Olympic Gains Market Share in Strong Second Quarter

Olympic Steel celebrated a particularly strong second quarter. Net sales jumped 30 percent year-over-year to $356.2 million on higher shipping volume and selling prices. Net income grew 35 percent for the quarter to $4.8 million.

Carbon flat product sales increased 37 percent to $237 million from Q2 2016 sales of $173 million. Shipments increased 13 percent year-over-year to 308,468 tons from 272,447 tons, triple the MSCI average of 3.75 percent. Average selling price for carbon flat products was $769 per ton, up from $635 per ton a year ago. Specialty and Tubular sales also increased significantly during the quarter with all three segments achieving record market share. the company said.