Olympic Steel Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $671,000 or $0.06 per diluted share on net sales of $121,599,000 against net income of $24,167,000 or $2.21 per diluted share on net sales of $335,222,000 in the same period of last year. Operating income was $1,859,000 against $37,797,000 in the same period of last year. Income before income taxes was $1,292,000 against $37,447,000 in the same period of last year. For the nine months ended September 30, 2009, the company reported net loss of $58,616,000 or $5.39 per diluted share on net sales of $384,898,000 against net income of $66,926,000 or $6.13 per diluted share on net sales of $973,611,000 in the same period of last year. Operating loss was $93,383,000 against operating income of $106,353,000 in the same period of last year. Loss before income taxes was $95,244,000 against income before income taxes of $105,816,000 in the same period of last year. Capital expenditures were $10,754,000 against $24,391,000 in the same period of last year. Board of directors of the company approved a regular quarterly cash dividend of $0.02 per share to be paid to shareholders of record as of December 1, 2009 and distributed on December 15, 2009.

Olympic Steel Inc. reported third quarter 2009 capital spending of $1.2 million, bringing year-to-date capital expenditure to $10.8 million. The company's capital spending naturally declined throughout 2009 as it finished paying for projects that were initiated in 2008. The company projects to spend approximately $2 million in the fourth quarter of 2009 bringing total estimated 2009 capital spend to about $13 million.

Olympic Steel Inc. announced that it has filed a shelf registration statement with the Securities and Exchange Commission (SEC). When declared effective by the SEC, the shelf registration statement will provide the Company with advance regulatory approval to sell securities in one or more separate offerings in amounts and at prices and terms to be determined at the time of sale. The registration statement is intended to provide the Company with the flexibility to raise up to $200 million from the offering of a variety of equity or debt securities, including common shares, from time to time, over the next three years. If securities are issued, the Company may use the proceeds for funding acquisitions, capital expenditures, and working capital, and for reducing or refinancing debt, or general corporate purposes.