Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 38

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 38
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nine months of 2024. Average selling prices in the first nine months of 2025 decreased to $1,301 per ton, compared with $1,338 per ton in the first nine months of 2024. The decrease in sales was attributable to a $37 decrease in average selling prices per ton in the first nine months of 2025 compared to the first nine months of 2024 and a ten thousand ton decrease in tons sold. 

Cost of materials sold decreased $5.4   million, or 2.6%, to $202.7 million in the third quarter of 2025 from $208.1 million in the third quarter of 2024. Cost of materials sold decreased $60.1  million, or 8.7%, to $627.6 million in the first nine months of 2025 from $687.7 million in the first nine months of 2024. 

As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) increased to 24.4% in the third quarter of 2025 compared to 21.4% in the third quarter of 2024. As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) increased to 25.0% in the first nine months of 2025 compared to 21.3% in the first nine months of 2024. The increase in the gross profit as a percentage of net sales in the first nine months of 2025 when compared to the first nine months of 2024 was due to the inclusion of MetalWorks revenue but no corresponding tons sold and the average cost of inventory decreasing more than the average selling prices.

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Operating expenses in the third quarter of 2025 increased $8.0 million, or 14.1%, to $64.3 million from $56.3 million in the third quarter of 2024. As a percentage of net sales, operating expenses increased to 24.0% in the third quarter of 2025 compared to 21.3% in the third quarter of 2024. The increase in operating expenses on a dollar basis was primarily attributable to the inclusion of Metal