Olympic Steel reported a net income of $15.0 million, or $1.30 per diluted share, for Q2 2023, compared to $37.6 million, or $3.26 per diluted share, in Q2 2022. Sales were $569 million, down from $709 million in the same quarter last year. Distribution shipping volumes increased 2.4% year-over-year, while average selling prices decreased.
Net income for the second quarter totaled $15.0 million, or $1.30 per diluted share.
Sales reached $569 million in the second quarter of 2023.
Distribution shipping volumes increased 2.4% year-over-year.
The Carbon segment earned $18.4 million of Adjusted EBITDA, while the Tubular and Pipe Products segment posted $10.1 million of Adjusted EBITDA.
As we move into the third quarter, we expect overall demand to remain steady while reflecting normal seasonal trends. While the near-term economic outlook is somewhat unsettled, we remain optimistic about the long-term outlook for the steel market and we are confident that the steps we have taken position Olympic Steel to deliver more consistent results in all environments.
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