| 2005 |
2005 was the second most profitable year in our history. Annual Sales for the year reached $939 million. The company continued its strict disciplines in cash management and inventory turnover. This allowed the company to pay off all of its debt and exceed industry standards in inventory turnover. The Company continued to add more laser processing equipment, further expanding our capabilities.
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| 2004 |
In 2004, Olympic Steel celebrated its historic 50th year of its founding. 2004 was a record financial year for Olympic Steel, Inc., with record results in sales, profits, return on invested capital and tonnage growth. A strong global steel environment, along with increasing domestic industrial economy, allowed the company to meet customers' significantly increasing demand for steel. The company focused on balance sheet management and asset turnover. Annual sales for the year reached $894 million and the Company added several new pieces of laser processing equipment.
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| 2003 |
The year began in a continued recessionary environment with weak overall customer demand. The company continued to reduce costs, run lean and pay bills in an expedited discount pay basis. A new management team was brought in to lead the Detroit operations. In the second quarter, the US Government lifted steel tariffs. Beginning in the third quarter, sales tonnage and dollars began to rise. Industry sectors that were previously slow began to show signs of improvement. The company changed strategies from a cash preservation posture to one of planning for anticipated growing demand for steel. The fourth quarter resulted in increased tonnage and sales. The Cleveland Division received its ISO9000-2000 registration at the end of 2003.
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| 2002 | Industry conditions continued to be competitive and the consolidation of steel producers combined with President Bush’s Section 201 order limited the supply of steel, resulting in the highest steel prices in years. The Minneapolis Plate facility purchases a new beveler and shot blaster. A new slitter is installed at the Minnesota Coil facility. In April 2002, Thomas A. Goss and Gregory Goss, executive officers of Goss Group, an insurance enterprise, assume majority control of G.S.P, LLC, the Company’s
Certified Minority Business Enterprise joint venture that serves the flat-rolled steel requirements of the automotive industry. The Tube
Division, in Cleveland, Ohio is closed in July. The company consolidated its operations from 4 to 3 regions, and continues to reduce operating
expenses, while growing its sales volume. At the end of 2002, the Company refinanced its bank agreement to a more attractive credit facility.
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| 2001 | David Wolfort is elected President and continues to serve as a Director and COO. The Chicago facilities were consolidated to one in Schaumburg, IL. The international trading company in Pittsburgh was moved to Miami, Florida. Production commenced in Detroit on a new slitter. Industry market conditions were highly competitive throughout the year. The Company continues its diligent focus on reducing operating expenses and asset management.
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| 2000 | In February, the Company adopted the share purchase rights plan. Rick Marabito is promoted to CFO.
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| 1999 |
The Greenville, South Carolina sales office is closed in March and its operations are consolidated with the Southern Division in Winder, Georgia. In April, the Company announced plans for a one-year program to purchase up to 1,000,000 shares of common stock, or approximately 10% of its outstanding shares. In September, the Company celebrates the opening of its new Chambersburg, Pennsylvania facility and also announces the dissolution of its scrap trading joint venture, Olympic Continental Resources L.L.C. The Minneapolis plate facility achieved ISO-9002 certification.
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| 1998 | The Company purchases the assets of JNT Precision Machining, a machine shop operation, located in McConnellsburg, Pennsylvania. In September, the Company broke ground in Chambersburg, Pennsylvania for a new facility to house its plate burning and machining operation. In October, the Company celebrates the opening of its new Bettendorf, Iowa sheet processing and plate burning facility
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| 1997 | A scrap trading joint venture is formed to conduct business as Olympic Continental Resources. Another joint venture is formed with U.S. Steel, Olympic Laser Processing, that will process laser welded sheet steel blanks in the Detroit area. The Minneapolis Coil facility was awarded ISO-9002 certification.
In June, the Company expands its presence and growth opportunities in the southeast with the acquisition of Southeastern Metal Processing, Inc., located near Atlanta. The Detroit operation receives QS-9000 certification. In August, the Company broke ground for a new $22 million temper mill, sheet processing and plate burning facility in Bettendorf, Iowa.
A Red Bud multi-cut blanking line is purchased for the Detroit operation. In December, the Company announced the formation of Trumark Steel and Proessing, LLC a joint venture, to support the flat-rolled requirements of the automotive industry.
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| 1996 | The Company completes a secondary stock offering of 2,500,000 shares. Additional laser and plasma plate burning tables are installed in the Philadelphia, Chicago, and Minneapolis operations. The Company installs new wide- and local-area networks for enhanced data communications between locations, anchored by a new, more powerful computer system. Office space was added to the new Cleveland temper mill facility to house the corporate personnel.
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| 1995 | The Company becomes a major supplier to the automotive industry with the acquisition of Lafayette Steel & Processing, based in Detroit, Michigan. The Minneapolis location opens its second facility, a plate processing center featuring plasma and laser burning tables. David Wolfort is named Chief Operating Officer. The Cleveland Division celebrates the opening of its new facility housing a temper mill and cut-to-length line in the third quarter.
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| 1994 | The Company completes an initial public offering of 4,000,000 shares and the stock is listed as ZEUS on the Nasdaq Stock Market. Michael Siegal is elected Chairman of the Board. The Company enters the steel tubing business by purchasing certain assets of Berger Industries Midwest Division in Cleveland. Construction began on a new facility in Cleveland to house a temper mill with an in-line cut-to-length line.
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| 1993 | The Minneapolis location begins selling stainless steel in its market area. The Schaumburg facility began operating as the Chicago division's headquarters and distribution center for its carbon hot rolled coil and sheet, and carbon and alloy plate products.
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| 1992 | A second facility is purchased in Schaumburg, Illinois to support the current Elk Grove Village, Illinois operations.
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| 1991 | The Cleveland facility is expanded by 40,000 square feet and a light gauge cut-to-length line is installed.
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| 1990 | In January, the Company purchases Juster Steel, Inc., a Minneapolis-based hot and cold rolled carbon coil, sheet and plate processor and distributor, that becomes the Minneapolis Division. In June, the Company acquires Eastern Steel and Metal, a hot and cold rolled carbon and sheet processor and distributor based in Milford, Connecticut that becomes the Connecticut Division.
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| 1989 | The Southern Division moves its offices to Greenville, South Carolina and consolidates with the Birmingham, Alabama office. An international trading company, Olympic Steel Trading (initially Olympia International), was formed in Pittsburgh to market steel in Puerto Rico and Mexico.
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| 1988 | A sales office is opened in Birmingham, Alabama. The Philadelphia Division is formed as the sales office is moved to warehouse facilities in Lester, Pennsylvania. The Chicago facility adds a light gauge cut-to-length line for processing stainless steel and aluminum coil into sheet.
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| 1987 | The Company makes its first major acquisition, Viking Steel Company, a stainless steel, aluminum and specialty steel distributor in Elk Grove Village, Illinois. David Wolfort is promoted to Vice President - General Manager and purchases a stock interest in the Company. The Company builds a new facility in Cleveland, Ohio to house a heavy gauge cut-to-length line, its first significant piece of processing equipment.
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| 1986 | The Company begins marketing alloy plate and purchases plate burning equipment to process plate.
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1985 | The Company establishes a sales office, Olympic Steel East, in Pennsylvania. Its first major computer system is purchased to support the growing business.
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| 1984 | Sol Siegal's remaining stock interest is sold to his son. Michael is elected President. Sol is promoted to Chairman of the Board of Directors. David Wolfort joins the Company as General Manager.
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| 1983 | The Company's first geographic expansion occurs with the formation of Olympic Steel Southern, a sales office in Georgia.
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| 1980 | Business focus changes to stress both hot rolled plate and sheet.
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| 1975 | The original Bedford Heights facility is expanded again to a total of 56,000 square feet.
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| 1974 | Michael Siegal joins the Company, following in his father's footsteps by handling the financial and administrative end of the business.
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| 1966 | Original Bedford Heights facility is expanded to 35,000 square feet.
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| 1964 | Business focus shifts to hot rolled plate.
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| 1960 | Original Bedford Heights facility is expanded to 22,000 square feet.
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| 1956
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The Company builds its first facility, an 11,000 square foot single-bay warehouse with a 400 square foot office, in Bedford Heights, Ohio.
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| 1954 | Olympic Steel is incorporated by brothers Sol Siegal and Sam Sigel. The first location is a rented building in Cleveland, Ohio. Business focus is primarily hot and cold rolled sheet.
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