The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Hey, good morning guys.
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Hey, starting in carbon flat, volumes were up about 25% versus the fourth quarter's well ahead of your normal seasonality and the MSCI figures.
We've been hearing a lot about pull forward demand during this earning cycle, and I was curious if you could frame up how much of that first
quarter volume boost has to do with that?
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Understood. And then I know first quarter tends to be the strongest revenue quarter for pipe and tube, given the rebates. Are you expecting that
to hold true this year off the $77 million baseline you set in the first quarter, or could we see some improvement as the year progresses?
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Okay. And then last one for me, given your five-year extension on that ABL, talk us through your current appetite for M&A and potential areas
you're looking to bolster and how does the marketplace look now compared to prior recent periods?
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Okay, would you be disappointed if you didn't get a deal done this year?
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Yes.
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Okay, thanks guys good luck.
Question: Dave Storms - Stonegate Capital Markets - Analyst
: Hey good morning everyone, thanks for taking the questions.
Want to circle back to pipe and tube and maybe a sense of what the outlook might be beyond Q2, you mentioned obviously that it lags, but are
you seeing buying patterns that might indicate more of a muted response relative to carbon flats, or do you think it'll be more of a draft and
slingshot situation where the market realizes that they need to kind of get ahead of some of those?
Question: Dave Storms - Stonegate Capital Markets - Analyst
: That's fantastic call.
Thank you. And then just one more for me, just would love to get your thoughts on, your working capital, and maybe inventory management to
try to cover for the 10% and that'll supply that that's not domestic. Any thoughts there would be great.
Question: Dave Storms - Stonegate Capital Markets - Analyst
: That's fantastic thank you very much and good luck in to you.
Question: Christopher Sakai - Singular Research - Analyst
: Yes, hi, Good Morning. Just had a question on carbon flat looks like op operating expenses took a jump up from last year. Was that from acquisitions
and how are you managing that going forward?
Question: Christopher Sakai - Singular Research - Analyst
: Okay, thanks for that. And then, with all the tariff talk, how is that affecting your M&A strategy? Is it hurting it or helping you?
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MAY 02, 2025 / 2:00PM, ZEUS.OQ - Q1 2025 Olympic Steel Inc Earnings Call
Question: Christopher Sakai - Singular Research - Analyst
: Do you think that the tariffs will increase competition for acquisitions?
Question: Samuel McKinney - KeyBanc Capital Markets - Analyst
: Okay, great, thanks.
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