Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 351

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 351
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 net sales

     % of net sales

      Net sales 
      
     $
     335,718

     100.0

     $
     369,342

     100.0

      Cost of materials sold (a) 

     219,672

     65.4

     247,212

     66.9

      Gross profit (b) 

     116,046

     34.6

     122,130

     33.1

      Operating expenses (c) 

     87,237

     26.0

     81,438

     22.1

      Operating income 
      
     $
     28,809

     8.6

     $
     40,692

     11.0

      (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 $33.6 million, or 9.1%, to $335.7  million in 2024 from $369.3  million in 2023. The decrease in net sales was due to a 11.4% decrease in average selling prices partially offset by a 2.6% increase in sales volume during 2024 due, in part to the CTB acquisition.

Cost of materials sold decreased $27.5 million, or 11.1%, to $219.7  million in 2024 from $247.2  million in 2023. The decrease in cost of materials sold is due to decreased metals pricing discussed above in Results of Operations. As a result of continued decreasing prices, during 2024, our tubular and pipe products segment recorded $5.7  million of LIFO income, compared to $8.3  million of LIFO income recorded in 2023.

As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) increased to 34.6% in 2024 compared to 33.1% in 2023. As a percentage of net sales, the LIFO income recorded in