Steel Mills
October 31, 2013
Olympic Steel Results Solid in Q3
Written by Sandy Williams
Olympic Steel announced net income of $1.3 million compared to $1.6 million in third quarter 2012. Net sales dropped 11.3 percent year-over-year to $304 million for the third quarter. Flat products sales were $248 million and tubular and pipe product sales totaled $55.5 million for the quarter, both down from the same period last year.
Flat product shipments were 265,000 tons compared to 280,000 tons in the same quarter of 2012. Nine month volumes declined 6.3% to 837,000 tons compared with 894,000 tons last year. The decline was attributed to weak spot market prices and demand.
