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

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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 in the first nine months of 2024. Specialty metals flat products net sales were 27.4% of total net sales in the first nine months of 2025 compared to 25.4% of total net sales in the first nine months of 2024. Carbon flat products net sales were 56.6% of total net sales in the first nine months of 2025 compared to 57.4% of total net sales in the first nine months of 2024. Tubular and pipe products net sales were 16.1% of total net sales in the first nine months of 2025 compared to 17.3% of total net sales in the first nine months of 2024. The decrease in net sales was due to a consolidated 1.7% decrease in average selling prices and a 1.2% decrease in sales volume during the first nine months of 2025 compared to the first nine months of 2024.

Cost of materials sold increased $9.9 million, or 2.7%, to $373.0 million in the third quarter of 2025 from $363.1 million in the third quarter of 2024. Cost of materials sold decreased $55.0 million, or 4.7%, to $1.1  billion in the first nine months of 2025 from $1.2 billion in the first nine months of 2024. The decrease in cost of materials sold in the first nine months of 2025 is related to the decreased metals pricing discussed above in Results of Operations.

     24

As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) increased to 24.0% in the third quarter of 2025 from 22.7% in the third quarter of 2024. The increase in the gross profit as a percentage of net sales is due to the average selling prices increasing more than the average cost of inventory. As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) increased to 24.2% in the first nine months of 2025 from 22.7% in the first nine months of 2024. The increase in the