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Olympic Sets Quarterly Sales Record

Olympic Steel Inc. reported net sales of $386.0 million in the second quarter, a quarterly record for the Cleveland-based service center company.

We still remain bearish on the company, noting the valuation is even more expensive now despite the pullback in shares.

Jefferies Group's price target points to a potential upside of 9.17% from the stock's previous close.

The record revenue was driven by higher sales volume and reflects increased market share.

Olympic Steel Inc., Cleveland, enjoyed a 75 percent increase in sales during this year's first quarter, compared to the same period in 2010.

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