Olympic Steel Inc. provided capital expenditure guidance for 2013. The company expects that this year’s capital expenditure budget of approximately $15 million is projected to be below its annual depreciation of roughly $20 million. The company anticipates that effective income tax rate will increase to 37% to 39% for the full year of 2013.

Olympic Steel Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the first-quarter, the company reported net sales of $338.1 million were down 11.5% versus the record $382.1 million reported in 2012's comparable period. Lower steel prices combined with reduced volume contributed to the year-over-year decline in sales during the quarter. Operating income was $9,581,000 compared to $12,263,000 last year. Income before income taxes was $7,906,000 compared to $10,189,000 last year. Including this adjustment, net income totaled $5.2 million, or $0.47 per basic and diluted share, for this year's first quarter, compared with net income of $6.2 million, or $0.57 per basic and diluted share, in 2012. Capital expenditures were $1,714,000 compared to $7,969,000 last year. The company's Board of Directors approved a regular quarterly cash dividend of $0.02 per share, which is payable on June 17, 2013, to shareholders of record on June 3, 2013.

Olympic Steel Inc. (NasdaqGS:ZEUS) is looking for acquisition opportunities. Olympic has filed a Shelf Registration to raise $200 million. Olympic intends to use the net proceeds for general corporate purposes which may include reduction or refinancing of outstanding indebtedness or other corporate obligations, additions to working capital, capital expenditures and acquisitions.