~~On October 4, 2017, the Company declared a $0.13 cash dividend. The dividend totaling approximately $1,100,000 was paid on November 6, 2017.~~

On October 30, 2017, the Company amended its Credit Agreement with its bank to increase the limit of the asset-based revolving line of credit by $20,000,000 to a maximum of $65,000,000 and extended the maturity date to October 30, 2020. None of the other provisions of the Credit Agreement were changed as a result of this amendment.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

~~The following is management's~~This discussion ~~of certain~~and analysis summarizes the significant factors ~~that affected the Company~~affecting our consolidated operating results, liquidity, and capital resources during the three and ~~nine-month periods~~nine months ended September 30, ~~2017.~~2022 and 2021, respectively. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements that are included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the Annual Report), as well as the condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) contained in this report. Unless otherwise specified, all comparisons made are to the corresponding period of 2021. This discussion and analysis is presented in five sections:

•Executive Overview

•Results of Operations and Non-GAAP Financial Measures

•Liquidity and Capital Resources

•Material Cash Requirements from Contractual and Other Obligations

•Critical Accounting Policies and Estimates

Executive Overview

Name Change

On August 5, 2022, we filed with the Secretary of State of the State of Delaware a Certificate of Amendment to our Certificate of Incorporation to change our corporate name from Synalloy Corporation to Ascent Industries Co., effective August 10, 2022.

Third Quarter 2022 Highlights

Consolidated net sales for the third quarter of ~~2017~~2022 were ~~$54,596,000,~~$100.2 million increasing 16.2%, or $14.0 million, compared to the third quarter of 2021. The increase was primarily driven by increases in average selling price as well as the Company's acquisition of DanChem in the fourth quarter of 2021, which is discussed in more detail in Note 2 of the notes to the unaudited condensed consolidated financial statements, partially offset by a decrease in pounds shipped. Excluding the DanChem acquisition, net sales increased 6.6%, or $5.7 million, over the third quarter of 2021.

Consolidated net income decreased to $0.6 million, or $0.06 diluted earnings per share, in the third quarter of 2022, compared to net income of $8.2 million, or $0.87 diluted earnings per share, in the third quarter of 2021. Excluding the DanChem acquisition, consolidated net income decreased to $1.4 million and earnings per share decreased to $0.13 diluted earnings per share.

During the quarter, the Company used $1.6 million for capital expenditures focusing on growth and maintenance projects to continue to improve operational efficiencies.

In the third quarter of 2022, we delivered another quarter of financial performance with our sixth consecutive quarter of top line year-over-year growth and positive earnings with both segments delivering strong top line growth. We continue to experience varying levels of inflation, increased shipping and transportation costs and increased labor and raw material costs in both segments of our business caused by current economic conditions, however we have continued to manage the impacts of significant changes in inflation rates and other economic disruptions through our customer relationships, continued pass through of rising input and other raw material costs and a continued focus on operational productivity in our facilities. During the quarter we continued to make progress on our transformation efforts and strategic priorities by investing in upgrades and new equipment at our facilities to further enhance and improve manufacturing processes, continued to focus on operational efficiencies within our facilities and continued efforts to maximize our working capital use. During the quarter, we also repurchased 30,200 shares for $0.5 million through our share repurchase program as part of our continued efforts to create sustainable value for our shareholders.

The third quarter of 2022 includes $8.3 million in net sales and $0.7 million in operating loss attributable to the DanChem operations acquired in the fourth quarter of 2021.

Nine Months Ended September 30, 2022 Highlights

Consolidated net sales for the first nine months of 2022 were $332.6 million increasing 39.1%, or $93.5 million, compared to the first nine months of 2021. The increase was primarily driven by increases in average selling price as well as the Company's acquisition of DanChem in the fourth quarter of 2021, which is discussed in more detail in Note 2 of the notes to the unaudited condensed consolidated financial statements, partially offset by a decrease in pounds shipped. Excluding the DanChem acquisition, net sales increased 29.0%, or $69.4 million, over the first nine months of 2021.

Consolidated net income increased to $21.9 million, or $2.11 diluted earnings per share, in the first nine months of 2022, compared to net income of $12.2 million, or $1.30 diluted earnings per share, in the first nine months of 2021. Excluding the DanChem acquisition, consolidated net income increased to $22.3 million and earnings per share increased to $2.14 diluted earnings per share.

During the first nine months of 2022, the Company generated cash flows from operating activities of $1.0 million compared to $16.2 million in the first nine months of 2021. The decrease is primarily driven by increased working capital use due to the rise in raw material costs partially offset by increased profitability. The Company also used $4.3 million for capital expenditures during the first nine months of 2022 compared to $0.8 million in the first nine months of 2021. The increase in capital expenditures was primarily driven by growth and maintenance projects to continue to improve operational efficiencies.

The first nine months of 2022 includes $24.2 million in net sales and $0.3 million in operating loss attributable to the DanChem operations acquired in the fourth quarter of 2021.

Macroeconomic Events

In February 2022, the United States announced targeted economic sanctions on Russia in response to the military conflict in Ukraine. As our operations are located in North America, we have no direct exposure to Russia and Ukraine. However, we are actively monitoring the broader economic impact of the crisis, especially the potential impact on commodity and fuel prices, and the potential decreased demand for our products.

There are additional macroeconomic uncertainties, including continued global supply chain constraints, labor shortages and the continuing impact of inflation, which continues to impact the Company's raw material and distribution costs. The Company continues efforts to implement price increases to offset these inflationary pressures and continues to take action to improve working capital and evaluate other opportunities to maintain and improve financial performance in the short and long term.

Results of Operations

Consolidated Performance Summary

Consolidated net sales for the third quarter of 2022 were $100.2 million, an increase of ~~$20,299,000~~$14.0 million, or ~~59 percent when~~16.2%, compared to net sales for the third quarter of ~~2016 of $34,297,000. Net~~2021. The increase in net sales was primarily driven by a 38.7% increase in average selling price partially offset by a 16.8% decrease in pounds shipped. Excluding DanChem, net sales increased $5.7 million, or 6.6%, to $91.9 million primarily driven by a 40.8% increase in average selling price partially offset by a 23.6% decrease in pounds shipped.

Consolidated net sales for the first nine months of ~~2017~~2022 were ~~$148,311,000,~~$332.6 million, an increase of ~~$42,795,000~~$93.5 million, or ~~41 percent when~~39.1%, compared to net sales for the ~~same period~~nine months of 2021. The increase in net sales for the ~~prior year.~~ first nine months of 2022 was primarily driven by a 51.9% increase in average selling price partially offset by a 9.9% decrease in pounds shipped. Excluding DanChem, net sales increased $69.4 million, or 29.0%, to $308.4 million primarily driven by a 53.4% increase in average selling price partially offset by a 15.8% decrease in pounds shipped.

For the third quarter of ~~2017, the Company recorded net loss from continuing operations~~2022, consolidated gross profit decreased 35.8% to $11.6 million, or 11.5% of ~~$1,207,000, or $0.14 per share,~~sales, compared to ~~a net loss from continuing operations~~$18.0 million, or 20.9% of ~~$2,608,000 or $0.30 loss per share~~sales in the third quarter of 2021. The decrease for the ~~same~~third quarter ~~in the prior year.~~of 2022 was attributable to continued increasing raw material costs, freight costs, and other manufacturing costs partially offset by increased selling prices. For the first nine months of ~~2017, net income from~~

~~continuing operations was $325,000,~~2022, consolidated gross profit increased 34.6% to $54.9 million, or ~~$0.04 per share. This compares~~16.5% of sales, compared to ~~a net loss from continuing operations~~$40.8 million, or 17.1% of ~~$5,658,000, or $0.64 loss per share~~sales in the first nine months of 2021. The increase for the first nine months of ~~2016.~~2022 was attributable to increased selling prices partially offset by increasing raw material costs, freight costs, other manufacturing costs.

~~The third quarter~~Consolidated selling, general, and first nine-month periods of 2017 include financial results in the Company's Metals Segment related to the acquisition of Bristol Metals-Munhall, which closed on February 28, 2017, including net sales of $8,675,000 and $17,087,000, respectively, operating losses of $622,000 and $260,000 , respectively, and pretax acquisition transaction related charges totaling $186,000 and $1,188,000 respectively.

~~Metals Segment~~

~~Metals Segment net sales~~administrative expense (SG&A) for the third quarter of ~~2017 totaled $43,023,000, an increase~~2022 increased $3.0 million to $9.9 million, or 9.8% of ~~$20,732,000~~sales, compared to $6.9 million, or ~~93 percent from~~8.1% of sales in the third quarter of ~~2016. Excluding Bristol Metals-Munhall, third quarter net sales were up 54 percent over the same period last year. Sales~~2021. Consolidated SG&A expense for the first nine months of ~~2017 were $111,821,000, an increase~~2022 increased $5.2 million to $27.1 million, or 8.2% of ~~$43,490,000~~sales, compared to $21.9 million, or ~~64 percent from 2016. Excluding Bristol Metals-Munhall, year to date net~~9.2% of sales ~~were up 39 percent. Each product line~~ in the ~~Metals Segment showed positive sales growth, including sequential quarterly gains, and gains against the prior year’s quarter and on a year to date basis. Sales~~first nine months of ~~seamless carbon pipe were up 84 percent over last year’s third quarter and up 74 percent year to date. Sales were affected during~~2021. The increase in SG&A expense for the third quarter and first nine months of ~~2017 due to third quarter shipments and order activity across~~2022 was primarily driven by the ~~businesses~~acquisition of DanChem in the ~~Metals Segment showing improvement over the first and second quarters and are summarized as follows:~~

Sales Increase (decrease) from prior year period
$ % Average selling price
Units
shipped
Third quarter
Storage tank and vessel $ 3,116,000
68.7% 31.0% 37.7%
Seamless carbon steel pipe and tube 3,049,000
84.2% 13.8% 70.4%
Stainless steel pipe⁽¹⁾
14,567,000
103.0% (27.4)% 130.4%
   Total third quarter change $ 20,732,000

        (1) Excluding Bristol Metals - Munhall 5,892,000
41.7% (4.4)% 46.1%

First nine months
Storage tank and vessel $ 5,770,000
40.6% 27.9% 12.7%
Seamless carbon steel pipe and tube 8,011,000
74.4% 4.5% 69.9%
Stainless steel pipe⁽²⁾
29,709,000
68.5% (6.2)% 74.7%
   Total first nine months change $ 43,490,000

        (2) Excluding Bristol Metals - Munhall 12,622,000
29.1% 5.6% 23.5%

~~The Metals Segment's operating loss from continuing operations improved $1,976,000 to a loss of $1,264,000 for the third~~fourth quarter of ~~2017~~2021 as well as increases in professional fees, incentive bonus expense, and bad debt expense, lower realized gains on the disposal of assets compared to ~~a loss of $3,240,000 for~~ the ~~third quarter of 2016. For the first nine months of 2017,~~prior year partially offset by lower salaries, wages and benefits.

Consolidated operating income from continuing operations for the Metals Segment increased $8,321,000 to an operating profit of $2,660,000 compared to a loss of $5,661,000 for the same period of 2016. Current year operating results were affected by the following factors:


a)	~~The addition of Bristol Metals-Munhall operations as noted above.~~

Nickel prices and resulting surcharges for 304 and 316 alloys experienced a sharp decline in the third quarter when compared to the first half of 2017. Surcharges for both alloys declined by $.13 per pound in the third quarter, generating Metals Segment inventory price changes losses of $1,978,000, up from the prior year’s inventory price changes losses of $1,255,000. The current quarter’s inventory price changes losses more than offset the first six months’ inventory price changes gains of $719,000, resulting in a year to date inventory price changes loss totaling $1,259,000.

Margins in the stainless steel business continued to be negatively impacted during 2017. Special alloy sales were at historically low levels due to a lower incidence of project work in the downstream energy markets. While special alloy shipments as a percentage of total sales at the Bristol facility improved marginally, the decline in shipments of larger diameter pipe (14 inches and up) offset any improvement in alloy mix.


d)	~~Operating income from both seamless carbon pipe and tube and storage tanks and vessels continued to show solid improvement over the prior year.~~


e)	A $2,229,000 charge in the third quarter 2016 associated with the book loss on three Metal Segment properties sold as part of the sale-leaseback transaction closed in 2016 with no comparable loss recognized in 2017.

~~Specialty Chemicals Segment~~

~~Net sales for the Specialty Chemicals Segment~~ in the third quarter of ~~2017 were $11,573,000, representing a $433,000 or four percent decrease from~~2022 totaled $1.6 million compared to operating income of $10.7 million in the ~~same~~third quarter of ~~2016. Net sales~~2021. The operating decrease in the third quarter of 2022 was primarily driven by the aforementioned decrease in gross margin and increases in SG&A costs partially offset by increases in average selling prices. Consolidated operating income for the first nine months of 2017 were $36,489,000, down $696,000 or two percent from 2016 results. The third quarter sales decrease was comprised of a two percent decrease in pounds sold and a two percent decrease in average selling price when2022 totaled $27.0 million, increasing 60.0% compared to ~~the same period~~operating income of the prior year. For the first nine months, pounds sold decreased four percent and average selling price increased two percent. Net sales were negatively impacted during the third quarter and first nine months of 2017 by:

~~a) The loss of a single customer~~$16.9 million in ~~the second half of 2016 that reduced sales in the first half of 2017 by $2,100,000. There was no impact from this customer loss in the third quarter of this year.~~

b) The ramp up of our new fire retardant customer at CRI Tolling has not gone as quickly as we had earlier projected. Shipments did commence in the second half of the third quarter and will continue to build into the fourth quarter of this year and the first quarter of 2018. Our agreement calls for an annual volume of 3 million pounds, the run rate, which we now expect to achieve in the first quarter of next year.

~~c) We experienced some delays in receipt of raw materials coming out of the Houston area following Hurricane Harvey.~~

Operating income for the Specialty Chemicals Segment for the third quarter of 2017 decreased $37,000 from the third quarter of 2016 to $1,151,000. Operating income for the Specialty Chemicals Segment for the first nine months of ~~2017 amounted to $3,796,000, a $76,000 or two percent~~2021. The operating increase from the same period for 2016. Operating income in the third quarter and year to date was negatively impacted by an increase to the allowance for doubtful accounts of $227,000 for one customer that became financially unstable during the quarter combined with higher legal fees of $81,000. The decrease in operating income was partially offset by a $229,000 charge in the third quarter 2016 associated with the book loss on two Specialty Chemicals Segment properties sold as part of the sale-leaseback transaction closed in 2016 with no comparable loss recognized in 2017.

~~Other Items~~

Consolidated selling, general and administrative expenses increased 13 percent to $6,588,000, or 12.1 percent of sales, from $5,815,000, 17.0 percent of sales, for the third quarter of 2017 compared to the third quarter of 2016. For the first nine months of 2017, consolidated selling, general and administrative expenses were $18,926,000, or 12.8 percent of sales, an increase of eleven percent from $17,041,000, or 16.2 percent of sales, for the first nine months of 2016. Approximately $411,000 and $783,000 of the increases arose from including Bristol Metals-Munhall's selling, general and administrative expenses in the third quarter and first nine months of ~~2017, respectively, with no comparable~~2022 was primarily driven by increases in average selling prices and a continued focus on operational productivity in our facilities partially offset by increases in raw material costs ~~for 2016. The remainder of the change for both periods resulted from higher incentive based bonuses (up $233,000~~and increases in SG&A.

Tubular Products

Net sales for the Tubular Products segment in the third quarter ~~and $1,008,000 for~~of 2022 totaled $72.8 million, an increase of $2.7 million, or 3.9%, from the third quarter of 2021. The increase was primarily driven by a 40.4% increase in average selling price partially offset by 25.2% decrease in pounds shipped. Net sales in the first nine ~~months)~~months of 2022 totaled $248.5 million, an increase of $55.1 million, or 28.5%, ~~increased sales commissions and wages (up $193,000 for the quarter and $337,000 for~~from the first nine ~~months) and an~~months of 2021. The increase ~~to the allowance for doubtful accounts (up $256,000 for the quarter and $224,000 for the first nine months)~~was primarily driven by a 54.8% increase in average selling price partially offset by lower professional fees (down $101,000 for the quarter and $220,000 for the first nine months), shelf registration costs (down $5,000 for the quarter and $145,000 for the first nine months) and lower travel expenses (down $30,000 for the quarter and $125,000 for the first nine months).16.7% decrease in pounds shipped.

~~Acquisition costs~~

The net sales increase for the third quarter of ~~2017~~2022 compared to the third quarter of ~~$186,000 (mainly in the Metals Segment cost of sales) and $1,188,000~~2021 is summarized as follows:


($ in thousands)	$		%	Average selling price	Units shipped

Fiberglass and steel liquid storage tanks and separation equipment	$	98	51.7%	(52.2)%	220.4%
Heavy wall seamless carbon steel pipe and tube	1,935		18.6%	39.4%	(14.9)%
Stainless steel pipe and tube	3,978		8.2%	63.7%	(23.0)%
Galvanized pipe and tube	(3,299)		(29.4)%	9.2%	(35.4)%
Total increase	$	2,712

The net sales increase for the first nine months of ~~2017 ($782,000 in unallocated~~ 2022 compared to the first nine months of 2021 is summarized as follows:


($ in thousands)	$		%	Average selling price	Units shipped

Fiberglass and steel liquid storage tanks and separation equipment	$	(480)	(54.4)%	3.3%	(58.1)%
Heavy wall seamless carbon steel pipe and tube	7,435		25.3%	42.0%	(11.7)%
Stainless steel pipe and tube	46,001		34.2%	54.3%	(13.1)%
Galvanized pipe and tube	2,123		7.4%	41.6%	(24.1)%
Total increase	$	55,079

SG&A ~~and $406,000 in Metals Segment cost of sales), resulted from costs associated with the Bristol Metals-Munhall acquisition.~~

~~Interest~~ expense ~~was $279,000 and $273,000~~ for the third quarter of ~~2017~~2022 decreased to $3.8 million, or 5.2% of sales, compared to $4.0 million, or 5.7% of sales in the third quarter of 2021. The changes in SG&A were primarily driven by lower salaries, wages and ~~2016, respectively. For~~benefits and lower allocated costs in the current year compared to the prior year partially offset by increases in travel expense and bad debt expense.SG&A expense for the first nine months ~~interest expense~~of 2022 decreased to ~~$715,000 for 2017 from $822,000 for 2016.~~

~~Due~~$11.8 million, or 4.7% of sales, compared to ~~a higher projected~~$13.1 million, or 6.7% of sales ~~of small diameter stainless-steel pipe and tube (outside diameter of ten inches or less)~~ for the ~~remainder~~first nine months of 2021. The changes in SG&A were primarily driven by lower professional fees and lower allocated costs in the ~~measurement period,~~current year compared to the ~~earn-out liability resulting~~prior year partially offset by increases in salaries, wages and benefits and travel expense.

Operating income decreased to $4.5 million for the third quarter of 2022 compared to $11.7 million for the third quarter of 2021. The current quarter decrease in operating income was primarily driven by increasing raw material costs, increased freight and scrap costs partially offset by average selling price increases due to pass through of raw material cost fluctuations. Operating income increased to $31.9 million for the first nine months of 2022 compared to $21.8 million for the first nine months of 2021. The first nine months of 2022 increase in operating income was primarily driven by average selling price increases due to pass through of raw material cost fluctuations partially offset by increased freight and scrap costs.

Specialty Chemicals

Net sales for the Specialty Chemicals segment in the third quarter of 2022 totaled $27.3 million, representing a $11.3 million, or 70.2%, increase from the third quarter of 2021. The increase was driven by a 64.3% increase in average selling price partially offset by a 2.9% decrease in pounds shipped. Excluding DanChem, net sales totaled $19.0 million, representing a $3.0 million, or 18.5%, increase primarily driven by a 49.8% increase in average selling price partially offset by a 21.0% decrease in pounds shipped.

Net sales for the Specialty Chemicals segment in the first nine months of 2022 totaled $84.1 million, representing a $38.5 million, or 84.3%, increase from the first nine months of 2021. The increase was driven by a 66.4% increase in average selling price and a 2.0% increase in pounds shipped. Excluding DanChem, net sales totaled $59.9 million, representing a $14.3 million, or 31.3%, increase primarily driven by a 51.8% increase in average selling price partially offset by a 14.0% decrease in pounds shipped.

SG&A expense for the third quarter of 2022 increased to $2.3 million, or 8.3% of sales, compared to $1.1 million, or 6.8% of sales in the third quarter of 2021. The increase in SG&A expense was primarily driven by amortization expense related to the DanChem acquired intangibles as well as increases in salaries, wages and benefits, incentive bonus expense, bad debt expense and professional fees in the period. Excluding DanChem, SG&A expense for the third quarter of 2022 decreased to $0.5 million compared to $1.1 million in the third quarter of 2021.

SG&A expense for the first nine months of 2022 increased to $5.4 million, or 6.5% of sales, compared to $4.1 million, or 9.0% of sales in the first nine months of 2021. The increase in SG&A expense was primarily driven by amortization expense related to the DanChem acquired intangibles as well as increases in salaries, wages and benefits, incentive bonus expense, bad debt expense and professional fees partially offset by lower share-based compensation expense. Excluding DanChem, SG&A expense for the first nine months of 2022 decrease to $1.4 million compared to $4.1 million in the first nine months of 2021.

Operating income decreased to $1.1 million for the third quarter of 2022 compared to operating income of $1.4 million for the third quarter of 2021. The decrease in operating income is primarily driven by the aforementioned increases in SG&A expense in the period. Operating income increased to $6.1 million for the first nine months of 2022 compared to $2.0 million for the first nine months of 2021. The increase in operating income is primarily driven by increases in average selling prices and the acquisition of ~~Bristol Metals-Munhall was~~DanChem in fourth quarter of 2021 partially offset by the aforementioned increases in SG&A expense.

Other Items

Unallocated corporate expenses for the third quarter of 2022 increased ~~by $63,000 and $145,000~~$1.9 million, or 93.5%, to $3.9 million, or 3.9% of sales, compared to $2.0 million, or 2.3% of sales, in the prior year comparative period. Unallocated corporate expenses for the first nine months of 2022 increased $5.1 million, or 99.3%, to $10.2 million, or 3.1% of sales, compared to $5.1 million, or 2.2% of sales, in the prior year comparative period. The third quarter and first nine months of ~~2017.~~2022 increases resulted primarily from decreases in allocated costs, increases in professional fees, share based compensation, taxes, licenses and insurance and other corporate overhead costs partially offset by decreases in salaries, wages and benefits.

~~The Company purchased 225,000 shares of a potential acquisition target~~Interest expense for ~~$3,832,000 during the second quarter of 2017. During~~ the third quarter of ~~2017, acquisition discussions were stopped and~~2022 increased to $0.8 million, from $0.3 million for the ~~Company sold all~~third quarter of ~~their holdings, realizing a $310,000 gain on~~2021. For the ~~investment. As~~first nine months of 2022, interest expense increased to $1.6 million from $1.1 million in the first nine months of 2021 primarily driven by higher debt outstanding in the current year as a result of the ~~sale, unrealized gains, net~~DanChem acquisition in the fourth quarter of tax, of $366,000 were reclassified out of accumulated other comprehensive income ("AOCI") with the realized gain on sale included in other income which reduced the balance of AOCI to zero at September 30, 2017. The Company used the average cost method to determine the realized gain or loss for each transaction.2021.

The effective tax rate was ~~30 percent~~27.3% and ~~28 percent~~14.0% for the ~~three-month~~three and ~~nine-month periods~~nine months ended September 30, ~~2017, respectively.~~2022. The ~~2017~~three months ended September 30, 2022, effective tax rate was higher than the U.S. statutory rate 21.0% primarily due to lower quarter to date pretax earnings relative to permanent differences. The nine months ended September 30, 2022, effective tax rate was lower than the U.S. statutory rate of ~~34 percent~~21.0% primarily dueto ~~state tax expense and other permanent differences, mainly~~ the ~~manufacturer's exemption. The effective tax rate was 34 percent and 25 percent for~~year-to-date release of federal valuation allowances.

During the ~~three-month and nine-month periods~~nine months ended September 30, ~~2016, respectively.~~2022, the Company continued to generate pre-tax profits and as a result of sustained profitability evidenced by a strong earnings history and additional positive evidence, the Company determined it was more likely than not it would be able to support realization of certain deferred tax assets and released valuation allowances of $1.9 million. The ~~nine-month 2016 effective~~remaining valuation allowances relate to certain U.S. state deferred tax ~~rate was lower than~~assets that are not considered realizable based on the ~~34 percent statutory rate primarily due to state tax expense and a one-time permanent difference reducing the amount~~assessment of ~~tax benefit of the pre-tax loss for that period.~~

~~The Company's cash balance decreased $48,000 to $15,000~~all available evidence as of September 30, ~~2017~~2022.

The three and nine months ended September 30, 2021 effective tax rates approximated the U.S. statutory rate of 21.0%.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use the following non-GAAP financial measures: EBITDA and Adjusted EBITDA. Management believes that these non-GAAP measures are useful because they are key measures used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions as well as allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

EBITDA and Adjusted EBITDA

We define "EBITDA" as earnings before interest (including change in fair value of interest rate swap), income taxes, depreciation and amortization. We define "Adjusted EBITDA" as EBITDA further adjusted for the impact of non-cash and other items we do not consider in our evaluation of ongoing performance. These items include: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, shelf registration costs, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring and severance costs from net income. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.

Consolidated EBITDA and Adjusted EBITDA are as follows:


		Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)		2022			2021			2022			2021
Consolidated
Net income		$	624		$	8,199		$	21,941		$	12,179
Adjustments:
	Interest expense	827			329			1,637			1,068
	Change in fair value of interest rate swap	—			—			—			(2)
	Income taxes	234			2,179			3,573			3,235
	Depreciation	2,171			1,868			6,380			5,459
	Amortization	1,146			680			2,588			2,041
EBITDA		5,002			13,255			36,119			23,980
	Acquisition costs and other	149			201			837			201
	Proxy contest costs and recoveries	—			—			—			168

	Loss on extinguishment of debt	—			—			—			223
	Earn-out adjustments	—			160			(7)			1,430
	Loss on investments in equity securities and other investments	—			—			—			363
	Asset impairments	—			—			—			233

	Gain on lease modification	—			—			(2)			—
	Stock-based compensation	313			239			708			695
	Non-cash lease expense	108			124			322			373
	Retention expense	—			18			—			494
	Restructuring and severance cost	—			811			10			1,287
Adjusted EBITDA		$	5,572		$	14,808		$	37,987		$	29,447
	% of sales	5.6		%	17.2		%	11.4		%	12.3		%

Tubular Products EBITDA and Adjusted EBITDA are as follows:


		Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)		2022			2021			2022			2021
Tubular Products
Net income		$	4,539		$	11,556		$	32,037		$	20,558
Adjustments:
	Interest expense	—			—			1			—
	Depreciation	1,063			1,449			3,438			4,192
	Amortization	625			680			1,876			2,041
EBITDA		6,227			13,685			37,352			26,791

	Earn-out adjustments	—			160			(7)			1,430


	Stock-based compensation	40			(7)			64			75
	Non-cash lease expense	—			—			(1)			—
	Retention expense	—			18			—			494
	Restructuring and severance costs	—			313			—			363
Tubular Products Adjusted EBITDA		$	6,267		$	14,169		$	37,408		$	29,153
	% of segment sales	8.6		%	20.2		%	15.1		%	15.1		%

Specialty Chemicals EBITDA and Adjusted EBITDA are as follows:


		Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)		2022			2021			2022			2021
Specialty Chemicals
Net income		$	1,088		$	1,360		$	6,083		$	2,001
Adjustments:
	Interest expense	9			—			28			1
	Depreciation	1,097			389			2,897			1,165
	Amortization	520			—			712			—
EBITDA		2,714			1,749			9,720			3,167
	Asset impairments	—			—			—			233
	Stock-based compensation	12			5			29			172
	Non-cash lease expense	—			—			1			—
	Restructuring and severance costs	—			—			—			427
Specialty Chemicals Adjusted EBITDA		$	2,726		$	1,754		$	9,750		$	3,999
	% of segment sales	10.0		%	10.9		%	11.6		%	8.8		%

Liquidity and Capital Resources

We closely manage our liquidity and capital resources. Our liquidity requirements depend on key variables, including level of investment required to support our business strategies, the performance of our business, capital expenditures, credit facilities and working capital management. Capital expenditures and share repurchases are a component of our cash flow and capital management strategy which we can adjust in response to economic and other changes in our business environment. We have a disciplined approach to capital allocation focusing on priorities that support our business and growth.

Sources of Liquidity

Funds generated by operating activities supplemented by our available cash and cash equivalents and our credit facilities are our most significant sources of liquidity. As of September 30, 2022, we held $0.5 million of cash and cash equivalents, as well as $36.7 million of remaining available capacity on our revolving line of credit. We believe our sources of liquidity will be sufficient to fund operations and anticipated capital expenditures as well as repay our debt obligations as they become due over the next 12 months and beyond.

Cash Flows

Cash flows from total operations were as follows:


	Nine Months Ended September 30,
(in thousands)	2022		2021
Total cash provided by (used in):
Operating activities	$	993	$	16,186
Investing activities	(3,462)		293
Financing activities	980		(15,541)
Net (decrease) increase in cash and cash equivalents	$	(1,489)	$	938

Operating Activities

The decrease in cash provided by operating activities for the nine months ended September 30, 2022, compared to ~~$63,000 at December 31, 2016. Fluctuations during~~cash provided by operating activities in the ~~period were comprised~~nine months ended September 30, 2021, was primarily driven by changes in working capital. Changes in working capital can vary significantly depending on factors such as the timing of inventory production and purchases, customer payments of accounts receivable and payments to vendors in the ~~following:~~


a)	~~On February 28, 2017, the Company completed the acquisition of Bristol Metals-Munhall~~regular course of business. Inventory decreased operating cash flows for ~~$11,954,000. This excludes a $3,000,000 deposit made in the prior year;~~

Net accounts receivable increased $12,284,000 at September 30, 2017 when compared to the prior year end, which resulted from a 59 percent increase in sales for the last two months of the third quarter 2017 compared to the last two months of the fourth quarter 2016. Also, days sales outstanding, calculated using a three-month average basis, decreased by 2 days to 49 days outstanding at the end of the third quarter 2017 from 51 days outstanding at the end of 2016;

Net inventories, excluding the $5,434,000 of inventory obtained in the Bristol Metals-Munhall acquisition, increased $4,272,000 at September 30, 2017 as compared to year-end 2016. The increase resulted from building Bristol Metals-Munhall inventory from acquisition levels (up $8,110,000), increased inventory for storage tanks to support higher sales activity (up $2,899,000) along with higher Specialty Chemicals inventory (up $2,714,000) due to raw material inventory required for the fire retardant product line along with raw material price increases. These increases were partially offset by lower heavy wall pipe and tube inventory (down $4,643,000) resulting from higher sales levels and lower stainless steel pipe inventory (down $4,808,000) resulting from purchases for a large sales order being made during the fourth quarter of 2016 that was shipped early 2017 combined with lower nickel surcharges in 2017. Inventory turns increased from 1.90 turns at December 31, 2016, calculated on a three-month average basis, to 2.79 turns at September 30, 2017;


d)	Accounts payable increased $8,084,000 as of September 30, 2017 from the prior year-end. The significant portion of the increase was for Bristol Metals-Munhall (up $6,716,000) as inventory is being purchased to support sales projections. Payable days outstanding remained at approximately 60 days at the end of the third quarter of 2017 and at December 31, 2016; and


e)	~~Capital expenditures for the first nine months of 2017 were $3,693,000.~~

~~The Company drew $17,919,000 against its line of credit during~~ the first nine months of ~~2017~~2022 by $36.1 million compared to a decrease of $15.5 million for the first nine months of 2021. The increase in inventory is primarily due to product cost and ~~had $26,723,000~~freight inflation over the prior year, partially offset by slightly higher inventory turns year-over-year.

Investing Activities

Net cash used in investing activities primarily consists of transactions related to capital expenditures. The increase in cash used in investing activities for the nine months ended September 30, 2022, compared to the cash provided by investing activities for the nine months ended September 30, 2021, was primarily due to increases in capital expenditures in the current year compared to the prior year and lower proceeds received from property, plant and equipment disposal activities in the current year.

Financing Activities

Net cash provided by financing activities primarily consists of transactions related to our long-term debt and earn-out liabilities. The increase in cash provided by financing activities for the nine months ended September 30, 2022, compared to cash used in financing activities for the nine months ended September 30, 2021, was primarily due to increased borrowings ~~outstanding as~~under the Company's credit facility, proceeds received under the note payable associated with the Company's insurance financing agreement and decreased payments for the Company's earnout liabilities.

Short-term Debt

The Company has a note payable in the amount of $1.0 million with an annual interest rate of 2.77% maturing April 1, 2023, associated with the financing of the Company's insurance premium in the current year. As of September 30, ~~2017. Covenants under~~2022, the outstanding balance was $0.6 million.

Long-term Debt

The Company and its subsidiaries have a Credit Agreement ~~include maintaining~~with BMO providing the Company with a four-year revolving credit facility, maturing on January 15, 2025, and providing the Company with up to $150.0 million of borrowing capacity. As of September 30, 2022, the Company had $72.6 million of total borrowings outstanding with its lender, an increase of $2.2 million from the balance at December 31, 2021. The Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $7.5 million and ~~a limitation on~~(ii) 10% of the ~~Company’s maximum amount~~revolving credit facility (currently $10.5 million). As of ~~capital expenditures per year, which is in line with currently projected needs. The~~September 30, 2022, the Company was in compliance with all ~~covenants as~~debt covenants. See Note 8 in the notes to the unaudited condensed consolidated financial statements for additional information on the Company's line of credit.

Share Repurchases and Dividends

We have a share repurchase program, authorized by the Company's Board of Directors, that is executed through purchases made from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Shares repurchased are returned to status of authorized, but unissued shares of common stock or held in treasury. During the three and nine months ended September 30, 2022, the Company purchased 30,200 shares under the stock repurchase program at an average price of approximately $16.29 per share for an aggregate amount of $0.5 million. During the three and nine months ended September 30, 2021, the Company purchased no shares under the stock repurchase program.

As of September 30, ~~2017.~~2022, the Company has 760,183 shares of its share repurchase authorization remaining.

At ~~December 31, 2016,~~ the ~~Company recorded $11,000,000 in accrued expenses and current assets to reflect the legal liability and corresponding indemnified receivable due from the former shareholders~~end of Palmer. On June 30, 2017, the plaintiff entered into settlement agreements with Palmer/Synalloy and the former shareholders of Palmer, respectively. On August 31, 2017, the former shareholders of Palmer satisfied the financial conditions specified in their settlement agreement with the plaintiff, and the plaintiff filed a Release of Final Judgment with the Court. Because of indemnification terms included in the Stock Purchase Agreement between Synalloy and the former owners of Palmer, neither Synalloy or Palmer contributed to the payments required by the settlement agreements. As a result of the filed Release of Final Judgment the legal liability and corresponding indemnified receivable due from the former shareholders of Palmer were reduced to zero at August 31, 2017.

~~Outlook~~

The Metals Segment should benefit from higher nickel and WTI prices, improving order activity, and solid backlog. The fire retardant business along with several smaller product additions should provide incremental gains for the Specialty Chemicals Segment over the next several quarters. As previously reported,each fiscal year the Board of Directors ~~has~~reviews the financial performance and capital needed to support future growth to determine the amount of cash dividend, if any, which is appropriate. In 2021, no dividends were declared ~~a $.13 per share dividend,~~or paid by the Company.

Other Financial Measures

Below are additional financial measures that we believe are important in understanding the Company's liquidity position from year to year. The metrics are defined as:

~~which~~

Liquidity Measure:

•Current ratio = current assets divided by current liabilities. The current ratio will be ~~paid on November 6, 2017. We have started our planning activities for 2018 and will provide some guidance later this year. We remain optimistic that our end markets continue to improve and that~~determined by the Company ~~is well positioned~~using generally accepted accounting principles, consistently applied.

Leverage Measure:

•Debt to capital = total debt divided by total capital. The debt to capital ratio will be determined by the Company using generally accepted accounting principles, consistently applied.

Profitability Ratio:

•Return on average equity ("ROAE") = net income divided by the trailing 12-month average of equity. The ROAE will be determined by the Company using generally accepted accounting principles, consistently applied.

Results of these additional measures are as follows:


	September 30, 2022	December 31, 2021
Current ratio	3.3	3.3
Debt to capital	35%	39%
Return on average equity	26.3%	21.1%

Material Cash Requirements from Contractual and Other Obligations

As of September 30, 2022, our material cash requirements for ~~growth~~our known contractual and other obligations were as follows:

•Debt Obligations and Interest Payments - Outstanding obligations on our revolving credit facility and term loan were $68.3 million and $4.3 million, respectively, with $2.5 million payable within 12 months. The interest payments on our remaining borrowings will be determined based upon the average outstanding balance of our borrowings and the prevailing interest rate during that time. Outstanding obligations on our note payable were $0.6 million, which matures within 12 months. Interest payments on the remaining note payable borrowings will be based on an interest rate of 2.77%. See Note 8 for further detail of our debt and the timing of expected future payments.

•Operating and Finance Leases - The Company enters into various lease agreements for the real estate and manufacturing equipment used in ~~2018.~~the normal course of business. Operating and finance lease obligations were $33.8 million, with $1.3 million payable within 12 months. See Note 9 for further detail of our lease obligations and the timing of expected future payments.

~~Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995~~

~~This quarterly report includes and incorporates by reference "forward-looking statements" within the meaning of the federal securities laws. All statements~~The Company has no off-balance sheet arrangements that are not historical facts are "forward-looking statements." The words "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may"reasonably likely to have a material current or future effect on the Company's financial position, revenues, results of operations, liquidity, or capital expenditures. We expect capital spending to be as much as $3.5 million for the remainder of fiscal 2022.

Critical Accounting Policies and similar expressions identify forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. The following factors could cause actual results to differ materially from historical results or those anticipated: adverse economic conditions; the impactEstimates

We describe our significant accounting policies in Note 1, Summary of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw materials availability; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; customer delays or difficultiesSignificant Accounting Policies, in the ~~production of products; new fracking regulations; a prolonged decrease in oil and nickel prices; unforeseen delays in completing~~notes to the ~~integrations of acquisitions; risks associated with mergers, acquisitions, dispositions and other expansion activities;~~consolidated financial stability of our customers; environmental issues; unavailability of debt financing on acceptable terms and exposure to increased market interest rate risk; inability to comply with covenants and ratios required by our debt financing arrangements; ability to weather an economic downturn; loss of consumer or investor confidence and other risks detailed from time-to-timestatements presented in the ~~Company's Securities~~Annual Report on Form 10-K for the year ended December 31, 2021. We discuss our critical accounting estimates in Item 7, Management's Discussion and ~~Exchange Commission filings. The Company assumes~~Analysis of Financial Condition and Results of Operations, in the Annual Report on Form 10-K for the year ended December 31, 2021. There have been no ~~obligation to update~~significant changes in our significant accounting policies or critical accounting estimates since the ~~information included in this report.~~end of 2021.

Item 3. Quantitative and Qualitative Disclosures about Market Risks

~~Information about~~We are a smaller reporting company as defined in Rule 12b-2 of the ~~Company's exposure~~Exchange Act; therefore, we are not required to ~~market risk was disclosed in its Annual Report on Form 10-K for~~provide the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 14, 2017. There have been no material quantitative or qualitative changes in market risk exposure since the date of that filing.information required by this Item.

Item 4. Controls and Procedures

~~Based on the evaluation required by 17 C.F.R. Section 240.13a-15(b) or 240.15d-15(b)~~Evaluation of Disclosure Controls and Procedures

The term “disclosure controls and procedures” is defined in Rule 13a-15(e) of the ~~Company's~~Exchange Act as “controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms.” The Company’s disclosure controls and procedures ~~(as defined in 17 C.F.R. Sections 240.13a-15(e)~~are designed to ensure that material information relating to the Company and ~~240.15d-15(e)), the Company's~~its consolidated subsidiaries is accumulated and communicated to its management, including its Chief Executive Officer and its Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. The Company’s management, with the participation of its Chief Executive Officer and Chief ~~Accounting~~Financial Officer, ~~concluded that that such~~conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2022. Based upon that evaluation, the ~~end~~Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were not effective as of September 30, 2022, because of the previously reported material weaknesses in internal control over financial reporting, as described below.

Previously Reported Material Weaknesses in Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15f-15(f). As reported in our 2021 Form 10-K, we did not maintain effective internal control over financial reporting as of December 31, 2021 as a result of material weaknesses in the control environment and control activities areas. A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Refer to our 2021 Form 10-K for a description of our material weaknesses.

Ongoing Remediation Efforts to Address Material Weaknesses

Our material weaknesses were not remediated at September 30, 2022; however, during the nine months ended September 30, 2022, management has undertaken steps toward remediation of our material weaknesses identified in our internal control over financial reporting. Our Board of Directors and management are committed to the continued implementation of remediation efforts to address the material weaknesses. As part of the overall remediation plan, the Company is designing and implementing review and approval controls over the data utilized in various accounting processes. These controls will address the accuracy, timely recording and completeness of data used in the determination of significant accounting estimates, reserves and valuations as well as presentation and disclosures in accordance with U.S. GAAP.

The following steps are among the measures taken by the Company with a number of these initiatives directly related to strengthening our controls and addressing specific control deficiencies which contributed to the material weaknesses. Because of these efforts, as of the date of this filing, the Company believes it has made progress toward remediating the underlying causes of the remaining material weaknesses. The steps taken during the nine months ended September 30, 2022 to remediate the deficiencies underlying the material weaknesses include:

•Engaging an outside service provider to assist management with the remediation efforts including to help review and make recommendations with respect to the redesign and implementation of our internal controls over financial reporting.

•Engaging Senior Leadership across the organization to better define its ownership of areas of internal controls and remediation.

•Hiring accounting and finance resources with relevant public company experience as well as filling key leadership roles in accounting and finance to enhance the capabilities of accounting and finance across the organization.

•Providing and expanding relevant training on internal controls over financial reporting to control owners and control preparers across the organization to reinforce the importance of a strong control environment.

•Developing enhanced policies and procedures relating to documentation of control activities performed including those that reflect the control attributes performed and the demonstration of completeness and accuracy of the data used in the control.

•Designing and implementing enhanced procedures and controls over the period-end close process and related documentation including but not limited to, period ~~covered~~end checklists, review and approval of journal entries, account reconciliations and account analysis and financial statement analysis and thresholds. Additional time is needed to demonstrate sustainability as it relates to the effectiveness of the revised controls.

•Designing and enhancing procedures to ensure critical inputs affecting the accuracy and timeliness of revenue recognition. We are in the process of implementing these enhancements and additional time is needed to demonstrate sustainability as it relates to the effectiveness of the revised controls.

•Designing and enhancing improved review and approval controls across the Company to ensure that revenue, including nonroutine revenue transactions, is recognized consistently in accordance with the terms of the customer contracts and U.S. GAAP. We are in the process of implementing these enhancements and additional time is needed to demonstrate sustainability as it relates to the effectiveness of the revised controls.

•Designing and enhancing improved procedures over the Company's review and approval of obsolescence of inventories. We are in the process of implementing these enhancements and additional time is needed to demonstrate sustainability as it relates to the effectiveness of the revised controls.

The Audit Committee of the Board of Directors is monitoring management's ongoing remediation efforts. With the Audit Committee's oversight, management has dedicated significant resources and efforts to improve our internal control environment to remedy the identified material weaknesses. As we continue to evaluate and implement improvements to our internal control over financial reporting, our management may decide to take additional measures to address our control deficiencies or to modify the remediation efforts undertaken. Because the reliability of the internal control process requires repeatable execution, our material weaknesses cannot be considered fully remediated until all remedial processes and procedures (including additional remediation efforts identified by ~~this quarterly report, were~~our senior management as necessary) have been implemented, each applicable control has operated for a sufficient period of time and management has concluded, through testing, that the controls are operating effectively. Until all identified material weaknesses are remediated, we will not be able to assert that our internal controls are effective.

Changes in Internal Control over Financial Reporting

~~The Company's management, including~~Other than the ~~Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, identified~~ongoing remediation efforts described above, there have been no ~~change~~changes in the ~~Company's~~Company’s internal control over financial reporting ~~that occurred~~ during the ~~most recent fiscal quarter~~three and nine months ended September 30, 2022 that ~~has~~have materially affected, or isare reasonably likely to materially affect, ~~the Company's~~its internal control over financial reporting. Management has excluded the Munhall facility's operations (acquired in the MUSA Stainless acquisition) from its assessment of internal control over financial reporting as of September 30, 2017 because this material acquisition closed in the first quarter of 2017. Total assets and total revenue associated with the Munhall facility represent approximately 21 percent, or $33.5 million and twelve percent, or $17.1 million, respectively, of the related consolidated financial statement amounts of the Metals Segment as of, and for the quarter ended, September 30, 2017.

PART II

Item 1. Legal Proceedings

It is not unusual for us and our subsidiaries to be involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, and environmental matters. We establish reserves in a manner that is consistent with accounting principles generally accepted in the ~~United States~~U.S. for costs associated with such matters when a liability is probable and those costs are capable of being reasonably estimated. We cannot predict with any certainty the outcome of these unresolved legal actions or the range of possible loss or recovery. Based on current information, however, we believe that the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on our financial position, results of operations or cash flows. There were no material changes in our Legal Proceedings, as discussed in Part I, Item 3 in the Company's Annual Report on Form 10-K for the period ending December 31, ~~2016, other than those discussed in Note 11 in Part I, Item 1 of this quarterly report.~~2021.

Item 1A. Risk Factors

There were no material changes in our assessment of risk factors as discussed in Part I, Item 1A in the Company's Annual Report on Form 10-K for the ~~fiscal~~ year ended December 31, ~~2016.~~2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth information with respect to purchases of the Company’s common stock on a trade date basis made during the three months ended September 30, 2022:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs1	Number of Shares that May Yet Be Purchased under the Program
July 1, 2022 - July 31, 2022	—	$	—	—	790,383
August 1, 2022 - August 31, 2022	11,050	17.67		11,050	779,333
September 1, 2022 - September 30, 2022	19,150	15.49		19,150	760,183
As of September 30, 2022	30,200	$	16.29	30,200	760,183

1Pursuant to the 790,383 share stock repurchase program authorized by the ~~Issuer and Affiliated Purchasers~~

~~Period~~

~~(a)~~

~~Total number of shares (or units) purchased~~

~~(b)~~

~~Average price paid per share (or unit)~~

~~(c)~~

~~Total number of shares (or units) purchased as part of publicly announced plans or programs~~

~~(d)~~

~~Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs~~

~~Jan 1, 2017 - Mar 31, 2017~~

—

~~870,100~~

~~Apr 1, 2017 - June 30, 2017~~

—

~~870,100~~

~~Jul 1, 2017 - Aug 31, 2017~~

—

~~870,100~~

~~Total~~

—

~~The Stock Repurchase Plan was approved by the Company's~~ Board of Directors ~~on August 31, 2015 authorizing the Company's Chief Executive Officer or the Chief Financial Officer to~~in February 2021. The stock repurchase shares of the Company's stock on the open market, provided however, that the number of shares of common stock repurchased pursuant to the resolutions adopted by the Board do not exceed 1,000,000 sharesprogram expires in twenty-four months from authorization and ~~no shares shall be repurchased at a price in excess of $10.99 per share or during an insider trading "closed window" period. There~~there is no guarantee onto the exact number of shares that will be ~~purchased~~repurchased by the Company ~~and the Company may discontinue purchases at any time~~over that ~~management determines~~period. See Note 10 for additional ~~purchases are not warranted. The Stock Repurchase Plan will expire on August 31, 2017.~~information.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits



Exhibit No.		Description
~~10.1~~3.1		~~Third Amended and Restated Loan agreement, dated as~~Certificate of ~~October 30, 2017, between Registrant and Branch Banking and Trust ("BB&T")~~Amendment of Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to Form 8-K filed on August 10, 2022
3.2		A men ded and Restated By-laws , inco rporat ed refere nce to Exhibit 3.2 to Form 8-K filed on August 10, 2022
31.1		Rule 13a-14(a)/15d-14(a) Certifications of Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer
~~31.3~~32.1		~~Rule 13a-14(a)/15d-14(a) Certification of the Chief Accounting Officer~~
32	Certifications Pursuant to 18 U.S.C. Section 1350
101.INS*		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase
101.LAB*		XBRL Taxonomy Extension Label Linkbase
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase
101.DEF*		XBRL Taxonomy Extension Definition Linkbase
*104		Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101*)
*		In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed "furnished" and not "filed."


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, par value $1.00 per share	ACNT	NASDAQ Global Market


						(Unaudited)
	Sep 30, 2017		Dec 31, 2016			September 30, 2022		December 31, 2021
Assets					Assets
Current assets
Current assets:					Current assets:
Cash and cash equivalents	$	15,410	$	62,873	Cash and cash equivalents	$	532	$	2,021
Accounts receivable, less allowance for doubtful accounts
of $236,000 and $82,000, respectively	30,312,586		18,028,946
Accounts receivable, net of allowance for credit losses of $998 and $216, respectively					Accounts receivable, net of allowance for credit losses of $998 and $216, respectively	55,592		50,126
Inventories, net	70,506,055		60,799,509		Inventories, net	137,843		103,249
Prepaid expenses and other current assets	9,048,905		7,272,569		Prepaid expenses and other current assets	4,632		3,728
Indemnified contingencies - see Note 11	—		11,339,888
Assets held for sale					Assets held for sale	518		855
Total current assets	109,882,956		97,503,785		Total current assets	199,117		159,979
Property, plant and equipment, net					Property, plant and equipment, net	43,176		43,720
Right-of-use assets, operating leases, net					Right-of-use assets, operating leases, net	29,575		30,811
Goodwill					Goodwill	11,430		12,637
Intangible assets, net					Intangible assets, net	11,794		14,382

Property, plant and equipment, net of accumulated
depreciation of $49,135,440 and $45,219,309 respectively	34,967,728		27,324,092
Goodwill	6,003,525		1,354,730
Intangible assets, net of accumulated amortization
of $9,885,902 and $8,148,162, respectively	11,490,767		12,308,838
Deferred charges, net and other non-current assets	88,689		146,618
Deferred charges, net					Deferred charges, net	228		302
Other non-current assets, net					Other non-current assets, net	4,122		4,171
Total assets	$	162,433,665	$	138,638,063	Total assets	$	299,442	$	266,002

Liabilities and Shareholders' Equity					Liabilities and Shareholders' Equity
Current liabilities
Current liabilities:					Current liabilities:
Accounts payable	$	24,769,264	$	16,684,508	Accounts payable	$	44,815	$	32,318
Accrued expenses	9,779,911		16,087,434
Accounts payable - related parties					Accounts payable - related parties	—		2
Accrued expenses and other current liabilities					Accrued expenses and other current liabilities	11,430		12,407
Current portion of note payable					Current portion of note payable	580		—
Current portion of long-term debt					Current portion of long-term debt	2,464		2,464
Current portion of earn-out liabilities					Current portion of earn-out liabilities	—		1,961
Current portion of operating lease liabilities					Current portion of operating lease liabilities	1,041		1,104
Current portion of finance lease liabilities					Current portion of finance lease liabilities	290		233

Total current liabilities	34,549,175		32,771,942		Total current liabilities	60,620		50,489
Long-term debt					Long-term debt	70,131		67,928

Long-term debt	26,722,960		8,804,206
Long-term portion of operating lease liabilities					Long-term portion of operating lease liabilities	31,190		32,059
Long-term portion of finance lease liabilities					Long-term portion of finance lease liabilities	1,302		1,414
Deferred income taxes	1,576,515		1,609,492		Deferred income taxes	1,593		2,433
Long-term deferred gain, sale-leaseback	6,016,918		6,267,623
Long-term portion of earn-out liability	3,119,856		—
Other long-term liabilities	756,806		592,245		Other long-term liabilities	67		89
Total non-current liabilities					Total non-current liabilities	104,283		103,923

Shareholders' equity
Common stock, par value $1 per share - authorized 24,000,000 shares; issued 10,300,000 shares	10,300,000		10,300,000
Commitments and contingencies – See Note 13					Commitments and contingencies – See Note 13

Shareholders' equity:					Shareholders' equity:
Common stock, par value $1 per share; authorized 24,000,000 shares; issued 11,085,103 shares					Common stock, par value $1 per share; authorized 24,000,000 shares; issued 11,085,103 shares	11,085		11,085
Capital in excess of par value	35,069,410		34,714,206		Capital in excess of par value	46,637		46,058
Retained earnings	58,261,200		57,936,533		Retained earnings	85,021		63,080
	103,630,610		102,950,739			142,743		120,223
Less cost of common stock in treasury: 1,583,107 and 1,630,690 shares, respectively	13,939,175		14,358,184
Less: cost of common stock in treasury - 850,671 and 918,471 shares, respectively					Less: cost of common stock in treasury - 850,671 and 918,471 shares, respectively	8,204		8,633
Total shareholders' equity	89,691,435		88,592,555		Total shareholders' equity	134,539		111,590
Commitments and contingencies – See Note 11
Total liabilities and shareholders' equity	$	162,433,665	$	138,638,063	Total liabilities and shareholders' equity	$	299,442	$	266,002



	Three Months Ended						Nine Months Ended
	Sep 30, 2017			Sep 30, 2016			Sep 30, 2017			Sep 30, 2016
Net sales	$	54,595,924		$	34,297,231		$	148,310,548		$	105,515,911

Cost of sales	49,759,304			29,792,812			127,892,423			92,295,722

Gross profit	4,836,620			4,504,419			20,418,125			13,220,189

Selling, general and administrative expense	6,587,791			5,814,655			18,925,593			17,041,216
Acquisition related costs	37,402			1,034			782,397			76,091
(Gain) loss on sale-leaseback	(83,568		)	2,455,347			(250,705		)	2,455,347
Operating (loss) income	(1,705,005		)	(3,766,617		)	960,840			(6,352,465		)
Other expense (income)
Interest expense	279,598			272,987			715,131			822,426
Change in fair value of interest rate swaps	(8,497		)	(115,328		)	(33,000		)	276,512
Earn-out adjustment	62,804			—			145,200			—
Other, net	(316,158		)	—			(316,158		)	—

(Loss) income from continuing operations before income taxes	(1,722,752		)	(3,924,276		)	449,667			(7,451,403		)
(Benefit from) provision for income taxes	(516,000		)	(1,316,000		)	125,000			(1,893,000		)

Net (loss) income from continuing operations	(1,206,752		)	(2,608,276		)	324,667			(5,558,403		)
Net loss from discontinued operations, net of tax	—			—			—			(99,334		)
Net (loss) income	$	(1,206,752	)	$	(2,608,276	)	$	324,667		$	(5,657,737	)

Other comprehensive loss, net of tax:
Unrealized gains on available for sale securities, net of tax	—			—			366,346			—
Reclassification adjustment for gains included in
net income, net of tax	(366,346		)	—			(366,346		)	—
Other comprehensive loss	(366,346		)	—			—			—
Comprehensive (loss) income	$	(1,573,098	)	$	(2,608,276	)	$	324,667		$	(5,657,737	)

Net (loss) income per common share from continuing operations:
Basic	$	(0.14	)	$	(0.30	)	$	0.04		$	(0.64	)
Diluted	$	(0.14	)	$	(0.30	)	$	0.04		$	(0.64	)

Net loss per common share from discontinued operations:
Basic	$	—		$	—		$	—		$	(0.01	)
Diluted	$	—		$	—		$	—		$	(0.01	)

Net (loss) income per common share:
Basic	$	(0.14	)	$	(0.30	)	$	0.04		$	(0.65	)
Diluted	$	(0.14	)	$	(0.30	)	$	0.04		$	(0.65	)

Weighted average shares outstanding:
Basic	8,716,893			8,658,361			8,696,884			8,644,437
Dilutive effect from stock options and grants	—			—			17,030			—
Diluted	8,716,893			8,658,361			8,713,914			8,644,437



	Nine Months Ended
	Sep 30, 2017			Sep 30, 2016
Operating activities
Net income (loss)	$	324,667		$	(5,657,737	)
Loss from discontinued operations, net of tax	—			99,334
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	3,916,131			3,322,115
Amortization expense	1,827,171			1,844,840
Amortization of debt issuance costs	40,829			58,681
Deferred income taxes	(32,978		)	(1,124,386		)
Gain on sale of available for sale securities	(310,043		)	—
Provision for (reduction) of losses on accounts receivable	192,892			(51,531		)
Provision for losses on inventories	500,338			460,726
Gain on sale of property, plant and equipment	2,279			2,294,917
Amortization of deferred gain on sale-leaseback	(250,705		)	—
Straight line lease cost on sale-leaseback	304,898			—
Change in cash value of life insurance	—			1,502
Change in fair value of interest rate swaps	(33,000		)	276,512
Issuance of treasury stock for director fees	287,475			330,000
Employee stock option and grant compensation	486,740			291,262
Changes in operating assets and liabilities:
Accounts receivable	(12,476,532		)	(2,130,955		)
Inventories	(4,772,884		)	4,198,000
Other assets and liabilities, net	10,179,835			(932,324		)
Accounts payable	8,084,756			770,428
Accrued expenses	(7,900,999		)	(142,533		)
Accrued income taxes	(2,392,073		)	(1,605,714		)
Net cash (used in) provided by continuing operating activities	(2,021,203		)	2,303,137
Net cash used in discontinued operating activities	—			(3,943,137		)
Net cash used in operating activities	(2,021,203		)	(1,640,000		)
Investing activities
Purchases of property, plant and equipment	(3,692,571		)	(2,115,577		)
Proceeds from sale of property, plant and equipment	1,048			22,215,362
Purchases of available for sale securities	(3,831,521		)	—
Proceeds from sale of available for sale securities	4,141,564			—
Acquisition of the stainless pipe and tube assets of Marcegaglia USA, Inc.	(11,953,513		)	—
Proceeds from life insurance policies	—			1,502,283
Net cash (used in) provided by investing activities	(15,334,993		)	21,602,068
Financing activities
Net borrowings from line of credit	17,918,754			6,566,157
Payments on long-term debt	—			(26,068,228		)
Payments on capital lease obligation	(91,565		)	(49,288		)
Settlement of CRI interest rate swap	—			(290,427		)
Payments on earn-out liability to MUSA sellers	(518,456		)	—
Purchase of common stock	—			(253,889		)
Net cash provided by (used in) financing activities	17,308,733			(20,095,675		)
Decrease in cash and cash equivalents	(47,463		)	(133,607		)
Cash and cash equivalents at beginning of period	62,873			391,424
Cash and cash equivalents at end of period	$	15,410		$	257,817

Supplemental disclosure
Cash paid during the year for:
Interest	$	617,606		$	711,916
Income taxes	$	2,557,121		$	916,015


	Nine Months Ended September 30,
	2022		2021
Operating activities
Net income	$	21,941	$	12,179
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	6,380		5,459
Amortization expense	2,588		2,041
Amortization of debt issuance costs	74		71
Asset impairments	—		233


Loss on extinguishment of debt	—		223

Deferred income taxes	(1,227)		(615)


Earn-out adjustments	(7)		1,430
Payments on earn-out liabilities in excess of acquisition date fair value	(662)		(11)
Provision for (reduction of) losses on accounts receivable	782		(388)
Provision for losses on inventories	1,871		2,286
Loss (gain) on disposal of property, plant and equipment	31		(580)
Non-cash lease expense	322		373
Non-cash lease termination loss	—		5

Change in fair value of interest rate swap	—		(2)
Issuance of treasury stock for director fees	364		58
Stock-based compensation expense	961		695
Changes in operating assets and liabilities:
Accounts receivable	(6,249)		(15,525)
Inventories	(36,127)		(15,539)
Other assets and liabilities	(782)		(1,443)
Accounts payable	11,774		15,118
Accounts payable - related parties	(2)		2
Accrued expenses	(1,594)		3,272
Accrued income taxes	555		6,844
Net cash provided by operating activities	993		16,186
Investing activities
Purchases of property, plant and equipment	(3,467)		(761)
Proceeds from disposal of property, plant and equipment	5		1,054



Net cash (used in) provided by investing activities	(3,462)		293
Financing activities
Borrowings from long-term debt	352,513		41,648
Proceeds from note payable	967		—
Proceeds from exercise of stock options	175		—
Payments on long-term debt	(350,311)		(54,056)
Payments on note payable	(387)		—
Principal payments on finance lease obligations	(193)		(31)
Payments on earn-out liabilities	(1,292)		(2,891)
Payments for termination of interest rate swap	—		(46)
Repurchase of common stock	(492)		—
Payments of deferred financing costs	—		(165)
Net cash provided by (used in) financing activities	980		(15,541)
(Decrease) increase in cash and cash equivalents	(1,489)		938
Cash and cash equivalents at beginning of period	2,021		236
Cash and cash equivalents at end of period	$	532	$	1,174



x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ~~For the Quarterly Period Ended September 30, 2017~~



¨☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the Transition Period from _____ to _____


	Nine Months Ended September 30,
Supplemental Disclosure of Cash Flow Information	2022		2021
Cash paid for:
Interest	$	1,176	$	994
Income taxes	4,248		$	649

Noncash Investing Activities:
Capital expenditures, not yet paid	$	785	$	—


	Three Months Ended September 30, 2022

	Common Stock			Capital in Excess of Par Value		Retained Earnings		Cost of Common Stock in Treasury		Total
	Shares	Amount
Balance June 30, 2022	11,085	$	11,085	$	46,162	$	84,397	$	(7,760)	$	133,884
Net income	—	—		—		624		—		624
Issuance of 4,102 shares of common stock from treasury	—	—		(39)		—		39		—
Exercise of stock options for 980 shares, net	—	—		4		—		9		13
Stock-based compensation	—	—		510		—		—		510
Repurchase of 30,200 shares of common stock	—	—		—		—		(492)		(492)
Balance September 30, 2022	11,085	$	11,085	$	46,637	$	85,021	$	(8,204)	$	134,539


	Nine Months Ended September 30, 2022

	Common Stock			Capital in Excess of Par Value		Retained Earnings		Cost of Common Stock in Treasury		Total
	Shares	Amount
Balance December 31, 2021	11,085	$	11,085	$	46,058	$	63,080	$	(8,633)	$	111,590
Net income	—	—		—		21,941		—		21,941
Issuance of 79,903 shares of common stock from treasury	—	—		(387)		—		751		364
Exercise of stock options for 18,098 shares, net	—	—		5		—		170		175
Stock-based compensation	—	—		961		—		—		961
Repurchase of 30,200 shares of common stock	—	—		—		—		(492)		(492)
Balance September 30, 2022	11,085	$	11,085	$	46,637	$	85,021	$	(8,204)	$	134,539


	Three Months Ended September 30, 2021

	Common Stock			Capital in Excess of Par Value		Retained Earnings		Cost of Common Stock in Treasury		Total
	Shares	Amount
Balance June 30, 2021	10,300	$	10,300	$	37,309	$	46,815	$	(9,693)	$	84,731
Net income	—	—		—		8,199		—		8,199
Issuance of 60,494 shares of common stock from treasury	—	—		(511)		—		569		58
Stock-based compensation	—	—		239		—		—		239

Balance September 30, 2021	10,300	$	10,300	$	37,037	$	55,014	$	(9,124)	$	93,227


	Nine Months Ended September 30, 2021

	Common Stock			Capital in Excess of Par Value		Retained Earnings		Cost of Common Stock in Treasury		Total
	Shares	Amount
Balance December 31, 2020	10,300	$	10,300	$	37,719	$	42,835	$	(10,559)	$	80,295
Net income	—	—		—		12,179		—		12,179
Issuance of 152,666 shares of common stock from treasury	—	—		(1,377)		—		1,435		58
Stock-based compensation	—	—		695		—		—		695

Balance September 30, 2021	10,300	$	10,300	$	37,037	$	55,014	$	(9,124)	$	93,227


(in thousands)	October 22, 2021		Revisions		September 30, 2022
Cash and cash equivalents	$	1,533			$	1,533
Accounts receivable, net of allowance for credit losses of $118	5,358				5,358
Inventories, net	1,561				1,561
Prepaid expenses and other current assets	454				454
Property, plant and equipment, net	15,697		$	1,594	17,291
Right of use asset, operating leases, net	208				208
Intangible assets, net	5,750				5,750
Total identifiable assets acquired	$	30,561	$	1,594	$	32,155

Accounts payable	$	1,751			$	1,751
Accrued expenses and other current liabilities	1,622				1,622
Current portion of operating lease liabilities	51				51
Current portion of finance lease liabilities	215				215
Deferred income taxes	2,542		$	387	2,929
Long-term portion of operating lease liabilities	157				157
Long-term portion of finance lease liabilities	1,408				1,408
Total identifiable liabilities assumed	$	7,746	$	387	$	8,133

Net identifiable assets acquired	$	22,815	$	1,207	$	24,022
Transaction price	34,097				34,097
Goodwill	$	11,282	$	(1,207)	$	10,075


(in thousands)	MUSA-Galvanized		American Stainless		Total
Balance December 31, 2021	$	1,106	$	855	$	1,961
Earn-out payments during the period	(1,099)		(855)		(1,954)
Changes in fair value during the period	(7)		—		(7)
Balance September 30, 2022	$	—	$	—	$	—



	Sep 30, 2017		Dec 31, 2016
Raw materials	$	36,226,019	$	31,973,073
Work-in-process	9,574,418		9,897,857
Finished goods	24,705,618		18,928,579
	$	70,506,055	$	60,799,509


(in thousands)
Remainder of 2022	$	816
2023	1,683
2024	1,648
2025	1,467
2026	1,226
2027	1,036
Thereafter	3,918


(in thousands)	Sublease Receipts
Remainder of 2022	$	32
2023	129
2024	132
2025	134
2026	137
Thereafter	1,490
Total sublease receipts	$	2,054


(in thousands)	Operating		Finance
Remainder of 2022	$	927	$	83
2023	3,645		311
2024	3,667		257
2025	3,687		244
2026	3,703		244
Thereafter	39,917		570
Total undiscounted minimum future lease payments	55,546		1,709
Imputed interest	(23,315)		(116)
Present value of lease liabilities	$	32,231	$	1,593


Weighted-average remaining lease term	September 30, 2022		December 31, 2021
Operating leases	13.84 years		14.43 years
Finance leases	6.25 years		7.07 years
Weighted-average discount rate
Operating leases	8.31	%	8.30	%
Finance leases	2.34	%	2.27	%


Classification	Financial Statement Line Item	September 30, 2022		December 31, 2021
Assets	Right-of-use assets, operating leases	$	29,575	$	30,811
Assets	Property, plant and equipment	1,572		1,640
Current liabilities	Current portion of lease liabilities, operating leases	1,041		1,104
Current liabilities	Current portion of lease liabilities, finance leases	290		233
Non-current liabilities	Non-current portion of lease liabilities, operating leases	31,190		32,059
Non-current liabilities	Non-current portion of lease liabilities, finance leases	1,302		1,414


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	624	$	8,199	$	21,941	$	12,179
Denominator:
Denominator for basic earnings per share - weighted average shares	10,253		9,287		10,235		9,237
Effect of dilutive securities:
Employee stock options and stock grants	212		116		172		111
Denominator for diluted earnings per share - weighted average shares	10,465		9,403		10,407		9,348









Net income per share:
Basic	$	0.06	$	0.88	$	2.14	$	1.32
Diluted	$	0.06	$	0.87	$	2.11	$	1.30



	Level 3 Inputs
Balance at December 31, 2016	$	—
Fair value of the earn-out liability from the MUSA acquisition	4,663,783
Earn-out payments to MUSA sellers	(518,456		)
Change in fair value during the period	145,200
Balance at September 30, 2017	$	4,290,527



	Initial						Revised
	estimate			Revisions			estimate
Inventories	$	5,434,000		$	—		$	5,434,000
Other current assets - production and maintenance supplies	1,548,701			—			1,548,701
Equipment	7,576,733			—			7,576,733
Customer list intangible	992,000			—			992,000
Goodwill	3,589,342			1,059,453			4,648,795
Contingent consideration	(3,604,330		)	(1,059,453		)	(4,663,783		)
Other liabilities assumed	(582,933		)	—			(582,933		)
	$	14,953,513		$	—		$	14,953,513



Pro-Forma (Unaudited)
			Three Months Ended
			Sep 30, 2016
Pro-forma revenues			$	40,172,000
Pro-forma net loss			(3,573,000		)
Loss per share:
Basic			$	(0.41	)
Diluted			$	(0.41	)

	Nine Months Ended
	Sep 30, 2017		Sep 30, 2016
Pro-forma revenues	$	153,235,000	$	122,117,000
Pro-forma net income (loss)	368,000		(7,347,000		)
Earnings (loss) per share:
Basic	$	0.04	$	(0.85	)
Diluted	$	0.04	$	(0.85	)



			ASCENT INDUSTRIES CO.
			(Registrant)


Date:			November 8, 2022	By:	/s/ Christopher G. Hutter
					Christopher G. Hutter
					President and Chief Executive Officer


~~SYNALLOY CORPORATION~~
~~(Registrant)~~


~~Date: November 7, 2017~~	~~By:~~	~~/s/ Craig C. Bram~~
		~~Craig C. Bram~~
		~~President and Chief Executive Officer~~
		(principal executive officer)

Date:			November ~~7, 2017~~8, 2022	By:	/s/ ~~Dennis~~Aaron M. ~~Loughran~~ Tam
				~~Dennis~~	Aaron M. ~~Loughran~~Tam
				~~Senior Vice President and~~	Chief Financial Officer
				~~(principal financial officer)~~

~~Date: November 7, 2017~~	~~By:~~	~~/s/ Richard D. Sieradzki~~
		~~Richard D. Sieradzki~~
		~~Chief Accounting Officer~~
		(principal accounting officer)