Olympic Steel, Inc.

At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Rich Manson, Chief Financial Officer at Olympic Steel. Thank you. You may begin.

Thank you, operator. Welcome to Olympic Steel's earnings call for the second quarter of 2022. Our call this morning will be hosted by our Chief Executive Officer, Rick Mirabito, and we will also be joined by our President and Chief Operating Officer, Andrew Greif. Before we begin, I have a few reminders. Some statements made on today's call will be predictive and are intended to be made as forward-looking within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may not reflect actual results. The company does not undertake to update such statements changes in assumptions, or changes in other factors affecting such forward-looking statements. Important assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially are set forth in the company's reports on Forms 10-K and 10-Q and in the press release filed with the Securities and Exchange Commission. During today's discussion, we may refer to adjusted net income per diluted share, EBITDA, and adjusted EBITDA which are all non-GAAP financial measures. A reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures is provided in the press release that was issued last night and can be found on our website. Today's live broadcast will be archived and available for replay on Olympic Steel's website. At this time, I'll turn the call over to Rick.

Well, thank you, Rich, and good morning, everyone. Thank you for joining us on today's conference call to discuss Olympic Steel's results for the second quarter of 2022. I'll begin with some comments about the overall quarter, which was exceptional. Then I'll turn it over to Andrew and he'll review highlights for each of our business segments. And he will also provide some comments on market outlook and some of the investments that we are making to grow our business. Following that, Rich will discuss our second quarter financial results in more detail. And then as always, we'll take your questions. It was another record-breaking quarter for Olympic Steel. We grew net sales to $709 million, an all-time quarterly sales record for the company, surpassing our previous record of $696 million, which just happened to be in the first quarter of this year. This incredibly strong sales performance helped us to deliver our second most profitable quarter ever with EBITDA of $58.8 million. All three of our business segments performed exceptionally well. Specially metal set new quarterly sales and earnings records. Pipe and tube continued its run of strong results. And our carbon segment delivered strong EBITDA of $18.3 million while navigating unprecedented pricing headwinds, which we'll discuss later in the call. was another phenomenal quarter for Olympic Steel and I would like to commend our team for their focus on executing on our strategy. Our success is rooted in the expansion of our business to higher return, value-added products and processing, combined with our disciplined approach to working capital, expense management and capital deployment. Our strategic actions have strengthened Olympic Steel's product portfolio and resulting in increasing and more consistent profitability in all market cycles. We continue to make focused organic investments in all three business segments to expand our capacity to serve our growing customer base and enhance our returns. We are also investing in automation to continue to accelerate efficiencies, enhance safety, and reduce our costs throughout the organization. Andrew will talk about some of these investments and what they mean to us and our business in just a few minutes. In addition to these targeted growth of investments, we're actively seeking additional acquisitions. Our team's track record in M&A has been really good. We've identified the right targets and navigated seamless integrations, completing five successful and accretive deals in the past four years. We intend to keep on this pace by targeting profitable, well-run companies that align with Olympic Steel's culture and core values, and also align with our strategy to build a higher return, value-added portfolio. And finally, I'd like to note that we published our first corporate responsibility report in May. Corporate responsibility, while it's always been a priority at Olympic Steel, this report highlights our commitment to environmental stewardship, social engagement, strong governance, ethical conduct, and safety throughout our organization. And regarding safety, I'm also excited to share that 18 of our divisions were recognized by the Fabricators and Manufacturers Association, that's the FMA, for outstanding safety performance. We congratulate everyone at those divisions for their unrelenting commitment to our safety culture. Now I'll turn the call over to Andrew, and he'll provide more details on our segments.