Olympic Steel Stock Price, News & Analysis

Olympic Steel (Nasdaq: ZEUS) has announced the opening of a new 105,000-square-foot facility in Houston, Texas, to support its Action Stainless business operations. The new location at Houston Oaks Drive represents a significant expansion, increasing the operation's footprint by 73,000 square feet compared to its previous Zoltowski Street location.

The expanded warehouse space will enhance Action Stainless's fabrication capabilities. As a full-line distributor of stainless steel, aluminum, and specialty alloy products, the company offers various services including robotic welding, cutting, forming, and finishing. The Houston facility, managed by Jeff Lyons, joins existing Action Stainless locations in Dallas, Kansas City, and Rock Hill.

Olympic Steel (Nasdaq: ZEUS) has appointed Joseph D. Goins as General Manager for its Action Stainless facility in Dallas, Texas. Goins, a U.S. Air Force veteran with extensive metals and manufacturing industry experience, will oversee the facility's daily operations and strategic growth, particularly in expanding its fabrication business.

The appointment comes during a significant 12-18 month transformation period for Action Stainless. Goins brings leadership experience in strategic sourcing, procurement, sales, and operations management, along with Lean Six Sigma Black Belt certification. He will report to Jessica L. Burroughs, Vice President – Action Stainless.

Olympic Steel (Nasdaq: ZEUS) has promoted Jerry Gideon to the newly created position of Vice President – Specialty Metals Sales. Gideon, who joined the company in 2010 through the Integrity Stainless acquisition, has served in various roles including General Manager for the Streetsboro, Ohio facility and most recently as Commercial Director – Specialty Metals.

In his new role, Gideon will report to Andy Markowitz, President – Specialty Metals. The promotion is aimed at accelerating growth in the specialty metals business, with a particular focus on expanding fabrication services and capabilities. Gideon brings over 15 years of experience with Olympic Steel and serves on the Board of Directors for the Metals Service Center Institute Northern Ohio Division.

Olympic Steel (Nasdaq: ZEUS) has announced the promotion of Scott M. Zito to the newly created position of Vice President – Business Development. Zito, who joined the company in 1983 as an Inside Sales Representative, brings over 40 years of industry experience to the role.

Throughout his career at Olympic Steel, Zito has served in various commercial positions, including Outside Sales Representative covering upstate New York and the Southeastern U.S., and most recently as Director – Business Development in the Chicago area. In his new role, he will focus on driving growth through commercial partnerships across Olympic Steel's portfolio of businesses, reporting directly to Andrew S. Greiff, President and Chief Operating Officer.

Olympic Steel (NASDAQ: ZEUS) reported Q4 2024 results with net income of $3.9 million ($0.33 per diluted share), down from $7.4 million ($0.64 per diluted share) in Q4 2023. Q4 2024 sales decreased to $419 million from $489 million year-over-year, while Adjusted EBITDA was $14.5 million, showing sequential improvement from Q3 2024 but lower than Q4 2023's $16.7 million.

For full-year 2024, net income was $23.0 million ($1.97 per diluted share), compared to $44.5 million ($3.85 per diluted share) in 2023. Annual sales declined to $1.9 billion from $2.2 billion in 2023. Despite challenging market conditions, all three segments maintained positive EBITDA throughout 2024. The company completed the acquisition of Metal Works and increased its quarterly dividend by 7% to $0.16 per share.

Olympic Steel (Nasdaq: ZEUS) has announced the promotion of Brant Harbert to General Manager for the company's Bedford Heights and Dover, Ohio facilities. Harbert, who joined in 2014 as an Inside Sales Representative before becoming Regional Sales Manager, succeeds Kevin Miller, who has been promoted to a new leadership role.

In his new position, Harbert will oversee daily operations and growth of these facilities, including one of the company's three temper mills. The Bedford Heights operation has recently received investments including new lasers for fabrication market growth and a stacking and packaging line to increase throughput capacity. Harbert will report to Andrew Wolfort, Vice President – Specialty Metals, who also oversees the Gary, Indiana temper mill facility.

Olympic Steel (ZEUS) reported third-quarter 2024 financial results with net income of $2.7 million, or $0.23 per diluted share, down from $12.2 million, or $1.06 per diluted share, in Q3 2023. Sales decreased to $470 million from $526 million year-over-year, primarily due to declining metal pricing. EBITDA was $15.0 million compared to $27.1 million in Q3 2023. The company reduced debt by $12 million to $197 million and maintained $304 million in credit availability. Despite industry-wide pricing pressure and lower OEM demand, all three business segments remained EBITDA-positive. The Board approved a regular quarterly dividend of $0.15 per share.

Olympic Steel (Nasdaq: ZEUS) reported Q2 2024 financial results, with net income of $7.7 million ($0.66 per diluted share), compared to $15.0 million ($1.30 per diluted share) in Q2 2023. Adjusted EBITDA was $21.3 million, down from $31.2 million in Q2 2023. Sales decreased to $526 million from $569 million year-over-year, despite higher shipping volumes. The company's diversification strategy helped maintain profitability across all three business segments despite challenging market conditions, including a 22% drop in hot-rolled index pricing during Q2. Olympic Steel declared a quarterly dividend of $0.15 per share and reported over $340 million in borrowing availability, positioning it for potential growth opportunities.

Olympic Steel (Nasdaq: ZEUS) celebrates its 70th anniversary and the 50th anniversary of Executive Chairman Michael D. Siegal. Founded in 1954 by Sam and Sol Siegal with a $17,000 investment, the company has grown into a leading metals service center with over $1 billion in revenues. Michael Siegal joined the company in 1974 and became CEO in 1984, overseeing its public listing on Nasdaq in 1994. Under his leadership, Olympic Steel expanded through acquisitions and new product lines. Today, the company offers a diverse range of metals and fabrication services. Michael Siegal also holds various board positions and is recognized for his philanthropic efforts.