Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 31

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 31
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 compared to 17.5% of total net sales in the first six months of 2024. The decrease in net sales was due to a consolidated 5.1% decrease in average selling prices partially offset by a 0.2% increase in sales volume during the first six months of 2025 compared to the first six months of 2024.

Cost of materials sold decreased $31.9 million, or 7.8%, to $374.7 million in the second quarter of 2025 from $406.6 million in the second quarter of 2024. Cost of materials sold decreased $64.9 million, or 8.0%, to $749.2 million in the first six months of 2025 from $814.1 million in the first six months of 2024. The decrease in cost of materials sold in the first six 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 24.5% in the second quarter of 2025 from 22.7% in the second quarter of 2024. The increase in the gross profit as a percentage of net sales is due to the average cost of inventory decreasing more than the average selling prices. As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) increased to 24.3% in the first six months of 2025 from 22.7% in the first six months of 2024. The increase in the gross profit as a percentage of net sales is due to the average cost of inventory decreasing more than the average selling prices. 

Operating expenses in the second quarter of 2025 increased $5.8 million, or 5.6%, to $110.4 million from $104.6 million in the second quarter of 2024. As a percentage of net sales, operating expenses increased to 22.2% for the second quarter of 2025 from 19.9% in the second quarter of 2024. Operating expenses in the specialty metals flat products segment increased $0.9 million, operating expenses in the carbon flat products segment increased $7.1 million,