Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 347

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 347
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 to $218.4 million in 2024 from $239.4 million in 2023. 

Income before income taxes totaled $31.3 million, or 1.6% of net sales, in 2024, compared to income before taxes of $61.6 million, or 2.9% of net sales, in 2023.

An income tax provision of 26.6% was recorded in 2024, compared to an income tax provision of 27.7% in 2023.

Net income in 2024 totaled $23.0 million, or $ 1.97 per basic and diluted share, compared to net income of $44.5 million, or $ 3.85 per basic and diluted share, in 2023.

     34

Segment Results of Operations

Specialty metals flat products

The following table sets forth certain income statement data for the specialty metals flat products segment for the years ended December 31, 2024 and 2023 (dollars shown in thousands, except per ton data):

      2024 

      2023 

     % of net sales

     % of net sales

      Direct tons sold 

     113,046

     112,412

      Toll tons sold 

     4,462

     3,175

      Total tons sold 

     117,508

     115,587

      Net sales 
      
     $
     496,854

     100.0

     $
     567,728

     100.0

      Average selling price per ton 

     4,228

     4,912

      Cost of materials sold 

     406,229

     81.8

     473,784

     83.5

      Gross profit (a) 

     90,625

     18.2

     93,944

     16.5

      Operating expenses (b) 

     70,897

     14.2

     71,060

     12.5

      Operating income 
      
     $
     19,728

     4.0

     $
     22,884

     4.0

      (a) Gross profit is calculated as net sales less the cost of materials sold. 

      (b) Operating expenses are calculated as total costs and