Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 531

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 3
Chunk 531
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 and the $27.2 million addback of non-cash depreciation and amortization expense.

Working capital at December 31, 2024 totaled $448.0 million, a $25.0 million increase from December 31, 2023. The increase was primarily attributable to a $39.1 million decrease in accounts payable and outstanding checks, a $8.0 million decrease in accrued payroll and other accrued liabilities and a $0.6 million increase in inventory, offset by a $27.2 million decrease in accounts receivable and a $0.4 million decrease in prepaid expenses and other.

Investing Activities

Net cash used for investing activities was $109.4 million during 2024, compared to $190.8 million during 2023. Investment activities in 2024 included $80.0 million for the acquisition of Metal Works on November 11, 2024 and $29.5 million of capital expenditures, primarily attributable to processing equipment and automation equipment at our existing facilities. Investment activities in 2023 included $169.8 million for the acquisitions of Metal-Fab in January 2023 and CTB in October 2023 and $21.3 million of capital expenditures, primarily attributable to processing equipment at our existing facilities.

Financing Activities

During 2024, $74.4 million of cash was generated from financing activities, which primarily consisted of $82.3  million of net borrowings under our ABL Credit Facility, offset by $6.7 million of dividends paid, $1.0 million of principal payments for financing lease obligations and $0.2 million of payments for credit facility fees and expenses. During 2023, $16.7 million of cash was generated from financing activities, which primarily consisted of $24.5 million of net borrowings under our ABL Credit Facility, offset by $5.6 million of dividends paid, $1.2 million of credit facility fees and expenses and $1.0 million of principal payments for financing lease obligations.

In February 2025, our Board of Directors approved a regular quarterly dividend of $0.16 per share, which is payable on March 17, 2025 to shareholders of record as of March 3, 2025. Our Board previously approved 2024 and 2023 regular quarterly dividends of