Strong Quarter for Olympic Steel

Demand is strong and approaching pre-COVID levels in the first quarter, said Olympic Steel President and COO Andrew Greiff during the service center’s fourth-quarter 2020 earnings call. All three company divisions contributed to earnings for Q4 with specialty metals turning in its third strongest quarter in the company’s history as well as the strongest quarter for the year. Specialty metals sales increased 9.0% percent, pipe and tube 5.0%, and carbon flat products 1.0% year-over-year.

“Market dynamics became increasingly favorable throughout the fourth quarter, as shipping volumes approached pre-pandemic levels and metals prices rose, driving sales increases across all three of our segments,” said CEO Rick Marabito. “At the same time, we maintained the disciplines enacted early in the pandemic, including operating expense reductions, improved inventory turns and reduction of debt to a four-year low, all of which contributed to the successful fourth quarter.”