Steel Mills
May 2, 2020
Olympic Steel Shows Resiliency
Written by Sandy Williams
Olympic Steel said it is weathering the COVID-19 crisis well, managing to earn a profit and supplying metals to essential industries making products for health care, transportation and food service markets.
“We are sure to face some difficult times ahead, but we have weathered challenges and cyclical downturns throughout our history,” said CEO Rick Marabito during the company’s first-quarter earnings call. “This particular challenge requires resiliency, flexibility and decisiveness, and a strong balance sheet and ample liquidity. This is how we’re managing through this situation. Olympic Steel acted quickly and decisively early in the COVID-19 crisis to right-size our inventory and work force, limit our capital spending to business essentials and to preserve liquidity.
