Steel Mills
February 16, 2019
Record Year for Olympic Steel
Written by Sandy Williams
Olympic Steel reported record sales for the fourth quarter and full-year 2018. The metals service center saw net sales jump 29 percent in 2018 to $1.7 billion on higher year-over-year volume and higher average prices in all three of its report segments. Operating income more than doubled in 2018 to $57.1 million, up from $24.0 million in the prior year. Net income soared 78 percent to $33.8 million for Olympic Steel’s third-most profitable year in its history.
Fourth-quarter sales increased 39 percent to $30 million. Operating income for the quarter totaled $1.8 million compared to an operating loss of $2.0 million in Q4 2017. Net income, however, was impacted by higher LIFO expense of $3.7 million and other items resulting in a net loss of $1.3 million for the quarter.
