Olympic Steel, Inc. (NASDAQ:ZEUS) Q2 2022 Results Conference Call August 5, 2022 10:00 AM ET Company Participants Rich Manson - CFO Rick Marabito - CEO Andrew Greiff - President and COO Conference Call Participants Marco Rodriguez - Stonegate Capital Markets Chris Sakai - Singular Research Operator Greetings, and welcome to the Olympic Steel 2022 Second Quarter Financial Results. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your ho ...

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 For the quarterly period ended June 30, 2022 ☐ 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) Ohio 34-1245650 (State or other jurisdicti ...

For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 For the transition period from __________ to ____________ Commission File Number 0-23320 OLYMPIC STEEL, INC. (Exact name of registrant as specified in its charter) Ohio 34-1245650 (State or other jurisdi ...

Olympic Steel, Inc. (NASDAQ:ZEUS) Q1 2022 Earnings Conference Call May 6, 2022 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 Marco Rodriguez - Stonegate Capital Markets Phil Gibbs - KeyBanc Capital Markets Chris Sakai - Singular Research Operator Good morning and welcome to the Olympic Steel 2022 First Quarter Financial Results Conference Call. At this time, all p ...

Investor Presentation February 2022 Forward-Looking Statements 2 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in the | | | forward-looking statements. Such forward-looking statements are made | | | pursuant to the safe harbor provision ...

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, 2021 ☐ 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) | Ohio | 34-1245650 | | --- | --- | | (State or other jurisdiction of incor ...

Olympic Steel, Inc. (NASDAQ:ZEUS) Q4 2021 Earnings Conference Call February 25, 2022 10:00 AM ET Company Participants Richard Marabito - CEO Richard Manson - CFO Andrew Greiff - President & COO Conference Call Participants Marco Rodriguez - Stonegate Capital Markets Philip Gibbs - KeyBanc Capital Markets Chris Sakai - Singular Research Alan Weber - Robotti Advisors Phil Gibbs - KeyBanc Capital Markets Operator Good morning and welcome to the Olympic Steel 2021 Fourth Quarter Financial Results Conference Cal ...

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements and related notes for the period ended September 30, 2021 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets increased significantly to $971.3 million from $640.6 million at year-end 2020, primarily driven by higher inventories and accounts receivable amid rising metal prices Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $748,817 | $402,204 | | Inventories, net | $417,979 | $240,001 | | Accounts receivable, net | $303,236 | $151,601 | | **Total assets** | **$971,306** | **$640,605** | | **Total current liabilities** | $229,434 | $126,725 | | Credit facility revolver | $297,880 | $160,609 | | **Total liabilities** | **$572,591** | **$339,595** | | **Total shareholders' equity** | **$398,715** | **$301,010** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The company demonstrated a significant financial turnaround, reporting a net income of $44.5 million for Q3 2021, compared to a $1.5 million loss in Q3 2020 Performance Summary (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $668,466 | $299,921 | $1,687,667 | $902,597 | | Operating income (loss) | $62,160 | $(363) | $136,186 | $(4,797) | | Net income (loss) | $44,533 | $(1,520) | $96,190 | $(7,381) | | Diluted EPS | $3.87 | $(0.13) | $8.36 | $(0.64) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first nine months of 2021, the company used $126.9 million in cash for operating activities, a major shift from the $28.7 million generated in the same period of 2020 Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net cash from (used for) operating activities | $(126,937) | $28,653 | | Net cash from (used for) investing activities | $1,800 | $(6,818) | | Net cash from (used for) financing activities | $134,747 | $(22,433) | | **Net change in cash** | **$9,610** | **$(598)** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Details the basis of presentation, key accounting policies, and significant events including asset sales, acquisitions, LIFO expense, and credit facility amendments - The company operates in three reportable segments: **carbon flat products, specialty metals flat products, and tubular and pipe products**[23](index=23&type=chunk) - On September 17, 2021, the company sold its Detroit operation for **$58.4 million** plus a working capital adjustment, resulting in a net gain of **$3.5 million**[79](index=79&type=chunk) - Subsequent to the quarter end, on October 1, 2021, the company acquired Shaw Stainless & Alloy, Inc. for **$12.0 million**[80](index=80&type=chunk) - Due to rising metals prices, the company recorded LIFO expense of **$12.0 million** for the nine months ended September 30, 2021, compared to LIFO income of **$1.1 million** in the prior-year period[35](index=35&type=chunk) - On June 16, 2021, the company amended and extended its ABL Credit Facility, increasing the total facility to **$475 million** with a maturity date of June 16, 2026[43](index=43&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the record financial results in Q3 and the first nine months of 2021 to surging metals prices and strong end-market demand, detailing performance, liquidity, and capital allocation [Overview](index=26&type=section&id=Overview) The company is a metals service center operating in three segments, with performance highly dependent on external factors like metals pricing, demand, and supply chain dynamics - The company's business is organized into three reportable segments: **carbon flat products, specialty metals flat products, and tubular and pipe products**[87](index=87&type=chunk)[92](index=92&type=chunk) - Results are significantly affected by external factors such as **metals pricing, supply chain disruptions, customer demand, and U.S. trade policy**[85](index=85&type=chunk)[88](index=88&type=chunk) - On September 17, 2021, the company sold its Detroit operation, which primarily served domestic automotive manufacturers and was part of the carbon flat-rolled segment[87](index=87&type=chunk) [Results of Operations - Consolidated](index=29&type=section&id=Results%20of%20Operations%20-%20Consolidated) Consolidated net sales for Q3 2021 increased 122.9% year-over-year to $668.5 million, driven by higher prices and volume, leading to a significant shift to operating income Consolidated Operations Summary (in thousands) | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net sales | $668,466 | $299,921 | | Gross profit | $147,600 | $59,954 | | Gross profit % | 22.1% | 20.0% | | Operating income (loss) | $62,160 | $(363) | - The increase in net sales was driven by a **98.9% increase in consolidated average selling prices** and a **12.0% increase in consolidated volume** in Q3 2021 vs Q3 2020[105](index=105&type=chunk) - The pricing environment was exceptionally strong, with hot rolled coil index prices **226% higher** in Q3 2021 compared to Q3 2020[101](index=101&type=chunk) [Results of Operations - Specialty Metals Flat Products](index=31&type=section&id=Results%20of%20Operations%20-%20Specialty%20Metals%20Flat%20Products) The specialty metals segment's net sales grew 102.9% to $164.2 million in Q3 2021, propelled by increased prices and tons sold, boosting operating income more than tenfold Specialty Metals Segment Q3 Performance | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net Sales | $164,179 | $80,904 | | Total Tons Sold | 41,203 | 33,735 | | Avg. Selling Price/Ton | $3,985 | $2,398 | | Gross Profit % | 26.8% | 13.7% | | Operating Income | $24,663 | $2,448 | - The increase in tons sold was attributed to the **acquisition of Action Stainless** and the **recovery of customer demand** from COVID-19 pandemic levels[117](index=117&type=chunk) [Results of Operations - Carbon Flat Products](index=32&type=section&id=Results%20of%20Operations%20-%20Carbon%20Flat%20Products) The carbon flat products segment's net sales surged 140.9% to $404.6 million in Q3 2021, driven by higher prices and volume, achieving a significant turnaround to operating income Carbon Flat Products Segment Q3 Performance | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net Sales | $404,596 | $167,948 | | Total Tons Sold | 244,519 | 224,199 | | Avg. Selling Price/Ton | $1,655 | $749 | | Gross Profit % | 20.7% | 19.7% | | Operating Income (Loss) | $37,164 | $(1,604) | - Tons sold increased **9.1%** year-over-year despite the negative impact from the sale of the Detroit operation on September 17, 2021[126](index=126&type=chunk) [Results of Operations - Tubular and Pipe Products](index=33&type=section&id=Results%20of%20Operations%20-%20Tubular%20and%20Pipe%20Products) Net sales for the tubular and pipe segment rose 95.2% to $99.7 million in Q3 2021, reflecting higher prices and volume, though gross margin contracted due to a significant LIFO expense Tubular and Pipe Products Segment Q3 Performance | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net Sales | $99,691 | $51,069 | | Gross Profit | $20,057 | $15,737 | | Gross Profit % | 20.1% | 30.8% | | Operating Income | $2,354 | $744 | - The segment recorded a **$7.0 million LIFO expense** in Q3 2021 versus a **$0.1 million LIFO income** in Q3 2020, which significantly impacted the gross profit percentage[137](index=137&type=chunk) [Liquidity, Capital Resources and Cash Flows](index=34&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) The company's liquidity was primarily supported by its ABL Credit Facility, funding increased working capital, with enhanced financial flexibility from an upsizing of the facility and a new equity program - For the nine months ended Sep 30, 2021, net cash used for operating activities was **$126.9 million**, compared to **$28.7 million generated** in the prior-year period[144](index=144&type=chunk) - Working capital increased by **$243.9 million** since year-end 2020, mainly from a **$178.0 million increase in inventories** and a **$151.6 million increase in accounts receivable**[146](index=146&type=chunk) - As of September 30, 2021, the company had approximately **$173 million of availability** under its **$475 million ABL Credit Facility**[47](index=47&type=chunk)[155](index=155&type=chunk) - On September 3, 2021, the company commenced a **$50 million at-the-market (ATM) equity program**, though no shares were sold during the quarter[152](index=152&type=chunk) [Critical Accounting Policies](index=36&type=section&id=Critical%20Accounting%20Policies) Management confirms that the company's critical accounting policies, which involve significant judgments and estimates, have not changed from those disclosed in the 2020 Annual Report on Form 10-K - The company's critical accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2020, and there have been **no changes**[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies its primary market risks as the volatility of metals prices and changes in interest rates, with interest rate risk partially mitigated by a five-year interest rate swap - The company's principal market risks stem from the **cyclical and volatile nature of metals pricing** and **interest rate fluctuations on its debt**[160](index=160&type=chunk)[165](index=165&type=chunk) - Declining metals prices can adversely affect gross profits and may lead to inventory impairment, while rising prices increase working capital requirements[161](index=161&type=chunk)[162](index=162&type=chunk) - To manage interest rate risk, the company entered into a five-year interest rate swap that fixed the rate at **2.57%** on **$75 million** of its revolving debt[166](index=166&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on management's evaluation, the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[167](index=167&type=chunk) - There were **no material changes** in internal control over financial reporting during the third quarter of 2021[168](index=168&type=chunk) Part II. OTHER INFORMATION [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed concurrently with the Form 10-Q, including key agreements, certifications, and financial data in Inline XBRL format - Filed exhibits include the **Asset Purchase Agreement** for the Detroit operation sale, **CEO/CFO certifications (Sections 302 and 906)**, and **Inline XBRL data files**[171](index=171&type=chunk)[173](index=173&type=chunk)

Olympic Steel, Inc. (NASDAQ:ZEUS) Q3 2021 Earnings Conference Call November 5, 2021 10:00 AM ET Company Participants Richard Manson - CFO Richard Marabito - CEO & Director Andrew Greiff - President & COO Conference Call Participants Marco Rodriguez - Stonegate Capital Markets Alan Weber - Robotti Advisors Philip Gibbs - KeyBanc Capital Markets Christopher Sakai - Singular Research Operator Good morning, and welcome to Olympic Steel 2021 Third Quarter Financial Results Conference Call. [Operator Instructions ...

Olympic Steel, Inc. (NASDAQ:ZEUS) Q2 2021 Earnings Conference Call August 6, 2021 10:00 AM ET Company Participants Richard Manson - CFO Richard Marabito - CEO & Director Andrew Greiff - President & COO Conference Call Participants Marco Rodriguez - Stonegate Capital Markets Michael Leshock - KeyBanc Capital Markets Chris Sakai - Singular Research Operator Hello, and welcome to the Olympic Steel 2021 Second Quarter Financial Results Conference Call and Webcast. [Operator Instructions]. As a reminder, this co ...