Olympic Steel (ZEUS) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
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		11,000,559
Amendment Flag	false
Entity Central Index Key	917,470
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 6,926	$ 2,238
Accounts receivable, net	137,712	123,804
Inventories, net (includes LIFO debit of $3,857 as of June 30, 2015 and $3,207 as of December 31, 2014)	243,460	311,108
Prepaid expenses and other	11,454	20,434
Assets held for sale		1,125
Total current assets	399,552	458,709
Property and equipment, at cost	369,219	366,989
Accumulated depreciation	(196,821)	(189,603)
Net property and equipment	172,398	177,386
Goodwill	500	16,951
Intangible assets, net	25,202	33,646
Other long-term assets	14,688	14,056
Total assets	612,340	700,748
Liabilities
Current portion of long-term debt	2,690	3,530
Accounts payable	72,704	91,252
Accrued payroll	9,700	10,224
Other accrued liabilities	20,066	26,971
Total current liabilities	105,160	131,977
Credit facility revolver	209,395	244,090
Other long-term liabilities	12,412	13,249
Deferred income taxes	25,114	30,651
Total liabilities	352,081	419,967
Shareholders' Equity
Preferred stock	0	0
Common stock	127,662	126,339
Accumulated other comprehensive loss	(763)	(549)
Retained earnings	133,360	154,991
Total shareholders' equity	260,259	280,781
Total liabilities and shareholders' equity	$ 612,340	$ 700,748

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
LIFO debit	$ 3,857	$ 3,207

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 315,251	$ 386,047	$ 661,116	$ 732,960
Costs and expenses
Cost of materials sold (excludes items shown separately below)	255,838	311,421	535,777	586,888
Warehouse and processing	21,722	23,785	44,259	45,145
Administrative and general	16,014	18,146	33,343	37,082
Distribution	9,568	10,990	18,870	20,846
Selling	4,900	6,483	10,791	13,001
Occupancy	2,306	2,426	5,016	5,296
Depreciation	4,628	5,466	9,218	10,921
Amortization	222	222	444	444
Goodwill and intangible asset impairment	24,451		24,451
Total costs and expenses	339,649	378,939	682,169	719,623
Operating income (loss)	(24,398)	7,108	(21,053)	13,337
Other income (loss), net	(26)	(4)	(58)	(2)
Income (loss) before interest and income taxes	(24,424)	7,104	(21,111)	13,335
Interest and other expense on debt	1,471	1,779	3,033	3,532
Income (loss) before income taxes	(25,895)	5,325	(24,144)	9,803
Income tax provision (benefit)	(3,635)	1,831	(2,953)	3,532
Net income (loss)	(22,260)	3,494	(21,191)	6,271
Net gain on cash flow hedge	71	42	107	124
Tax effect on interest rate hedge	(27)	(16)	(41)	(48)
Total comprehensive income (loss)	$ (22,216)	$ 3,520	$ (21,125)	$ 6,347
Earnings per share:
Net income (loss) per share - basic (in Dollars per share)	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Weighted average shares outstanding - basic (in Shares)	11,201	11,089	11,198	11,089
Net income (loss) per share - diluted (in Dollars per share)	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Weighted average shares outstanding - diluted (in Shares)	11,201	11,089	11,198	11,090

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from (used for) operating activities:
Net income (loss)	$ (21,191)	$ 6,271
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities -
Depreciation and amortization	10,052	12,035
Goodwill and intangible asset impairment	24,451
Loss on disposition of property and equipment		12
Stock-based compensation	1,309	1,341
Insurance recovery receivable		(205)
Other long-term assets	(1,022)	(1,244)
Other long-term liabilities	(6,590)	(703)
	7,009	17,507
Changes in working capital:
Accounts receivable	(13,908)	(48,326)
Inventories	67,648	(24,583)
Prepaid expenses and other	10,105	2,906
Accounts payable	(25,008)	26,704
Change in outstanding checks	6,460	(5,311)
Accrued payroll and other accrued liabilities	(7,427)	1,048
	37,870	(47,562)
Net cash from (used for) operating activities	44,879	(30,055)
Cash flows from (used for) investing activities:
Capital expenditures	(4,233)	(5,124)
Proceeds from disposition of property and equipment	3	7
Net cash used for investing activities	(4,230)	(5,117)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	209,247	318,336
Credit facility revolver repayments	(243,942)	(230,628)
Term loan repayments		(48,854)
Industrial revenue bond repayments	(840)	(810)
Credit facility fees and expenses		(1,041)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	14	127
Dividends paid	(440)	(439)
Net cash from (used for) financing activities	(35,961)	36,691
Cash and cash equivalents:
Net change	4,688	1,519
Beginning balance	2,238	3,186
Ending balance	6,926	4,705
Interest paid	2,704	3,015
Income taxes paid	$ 413	$ 2,427

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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 2015 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, 2014. All intercompany transactions and balances have been eliminated in consolidation. Commencing with the first quarter of 2015, the flat products segment has been separated into two reportable segments; carbon flat products and specialty metals flat products. Prior year financial information has been recast to reflect the new segment reporting structure. The Company now operates in three reportable segments; carbon flat products, specialty metals flat products, and tubular and pipe products. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. 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 for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three 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	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Financing Receivables [Text Block]	2. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.0 million and $2.9 million as of June 30, 2015 and December 31, 2014, 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	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	3. Inventories Inventories consisted of the following: Inventory as of (in thousands) June 30, 2015 December 31, 2014 Unprocessed $ 186,522 $ 238,226 Processed and finished 56,938 72,882 Totals $ 243,460 $ 311,108 The Company values certain of its tubular and pipe products inventory under the last-in, first-out (LIFO) method. At June 30, 2015 and December 31, 2014, approximately $45.2 million, or 18.6% of consolidated inventory, and $46.6 million, or 15.0% 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. For the six months ended June 30, 2015, the Company recorded $650 thousand of LIFO income as a result of expected year-over-year decreases in carbon, nickel and base stainless steel pricing and expected lower inventory quantities at December 31, 2015. Of the $650 thousand LIFO income, $400 thousand was recorded in the second quarter of 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. For the three and six months ended June 30, 2014, the Company recorded $400 thousand of LIFO expense as projections at that time anticipated increased pricing of inventory for the remainder of 2014. If the FIFO method had been in use, inventories would have been $3.9 million and $3.2 million lower than reported at June 30, 2015 and December 31, 2014, respectively.

Note 4 - Goodwill and Intangibl

Note 4 - Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	4. Goodwill and Intangible Assets : In accordance with the Accounting Standards Codification (ASC), an impairment test of goodwill and indefinitely lived intangible assets is performed at least annually or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant nonperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. During the first six months of 2015, the metals industry has experienced a significant decline in the price of metals as a result of the strengthened U.S. dollar, a historically high level of imported materials arriving in the United States, low raw materials costs to produce metals, and an oversupply of metals. The price of hot-rolled carbon steel has decreased approximately 22%, or $130 per ton, since December 31, 2014. As a result, the Company determined that a triggering event occurred in the Company’s tubular and pipe products segment during the second quarter of 2015. The challenging market conditions have negatively impacted the segment’s recent financial performance and the decrease of the Company’s market capitalization led the Company to perform the two-step quantitative impairment test by comparing the fair value of the tubular and pipe products segment with its carrying value. The Company engaged an independent third party valuation expert to assist with the completion of the goodwill and indefinitely lived intangible asset impairment testing. The asset impairment testing determined that the carrying value of the operations was in excess of the fair value and indefinitely lived intangible asset and goodwill impairments were identified. The Company concluded that the indefinitely lived intangible asset, Trade name, was partially impaired and the impairment in the amount of $8 million was recorded in the second quarter of 2015. The determination of fair value of the reporting units used to perform the first step of the impairment test requires judgment and involves significant estimates and assumptions about the expected future cash flows and the impact of market conditions on those assumptions. Due to the inherent uncertainty associated with these estimates, actual results could differ materially from these estimates. Although management believes the assumptions used in testing the Company’s reporting units’ indefinitely lived intangible assets and goodwill for impairment are reasonable, it is possible that market and economic conditions could deteriorate further or not improve as expected. Additional declines in or a lack of recovery in market conditions from current levels, weaker than anticipated Company financial performance, or an increase in the market-based weighted average cost of capital, among other factors, could significantly impact the impairment analysis and may result in further indefinitely lived intangible assets impairment charges that, if incurred, could have a material adverse effect on the Company’s financial condition and results of operations. Based on the second step of the impairment test, the Company concluded that the implied fair value of goodwill for the tubular and pipe products segment was less than its carrying value and a full goodwill impairment of $16.5 million was recorded at June 30, 2015. Goodwill, by reportable segment, was as follows as of June 30, 2015 and December 31, 2014: (in thousands) Flat Products Tubular and Pipe Products Total Balance as of December 31, 2014 $ 500 $ 16,451 $ 16,951 Acquisitions - - - Impairments - (16,451 ) (16,451 ) Balance as of June 30, 2015 $ 500 $ - $ 500 Intangible assets, net, consisted of the following as of June 30, 2015 and December 31, 2014: As of June 30, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,555 ) $ - $ 9,777 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (3,555 ) $ (8,000 ) $ 25,202 As of December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,111 ) $ - $ 10,221 Trade name - not subject to amortization 23,425 - - 23,425 $ 36,757 $ (3,111 ) $ - $ 33,646 Due to the impairment of the tubular and pipe segment’s goodwill, a triggering event occurred for the intangible assets subject to amortization and an impairment test was completed. The test revealed no impairment to the Company’s intangible assets subject to amortization. The Company estimates that amortization expense for its intangible assets subject to amortization will be $889 thousand for the year ending December 31, 2015 and $889 thousand per year in each of the next five years.

Note 5 - Debt

Note 5 - Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	5. Debt : The Company’s debt is comprised of the following components: As of June 30, December 31, (in thousands) 2015 2014 Asset-based revolving credit facility due June 30, 2019 $ 209,395 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 212,085 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 209,395 $ 244,090 On June 30, 2014, the Company amended its existing asset-based credit facility (ABL Credit Facility). The ABL Credit Facility amendment provides for, among other things: (i) a reduction in the applicable margin for loans under the Company’s Loan and Security Agreement; (ii) a consolidation of the previous $315.0 million revolver and then outstanding $44.5 million term loan into a $365 million revolving credit facility; (iii) the removal of the Company’s real estate as collateral for borrowings; and (iv) the extension of the maturity date until June 30, 2019. Revolver borrowings are limited to the lesser of a borrowing base, comprised of eligible receivables and inventories, or $365 million in the aggregate. 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 $30 million or 10.0% of the aggregate amount of revolver commitments ($36.5 million at June 30, 2015) then the Company must maintain a ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.00 to 1.00 for the most recent twelve fiscal month period; (ii) limitations on dividend payments; and (iii) restrictions on additional indebtedness. 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 0.25% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.25% to 3.00%. As of June 30, 2015, the Company was in compliance with its covenants and had approximately $93.1 million of availability under the ABL Credit Facility. As of June 30, 2015, $3.1 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 five-year term of the ABL 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 then outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by $729 thousand. The hedged balance as of June 30, 2015 was $35.7 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 (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, 2015, the Company paid an optional principal payment of $840 thousand. Since the IRB is remarketed annually, it is included in “Current portion of long-term debt” on the accompanying Consolidated Balance Sheets. 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 June 30, 2015 was 0.17% for the IRB debt. CTI entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the above IRB. At June 30, 2015, 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	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Instruments : Metals swaps During 2015 and 2014, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. In 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 and are included in “Other accrued liabilities” and “Prepaid expenses and other” on the Consolidated Balance Sheet at June 30, 2015. The Company entered into them to mitigate its customers’ risk of volatility in the price of metals. The outstanding nickel swaps have one to eleven months remaining and the outstanding carbon swaps have one to six 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 cumulative change in fair value of the metals swaps that have not yet been settled are included in “Other accrued liabilities”, and the embedded customer derivatives are included in “Accounts receivable, net” on the Consolidated Balance Sheets at June 30, 2015 and December 31, 2014. In 2014, the Company entered into carbon swaps to mitigate its risk of volatility in the price of metals. The swaps are indexed to the NYMEX price of U.S. Midwest Domestic Hot-Rolled Coil Steel with third-party brokers. The outstanding carbon swaps have one to six months remaining. The metals swaps are accounted for as cash flow hedges and are included in “Other accrued liabilities” and “Prepaid expenses and other” on the Consolidated Balance Sheet at June 30, 2015. The periodic change in fair value of the metals hedges are included in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet at June 30, 2015. The impact of the mark-to-market adjustment on settled hedges is recorded in “Cost of materials sold” in the accompanying Consolidated Statements of Comprehensive Income. The impact was $823 thousand of expense for the three and six months ended June 30, 2015. 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 June 30, 2015 was $35.7 million. The hedge matures on June 1, 2016 and the notional amount is reduced monthly by $729 thousand. The interest rate hedge fixed the rate at 1.21% plus a premium ranging from 1.25% to 1.75%. 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. 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 and six months ended June 30, 2015 and 2014. 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 and six months ended June 30, 2015 and 2014. Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Interest rate swap (CTI) $ (18 ) $ (18 ) $ (35 ) $ (47 ) Fixed interest rate swap (ABL) (95 ) (121 ) (194 ) (245 ) Metals swaps (270 ) 1,117 (1,387 ) 1,772 Embedded customer derivatives 270 (1,117 ) 1,387 (1,772 ) Total loss $ (113 ) $ (139 ) $ (229 ) $ (292 )

Note 7 - Fair Value of Financia

Note 7 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
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 Level 2 Level 3 During the six months ended June 30, 2015, 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 June 30, 2015 since December 31, 2014. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014: Metals swaps and embedded customer derivatives Interest rate swaps 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 June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 1,020 $ - $ 1,020 Total assets at fair value $ - $ 1,020 $ - $ 1,020 Liabilities: Embedded customer derivative $ - $ 1,020 $ - $ 1,020 Interest rate swap (CTI) - 144 - 144 Fixed interest rate swap (ABL) - 279 - 279 Total liabilities recorded at fair value $ - $ 1,443 $ - $ 1,443 Value of Items Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 487 $ - $ 487 Total assets at fair value $ - $ 487 $ - $ 487 Liabilities: Metals swaps $ - $ 487 $ - $ 487 Interest rate swap (CTI) - 178 - 178 Fixed interest rate swap (ABL) - 386 - 386 Total liabilities recorded at fair value $ - $ 1,051 $ - $ 1,051 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 $2.7 million and $3.5 million at June 30, 2015 and December 31, 2014, respectively. The fair value of the revolver is determined using Level 2 inputs. The carrying value of the revolver was $209.4 million at June 30, 2015. The carrying value of the revolver was $244.1 million at December 31, 2014. 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. The following table presents information about the Company’s assets and liabilities that were not 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 Not Recorded at Fair Value As of June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 209,395 - 209,395 Total liabilities not recorded at fair value $ 2,690 $ 209,395 $ - $ 212,085 The value of the items not recorded at fair value represent the carrying value of the liabilities. Value of Items Not Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 3,530 $ - $ - $ 3,530 Revolver - 244,090 - 244,090 Total liabilities not recorded at fair value $ 3,530 $ 244,090 $ - $ 247,620 The value of the items not recorded at fair value represent the carrying value of the liabilities. The table below shows assets measured at fair value on a nonrecurring basis. The fair value of goodwill and the trade name are determined using Level 3 inputs. Refer to note 4 for additional discussion. Assets Measured at Fair Value on a Nonrecurring Basis (in thousands) 6/30/2015 Level 1 Level 2 Level 3 Total Gain / (Loss) Goodwill (tubular and pipe products segment) $ - $ - $ - $ - $ (16,451 ) Trade name (tubular and pipe products segment) 15,425 - - 15,425 (8,000 ) Total $ 15,425 $ - $ - $ 15,425 $ (24,451 )

Note 8 - Equity Plans

Note 8 - Equity Plans	6 Months Ended
	Jun. 30, 2015
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 six months ended June 30, 2015: Weighted Average Aggregate Intrinsic Number of Weighted Average Remaining Value Options Exercise Price Contractual Term (in thousands) Outstanding at December 31, 2014 20,170 $ 32.63 Granted - - Exercised - - Canceled (1,000 ) 32.63 Outstanding at June 30, 2015 19,170 $ 32.63 1.83 $ - Exercisable at June 30, 2015 19,170 $ 32.63 1.83 $ - During the six months ended June 30, 2015 no options were exercised. All options outstanding are vested as of June 30, 2015. There were 7,000 options exercised during the six months ended June 30, 2014. The total intrinsic value of stock options exercised during the six months ended June 30, 2014 was $103 thousand. 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, 2015 and March 1, 2014, the Compensation Committee of the Company’s Board of Directors approved the grant of 4,639 and 2,544 restricted stock units (RSUs), respectively, 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 $15.09 and $27.51 for the grants on March 1, 2015 and March 1, 2014, 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 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 six months ended June 30, 2015 and 2014 the Company matched 7,750 shares and 7,250 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 and six months ended June 30, 2015 and 2014, respectively, is summarized in the following table: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 RSU expense before taxes $ 311 $ 268 $ 542 $ 521 RSU expense after taxes $ 191 $ 176 $ 317 $ 333 Impact per basic share $ 0.02 $ 0.02 $ 0.03 $ 0.03 Impact per diluted share $ 0.02 $ 0.02 $ 0.03 $ 0.03 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 six months ended June 30, 2015: Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2014 238,023 $ 25.11 Granted 69,771 14.54 Converted into shares (2,437 ) 18.87 Forfeited - - Outstanding at June 30, 2015 305,357 $ 22.61 $ - Vested at June 30, 2015 280,915 $ 22.55 $ - During the six months ended June 30, 2015 and June 30, 2014, 2,437 and 1,250 RSUs were converted into shares, respectively.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	9. Income Taxes : For the three months ended June 30, 2015, the Company recorded an income tax benefit of $3.6 million, or 14.0%, compared to income tax expense of $1.8 million, or 34.4%, for the three months ended June 30, 2014. During the three months ended June 30, 2015, the Company recorded a $16.5 million goodwill impairment charge pertaining to its tubular and pipe products segment. This non-deductible impairment charge reduced the Company’s effective tax rate by 24.5% for the three months ended June 30, 2015. For the six months ended June 30, 2015, the Company recorded an income tax benefit of $3.0 million, or 12.2% compared to an income tax provision of $3.5 million, or 36.0%, for the six months ended June 30, 2014. The lower effective tax rate for the six months ended June 30, 2015 was a result of the non-deductible goodwill impairment charge discussed above. This impairment charge reduced the Company’s effective tax rate by 26.2% for the six months ended June 30, 2015. 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 an

Note 10 - Shares Outstanding and Earnings Per Share	6 Months Ended
	Jun. 30, 2015
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 For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 Weighted average basic shares outstanding 11,201 11,089 11,198 11,089 Assumed exercise of stock options and issuance of stock awards - - - 1 Weighted average diluted shares outstanding 11,201 11,089 11,198 11,090 Net income (loss) $ (22,260 ) $ 3,494 $ (21,191 ) $ 6,271 Basic earnings (loss) per share $ (1.99 ) $ 0.32 $ (1.89 ) $ 0.57 Diluted earnings (loss) per share $ (1.99 ) $ 0.32 $ (1.89 ) $ 0.57 Anti-dilutive securities outstanding - 200 - 200

Note 11 - Segment Information

Note 11 - Segment Information	6 Months Ended
	Jun. 30, 2015
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. Commencing with the first quarter of 2015, the flat products segment has been separated into two reportable segments; carbon flat products and specialty metals flat products. The flat products segments’ assets and resources are shared by the carbon and specialty metals segments and both segments’ products are stored in the shared facilities and processed on the shared equipment. As such, total assets and capital expenditures are reported in the aggregate for the flat products segments. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the carbon flat products segment and the specialty metals flat products segment based upon an established allocation methodology. Prior year financial information has been recast to reflect the new segment reporting structure. The Company now operates in three reportable segments; carbon flat products, specialty metals flat products, and tubular and pipe products. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. 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 for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three 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 and six months ended June 30, 2015 and 2014. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Net sales Carbon flat products $ 209,207 $ 263,209 $ 437,752 $ 502,924 Specialty metals flat products 52,715 56,996 105,346 103,134 Tubular and pipe products 53,329 65,842 118,018 126,902 Total net sales $ 315,251 $ 386,047 $ 661,116 $ 732,960 Depreciation and amortization Carbon flat products $ 3,147 $ 4,023 $ 6,308 $ 8,047 Specialty metals flat products 190 207 350 402 Tubular and pipe products 1,488 1,432 2,953 2,866 Corporate 25 25 51 50 Total depreciation and amortization $ 4,850 $ 5,687 $ 9,662 $ 11,365 Operating income (loss) Carbon flat products $ (602 ) $ 5,513 $ (251 ) $ 8,919 Specialty metals flat products (270 ) 902 440 2,344 Tubular and pipe products 2,504 2,853 6,758 6,290 Corporate expenses (1,579 ) (2,160 ) (3,549 ) (4,216 ) Goodwill and intangible asset impairment (a) (24,451 ) - (24,451 ) - Total operating income (loss) $ (24,398 ) $ 7,108 $ (21,053 ) $ 13,337 Other income (loss), net (26 ) (4 ) (58 ) (2 ) Income (loss) before interest and income taxes (24,424 ) 7,104 (21,111 ) 13,335 Interest and other expense on debt 1,471 1,779 3,033 3,532 Income (loss) before income taxes $ (25,895 ) $ 5,325 $ (24,144 ) $ 9,803 (a) The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Capital expenditures Flat products segments $ 918 $ 2,214 $ 2,106 $ 3,230 Tubular and pipe products 1,624 552 2,127 1,873 Corporate - 17 - 21 Total capital expenditures $ 2,542 $ 2,783 $ 4,233 $ 5,124 As of June 30, December 31, (in thousands) 2015 2014 Goodwill Flat products segments $ 500 $ 500 Tubular and pipe products - 16,451 Total goodwill $ 500 $ 16,951 Assets Flat products segments $ 430,037 $ 496,253 Tubular and pipe products 181,796 203,937 Corporate 507 558 Total assets $ 612,340 $ 700,748 There were no material revenue transactions between the carbon flat products, specialty metals 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 Accou

Note 12 - Recently Issued Accounting Updates:	6 Months Ended
	Jun. 30, 2015
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 April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest – Imputation of Interest.” This ASU is part of the FASB’s Simplification Initiative and has been issued to reduce the complexity in the presentation of debt issuance costs. This new guidance requires companies to present debt issuance costs the same way they currently present debt discounts, as a direct deduction from the carrying value of that debt liability. The guidance is limited to simplifying the presentation of debt issuance costs and does not impact the recognition and measurement guidance for debt issuance costs. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The amendments of ASU No. 2015-03 must be applied retrospectively, where the balance sheet of each presented individual period is adjusted to indicate the period-specific impact of using the new guidance. The FASB considered that because both debt issuance costs and debt discounts are amortized using the effective interest method, there would be no effect on the income statement upon adoption of the amendments. The adoption of this ASU is not expected to impact the Company’s consolidated financial statements. In August 2014, the FASB issued an amendment to the accounting guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance requires management to assess the Company’s ability to continue as a going concern and to provide disclosures under certain circumstances. This guidance is effective for annual reporting periods ending after December 15, 2016 and interim reporting periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU is a joint project initiated by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards that will: remove inconsistencies and weaknesses in revenue requirements; provide a more robust framework for addressing revenue issues; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; provide more useful information to users of financial statements through improved disclosure requirements; and simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. As originally proposed, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. On April 1, 2015, the FASB approved issuing an exposure draft on a one-year deferral of the effective date of the new revenue standard for both public and private companies. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its consolidated financial statements, and interim periods within those fiscal years, with early adoption permitted.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2015
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 2015 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, 2014. All intercompany transactions and balances have been eliminated in consolidation.
Segment Reporting, Policy [Policy Text Block]	Commencing with the first quarter of 2015, the flat products segment has been separated into two reportable segments; carbon flat products and specialty metals flat products. Prior year financial information has been recast to reflect the new segment reporting structure. The Company now operates in three reportable segments; carbon flat products, specialty metals flat products, and tubular and pipe products. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. 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 for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three 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 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) June 30, 2015 December 31, 2014 Unprocessed $ 186,522 $ 238,226 Processed and finished 56,938 72,882 Totals $ 243,460 $ 311,108

Note 4 - Goodwill and Intangi20

Note 4 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	(in thousands) Flat Products Tubular and Pipe Products Total Balance as of December 31, 2014 $ 500 $ 16,451 $ 16,951 Acquisitions - - - Impairments - (16,451 ) (16,451 ) Balance as of June 30, 2015 $ 500 $ - $ 500
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	As of June 30, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,555 ) $ - $ 9,777 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (3,555 ) $ (8,000 ) $ 25,202 As of December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,111 ) $ - $ 10,221 Trade name - not subject to amortization 23,425 - - 23,425 $ 36,757 $ (3,111 ) $ - $ 33,646

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	As of June 30, December 31, (in thousands) 2015 2014 Asset-based revolving credit facility due June 30, 2019 $ 209,395 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 212,085 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 209,395 $ 244,090

Note 6 - Derivative Instrumen22

Note 6 - Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, For the Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Interest rate swap (CTI) $ (18 ) $ (18 ) $ (35 ) $ (47 ) Fixed interest rate swap (ABL) (95 ) (121 ) (194 ) (245 ) Metals swaps (270 ) 1,117 (1,387 ) 1,772 Embedded customer derivatives 270 (1,117 ) 1,387 (1,772 ) Total loss $ (113 ) $ (139 ) $ (229 ) $ (292 )

Note 7 - Fair Value of Financ23

Note 7 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 1,020 $ - $ 1,020 Total assets at fair value $ - $ 1,020 $ - $ 1,020 Liabilities: Embedded customer derivative $ - $ 1,020 $ - $ 1,020 Interest rate swap (CTI) - 144 - 144 Fixed interest rate swap (ABL) - 279 - 279 Total liabilities recorded at fair value $ - $ 1,443 $ - $ 1,443 Value of Items Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 487 $ - $ 487 Total assets at fair value $ - $ 487 $ - $ 487 Liabilities: Metals swaps $ - $ 487 $ - $ 487 Interest rate swap (CTI) - 178 - 178 Fixed interest rate swap (ABL) - 386 - 386 Total liabilities recorded at fair value $ - $ 1,051 $ - $ 1,051
Fair Value, by Balance Sheet Grouping [Table Text Block]	Value of Items Not Recorded at Fair Value As of June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 209,395 - 209,395 Total liabilities not recorded at fair value $ 2,690 $ 209,395 $ - $ 212,085 Value of Items Not Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 3,530 $ - $ - $ 3,530 Revolver - 244,090 - 244,090 Total liabilities not recorded at fair value $ 3,530 $ 244,090 $ - $ 247,620
Fair Value Measurements, Nonrecurring [Table Text Block]	Assets Measured at Fair Value on a Nonrecurring Basis (in thousands) 6/30/2015 Level 1 Level 2 Level 3 Total Gain / (Loss) Goodwill (tubular and pipe products segment) $ - $ - $ - $ - $ (16,451 ) Trade name (tubular and pipe products segment) 15,425 - - 15,425 (8,000 ) Total $ 15,425 $ - $ - $ 15,425 $ (24,451 )

Note 8 - Equity Plans (Tables)

Note 8 - Equity Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Average Aggregate Intrinsic Number of Weighted Average Remaining Value Options Exercise Price Contractual Term (in thousands) Outstanding at December 31, 2014 20,170 $ 32.63 Granted - - Exercised - - Canceled (1,000 ) 32.63 Outstanding at June 30, 2015 19,170 $ 32.63 1.83 $ - Exercisable at June 30, 2015 19,170 $ 32.63 1.83 $ -
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 RSU expense before taxes $ 311 $ 268 $ 542 $ 521 RSU expense after taxes $ 191 $ 176 $ 317 $ 333 Impact per basic share $ 0.02 $ 0.02 $ 0.03 $ 0.03 Impact per diluted share $ 0.02 $ 0.02 $ 0.03 $ 0.03
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2014 238,023 $ 25.11 Granted 69,771 14.54 Converted into shares (2,437 ) 18.87 Forfeited - - Outstanding at June 30, 2015 305,357 $ 22.61 $ - Vested at June 30, 2015 280,915 $ 22.55 $ -

Note 10 - Shares Outstanding 25

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2015 2014 2015 2014 Weighted average basic shares outstanding 11,201 11,089 11,198 11,089 Assumed exercise of stock options and issuance of stock awards - - - 1 Weighted average diluted shares outstanding 11,201 11,089 11,198 11,090 Net income (loss) $ (22,260 ) $ 3,494 $ (21,191 ) $ 6,271 Basic earnings (loss) per share $ (1.99 ) $ 0.32 $ (1.89 ) $ 0.57 Diluted earnings (loss) per share $ (1.99 ) $ 0.32 $ (1.89 ) $ 0.57 Anti-dilutive securities outstanding - 200 - 200

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Net sales Carbon flat products $ 209,207 $ 263,209 $ 437,752 $ 502,924 Specialty metals flat products 52,715 56,996 105,346 103,134 Tubular and pipe products 53,329 65,842 118,018 126,902 Total net sales $ 315,251 $ 386,047 $ 661,116 $ 732,960 Depreciation and amortization Carbon flat products $ 3,147 $ 4,023 $ 6,308 $ 8,047 Specialty metals flat products 190 207 350 402 Tubular and pipe products 1,488 1,432 2,953 2,866 Corporate 25 25 51 50 Total depreciation and amortization $ 4,850 $ 5,687 $ 9,662 $ 11,365 Operating income (loss) Carbon flat products $ (602 ) $ 5,513 $ (251 ) $ 8,919 Specialty metals flat products (270 ) 902 440 2,344 Tubular and pipe products 2,504 2,853 6,758 6,290 Corporate expenses (1,579 ) (2,160 ) (3,549 ) (4,216 ) Goodwill and intangible asset impairment (a) (24,451 ) - (24,451 ) - Total operating income (loss) $ (24,398 ) $ 7,108 $ (21,053 ) $ 13,337 Other income (loss), net (26 ) (4 ) (58 ) (2 ) Income (loss) before interest and income taxes (24,424 ) 7,104 (21,111 ) 13,335 Interest and other expense on debt 1,471 1,779 3,033 3,532 Income (loss) before income taxes $ (25,895 ) $ 5,325 $ (24,144 ) $ 9,803
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2015 2014 2015 2014 Capital expenditures Flat products segments $ 918 $ 2,214 $ 2,106 $ 3,230 Tubular and pipe products 1,624 552 2,127 1,873 Corporate - 17 - 21 Total capital expenditures $ 2,542 $ 2,783 $ 4,233 $ 5,124
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of June 30, December 31, (in thousands) 2015 2014 Goodwill Flat products segments $ 500 $ 500 Tubular and pipe products - 16,451 Total goodwill $ 500 $ 16,951 Assets Flat products segments $ 430,037 $ 496,253 Tubular and pipe products 181,796 203,937 Corporate 507 558 Total assets $ 612,340 $ 700,748

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2015
Note 1 - Basis of Presentation (Details) [Line Items]
Number of Reportable Segments	3
Carbon Flat Products And Specialty Metals Flat Products [Member]
Note 1 - Basis of Presentation (Details) [Line Items]
Number of Reportable Segments	2

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 3	$ 2.9

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Inventory Disclosure [Abstract]
LIFO Inventory Amount	$ 45,200		$ 45,200		$ 46,600
Percentage of LIFO Inventory	18.60%		18.60%		15.00%
Inventory, LIFO Reserve, Period Charge	$ 400	$ (400)	$ 650	$ (400)
Inventory Difference Using FIFO Basis	$ 3,900		$ 3,900		$ 3,200

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - Steel Inventories - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Steel Inventories [Abstract]
Unprocessed	$ 186,522	$ 238,226
Processed and finished	56,938	72,882
Totals	$ 243,460	$ 311,108

Note 4 - Goodwill and Intangi31

Note 4 - Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)$ / T
Note 4 - Goodwill and Intangible Assets (Details) [Line Items]
Percentage of Decrease in Price of Hot-Rolled Carbon Steel		22.00%
Amount Decrease Per Ton in Price of Hot-Rolled Carbon Steel (in Dollars per US Ton) | $ / T		130
Goodwill, Impairment Loss	$ 16,500	$ 16,451
Finite-Lived Intangible Assets, Amortization Expense, Year Two		889
Finite-Lived Intangible Assets, Amortization Expense, Year Four		889
Finite-Lived Intangible Assets, Amortization Expense, Year Five		889
Finite-Lived Intangible Assets, Amortization Expense, after Year Five		889
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year		889
Finite-Lived Intangible Assets, Amortization Expense, Year Three		5
Trade Names [Member]
Note 4 - Goodwill and Intangible Assets (Details) [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 8,000

Note 4 - Goodwill and Intangi32

Note 4 - Goodwill and Intangible Assets (Details) - Goodwill by Reportable Segment - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015
Goodwill [Line Items]
Balance as of			$ 16,951
Acquisitions			0
Impairments		$ (16,500)	(16,451)
Balance as of	$ 500	16,951	500
Flat Products [Member]
Goodwill [Line Items]
Balance as of			500
Acquisitions			0
Balance as of	500	500	500
Tubular and Pipe Products [Member]
Goodwill [Line Items]
Balance as of			16,451
Acquisitions			0
Impairments	$ (16,500)		$ (16,451)
Balance as of		$ 16,451

Note 4 - Goodwill and Intangi33

Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets, Net - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets, Net [Line Items]
Customer Relationships, Accumulated Amortization	$ (3,555)	$ (3,111)
Gross Carrying Amount	36,757	36,757
Accumulated Amortization	(3,555)	(3,111)
Impairments	(8,000)
Intangible Assets, Net	25,202	33,646
Trade Names [Member]
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets, Net [Line Items]
Trade Name, Gross Carrying Amount	23,425	23,425
Trade Name, Impairments	(8,000)
Trade Name, Intangible Assets, Net	15,425	23,425
Customer Relationships [Member]
Note 4 - Goodwill and Intangible Assets (Details) - Intangible Assets, Net [Line Items]
Customer Relationships, Gross Carrying Amount	13,332	13,332
Customer Relationships, Accumulated Amortization	(3,555)	(3,111)
Customer Relationships, Intangible Assets, Net	9,777	10,221
Accumulated Amortization	$ (3,555)	$ (3,111)

Note 5 - Debt (Details)

Note 5 - Debt (Details) $ in Thousands	Apr. 02, 2015USD ($)	Jul. 31, 2011USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2012USD ($)
Note 5 - Debt (Details) [Line Items]
Prepaid Expense and Other Assets, Current			$ 11,454	$ 20,434
Derivative, Fixed Interest Rate			1.21%
Effect of Swap Interest Rate Agreement			3.46%
Amortized Banking Fees [Member]
Note 5 - Debt (Details) [Line Items]
Prepaid Expense and Other Assets, Current			$ 3,100
Interest Rate Swap [Member]
Note 5 - Debt (Details) [Line Items]
Long-term Line of Credit			35,700
Fixed Rate Interest Hedge, Notional Monthly Decrease			729
ABL Credit Facility [Member]
Note 5 - Debt (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity			93,100
Debt Instrument, Periodic Payment, Principal	$ 840
ABL Credit Facility [Member] | Asset-Based Revolving Credit Facility Due June 30, 2016 [Member]
Note 5 - Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 315,000
ABL Credit Facility [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			365,000
Line of Credit Facility, Current Borrowing Capacity			$ 365,000
Line of Credit Facility, Covenant Terms, Percentage of Revolver Commitments			10.00%
Balance Required for Compliance with Revolver Commitments			$ 36,500
ABL Credit Facility [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member] | Availability Dollar Amount [Member]
Note 5 - Debt (Details) [Line Items]
Line of Credit Facility Covenant Terms Monetary			$ 30,000
ABL Credit Facility [Member] | Term Loan [Member]
Note 5 - Debt (Details) [Line Items]
Other Long-term Debt					$ 44,500
ABL Credit Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 5 - Debt (Details) [Line Items]
Long-term Line of Credit							$ 53,200
Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Line of Credit Facility Covenant Terms EBITDA Ratio			1
Term Loan [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 5 - Debt (Details) [Line Items]
Long-term Line of Credit						$ 53,200
Industrial Revenue Bond [Member] | Chicago Tube and Iron Company Acquisition [Member]
Note 5 - Debt (Details) [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 5,900
Debt Instrument, Interest Rate, Effective Percentage			0.17%
Minimum [Member]
Note 5 - Debt (Details) [Line Items]
Derivative Premium Rate			1.75%
Minimum [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.00%
Minimum [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.25%
Maximum [Member]
Note 5 - Debt (Details) [Line Items]
Derivative Premium Rate			2.25%
Maximum [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.25%
Maximum [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%

Note 5 - Debt (Details) - Debt

Note 5 - Debt (Details) - Debt - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 5 - Debt (Details) - Debt [Line Items]
Asset-based revolving credit facility due June 30, 2019	$ 209,395	$ 244,090
Total debt	212,085	247,620
Less current amount	(2,690)	(3,530)
Total long-term debt	209,395	244,090
Asset-Based Revolving Credit Facility Due June 30, 2019 [Member]
Note 5 - Debt (Details) - Debt [Line Items]
Asset-based revolving credit facility due June 30, 2019	209,395	244,090
Industrial Revenue Bond [Member]
Note 5 - Debt (Details) - Debt [Line Items]
Industrial revenue bond due April 1, 2018	$ 2,690	$ 3,530

Note 6 - Derivative Instrumen36

Note 6 - Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2012
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Fixed Interest Rate	1.21%	1.21%
Cash Flow Hedging [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Fixed Interest Rate	1.21%	1.21%
Nickel Swaps [Member] | Cost of Materials Sold [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net (in Dollars)	$ (823)	$ (823)
Interest Rate Swap [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Long-term Line of Credit (in Dollars)	35,700	35,700
Fixed Rate Interest Hedge, Notional Monthly Decrease (in Dollars)		729
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Long-term Line of Credit (in Dollars)	$ 35,700	35,700
Fixed Rate Interest Hedge, Notional Monthly Decrease (in Dollars)		$ 729
ABL Credit Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Long-term Line of Credit (in Dollars)			$ 53,200
Minimum [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative Premium Rate	1.75%	1.75%
Minimum [Member] | Cash Flow Hedging [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative Premium Rate	1.75%	1.75%
Minimum [Member] | Nickel Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		1 month
Minimum [Member] | Carbon Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		1 month
Minimum [Member] | Prepaid Expenses and Other Current Assets [Member] | Carbon Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		1 month
Maximum [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative Premium Rate	2.25%	2.25%
Maximum [Member] | Cash Flow Hedging [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative Premium Rate	1.25%	1.25%
Maximum [Member] | Nickel Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		11 months
Maximum [Member] | Carbon Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		6 months
Maximum [Member] | Prepaid Expenses and Other Current Assets [Member] | Carbon Swaps [Member]
Note 6 - Derivative Instruments (Details) [Line Items]
Derivative, Remaining Maturity		6 months

Note 6 - Derivative Instrumen37

Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]
Derivative Instrument	$ (113)	$ (139)	$ (229)	$ (292)
Metals Swap [Member]
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]
Derivative Instrument	(270)	1,117	(1,387)	1,772
Embedded Derivative Financial Instruments [Member]
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]
Derivative Instrument	270	(1,117)	1,387	(1,772)
ABL Credit Facility [Member] | Interest Rate Swap [Member]
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]
Derivative Instrument	(95)	(121)	(194)	(245)
Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Note 6 - Derivative Instruments (Details) - Impact to Consolidated Statements of Operations of Derivatives [Line Items]
Derivative Instrument	$ (18)	$ (18)	$ (35)	$ (47)

Note 7 - Fair Value of Financ38

Note 7 - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Note 7 - Fair Value of Financial Instruments (Details) [Line Items]
Long-term Line of Credit, Noncurrent	$ 209,395	$ 244,090
Revolving Credit Facility [Member]
Note 7 - Fair Value of Financial Instruments (Details) [Line Items]
Long-term Line of Credit, Noncurrent	209,400	244,100
Industrial Revenue Bond [Member]
Note 7 - Fair Value of Financial Instruments (Details) [Line Items]
Long-term Debt	2,700	3,500
Fair Value, Inputs, Level 1 [Member] | Industrial Revenue Bond [Member]
Note 7 - Fair Value of Financial Instruments (Details) [Line Items]
Long-term Debt, Fair Value	$ 2,700	$ 3,500

Note 7 - Fair Value of Financ39

Note 7 - Fair Value of Financial Instruments (Details) - Fair Value Measurements, Recorded - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Total assets at fair value	$ 1,020	$ 487
Liabilities:
Embedded customer derivative	1,020
Total liabilities at fair value	1,443	1,051
Assets:
Embedded customer derivative		487
Metals Swap [Member]
Assets:
Metals swaps	1,020
Liabilities:
Metals swaps		487
ABL Credit Facility [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	279	386
Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	144	178
Fair Value, Inputs, Level 2 [Member]
Assets:
Total assets at fair value	1,020	487
Liabilities:
Embedded customer derivative	1,020
Total liabilities at fair value	1,443	1,051
Assets:
Embedded customer derivative		487
Fair Value, Inputs, Level 2 [Member] | Metals Swap [Member]
Assets:
Metals swaps	1,020
Liabilities:
Metals swaps		487
Fair Value, Inputs, Level 2 [Member] | ABL Credit Facility [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	279	386
Fair Value, Inputs, Level 2 [Member] | Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	$ 144	$ 178

Note 7 - Fair Value of Financ40

Note 7 - Fair Value of Financial Instruments (Details) - Fair Value Measurements, Not Recorded - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Liabilities:
Revolver	$ 209,395	$ 244,090
Carrying Value [Member]
Liabilities:
Total liabilities not recorded at fair value	212,085	247,620
Industrial Revenue Bond [Member]
Liabilities:
Long term debt	2,690	3,530
Total liabilities not recorded at fair value	2,700	3,500
Revolver [Member]
Liabilities:
Revolver	209,395	244,090
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Liabilities:
Total liabilities not recorded at fair value	2,690	3,530
Fair Value, Inputs, Level 1 [Member] | Industrial Revenue Bond [Member]
Liabilities:
Long term debt	2,690	3,530
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities:
Total liabilities not recorded at fair value	209,395	244,090
Fair Value, Inputs, Level 2 [Member] | Revolver [Member]
Liabilities:
Revolver	$ 209,395	$ 244,090

Note 7 - Fair Value of Financ41

Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Goodwill (tubular and pipe products segment)		$ (16,500)	$ (16,451)
Tubular and Pipe Products [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Goodwill (tubular and pipe products segment)	$ (16,500)		(16,451)
Trade Names [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Trade name (tubular and pipe products segment)			(8,000)
Fair Value, Measurements, Nonrecurring [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Total	15,425		15,425
Total			(24,451)
Fair Value, Measurements, Nonrecurring [Member] | Tubular and Pipe Products [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Goodwill (tubular and pipe products segment)			(16,451)
Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Tubular and Pipe Products [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Trade name (tubular and pipe products segment)	15,425		15,425
Trade name (tubular and pipe products segment)			(8,000)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Total	15,425		15,425
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Tubular and Pipe Products [Member]
Note 7 - Fair Value of Financial Instruments (Details) - Revalue of Goodwill and Intangible Assets [Line Items]
Trade name (tubular and pipe products segment)	$ 15,425		$ 15,425

Note 8 - Equity Plans (Details)

Note 8 - Equity Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2015	Mar. 01, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0	7,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars)				$ 103
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
Restricted Stock Units Units Number Converted			2,437	1,250
Common Stock [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			500,000
Share Price (in Dollars per share)	$ 15.09	$ 27.51
Restricted Stock Units (RSUs) [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,639	2,544	69,771
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					1 year
Restricted Stock Units (RSUs) [Member] | Five Year Anniversary [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)			$ 25
Restricted Stock Units (RSUs) [Member] | Ten Year Anniversary [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)			50
Restricted Stock Units (RSUs) [Member] | Fifteen Year Anniversary [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)			75
Restricted Stock Units (RSUs) [Member] | Twenty Year Anniversary [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)			100
Restricted Stock Units (RSUs) [Member] | Twenty Five Year Anniversary [Member]
Note 8 - Equity Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested (in Dollars)			$ 100
Match [Member]
Note 8 - Equity Plans (Details) [Line Items]
Shares Matched			7,750	7,250

Note 8 - Equity Plans (Detail43

Note 8 - Equity Plans (Details) - Stock Option Activity - 6 months ended Jun. 30, 2015 - $ / shares	Total
Stock Option Activity [Abstract]
Outstanding, Number of Options	19,170
Outstanding, Weighted Average Exercise Price	$ 32.63
Outstanding, Weighted Average Remaining Contractual Term	1 year 302 days
Exercisable at June 30, 2015	19,170
Exercisable at June 30, 2015	$ 32.63
Exercisable at June 30, 2015	1 year 302 days
Canceled	(1,000)
Canceled	$ 32.63

Note 8 - Equity Plans (Detail44

Note 8 - Equity Plans (Details) - Stock Based Compensation Expense Recognized on Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Impact per basic share	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Impact per diluted share	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
RSU expense before taxes	$ 311	$ 268	$ 542	$ 521
RSU expense after taxes	$ 191	$ 176	$ 317	$ 333
Impact per basic share	$ 0.02	$ 0.02	$ 0.03	$ 0.03
Impact per diluted share	$ 0.02	$ 0.02	$ 0.03	$ 0.03

Note 8 - Equity Plans (Detail45

Note 8 - Equity Plans (Details) - Restricted Stock Unit Activity - Restricted Stock Units (RSUs) [Member] - $ / shares	Mar. 01, 2015	Mar. 01, 2014	Jun. 30, 2015
Note 8 - Equity Plans (Details) - Restricted Stock Unit Activity [Line Items]
Outstanding at			305,357
Outstanding at			$ 22.61
Vested at June 30, 2015			280,915
Vested at June 30, 2015			$ 22.55
Granted	4,639	2,544	69,771
Granted			$ 14.54
Converted into shares			(2,437)
Converted into shares			$ 18.87
Forfeited			0
Forfeited			$ 0

Note 9 - Income Taxes (Details)

Note 9 - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Note 9 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit) (in Dollars)	$ (3,635)		$ 1,831	$ (2,953)	$ 3,532
Effective Income Tax Rate Reconciliation, Percent	14.00%		34.40%	12.20%	36.00%
Goodwill, Impairment Loss (in Dollars)		$ 16,500		$ 16,451
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	24.50%			26.20%
Tubular and Pipe Products [Member]
Note 9 - Income Taxes (Details) [Line Items]
Goodwill, Impairment Loss (in Dollars)	$ 16,500			$ 16,451

Note 10 - Shares Outstanding 47

Note 10 - Shares Outstanding and Earnings Per Share (Details) - Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted average basic shares outstanding	11,201	11,089	11,198	11,089
Assumed exercise of stock options and issuance of stock awards				1
Weighted average diluted shares outstanding	11,201	11,089	11,198	11,090
Net income (loss) (in Dollars)	$ (22,260)	$ 3,494	$ (21,191)	$ 6,271
Basic earnings (loss) per share (in Dollars per share)	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Diluted earnings (loss) per share (in Dollars per share)	$ (1.99)	$ 0.32	$ (1.89)	$ 0.57
Anti-dilutive securities outstanding		200		200

Note 11 - Segment Information48

Note 11 - Segment Information (Details)	6 Months Ended
	Jun. 30, 2015
Note 11 - Segment Information (Details) [Line Items]
Number of Reportable Segments	3
Carbon Flat Products And Specialty Metals Flat Products [Member]
Note 11 - Segment Information (Details) [Line Items]
Number of Reportable Segments	2

Note 11 - Segment Information49

Note 11 - Segment Information (Details) - Segment Reporting Information by Revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales
Net sales	$ 315,251	$ 386,047	$ 661,116	$ 732,960
Depreciation and amortization
Depreciation and Amortization	4,850	5,687	9,662	11,365
Operating income (loss)
Operating Income (Loss)	(24,398)	7,108	(21,053)	13,337
Other income (loss), net	(26)	(4)	(58)	(2)
Goodwill and intangible asset impairment (a)	(24,451)		(24,451)
Income (loss) before interest and income taxes	(24,424)	7,104	(21,111)	13,335
Interest and other expense on debt	1,471	1,779	3,033	3,532
Income (loss) before income taxes	(25,895)	5,325	(24,144)	9,803
Carbon Flat Products [Member]
Net sales
Net sales	209,207	263,209	437,752	502,924
Depreciation and amortization
Depreciation and Amortization	3,147	4,023	6,308	8,047
Operating income (loss)
Operating Income (Loss)	(602)	5,513	(251)	8,919
Specialty Metal Flat Products [Member]
Net sales
Net sales	52,715	56,996	105,346	103,134
Depreciation and amortization
Depreciation and Amortization	190	207	350	402
Operating income (loss)
Operating Income (Loss)	(270)	902	440	2,344
Tubular and Pipe Products [Member]
Net sales
Net sales	53,329	65,842	118,018	126,902
Depreciation and amortization
Depreciation and Amortization	1,488	1,432	2,953	2,866
Operating income (loss)
Operating Income (Loss)	2,504	2,853	6,758	6,290
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization	25	25	51	50
Operating income (loss)
Operating Income (Loss)	$ (1,579)	$ (2,160)	$ (3,549)	$ (4,216)

Note 11 - Segment Information50

Note 11 - Segment Information (Details) - Segment Reporting Information by Capital Expenditures - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Capital expenditures
Capital Expenditures	$ 2,542	$ 2,783	$ 4,233	$ 5,124
Flat Products [Member]
Capital expenditures
Capital Expenditures	918	2,214	2,106	3,230
Tubular and Pipe Products [Member]
Capital expenditures
Capital Expenditures	$ 1,624	552	$ 2,127	1,873
Corporate Segment [Member]
Capital expenditures
Capital Expenditures		$ 17		$ 21

Note 11 - Segment Information51

Note 11 - Segment Information (Details) - Segment Reporting Information by Assets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Goodwill
Goodwill	$ 500	$ 16,951
Assets
Assets	612,340	700,748
Flat Products [Member]
Goodwill
Goodwill	500	500
Assets
Assets	430,037	496,253
Tubular and Pipe Products [Member]
Goodwill
Goodwill		16,451
Assets
Assets	181,796	203,937
Corporate Segment [Member]
Assets
Assets	$ 507	$ 558

Uncategorized Items - zeus-2015

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	$ 32.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	20,170
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber	238,023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue	$ 25.11