Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 608

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 4
Chunk 608
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 Net sales 
      
     $
     1,941,672

     100.0

     $
     2,158,163

     100.0

      Cost of materials sold (a) 

     1,490,491

     76.8

     1,684,663

     78.1

      Gross profit (b) 

     451,181

     23.2

     473,500

     21.9

      Operating expenses (c) 

     403,322

     20.7

     395,829

     18.3

      Operating income 

     47,859

     2.5

     77,671

     3.6

      Other loss, net 

     93

     0.0

     78

     0.0

      Interest and other expense on debt 

     16,461

     0.9

     16,006

     0.7

      Income before income taxes 

     31,305

     1.6

     61,587

     2.9

      Income taxes 

     8,325

     0.4

     17,058

     0.8

      Net income 
      
     $
     22,980

     1.2

     $
     44,529

     2.1

      (a) Includes $5,702 and $8,258 of LIFO income in 2024 and 2023, respectively. 

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

      (c) Operating expenses are calculated as total costs and expenses less the cost of materials sold.   

Net sales decreased $216.5 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 $