Cleveland, Ohio-based metals service center group Olympic Steel, Inc. announced Friday that net income surged in Q1 2011 as net sales jumped 75.3 percent. Olympic Steel's net income swelled more than five-fold from $1.7 million in Q1 2010 to $10.3 million in Q1 2011. A primary driver of the annual increase was greater tons sold in the quarter-tonnage volumes sole rose 43.3 percent year-on-year in Q1.
Olympic Steel's Chairman and CEO Michael D. Siegal said, "We are extremely pleased with our strong first quarter sales and earnings, out best quarterly results since the third quarter of 2008. We continue to gain market share, and we are experiencing strong momentum as the industrial recovery continues."