Olympic Steel (ZEUS) 10-Q 30 Apr 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'OLYMPIC STEEL INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	10,977,591
Amendment Flag	'false	'
Entity Central Index Key	'0000917470	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$5,399	$3,186
Accounts receivable, net	149,906	115,288
Inventories, net (includes LIFO debit of $3,572 as of March 31, 2014 and December 31, 2013)	283,864	286,371
Prepaid expenses and other	11,439	12,786
Total current assets	450,608	417,631
Property and equipment, at cost	363,560	361,368
Accumulated depreciation	-175,808	-170,484
Net property and equipment	187,752	190,884
Goodwill	40,787	40,787
Intangible assets, net	34,313	34,535
Other long-term assets	14,027	13,512
Total assets	727,487	697,349
Liabilities	'	'
Current portion of long-term debt	13,090	13,090
Accounts payable	119,272	126,012
Accrued payroll	9,277	10,723
Other accrued liabilities	18,105	15,808
Total current liabilities	159,744	165,633
Credit facility revolver	180,880	146,075
Long-term debt	37,917	40,104
Other long-term liabilities	13,944	13,445
Deferred income taxes	32,728	33,476
Total liabilities	425,213	398,733
Shareholders' Equity	'	'
Preferred stock	0	0
Common stock	125,169	124,118
Accumulated other comprehensive loss	-386	-437
Retained earnings	177,491	174,935
Total shareholders' equity	302,274	298,616
Total liabilities and shareholders' equity	$727,487	$697,349

Consolidated_Balance_Sheets_Cu1

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
LIFO debit	$3,572	$3,572

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net sales	$346,913	$338,064
Costs and expenses	'	'
Cost of materials sold (excludes items shown seperately below)	275,467	266,154
Warehouse and processing	21,360	20,506
Administrative and general	18,937	18,149
Distribution	9,856	8,974
Selling	6,518	6,586
Occupancy	2,870	2,599
Depreciation	5,454	5,293
Amortization	222	222
Total costs and expenses	340,684	328,483
Operating income	6,229	9,581
Other income, net	2	23
Income before interest and income taxes	6,231	9,604
Interest and other expense on debt	1,754	1,698
Income before income taxes	4,477	7,906
Income tax provision	1,700	2,743
Net income	2,777	5,163
Net gain on interest rate hedge, net of tax $32 at March 31, 2014 and $2 at December 31, 2013.	51	3
Total comprehensive income	$2,828	$5,166
Earnings per share:	'	'
Net income per share - basic (in Dollars per share)	$0.25	$0.47
Weighted average shares outstanding - basic (in Shares)	11,089	11,034
Net income per share - diluted (in Dollars per share)	$0.25	$0.47
Weighted average shares outstanding - diluted (in Shares)	11,090	11,042

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Tax on net gain on interest rate hedge	$32	$2

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from (used for) operating activities:	'	'
Net income	$2,777	$5,163
Adjustments to reconcile net income to net cash from (used for) operating activities -	'	'
Depreciation and amortization	6,011	5,850
(Gain) Loss on disposition of property and equipment	12	83
Stock-based compensation	914	797
Insurance recovery receivable	'	-872
Other long-term assets	-851	-1,467
Other long-term liabilities	-199	-1,573
	8,664	7,981
Changes in working capital:	'	'
Accounts receivable	-34,618	-35,899
Inventories	2,508	14,839
Prepaid expenses and other	1,347	4,774
Accounts payable	2,889	7,890
Change in outstanding checks	-9,629	1,543
Accrued payroll and other accrued liabilities	850	539
	-36,653	-6,314
Net cash from (used for) operating activities	-27,989	1,667
Cash flows from (used for) investing activities:	'	'
Capital expenditures	-2,341	-1,714
Proceeds from disposition of property and equipment	7	'
Net cash used for investing activities	-2,334	-1,714
Cash flows from (used for) financing activities:	'	'
Credit facility revolver borrowings	115,525	101,864
Credit facility revolver repayments	-80,720	-104,484
Principal payments under capital lease obligations	'	-27
Term loan repayments	-2,187	-2,187
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	137	117
Dividends paid	-219	-219
Net cash from (used for) financing activities	32,536	-4,936
Cash and cash equivalents:	'	'
Net change	2,213	-4,983
Beginning balance	3,186	7,782
Ending balance	$5,399	$2,799

Disclosure_of_Supplemental_Cas

Disclosure of Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]	'
Cash Flow, Supplemental Disclosures [Text Block]	'
		2014		2013
		(unaudited)
	Interest paid	$	1,440	$	1,393
	Income taxes paid	$	25	$	11

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
	1	Basis of Presentation:
	The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not necessarily indicative of 2014 annual results and these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. All significant intercompany transactions and balances have been eliminated in consolidation.
	The Company operates in two reportable segments; flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets.
	Corporate expenses are reported as a separate line item in the segment reporting. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., both segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees.

Note_2_Accounts_Receivable

Note 2 - Accounts Receivable	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Financing Receivables [Text Block]	'
	2	Accounts Receivable:
	Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.5 million and $3.2 million as of March 31, 2014 and December 31, 2013, respectively. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that have been identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for doubtful accounts and unissued credits each quarter.

Note_3_Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	3	Inventories:
	Inventories consisted of the following:
			As of
	(in thousands)		31-Mar-14		31-Dec-13
	Unprocessed		$	210,405	$	219,401
	Processed and finished			73,459		66,970
	Totals		$	283,864	$	286,371
	The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2014 and December 31, 2013, approximately $41.2 million, or 14.5% of consolidated inventory, and $43.9 million, or 15.3% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.
	No adjustment for LIFO was recorded in the first quarter of 2014 as the current projections anticipate comparative levels and pricing of inventory for the remainder of the year. In the first quarter of 2014, the Company did not record an adjustment to LIFO inventory. In the first quarter of 2013, the Company made an out-of-period adjustment to record previously unrecognized LIFO adjustments, which resulted in an increase to after-tax income of $1.2 million.
	If the FIFO method had been in use, inventories would have been $3.6 million lower than reported at March 31, 2014 and December 31, 2013.

Note_4_Intangible_Assets

Note 4 - Intangible Assets	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Intangible Assets Disclosure [Text Block]	'
	4	Intangible Assets:
	Intangible assets, net, consisted of the following as of March 31, 2014 and December 31, 2013:
			As of March 31, 2014
	(in thousands)		Gross Carrying		Accumulated			Intangible Assets,
			Amount		Amortization			Net
	Customer relationships - subject to amortization		$	13,332	$	(2,444	)	$	10,888
	Trade name - not subject to amortization			23,425		-			23,425
			$	36,757	$	(2,444	)	$	34,313
			As of December 31, 2013
	(in thousands)		Gross Carrying		Accumulated			Intangible Assets,
			Amount		Amortization			Net
	Customer relationships - subject to amortization		$	13,332	$	(2,222	)	$	11,110
	Trade name - not subject to amortization			23,425		-			23,425
			$	36,757	$	(2,222	)	$	34,535
	The Company estimates that amortization expense for its intangible assets subject to amortization will be $889 thousand for the year ending December 31, 2014 and $889 thousand per year in each of the next five years.

Note_5_Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	5	Debt:
	The Company’s debt is comprised of the following components:
			As of
	(in thousands)		31-Mar-14			31-Dec-13
	Asset-based revolving credit facility due June 30, 2016		$	180,880		$	146,075
	Term loan due June 30, 2016			46,667			48,854
	Industrial revenue bond due April 1, 2018			4,340			4,340
	Total debt			231,887			199,269
	Less current amount			(13,090	)		(13,090	)
	Total long-term debt		$	218,797		$	186,179
	The Company’s existing asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable, inventory and property and equipment. The ABL Credit Facility consists of a revolving credit line of $315 million and a $64 million term loan, with monthly principal payments. At March 31, 2014, the term loan balance was $46.7 million. Revolver borrowings are limited to the lesser of a borrowing base, comprised of eligible receivables and inventories, or $315 million in the aggregate. The ABL Credit Facility matures on June 30, 2016.
	The ABL Credit Facility requires the Company to comply with various covenants, the most significant of which include: (i) until maturity of the ABL Credit Facility, if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $20 million, 12.5% of the aggregate amount of revolver commitments ($39.4 million at March 31, 2014), or 60% of the principal balance of the term loan then outstanding ($28.0 million at March 31, 2014), then the Company must maintain a ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.10 to 1.00 for the most recent twelve fiscal month period; (ii) limitations on dividend payments; (iii) restrictions on additional indebtedness; and (iv) limitations on investments and joint ventures. The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% to 0.50% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.50% to 2.00%. The interest rate under the term loan is based on the agent’s base rate plus a premium ranging from 0.25% to 0.75% or LIBOR plus a premium ranging from 1.75% to 2.25%.
	As of March 31, 2014, the Company was in compliance with its covenants and had approximately $96 million of availability under the ABL Credit Facility.
	As of March 31, 2014, $3.0 million of bank financing fees were included in “Prepaid expenses and other” and “Other long-term assets” on the accompanying Consolidated Balance Sheets. The financing fees are being amortized over the remaining term of the credit facility and are included in “Interest and other expense on debt” on the accompanying Consolidated Statements of Comprehensive Income.
	In June 2012, the Company entered into a forward starting fixed rate interest rate hedge that commenced June 2013, in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by the principal payments on the term loan. The hedged balance as of March 31, 2014 was $46.7 million. The interest rate hedge fixed the rate at 1.21% plus a premium ranging from 1.75% to 2.25%. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate hedge agreement, the Company anticipates performance by the counterparties.
	As part of the Chicago Tube and Iron Company (CTI) acquisition in July 2011, the Company assumed approximately $5.9 million of Industrial Revenue Bond (IRB) indebtedness issued through the Stanly County, North Carolina Industrial Revenue and Pollution Control Authority. The bond matures in April 2018, with the option to provide principal payments annually on April 1st. On April 1, 2014, the Company paid an optional principal payment of $810 thousand. Interest is payable monthly, with a variable rate that resets weekly. As a security for payment of the bonds, the Company obtained a direct pay letter of credit issued by JPMorgan Chase Bank, N.A. The letter of credit reduces annually by the principal reduction amount. The interest rate at March 31, 2014 was 0.16% for the IRB debt.
	The Company entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the above IRB. At March 31, 2014, the effect of the swap agreement on the bond was to fix the rate at 3.46%. The swap agreement matures in April 2018, and is reduced annually by the amount of the optional principal payments on the bond. The Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement. However, the Company does not anticipate nonperformance by the counterparties.

Note_6_Derivative_Instruments

Note 6 - Derivative Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	6	Derivative Instruments:
	Metals swaps
	During 2014 and 2013, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. In the first quarter of 2014 the Company entered into carbon swaps indexed to the New York Mercantile Exchange (NYMEX) price of U.S. Midwest Domestic Hot-Rolled Coil Steel with third-party brokers. The nickel and carbon swaps are treated as derivatives for accounting purposes. The Company entered into them to mitigate its customers’ risk of volatility in the price of metals. The outstanding nickel swaps have one to twenty-six months remaining and the outstanding carbon swaps have one to nine months remaining. The swaps are settled with the brokers at maturity. The economic benefit or loss arising from the changes in fair value of the swaps is contractually passed through to the customer. The primary risk associated with the metals swaps is the ability of customers or third-party brokers to honor their agreements with the Company related to derivative instruments. If the customer or third-party brokers are unable to honor their agreements, the Company’s risk of loss is the fair value of the metals swaps.
	While these derivatives are intended to help the Company manage risk, they have not been designated as hedging instruments. The periodic changes in fair value of the metals and embedded customer derivative instruments are included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The Company recognizes derivative positions with both the customer and the third party for the derivatives and classifies cash settlement amounts associated with them as part of “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The metals swaps are included in “Accounts receivable, net”, and the embedded customer derivatives are included in “Other accrued liabilities” on the Consolidated Balance Sheets at March 31, 2014. The embedded customer derivatives were included in “Accounts receivable, net”, and the metals swaps are included in “Other accrued liabilities” on the Consolidated Balance Sheets at December 31, 2013.
	Interest rate swap
	CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its IRB. The swap agreement matures in April 2018, the same time as the IRB, and is reduced annually by the amount of the optional principal payments on the IRB. The Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement. However, the Company does not anticipate nonperformance by the counterparties. The interest rate swap is not treated as a hedge for accounting purposes.
	The periodic changes in fair value of the interest rate swap and cash settlement amounts associated with the interest rate swap are included in “Interest and other expense on debt” in the Consolidated Statements of Comprehensive Income.
	Fixed rate interest rate hedge
	In June 2012, the Company entered into a forward starting fixed rate interest rate hedge commencing July 2013 in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedged balance as of March 31, 2014 was $46.7 million. The hedge matures on June 1, 2016 and is reduced monthly by the principal payments on the term loan. The fixed rate interest rate hedge is accounted for as a cash flow hedging instrument for accounting purposes.
	There was no net impact from the nickel swaps or embedded customer derivative agreements to the Company’s Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through net income of the derivatives for the three months ended March 31, 2014 and 2013.
			Net Gain (Loss) Recognized
			For the Three Months Ended March 31,
	(in thousands)		2014			2013
	Interest rate swap (CTI)		$	(29	)	$	(42	)
	Fixed interest rate swap (ABL)			(124	)		-
	Metals swaps			655			77
	Embedded customer derivatives			(655	)		(77	)
	Total gain (loss)		$	(153	)	$	(42	)

Note_7_Fair_Value_of_Financial

Note 7 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	7	Fair Value of Financial Instruments:
	The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization.
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three levels of input, of which the first two are considered observable and the last unobservable, as follows:
	Level 1 – Quoted prices in active markets for identical assets and liabilities.
	Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	During the three months ended March 31, 2014, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at March 31, 2014 since December 31, 2013. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of March 31, 2014 and December 31, 2013:
	Metals swaps and embedded customer derivatives – Determined by using Level 2 inputs that include the price of nickel indexed to the LME and the price of Hot Rolled Coil Steel indexed to the NYMEX. The fair value is determined based on quoted market prices and reflects the estimated amounts the Company would pay or receive to terminate the metals swaps.
	Interest rate swaps – Based on the present value of the expected future cash flows, considering the risks involved, and using discount rates appropriate for the maturity date. Market observable Level 2 inputs are used to determine the present value of future cash flows.
	The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company:
			Value of Items Recorded at Fair Value
			As of March 31, 2014
	(in thousands)		Level 1		Level 2		Level 3		Total
	Assets:
	Metals swaps		$	-	$	181	$	-	$	181
	Total assets at fair value		$	-	$	181	$	-	$	181
	Liabilities:
	Embedded customer derivative		$	-	$	181	$	-	$	181
	Interest rate swap (CTI)			-		250		-		250
	Fixed interest rate swap (ABL)			-		628		-		628
	Total liabilities recorded at fair value		$	-	$	1,059	$	-	$	1,059
			Value of Items Not Recorded at Fair Value
			As of March 31, 2014
	(in thousands)		Level 1		Level 2		Level 3		Total
	Liabilities:
	IRB		$	4,340	$	-	$	-	$	4,340
	Term loan			-		46,667		-		46,667
	Revolver			-		180,880		-		180,880
	Total liabilities not recorded at fair value		$	4,340	$	227,547	$	-	$	231,887
	The value of the items not recorded at fair value represent the carrying value of the liabilities.
			Value of Items Recorded at Fair Value
			As of December 31, 2013
	(in thousands)		Level 1		Level 2		Level 3		Total
	Assets:
	Embedded customer derivative		$	-	$	614	$	-	$	614
	Total assets at fair value		$	-	$	614	$	-	$	614
	Liabilities:
	Metals swaps		$	-	$	614	$	-	$	614
	Interest rate swap (CTI)			-		279		-		279
	Fixed interest rate swap (ABL)			-		710		-		710
	Total liabilities recorded at fair value		$	-	$	1,603	$	-	$	1,603
			Value of Items Not Recorded at Fair Value
			As of December 31, 2013
	(in thousands)		Level 1		Level 2		Level 3		Total
	Liabilities:
	IRB		$	4,340	$	-	$	-	$	4,340
	Term loan			-		48,854		-		48,854
	Revolver			-		146,075		-		146,075
	Total liabilities not recorded at fair value		$	4,340	$	194,929	$	-	$	199,269
	The value of the items not recorded at fair value represent the carrying value of the liabilities.
	The fair value of the IRB is determined using Level 1 inputs. The carrying value and the fair value of the IRB that qualify as financial instruments were $4.3 million at both March 31, 2014 and December 31, 2013.
	The fair values of the revolver and term loan are determined using Level 2 inputs. The carrying values of the revolver and the term loan were $180.9 million and $46.7 million, respectively, at March 31, 2014. The carrying value of the revolver and the term loan were $146.1 million and $48.9 million, respectively, at December 31, 2013. The Level 2 fair value of the Company's long-term debt was estimated using prevailing market interest rates on debt with similar credit worthiness, terms and maturities.

Note_8_Equity_Plans

Note 8 - Equity Plans	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	8	Equity Plans:
	Stock Options
	The following table summarizes stock option activity during the three months ended March 31, 2014:
								Weighted Average
			Number of			Weighted Average		Remaining		Aggregate Intrinsic
			Options			Exercise Price		Contractual Term		Value
								(years)		(in thousands)
	Outstanding at December 31, 2013			27,172		$	27.4
	Granted			-			-
	Exercised			(7,000	)		12.32
	Canceled			-			-
	Outstanding at March 31, 2014			20,172		$	32.63		3.1	$	-
	Exercisable at March 31, 2014			20,172		$	32.63		3.1	$	-
	There were 7,000 and 1,667 options exercised during the three months ended March 31, 2014 and 2013, respectively. The total intrinsic value of stock options exercised during the three months ended March 31, 2014 and 2013 was $103 thousand $28 thousand, respectively. All options outstanding are vested as of March 31, 2014.
	Restricted Stock Units and Performance Share Units
	Pursuant to the Olympic Steel 2007 Omnibus Incentive Plan (Plan), the Company may grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and other stock- and cash-based awards to employees and Directors of, and consultants to, the Company and its affiliates. Under the Plan, 500,000 shares of common stock are available for equity grants.
	On March 1, 2014 and January 2, 2013, the Compensation Committee of the Company’s Board of Directors approved the grant of 2,544 and 1,800 restricted stock units (RSUs) to each non-employee Director. Subject to the terms of the Plan and the RSU agreement, the RSUs vest after one year of service (from the date of grant). The RSUs are not converted into shares of common stock until the director either resigns or is terminated from the Board of Directors.
	The fair value of each RSU was estimated to be the closing price of the Company’s common stock on the date of the grant, which was $27.51 and $23.41 for the grants on March 1, 2014 and January 2, 2013, respectively.
	The Company’s Senior Management Compensation Program includes an equity component in order to encourage more ownership of common stock by the senior management. The Senior Management Compensation Program imposes stock ownership requirements upon the participants. Each participant is required to own at least 750 shares of common stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet to the stock ownership requirements will be ineligible to receive any equity awards under the Company’s equity compensation plans, including the Plan, until the participant satisfies the ownership requirements. To assist participants in meeting the stock ownership requirements, on an annual basis, if a participant purchases 500 shares of common stock on the open market, the Company will award that participant 250 shares of common stock. During the three months ended March 31, 2014 and 2013 the Company matched 4,750 and 6,000 shares, respectively. Additionally, any participant who continues to comply with the stock ownership requirements as of the five-year, 10-year, 15-year, 20-year and 25-year anniversaries of the participant’s participation in the Senior Management Compensation Program will receive a restricted stock unit award with a dollar value of $25 thousand, $50 thousand, $75 thousand, $100 thousand and $100 thousand, respectively. Restricted stock unit awards will convert into the right to receive shares of common stock upon a participant’s retirement, or earlier upon the participant’s death or disability or upon a change in control of the Company.
	Stock-based compensation expense recognized on RSUs for the three months ended March 31, 2014 and 2013, respectively, is summarized in the following table:
			For the Three Months Ended
			March 31,
			2014			2013
	(in thousands, except per share data)
	RSU expense before taxes		$	253		$	244
	RSU expense after taxes		$	157		$	159
	Impact per basic share		$	0.01		$	0.01
	Impact per diluted share		$	0.01		$	0.01
	All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income.
	The following table summarizes the activity related to RSUs for the three months ended March 31, 2014:
			Number of			Weighted Average		Aggregate
			Shares			Granted Price		Intrinsic Value
								(in thousands)
	Outstanding at December 31, 2013			230,958		$	25.44
	Granted			34,226			27.69
	Converted into shares			-			-
	Forfeited			-			-
	Outstanding at March 31, 2014			265,184		$	25.73	$	1,002
	Vested at March 31, 2014			217,441		$	26.13	$	709
	No RSUs were converted into shares during the three months ended March 31, 2014 or 2013.

Note_9_Income_Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	9	Income Taxes:
	For the three months ended March 31, 2014, the Company recorded an income tax provision of $1.7 million, or 38.0%, compared to $2.7 million, or 34.7%, for the three months ended March 31, 2013. The lower effective tax rate for the three months ended March 31, 2013 was a result of the tax law changes that went into effect January 1, 2013 extending certain tax credits.
	Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.
	Our quarterly tax provision and our quarterly estimate of our annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

Note_10_Shares_Outstanding_and

Note 10 - Shares Outstanding and Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings per share: [Abstract]	'
Earnings Per Share [Text Block]	'
	10	Shares Outstanding and Earnings Per Share:
	Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below:
			For the Three Months Ended
			March 31,
	(in thousands, except per share data)		2014		2013
	Weighted average basic shares outstanding			11,089		11,034
	Assumed exercise of stock options and issuance of stock awards			1		8
	Weighted average diluted shares outstanding			11,090		11,042
	Net income		$	2,777	$	5,163
	Basic earnings per share		$	0.25	$	0.47
	Diluted earnings per share		$	0.25	$	0.47
	Anti-dilutive securities outstanding			199		201

Note_11_Segment_Information

Note 11 - Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	11	Segment Information:
	The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based primarily on internal management reporting.
	The Company operates in two reportable segments: flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets.
	Corporate expenses are reported as a separate line item in the segment reporting. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., both segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees.
	The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three months ended March 31, 2014 and 2013.
			For the Three Months Ended
			March 31,
	(in thousands)		2014			2013
	Net sales
	Flat products		$	285,853		$	275,747
	Tubular and pipe products			61,060			62,317
	Total net sales		$	346,913		$	338,064
	Depreciation and amortization
	Flat products		$	4,217		$	4,242
	Tubular and pipe products			1,434			1,273
	Corporate			25			-
	Total depreciation and amortization		$	5,676		$	5,515
	Operating income
	Flat products		$	4,848		$	4,805
	Tubular and pipe products			3,437			6,759
	Corporate expenses			(2,056	)		(1,983	)
	Total operating income		$	6,229		$	9,581
	Other income, net			2			23
	Income before interest and income taxes			6,231			9,604
	Interest and other expense on debt			1,754			1,698
	Income before income taxes		$	4,477		$	7,906
			For the Three Months Ended
			March 31,
	(in thousands)		2014			2013
	Capital expenditures
	Flat products		$	1,017		$	679
	Tubular and pipe products			1,320			1,035
	Corporate			4			-
	Total capital expenditures		$	2,341		$	1,714
			As of
	(in thouands)		March 31,			December 31,
			2014			2013
	Goodwill
	Flat products		$	500		$	500
	Tubular and pipe products			40,287			40,287
	Total goodwill		$	40,787		$	40,787
	Assets
	Flat products		$	497,012		$	473,397
	Tubular and pipe products			229,833			223,314
	Corporate			642			638
	Total assets		$	727,487		$	697,349
	There were no material revenue transactions between the flat products and tubular and pipe products segments.
	The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

Note_12_Recently_Issued_Accoun

Note 12 - Recently Issued Accounting Updates:	3 Months Ended
	Mar. 31, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	12	Recently Issued Accounting Updates:
	In February 2013, the Financial Accounting Standards Board issued ASU No. 2013-02, “Other Comprehensive Income.” This ASU intends to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. The provisions of this ASU did not have a material impact on the Company’s financial statements.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Consolidation, Policy [Policy Text Block]	'
	The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not necessarily indicative of 2014 annual results and these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. All significant intercompany transactions and balances have been eliminated in consolidation.
Segment Reporting, Policy [Policy Text Block]	'
	The Company operates in two reportable segments; flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets.

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		As of
	(in thousands)	31-Mar-14		31-Dec-13
	Unprocessed	$	210,405	$	219,401
	Processed and finished		73,459		66,970
	Totals	$	283,864	$	286,371

Note_4_Intangible_Assets_Table

Note 4 - Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	'
		As of March 31, 2014
	(in thousands)	Gross Carrying		Accumulated			Intangible Assets,
		Amount		Amortization			Net
	Customer relationships - subject to amortization	$	13,332	$	(2,444	)	$	10,888
	Trade name - not subject to amortization		23,425		-			23,425
		$	36,757	$	(2,444	)	$	34,313
		As of December 31, 2013
	(in thousands)	Gross Carrying		Accumulated			Intangible Assets,
		Amount		Amortization			Net
	Customer relationships - subject to amortization	$	13,332	$	(2,222	)	$	11,110
	Trade name - not subject to amortization		23,425		-			23,425
		$	36,757	$	(2,222	)	$	34,535

Note_5_Debt_Tables

Note 5 - Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
		As of
	(in thousands)	31-Mar-14			31-Dec-13
	Asset-based revolving credit facility due June 30, 2016	$	180,880		$	146,075
	Term loan due June 30, 2016		46,667			48,854
	Industrial revenue bond due April 1, 2018		4,340			4,340
	Total debt		231,887			199,269
	Less current amount		(13,090	)		(13,090	)
	Total long-term debt	$	218,797		$	186,179

Note_6_Derivative_Instruments_

Note 6 - Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	'
		Net Gain (Loss) Recognized
		For the Three Months Ended March 31,
	(in thousands)	2014			2013
	Interest rate swap (CTI)	$	(29	)	$	(42	)
	Fixed interest rate swap (ABL)		(124	)		-
	Metals swaps		655			77
	Embedded customer derivatives		(655	)		(77	)
	Total gain (loss)	$	(153	)	$	(42	)

Note_7_Fair_Value_of_Financial1

Note 7 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
		Value of Items Recorded at Fair Value
		As of March 31, 2014
	(in thousands)	Level 1		Level 2		Level 3		Total
	Assets:
	Metals swaps	$	-	$	181	$	-	$	181
	Total assets at fair value	$	-	$	181	$	-	$	181
	Liabilities:
	Embedded customer derivative	$	-	$	181	$	-	$	181
	Interest rate swap (CTI)		-		250		-		250
	Fixed interest rate swap (ABL)		-		628		-		628
	Total liabilities recorded at fair value	$	-	$	1,059	$	-	$	1,059
		Value of Items Recorded at Fair Value
		As of December 31, 2013
	(in thousands)	Level 1		Level 2		Level 3		Total
	Assets:
	Embedded customer derivative	$	-	$	614	$	-	$	614
	Total assets at fair value	$	-	$	614	$	-	$	614
	Liabilities:
	Metals swaps	$	-	$	614	$	-	$	614
	Interest rate swap (CTI)		-		279		-		279
	Fixed interest rate swap (ABL)		-		710		-		710
	Total liabilities recorded at fair value	$	-	$	1,603	$	-	$	1,603
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
		Value of Items Not Recorded at Fair Value
		As of March 31, 2014
	(in thousands)	Level 1		Level 2		Level 3		Total
	Liabilities:
	IRB	$	4,340	$	-	$	-	$	4,340
	Term loan		-		46,667		-		46,667
	Revolver		-		180,880		-		180,880
	Total liabilities not recorded at fair value	$	4,340	$	227,547	$	-	$	231,887
		Value of Items Not Recorded at Fair Value
		As of December 31, 2013
	(in thousands)	Level 1		Level 2		Level 3		Total
	Liabilities:
	IRB	$	4,340	$	-	$	-	$	4,340
	Term loan		-		48,854		-		48,854
	Revolver		-		146,075		-		146,075
	Total liabilities not recorded at fair value	$	4,340	$	194,929	$	-	$	199,269

Note_8_Equity_Plans_Tables

Note 8 - Equity Plans (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
							Weighted Average
		Number of			Weighted Average		Remaining		Aggregate Intrinsic
		Options			Exercise Price		Contractual Term		Value
							(years)		(in thousands)
	Outstanding at December 31, 2013		27,172		$	27.4
	Granted		-			-
	Exercised		(7,000	)		12.32
	Canceled		-			-
	Outstanding at March 31, 2014		20,172		$	32.63		3.1	$	-
	Exercisable at March 31, 2014		20,172		$	32.63		3.1	$	-
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	'
		For the Three Months Ended
		March 31,
		2014			2013
	(in thousands, except per share data)
	RSU expense before taxes	$	253		$	244
	RSU expense after taxes	$	157		$	159
	Impact per basic share	$	0.01		$	0.01
	Impact per diluted share	$	0.01		$	0.01
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	'
		Number of			Weighted Average		Aggregate
		Shares			Granted Price		Intrinsic Value
							(in thousands)
	Outstanding at December 31, 2013		230,958		$	25.44
	Granted		34,226			27.69
	Converted into shares		-			-
	Forfeited		-			-
	Outstanding at March 31, 2014		265,184		$	25.73	$	1,002
	Vested at March 31, 2014		217,441		$	26.13	$	709

Note_10_Shares_Outstanding_and1

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings per share: [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		For the Three Months Ended
		March 31,
	(in thousands, except per share data)	2014		2013
	Weighted average basic shares outstanding		11,089		11,034
	Assumed exercise of stock options and issuance of stock awards		1		8
	Weighted average diluted shares outstanding		11,090		11,042
	Net income	$	2,777	$	5,163
	Basic earnings per share	$	0.25	$	0.47
	Diluted earnings per share	$	0.25	$	0.47
	Anti-dilutive securities outstanding		199		201

Note_11_Segment_Information_Ta

Note 11 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		For the Three Months Ended
		March 31,
	(in thousands)	2014			2013
	Net sales
	Flat products	$	285,853		$	275,747
	Tubular and pipe products		61,060			62,317
	Total net sales	$	346,913		$	338,064
	Depreciation and amortization
	Flat products	$	4,217		$	4,242
	Tubular and pipe products		1,434			1,273
	Corporate		25			-
	Total depreciation and amortization	$	5,676		$	5,515
	Operating income
	Flat products	$	4,848		$	4,805
	Tubular and pipe products		3,437			6,759
	Corporate expenses		(2,056	)		(1,983	)
	Total operating income	$	6,229		$	9,581
	Other income, net		2			23
	Income before interest and income taxes		6,231			9,604
	Interest and other expense on debt		1,754			1,698
	Income before income taxes	$	4,477		$	7,906
		For the Three Months Ended
		March 31,
	(in thousands)	2014			2013
	Capital expenditures
	Flat products	$	1,017		$	679
	Tubular and pipe products		1,320			1,035
	Corporate		4			-
	Total capital expenditures	$	2,341		$	1,714
		As of
	(in thouands)	March 31,			December 31,
		2014			2013
	Goodwill
	Flat products	$	500		$	500
	Tubular and pipe products		40,287			40,287
	Total goodwill	$	40,787		$	40,787
	Assets
	Flat products	$	497,012		$	473,397
	Tubular and pipe products		229,833			223,314
	Corporate		642			638
	Total assets	$	727,487		$	697,349

Disclosure_of_Supplemental_Cas1

Disclosure of Supplemental Cash Flow Information (Details) - Disclosure of Supplemental Cash Flow Information (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Disclosure of Supplemental Cash Flow Information [Abstract]	'	'
Interest paid	$1,440	$1,393
Income taxes paid	$25	$11

Note_1_Basis_of_Presentation_D

Note 1 - Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Number of Reportable Segments	2

Note_2_Accounts_Receivable_Det

Note 2 - Accounts Receivable (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Receivables [Abstract]	'	'
Allowance for Doubtful Accounts Receivable, Current	$3.50	$3.20

Note_3_Inventories_Details

Note 3 - Inventories (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
In Millions, unless otherwise specified			Previously Unrecognized LIFO Income [Member]
			After-tax [Member]
Note 3 - Inventories (Details) [Line Items]	'	'	'
LIFO Inventory Amount	$41.20	$43.90	'
Percentage of LIFO Inventory	14.50%	15.30%	'
Inventory, LIFO Reserve, Effect on Income, Net	'	'	1.2
Inventory Difference Using FIFO Basis	$3.60	$3.60	'

Note_3_Inventories_Details_Ste

Note 3 - Inventories (Details) - Steel Inventories (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Steel Inventories [Abstract]	'	'
Unprocessed	$210,405	$219,401
Processed and finished	73,459	66,970
Totals	$283,864	$286,371

Note_4_Intangible_Assets_Detai

Note 4 - Intangible Assets (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Disclosure Text Block [Abstract]	'
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$889
Finite-Lived Intangible Assets, Amortization Expense, Year Two	889
Finite-Lived Intangible Assets, Amortization Expense, Year Three	889
Finite-Lived Intangible Assets, Amortization Expense, Year Four	889
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$889

Note_4_Intangible_Assets_Detai1

Note 4 - Intangible Assets (Details) - Intangible Assets, Net (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Note 4 - Intangible Assets (Details) - Intangible Assets, Net [Line Items]	'	'
Customer Relationships, Accumulated Amortization	($2,444)	($2,222)
Gross Carrying Amount	36,757	36,757
Accumulated Amortization	-2,444	-2,222
Intangible Assets, Net	34,313	34,535
Trade Names [Member]	'	'
Note 4 - Intangible Assets (Details) - Intangible Assets, Net [Line Items]	'	'
Trade Name, Gross Carrying Amount	23,425	23,425
Trade Name, Intangible Assets, Net	23,425	23,425
Customer Relationships [Member]	'	'
Note 4 - Intangible Assets (Details) - Intangible Assets, Net [Line Items]	'	'
Customer Relationships, Gross Carrying Amount	13,332	13,332
Customer Relationships, Accumulated Amortization	-2,444	-2,222
Customer Relationships, Intangible Assets, Net	10,888	11,110
Accumulated Amortization	($2,444)	($2,222)

Note_5_Debt_Details

Note 5 - Debt (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2014

Mar. 31, 2012

Mar. 31, 2014

Mar. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Availability Dollar Amount [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

ABL Credit Facility [Member]

CTI [Member]

Amortized Banking Fees [Member]

Minimum [Member]

Maximum [Member]

Monthly [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Term Loan [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Industrial Revenue Bond [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

Base Rate [Member]

Base Rate [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Base Rate [Member]

Base Rate [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Term Loan [Member]

Revolving Credit Facility [Member]

Note 5 - Debt (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)

'

'

'

'

'

'

'

'

'

$315,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Other Long-term Debt (in Dollars)

'

'

'

'

'

'

'

64,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Gross (in Dollars)

'

'

'

'

'

'

46,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Current Borrowing Capacity (in Dollars)

'

'

'

'

'

'

'

'

315,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line Of Credit Facility Covenant Terms Monetary (in Dollars)

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Covenant Terms, Percentage of Revolver Commitments

'

'

'

'

'

'

'

'

'

'

12.50%

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Amount Outstanding (in Dollars)

'

'

'

'

46,700,000

53,200,000

'

'

'

'

39,400,000

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Covenant Terms, Percentage of Term Loan

'

'

'

'

'

'

'

'

'

'

60.00%

'

'

'

'

'

'

'

'

'

'

'

'

Term Loan Outstanding (in Dollars)

28,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Covenant Terms Ratio

'

'

'

'

'

'

'

'

'

'

1.1

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Interest Rate During Period

'

'

'

'

'

'

'

'

'

'

'

0.25%

0.00%

1.75%

1.50%

0.75%

0.50%

2.25%

2.00%

'

'

'

'

Line of Credit Facility, Remaining Borrowing Capacity (in Dollars)

'

'

'

'

'

'

'

'

'

'

96,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Prepaid Expense and Other Assets, Current (in Dollars)

11,439,000

12,786,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

Derivative, Fixed Interest Rate

1.21%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative Premium Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.75%

2.25%

Business Combination, Consideration Transferred, Liabilities Incurred (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,900,000

'

'

'

Debt Instrument, Periodic Payment, Principal (in Dollars)

'

'

'

$810,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate at Period End

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.16%

'

'

'

Interest Rate Swap Agreement

3.46%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note_5_Debt_Details_Debt

Note 5 - Debt (Details) - Debt (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Note 5 - Debt (Details) - Debt [Line Items]	'	'
Asset-based revolving credit facility due June 30, 2016	$180,880	$146,075
Total debt	231,887	199,269
Less current amount	-13,090	-13,090
Total long-term debt	218,797	186,179
Term Loan [Member]	'	'
Note 5 - Debt (Details) - Debt [Line Items]	'	'
Debt	46,667	48,854
Industrial Revenue Bond [Member]	'	'
Note 5 - Debt (Details) - Debt [Line Items]	'	'
Debt	$4,340	$4,340

Note_6_Derivative_Instruments_1

Note 6 - Derivative Instruments (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014
	Nickel Swaps [Member]	Nickel Swaps [Member]	Carbon Swaps [Member]	Carbon Swaps [Member]	ABL Credit Facility [Member]	ABL Credit Facility [Member]	ABL Credit Facility [Member]
	Minimum [Member]	Maximum [Member]	Minimum [Member]	Maximum [Member]	London Interbank Offered Rate (LIBOR) [Member]	London Interbank Offered Rate (LIBOR) [Member]
					Term Loan [Member]	Term Loan [Member]
Note 6 - Derivative Instruments (Details) [Line Items]	'	'	'	'	'	'	'
Derivative, Remaining Maturity	'1 month	'26 months	'1 month	'9 months	'	'	'
Line of Credit Facility, Amount Outstanding (in Dollars)	'	'	'	'	$46.70	$53.20	$39.40

Note_6_Derivative_Instruments_2

Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]	'	'
Derivative	($153)	($42)
Interest Rate Swap [Member]	'	'
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]	'	'
Derivative	-29	-42
Fixed Interest Rate Swap [Member]	'	'
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]	'	'
Derivative	-124	'
Nickel Swaps [Member]	'	'
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]	'	'
Derivative	655	77
Embedded Customer Derivatives [Member]	'	'
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]	'	'
Derivative	($655)	($77)

Note_7_Fair_Value_of_Financial2

Note 7 - Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Industrial Revenue Bond [Member]	Industrial Revenue Bond [Member]	Term Loan [Member]	Term Loan [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]
Note 7 - Fair Value of Financial Instruments (Details) [Line Items]	'	'	'	'	'	'
Long-term Debt, Fair Value	$4.30	$4.30	$46.70	$48.90	$180.90	$146.10

Note_7_Fair_Value_of_Financial3

Note 7 - Fair Value of Financial Instruments (Details) - Fair Value Measurements, Recorded (Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Total assets at fair value	$181	$614
Liabilities:	'	'
Embedded customer derivatives	181	614
Total liabilities at fair value	1,059	1,603
Metals Swaps [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Metals swaps	181	614
Metals Swaps [Member]	'	'
Assets:	'	'
Metals swaps	181	614
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Liabilities:	'	'
Interest rate swap	250	279
Interest Rate Swap [Member]	'	'
Liabilities:	'	'
Interest rate swap	250	279
Fixed Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Liabilities:	'	'
Interest rate swap	628	710
Fixed Interest Rate Swap [Member]	'	'
Liabilities:	'	'
Interest rate swap	628	710
Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Total assets at fair value	181	614
Liabilities:	'	'
Embedded customer derivatives	181	614
Total liabilities at fair value	$1,059	$1,603

Note_7_Fair_Value_of_Financial4

Note 7 - Fair Value of Financial Instruments (Details) - Fair Value Measurements, Not Recorded (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	$180,880	$146,075
Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	4,340	4,340
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	227,547	194,929
Carrying Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	231,887	199,269
Industrial Revenue Bond [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	4,340	4,340
Industrial Revenue Bond [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	180,880	146,075
Industrial Revenue Bond [Member] | Revolving Credit Facility [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	180,880	146,075
Industrial Revenue Bond [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	4,340	4,340
Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	46,667	48,854
Term Loan [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long term debt	$46,667	$48,854

Note_8_Equity_Plans_Details

Note 8 - Equity Plans (Details) (USD $)

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2011

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 02, 2014

Jan. 02, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 02, 2014

Jan. 02, 2013

Five Year Anniversary [Member]

Ten Year Anniversary [Member]

Fifteen Year Anniversary [Member]

Twenty Year Anniversary [Member]

Twenty Five Year Anniversary [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Match [Member]

Match [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Note 8 - Equity Plans (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

'

7,000

1,667

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars)

'

$103

$28

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

2,544

1,800

34,226

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

Share Price (in Dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$27.51

$23.41

Share-based Compensation Arrangement by Share-based Payment Award, Minimum Number of Shares Per Employee

750

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Matching Purchase Requirement

500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Match

250

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares Matched

'

'

'

'

'

'

'

'

'

'

'

4,750

6,000

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)

'

'

'

$25

$50

$75

$100

$100

'

'

$709

'

'

'

'

'

Note_8_Equity_Plans_Details_St

Note 8 - Equity Plans (Details) - Stock Option Activity (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stock Option Activity [Abstract]	'	'
Outstanding, Number of Options	'	27,172
Outstanding, Weighted Average Exercise Price	'	$27.40
Outstanding, Weighted Average Remaining Contractual Term	'3 years 36 days	'
Exercisable at March 31, 2014	20,172	'
Exercisable at March 31, 2014	$32.63	'
Exercisable at March 31, 2014	'3 years 36 days	'
Granted	0	'
Granted	$0	'
Exercised	-7,000	-1,667
Exercised	$12.32	'
Outstanding, Number of Options	20,172	'
Outstanding, Weighted Average Exercise Price	$32.63	'
Outstanding, Weighted Average Remaining Contractual Term	'3 years 36 days	'

Note_8_Equity_Plans_Details_St1

Note 8 - Equity Plans (Details) - Stock Based Compensation Expense Recognized on Restricted Stock Units (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Impact per basic share	$0.25	$0.47
Impact per diluted share	$0.25	$0.47
Restricted Stock Units (RSUs) [Member]	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
RSU expense before taxes	$253	$244
RSU expense after taxes	$157	$159
Impact per basic share	$0.01	$0.01
Impact per diluted share	$0.01	$0.01

Note_8_Equity_Plans_Details_Re

Note 8 - Equity Plans (Details) - Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $)	0 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 02, 2014	Jan. 02, 2013	Mar. 31, 2014
Restricted Stock Units (RSUs) [Member]	'	'	'
Note 8 - Equity Plans (Details) - Restricted Stock Unit Activity [Line Items]	'	'	'
Outstanding, Number of Shares	'	'	230,958
Outstanding, Weighted Average Exercise Price	'	'	$25.44
Vested at March 31, 2014	'	'	217,441
Vested at March 31, 2014	'	'	$26.13
Vested at March 31, 2014	'	'	$709
Granted	2,544	1,800	34,226
Granted	'	'	$27.69
Outstanding, Number of Shares	'	'	265,184
Outstanding, Weighted Average Exercise Price	'	'	$25.73
Outstanding, Aggregate Intrinsic value	'	'	$1,002

Note_9_Income_Taxes_Details

Note 9 - Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Income Tax Expense (Benefit)	$1,700	$2,743
Effective Income Tax Rate Reconciliation, Percent	38.00%	34.70%

Note_10_Shares_Outstanding_and2

Note 10 - Shares Outstanding and Earnings Per Share (Details) - Earnings Per Share (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Weighted average basic shares outstanding	11,089	11,034
Assumed exercise of stock options and issuance of stock awards	1	8
Weighted average diluted shares outstanding	11,090	11,042
Net income (in Dollars)	$2,777	$5,163
Basic earnings per share (in Dollars per share)	$0.25	$0.47
Diluted earnings per share (in Dollars per share)	$0.25	$0.47
Anti-dilutive securities outstanding	199	201

Note_11_Segment_Information_De

Note 11 - Segment Information (Details)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Number of Reportable Segments	2

Note_11_Segment_Information_De1

Note 11 - Segment Information (Details) - Segment Reporting Information (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Net sales	'	'	'
Net Sales	$346,913	$338,064	'
Depreciation and amortization	'	'	'
Depreciation and Amortization	5,676	5,515	'
Operating income	'	'	'
Operating Income	6,229	9,581	'
Other income, net	2	23	'
Income before interest and income taxes	6,231	9,604	'
Interest and other expense on debt	1,754	1,698	'
Income before income taxes	4,477	7,906	'
Capital expenditures	'	'	'
Capital Expenditures	2,341	1,714	'
Goodwill	'	'	'
Goodwill	40,787	40,787	40,787
Assets	'	'	'
Assets	727,487	697,349	697,349
Flat Products [Member]	'	'	'
Net sales	'	'	'
Net Sales	285,853	275,747	'
Depreciation and amortization	'	'	'
Depreciation and Amortization	4,217	4,242	'
Operating income	'	'	'
Operating Income	4,848	4,805	'
Capital expenditures	'	'	'
Capital Expenditures	1,017	679	'
Goodwill	'	'	'
Goodwill	500	500	'
Assets	'	'	'
Assets	497,012	473,397	'
Tubular and Pipe Products [Member]	'	'	'
Net sales	'	'	'
Net Sales	61,060	62,317	'
Depreciation and amortization	'	'	'
Depreciation and Amortization	1,434	1,273	'
Operating income	'	'	'
Operating Income	3,437	6,759	'
Capital expenditures	'	'	'
Capital Expenditures	1,320	1,035	'
Goodwill	'	'	'
Goodwill	40,287	40,287	'
Assets	'	'	'
Assets	229,833	223,314	'
Corporate Segment [Member]	'	'	'
Depreciation and amortization	'	'	'
Depreciation and Amortization	25	'	'
Operating income	'	'	'
Operating Income	-2,056	-1,983	'
Capital expenditures	'	'	'
Capital Expenditures	4	'	'
Assets	'	'	'
Assets	$642	$638	'