Steel Mills
November 8, 2015
Olympic Steel CEO Thinks Prices May Go Lower
Written by Sandy Williams
Olympic Steel reported a net loss of $600,000 for third quarter but managed to expand gross margin 21.2 percent, compared to Q3 2104, despite pressure on pricing and volume. Olympic lowered operating expenses by almost $20 million so far in 2015 as well as lowering debt by a total of $60 million.
Sales volume decreased in all segments. The carbon flat products segment volume declined by 16.7 percent year over year to 254,000 tons and specialty metals declined 8 percent to 1,600 tons. Pipe and tube shipments also fell during the quarter.
