US-based metal service center Olympic Steel announced its first quarter financial results for 2025. The company's net income was USD 2.5 million and earnings per diluted share were USD 0.21. These figures fell short of the net income of USD 8.7 million and earnings per share of USD 0.75 recorded in the same period of 2024.
Operational Success Despite Challenging Market Conditions
Olympic Steel CEO Richard T. Marabito stated that the year started with a strong pace of shipments in a challenging macroeconomic environment. Flat products shipments increased 24% compared to the fourth quarter of 2024 and 6% compared to the same period last year, reaching the highest level since the third quarter of 2021.
Positive EBITDA was achieved in all three business segments. Total EBITDA was USD 16.1 million, compared to USD 23.3 million in the same period last year. The company managed to reduce its debt by USD 37 million since the beginning of the year.
Sales Regress, New Investments on the Way
Olympic Steel's sales revenues were recorded at USD 493 million in the first quarter of 2025. This was down from USD 527 million in the first quarter of 2024. Marabito emphasized that these results are a reflection of the diversification strategy, focus on high-margin segments and operational discipline.
MetalWorks, acquired at the end of 2024, made a strong start and immediately contributed to operations. It was also stated that the new capital investments announced by the company are progressing as planned and that these investments will increase productivity and safety in the coming quarters.
Strong Support for the US Manufacturing Sector
With its supply chain and sales largely based on the US domestic market, the company said it is in a strong position to support domestic manufacturing. Olympic Steel's manufacturing solutions offer advantages for original equipment manufacturers looking to outsource the initial stages of production in the US.
“We will continue to focus on the areas we can control. While economic uncertainties will persist, we believe we can sustain profitability and growth with our current strategies,” stated Marabito.
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