Olympic’s Q3 the Best Quarter in Company History

Olympic Steel announced record financial results for the quarter ended Sept. 30. “Our third-quarter performance was the strongest quarter in company history. And in fact, it was better than all but three full years in Olympic Steel’s history. Net sales totaled $668 million. Net income was $44.5 million and adjusted EBITDA was $70.5 million, all of which significantly exceeded our previous all-time best quarter, which was the second quarter of this year,” said Olympic CEO Richard Marabito during the service center’s earnings call on Friday.

Highlight’s of Olympic’s third quarter included the sale of its Detroit operation, which was primarily focused on processing and distributing carbon flat-rolled products to domestic automakers, and the purchase of Shaw Stainless and Alloy, a stainless steel distributor, fabricator and manufacturer. The Shaw acquisition further expands Olympic’s specialty metals and geographic footprint, while allowing the company to immediately replace the former Detroit earnings stream at a fraction of the investment, the company said.