Olympic upbeat, cautious as record results logged

Jul 31, 2008 | 03:43 PM |

Although Cleveland-based distributor and processor Olympic Steel Inc. reported record second-quarter and first-half earnings and sales results, and the company's outlook remains favorable going forward, it is also cautious amid uncertainty surrounding the general economic environment, according to Michael D. Siegal, chairman and chief executive officer.

OLYMPIC STEEL INC.(in thousands except per share) 200820072nd qtr. ended June 30Net sales$363,514$277,413Net income29,5989,446Per share2.700.886 months ended June 30Net sales$638,389$536,818Net income42,75914,698Per share3.931.37Net income totaled $29.6 million during the quarter ended June 30, more than triple the year-earlier $9.4 million, on sales that rose 31 percent to $363.5 million.....

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