Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 617

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 4
Chunk 617
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, a $8.0 million decrease in accrued payroll and other accrued liabilities and a $0.6 million increase in inventory, offset by a $27.2 million decrease in accounts receivable and a $0.4 million decrease in prepaid expenses and other.

Investing Activities

Net cash used for investing activities was $109.4 million during 2024, compared to $190.8 million during 2023. Investment activities in 2024 included $80.0 million for the acquisition of Metal Works on November 11, 2024 and $29.5 million of capital expenditures, primarily attributable to processing equipment and automation equipment at our existing facilities. Investment activities in 2023 included $169.8 million for the acquisitions of Metal-Fab in January 2023 and CTB in October 2023 and $21.3 million of capital expenditures, primarily attributable to processing equipment at our existing facilities.

Financing Activities

During 2024, $74.4 million of cash was generated from financing activities, which primarily consisted of $82.3  million of net borrowings under our ABL Credit Facility, offset by $6.7 million of dividends paid, $1.0 million of principal payments for financing lease obligations and $0.2 million of payments for credit facility fees and expenses. During 2023, $16.7 million of cash was generated from financing activities, which primarily consisted of $24.5 million of net borrowings under our ABL Credit Facility, offset by $5.6 million of dividends paid, $1.2 million of credit facility fees and expenses and $1.0 million of principal payments for financing lease obligations.

In February 2025, our Board of Directors approved a regular quarterly dividend of $0.16 per share, which is payable on March 17, 2025 to shareholders of record as of March 3, 2025. Our Board previously approved 2024 and 2023 regular quarterly dividends of $0.150 per share and $0.125 per share, respectively, which were paid in March, June, September and December of 2024 and 2023. Dividend distributions in the future are subject to the availability of cash, limitations on cash dividends under our ABL Credit Facility and continuing determination by our Board of Directors that the payment of dividends remains