Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 139

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 139
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million, or 10.0%, to $1.9 billion in 2024 from $2.2 billion in 2023. Specialty metals flat products net sales decreased $70.9 million, or 12.5%, to $496.9 million in 2024 compared to $567.7 million in 2023 and were 25.6% of total net sales in 2024 compared to 26.3% of total net sales in 2023. Carbon flat products net sales decreased $112.0 million, or 9.2%, to $1.1 billion in 2024 compared to $1.2 billion in 2023 and were 57.1% of total net sales in 2024 compared to 56.6% of total net sales in 2023. Tubular and pipe products net sales decreased $33.6 million, or 9.1%, to $335.7 million in 2024 compared to $369.3 million in 2023 and were 17.3% of total net sales in 2024 compared to 17.1% of total net sales in 2023. The decrease in net sales was due to a 9.2% decrease in consolidated average selling prices during 2024 compared to 2023 and a 0.9% decrease in consolidated volume. Average selling prices in 2024 were $1,837 per ton, compared to $2,023 per ton in 2023. The decrease in the average selling price is a result of the market pricing dynamics discussed above in Results of Operations.

Cost of materials sold decreased $194.2 million, or 11.5%, to $1.5 billion in 2024 from $1.7 billion in 2023. During 2024, we recorded LIFO income of $5.7 million compared to LIFO income of $8.3 million in 2023. The decrease in cost of materials sold in 2024 is primarily related to decreased average metals pricing in 2024 compared to 2023.

As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) increased to 23.2% in 2024 from 21.9% in 2023. The increase in the gross profit as