Olympic Steel runs with record sales revenue

Olympic Steel runs with record sales revenue

Cleveland, Ohio-based Olympic Steel announced record sales revenue for first quarter 2005. Net sales soared 52.1% year on year to $284.6 million, an increase of over $97 million. Net income totaled $9.6 million, or $0.92 per diluted share, a year-on-year decrease from $10.8 million, or $1.09 per diluted share. Chairman and CEO Michael D. Siegal said, “We are pleased to announce that during the first quarter 2005, our sales revenue was highest for any quarter in our history. This reflects high average selling prices and good volume.”