Financial Performance - Net sales for Q2 2024 decreased to $526.25 million, down 7.6% from $569.27 million in Q2 2023[9] - Net income for Q2 2024 dropped to $7.66 million, a 49% decline from $15.02 million in Q2 2023[9] - Carbon Flat Products segment saw a 5.8% decrease in net sales to $307.76 million in Q2 2024 compared to $326.63 million in Q2 2023[11] - Specialty Metals Flat Products segment's gross profit increased by 6.3% to $25.93 million in Q2 2024 from $24.40 million in Q2 2023[11] - Tubular and Pipe Products segment's operating income fell to $6.50 million in Q2 2024, down 30.7% from $9.37 million in Q2 2023[11] Assets and Liabilities - Total assets increased to $1.006 billion as of June 30, 2024, up from $984.84 million at the end of 2023[10] - Total current liabilities decreased to $165.32 million as of June 30, 2024, from $180.24 million at the end of 2023[10] - Flat-products assets grew to $665.84 million as of June 30, 2024, up from $649.74 million at the end of 2023[13] - Tubular and pipe products assets increased to $339.18 million as of June 30, 2024, from $333.68 million at the end of 2023[13] - Corporate assets decreased to $1.28 million as of June 30, 2024, down from $1.41 million at the end of 2023[13] Shareholders' Equity and Debt - Shareholders' equity per share increased to $51.15 as of June 30, 2024, compared to $49.90 as of December 31, 2023[14] - Debt to equity ratio rose to 0.37 to 1 as of June 30, 2024, from 0.34 to 1 as of December 31, 2023[14] Cash Flow and Dividends - Net cash used for operating activities was $5,512 million for the six months ended June 30, 2024, compared to net cash from operating activities of $79,196 million for the same period in 2023[14] - Cash dividends per share increased to $0.30 for the six months ended June 30, 2024, from $0.25 for the same period in 2023[14]

Core Insights - BLAQclouds, Inc. has engaged ZEUS Blockchain Partners to develop and manage the "BLAQ" token, which will operate on both Ethereum and ZEUS blockchains [1][4] - The BLAQ token will have a total supply of 500 million tokens, with a planned price of $0.01 per token and a pre-launch price of $0.005 [1][5] - The BLAQ token will integrate with the DiVinciPay merchant platform, allowing holders to use BLAQ tokens as currency at participating merchants [1] Token Details - The BLAQ token will utilize layered smart contracts for funding liquidity pools on the ZEUS Chain, automating funding and managing distributions via time-locked contracts [5] - The token will operate under the ERC20 and ZRC20 standards, with a contract address of 0x81324d217089CEe039e3b660d9265FfeBBF534cD [1] - There will be no reflections or taxes associated with the BLAQ token, and the Uniswap pool fee is set at 0.03% [1] Company Overview - BLAQclouds, Inc. is a publicly traded company based in Nevada, specializing in artificial intelligence and innovative blockchain technology solutions [6] - The company aims to deliver high-performance, secure, and scalable AI-powered blockchain solutions, focusing on future growth and value addition for shareholders [6] - The company has updated its communication strategy, urging shareholders to disregard past social media posts and to rely on verified channels for information [2]

Olympic Steel, Inc. (NASDAQ:ZEUS) Q1 2024 Earnings Conference Call May 3, 2024 10:00 AM ET Company Participants Richard A. Manson - CFO Richard T. Marabito - CEO Andrew Greiff - President & COO Conference Call Participants Dave Storms - Stonegate Alan Weber - Robotti Advisors Chris Sakai - Singular Research Operator Good morning, and welcome to the Olympic Steel 2024 First Quarter Financial Results Conference Call. All this time all participants are in a listen-only, a brief question-and-answer session will ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-23320 OLYMPIC STEEL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 22901 Millcreek Boulevard, Suite 650, Highland Hills, OH For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d ...

Exhibit 99.1 Olympic Steel Reports First-Quarter 2024 Results Strategy to diversify and expand into higher-value processing and manufactured products contributes to financial performance in the face of pricing headwinds Company remains in a strong operational and financial position to invest in additional higher-value growth opportunities to drive profitability and advance its strategy The Board of Directors approved a regular quarterly cash dividend of $0.15 per share, which is payable on June 17, 2024, to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From _______________ To _______________ Commission File Number 0-23320 OLYMPIC STEEL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Financial Data and Key Metrics Changes - Olympic Steel reported fourth quarter sales of $489 million, net income of $7.4 million, and EBITDA of $20.9 million, showing a significant performance despite market challenges [9][24] - Adjusted EBITDA for the fourth quarter was $16.7 million compared to $11.9 million in the prior year period, indicating a strong year-over-year improvement [24] - The company’s total debt increased by only $25 million to $190 million at year-end, with availability of approximately $339 million, maintaining a solid financial position [12][28] Business Segment Performance Changes - The pipe and tube segment achieved its second most profitable year ever, with adjusted EBITDA of $40.3 million, reflecting a focus on value-added products [17][10] - The carbon segment earned adjusted EBITDA of $7.9 million in the fourth quarter, with shipments up 8% year-over-year, demonstrating resilience amid pricing pressures [20][19] - Specialty metals recorded its third most profitable full year despite facing industry-wide stainless steel headwinds, contributing consistent positive EBITDA [20][10] Market Data and Key Metrics Changes - In early 2024, strong demand is observed from industrial OEMs, food equipment, truck trailer, storage tank, HVAC, and appliance customers, particularly in industrial fabrication for data centers [21] - The carbon pricing index saw a 65% increase in the fourth quarter, leading to advanced purchases by customers in anticipation of further price increases [19] - The company expects first quarter growth in tonnage to be in the 10% to 12% range compared to the fourth quarter, indicating a positive outlook for demand [42][43] Company Strategy and Industry Competition - Olympic Steel is committed to managing working capital, operating expenses, cash flow, and debt while seeking opportunities for higher-return, higher-value-add products through organic growth and acquisitions [15][10] - The company has successfully integrated six acquisitions over the past five years, enhancing its portfolio and diversifying its offerings [10][11] - The recent acquisition of Central Tube & Bar is expected to strengthen the pipe and tube segment and expand value-added processing capabilities [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on its success in 2024, driving profitable growth and creating shareholder value [15][13] - The company noted that inflationary pressures were negligible during the fourth quarter and the second half of 2023, which may positively impact margins going forward [27][30] - Management anticipates a tax rate of approximately 27.5% to 28.5% for 2024, reflecting changes in the operating environment [30] Other Important Information - The Board of Directors approved a 20% increase in the quarterly dividend, reflecting the company's strong financial position and commitment to shareholder value [13][30] - Capital expenditures for 2023 totaled $21.3 million, with an estimated $35 million planned for 2024 to support investments in automation and fabrication [29][30] Q&A Session Summary Question: How does the Central Tube acquisition fit within the existing pipe and tube franchise? - Management indicated that Central Tube fits well under the Chicago Tube and Iron segment, enhancing growth in fabricated tubes and expanding geographic reach [34] Question: What is the focus on value-added components in the business? - The focus is on gross margin rather than revenue, with a target of 50% of gross margin generated from value-added work in the pipe and tube segment [36] Question: What are the expectations for demand in 2024? - Management noted that while some sectors may see softer volumes, new business and fabrication growth are expected to offset these declines, leading to a positive outlook for the first quarter [41][43] Question: What is the company's M&A outlook? - Management confirmed a balanced approach to growth through acquisitions across all three business segments, with a focus on high-return companies [48][49] Question: What are the inventory levels at the mills and their impact on demand? - Lead times from carbon mills have shortened, indicating a stable supply environment, which is factored into demand considerations for 2024 [50]

Exhibit 99.1 NEWS RELEASE CLEVELAND — February 22, 2024 — Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced results for the three and 12 months ended December 31, 2023. Fourth-Quarter Results Net income for the fourth quarter totaled $7.4 million, or $0.64 per diluted share, compared with net income of $4.0 million, or $0.34 per diluted share, in the fourth quarter of 2022. The results include $5.3 million of LIFO pre-tax income in the fourth quarter of 2023, comp ...

[Part I. FINANCIAL INFORMATION](index=3&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three and nine months ended September 30, 2023, and 2022, including balance sheets, income statements, cash flows, and shareholder equity Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$992,806** | **$891,627** | | Total Current Assets | $641,900 | $658,106 | | Goodwill | $43,690 | $10,496 | | Intangible assets, net | $84,028 | $32,035 | | **Total Liabilities** | **$443,485** | **$375,659** | | Credit facility revolver | $196,527 | $165,658 | | **Total Shareholders' Equity** | **$549,321** | **$515,968** | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $526,411 | $634,437 | $1,668,755 | $2,039,946 | | Operating Income | $20,885 | $19,086 | $64,380 | $126,073 | | Net Income | $12,230 | $12,046 | $37,121 | $86,972 | | Diluted EPS | $1.06 | $1.04 | $3.21 | $7.53 | - For the nine months ended Sep 30, 2023, net cash from operating activities was **$121.0 million**, compared to **$98.3 million** for the same period in 2022[13](index=13&type=chunk) - Net cash used for investing activities was **$148.9 million**, largely due to the **$129.5 million** Metal-Fab acquisition[13](index=13&type=chunk) - On January 3, 2023, the company acquired Metal-Fab for a cash purchase price of **$131.2 million**[33](index=33&type=chunk) - On October 2, 2023, the company acquired Central Tube and Bar, Inc. (CTB) for **$37.8 million**[91](index=91&type=chunk) - For the nine months ended Sep 30, 2023, carbon flat products contributed the most to net sales (**$940.9M**), followed by specialty metals (**$446.3M**) and tubular/pipe products (**$281.5M**)[85](index=85&type=chunk)[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion provides perspective on the company's financial condition and operational results, detailing segment performance, liquidity, capital resources, debt arrangements, and critical accounting policies - Q3 2023 net sales decreased **17.0%** YoY to **$526.4M**, driven by a **16.2%** decrease in average selling prices, while gross profit margin expanded to **21.3%** from **16.9%** in Q3 2022[116](index=116&type=chunk)[120](index=120&type=chunk) - The acquisition of Metal-Fab on January 3, 2023, contributed to sales and increased operating expenses within the carbon flat products segment[116](index=116&type=chunk)[121](index=121&type=chunk) - The company recorded a **$4.0 million** employee retention credit in Q3 2023, which reduced operating expenses across various categories[31](index=31&type=chunk)[174](index=174&type=chunk) - As of September 30, 2023, the company had approximately **$375 million** of availability under its ABL Credit Facility, which was upsized to **$625 million** in January 2023 to fund the Metal-Fab acquisition[59](index=59&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk) [Consolidated Operations](index=29&type=section&id=Consolidated%20Operations) Consolidated net sales for Q3 2023 decreased by 17.0% to $526.4 million, primarily due to a 16.2% drop in average selling prices, though gross profit margin expanded to 21.3% Q3 2023 vs Q3 2022 Performance (in thousands) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $526,411 | $634,437 | -17.0% | | Gross Profit | $111,931 | $106,971 | +4.6% | | Gross Margin | 21.3% | 16.9% | +4.4 p.p. | | Operating Income | $20,885 | $19,086 | +9.4% | | Net Income | $12,230 | $12,046 | +1.7% | Nine Months 2023 vs 2022 Performance (in thousands) | Metric | 9M 2023 | 9M 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,668,755 | $2,039,946 | -18.2% | | Gross Profit | $359,767 | $396,827 | -9.3% | | Gross Margin | 21.6% | 19.5% | +2.1 p.p. | | Operating Income | $64,380 | $126,073 | -49.0% | | Net Income | $37,121 | $86,972 | -57.4% | - Operating expenses increased by **3.6%** in Q3 2023 YoY, mainly due to Metal-Fab's expenses, partially offset by lower performance-based compensation and a **$4.0 million** employee retention credit[121](index=121&type=chunk)[31](index=31&type=chunk) - Interest expense increased to **$4.0 million** in Q3 2023 from **$3.0 million** in Q3 2022 due to a higher effective borrowing rate (**5.9%** in 9M 2023 vs **2.9%** in 9M 2022)[123](index=123&type=chunk) [Segment Operations](index=32&type=section&id=Segment%20Operations) This section breaks down the performance of the three business segments, highlighting declines in Specialty Metals, improved margins and acquisition contributions in Carbon Flat Products, and LIFO income benefits in Tubular and Pipe Products - Specialty Metals Flat Products: Q3 2023 net sales fell **29.5%** YoY to **$132.8M**, with operating income dropping to **$4.7M** from **$15.1M**, driven by an **18.3%** decrease in tons sold and a **13.7%** decrease in average selling price per ton[128](index=128&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Carbon Flat Products: Q3 2023 net sales decreased **9.5%** YoY to **$304.5M**, but operating income surged to **$9.9M** from **$1.7M**, driven by a higher gross margin (**20.3%** vs **12.7%**) and Metal-Fab acquisition contributions[137](index=137&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) - Tubular and Pipe Products: Q3 2023 net sales declined **18.8%** YoY to **$89.2M**, while operating income increased to **$10.0M** from **$7.1M**, aided by **$2.0M** in LIFO income and a gross margin expansion to **32.3%** from **24.1%**[145](index=145&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk) - Corporate expenses decreased by **21.8%** in Q3 2023 to **$3.8 million**, primarily due to lower performance-based compensation and employee retention credits, offsetting acquisition-related costs[152](index=152&type=chunk) [Liquidity, Capital Resources and Cash Flows](index=37&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) The company maintains strong liquidity with $121.0 million in cash from operations and $375 million available under its ABL Credit Facility, which was increased to fund the Metal-Fab acquisition - Generated **$121.0M** from operations in the first nine months of 2023, compared to **$98.3M** in the same period of 2022[155](index=155&type=chunk) - Used **$148.9M** for investing activities, primarily for the **$129.5M** Metal-Fab acquisition and **$19.6M** in capital expenditures[158](index=158&type=chunk)[159](index=159&type=chunk) - Generated **$24.8M** from financing activities, mainly from **$30.9M** in net borrowings under the ABL facility[160](index=160&type=chunk) - The ABL Credit Facility was amended and increased to **$625 million** in January 2023, with **$375 million** of availability as of September 30, 2023, and compliance with all covenants[165](index=165&type=chunk)[169](index=169&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from fluctuating metals prices and interest rates, which are partially mitigated by an interest rate hedge and occasional nickel swaps - The company's results are significantly impacted by the cyclical and volatile nature of metals pricing, affecting revenue, gross profit, and inventory valuation[176](index=176&type=chunk)[177](index=177&type=chunk) - Primary interest rate risk from variable-rate debt under the ABL Credit Facility is partially mitigated by a five-year fixed-rate interest rate hedge on **$75 million** of borrowings, amended to **2.42%** (based on SOFR) in January 2023[182](index=182&type=chunk) - Inflation increases costs for wages, transportation, energy, and materials, and while not material recently, it may become a significant factor in the future[180](index=180&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during Q3 2023 - The Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective[183](index=183&type=chunk) - No changes occurred in internal control over financial reporting during the third quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control[184](index=184&type=chunk) [Part II. OTHER INFORMATION](index=43&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) This section reports no Rule 10b5-1 trading arrangements by directors or officers and discloses the adoption of the Key Employee Severance Benefit Plan on November 2, 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended September 30, 2023[187](index=187&type=chunk) - On November 2, 2023, the company's Board of Directors approved the Olympic Steel, Inc. Key Employee Severance Benefit Plan to streamline severance protection for key employees[188](index=188&type=chunk)[189](index=189&type=chunk) - The Severance Plan outlines predetermined payments and benefits for qualifying terminations, including termination without cause, termination following a change in control, or in the event of death or disability[190](index=190&type=chunk)[191](index=191&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Seventh Amendment to the Loan and Security Agreement, the new Key Employee Severance Benefit Plan, and CEO/CFO certifications - Lists filed exhibits, including the Joinder and Seventh Amendment to the Third Amended and Restated Loan and Security Agreement[194](index=194&type=chunk) - Exhibit 10.43 is the newly adopted Key Employee Severance Benefit Plan[194](index=194&type=chunk) - Includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[194](index=194&type=chunk) [Signatures](index=46&type=section&id=SIGNATURES) The report was duly signed and authorized by the Chief Executive Officer and Chief Financial Officer on November 3, 2023 - The report was duly signed and authorized by the Chief Executive Officer, Richard T Marabito, and the Chief Financial Officer, Richard A Manson, on November 3, 2023[196](index=196&type=chunk)

Olympic Steel, Inc. (NASDAQ:ZEUS) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants Rich Manson - Chief Financial Officer Rick Marabito - Chief Executive Officer Andrew Greiff - President & Chief Operating Officer Conference Call Participants Samuel McKinney - KeyBanc Capital Markets Dave Storms - Stonegate Chris Sakai - Singular Research Operator Good morning, and welcome to the Olympic Steel 2003 Third Quarter Financial Results Conference Call. At this time, all participa ...