Olympic Steel has record year with net sales increasing by 56.7 percent over 2010
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Cleveland, Ohio-based service center Olympic Steel Inc. announced on Thursday that its net sales during Q4 and full-year hit record numbers with Q4 net sales increasing by 48.7 percent from Q4 in 2010 to $319.9 million--the highest net sales reached ever for Q4--with net sales for the full-year surging by 56.7 percent to $1.26 billion, a record annual revenue total. Along with an increase in sales, Q4 posted a net income of $0.6 million compared to a net loss in Q4 in 2010 of $1.6 million. Net income also increased for the full-year by $22.9 million to $25 million.
Chairman and CEO Michael D. Siegal stated, "2011 was a year of significant transformation and growth for Olympic Steel. Our 2011 financial results and record sales benefited from our strong overall flat rolled performance and the inclusion of Chicago Tube and Iron, which was acquired on July 1, 2011. CTI was immediately accretive to our earnings, and accelerated our market share growth and product expansion in tubing."