Cleveland, Ohio-based Olympic Steel reported Friday a 67 percent year-on-year jump in sales in Q3 2011, leading to $6.1 million in net income after suffering a $1.2 million loss in Q3 2010. In a press release, the company indicated that it will invest much of the profits back into its businesses.
Already, Olympic purchased a major competitor (Chicago Tube and Iron) and invested in new metal processing facilities across the US and in Mexico during the past nine months, and the company plans to start a new processing and distribution plant for stainless steel and aluminum next year.
In a conference call with reports and analysts, Olympic Chairman and Chief Executive Michael Siegal said that "We are offended at Olympic Steel when we hear the media and our government say no one is investing in growth and no one is hiring new employees."
The company's $349 million total in sales during the quarter was attributed to stronger orders in addition to income from the new businesses it acquired over the year. Specifically, customers such as automakers have been increasing production.