Olympic Steel Stock Price, News & Analysis

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.

Olympic Steel (Nasdaq: ZEUS) has announced the promotion of Cassandra Powers to Vice President of Human Resources. This transition follows the planned retirement of Ken F. Sloan in 2022. Ms. Powers, who has been with the company since 2016, will oversee employee acquisition, engagement, and retention strategies. Her background includes over 11 years of HR experience, with roles enhancing her strategic talent management capabilities. Olympic Steel, founded in 1954, operates 35 facilities across North America, specializing in processed metal products.

Olympic Steel Inc. (NASDAQ: ZEUS) has appointed William Maurer as the new General Manager of its Milford, Connecticut facility, succeeding Gerard Phillips, who will retire in March 2022 after over three decades in the metals industry. Maurer, with more than 25 years of experience, will oversee the facility's operations and commercial growth. This transition aims for a seamless leadership handover, with Phillips supporting during the interim. Olympic Steel is a national metals service center with 35 locations across North America.

Olympic Steel, Inc. (NASDAQ: ZEUS) reported record financial results for Q2 2021, achieving a net income of $29.6 million ($2.58 per diluted share), a significant turnaround from a loss of $6.5 million in Q2 2020. Sales soared to $556 million from $248 million year-over-year. Adjusted EBITDA reached $51.7 million, up from $0.5 million in Q2 2020. The company credits strong market conditions and a solid shipping volume return to pre-COVID levels. A quarterly cash dividend of $0.02 per share has been approved for payment on September 15, 2021.

Olympic Steel, Inc. (Nasdaq: ZEUS) plans to announce its second-quarter 2021 financial results after market close on August 5, 2021. A webcast to discuss these results is scheduled for August 6, 2021, at 10:00 a.m. Eastern Time, featuring key executives including the CEO and CFO. Olympic Steel operates 36 facilities in North America, providing a range of processed metals and metal products.

Olympic Steel Inc. (Nasdaq: ZEUS) has amended and extended its $475 million asset-based revolving credit facility to June 16, 2026. This facility is secured by the company's accounts receivable, inventory, and property, excluding real estate, and includes a $200 million increase option. Currently, Olympic Steel has about $190 million available under this facility, which will be used for working capital and acquisitions. CFO Richard A. Manson highlighted the amendment's role in providing low-cost capital for operations and future growth.