Olympic Steel reported record sales for the first quarter of 2021, totaling $463 million, and net income totaled $22.0 million, or $1.91 per diluted share.
The company reported record sales for the first quarter of 2021, totaling $463 million, compared with $354 million in the first quarter of 2020.
Net income for the first quarter totaled $22.0 million, or $1.91 per diluted share, compared with net income of $0.6 million, or $0.05 per diluted share, in the first quarter of 2020.
Adjusted EBITDA for the first quarter of 2021 was $37.8 million, compared with $7.5 million in the first quarter of 2020.
The Board of Directors also approved a regular quarterly cash dividend of $0.02 per share, which is payable on June 15, 2021, to shareholders of record on June 1, 2021.
Olympic Steel is optimistic about a positive demand cycle and is in an excellent position to benefit from a strengthening economy and the anticipated U.S. infrastructure build.
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