Steel Mills
May 2, 2015
Olympic Steel Q1 Results Admirable Despite Challenges
Written by Sandy Williams
Olympic Steel navigated through falling metal prices for a first quarter net income of $1.1 million. Income was down from $2.8 million in Q1 2014, but better than anticipated by analysts due to higher revenue of $346 million, stronger than expected gross margin (19.1 percent) and lower operating expenses.
In the carbon flat products segment, volume decreased 2.4 percent to 275,000 tons year over year. Selling prices were down 2.4 percent from first quarter and contributed to a 4.7 percent drop in sales to $228,545,000.
