Steel Inc announced financial results for the three months ended September 30, 2019. Third-quarter 2019 net sales of USD 384 million were 16% lower compared with USD 457 million in the third quarter of 2018. Net sales were impacted by lower year-over-year shipping volumes and pricing within the carbon flat products segment. Net income was approximately USD 591 thousand in the 2019 third quarter, compared with USD 11.6 million. The specialty metals flat products segment continued to profitability grow its market share while sales in the tubular and pipe products segment outperformed the market.

Chief Executive Officer Mr Richard T Marabito said "While we anticipated the third quarter would be softer than the first half of the year, we are encouraged by the positive impact we are seeing from our strategy to diversify the business. Our specialty metals and pipe and tube businesses remained resilient in a challenging market environment. We also furthered our strategy of vertical integration during the third quarter through the acquisition of EZ Dumper®,a manufacturer of hydraulic truck dump inserts. This is our second acquisition in 2019 of manufacturers of higher-margin, metal-intensive branded products, which offer a countercyclical offset to the pricing dynamics of the steel distribution business. McCullough Industries, which we acquired earlier this year, continues to exceed our expectations by delivering EBITDA margins well above the levels earned through traditional service center business. We are committed to evaluating additional acquisition opportunities, and when there is a good fit, we have adequate capital available to pursue a transaction," said