Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 33

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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 totaled $7.4 million compared to income before income taxes of $10.7 million in the second quarter of 2024. In the first six months of 2025, income before income taxes totaled $11.0 million compared to income before income taxes of $22.6 million in the first six months of 2024. 

An income tax provision of 29.1% was recorded for the second quarter of 2025, compared to an income tax provision of 28.4% for the second quarter of 2024. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are considered in the relevant period.  Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. An income tax provision of 29.5% was recorded for the first six months of 2025, compared to an income tax provision of 27.6% for the first six months of 2024. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are considered in the relevant period.  Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. 

On July 4, 2025, the OBBBA was enacted in the U.S. The OBBBA includes the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business deductions. The legislation has multiple effective dates, with certain provisions effective in 2025. We are currently assessing its impact on our consolidated financial statements. 

Net income for the second quarter of 2025 totaled $5.2 million, or $ 0.45 per basic share and diluted share, compared to net income of $7.7 million, or $ 0.66 per basic and diluted share, for the second quarter of 2024. Net income for the first six months of 2025 totaled $7.8 million, or $ 0.66 per basic share and diluted share, compared to net income of $16.4 million, or $ 1.40 per basic and diluted share, for the first