Olympic Steel Inc. announced Monday financial results for the first quarter ended March 31, 2015.
First-quarter 2015 net sales of $345.9 million were comparable with sales of $346.9 million recorded in the same quarter last year. Net income was $1.1 million or $0.10 per diluted share in the quarter, compared with net income of $2.8 million, or $0.25 per diluted share, in the first quarter of 2014. The year-over-year decline in net income was attributable to lower gross margin in the current-year period.
"Our strategy has been to diversify products and geographies in order to generate profitable growth regardless of the industry cycle," said Chairman and Chief Executive Officer Michael D. Siegal. "We responded quickly to sharp declines in metal pricing by implementing a multi-pronged profit improvement program early in 2015. As a result, operating expenses were reduced by $2.6 million in the quarter and we further strengthened our balance sheet by reducing inventory and debt."