Steel Mills
November 9, 2019
Olympic Steel Sales, Earnings Decline in Q3
Written by Sandy Williams
Olympic Steel reported third-quarter net sales of $384 million, a 16 percent decline from third-quarter 2018 due to lower shipping volumes and pricing in the carbon flat segment. Net income was $591,000 for the quarter, down from $11.6 million in Q3 2018.
“Softer global demand, unsettled trade agreements, excess global steel capacity and overall market uncertainty resulted in sharp declines in carbon steel pricing and slowing customer demand,” said Olympic CEO Richard Marabito.
