Olympic earnings squeezed despite record 1st-qtr. sales

May 03, 2012 | 01:29 PM | Michael Cowden

Tags  Olympic Steel, earnings, Michael Siegal, temper mill, Chicago Tube & Iron, distribution, processing, service center Michael Cowden

TORONTO — Olympic Steel Inc. saw its earnings narrow sharply in the first quarter despite posting record quarterly revenue and strong results from its pipe and tube business.

The Bedford Heights, Ohio-based service center reported net income of $6.2 million for the three months ended March 31, down 39.6 percent from the same period last year, on sales that climbed 29.8 percent to nearly $382.1 million.....

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