Olympic Steel Comments on Second Quarter Outlook
Cleveland, Ohio (June 2, 2000) – Olympic Steel, Inc. (Nasdaq: ZEUS) today announced the Company expects its results for the second quarter ending June 30, 2000 to be slightly profitable but below analysts’ estimates. Gross margin dollars have been adversely affected by the pricing pressures in the marketplace this quarter. Shipments to customers in April and May have diminished from the levels reported during the first quarter of this year. The company attributes the sales volume decline in the quarter to slower automotive and transportation sector sales and softening demand from other service centers.
The overall financial condition of the company remains very strong.
Final results for the second quarter ending June 30, 2000 are expected to be released on or about Thursday, July 27, 2000.
Olympic Steel is a leading North American steel service center that has positioned itself for growth in a consolidating steel industry. It is experienced in the specialized processing and distribution of flat-rolled carbon and stainless steel products, as well as tubular steel products. Headquartered in Cleveland, Ohio, the company has over 1,000 employees in 15 locations serving nine geographic markets. For further information on Olympic Steel, Inc., visit the Company’s web site at http://www.olysteel.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive factors such as the availability and pricing of steel and fluctuations in demand, specifically in the automotive and agriculture markets; work stoppages by automotive or steel manufacturers; potential equipment installation delays and malfunctions; the successes of the Company’s strategic initiatives; and expectations and beliefs regarding its earnings for the quarter ending June 30, 2000. Please refer to the Company’s Securities and Exchange Commission filings for further information.
Contact: Cathy S. Kish
Director-Investor Relations
ckish@olysteel.com
Telephone (216) 292-3800
Fax: (216) 682-4065
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