Net income slips for Olympic Steel despite increased sales

Friday, 04 May 2012 10:05:50 (GMT+3)   |  
       

Cleveland, Ohio-based national metals service center Olympic Steel, Inc. announced Thursday that for Q1 2012, net sales totaled $382.1 million, a record quarterly revenue total, and an increase of 29.8 percent from the $294.4 million for Q1 2011. Q1 2012 net income, meanwhile, was $6.2 million during the quarter, down from $10.3 million in last year's Q1.

Michael Siegal, Olympic Steel's Chairman and CEO said that Q1 results benefited from sequentially improved flat rolled sales from Q4 2011, and "outstanding performance" in Olympic's pipe and tube segment, which continues to deliver consistently strong financial results.

Looking forward, Olympic's executives noted that Q1 was characterized as "uneven with most of our quarter under supply side pricing pressure. This resulted in the choppy steel prices and pressured margins especially in carbon and stainless flat rolled areas." And while the first half of the year is usually the seasonal time for price increases, 2012 has been a non-traditional year thus far, and Q2 looks to have similar market conditions to Q1. In Q2 Olympic plans to reduce inventory levels at its various locations.


Similar articles

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

France’s steel product import value down 17.8 percent in 2023

08 Mar | Steel News

Vietnam’s Hoa Phat post 19% drop in steel sales volume in Feb from Jan

06 Mar | Steel News

Japanese crude steel output up 4.0 percent in January from December

26 Feb | Steel News

UK’S TRA proposes safeguard extension for 15 steel product categories for further two years

22 Feb | Steel News

France’s steel product import value down 18.4 percent in Jan-Nov

09 Feb | Steel News

Vietnam’s Hoa Phat post 16% drop in steel sales volume in Jan from Dec

06 Feb | Steel News

Japanese crude steel output down 1.8 percent in December from November

26 Jan | Steel News

Turkey exhausts some of its EU steel import quotas

17 Jan | Steel News