Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 691

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 691
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 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 $112.0 million, or 9.2%, to $1.1 billion in 2024 compared to $1.2 billion in 2023 and were 57.1% of total net sales in 2024 compared to 56.6% of total net sales in 2023. Tubular and pipe products net sales decreased $33.6 million, or 9.1%, to $335.7 million in 2024 compared to $369.3 million in 2023 and were 17.3% of total net sales in 2024 compared to 17.1% of total net sales in 2023. The decrease in net sales was due to a 9.2% decrease in consolidated average selling prices during 2024 compared to 2023 and a 0.9% decrease in consolidated volume. Average selling prices in 2024 were $1,837 per ton, compared to $2,023 per ton in 2023. The decrease in the average selling price is a result of the market pricing dynamics discussed above in Results of Operations.

Cost of materials sold decreased $194.2 million, or 11.5%, to $1.5 billion in 2024 from $1.7 billion in 2023. During 2024, we recorded LIFO income of $5.7 million compared to LIFO income of $8.