Olympic Steel Sees Margin Improvement in Q2 and H1

Olympic Steel net sales fell to $316.3 million in second quarter and dropped 9.8 percent to $661.1 million for the first half of 2015. Declines in both periods were attributed to lower shipments and lower average selling prices due in part to the impact of subsidized imports on the market.

The company reported a net loss of $21.2 million and took a goodwill impairment charge of $24.5 million on its tubular and pipe segment. The write down was an accounting requirement related to future cash flow and declines in the market and “not because the business has gone backwards,” said chief financial officer Rick Marabito. The segment remains profitable and in the upper quarter of the market for performance.