Nov 27, 2015 Off Comments in Business News, Steel Manufacturer by

Olympic Steel, Inc. a leading national metals service center, today announced financial results for the third quarter and nine months ended Sept. 30, 2015.

Industry-wide shipments and metal prices declined in the 2015 third quarter resulting in net sales of $276.9 million, compared with $376.6 million in the same quarter last year. For the nine-month period, sales declined to $938 million from $1.110 billion in the comparable 2014 period.

The net loss in the third quarter was $0.6 million, or a loss of $0.05 per share, compared with net income of $1.6 million, or $0.14 per diluted share in 2014’s third quarter. The net loss recorded in the nine-month period of 2015 was $21.8 million dollars or $1.95 per share. The loss in the year-to-date period is primarily attributable to the previously disclosed $24.5 million pre-tax non-cash impairment charge ($1.91 per share, after tax) reported in the second quarter of this year.

“To succeed in a cyclical industry and withstand challenging market conditions requires disciplined focus on factors we can control,” stated Chairman and Chief Executive Officer Michael D. Siegal. “Olympic Steel’s financial condition remains robust as we deleveraged our balance sheet and reduced operating expenses during this cycle.”

Read more: Cleveland Ohio Steel Manufacturer: Olympic Steel Reports 2015 Third-Quarter Results