Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 35

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 35
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 of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In making this assessment, our management used the criteria established in Internal Control - Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Our management's assessment of and conclusion on the effectiveness of its internal control over financial reporting did not include the internal controls of the company it acquired during the fiscal 2024 which were included in the 2024 consolidated financial statements. The acquired company constituted $80.3 million, or 7.9%, of our total assets as of December 31, 2024, and $4.7 million, or 0.2%, of net sales for the year ended December 31, 2024. 

Based on our assessment, we concluded that, as of December 31, 2024, our internal control over financial reporting was effective based on those criteria.

The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

     47

Olympic Steel, Inc.

Consolidated Statements of Comprehensive Income

For The Years Ended December 31,

(in thousands, except per share data)

      2024    2023    2022  
             
 Net sales  $1,941,672  $2,158,163  $2,559,990 
             
 Costs and expenses             
 Cost of materials sold (excludes items shown separately below)   1,490,491   1,684,663   2,073,930 
 Warehouse and processing   128,770   122,212   104,668 
 Administrative and general   113,044   122,239   114,004 
 Distribution   67,467   66,979   60,529 
 Selling   46,643   41,436   40,174 
 Occupancy   17,268   16,520   13,200 
 Depreciation   24,548   21,545   17,285 
 Amortization   5,582   4,898