Net sales and income dipped for Olympic Steel during the company's third quarter. The Cleveland-based service center company reported net sales of $342.6 million, down 1.7 percent from the same period in 2011 and 6.7 percent from the previous quarter. Net income during the third quarter totaled $ 1.6 million, down from the $6.1 million reported in the year-ago quarter and the $4.5 million in the previous quarter. For the year to date, Olympic's net sales increased 15.9 percent to $1.1 billion, in large part due to the July 2011 acquisition of Chicago Tube & Iron Company. Net income for the first nine months declined almost 50 percent to $12.4 million.
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