Olympic Steel announces Q2 and first half results of 2003

Olympic Steel announces Q2 and first half results of 2003

North American steel service center Olympic Steel Inc. announced its financial results for the second quarter and six months ended June 30, 2003. Olympic Steel posted its net sales as $113.4 million in the second quarter of 2003, down by 6.8% from $121.7 million in the second quarter of 2002. The company sold 279'000 tons with a 11.5% decrease in the second quarter of 2003 when compared to 315'000 tons recorded in the same period last year. For the first half of 2003, the company sold 548'000 tons, down from 624'000 tons sold in the same period last year. The company's net loss amounted to $554'000 in the second quarter against $618'000 recorded in second quarter of 2002. Furthermore, net loss for the first half of 2003 was $1 million compared to a net loss of $2.5 million in the first half of 2002. Company authorities expressed that these financial results are in close relation with weak customer demand for flat rolled steel continuing to pressure gross margins and earnings. Olympic Steel is a North American steel service center, founded in 1954, that is experienced in the specialized processing and distribution of large volumes of flat rolled carbon and stainless steel products. The company headquartered in Cleveland, Ohio and operates 12 distribution and processing facilities and participates in two joint ventures in Michigan.