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Latest News
IR Presentation: June 2009
OLYMPIC STEEL REPORTS 2009 FIRST QUARTER RESULTS
Cleveland, Ohio -- (April 29, 2009) Olympic Steel, Inc., (Nasdaq: ZEUS), a national steel service center, today announced its financial results for the first quarter ended March 31, 2009.
Net sales for the first quarter of 2009 totaled $140.9 million, a 48.8% decrease from the $274.9 million for the first quarter a year ago. First quarter 2009 net loss totaled $25.5 million, or $2.34 per diluted share, compared to net income of $13.2 million, or $1.21 per diluted share for last year’s first quarter. The 2009 results include a previously announced $30.6 million lower of cost or market pretax charge to write down the value of inventory as of March 31, 2009. Tons sold in the first quarter of 2009 decreased 45.6% to 171 thousand from 315 thousand in the first quarter of 2008, compared to the Metals Service Center Institute statistics of a 41.8% decline in year-over-year steel shipments for the first quarter of 2009.
Click here to read 2009 First Quarter Results (*pdf file)
The 2008 Annual Report is available: 2008 Annual Report
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