Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 695

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 695
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.9 million, or 4.0% of net sales, in 2023.

     35

Carbon flat products

The following table sets forth certain income statement data for the carbon flat products segment for the years ended December 31, 2024 and 2023 (dollars shown in thousands, except per ton data):

      2024 

      2023 

     % of net sales

     % of net sales

      Direct tons sold 

     811,023

     820,144

      Toll tons sold 

     28,676

     34,048

      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