This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Olympic Steel Reports 2010 Fourth Quarter And Full Year Financial Results

CLEVELAND, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a national steel service center, today announced its financial results for the fourth quarter and year ended December 31, 2010.

Net sales for the fourth quarter of 2010 increased 55.4% to $215.2 million from $138.5 million for the fourth quarter of 2009. Tons sold in the fourth quarter of 2010 increased 31.0% to 254 thousand from 194 thousand in the fourth quarter of 2009. Fourth quarter 2010 net loss totaled $1.6 million, or $0.15 per diluted share, compared to a net loss of $2.6 million, or $0.24 per diluted share, for last year's fourth quarter.

Net sales for the year ended December 31, 2010 increased by 53.8% to $805.0 million, compared to $523.4 million for 2009. Tons sold in 2010 increased 34.3% to 969 thousand from 721 thousand in 2009. Net income for 2010 was $2.1 million or $0.20 per diluted share, compared to a net loss of $61.2 million, or $5.62 per diluted share, for 2009. The 2010 results included a third quarter $2.1 million pretax bad debt charge related to an unexpected closure of a customer. The 2009 results included $81.1 million of lower of cost or market pretax charges in the aggregate to write down the value of inventory in the first half of 2009.

Commenting on the results, Chairman and Chief Executive Officer Michael D. Siegal stated, "Our 2010 shipments increased by 34% over 2009, which is significantly greater than the total industry growth in steel shipments of 21%, as reported in the Metals Service Center Institute's Market Activity Report. We experienced strong momentum in material demand in the fourth quarter. Along with announced price increases in all of our product lines beginning in November of 2010 and continuing still, our year-end inventory positions present additional opportunities for market share growth and profitability into the coming year."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs