Olympic Steel, Inc. announced Thursday that net sales for the second quarter of 2014 increased $55.2 million, or 16.7 percent, to $386.0 million. This represents the highest net sales recorded during any quarter in the company's history. The record revenue was driven by higher sales volume and reflects increased market share.
"Sales volume of flat products increased 10 percent sequentially, from the first quarter, and by 17 percent compared with last year's second quarter," said Chairman and Chief Executive Officer Michael D. Siegal. "This resulted from successfully executing on our strategy of aggressively growing sales volume to improve capacity utilization and gain market share."
For the first half of 2014, net sales increased 10 percent to $733.0 million, compared with $668.9 million in the first half of the prior year. Reported net income in the first half, including adverse LIFO adjustments, was $6.3 million, compared with $7.7 million, during the first half 2013.