Olympic Steel Stock Price, News & Analysis

Olympic Steel has appointed Jessica L. Burroughs as Vice President of its Action Stainless & Alloys subsidiary, marking a strategic addition to its leadership team. Burroughs brings over 18 years of metals industry experience, focusing on commercial, sales, and marketing roles. She will work directly under Andy Markowitz, President of Specialty Metals. The company emphasizes that enhancing returns on investments in Action Stainless & Alloys and expanding its stainless and aluminum segments are key to its business strategy. With the specialty metals sector being a rapid growth area, Burroughs's expertise is expected to drive new partnerships, products, and services. Olympic Steel, headquartered in Cleveland and founded in 1954, is a U.S. metals service center with over 44 facilities across North America.

Olympic Steel, Inc. (Nasdaq: ZEUS) plans to release its first-quarter 2023 financial results on May 4, 2023, after market close. A conference call to discuss these results will occur on May 5, 2023, at 10:00 a.m. ET. Key executives, including CEO Richard T. Marabito and CFO Richard A. Manson, will participate in the call. Olympic Steel, founded in 1954 and headquartered in Cleveland, Ohio, operates 44 facilities across North America as a prominent metals service center.

Olympic Steel reported its quarterly and full-year results for 2022, marking the second most profitable year in its history. In Q4 2022, net income decreased to $4.0 million or $0.34 per diluted share compared to $24.9 million or $2.16 per share in Q4 2021. Full-year net income was $90.9 million, down from $121.1 million in 2021. Sales for 2022 rose to $2.6 billion, up from $2.3 billion in 2021. The Company emphasized a successful acquisition of Metal-Fab in January 2023, enhancing product offerings and manufacturing capabilities. Additionally, the quarterly dividend increased to $0.125 from $0.09 per share, reflecting a commitment to shareholder returns.

Olympic Steel (NASDAQ: ZEUS) announced a quarterly cash dividend increase to $0.125 per share from $0.09, effective March 15, 2023. This increase, amounting to $0.035 per share, reflects the company's strong performance over the past two years. The dividend, payable to shareholders of record on March 1, 2023, continues Olympic Steel's commitment to returning value to shareholders, having consistently paid dividends since March 2006. The company plans to maintain this quarterly dividend, pending Board approval.