Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national metals
service center, today announced that its Board of Directors has
authorized the repurchase of up to550,000 shares of Olympic
Steel's common stock. Olympic Steel may utilize various methods to
effect the repurchases, which could include open market repurchases,
negotiated block transactions, accelerated stock repurchases or open
market solicitations for shares, all or some of which may be effected
through Rule 10b5-1 plans. The timing of repurchases will depend upon
several factors, including market and business conditions, and
limitations under the Company's credit agreement. Repurchases may be
discontinued at any time.
Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are typically identified by words or
phrases such as "may," "will," "anticipate," "should," "intend,"
"expect," "believe," "estimate," "project," "plan," "potential," or
"continue," as well as the negative of these terms or other similar
expressions. Such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those implied by such statements. Readers are cautioned
not to place undue reliance on these forward-looking statements. Such
risks and uncertainties include, but are not limited to: general and
global business, economic, financial and political conditions, including
the ongoing effects of the global economic recovery; competitive factors
such as the availability, global production levels and pricing of
metals, industry shipping and inventory levels and rapid fluctuations in
customer demand and metals pricing; cyclicality and volatility within
the metals industry; the strengthening of the U.S. dollar and the
related impact on foreign steel pricing, U.S. exports, and foreign
imports to the U.S.; the increased levels of imported steel in the
United States; the availability and costs of transportation and
logistical services; the successes of our strategic efforts and
initiatives to increase sales volumes, maintain or improve working
capital turnover and free cash flows, improve our customer service, and
achieve cost savings, including our recently launched internal program
to improve earnings; our ability to generate free cash flow through
operations and limited future capital expenditures, reduce inventory and
repay debt within anticipated time frames; events or circumstances that
could impair or adversely impact the carrying value of any of our
assets; risks and uncertainties associated with intangible assets,
including additional impairment charges related to indefinite lived
intangible assets; events or circumstances that could adversely impact
the successful operation of our processing equipment and operations; the
amounts, successes and our ability to continue our capital investments
and strategic growth initiatives, including the Winder, Georgia
cut-to-length stretcher leveler project, and our business information
system implementations; the successes of our operational excellence
initiatives to improve our operating, cultural and management systems
and reduce our costs; the ability to comply with the terms of our
asset-based credit facility; the ability of our customers and third
parties to honor their agreements related to derivative instruments;
customer, supplier and competitor consolidation, bankruptcy or
insolvency; reduced production schedules, layoffs or work stoppages by
our own, our suppliers' or customers' personnel; the impacts of union
organizing activities and the success of union contract renewals; the
timing and outcomes of inventory lower of cost or market adjustments,
especially during periods of declining market pricing; the ability of
our customers (especially those that may be highly leveraged, and those
with inadequate liquidity) to maintain their credit availability; the
inflation or deflation existing within the metals industry, as well as
our product mix and inventory levels on hand, which can impact our cost
of materials sold as a result of the fluctuations in the last-in,
first-out, or LIFO, inventory reserve; the adequacy of our existing
information technology and business system software, including
duplication and security processes; the adequacy of our efforts to
mitigate cyber security threats; access to capital and global credit
markets; our ability to pay regular quarterly cash dividends and the
amounts and timing of any future dividends; the enacted federal
healthcare legislation's impact on the healthcare benefits required to
be provided by us and the impact of such legislation on our compensation
and administrative costs; and unanticipated developments that could
occur with respect to contingencies such as litigation and environmental
matters, including any developments that would require any increase in
our costs for such contingencies.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center
focused on the direct sale and distribution of large volumes of
processed carbon, coated and stainless flat-rolled sheet, coil and plate
steel and aluminum products. The Company's CTI subsidiary is a leading
distributor of steel tubing, bar, pipe, valves and fittings, and
fabricates pressure parts for the electric utility industry.
Headquartered in Cleveland, Ohio, Olympic Steel operates from 35
facilities in North America.
For additional information, please visit the Company's website at www.olysteel.com
or www.b2i.us/profiles/investor/ContactUs.asp?BzID=2195
View source version on businesswire.com: http://www.businesswire.com/news/home/20151002005708/en/
IR Contact:
Olympic Steel Investor Relations
Matthew J.
Dennis, CFA
216-672-0522