Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 31

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 31
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 contractual relationships that entitle us to pass-through the economic effect of trading positions that we take with other third parties on our customers’ behalf.

Our primary interest rate risk exposure results from variable rate debt. If interest rates in the future were to increase 100 basis points (1.0%) from December 31, 2024 rates and, assuming no change in total debt from December 31, 2024 levels, the additional annual interest expense to us would be approximately $2.0 million. We have the option to enter into 30- to 180-day fixed base rate SOFR loans under the revolving credit facility provided by our ABL Credit Facility.

On August 15, 2024, we entered into a two-year interest rate swap that locked the interest rate at 3.82% on $75 million of our revolving debt. The interest rate swap expires on August 15, 2026.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Olympic Steel, Inc. 
 
Index to Consolidated Financial Statements
 
  Page 
  
 Reports of Independent Registered Public Accounting Firms (PCAOB ID Number 248) 45
 Management’s Report on Internal Control Over Financial Reporting 47
 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022 48
 Consolidated Balance Sheets as of December 31, 2024 and 2023 49
 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 50
 Supplemental Disclosures of Cash Flow Information for the Years Ended December 31, 2024, 2023 and 2022 51
 Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022 52
 Notes to Consolidated Financial Statements for the Years Ended December 31, 2024, 2023 and 2022 53
 Schedule II – Valuation and Qualifying Accounts for the Years Ended December 31, 2024, 2023 and 2022 75

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Report of Independent Registered Public Accounting Firm
 
Board of Directors and Shareholders
Olympic Steel, Inc.
 
Opinion on the financial statements 
 
We have audited the accompanying consolidated balance sheets of Olympic Steel, Inc.