Olympic Reports Record Quarterly, First-Half Sales

Olympic Steel Inc. announced significantly improved financial results for the three- and six-month periods ended June 30. Net sales for the service center increased 27 percent in 2018’s second quarter, to $453 million, the highest quarterly sales in the company’s history. This compared with $356 million in net sales during the same quarter of 2017.

Year-to-date net sales rose 20 percent over the same period in 2017, reaching a record $829 million in 2018’s first half, versus $691 million in the first half of 2017. Higher shipping volume and higher average prices drove the year-over-year growth, company executives told analysts and investors during the company’s quarterly conference call.