Steel Mills
Olympic Steel: Demand Improves in Q3
Written by Sandy Williams
November 5, 2020
Demand is back to 90 percent of pre-COVID levels after gaining strength in mid-September and continuing through October, said Olympic Steel CEO Richard Marabito in his third-quarter report to analysts and investors. Other than some normal seasonality, the service center expects demand to remain steady in the fourth quarter.
“Our third-quarter performance improved sequentially, as demand increased steadily throughout the quarter, and we successfully executed on our initiatives to improve inventory turns, lower expense run rates, and reduce our debt,” said Marabito. “While profitability lagged due to the impacts of COVID-19 on demand and falling metal prices, all of our segments were EBITDA-positive for the third quarter.”
Olympic Steel reported a net loss of $1.5 million in the third quarter compared to a loss of $6.5 million in Q2 2020 and net income of $591 million a year ago.
Sales for the quarter totaled $300 million, up from $248 million in Q2, but down from $384 million in Q3 2019. The year-over-year sales decline was due to lower average selling prices and volumes during the quarter.
“As we enter the final months of the year, we are seeing strengthening demand and tightening supply across the industry, which should support a positive pricing environment and result in Olympic Steel having a strong finish to 2020,” said Marabito.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
ArcelorMittal posts solid results as commissioning of Calvert EAF begins
AM/NS Calvert has begun commissioning its new electric-arc furnace, with plans to reach its full annual run rate of 1.65 million short tons a year from now.
Tampa Steel Conference: Tanners on rising capacities and storms brewing across steel
There's a lot of production waiting to come online
USS idles “B” battery at Clairton following explosion
U.S. Steel has idled its "B" Battery at its Clairton Coke Works near Pittsburgh following a “release of excess pressure” inside a section of the battery on Feb. 5.
ArcelorMittal to start building Calvert NGO electrical steel line this year
ArcelorMittal announced on Thursday that it will begin the construction of its new $1.2-billion electrical steel mill in Alabama later this year. The steelmaker said it is proceeding with plans to build the new greenfield mill near its existing AM/NS joint venture in Calvert, Ala. The ArcelorMittal Calvert plant will have an annealing pickling line, […]
AISI: US steel shipments rise in December
Domestic steel shipments increased month over month and year on year in December, according to the latest data from the American Iron and Steel Institute (AISI). US steel mills shipped 7,145,016 short tons (st) in December, up 0.9% from 7,082,921 st in December 2023 and 6.6% higher than 6,702,557 st in November 2024. For the full-year […]