On this page of StockholderLetter.com we present the latest annual shareholder letter from OLYMPIC STEEL INC — ticker symbol ZEUS. Reading current and past ZEUS letters to shareholders can bring important insights into the investment thesis.

 •  3/28/2025 Letter Continued (Full PDF)
 •  3/31/2023 ZEUS Stockholder Letter
 •  3/29/2024 ZEUS Stockholder Letter
 •  More "Non-Precious Metals & Non-Metallic Mining" Category Stockholder Letters
 •  ZEUS Benford's Law Stock Score = 96

ZEUS Shareholder/Stockholder Letter Transcript:

2024 Annual Report

About the Company
We are a leading metals service center focused on the direct sale and value-added processing of carbon and coated sheet,
plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and
  ttings, tin plate and metal-intensive end-use products. We provide metals processing and distribution services for a Zide
range of customers. We operate in three reportable segments  specialty metals   at products, carbon   at products, and tubular
and pipe products. Our specialty metals   at products segment   s focus is on the direct sale and distribution of processed
aluminum and stainless   at-rolled sheet and coil products,   at bar products, prime tin mill products and fabricated parts.
Through acquisitions, our specialty metals   at products segment has expanded its geographical footprint and enhanced its
product offerings in stainless steel and aluminum plate, sheet, angles, rounds,   at bar, tube and pipe and the manufacturing
and distribution of stainless steel bollards and Zater treatment systems. Our carbon   at products segment   s focus is on
the direct sale and distribution of large volumes of processed carbon and coated   at-rolled sheet, coil and plate products
and fabricated parts. Through acquisitions, our carbon   at products segment has expanded its product offerings to include
self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. Through
the acquisition of 0etal-)ab on -anuary 3, 2023, the carbon   at products segment further expanded its product offerings to
include venting, micro air and clean air products for residential, commercial and industrial applications. Through the recent
acquisition of 0etal Works on November 11, 2024, the carbon   at products segment further expanded its product offerings to
include the manufacturing of service station canopies, deck clips, long gutters, trim, boat docks and solar canopy and ground
racking components. Our tubular and pipe products segment   s focus is on the distribution of metal tubing, pipe, bar, valves
and   ttings and the fabrication of parts supplied to various industrial markets. Through the acquisition of Central Tube and %ar
on October 2, 2023, the tubular and pipe products segment further expanded its geographic footprint and extended its valueadded contract manufacturing capabilities. We also perform toll processing of customer-oZned metals.
Financial Information
In thousands, except per-share and ratio data
2024
2023
2022
For the Year
Net sales
$ 1,941,672 ) $ 2,158,163 ) $ 2,559,990 )
Operating income
47,859 )
77,671 )
133,747 )
Net income
22,980 )
44,529 )
90,931 )
1.97 )
3.85 )
7.87 )
Weighted average diluted shares outstanding
11,677 )
11,578 )
11,559 )
Capital expenditures
29,487 )
21,326 )
19,854 )
Accounts receivable, net
166,149 )
191,149 )
219,789 )
Inventories
390,626 )
386,535 )
416,931 )
1,044,496 )
984,835 )
891,627 )
Total debt
272,456 )
190,198 )
165,658 )
Shareholders    equity
573,924 )
555,478 )
515,968 )
Net income per diluted share
At Year End
Total assets
Shareholders    equity per share
Debt-to-equity ratio
51.54 )
49.90 )
46.36 )
0.47 to 1 )
0.34 to 1 )
0.32 to 1 )

2024 Letter to Shareholders
DEAR SHAREHOLDERS,
yields higher margins compared Zith our standard products
2024 Zas an important year for Olympic Steel, as Ze
and further entrenches our offering of ready-for-assembly
celebrated our 70th anniversary and our 30th year as a
products for OEM accounts. In addition, our acquisition
publicly traded company. These milestones provide us Zith
of Central Tube and %ar, a producer of fabricated tube and
a Zonderful opportunity to re  ect on and celebrate our proud
bar products, in late 2023 further supported these gains.
history and journey to become a leading national metals
Our continued drive for improved pro  tability revolves
service center.
around a combination of sales groZth, more fabrication and
cost containment.
We have evolved into a stronger, more resilient company,
Zhich helped us successfully navigate a dif  cult year for
The Specialty Metals segment remained resilient and
the metals industry that included loZer industry shipments
pro  table in 2024, continuing to outpace market shipments
and pricing, higher interest rates and uncertainty around the
in both the stainless and aluminum markets, Zhich helped
2024 elections.
overcome soft end-user demand and compressed commodity
prices. The segment greZ its market share and made a
Despite these headZinds, all three of our segments
meaningful contribution to pro  tability despite lackluster
achieved positive (%ITDA in every quarter of 2024, Zhich
market conditions under Zhich nickel prices hit a four-year
is a testament to the success of our diversi  cation strategy
loZ, negatively impacting stainless steel surcharges.
and our team   s commitment to operational discipline. It also
We have continued to make investments in higher-margin
re  ects our dedication to make the right investments in our
business, including both organic groZth and acquisitions that
opportunities to accelerate groZth. During 2024, many of
further our strategy to drive pro  table, sustainable groZth in
these investments Zere related to automation and capacity
all market conditions.
expansion, Zhich enable us to enhance throughput, safety
and productivity. 
 3/28/2025 Letter Continued (Full PDF)