Falling prices depress Olympic Steel profits

Aug 09, 2012 | 03:40 PM | Corinna Petry

Tags  Olympic Steel, earnings, Michael Siegal, Chicago Tube & Iron, Corinna Petry

CHICAGO — Processor and distributor Olympic Steel Inc. cited falling prices as a drag on second-quarter net income, which fell 43 percent to $4.53 million despite sales jumping 22.9 percent from a year earlier to $367.37 million.

"We are pleased with our sales and market share growth in the second quarter," chairman and chief executive officer Michael D. Siegal said Thursday. ....

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