Key Developments For Olympic Steel, Inc.
Olympic Steel, Inc. (ZEUS.O) (Nasdaq)
Olympic Steel, Inc. Announces Shelf Registration Statement Filing
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. However, the Company presently does not intend to raise capital under the registration statement in the immediate future.
Olympic Steel, Inc. Approves Regular Quarterly Cash Dividend
Olympic Steel, Inc. announced that the Board of Directors 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. Approves Regular Quarterly Cash Dividend
Olympic Steel, Inc. announced that the Board of Directors approved a regular quarterly cash dividend of $0.02 per share to be paid to shareholders of record as of September 1, 2009, and distributed on September 15, 2009.
Olympic Steel, Inc. Approves Regular Quarterly Cash Dividend
Olympic Steel, Inc. announced that its Board of Directors approved a regular quarterly cash dividend of $0.02 per share to be paid to shareholders of record as of June 1, 2009, and distributed on June 15, 2009. This is a $0.03 per share decline from the quarterly dividend paid in March.
Olympic Steel, Inc. Announces Expense Reduction Actions
Olympic Steel, Inc. announced that it has taken additional actions to reduce its operating expenses and it will be required to write down the value of its inventory at March 31, 2009, in accordance with lower of cost or market accounting guidance. Cost reductions have been achieved through various initiatives including: headcount reductions of 21% from peak 2008 levels; reduced work hours to match depressed customer production schedules; Company-wide base pay reductions ranging from 2.5% to 10% effective March 30, 2009, including cash compensation reductions taken by our executive management team equal to 20% of each executive's base salary; a 20% cash compensation reduction by Board of Directors; benefit reductions; and heightened control over all discretionary spending.
