Olympic Steel, Inc. reported a decline in financial performance for the second quarter and first half of 2025, as detailed in its latest 10-Q filing. For the three months ended June 30, 2025, the company recorded net sales of $496.5 million, a decrease of 5.7% from $526.3 million in the same period of 2024. The decline in revenue was attributed to a 5.3% decrease in sales volume, with net income falling to $5.2 million, or $0.45 per share, compared to $7.7 million, or $0.66 per share, in the prior year. For the first six months of 2025, net sales totaled $989.4 million, down 6.0% from $1.1 billion in 2024, with net income of $7.7 million, down from $16.4 million.
The company's cost of materials sold also decreased, falling by 7.8% to $374.7 million in the second quarter of 2025, compared to $406.5 million in the same quarter of 2024. This reduction was primarily due to lower metals pricing. Despite the decrease in costs, operating income for the second quarter dropped to $11.4 million, down from $15.1 million in the previous year, reflecting increased operating expenses, which rose to $110.4 million from $104.6 million.
In terms of strategic developments, Olympic Steel has continued to expand its product offerings and geographic footprint through acquisitions. The company acquired MetalWorks, LLC in November 2024, which has enhanced its capabilities in manufacturing service station canopies and other metal products. As of June 30, 2025, Olympic Steel employed approximately 2,228 people, a slight increase from previous periods, and operated 54 sales offices and processing facilities across the United States and Mexico.
The company’s balance sheet showed total assets of $1.1 billion as of June 30, 2025, up from $1.0 billion at the end of 2024. Total liabilities increased to $496.7 million, primarily due to a rise in accounts payable. The company’s working capital decreased to $402.4 million, reflecting changes in accounts receivable and inventory levels. Olympic Steel's outlook remains cautious, with management noting potential impacts from fluctuating metals prices, supply chain disruptions, and economic conditions. The company is assessing the implications of the recently enacted One Big Beautiful Bill Act, which may affect its financial performance moving forward.
About OLYMPIC STEEL INC
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