Olympic Steel Riding on Optimism

Olympic Steel reported a very positive first quarter. Higher shipment volume and pricing resulted in a 30 percent increase in net sales to $334.9 million resulting in net income of $7.7 million. Sales and margins increased in all three segments of Olympic Steel due to increased demand and higher pricing.

Carbon flat products turned in the highest jump in revenue with a 34 percent increase year-over-year to $270 million. Carbon flat products sold totaled 303,000 tons, an increase of 14 percent year-over-year. Specialty metals sales were up 26 percent y/y and pipe and tube sales were up 17 percent.