Cleveland based Olympic Steel Inc has recently made an announcement about the first quarter earnings in the year 2012. The company said that they are really very happy with the performance that they have provided in the first quarter itself. Olympic Steel Inc announced that they have earned $382.1 million which is record quarterly revenue that they have earned so far. The company said that they have improved their performance by 29.8% compared to the performance that they have provided last year in the same quarter. The company said that in the year 2011 they were only able to earn $294.4 million.

The company also revealed that the total net income for the first quarter is $6.2 million or $0.57 per diluted share which is definitely lower than what the company had earned last year. In the year 2011, Olympic Steel Inc managed to earn net income of $10.3 million or $0.94 per diluted share. The company said that although they have provided outstanding performance in the pipe and tube segment but it was the credit agreement that did not worked out and that has affected the net income for the first quarter results. However, the company is optimistic about the future performances in the next quarter.