Olympic Steel Narrows Losses in Q1

Olympic Steel reported a narrower than expected net loss of $767,000 for first quarter 2016. Revenues were $258.3 million compared to $346 million in Q1 2015 due to lower prices and volume. First quarter shipments increased, however 16 percent from fourth quarter 2015 recapturing market share from last year’s declining marketplace.

“We successfully navigated challenging industry conditions that began in 2014 by quickly reducing operating expenses and carefully managing working capital,” said Chairman and Chief Executive Officer Michael D. Siegal. “Since that time, we lowered debt, strengthened our balance sheet and reduced inventory levels to better align with a lower demand environment.”