Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 32

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 32
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 quarter of 2024. Interest and other expense on debt totaled $12.3 million, or 0.8% of net sales, in the first nine months of 2025 compared to $12.3 million, or 0.9% of net sales, in the first nine months of 2024. Interest and other expenses on debt remained flat between the first nine months of 2025 when compared to the first nine months of 2024. Our effective borrowing rate, exclusive of deferred financing fees and commitment fees, was 5.9% for the first nine months of 2025 compared to 6.5% for the first nine months of 2024.

In the third quarter of 2025, income before income taxes totaled $3.1 million compared to income before income taxes of $3.9 million in the third quarter of 2024. In the first nine months of 2025, income before income taxes totaled $14.1 million compared to income before income taxes of $26.5 million in the first nine months of 2024. 

An income tax provision of 30.7% was recorded for the third quarter of 2025, compared to an income tax provision of 29.9% for the third quarter of 2024. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are considered in the relevant period.  Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. An income tax provision of 29.5% was recorded for the first nine months of 2025, compared to an income tax provision of 28.0% for the first nine months of 2024. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are considered in the relevant period.  Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. 

On July 4, 2025, the OBBBA was enacted in the U.S. The OBBBA includes the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax