Steel Mills
November 5, 2020
Olympic Steel: Demand Improves in Q3
Written by Sandy Williams
Demand is back to 90 percent of pre-COVID levels after gaining strength in mid-September and continuing through October, said Olympic Steel CEO Richard Marabito in his third-quarter report to analysts and investors. Other than some normal seasonality, the service center expects demand to remain steady in the fourth quarter.
“Our third-quarter performance improved sequentially, as demand increased steadily throughout the quarter, and we successfully executed on our initiatives to improve inventory turns, lower expense run rates, and reduce our debt,” said Marabito. “While profitability lagged due to the impacts of COVID-19 on demand and falling metal prices, all of our segments were EBITDA-positive for the third quarter.”
