Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 525

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 3
Chunk 525
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, compared to net income of $44.5 million, or $ 3.85 per basic and diluted share, in 2023.

     34

Segment Results of Operations

Specialty metals flat products

The following table sets forth certain income statement data for the specialty metals 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 

     113,046

     112,412

      Toll tons sold 

     4,462

     3,175

      Total tons sold 

     117,508

     115,587

      Net sales 
      
     $
     496,854

     100.0

     $
     567,728

     100.0

      Average selling price per ton 

     4,228

     4,912

      Cost of materials sold 

     406,229

     81.8

     473,784

     83.5

      Gross profit (a) 

     90,625

     18.2

     93,944

     16.5

      Operating expenses (b) 

     70,897

     14.2

     71,060

     12.5

      Operating income 
      
     $
     19,728

     4.0

     $
     22,884

     4.0

      (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 in our specialty metals flat product segment increased 2 thousand tons, or 1.7%, to 118 thousand tons in 2024 from 116 thousand tons in 2023. We do not report tons sold for our end-use products. 

Net sales in our specialty metals flat products segment decreased $70.9 million, or 12.5%, to $496.9  million in 2024 from $567.7  million in 2023. The decrease in sales was due to a 13.9% decrease in average selling prices partially offset by a 1.7%