Metals service center Olympic Steel announced Thursday financial results for Q4 2012 and for the full year 2012. Net sales for the Q4 totaled $291.7 million, an 8.8 percent decrease from the Q4 record of $319.9 million reported in last year's comparable period. For the full year, net sales reached a record $1.4 billion, a 9.7 percent increase from the company's previous record of $1.3 billion achieved in 2011. For the full year, net income totaled $2.3 million, down from $25 million in 2011.
Chairman and Chief Executive Officer Michael D. Siegal commented, "During 2012, we made significant progress on a variety of growth and development initiatives. We successfully ramped up several new facilities and completed major capital projects to enhance future profitability. However, the year ended with a disappointing quarter as steel demand and pricing declined in tandem with mounting political and fiscal uncertainty-masking much of our operational headway.
"Entering 2013, we are encouraged by recovering demand for steel products," Siegal continued. "Now, the vast majority of cash outlays associated with the multi-year capital expansion projects are behind us and our focus is on harnessing their potential to increase earnings and cash flow."