Olympic Steel Inc
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Materials : Metals & Mining | Small Cap Growth
Company profile

Olympic Steel, Inc. is a metals service center company. The Company provides metals processing and distribution services to a range of customers. It operates through three segments: specialty metals flat products, carbon flat products, and tubular and pipe products. Specialty metals flat products segment is engaged in the direct sale and distribution of processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Carbon flat products segment is engaged in the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts. Tubular and pipe products segment distribute metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets. The tubular and pipe products segment consist of the Chicago Tube and Iron, or CTI, business. CTI operates in the Midwestern and south-eastern United States.

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3M stock dips after earnings miss, company plans to cut 2,500 jobs

6:48 am ET January 24, 2023 (MarketWatch)

Shares of 3M Co. (MMM) were down nearly 4% in premarket action Tuesday after the manufacturing giant missed profit expectations for the latest quarter and delivered a downbeat earnings outlook for the full year ahead. The company logged net income of $541 million, or 98 cents a share, compared with $1.34 billion, or $2.31 a share, in the year-earlier period. On an adjusted basis, 3M earned $2.28 a share, down from $2.45 a share a year before, while the FactSet consensus was for $2.36 a share. Sales fell to $8.08 billion from $8.61 billion, while analysts were modeling $8.05 billion. The company plans to cut 2,500 global manufacturing roles, which Chief Executive Mike Roman called "a necessary decision to align with adjusted production volumes" in 3M's earnings release. For 2023, the company expects to see sales decline 2% to 6%. It also anticipates adjusted earnings per share of $8.50 to $9.00, down from $9.88 in 2022. The FactSet consensus was for $10.22.

-Emily Bary


(END) Dow Jones Newswires

January 24, 2023 06:48 ET (11:48 GMT)

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