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 ...

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, 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 | | --- | --- | | (S ...

Part I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 2021 statements show significant growth in net income and total assets year-over-year [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $738.4 million and total liabilities rose to $414.6 million as of March 31, 2021 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $508,118 | $402,204 | | Accounts receivable, net | $210,695 | $151,601 | | Inventories, net | $278,174 | $240,001 | | **Total assets** | **$738,359** | **$640,605** | | **Total current liabilities** | $173,412 | $126,725 | | Credit facility revolver | $191,903 | $160,609 | | **Total liabilities** | **$414,584** | **$339,595** | | **Total shareholders' equity** | **$323,775** | **$301,010** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q1 2021 net sales grew 30.7% to $463.1 million, with net income surging to $22.0 million Q1 2021 vs Q1 2020 Performance (in thousands, except per share data) | Metric | Q1 2021 (unaudited) | Q1 2020 (unaudited) | Change | | :--- | :--- | :--- | :--- | | Net sales | $463,124 | $354,380 | +30.7% | | Operating income | $31,590 | $3,051 | +935.4% | | Net income | $22,008 | $593 | +3611.3% | | Net income per share - diluted | $1.91 | $0.05 | +3720.0% | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used for operating activities increased to $25.7 million in Q1 2021 due to working capital needs Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash used for operating activities | $(25,720) | $(11,985) | | Net cash used for investing activities | $(2,286) | $(4,235) | | Net cash from financing activities | $30,782 | $15,762 | | **Net change in cash** | **$2,776** | **$(458)** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, revenue sources, and inventory valuation methods - The company operates in **three reportable segments**: carbon flat products, specialty metals flat products, and tubular and pipe products[24](index=24&type=chunk) Disaggregated Revenue by Segment (Q1 2021) | Segment | % of Total Revenue | | :--- | :--- | | Carbon flat products | 53.2% | | Specialty metals flat products | 27.3% | | Tubular and pipe products | 19.5% | - The company recorded **$1.0 million of LIFO expense in Q1 2021**, compared to $0.5 million of LIFO income in Q1 2020, due to rising metals prices[35](index=35&type=chunk) Segment Operating Income (in thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Specialty metals flat products | $8,022 | $2,735 | | Carbon flat products | $21,200 | $(1,346) | | Tubular and pipe products | $6,320 | $4,305 | | **Total Operating Income** | **$31,590** | **$3,051** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Record-high metal prices in Q1 2021 drove significant growth in net sales and profitability [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q1 2021 net sales rose 30.7% due to a 32.1% increase in average selling prices, boosting gross margin - **Record-level metals prices** were the primary driver of performance in Q1 2021, with hot rolled coil index prices 133% higher than in Q1 2020[92](index=92&type=chunk) Consolidated Operations Summary (in thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net sales | $463,124 | $354,380 | | Gross profit | $108,459 | $71,858 | | Gross profit % | 23.4% | 20.3% | | Operating income | $31,590 | $3,051 | - The increase in net sales was due to a **32.1% increase in average selling prices**, offset by a 1.0% decrease in consolidated volume[97](index=97&type=chunk) [Segment Operations](index=26&type=section&id=Segment%20Operations) All three segments reported higher operating income, led by a strong turnaround in Carbon Flat Products Specialty Metals Flat Products Performance (Q1 2021 vs Q1 2020) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Sales | $126,320K | $88,488K | | Total tons sold | 41,887 | 34,570 | | Operating Income | $8,022K | $2,735K | Carbon Flat Products Performance (Q1 2021 vs Q1 2020) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Sales | $246,373K | $202,967K | | Total tons sold | 239,848 | 263,110 | | Operating Income (Loss) | $21,200K | $(1,346)K | Tubular and Pipe Products Performance (Q1 2021 vs Q1 2020) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Sales | $90,431K | $62,925K | | Operating Income | $6,320K | $4,305K | [Liquidity, Capital Resources and Cash Flows](index=29&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) Cash used for operations was $25.7 million due to increased working capital, with $162 million available credit - **Net cash used for operations was $25.7 million** in Q1 2021, compared to $12.0 million in Q1 2020[130](index=130&type=chunk) - **Working capital increased by $59.2 million** from year-end 2020, primarily due to a $59.1 million increase in accounts receivable and a $38.2 million increase in inventories[132](index=132&type=chunk) - The company had approximately **$162 million of availability** under its ABL Credit Facility as of March 31, 2021[46](index=46&type=chunk)[140](index=140&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include volatile metals pricing and interest rate fluctuations on variable-rate debt - The metals industry is cyclical, and the **pricing and availability of metals can be volatile**, significantly affecting the company's cost of raw materials[145](index=145&type=chunk) - When metals prices decline, the company faces pressure on sale prices, potentially leading to **lower gross profits and inventory write-downs**[146](index=146&type=chunk) - The company is exposed to interest rate risk from its variable-rate debt, partially managed through a **$75 million interest rate swap** fixing the rate at 2.57%[151](index=151&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021 - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2021[153](index=153&type=chunk) - **No material changes in internal control** over financial reporting occurred during Q1 2021[154](index=154&type=chunk) Part II. OTHER INFORMATION [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including SOX certifications and Inline XBRL financial data - The report includes **certifications from the CEO and CFO** pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[157](index=157&type=chunk) - Financial statements and notes are formatted in **Inline XBRL** as part of the filing[157](index=157&type=chunk)