Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 31

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 31
---
 thousand in the first quarter of 2024. We do not report tons sold for our end-use products. 

Net sales in our specialty metals flat products segment remained flat at $129.5 million between the first quarter of 2025 and the first quarter of 2024. Average selling prices in the first quarter of 2025 were $4,089 per ton, compared with $4,332 per ton in the first quarter of 2024.

Cost of materials sold in our specialty metals flat products segment increased $1.2 million, or 1.1%, to $108.8 million in the first quarter of 2025 from $107.6 million in the first quarter of 2024. The increase in cost of materials sold was due to the 5.9% increase in sales volume.

As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) decreased to 16.0% in the first quarter of 2025 from 16.9% in the first quarter of 2024. The decrease in the gross profit as a percentage of net sales is due to the average selling prices decreasing more than the average cost of materials sold.

Operating expenses increased $0.1 million, or 0.5%, to $18.1 million in the first quarter of 2025 from $18.0 million in the first quarter of 2024.  As a percentage of net sales, operating expenses increased to 14.0% in the first quarter of 2025 compared to 13.9% in the first quarter of 2024. The increase in operating expenses on a dollar basis was primarily attributable to increased variable operating expenses due to increased shipments.

Operating income in the first quarter of 2025 totaled $2.6 million, or 2.0% of net sales, compared to $3.9 million, or 3.0% of net sales, in the first quarter of 2024. 

     25

Carbon flat products

The following table presents selected operating results for our carbon flat products segment for the periods indicated (dollars are shown in thousands, except for per ton information):

      For the Three Months Ended March 31, 

      2025 

      2024 

      % of net 

      % of net 

      sales 

      sales 

      Direct