Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 30

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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357

     1.6

(a) Includes $750 of LIFO expense for the three and six months ended June 30, 2025. Includes $1,000 and $600 of LIFO income, respectively, for the three and six months ended June 30, 2024.

(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 $29.8 million, or 5.7%, to $496.5 million in the second quarter of 2025 from $526.3 million in the second quarter of 2024. Specialty metals flat products net sales were 27.1% of total net sales in the second quarter of 2025 compared to 24.9% of total net sales in the second quarter of 2024. Carbon flat products net sales were 56.9% of total net sales in the second quarter of 2025 compared to 58.5% of total net sales in the second quarter of 2024. Tubular and pipe products net sales were 16.0% of total net sales in the second quarter of 2025 compared to 16.6% of total net sales in the second quarter of 2024. The decrease in net sales was due to a consolidated 5.3% decrease in sales volume during the second quarter of 2025 compared to the second quarter of 2024.

Net sales decreased $63.5 million, or 6.0%, to $1.0 billion in the first six months of 2025 from $1.1 billion in the first six months of 2024. Specialty metals flat products net sales were 26.7% of total net sales in the first six months of 2025 compared to 24.7% of total net sales in the first six months of 2024. Carbon flat products net sales were 57.5% of total net sales in the first six months of 2025 compared to 57.8% of total net sales in the first six months of 2024. Tubular and pipe products net sales were 15.8% of total net sales in the first six months of 2025