Olympic Steel draws $2.6M in red ink during 4th quarter

Feb 25, 2010 | 12:31 PM | Corinna Petry

Metals processor and service center chain Olympic Steel Inc. slipped into the red in the fourth quarter as the recession and historically low steel demand took a bite out of the company's shipments and sales.

Olympic's $2.6-million net loss for the three months ended Dec. 31 was in contrast to net income of $776,000 in the same period a year earlier as sales tumbled 45.4 percent to $138.5 million from $253.6 million in the same comparison. The company had reported third-quarter net income of $671,000 on sales of $121.6 million.....

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