ZEUS - Earnings call transcript Q3 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to Olympic Steel 2021 Third Quarter Financial Results Conference Call. [Operator Instructions]. At this time, I'd like to turn the conference over to Rich Manson, Chief Financial Officer at Olympic Steel. Please go ahead, sir.

Richard Manson

Thank you, Operator. earnings the Steel's XXXX. quarter Olympic to call third for of Welcome

our Operating call hosted and Rick have be morning we and our also Our will Officer, by this Andrew Officer, Greiff. Chief Executive will President Chief Marabito;

reminders. I few Before we a begin, have

Some assumptions of will XX-Q predictive company statements. the in to XXXX Litigation Act forth or factors the intended with filed and today's differ Private and within uncertainties and changes the and call as that to update in in undertake changes assumptions, of other reflect not and set The are the be other Securities does press Commission. factors releases made forward-looking company's on affecting such and Securities actual results may Safe statements materially are made the Important statements, reports forward-looking could be to Harbor results. not provisions on Reform Exchange actual cause XX-K risks, such Forms

to that adjusted Today's available diluted Olympic be non-GAAP and is measures we most all A last in issued on these may of During our EBITDA, Rick. and comparable At this GAAP archived found website. Steel's the website. release reconciliation directly night over for turn non-GAAP press live the call financial income are share, be net was refer to today's which will on adjusted provided EBITDA measures. broadcast discussion, can to measure per and replay I'll time, the

Richard Marabito

And will and our we'll some XXXX. including on everyone, results business with results. a comments about together the third provide course, after your Then, more busy long-term us Rich exciting that, our questions. discuss as record to end take Andrew And begin for quarter wrap our commentary quarter, look Thank financial strategy. joining detailed our up successful very markets. morning, of of our always, And then, Olympic at will quarter with good and progress thank about you, for you and Rich. review segments third Steel's I'll

acquisition earnings to transaction fraction on strategic automakers. while our higher stainless sale of to flat-rolled allowing investment. a shareholders. We and meaningful The acquisition of in proud execute our back-to-back shareholder strategy this their was and primarily value. enhance and business execution. at of further returns successfully Shaw profitability we proceeds and entire record-setting continue weeks further Shaw products third expands the to processing our believe the mid-September replace a also are to distributor, X distributing the stream steel to long-term ways, team diversify for our we success for Then execution our Detroit all acquire October Detroit is Detroit segments, capabilities, did Not Olympic achieve the of only profitable but after domestic processing former many of carbon Alloy, product our and the The sale and financial we included our outstanding specialty business, a Highlights deliver Detroit quarter our our footprint Xst, we the sale focused and results, portion the the continued metals, of which to on acquisitions, phenomenal of Steel sustainable and geographic immediately a demonstration and performance exceptional Stainless sale fabricator us used quarter, the recent contributed of manufacturer. which was X to growth operation, build have of our consistent end-product

our including Fabricators Awards Award received Manufacturers of want performance. reflect in do and other illnesses record a our keeping and I perfect we These having a and to employees' healthy safety commitment Safety proud strong and the each this to no Association, XX of recordable that are or for injuries to prior safe. Safety from locations on our safety their awards Next, And XX the honor comment year, that culture safety year. the highest dedication received

the to results. now Turning financial

third previous and company was our better the our history. and of Olympic which As second strong million. this was robust strongest performance our release, fact, inventory quarter $XX.X which significantly exceeded best and the years by but around quarter was it metals in results million, expenses Steel's working Net and in demand quarter were capital sales our And and was than full EBITDA controlling income market levels, year. pricing. with accretive tightly continued X $XX.X history. quarter, Net of acquisitions adjusted totaled These noted was discipline all all-time managing $XXX in in all driven million combined

It's previously dedicated to As with are transaction well-run higher immediately values and acquisition really further years, acquisition for exceptional expand return of the businesses the This fit Olympic. to in we Metals and Specialty in opportunities. it's is a diversify Stainless. and I marks perfect core Shaw fifth X customer accretive, strong growth excellent mentioned, with recent excited service our and Shaw

to initiatives, growth, safety labor In such build efficiency additional and addition automation to internal improve to continue invest challenges, our into we in solve as acquisition operations. help

laser-focused also remain costs We levels. and our managing inventory on

higher of business X continued of in All segments. support each returns actions of these our pursuit our

market fourth XXXX. demand that quarter anticipate steady will the we remain and heading in into forward, Looking

and to finish strong a remain positioned we our XXXX. record well note, XXXX about on optimistic are We

the comments. I'll So with additional that, call now to some for over Andrew, turn

Andrew Greiff

safety, and Rick. expense capital in quarter morning, was disciplines. effort everybody. our what the working Steel This Thank focus Olympic collective record-breaking relationships everyone at of result customers operating can controlling vendor our by good a on to and you, And we control:

results our and look owner. successful the are We team systems. to will to end-use long-term forward our Specialty to water together exceptional than existing report focus including to customers labor our metals for continuing as This this will and included delivered difficulties skilled advance company enhance manufactures be and but our of highlighted, welcome disruptions. record inflationary truck pressure, And and and under while attracting higher stainless pretax that X our on I'd results. great It retaining continue Vice returns The perform bollards achievement. a performance is in building challenging metal other all to and Rick chain congratulate business positive teams by supply The have Bryan our segment We Siegal, self-dumping we growth will and the and traditional integration like historically Shaw returns, our to conditions, with as we strategy. Dumper segment. located of X% EBITDA Metals much a inserts. just into reported as experienced treatment like business which our full specialty continue division, sale distribution acquisition Shaw previous carbon Bryan volume, steel approximately distributor Atlanta, of both sales Stainless. addition angles. Development, quantity by Shaw our strategic Shaw intensive flat in the last also EZ our success Strategic be of counted steel we a work valves, concentrated on focuses and fittings, Detroit of and of outside Stainless reflected mainly year. at hoppers of Shaw, products, led action line products Zach of our and Shaw flat-rolled tube, Stainless bar pipe Georgia is The President sheet, distributes Wright to including continues small management, stainless the the acquisition for our in as profitability the

strong its of another realize acquisitions, Specialty that to Markowitz, quarter all consistently our with shareholder Under market quarter synergies continued, Andy strong record and commercial straight we will segment at third of As million. of previous efforts reported had Metals and $XX.X EBITDA favorable conditions our expect leadership returns. produce the advance earnings to the as

industry compared whole XX.X% recent Metals XX.X% the and stainless significant up from great compared aluminum shipments as XX.X% the complement included a Stainless. Specialty The shipments, will industry We over record segment. continue to last and outpace the Action acquisitions contributions be to Berlin of the year Metals the Shaw with for for a with quarter industry. with XX.X% up

million tube with Zielinski, adjusted led Will EBITDA. pipe a also by division, record set Our and $XX.X of

that fabrication, both on continued lead a and in we quarter. distribution believe will this Our strong, inventory segment to backlog fourth strong focus is and our in turning

segment XXXX, with the of to the third expected in to facility. significant as from we be XXXX. adding Overall, along and transplant As holidays. In year Winder, Southeast. EBITDA fully saw in welding successes, fabricating had demand stamping expected line contributions particular, enhanced very We trends an each to quarter, second automated with extraordinary adjusted busy during $XX.X to our capabilities in throughout shipments operational automakers in continue the our Buford, grow typical We in adding will end-user is has position second Based remain of experienced well, I on the in our of turnover. line divisions. are quarter profitably these our inventory our quarter, backlogs be reporting automotive South. was expenses the million quarter of on stamping to to the be great facility carbon all investments operating steady with our we Buford focus while subject the our Overall, our in OEMs steady, helped cells Georgia, want contributing highlight us new in majority with the success our which automotive Georgia, to well Winder, our seasonal fourth a into

as continued mill in strength segment, in to of supply stainless headwinds the remains pricing forward We and As pricing the ahead. specialty we metals constrained. we look quarters do by and carbon in fourth see aluminum volume expected quarter

exposure remained levels our high to have reduce our risk. devaluation We historically at turning in inventory diligent in order to

optimistic to strong, tube to environment the Pipe by to to XXXX. soften, X X While a chain pricing carbon quarters. in favorable demand we current supply that we are serve remains may constraints carbon tends do pricing end-user lag expect and demand pricing prolong flat and

the pricing well we into to to carbon-based segment and strong the their pipe face products. actions segment The out taken and have We for on us some the positioned but beyond. expect XXXX finish have XXXX expect quarter tube fourth headwinds

acquisitions the right we drive staff to to on will all have proud forward. will inventory, We control. vigilant and continue support team growth, of continued our I our leadership, we us can when am way safety, mix they remain what organic it expenses to and for and and of the focusing pursue members comes Olympic

to the I'll turn Now, Rich. call over

Richard Manson

Thank you, everyone. good Andrew. And morning,

financial record that Andrew completed from $XX.X of transactions sale. had We exceptional. capital results September Detroit XXth, sale discussed, third proceeds our initially of while was As Rick received division. and We growth aligned multiple million On our allocation the strategies. completing and successfully quarter we the the

height expected we cash to company the finalizing capital over over are bring $XX the of to a which selling $XX market us return our total is X return while the the receivable risk approximately months, $X.X next pricing the inventory pricing, We the the to allowing sale, capital Additionally, the carbon expected bringing adjustment on future million million. capital off working recorded million of at take accounts and to table. gain --

proceeds noted, the reinvested Shaw Alloy Xst. Andrew portion and on in a we Rick As of Stainless quickly acquisition and those October of

With the our the of addition Shaw, fraction a EBITDA at stream of the Detroit immediately from replaced we've operation investment.

synergies additional EBITDA improve realize we we expect our further of and consistency earnings. to integration As returns of through our the the Shaw,

initial reduce proceeds capital to used of the pursue additional anticipate proceeds remaining the from While sale our Shaw, working debt, opportunities. growth was operations high-return and using we the purchase fund to Detroit

with was versus on a million EBITDA quarter $XXX,XXX in ago. Flat-rolled totaled of pre-tax LIFO XXXX results income Sales a of in million Now loss $X million up $XX.X slightly the net were quarter of million of third million outstanding the include pre-tax LIFO of despite income compared $X.X with the XXXX, quarter XXth. of Net million in the year the These third same $XX.X quarter second detail in a of with year quarter more Detroit XXXX results. third with September ago. expense third $XXX year. totaled last the I'll XXXX. period compared of $XXX for the for offer the on a compared sale quarter million little volumes compared the Adjusted $X.X of financial

with levels, year-to-date. Xx year-to-date, inventory and We turns continued at turns and at high X.Xx tube inventory flat-rolled turn inventories to at historically pipe

line of funding debt credit at million by end the an approximately initial the metal of of $XXX $XXX million. levels total offset working provides size loanable Our result from the prices, $XXX proceeds increased of $XXX source Currently, since year-end capital credit the the associated approximately line exceeds our by At million, third end, collateral sale quarter operations. availability our our with to additional untapped partially quarter million was Detroit a higher capital as of which availability. by higher

generate of with inflationary in depreciation compared associated $XX.X the to $XX.X operating in distribution are quarter expect quarter expenditures processing of with expenses or pressures We were associated the million, expenses and XXXX operating $XX.X increased cash associated requirements capital XX% a decreases, plateaus $X.X ago. for with increase compared an on outlined million most XXXX. pricing cash expense of million As Consolidated that million. capital expense. We expenditures significant capital decrease. for Action into quarters flow that earlier we million $XX.X in acquisition, the in million the of as anticipate Stainless third Included year expenses a working and flow $X.X and with X Southeast performance-based totaling metal operating with labor shipping will the the third incentive more the had fall Andrew of increase our expenses increase first

tax XX% the income for third effective last to of and we quarter rate quarter quarter of XX% the for the XX%. compared the was rate XXXX for to XX% approximate to anticipate effective year, fourth Our

strong Steel. of to delivered on We and strength positioned and we Olympic X, We had strong our Directors payable to of Rick final XX, as strategy. of advance the a are to continue for and make on advantage a the demand quarterly XXXX, December forward to phenomenal regular to our Andrew, of look which that months financial company. taking record the XXXX. shareholders operational continue December XXXX, in quarter that share, well dividend conclusion, $X.XX In performance In markets, also announced a is and per approved echo we Board another of we cash quarter moves

Now for questions. call operator, let's open the

Operator

Instructions]. [Operator

question Rodriguez first Our with comes Markets. Stonegate from Marco Capital

Marco Rodriguez

I are maybe and lead far you if you're I'm as bit wondering not but call, a on sure I mills talk if little about as missed could was this seeing the concerned? what times

Andrew Greiff

by is just carbon, a on it, Andrew, this we've side hot the way. of the little carbon seen Well, seen On we've -- bit. in come roll

X X.X, of for would are couple lead times a least centers you in more mills were today. to today, back on those stainless are go and are And the galvanized bit allocation I stretched. at cold-rolled aluminum, X-week tell than to And they're in you The If to X months little longer X.X products, And really of ago, range. a weeks that. are is and they both service X what like out.

Marco Rodriguez

know remarks. in those you're expansion some into issues pricing And prepared can, the on in or suppliers can some of with in conditions And the their through months expectations chain Got expectations you XX in key chain from about And supply your and maybe over I way how just comments? you so? work what what But it. for your are these of comments next on Very supply terms lead talk hearing sort their and next of of helpful. maybe the if times industry made of what some expand the expectations year. issues the do you of some terms

Andrew Greiff

they've is think deliveries. they'll Well, we're through they to come fourth of think what later quarter, seeing as mills where previously. And carbon on catch I started the up been I catch some had we -- up the from to Sure. the

'XX think the what are half supply and challenged going beginning quarter of really year. of out going think I is of And labor next What as including I going is areas going and the don't as relieve to we came anytime X to So, chain of first as tight to the think labor. beginning in as of into come to issues the certainly be the think was year. next are do metal some the the that coming it third not we be are year, most of transportation this that themselves into soon, be other I I

Richard Marabito

Yes. Marco, And it's Rick.

been a customers look at I to and and that's we're chain still other more the or customer think whether or short I We're bigger about. produce, as various on that talked focus they're we items transportation sell side, supply seeing that able think the they're on impact. or have the to have that supply where ability things of constraints pull all seeing demand than labor our

pent-up believe next that And good gives will to we for amount that's optimism why pretty it strong a that year of so environment. tend demand, a is us demand and steady there have to

Marco Rodriguez

you Very And it. initial just kind helpful. from guys pricing, last this now terms demand can't overall that I forever. of of Got be And of up in and obviously, mean, to of everything kind for following favorable on in the reopenings. terms all conditions. seems right

to the -- your can about thinking business accelerate make shining? anything strategy, or what, while is overall hay we're when you So, here sun if

Richard Marabito

we've show that. And Well, that. doing results think been our I I think

think as of we We whether we've the I acute on gains relationships. things Olympic big at the market disruptive market it's done Steel in talked talked that metal right turns, I of job a that as to really good supply. those. tight XX now. our our We've certainly specialty let's in that a in pricing keeping we our it's for saying months we've carbon think an really, about have inventory customer look I control, And done we metals, products. Andrew optimized customers share focus last think, a in whether at supply about, actually very optimize the a good carbon terms And a seen over very can job peaking in that, very, many access in of really

to to stick good to be the on, look in continue at to tell So, inventory markets, importantly, commented continue position do forward, terms of different I'd really our optimize. and disciplines. turnover. those going entering And that we we're done you, things our as from going as XXXX to most Andrew we'll things those a we've think are And I

Marco Rodriguez

helpful. Got then sort pipeline? the then of you're it. seeing just And of what you of in look you us walk perhaps through guys? M&A of what valuations if can Very And your terms landscape, sort the discuss maybe like kind for are

Richard Marabito

Yes.

So, it's market. strong M&A a

get of will to a is Our where lot XXXX going be deals done. view is a continue that. continue it think market to We

market-wise, see the continue think deals getting fourth here you'll done I quarter. to in

active. years. We growth X in intend part made definitely know, of ongoing our It's As strategy. We acquisitions we've been active. we've X be to you very commented,

supply-constrained would forward recently every the here on moving through We pursuing are year about little got some add strategic South. the as in us lower expenditures. to pace And continue anticipate or looking seen our capital in efficient, safer, make more into our be I that bit We've same automation on And We're coming we're also and about equipment you've us growth suite looking X. us actively that. for day. excited in fits continue excited last to about a to also also new continuing cost a marketplace. the And talked growth vehicle another to that. to Andrew that's augmenting at and equipment

Operator

Alan next with Robotti question is from Advisors. Weber Our

Alan Weber

on of most about performed, terms about do think about little because at think dynamics. looking assume acquisitions do -- do that? valuation way follow-up given XXXX you're in mean, similar a acquisitions, you I results? at you what how when Or Just how the I of the of some guys has multiple -- talk you you look strong you

Richard Marabito

at at earnings normalized of terms say we capabilities cycle. like Thanks what on Alan. are would a what to those cycle. be the for for look Yes, call. over the you, valuation of question. would companies steel being we a Thanks Thank in the look Yes. We

over consistent. them earnings if I think apply multiples, have the pretty remained cycle you

certainly, accelerated. stream right in has companies the many think you're earnings I XXXX, from

to then going type So, strict acquisitions. of isn't at at we're how That's done we'll cost capital, or terms We discounted remain cash really we scenario as of it. continue look disciplined. And off to a in valuation, being of look model apply multiple. flow XXXX of valuation pretty a

of the companies and cultural great our that us well-run immediately acquisitions, accretive. really it's You've that important heard they're their years, that several over each fits say us, for they're last

great for we're So, out us. that's we there that lots be companies what that will of future think fits and there's looking for,

Alan Weber

you you do financial say And you of last which in just XXXX, at was question. where the kind a today, look the Okay. to company you how good compare separate When are where were year?

Richard Marabito

Yes.

things selling, disciplines everyday moments of a the think business the around will that some blocking about parts the talked like we've I that strong just I managing few ago, buying, place well of in and expenses, I I inventory turns, lot around got I working place call a what disciplines really serve to us the think going strong tackling really forward. capital, think in strong, some

then we're I we think that our nice segment. balance some segments. And sell, balance a of products within really the getting of continued the of diversity lot where and both the the obviously,

you're in the mix terms within Metals in even So we some down Carbon growth business like seeing you've seen of south. recently. changing business acquisition growth also the the also Specialty But And business. our Carbon

I some of seen cold-rolled coated marketplace. ends nice think in the we've the growth and

expansion, geographic I good the Some as into Southeast. said,

diversified company feel yes, So, disciplined, we consistent stronger, as like confident a we that. allow us to in produce forward. higher more move more returns will We're we more that and are

Alan Weber

gaining I And I was, question think share. that my you coming about excluding from? market share market talked guess is Where acquisitions, last

Andrew Greiff

into industry, business And of well. part been stainless our the some truck customers trailer after for equipment seen all industrial OEMs, just of our that and Carbon great the industrial appliance we very has the very of last well. segments, us of certainly, we've couple and think sides business, the as of seen that gone areas. diversification. metal we've aluminum, that the the through I mean, very able to just In have in to strong in in food our I years side growth well the white done our growth we has be we've in some break in Well, those done it it, of continue the

been those able really think are to so, I growth. the we see great And areas, have particular, really aluminum, some in

to into and the are as will so, year. think And continue next be head those keys for I we us

Alan Weber

release? Did you include may flow the cash have No, earnings a in missed statement it. I

Richard Manson

XX-Q it's statement, There's you'll in Alan, filed this flow in financials the cash No. full the have Rich. later the no be but will earnings there. and afternoon,

Alan Weber

And expectation be cash? of so, it year next significant it is a just curious, for that your should generator

Richard Manson

Yes.

flow believe that And of tide -- the I the already to that I pricing capital but say the think even kind the on see think wouldn't fourth that or see some will its here going and cash small I do in turning that generator quarter. decreases, quarter, significant I less, I in we you'll fourth generate will significant draw be plateaus as working year. flow next cash

Richard Marabito

Yes. one it's the It's business. the flow. cash -- of terms The principles strong countercyclicality one of really of of our the in

here really, So, company strong working really multiple capital at prices. last the out quarters quickly the with build rising you've in earnings to the a due seen of

prices be for doing going XXXX As then, cash will sort lot future we of they're plateau, very, you on curve And flow look like of year even some forward. a carbon. at strong cash should if now a generate points, pricing flow. the very of

Operator

next is Markets. Capital question with KeyBanc Our from Phil Gibbs

Philip Gibbs

The net the about capital it? say to fourth hear modest I way build? questioner did from going to that, just last a you Is in that the quarter, the working think be very that's

Richard Manson

quarter. in Well, yes, demands to due you're actually no, see you've it's less effective decrease -- Traditionally, think days think Phil, I capital that, got the fourth to the shipping holidays. I working going

do will extent, that the that point cash in year-end, bulk of flow trails of lowest at And and so coming the but I generated be down cash quarter to kind But XXXX. fourth accounts typically, to your think come some their in up. receivable

Philip Gibbs

lagging the that way. go trying Okay. with to to inflation when that and balance I and was of just other inputs the starts the kind

understand my you If question.

Richard Marabito

Yes.

the probably the on we the hit of we have then quarter, midpoint a the I bit then, cash is and a the as year, right be of I flow. flow, fourth of to pull back our cash. free part of Rich exactly to Rich But start little as cash think generating go lot a we'll generate hit still capital. said, anticipation as think, is we beginning quarter, we'll half working first And

Philip Gibbs

with out? the that that. made with automotive some pushing the know, a And made the the I quarter. acquisition South upgrades all I you've got obviously, piece about, side, you the moves Yes. agree after fourth on little And there as what's Detroit exposure then in here talked in the you've

So exposure you what's guys seeing? the are what there? And

Andrew Greiff

facility, the think of will it Phil. on I mitigate doing I domestic automotive of the some we're what what think Well, with the transplants. is down Detroit some doing the And primarily we're with sale manufacturers, focused of south

And down that so, it's a we're different doing south. model

Our least start, that a be very which do we successful. and automotive while focus, stamping presses, in will have that did Detroit, has we been at to when first we our stamping press

on business then, end we're business. down be Our doing see will quarter operational, And We south. 'XX. that we're we'll like first the where investments second automotive from we hope, bullish the by the the of of there our next will But go.

Richard Marabito

didn't piece XX% the Detroit Andrew the if in maybe was about sold. know, call volume sold to prepared remarks, that X% in And an -- has you our of pick about been business Andrew's of Yes. Phil, just it, talked to we've comments, you been, X% historically up automotive. our I'd terms sale, of tonnage and

a away. anticipate I'd just So obviously, automotive, But we're percentage mix commentary. will going that right forward around the some couple of our to went put now, be probably numbers points total of

Philip Gibbs

Okay.

like that's sounds Because the pressure you to as that. hiring? continued outlook PMIs in as suggest constructive year volume. reasonably the And for all certainly, would case some it on know But smaller, need you in the much well. certainly sounds the labor do there's do of -- it its obviously like terms and I So, next the on you're books guys mentioned growth that the front, order

hiring So, where efforts? do you stand on

Richard Marabito

Yes.

doing say are to universe Like United the more They're in come labor's phenomenal a year. certainly I'd manufacturing people working many, -- do production workers. like time we the our by. So, little We a everybody our have openings. were, probably job, States. in tough last they over than

openings. we do spot. We're in a So, good have

our service not labor our affecting to is customers. Our ability

we've can why automation equipment, that it's doing that still and about radar. equipment. continue look we're how new in But It's talked we as certainly we invest to flawlessly. So, add the things to like, on

continue we that some labor in as customers. terms constraining think news of it's today, ability is good our but So, the will I to labor. we're is But of think pressure in the grow, alleviate we service -- boat not our same to as everybody, the

Operator

Instructions]. [Operator

comes next with Chris Sakai from Our Research. question Singular

Christopher Sakai

question, will and steel broad do of a on how about feel sort Rick, aluminum? that recent how question. European rollback you I've affect And got of guys the Biden's steel? a Olympic tariffs

Andrew Greiff

Andrew. Chris. This a is question, That's great

work information will that's an both aluminum. done. that be on a lot basis, monitored. have I is I would coming imports a overall to still going it's out. right from quota the I'll But certainly and where strong lot tell to will So, Europe, expect a moment, system, increase the and in be on the In side. of there'll talking they're of I you things how to mean, and Europe about at start stainless be in particular, that think that's steel be and going going coming aluminum from when there's to very now,

areas. is flood to U.S. material very will coming going the shores some strong in, we those So, because it's see more in not of Europe the while

opportunities quarter. I particular, that sometime offshore will in roll, we'll to in in some start seeing in carbon, week mid- next X late think coming in probably the hot start first or

in will certainly the on there'll think metal some coming on be so, coast. be pressures I And certainly that

Christopher Sakai

Okay. then are what in? be going Great. to reporting Shaw, And segment they for

Richard Manson

Specialty up Chris, be segment. Rich. the reporting They'll Metals through it's

Christopher Sakai

of much for extra you guys the is And about idea acquisitions. give Okay. Great. at cash over you acquisitions? facility more And an sort mentioned, to sold buy Shaw. got new Can then left then for how you've some Detroit you left

Richard Marabito

Yes.

Rick. it's Chris, So

asked in piece So didn't just Detroit. a the slightly sell the capability messaging Shaw you of of how to We terms Detroit Shaw. to nuanced acquire necessarily selling had without question. We the acquire

ability of about a our So, sheet forward, and balance availability. going talked Rich lot a strong

loan. of based our So, He we're availability million also north on about. $XXX asset of talked

number? collateral $XXX actually wanted another size, would or availability allow the was suppressed have what if upsize or we that agreement million exact to We $XXX million our us

Richard Manson

Yeah, $XXX million.

Richard Marabito

million. Yes, $XXX

execute our us just to I on have strategy. we that. think do plenty And continue Chris, available So, you'll capital to of see

Operator

would end for now comments. the call the of reached to over turn the question-and-answer Marabito have Rick to back like I session. We closing

Richard Marabito

you you, us and you. look We forward your appreciate in speaking great continued Steel, with Well, call on for today. soon. to everybody, again a our joining we Have day. certainly Thank Olympic thank interest

Operator

This concludes today's conference.

lines your And we disconnect may You thank at for this time. your you participation.

Olympic Steel (ZEUS) 5 Nov 212021 Q3 Earnings call transcript