Highland Hills, Ohio-based service center Olympic Steel Inc. reported Thursday net income of $1.6 million in its third quarter, a 16 percent increase from Q3 2013. Revenue reached $376.6 million, reflecting a 23.9 percent increase year-on-year.
For the 2014 nine-month period, reported net income declined to $7.8 million, compared with $9.0 million, in last year's comparable period.
“Our revenue and market share have grown substantially in 2014,” said Chairman and Chief Executive Officer Michael D. Siegal, “however, we are not satisfied with our bottom line. Operating costs are inflated for the current market environment.” However, Siegal noted that “a multitude of initiatives are underway to lower operating costs and improve efficiencies.”