Olympic Steel, Inc. (NASDAQ: ZEUS) said its board of directors has authorized the repurchase of up to 550,000 shares of its common stock.
The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which may be effected through Rule 10b5-1 plans.
The timing of repurchases will depend upon several factors, including market and business conditions, and limitations under the company´s credit agreement. Repurchases may be discontinued at any time.
Founded in 1954, Olympic Steel is a leading US metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products.