How do we maintain our position in the marketplace with so much change in the industry?

Rick Marabito, Olympic Steel’s Chief Executive Officer

Spending strategically today means a better future tomorrow.

In short, by being proactive and smart. We plan today to ensure we strategically focus our spending, efforts and resources in the right areas to strengthen our company; the areas that lead to enhanced safety, exceptional communication and profitable growth.

Recently, we’ve focused our efforts on:

  • Managing Inventory – We’re proactively managing our inventory position to match current market conditions, near-term shipping expectations and longer-term domestic supply additions. This means our focus today is on moving inventory through our facilities faster. Our divisions have worked hard to strategically and selectively reduce arriving inventory volumes to correctly position ourselves for near-term economic conditions and customer shipping forecasts.
  • Managing Spending – Growth, while still positive for many of our customers, has slowed in several metals end markets from last year. Our divisions continuously manage their spending plans to align expenses with current and near-term shipment volumes. In other words, we aim to match our expenses with shipment levels.
  • Increasing Profitability – We are adding new revenue streams to our organization and leveraging our existing resources (facilities, equipment and people) to profitably grow our business. McCullough Industries is one great example of this: our Cleveland teams, equipment and inventory support McCullough for improved profitability.

Our business results are achieved through the efforts of our local teams. While we share a common focus and objective, specific plans and actions are unique to each division and its business. Rest assured, these actions collectively move our organization in the right direction for the future. And that, in turn, will mean more jobs, more career opportunities and more stability for all our employees.

Do you have a question for Rick? Email it to CompanyCommunications@olysteel.com with the subject line “Ask Rick,” and you may see the answer in an upcoming issue of the Odyssey.

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