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| Olympic Steel |
Shipments rise in carbon and specialty metals segments as average prices fall.
Olympic Steel Inc. reported a first-quarter 2025 net income of $2.5 million, a significant decrease from $8.7 million in the same quarter of 2024. Despite the earnings drop, the Cleveland-based steel processor maintained profitability across all business segments in what CEO Richard T. Marabito called a "challenging macroeconomic environment."
First-quarter net sales totaled $493 million, down from $527 million last year. Olympic attributed the decline to lower average selling prices, even as shipment volumes increased.
- Carbon flat-rolled steel: Shipments rose 5.9% to 232,837 tons, while the average price per ton fell to $1,229 from $1,370.
- Specialty metals flat products: Volumes also increased 5.9%, reaching 31,679 tons, but average pricing slipped from $4,332 to $4,089 per ton.
Marabito emphasized the company’s domestic supply chain, noting that over 90% of Olympic’s metal sourcing and nearly all of its sales are U.S.-based. He also highlighted the company’s fabrication services as a competitive advantage, especially for OEMs seeking U.S.-based production partners.
“While macro forces are likely to have impacts that reverberate throughout the economy,” Marabito said, “we believe the strategies we have in place will enable us to drive profitability and growth, while delivering value for shareholders.”
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