Olympic Steel posts record sales on higher prices

Cleveland-based service center Olympic Steel's fourth quarter sales hit a record $430mn on higher prices.

Carbon flat product sales volumes in the fourth quarter increased less than a percent year over year to 259,000st, while net sales increased by 35pc to $270mn. The average selling price rose by 35pc to $1,043/st from $774/st in the fourth quarter of 2017.

Still, Olympic Steel posted a fourth quarter loss of $1.3mn compared to a $4.2mn profit in the fourth quarter of 2017 on a $3.7mn LIFO expense.

Sales in full-year 2018 increased to $1.7bn, up by 29pc from 2017. Full-year 2018 prices were up by 24pc to $940/st from $758/st in 2017.

Carbon flat product sales volumes for full-year 2018 were flat year over year at 1.14mn st, while 2018 net sales increased by 23pc to $1.07bn from $870mn in 2017.