Olympic Steel (ZEUS) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Entity Registrant Name	OLYMPIC STEEL INC
Entity Central Index Key	917,470
Trading Symbol	zeus
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		11,002,616
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 5,040,000	$ 2,238,000
Accounts receivable, net	115,155,000	123,804,000
Inventories, net (includes LIFO debit of $4,932 as of September 30, 2015 and $3,207 as of December 31, 2014)	229,031,000	311,108,000
Prepaid expenses and other	$ 7,753,000	20,434,000
Assets held for sale		1,125,000
Total current assets	$ 356,979,000	458,709,000
Property and equipment, at cost	370,909,000	366,989,000
Accumulated depreciation	(201,136,000)	(189,603,000)
Net property and equipment	169,773,000	177,386,000
Goodwill	500,000	16,951,000
Intangible assets, net	24,980,000	33,646,000
Other long-term assets	12,766,000	14,056,000
Total assets	564,998,000	700,748,000
Liabilities
Current portion of long-term debt	2,690,000	3,530,000
Accounts payable	57,395,000	91,252,000
Accrued payroll	8,364,000	10,224,000
Other accrued liabilities	16,967,000	26,971,000
Total current liabilities	85,416,000	131,977,000
Credit facility revolver	185,180,000	244,090,000
Other long-term liabilities	10,742,000	13,249,000
Deferred income taxes	23,655,000	30,651,000
Total liabilities	$ 304,993,000	$ 419,967,000
Shareholders' Equity
Preferred stock
Common stock	$ 128,033,000	$ 126,339,000
Accumulated other comprehensive loss	(570,000)	(549,000)
Retained earnings	132,542,000	154,991,000
Total shareholders' equity	260,005,000	280,781,000
Total liabilities and shareholders' equity	$ 564,998,000	$ 700,748,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
LIFO debit	$ 4,932	$ 3,207

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Net sales	$ 276,922,000		$ 376,617,000		$ 938,038,000		$ 1,109,577,000
Costs and expenses
Cost of materials sold (excludes items shown separately below)	218,172,000		305,080,000		753,949,000		891,968,000
Warehouse and processing	21,261,000		24,926,000		65,520,000		70,071,000
Administrative and general	15,943,000		18,260,000		49,287,000		55,342,000
Distribution	8,950,000		10,941,000		27,819,000		31,787,000
Selling	5,315,000		6,304,000		16,106,000		19,305,000
Occupancy	2,196,000		2,348,000		7,212,000		7,644,000
Depreciation	4,409,000		4,418,000		13,627,000		15,339,000
Amortization	$ 223,000		$ 223,000		667,000		667,000
Goodwill and intangible asset impairment		[1]		[1]	24,451,000	[1]	0
Total costs and expenses	$ 276,469,000		$ 372,500,000		958,638,000		1,092,123,000
Operating income (loss)	453,000		4,117,000		(20,600,000)		17,454,000
Other income (loss), net	(84,000)		(20,000)		(141,000)		(22,000)
Income (loss) before interest and income taxes	369,000		4,097,000		(20,741,000)		17,432,000
Interest and other expense on debt	1,405,000		1,602,000		4,439,000		5,134,000
Income (loss) before income taxes	(1,036,000)		2,495,000		(25,180,000)		12,298,000
Income tax provision (benefit)	(438,000)		939,000		(3,391,000)		4,471,000
Net income (loss)	(598,000)		1,556,000		(21,789,000)		7,827,000
Gain/(loss) on cash flow hedge	(278,000)		141,000		(1,817,000)		265,000
Tax effect on cash flow hedge	107,000		$ (54,000)		699,000		$ (102,000)
Reclassification of loss included in net income, net of tax of $180 and $533 for the three and nine months ended September 30, 2015, respectively	364,000				1,097,000
Total comprehensive income (loss)	$ (405,000)		$ 1,643,000		$ (21,810,000)		$ 7,990,000
Earnings per share:
Net income (loss) per share - basic (in dollars per share)	$ (0.05)		$ 0.14		$ (1.95)		$ 0.70
Weighted average shares outstanding - basic (in shares)	11,203		11,120		11,200		11,118
Net income (loss) per share - diluted (in dollars per share)	$ (0.05)		$ 0.14		$ (1.95)		$ 0.70
Weighted average shares outstanding - diluted (in shares)	11,203		11,120		11,200		11,119
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax, Reclassification	$ 180		$ 533

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
Cash flows from (used for) operating activities:
Net income (loss)	$ (21,789,000)		$ 7,827,000
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities -
Depreciation and amortization	14,902,000		16,867,000
Goodwill and intangible asset impairment	24,451,000	[1]	0
Loss on disposition of property and equipment	0		33,000
Stock-based compensation	1,680,000		1,719,000
Other long-term assets	(704,000)		954,000
Other long-term liabilities	(9,526,000)		(1,595,000)
	10,422,000		23,897,000
Changes in working capital:
Accounts receivable	8,649,000		(37,380,000)
Inventories	82,077,000		(43,061,000)
Prepaid expenses and other	13,908,000		3,367,000
Accounts payable	(19,373,000)		5,418,000
Change in outstanding checks	(14,484,000)		(10,048,000)
Accrued payroll and other accrued liabilities	(11,862,000)		(1,196,000)
	58,915,000		(82,900,000)
Net cash from (used for) operating activities	69,337,000		(59,003,000)
Cash flows from (used for) investing activities:
Capital expenditures	(6,017,000)		(7,214,000)
Proceeds from disposition of property and equipment	3,000		37,000
Net cash used for investing activities	(6,014,000)		(7,177,000)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	283,092,000		506,591,000
Credit facility revolver repayments	(342,002,000)		(383,191,000)
Term loan repayments	0		(48,854,000)
Industrial revenue bond repayments	(840,000)		(810,000)
Credit facility fees and expenses	(125,000)		(1,130,000)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	14,000		137,000
Dividends paid	(660,000)		(659,000)
Net cash from (used for) financing activities	(60,521,000)		72,084,000
Cash and cash equivalents:
Net change	2,802,000		5,904,000
Beginning balance	2,238,000		3,186,000
Ending balance	5,040,000		9,090,000
Interest paid	3,898,000		4,348,000
Income taxes paid	$ 693,000		$ 3,714,000
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Financing Receivables [Text Block]	2. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.4 million and $2.9 million as of September 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories Inventories consisted of the following: Inventory as of (in thousands) September 30, 2015 December 31, 2014 Unprocessed $ 182,441 $ 238,226 Processed and finished 46,590 72,882 Totals $ 229,031 $ 311,108 The Company values certain of its tubular and pipe products inventory under the last-in, first-out (LIFO) method. At September 30, 2015 and December 31, 2014, approximately $43.5 million, or 19.0% 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 nine months ended September 30, 2015, the Company recorded $1.7 million 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 $1.7 million LIFO income, $1.1 million was recorded in the third quarter of 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. For the three and nine months ended September 30, 2014, the Company recorded $200 thousand and $600 thousand, respectively, 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 $4.9 million and $3.2 million lower than reported at September 30, 2015 and December 31, 2014, respectively.

Note 4 - Goodwill and Intangibl

Note 4 - Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 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 material costs to produce metals, and an oversupply of metals. The price of hot-rolled carbon steel decreased approximately 22%, or $130 per ton, during the first six months of 2015. 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 negatively impacted the segment’s 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. 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. Due to the impairment of the tubular and pipe segment’s goodwill in the second quarter of 2015, 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. No triggering event occurred during the third quarter of 2015 for the Company’s remaining $500 thousand of goodwill related to the specialty metals flat products segment. The Company performs an annual impairment test of goodwill and indefinitely lived intangible assets in the fourth quarter of each year. Management uses judgment to determine whether to use a qualitative analysis or a quantitative fair value measurement for each of the Company’s reporting units that carry goodwill. If a quantitative fair value measurement is used, the fair value of each indefinite lived intangible asset is compared to its carrying value. 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. 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. Goodwill, by reportable segment, was as follows as of September 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 September 30, 2015 $ 500 $ - $ 500 Intangible assets, net, consisted of the following as of September 30, 2015 and December 31, 2014: As of September 30, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,777 ) $ - $ 9,555 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (3,777 ) $ (8,000 ) $ 24,980 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 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	5. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2015 2014 Asset-based revolving credit facility due June 30, 2019 $ 185,180 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 187,870 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 185,180 $ 244,090 The Company’s existing asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable and inventory. The ABL Credit Facility consists of a revolving credit line of $365 million. 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 matures on June 30, 2019. 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 September 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 share repurchases; 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 September 30, 2015, the Company was in compliance with its covenants and had approximately $87.3 million of availability under the ABL Credit Facility. As of September 30, 2015, $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 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 September 30, 2015 was $33.5 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. The Industrial Revenue Bond (IRB) indebtedness was 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 September 30, 2015 was 0.12% for the IRB debt. Chicago Tube and Iron (CTI) entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the above IRB. At September 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 September 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 eight months remaining and the outstanding carbon swaps have one to three 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 September 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 three 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 September 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 September 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 for the three and nine months ended September 30, 2015 was $544 thousand and $1.6 million, respectively, of expense. 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 September 30, 2015 was $33.5 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 nine months ended September 30, 2015 and 2014. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through “Net income (loss)” of the derivatives for the three and nine months ended September 30, 2015 and 2014. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Interest rate swap (CTI) $ (15 ) $ (33 ) $ (50 ) $ (80 ) Fixed interest rate swap (ABL) (90 ) (118 ) (284 ) (363 ) Metals swaps (571 ) (467 ) (1,958 ) 1,305 Embedded customer derivatives 571 467 1,958 (1,305 ) Total loss $ (105 ) $ (151 ) $ (334 ) $ (443 )

Note 7 - Fair Value of Financia

Note 7 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 nine months ended September 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 September 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 September 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 September 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 876 $ - $ 876 Total assets at fair value $ - $ 876 $ - $ 876 Liabilities: Embedded customer derivative $ - $ 876 $ - $ 876 Interest rate swap (CTI) - 128 - 128 Fixed interest rate swap (ABL) - 213 - 213 Total liabilities recorded at fair value $ - $ 1,217 $ - $ 1,217 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 September 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 $185.2 million at September 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 September 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 185,180 - 185,180 Total liabilities not recorded at fair value $ 2,690 $ 185,180 $ - 187,870 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.

Note 8 - Equity Plans

Note 8 - Equity Plans	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Equity Plans : Stock Options The following table summarizes stock option activity during the nine months ended September 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 September 30, 2015 19,170 $ 32.63 1.58 $ - Exercisable at September 30, 2015 19,170 $ 32.63 1.58 $ - All options outstanding are vested as of September 30, 2015. During the nine months ended September 30, 2015, no options were exercised. There were 7,000 options exercised during the nine months ended September 30, 2014. The total intrinsic value of stock options exercised during the nine months ended September 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 nine months ended September 30, 2015 and 2014 the Company matched 8,750 shares and 8,375 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 nine months ended September 30, 2015 and 2014, respectively, is summarized in the following table: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2015 2014 2015 2014 RSU expense before taxes $ 326 $ 360 $ 867 $ 881 RSU expense after taxes $ 188 $ 225 $ 530 $ 561 Impact per basic share $ 0.02 $ 0.02 $ 0.05 $ 0.05 Impact per diluted share $ 0.02 $ 0.02 $ 0.05 $ 0.05 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 nine months ended September 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 September 30, 2015 305,357 $ 22.61 $ - Vested at September 30, 2015 284,988 $ 22.56 $ - During the nine months ended September 30, 2015 and 2014, 2,437 and 1,250 RSUs were converted into shares, respectively.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes : For the three months ended September 30, 2015, the Company recorded an income tax benefit of $438 thousand, or 42.3%, compared to income tax expense of $939 thousand, or 37.6%, for the three months ended September 30, 2014. For the nine months ended September 30, 2015, the Company recorded an income tax benefit of $3.4 million, or 13.5% compared to an income tax provision of $4.5 million, or 36.4%, for the nine months ended September 30, 2014. During the second quarter of 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 25.3% for the nine months ended September 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	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 Nine Months Ended September 30, September 30, (in thousands, except per share data) 2015 2014 2015 2014 Weighted average basic shares outstanding 11,203 11,120 11,200 11,118 Assumed exercise of stock options and issuance of stock awards - - - 1 Weighted average diluted shares outstanding 11,203 11,120 11,200 11,119 Net income (loss) $ (598 ) $ 1,556 $ (21,789 ) $ 7,827 Basic earnings (loss) per share $ (0.05 ) $ 0.14 $ (1.95 ) $ 0.70 Diluted earnings (loss) per share $ (0.05 ) $ 0.14 $ (1.95 ) $ 0.70 Anti-dilutive securities outstanding 124 200 124 200

Note 11 - Stock Repurchase Prog

Note 11 - Stock Repurchase Program:	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Treasury Stock [Text Block]	11. Stock Repurchase Program : On October 2, 2015, the Company announced that its Board of Directors authorized a stock repurchase program of up to 550,000 shares of the Company’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which may be effected through Rule 10b5-1 plans. Any of the repurchased shares will be held in the Company’s treasury, or canceled and retired as the Board may determine from time to time. Any repurchases of common stock are subject to the covenants contained in the ABL Credit Facility. Under the ABL Credit Facility, the Company may repurchase up to $2.5 million of common stock in the aggregate during any fiscal year without restrictions. Purchases in excess of $2.5 million require the Company to (i) maintain availability in excess of 25% of the aggregate revolver commitments ($91.3 million at September 30, 2015) or (ii) to maintain availability equal to or greater than 15% of the aggregate revolver commitments ($54.8 million at September 30, 2015) and the Company must maintain a pro-forma ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.00 to 1.00. No shares of common stock were repurchased under the common stock repurchase program as of September 30, 2015.

Note 12 - Segment Information

Note 12 - Segment Information	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. 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 nine months ended September 30, 2015 and 2014. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net sales Carbon flat products $ 176,656 $ 256,121 $ 614,408 $ 759,045 Specialty metals flat products 46,470 56,655 151,816 159,789 Tubular and pipe products 53,796 63,841 171,814 190,743 Total net sales $ 276,922 $ 376,617 $ 938,038 $ 1,109,577 Depreciation and amortization Carbon flat products $ 2,905 $ 3,033 $ 9,213 $ 11,080 Specialty metals flat products 175 200 525 602 Tubular and pipe products 1,527 1,383 4,480 4,249 Corporate 25 25 76 75 Total depreciation and amortization $ 4,632 $ 4,641 $ 14,294 $ 16,006 Operating income (loss) Carbon flat products (a) $ (1,100 ) $ 905 $ (929 ) $ 9,826 Specialty metals flat products (a) (358 ) 2,460 (340 ) 4,802 Tubular and pipe products 3,685 2,804 10,443 9,094 Corporate expenses (1,774 ) (2,052 ) (5,323 ) (6,268 ) Goodwill and intangible asset impairment (b) - - (24,451 ) - Total operating income (loss) $ 453 $ 4,117 $ (20,600 ) $ 17,454 Other income (loss), net (84 ) (20 ) (141 ) (22 ) Income (loss) before interest and income taxes 369 4,097 (20,741 ) 17,432 Interest and other expense on debt 1,405 1,602 4,439 5,134 Income (loss) before income taxes $ (1,036 ) $ 2,495 $ (25,180 ) $ 12,298 (a) $423 of costs and expenses were reallocated from the carbon to the specialty metals flat products segments related to the first six months of 2015. This decreased the operating loss for the carbon flat products segment and increased the operating loss for the specialty metals flat products segment. There was no impact to the consolidated operating income as a result of the reallocation. (b) The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Capital expenditures Flat products segments $ 1,148 $ 1,631 $ 3,254 $ 4,861 Tubular and pipe products 636 459 2,763 2,332 Corporate - - - 21 Total capital expenditures $ 1,784 $ 2,090 $ 6,017 $ 7,214 As of September 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 $ 383,131 $ 496,253 Tubular and pipe products 181,385 203,937 Corporate 482 558 Total assets $ 564,998 $ 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 13 - Recently Issued Accou

Note 13 - Recently Issued Accounting Updates:	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	13. Recently Issued Accounting Updates : In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” 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. 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. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from contracts with customers.” This ASU deferred the effective date of ASU No. 2014-09 by one year.

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) September 30, 2015 December 31, 2014 Unprocessed $ 182,441 $ 238,226 Processed and finished 46,590 72,882 Totals $ 229,031 $ 311,108

Note 4 - Goodwill and Intangi21

Note 4 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
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 September 30, 2015 $ 500 $ - $ 500
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	As of September 30, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (3,777 ) $ - $ 9,555 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (3,777 ) $ (8,000 ) $ 24,980 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)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Debt [Table Text Block]	As of September 30, December 31, (in thousands) 2015 2014 Asset-based revolving credit facility due June 30, 2019 $ 185,180 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 187,870 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 185,180 $ 244,090

Note 6 - Derivative Instrumen23

Note 6 - Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Interest rate swap (CTI) $ (15 ) $ (33 ) $ (50 ) $ (80 ) Fixed interest rate swap (ABL) (90 ) (118 ) (284 ) (363 ) Metals swaps (571 ) (467 ) (1,958 ) 1,305 Embedded customer derivatives 571 467 1,958 (1,305 ) Total loss $ (105 ) $ (151 ) $ (334 ) $ (443 )

Note 7 - Fair Value of Financ24

Note 7 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Value of Items Recorded at Fair Value As of September 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 876 $ - $ 876 Total assets at fair value $ - $ 876 $ - $ 876 Liabilities: Embedded customer derivative $ - $ 876 $ - $ 876 Interest rate swap (CTI) - 128 - 128 Fixed interest rate swap (ABL) - 213 - 213 Total liabilities recorded at fair value $ - $ 1,217 $ - $ 1,217 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 September 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 185,180 - 185,180 Total liabilities not recorded at fair value $ 2,690 $ 185,180 $ - 187,870 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

Note 8 - Equity Plans (Tables)

Note 8 - Equity Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
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 September 30, 2015 19,170 $ 32.63 1.58 $ - Exercisable at September 30, 2015 19,170 $ 32.63 1.58 $ -
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2015 2014 2015 2014 RSU expense before taxes $ 326 $ 360 $ 867 $ 881 RSU expense after taxes $ 188 $ 225 $ 530 $ 561 Impact per basic share $ 0.02 $ 0.02 $ 0.05 $ 0.05 Impact per diluted share $ 0.02 $ 0.02 $ 0.05 $ 0.05
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 September 30, 2015 305,357 $ 22.61 $ - Vested at September 30, 2015 284,988 $ 22.56 $ -

Note 10 - Shares Outstanding 26

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2015 2014 2015 2014 Weighted average basic shares outstanding 11,203 11,120 11,200 11,118 Assumed exercise of stock options and issuance of stock awards - - - 1 Weighted average diluted shares outstanding 11,203 11,120 11,200 11,119 Net income (loss) $ (598 ) $ 1,556 $ (21,789 ) $ 7,827 Basic earnings (loss) per share $ (0.05 ) $ 0.14 $ (1.95 ) $ 0.70 Diluted earnings (loss) per share $ (0.05 ) $ 0.14 $ (1.95 ) $ 0.70 Anti-dilutive securities outstanding 124 200 124 200

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net sales Carbon flat products $ 176,656 $ 256,121 $ 614,408 $ 759,045 Specialty metals flat products 46,470 56,655 151,816 159,789 Tubular and pipe products 53,796 63,841 171,814 190,743 Total net sales $ 276,922 $ 376,617 $ 938,038 $ 1,109,577 Depreciation and amortization Carbon flat products $ 2,905 $ 3,033 $ 9,213 $ 11,080 Specialty metals flat products 175 200 525 602 Tubular and pipe products 1,527 1,383 4,480 4,249 Corporate 25 25 76 75 Total depreciation and amortization $ 4,632 $ 4,641 $ 14,294 $ 16,006 Operating income (loss) Carbon flat products (a) $ (1,100 ) $ 905 $ (929 ) $ 9,826 Specialty metals flat products (a) (358 ) 2,460 (340 ) 4,802 Tubular and pipe products 3,685 2,804 10,443 9,094 Corporate expenses (1,774 ) (2,052 ) (5,323 ) (6,268 ) Goodwill and intangible asset impairment (b) - - (24,451 ) - Total operating income (loss) $ 453 $ 4,117 $ (20,600 ) $ 17,454 Other income (loss), net (84 ) (20 ) (141 ) (22 ) Income (loss) before interest and income taxes 369 4,097 (20,741 ) 17,432 Interest and other expense on debt 1,405 1,602 4,439 5,134 Income (loss) before income taxes $ (1,036 ) $ 2,495 $ (25,180 ) $ 12,298
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Capital expenditures Flat products segments $ 1,148 $ 1,631 $ 3,254 $ 4,861 Tubular and pipe products 636 459 2,763 2,332 Corporate - - - 21 Total capital expenditures $ 1,784 $ 2,090 $ 6,017 $ 7,214
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of September 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 $ 383,131 $ 496,253 Tubular and pipe products 181,385 203,937 Corporate 482 558 Total assets $ 564,998 $ 700,748

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2015
Carbon Flat Products and Specialty Metals Flat Products [Member]
Number of Reportable Segments	2
Number of Reportable Segments	3

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable, Current	$ 3.4	$ 2.9

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
LIFO Inventory Amount	$ 43.5		$ 43.5		$ 46.6
Percentage of LIFO Inventory	19.00%		19.00%		15.00%
Inventory, LIFO Reserve, Period Charge	$ 1.1	$ 0.2	$ 1.7	$ 0.6
Inventory Difference Using FIFO Basis	$ 4.9		$ 4.9		$ 3.2

Note 3 - Steel Inventories (Det

Note 3 - Steel Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Unprocessed	$ 182,441	$ 238,226
Processed and finished	46,590	72,882
Totals	$ 229,031	$ 311,108

Note 4 - Goodwill and Intangi32

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Trade Names [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 8,000,000
Specialty Metal Flat Products [Member]
Goodwill		500,000
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year		$ 889,000
Percentage of Decrease in Price of Hot Rolled Carbon Steel		22.00%
Amount Decrease Per Ton in Price of Hot Rolled Carbon Steel		$ 130
Goodwill, Impairment Loss	$ 16,500,000	16,451,000
Goodwill		500,000	$ 16,951,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two		889,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three		889,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four		889,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five		$ 889,000

Note 4 - Goodwill by Reportable

Note 4 - Goodwill by Reportable Segment (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Flat Products [Member]
Balance as of December 31, 2014	$ 500,000
Acquisitions
Impairments
Balance as of September 30, 2015	$ 500,000
Tubular And Pipe Products [Member]
Balance as of December 31, 2014	$ 16,451,000
Acquisitions
Impairments	$ (16,451,000)
Balance as of September 30, 2015
Balance as of December 31, 2014	$ 16,951,000
Acquisitions
Impairments	$ (16,451,000)
Balance as of September 30, 2015	$ 500,000

Note 4 - Intangible Assets, Net

Note 4 - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Customer Relationships [Member]
Gross Carrying Amount	$ 13,332	$ 13,332
Accumulated Amortization	(3,777)	(3,111)
Intangible Assets, Net	9,555	10,221
	(3,777)	(3,111)
Trade Names [Member]
Gross Carrying Amount	23,425	23,425
Intangible Assets, Net	15,425	$ 23,425
Impairments	(8,000)
Gross Carrying Amount	36,757	$ 36,757
Accumulated Amortization	(3,777)	(3,111)
Intangible Assets, Net	24,980	$ 33,646
Impairments	(8,000)
	$ (3,777)	$ (3,111)

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 02, 2015	Sep. 30, 2015	Jun. 30, 2013
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Availability Dollar Amount [Member]
Line Of Credit Facility Covenant Terms Monetary		$ 30,000
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.00%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.25%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member]
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
A B L Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member]
Long-term Line of Credit			$ 53,200
A B L Credit Facility [Member]
Line of Credit Facility Covenant Terms EBITDA Ratio		1
Line of Credit Facility, Remaining Borrowing Capacity		$ 87,300
Debt Instrument, Periodic Payment, Principal	$ 840
Minimum [Member]
Derivative Premium Rate		1.75%
Maximum [Member]
Derivative Premium Rate		2.25%
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current		$ 3,000
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement		3.46%
Interest Rate Swap [Member]
Long-term Line of Credit		$ 33,500
Fixed Rate Interest Hedge Notional Monthly Decrease		$ 729
Chicago Tube and Iron Company Acquisition [Member]
Debt Instrument, Interest Rate, Effective Percentage		0.12%
Derivative, Fixed Interest Rate		1.21%

Note 5 - Debt (Details)

Note 5 - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Credit facility revolver	$ 185,180	$ 244,090
Industrial Revenue Bond Member [Member]
Industrial revenue bond due April 1, 2018	2,690	3,530
Credit facility revolver	185,180	244,090
Total debt	187,870	247,620
Less current amount	(2,690)	(3,530)
Total long-term debt	$ 185,180	$ 244,090

Note 6 - Derivative Instrumen37

Note 6 - Derivative Instruments (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Minimum [Member] | Nickel Swaps [Member]
Derivative, Remaining Maturity		1 year
Minimum [Member] | Carbon Swaps [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative, Remaining Maturity		1 year
Minimum [Member] | Carbon Swaps [Member]
Derivative, Remaining Maturity		1 year
Minimum [Member] | Cash Flow Hedging [Member]
Derivative Premium Rate	1.75%	1.75%
Minimum [Member]
Derivative Premium Rate	1.75%	1.75%
Maximum [Member] | Nickel Swaps [Member]
Derivative, Remaining Maturity		8 years
Maximum [Member] | Carbon Swaps [Member]
Derivative, Remaining Maturity		3 years
Maximum [Member] | Cash Flow Hedging [Member]
Derivative Premium Rate	1.25%	1.25%
Maximum [Member]
Derivative Premium Rate	2.25%	2.25%
Cost of Materials Sold [Member] | Nickel Swaps [Member]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 544	$ 1,600
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Long-term Line of Credit	33,500	33,500
Fixed Rate Interest Hedge Notional Monthly Decrease		729
Interest Rate Swap [Member]
Long-term Line of Credit	33,500	33,500
Fixed Rate Interest Hedge Notional Monthly Decrease		729
London Interbank Offered Rate (LIBOR) [Member] | A B L Credit Facility [Member] | Term Loan Member [Member]
Long-term Line of Credit	$ 53,200	$ 53,200
Cash Flow Hedging [Member]
Derivative, Fixed Interest Rate	1.21%	1.21%
Derivative, Fixed Interest Rate	1.21%	1.21%

Note 6 - Impact to Consolidated

Note 6 - Impact to Consolidated Statements of Operations of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	$ (15)	$ (33)	$ (50)	$ (80)
Interest Rate Swap [Member] | A B L Credit Facility [Member]
Derivatives	(90)	(118)	(284)	(363)
Metals Swap [Member]
Derivatives	(571)	(467)	(1,958)	1,305
Embedded Customer Derivatives [Member]
Derivatives	571	467	1,958	(1,305)
Derivatives	$ (105)	$ (151)	$ (334)	$ (443)

Note 7 - Fair Value of Financ39

Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Long-term Debt, Fair Value	$ 2,700	$ 3,500
Long-term Debt		3,500
Industrial Revenue Bonds [Member]
Long-term Debt	2,700
Revolving Credit Facility [Member]
Long-term Line of Credit, Noncurrent	185,200	244,100
Long-term Line of Credit, Noncurrent	$ 185,180	$ 244,090

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements, Recorded (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Metals Swap [Member]
Assets
Metals swaps
Liabilities
Metals swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | A B L Credit Facility [Member] | Fixed Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Total assets at fair value
Embedded customer derivative
Liabilities
Embedded customer derivative
Total liabilities recorded at fair value
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Metals Swap [Member]
Assets
Metals swaps	$ 876
Liabilities
Metals swaps		$ 487
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)	128	178
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | A B L Credit Facility [Member] | Fixed Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)	213	386
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Total assets at fair value	876	487
Embedded customer derivative		487
Liabilities
Embedded customer derivative	876
Total liabilities recorded at fair value	$ 1,217	$ 1,051
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Metals Swap [Member]
Assets
Metals swaps
Liabilities
Metals swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | A B L Credit Facility [Member] | Fixed Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Total assets at fair value
Embedded customer derivative
Liabilities
Embedded customer derivative
Total liabilities recorded at fair value
Metals Swap [Member]
Assets
Metals swaps	$ 876
Liabilities
Metals swaps		$ 487
Chicago Tube and Iron Company Acquisition [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)	128	178
A B L Credit Facility [Member] | Fixed Interest Rate Swap [Member]
Liabilities
Interest rate swap (CTI)	213	386
Total assets at fair value	876	487
Embedded customer derivative		487
Embedded customer derivative	876
Total liabilities recorded at fair value	$ 1,217	$ 1,051

Note 7 - Fair Value Measureme41

Note 7 - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB	$ 2,690	$ 3,530
Total liabilities not recorded at fair value		$ 3,500
Fair Value, Inputs, Level 1 [Member] | Revolver Member [Member]
Liabilities
Revolver
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 2 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB
Fair Value, Inputs, Level 2 [Member] | Revolver Member [Member]
Liabilities
Revolver	$ 185,180	$ 244,090
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	$ 185,180	$ 244,090
Fair Value, Inputs, Level 3 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB
Fair Value, Inputs, Level 3 [Member] | Revolver Member [Member]
Liabilities
Revolver
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value
Industrial Revenue Bonds [Member]
Liabilities
IRB	$ 2,690	$ 3,530
Total liabilities not recorded at fair value	2,700
Revolver Member [Member]
Liabilities
Revolver	185,180	244,090
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	187,870	247,620
Revolver	$ 185,180	$ 244,090

Note 8 - Equity Plans (Details

Note 8 - Equity Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2015	Mar. 02, 2014	Sep. 30, 2015	Sep. 30, 2014
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			500,000
Share Price	$ 15.09	$ 27.51
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,639	2,544
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Match [Member]
Shares Matched			8,750	8,375
Restricted Stock Units (RSUs) [Member] | Five Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			$ 25
Restricted Stock Units (RSUs) [Member] | Ten Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			50
Restricted Stock Units (RSUs) [Member] | Fifteen Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			75
Restricted Stock Units (RSUs) [Member] | Twenty Five Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			100
Restricted Stock Units (RSUs) [Member] | Twenty Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			$ 100
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				$ 103
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			69,771
ShareBased Compensation Arrangement by ShareBased Payment Award Minimum Number of Shares Per Employee			750
Sharebased Compensation Arrangement bySharebasedPaymentAwardMatchingPurchaseRequirement			500
Sharebased Compensation Arrangement by Sharebased Payment Award Award Match			250
Restricted Stock Units Units Number Converted			2,437	1,250

Note 8 - Stock Option Activity

Note 8 - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Outstanding at December 31, 2014 (in shares)	19,170	20,170
Outstanding at December 31, 2014 (in dollars per share)	$ 32.63	$ 32.63
Granted (in shares)
Exercised (in shares)	0
Canceled (in shares)	(1,000)
Canceled (in dollars per share)	$ 32.63
Outstanding at September 30, 2015 (in dollars per share)	$ 32.63
Outstanding at September 30, 2015	1 year 211 days
Exercisable at September 30, 2015 (in shares)	19,170
Exercisable at September 30, 2015	1 year 211 days

Note 8 - Stock Based Compensati

Note 8 - Stock Based Compensation Expense Recognized on Restricted Stock Units (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock Units (RSUs) [Member] | Expense Before Tax [Member]
RSU expense before taxes	$ 326	$ 360	$ 867	$ 881
Restricted Stock Units (RSUs) [Member] | Expense After Tax [Member]
RSU expense after taxes	$ 188	$ 225	$ 530	$ 561
Impact Share Type [Member]
Impact per basic share (in dollars per share)	$ 0.02	$ 0.02	$ 0.05	$ 0.05
Impact per diluted share (in dollars per share)	0.02	0.02	0.05	0.05
Impact per basic share (in dollars per share)	(0.05)	0.14	(1.95)	0.70
Impact per diluted share (in dollars per share)	$ (0.05)	$ 0.14	$ (1.95)	$ 0.70

Note 8 - Restricted Stock Unit

Note 8 - Restricted Stock Unit Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
Converted into shares (in shares)	(2,437)
Converted into shares (in dollars per share)	$ 18.87
Forfeited (in shares)
Forfeited (in dollars per share)
Vested at September 30, 2015 (in shares)	284,988
Vested at September 30, 2015 (in dollars per share)	$ 22.56
Outstanding at December 31, 2014 (in shares)	305,357	238,023
Outstanding at December 31, 2014 (in dollars per share)	$ 22.61	$ 25.11
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	69,771
Granted (in dollars per share)	$ 14.54

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Tubular And Pipe Products [Member]
Goodwill, Impairment Loss				$ 16,451,000
Income Tax Expense (Benefit)	$ (438,000)	$ 939,000		$ (3,391,000)	$ 4,471,000
Effective Income Tax Rate Reconciliation, Percent	42.30%	37.60%		13.50%	36.40%
Goodwill, Impairment Loss			$ 16,500,000	$ 16,451,000
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent				25.30%

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Weighted average basic shares outstanding (in shares)	11,203	11,120	11,200	11,118
Assumed exercise of stock options and issuance of stock awards (in shares)				1
Weighted average diluted shares outstanding (in shares)	11,203	11,120	11,200	11,119
Net income (loss)	$ (598,000)	$ 1,556,000	$ (21,789,000)	$ 7,827,000
Basic earnings (loss) per share (in dollars per share)	$ (0.05)	$ 0.14	$ (1.95)	$ 0.70
Diluted earnings (loss) per share (in dollars per share)	$ (0.05)	$ 0.14	$ (1.95)	$ 0.70
Anti-dilutive securities outstanding (in shares)	124	200	124	200

Note 11 - Stock Repurchase Pr48

Note 11 - Stock Repurchase Program: (Details Textual)	Oct. 02, 2015USD ($)	Sep. 30, 2015USD ($)shares
Subsequent Event [Member] | A B L Credit Facility [Member] | Stock Repurchases Value Exceeds 2.5 Million, Option 1 [Member] | Minimum [Member]
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments	25.00%
Subsequent Event [Member] | A B L Credit Facility [Member] | Stock Repurchases Value Exceeds 2.5 Million, Option 2 [Member] | Minimum [Member]
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments	15.00%
Line of Credit Facility Covenant Terms EBITDA Ratio	1
Subsequent Event [Member] | A B L Credit Facility [Member]
Unrestricted Common Stock Purchases, Maximum, Value	$ 2,500,000
Subsequent Event [Member]
Stock Repurchase Program, Authorized Amount	$ 550,000
A B L Credit Facility [Member] | Stock Repurchases Value Exceeds 2.5 Million, Option 1 [Member] | Minimum [Member]
Balance Required for Compliance with Revolver Commitments		$ 91,300,000
A B L Credit Facility [Member] | Stock Repurchases Value Exceeds 2.5 Million, Option 2 [Member] | Minimum [Member]
Balance Required for Compliance with Revolver Commitments		$ 54,800,000
Stock Repurchased During Period, Shares | shares		0

Note 12 - Segment Information49

Note 12 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Specialty Metal Flat Products [Member]
Costs and Expenses			$ 423
Carbon Flat Products and Specialty Metals Flat Products [Member]
Costs and Expenses			$ 423
Number of Reportable Segments				2
Costs and Expenses	$ 276,469	$ 372,500		$ 958,638	$ 1,092,123
Number of Reportable Segments				3

Note 12 - Segment Reporting Inf

Note 12 - Segment Reporting Information by Revenue (Details) - USD ($)		3 Months Ended				9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Carbon Flat Products [Member]
Net sales
Net Sales		$ 176,656,000		$ 256,121,000		$ 614,408,000		$ 759,045,000
Depreciation and amortization
Depreciation and Amortization		2,905,000		3,033,000		9,213,000		11,080,000
Operating income (loss)
Operating Income	[1]	(1,100,000)		905,000		(929,000)		9,826,000
Specialty Metal Flat Products [Member]
Net sales
Net Sales		46,470,000		56,655,000		151,816,000		159,789,000
Depreciation and amortization
Depreciation and Amortization		175,000		200,000		525,000		602,000
Operating income (loss)
Operating Income	[1]	(358,000)		2,460,000		(340,000)		4,802,000
Tubular And Pipe Products [Member]
Net sales
Net Sales		53,796,000		63,841,000		171,814,000		190,743,000
Depreciation and amortization
Depreciation and Amortization		1,527,000		1,383,000		4,480,000		4,249,000
Operating income (loss)
Operating Income		3,685,000		2,804,000		10,443,000		9,094,000
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization		25,000		25,000		76,000		75,000
Operating income (loss)
Operating Income		(1,774,000)		(2,052,000)		(5,323,000)		(6,268,000)
Net Sales		276,922,000		376,617,000		938,038,000		1,109,577,000
Depreciation and Amortization		4,632,000		4,641,000		14,294,000		16,006,000
Operating Income		$ 453,000		$ 4,117,000		(20,600,000)		17,454,000
Goodwill and intangible asset impairment (b)			[2]		[2]	(24,451,000)	[2]	0
Other income (loss), net		$ (84,000)		$ (20,000)		(141,000)		(22,000)
Income (loss) before interest and income taxes		369,000		4,097,000		(20,741,000)		17,432,000
Interest and other expense on debt		1,405,000		1,602,000		4,439,000		5,134,000
Income (loss) before income taxes		$ (1,036,000)		$ 2,495,000		$ (25,180,000)		$ 12,298,000
[1]	$423 of costs and expenses were reallocated between the carbon and specialty metals flat products segments during the first six months of 2015. This decreased the operating loss for the carbon flat products segment and increased the operating loss for the specialty metals flat products segment.
[2]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 12 - Segment Reporting I51

Note 12 - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Flat Products [Member]
Capital expenditures
Capital Expenditures	$ 1,148	$ 1,631	$ 3,254	$ 4,861
Tubular And Pipe Products [Member]
Capital expenditures
Capital Expenditures	$ 636	$ 459	$ 2,763	2,332
Corporate Segment [Member]
Capital expenditures
Capital Expenditures				21
Capital Expenditures	$ 1,784	$ 2,090	$ 6,017	$ 7,214

Note 12 - Segment Reporting I52

Note 12 - Segment Reporting Information by Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Flat Products [Member]
Goodwill
Goodwill	$ 500	$ 500
Assets
Assets	$ 383,131	496,253
Tubular And Pipe Products [Member]
Goodwill
Goodwill		16,451
Assets
Assets	$ 181,385	203,937
Corporate Segment [Member]
Assets
Assets	482	558
Goodwill	500	16,951
Assets	$ 564,998	$ 700,748