NEW YORK Olympic Steel Inc. narrowed its net loss in the fourth-quarter compared with the same period a year earlier, and saw its full-year net income more than triple thanks in part to $3.6 million in last-in first-out (Lifo) income associated with the tubular and pipe products segment.
"As expected, cash flow from operating activities rose sharplynearly doubling to $55 million in 2013," chairman and chief executive officer Michael D. Siegal said in a Feb. 27 statement accompanying the Bedford Heights, Ohio-based companys earnings report. "This reflects inventory and other working capital improvements and allowed us to strengthen our balance sheet by further reducing debt."
Olympic Steel president and chief operating officer David A. Wolfort told analysts during the companys earnings conference call that the future looks bright.
"Our outlook for the next couple of quarters is perhaps better than it had been in the beginning of 2013. The momentum (from 2013) has carried into 2014 with improved order activity, and we are entering the new year better positioned to execute our strategy," Wolfort said.