Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 527

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 3
Chunk 527
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 Total tons sold 

     839,699

     854,192

      Net sales 
      
     $
     1,109,100

     100.0

     $
     1,221,093

     100.0

      Average selling price per ton 

     1,321

     1,430

      Cost of materials sold 

     864,590

     78.0

     963,667

     78.9

      Gross profit (a) 

     244,510

     22.0

     257,426

     21.1

      Operating expenses (b) 

     228,095

     20.5

     222,844

     18.3

      Operating income 
      
     $
     16,415

     1.5

     $
     34,582

     2.8

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

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

Tons sold decreased 14 thousand tons, or 1.7%, to 840 thousand tons in 2024 from 854 thousand tons in 2023. Toll tons sold decreased 5 thousand tons, or 15.8%, to 29 thousand tons in 2024 from 34 thousand tons in 2023. We do not report tons sold for our end-use products.

Net sales decreased $112.0 million, or 9.2%, to $1.1  billion in 2024 from $1.2  billion in 2023. The decrease in sales was due to a 7.6% decrease in average selling prices and a 1.7% decrease in sales volume. Average selling prices in 2024 decreased to $1,321 per ton, compared to $1,430 per ton in 2023.

Cost of materials sold decreased $99.1 million, or 10.3%, to $864.6  million in 2024 from $963.7 million in 2023. The decrease in cost of materials sold was due to decreased industry metals pricing discussed above in Results of Operations.

As a percentage of net sales, gross profit (as defined in footnote (a