Olympic Steel Stock Price, News & Analysis

Olympic Steel (ZEUS) announced a quarterly cash dividend increase from $0.02 to $0.09 per share, payable on March 15, 2022 to shareholders of record on March 1, 2022. This marks the company's commitment to return profits to shareholders, a practice maintained since March 2006. CEO Richard T. Marabito highlighted record profitability for 2021 and anticipates maintaining the increased dividend, subject to Board Approval. Q4 and full-year results are expected on February 24, 2022.

Olympic Steel, Inc. (Nasdaq: ZEUS) will release its fourth-quarter 2021 financial results on February 24, 2022, after market close. A webcast discussing these results is scheduled for 10:00 a.m. ET on February 25, 2022. The company, founded in 1954, specializes in the processing and sale of various metals, including carbon and stainless flat-rolled sheet, and operates 41 facilities across North America. Key executives attending the call include CEO Richard T. Marabito and CFO Richard A. Manson.

Olympic Steel (NASDAQ: ZEUS) has announced the promotion of David J. Gea to President of its Carbon Flat Rolled segment, which comprises about 50% of the company's revenue. Gea has been with Olympic Steel since 2002, previously serving as Regional Vice President. His leadership is expected to drive safe and profitable growth in this critical business area. Under the guidance of Andrew S. Greiff, President and COO, the company aims to enhance strategic relationships and operational efficiency.

Olympic Steel reported record financial results for Q3 2021, achieving a net income of $44.5 million ($3.87 per diluted share), compared to a loss of $1.5 million in Q3 2020. The company's sales reached $668 million, up from $300 million a year prior. Adjusted EBITDA soared to $70.5 million from $4.3 million. The sale of Detroit operations was countered by the acquisition of Shaw Stainless, enhancing profit potential. A regular quarterly cash dividend of $0.02 per share was declared, payable December 15, 2021.

Olympic Steel Inc. (NASDAQ: ZEUS) has appointed James D. Esway as General Manager of its facilities in Buford and Winder, Georgia. Esway brings over 20 years of experience in the metals industry, having previously served as Chief Commercial Officer for a major metals manufacturer. His appointment aims to accelerate growth in the Southeast region, continuing the notable expansion of the Buford facility since its opening in 2020. David J. Gea remains the Vice President overseeing these operations.

Olympic Steel (NASDAQ: ZEUS) plans to announce its third-quarter 2021 financial results on November 4, 2021, after market close. A subsequent webcast will be held on November 5, 2021, at 10:00 a.m. ET to discuss the results. The event will include key executives such as CEO Richard T. Marabito and CFO Richard A. Manson. The company, founded in 1954 and headquartered in Cleveland, Ohio, operates 41 facilities across North America, specializing in processed carbon, coated, and stainless steel products.

Olympic Steel Inc. (Nasdaq: ZEUS) has acquired the assets of Shaw Stainless & Alloy, Inc. in an all-cash deal that is immediately accretive, though terms weren't disclosed. This marks Olympic Steel's fifth acquisition in four years, enhancing its specialty metals segment. Shaw's operations include stainless steel distribution and fabrication, with various value-added processes provided. The acquisition is expected to drive growth through synergies and replace earnings from recently sold assets in Detroit.

Olympic Steel (Nasdaq: ZEUS) announced the sale of its Detroit operations to Venture Steel Inc. for $58.4 million, exceeding the book value of the assets. The CEO, Richard Marabito, stated this strategic move will enhance shareholder value by allowing the company to reduce debt and focus on high-value business segments, particularly in the southeastern U.S. automotive market. The proceeds will facilitate further acquisitions and investments in growth initiatives.

Olympic Steel (NASDAQ: ZEUS) has announced the promotion of Brian C. Harkins to Vice President – Aluminum. This move is in line with the company's strategic growth in specialty metals. Harkins, who joined in 2019, has extensive experience in the aluminum market, contributing to market share increases and strengthening supply relations. His vision is set on sustainable growth for the aluminum product line. Olympic Steel, founded in 1954 and headquartered in Cleveland, operates 35 facilities across North America, focusing on various metal products.