Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 41

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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 subject to change as business conditions warrant and opportunities arise.

Operating Activities

For the six months ended June 30, 2025, we generated $64.9 million of net cash from operations, of which $17.6 million was generated from operating activities and $47.3 million was generated from working capital. For the six months ended June 30, 2024, we used $5.5 million of net cash for operations, of which $32.3 million was generated from operating activities and $37.8 million was used for working capital requirements.

Net cash from operating activities totaled $17.6 million during the first six months of 2025 and was mainly comprised of net income of $7.8 million, the non-cash depreciation and amortization addback of $16.9 million, and changes in other long-term liabilities of $4.7 million, partially offset by changes in other long-term assets of $12.0 million. Net cash from operating activities totaled $32.3 million during the first six months of 2024 and was mainly comprised of net income of $16.4 million, the non-cash depreciation and amortization addback of $15.0 million and changes in other long-term liabilities of $2.8 million, partially offset by changes in other long-term assets of $2.9 million.

Working capital at June 30, 2025 totaled $402.4 million, a $45.5 million decrease from December 31, 2024. The decrease was primarily attributable to a $63.8 million increase in accounts payable and outstanding checks and a $22.6 million decrease in inventory partially offset by a $37.6 million increase in accounts receivable and a $3.0 million decrease in accrued payroll and other accrued liabilities. 

Investing Activities

Net cash used for investing activities totaled $17.5 million during the six months ended June 30, 2025 and $13.2 million during the six months ended June 30, 2024 and consisted of capital expenditures attributable to additional processing and automation equipment at our existing facilities.

Financing Activities

During the first six months of 2025, $44.6 million of cash was used for financing activities, which