Cleveland, Ohio-based national metals service center Olympic Steel reported Thursday that net income rose 144 percent to $7.9 million in Q2 compared to net income of $3.3 million in Q2 2010 on higher sales. Sales in Q2 were $299 million, a 41 percent increase year-on-year, and tons sold also rose 13 percent to 285,000.
For the first half of 2011, sales totaled $593.4 million for Olympic Steel, a 56 percent increase from the $380.7 million for the first six months of 2010. Tons sold also jumped 27 percent to 603,000 and first half net income more than tripled to $18.3 million compared to net income of $5 million for last year's first half.