Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Cleveland, Ohio’s Olympic Steel reported a 31pc increase in its Q1 2021 sales at $463mn from $354mn in the same quarter in 2020. 


Olympic Steel’s 2021 outlook is optimistic on signs of a positive demand cycle, strengthening economy, and anticipated infrastructure spending. It has estimated strong near-term profits for this year, according to its Q1 2021 earnings release on Friday. 


The company sold 239,848nt (217,586mt) of carbon flat steel products in Q1, down 9pc compared to 263,110nt in Q1 2020. Net sales increased by 21pc to $246mn from $203mn in Q1 2020. 


Sales volumes of specialty metals flat products increased 21pc in Q1 2021 at 41,887nt from 34,570nt last year. The corresponding rise in the first quarter net sales amount for these products was 43pc at $126mn from $88.5mn. Olympic Steel attributes higher sales  value  to increased average selling price per ton for both the segments.


The company’s Q1 2021 net income was $22mn compared to $600,000 in the same quarter last year. Its adjusted EBITDA was $37.8mn in Q1 against and EBITDA of $7.5mn in Q1 2020.

Leave a Reply

Your email address will not be published.