Cleveland, Ohio-based Olympic Steel, Inc., a national metals service center, announced Friday financial results for the Q1 ended March 31, 2013.
Q1 net sales of $338.1 million were down 11.5 percent versus the record $382.1 million reported in 2012's comparable period. Lower steel prices combined with reduced volume contributed to the year-over-year decline in sales during the quarter. Net income totaled $5.1 million in the quarter, down from $6.2 million in Q1 2012.
"Business activity sequentially rebounded in the first quarter compared with the end of last year," stated Chairman and Chief Executive Officer Michael D. Siegal. "Steel prices also increased from the lows of late last year; however, they are below year-ago levels and are expected to remain soft.
"Tubular and Pipe Products continued to perform well during the quarter, as did our new start-up ventures, which made increasingly positive contributions to consolidated profits as they continued to mature. Having essentially completed the capital outlays associated with our multi-year growth plan, we are now focused on generating higher cash flow and earnings."
Net sales of $275.7 million in the flat rolled segment were down from $316.6 million in Q1 2012. Sale of tubular and pipe products were $62.3 million in Q1 2013, down from $65.4 million in Q1 2012.
