Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 35

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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$4,227 per ton in the first nine months of 2024.

Cost of materials sold in our specialty metals flat products segment increased $10.5  million, or 10.2%, to $114.0 million in the third quarter of 2025 from $103.5 million in the third quarter of 2024. Cost of materials sold in our specialty metals flat products segment increased $17.6 million, or 5.6%, to $333.5   million in the first nine months of 2025 from $316.0 million in the first nine months of 2024. The increase in cost of materials sold was due to a 6.1% increase in sales volume.

As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) increased to 19.1% in the third quarter of 2025 from 17.7% in the third quarter of 2024. As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) decreased to 17.7% in the first nine months of 2025 from 18.2% in the first nine months of 2024. The decrease in the gross profit as a percentage of net sales for the nine months ended September 30, 2025 is due to the average selling prices decreasing more than the average cost of materials sold.

Operating expenses increased $3.2 million, or 18.3%, to $20.5 million in the third quarter of 2025 from $17.3 million in the third quarter of 2024.  As a percentage of net sales, operating expenses increased to 14.5% in the third quarter of 2025 compared to 13.8% in the third quarter of 2024. The increase in operating expenses on a dollar basis was primarily attributable to increased variable operating expenses due to increased shipments.

Operating expenses increased $4.2 million, or 7.9%, to $57.6 million in the first nine months of 2025 from $53.4 million in the first nine months of 2024.  As a percentage of net sales, operating expenses increased to 14.1% in the first nine months of 2025 compared to