This is a leading metal service center with practical multiple end markets. We are fortunate to have with us today CEO Rick Marabito and CFO Rich Manson. Following the presentation, there'll be time for Q&A. Should you have a question, please utilize the Q&A icon and submit the questions, and I'll present them to management. With that said, gentlemen, thank you for being with us today. The floor is yours. Thank you so much, John. We really appreciate Sidoti hosting us today, and thank you, everybody, participating. We appreciate your interest in Olympic. As John said, and Rich, maybe you can just go over to the third slide on the slide deck. I'll spend a minute, give you an overview for those of you who do not know Olympic Steel. We've been publicly traded since 1994. As John said, we're on the NASDAQ market, listed as ZEUS. We are a metal service center, which means basically we fill the need in the metal supply chain between the producers or the metal mills, the manufacturers of the metal and steel, and then end users who use steel in any form. We buy from steel mills. We do not make steel. Sometimes there's some confusion around that. We do not make steel. We buy steel, warehouse it, have over 300 pieces of equipment, and process it to the specific needs and deliver on a just-in-time basis to our customers. We will get into the end markets and some of the customers in a few minutes. The company where Rich and I are sitting at our headquarters, we were founded and headquartered in Cleveland, Ohio. You could see the map there. We have 54 locations, primarily warehouses. We do have a few sales offices listed in that tally: 4.4 million sq ft of space. You can see predominantly physically located in the eastern half of the U.S., although we do serve all the contiguous 48 states. We do have one facility down in Mexico, but Olympic Steel is predominantly a U.S.-based company in terms of both buying and selling. Probably later we'll get into it, but just you may have the thought around tariffs and what does that mean. Olympic Steel sources over 90% of our metal from the United States. We are importing today less than 10% of our metal, and that is predominantly the import coming out of Canada. A few other items: we're about $2 billion in sales. We've got about 2,100 employees. You could see our revenue cut there in the middle chart. About 57% is carbon product, 26% is stainless and aluminum, and the balance is pipe and tube. Just at a really high level, some of the things that we think are important in terms of why invest in Olympic Steel. We've really, over the last five years, been on a strategic quest to reduce the inherent cyclicality in the metals business. As you know, metals is a commodity, and the price tends to fluctuate significantly. Part of our strategy has been to reduce that cyclicality through investments in a richer mix of products, through acquisitions. Actually, you'll see later, we've acquired companies that actually make end product, which tends to be countercyclical to the base service center business. In a service center business, you've also got to be really disciplined and an excellent manager, which we are of working capital and working capital fluctuations, as well as operating expenses, and then deploying capital. We are disciplined in how we deploy capital. As I said, we've made eight acquisitions in the last seven years. Also, have had a pretty significant CapEx investment plan the last two years, and we'll talk about some of those things. Olympic does have a really strong balance sheet, a simple-to-understand balance sheet, and we have the ability really to generate a lot of cash flow in the countercyclical times of the industry dynamics, like last year. Last year we saw—last year was really a metals steel recession. We saw shipments decline in the U.S. by 2% in the industry, and we saw pricing for carbon drop 40%. We saw nickel, a major component of stainless steel, drop to four-year lows. In my book, that's a recession. During recessionary times, we tend to be very countercyclical in terms of cash flow. As working capital compresses in lower pricing environments, we certainly generate a lot of cash flow. We think there's a lot of good things on the horizon in terms of what we do: infrastructure spending, certainly fabrication outsourcing by large metal OEMs, reshoring. Those are all things that we feel really good about. Obviously, the industrial policy coming out of Washington, while it's a little chaotic right now with the tariffs, the idea of bringing more manufacturing back to the United States is certainly right in the sweet spot of what Olympic Steel does. Lastly, just in terms of alignment, we've got about 14% of our shares held by the senior leadership team and our board. Over the last four years, we've each year had an annual increase in our dividend. Today, we're at $0.16. Four years ago, we were at about $0.02 a share. Continuing to annually increase the quarterly dividend. Here's just a real quick cut of our three business segments. On the left, specialty metals, that's stainless and aluminum, tends to be a very high return segment versus the traditional carbon segment. We've been growing there significantly over the last five years, so it is our fastest growing segment. We've got a big emphasis on now growing the aluminum. We're probably about 80-20% mix in terms of 80% stainless, 20% aluminum. The pipe and tube segment you see in the middle is highly tilted towards tubing. This is our most profitable segment. It evolved, and the generation of this segment was out of our acquisition, goes back now 14 years to Chicago Tube & Iron, and we did a tuck-in acquisition of Central Tube down in Arkansas through Texas-Oklahoma region a little over a year ago. To the far right is the traditional Olympic Steel. That is how Olympic was founded. It's the coated and carbon products. Basically, Olympic started as a hot roll and carbon plate company, and we've certainly evolved over the years. This business tends to be more cyclical, and it tends to carry the most volume in terms of the three. Here's a quick look at our end markets. I know it's a busy graph, but I'll just summarize it for you. Think about Olympic Steel. 50% of our product ends up in heavy industrial equipment, over 50%, actually. Think about construction equipment, rail, agriculture and farm equipment, cranes, all of that, road paving equipment. Heavy industrial America, certainly infrastructure spending is a sweet spot. We also have a pretty big end market in tractor-trailer, both in the carbon and stainless segments. Stainless, we have a nice end market in food services. If you were to go into any type of industrial kitchen in a restaurant, a hotel, hospitals, etc., all the stainless steel outfitting of those kitchens, that's a big end market for us. We've also got some product that goes into automotive. We're about 4% automotive. That's down in the southeast. We are servicing the three German car companies mainly, and their tier ones down in the southeast through stamping and other capabilities, as well as our stainless business. We do a lot of stainless steel clamps and other parts for the auto industry. We do have a segment we sell into, obviously, construction and heavy-duty, big industrial appliances. We're not into residential compliance appliances. We sell a good chunk. Anywhere from 5%-10% of our steel is sold to other service centers. That's a look at our end markets. Basically, what I said in the opening, basically our growth strategy is really to focus on increasing our EBITDA returns, growing the EBITDA. Over the last five years, we've basically doubled what I call our normalized EBITDA from roughly $50 million-$60 million to $100 million-$115 million. We've done that through eight acquisitions in the last seven years, plus a shift into much more investment into fabrication and processing, as well as enriching the product mix with things like aluminum growth, things like coated carbon growth. We're in a really good spot to continue to grow. We're well capitalized. We've got plenty of availability to do that. I talked about this, but this gives you a little bit of a view of the shift in Olympic Steel over the last decade and a half. The far left, you could see we were upper 90% carbon flat business, and you could see how we've migrated that and kind of the future state, that last slice of the pie where we'd like to be probably about 50% carbon and continue to grow the tube and the stainless and aluminum business, and do that through both service center business as well as buying some end products, which we'll show you some photos of in a second. Here you go. We've had really, over the last six, seven years, a lot of growth. The top half of that shows the growth in the brands that we've purchased through acquisition. The bottom half of the graph shows more of the organic CapEx growth. What I tell you is, you could see it's a really good mix in terms of organic growth, acquisition growth. It's a good mix in terms of where we're investing. We're investing in all three of our product groups, our segments. Most recently, we made the acquisition. It's in the upper right box there, Metal Works. I think, Rich, we have an example of that. We just acquired Metal Works in November. Part of the strategy I mentioned is actually buying companies that make end products. As a service center, what we're doing is buying the metal, processing it, cutting it up into sizes, shapes, even fabricated sub-assemblies for what our customers want and need. We have a lot of capabilities to actually manufacture using steel. The problem we had is we can never go down into the end products given the distribution channels that we had. Acquisition really made sense here. We've acquired five or six end product manufacturers over the last six or seven years. We make industrial containers in Ohio. We make bollards that separate foot and auto traffic in Atlanta. We make lots of parts for the HVAC industry. Most recently with Metal Works, you could see we make metal canopies. Those go over gas stations. They go over fast food chains. Metal Works is a great company. We spent about $80 million on this acquisition. Very high returns. They're 25-30% EBITDA returns. To give you an idea, service centers, I mean, a typical service center is making 3-7, 8% EBITDA to sales. Really using the metal to do more with it and gain the end piece of the profit in the chain. Really excited about this one. We're off to a great start. In terms of synergies, we are able to, for example, with Metal Works, plug them into our buying supply chain. Then some of the steel, the first stage processing, instead of them outsourcing it to a different service center, we're able to, out of our Atlanta service center, do some of the base slitting of buying a coil and cutting it down to the narrow widths and lengths that they need and use. That is our most recent acquisition. You can go to the next slide, Rich. There you go. Can I touch my keyboard down? You can go down. We will show that we have a picture of some of our other. Of the end products? Yeah. We kind of go to that. Here you go. These are some of our other end products. Obviously, you saw the far right on Metal Works. Oh, I forgot to mention, Metal Works also makes those canopies that would go over boat docks. Going left to right, you could see Shaw Stainless. They make those stainless steel bollards, again, that separate foot and auto traffic. They are also an outsource manufacturer of, you can see those large tanks there, stainless steel tanks, fluid separation tanks. Those are enormous. Those would be things that the chemical, agriculture, water purification industry use. The next is the McCullough Industries. That was our first foray into an end product. Those are the industrial self-dumping hoppers. Real simple product sold through industrial catalogs. In Ohio, we service them in terms of first stage processing out of our Cleveland operation. Was really successful as we dipped our toe in the water and really gave us the confidence to go ahead and buy some more end products. You can see Metal-Fab. That is our largest end product company. We bought them two years ago. This is air venting and filtration products that go into HVAC applications, both residentially, as well as we supply large commercial and industrial projects like stadiums, hospitals, schools, things like that. One of our smaller end products is EZ- Dumper. You could see those are where you want to retrofit, say, your Ford F-150 and make your pickup truck convert into a dump truck. Obviously, a lot of landscapers and construction people like that. That gives you a cut of some of our end products. You can probably go back, Rich. Obviously, the result of our growth strategy is really, we've seen it more consistent performance, less volatility. Last year was a perfect example of that in terms of having an industry recession and certainly performing better than we had prior to implementing the strategy. Our returns have improved. Our EBITDA margins, as I told you, migrating those to the very high end of the service center industry, and we'll keep doing that. The shareholder returns over the three years have been really good and proved out that the growth strategy is working. Maybe, Rich, you can really quickly just talk about future growth and where we are in terms of liquidity. Sure. As Rick alluded to earlier, we've got a really easy-to-understand balance sheet. If you pick it up on the asset side, you've got accounts receivable, inventory, and the property, plant, and equipment. On the liability side, it's payables. Then our sole source of debt, which is our asset-based loan. That asset-based loan is a $625 million loan, up to $625 million backed by our accounts receivable, inventory, our equipment, and a handful of our warehouses. As of our last earnings call, we had about $250 million borrowed against that line with over $200 million of availability to fund additional growth. We've traditionally used the ABL to acquire the eight companies that Rick outlined over the past seven years, as well as to fund the organic growth. We also maintain a shelf filing that would allow us to do other ways to raise debt and equity quickly if necessary. The great news is that we've got a tremendous amount of dry powder in the form of the ABL, as well as most of our real estate that is not encumbered by the debt. Rick also outlined that we are a strong cash flow generator in countercyclical markets, as we saw in 2024. When earnings may be a little bit compressed, we tend to cash flow very well and pay down debt. Thanks. We got about 10 minutes left. John, I think the best part is to really answer people's questions. I could certainly fill up the next 10 minutes, but why don't we move to Q&A? Fair enough. If you have a question, please type in the Q&A box, and I'll present it to management. Gentlemen, I'd like to lead off with something you pointed out in your prepared remarks about 2024 being a recessionary type of year in the metals market. What's your assessment of how 2025 is playing out against that backdrop? Yeah, it's a great question. I think 2024 was a tougher year. As I said, the shipments were down, pricing was down. I will tell you the first quarter of 2025, some parts of it have caught everybody in the industry by surprise, which is we knew the Trump administration would put tariffs in. What we didn't really anticipate was, as he started to announce border tariffs, that we'd see the price of metal quickly rise by over 40%. So pricing is up over 40% since the beginning of the year on carbon products. Aluminum prices have also really jumped up. Steel tariffs went into place only last week. The real effect of steel tariffs hasn't even really hit the market yet. Yet, here we sit with a 40% rise in metal pricing. What I would tell you is I would feel a lot more comfortable if the 40% was at least partially because, wow, demand is zooming up. Demand is fine in terms of being relatively consistent with last year. There are a couple of areas that are actually growing. We quickly saw the energy sectors and use of heavier steel, plate steel, mill order books filling up very quickly in February and March. I think on plate products and then down the road, some of the oil country tubular goods, I think we are going to see more sustained pricing just due to good demand. A lot of that is off of the anticipation of opening up more drilling and pipelines. That is one area we have seen really good sustainable demand. Right now, I tell you, there is caution, there is uncertainty, there are people waiting to see. I think a lot of that has to do with, at least in the metal sector, the impact of the tariffs. There are reciprocal tariffs that go into place on April 2. Seeing how that plays out, those are supposedly going to be additive on top of the 25% metal tariffs that went in place last week. There is a little bit of that hesitancy, wait and see. Going into the year, we plan for a bit of a stronger year in 2025 than 2024. I think there are a lot of positives that could play out. Certainly, tax legislation, bonus depreciation, I think is really good for our industry and heavy CapEx in the country in terms of some of the big OEMs investing. Certainly, infrastructure, whether it is government-funded or not, is a big need in the country. You see where our end product sits. We're kind of bullish about that. This whole idea of manufacturing coming back to the U.S. and large OEMs that we serve wanting to outsource more is a trend I think we're going to continue to see. I'm bullish on the midterm. I think we just got to get through some of these short-term hiccups and get some clarity on some of these policies. That's our take on it. How easily is it for you to pass along higher prices that the steelmakers might pass to you? Yeah. Great question. We sell really two ways. We sell to a lot of our large OEMs on a contractual basis where the pricing is usually tied into some form of an index and resets either monthly or quarterly. Those price increases end up just taking effect now on a lag and a bit smooth because you may be doing quarterly averages. That is about two-thirds of our business. That just kind of self-adjusts, if you will. The other third of the business is transactional and spot business. That is, okay, price of steel went up 40%, and you could push those prices through pretty quickly. The same is true the other way, right? Last year, as prices dropped on that transactional business, customers were wanting that market price sort of immediately. Those are the two ways. It ends up being a competitive universe. are thousands of service center shipping locations in the U.S. While the market may go up 40%, we may have competitors who may only be increasing their price 20% or 30%. On the spot market, they may be trying to be a little under the market and move more volume to clean out inventory. You have also got that. Those are the dynamics. It is really customer by customer, market by market, and then the mix of the transactional and contract. Given the increase we've seen in spot prices, how come there are certain metal-related stocks that have not, the share price has not responded to the increase in opportunity that we would think you'd see in the pricing environment? Yeah, that's the million-dollar question and the challenge right now. Typically, you are exactly right, John. What you would typically see, we've seen prices go up 40% so far this year. Year to date, we've seen steel stocks take a beating. They're down anywhere from 7-20% in that time period. That is very, very unusual. Especially as a service center, when prices move up, we tend to get margin expansion because we're the ones who hold inventory in the supply chain. Obviously, you're selling out of inventory that's lower costed than what the replacement cost is. This is a very unusual circumstance. I attribute it to what I just said. There's a lot of uncertainty about the tariffs. We've got a marketplace that is pretty stable on demand. Prices aren't up because demand is exploding. Prices are up in anticipation and buy ahead from tariffs. I think the market reaction is, okay, the price is shot up, but that's on a lot of fear and buying ahead. We don't even know if these tariffs are going to stay in place or not. I think the market is saying, let's just wait and see. We have other aspects of the economy and parts of the government policy that haven't taken effect yet. Tax policy, what's happening with interest rates. I think that's why. I think there's just a disconnect right now. I certainly would understand that the price, the equities in steel didn't zoom up 40% to match the pricing. I don't really understand why it's going down. I think we're moving into a stronger period for the steel business, and we are going to have tariffs. The metal tariffs are sticking. Some of these other tariffs may not, but the metal tariffs are going to be in place. I think that's going to work its way through, but there's definitely a disconnect right now. Certainly is. Considering that the current marketplace has been a consolidator in the marketplace, can you talk a little bit about the M&A opportunity pipeline for the year ahead? Let's say, what do you consider an optimal leverage ratio? Where do you want to kind of filter in on the high end and then the low side for that matter? Yeah. The market has been, the M&A market has been a little bit subdued right now for small metal manufacturing and service center companies. The universe that we look at, I think that's really just because we're coming out of a recessionary environment in steel. A lot of these companies who maybe plan to sell either pulled back in 2024 or said, we'll wait to get some better, maybe get a few more quarters of some better results. We've seen a little bit of the inflow of potential candidates, not as robust as maybe it was a year ago. We anticipate, though, by getting into the back half of the year that we'll continue to see more. I think for Olympic, our strategy is we've made eight acquisitions in seven years. I think that pacing of about one a year, we'd certainly like to do. Over the next five years, it is absolutely a big piece of our continued growth strategy as we look to double our EBITDA. Rich took you through in terms of optimal liquidity and debt ratios. I mean, we're in a really comfortable spot now. We've got about $200 million of debt. We're around a $100 million EBITDA company. We were a little lower last year in a recession. That's very comfortable. We've got lots of availability on our line to do these. We're in a good spot. What do we get uncomfortable at? I mean, we don't want to get our debt to EBITDA ratios up over four and five. We're not going to do that. We've got lots of room at two to do a lot more and to fund it with our existing capital structure. Rick, your answers certainly enlightened me. I appreciate it. We're out of time. Do you have any closing comments? No, just really thank you. We appreciate Stonegate putting on these conferences. They've been great. I think for Olympic Steel, as I say, we're bullish on, we're bullish on U.S. manufacturing, heavy metals, fabricating, and where our customers are going. I think it's going to be a good, it's going to be a good three to five-year cycle for metals. Great. Great. I hope so. Gentlemen, thank you for presenting today and have a great balance of your day. Thank you. You too.