Olympic Steel Reports “Unusual” Second-Quarter

Olympic Steel executives expressed positive sentiments about the company’s performance during an “unusual” second quarter despite declines in both sales and income compared with the same period last year. The Cleveland-based service center reported quarterly net sales of $429 million, 5 percent lower than in second-quarter 2018. Net income for the quarter totaled $2.1 million, down from $15.8 million in Q2 2018.

“For those of us who have been in the service center sector for some time, the second quarter was very unusual,” said Olympic President David Wolfort. During the second quarter, steel prices were under immense pressure after months of declines and customers slowed their orders as they waited for prices to hit bottom. In addition, trade relations and general economic concerns weighed on the manufacturing sector including such key end markets as automotive and agriculture. Removal of Section 232 tariffs on Canada and Mexico sent steel prices plunging in June.