Olympic Steel (ZEUS) 10-K 25 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 25, 2016	Jun. 30, 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)		10,955,046
Entity Public Float			$ 158,339,063
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Sales	$ 1,175,543,000		$ 1,436,270,000		$ 1,263,331,000	[1]
Costs and expenses
Cost of materials sold (excludes items shown separately below)	942,214,000		1,160,310,000		999,207,000
Warehouse and processing	85,411,000		92,170,000		84,332,000
Administrative and general	64,987,000		72,219,000		68,520,000
Distribution	36,073,000		41,312,000		35,076,000
Selling	21,158,000		24,799,000		24,905,000
Occupancy	9,492,000		10,052,000		9,395,000
Depreciation	18,147,000		19,891,000		21,352,000
Amortization	889,000		889,000		889,000
Goodwill and intangible asset impairment	24,951,000	[2]	23,836,000	[2]	0
Total costs and expenses	1,203,322,000		1,445,478,000		1,243,676,000
Operating income (loss)	(27,779,000)	[3]	(9,208,000)	[4]	19,655,000	[1]
Other loss, net	(125,000)		(126,000)		(28,000)	[1]
Income (loss) before interest and income taxes	(27,904,000)		(9,334,000)		19,627,000	[1]
Interest and other expense on debt	5,690,000		6,780,000		6,703,000	[1]
Income (loss) before income taxes	(33,594,000)		(16,114,000)		12,924,000	[1]
Income tax provision (benefit)	(6,817,000)		2,950,000		5,277,000
Net income (loss)	(26,777,000)		(19,064,000)		7,647,000
Gain (loss) on cash flow hedges	(1,816,000)		12,000		231,000
Tax effect of hedges	699,000		$ (125,000)		$ (89,000)
Reclassification of loss included in net income, net of tax of $804 for 2015	1,596,000
Total comprehensive income (loss)	$ (26,298,000)		$ (19,177,000)		$ 7,789,000
Basic net income (loss) per share (in dollars per share)	$ (2.39)		$ (1.71)		$ 0.69
Weighted average shares outstanding - basic (in shares)	11,192		11,120		11,065
Diluted net income (loss) per share (in dollars per share)	$ (2.39)		$ (1.71)		$ 0.69
Weighted average shares outstanding - diluted (in shares)	11,192		11,120		11,074
[1]	Segment information for 2013 is not available for carbon flat products and specialty metals flat products due to system limitations.
[2]	$24,451 of the goodwill and intangible asset impairment in 2015 related to the tubular and pipe products segment, $500 related to the specialty metals flat products segment. The goodwill impairment in 2014 related to the tubular and pipe products segment.
[3]	Operating income (loss) includes $3,347 of LIFO income related to the Company's tubular and pipe products segment as well as a $16,451 goodwill impairment charge and a $8,000 intangible asset impairment charge recorded in the second quarter related to the Company's tubular and pipe products segment and a $500 goodwill impairment charge recorded in the fourth quarter related to the specialty metals flat products segment.
[4]	Operating income (loss) includes $365 of LIFO expense and a $23,836 goodwill impairment charge related to the Company's tubular and pipe products segment recorded in the fourth quarter of 2014.

Consolidated Statements of Com3

Consolidated Statements of Comprehensive Income (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Income tax, reclassification	$ 804

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 1,604,000	$ 2,238,000
Accounts receivable, net	92,877,000	123,804,000
Inventories, net (includes LIFO debit of $6,555 and $3,207 as of December 31, 2015 and 2014, respectively)	206,645,000	311,108,000
Prepaid Expense and Other Assets, Current	$ 7,820,000	20,434,000
Assets held for sale		1,125,000
Total current assets	$ 308,946,000	458,709,000
Property and equipment, at cost	372,129,000	366,989,000
Accumulated depreciation	(205,591,000)	(189,603,000)
Net property and equipment	$ 166,538,000	177,386,000
Goodwill		16,951,000
Intangible assets, net	$ 24,757,000	33,646,000
Other long-term assets	13,229,000	14,056,000
Total assets	513,470,000	700,748,000
Liabilities
Current portion of long-term debt	2,690,000	3,530,000
Accounts payable	55,685,000	91,252,000
Accrued payroll	6,884,000	10,224,000
Other accrued liabilities	11,801,000	26,971,000
Total current liabilities	77,060,000	131,977,000
Credit facility revolver	145,800,000	244,090,000
Other long-term liabilities	11,419,000	13,249,000
Deferred income taxes	24,496,000	30,651,000
Total liabilities	258,775,000	419,967,000
Shareholders' Equity
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding	0	0
Common stock, without par value, 20,000 shares authorized,10,938 and 10,989 shares issued and outstanding	128,129,000	$ 126,339,000
Treasury stock, at cost, 65 and 0 shares held	(699,000)
Accumulated other comprehensive loss	(70,000)	$ (549,000)
Retained earnings	127,335,000	154,991,000
Total shareholders' equity	254,695,000	280,781,000
Total liabilities and shareholders' equity	$ 513,470,000	$ 700,748,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
LIFO debit	$ 6,555	$ 3,207
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	10,938,000	10,938,000
Common stock, shares outstanding (in shares)	10,989,000	10,989,000
Treasury stock, shares (in shares)	65,000	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Cash flows from (used for) operating activities:
Net income (loss)	$ (26,777,000)		$ (19,064,000)		$ 7,647,000
Adjustments to reconcile net income (loss) to net cash from operating activities -
Depreciation and amortization	19,873,000		21,840,000		23,582,000
Goodwill and intangible asset impairment	24,951,000	[1]	23,836,000	[1]	0
Loss on disposition of property and equipment	15,000		248,000		169,000
Stock-based compensation	1,759,000		2,074,000		1,724,000
Other long-term assets	(48,000)		386,000		3,771,000
Other long-term liabilities	7,504,000		3,134,000		204,000
	12,365,000		25,414,000		29,147,000
Changes in working capital:
Accounts receivable	30,927,000		(8,516,000)		(2,447,000)
Inventories	104,463,000		(24,737,000)		3,652,000
Prepaid expenses and other	13,808,000		(7,648,000)		(1,055,000)
Accounts payable	(21,923,000)		(24,090,000)		9,282,000
Change in outstanding checks	(13,644,000)		(10,670,000)		15,259,000
Accrued payroll and other accrued liabilities	(18,511,000)		10,663,000		843,000
	95,120,000		(64,998,000)		25,534,000
Net cash from (used for) operating activities	107,485,000		(39,584,000)		54,681,000
Cash flows from (used for) investing activities:
Capital expenditures	(7,317,000)		(7,834,000)		(16,098,000)
Proceeds from disposition of property and equipment	3,000		68,000		20,000
Net cash used for investing activities	(7,314,000)		(7,766,000)		(16,078,000)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	311,372,000		632,726,000		423,232,000
Credit facility revolver repayments	$ (409,662,000)		$ (534,711,000)		(454,732,000)
Principal payments under capital lease obligations					(1,407,000)
Term loan repayments	$ 0		$ (48,854,000)		(8,750,000)
Industrial revenue bond repayments	(840,000)		(810,000)		(785,000)
Credit facility fees and expenses	(127,000)		(1,218,000)		(3,000)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	30,000		$ 147,000		$ 122,000
Repurchase of common stock	(699,000)
Dividends paid	(879,000)		$ (878,000)		$ (876,000)
Net cash from (used for) financing activities	(100,805,000)		46,402,000		(43,199,000)
Cash and cash equivalents:
Net change	(634,000)		(948,000)		(4,596,000)
Beginning balance	2,238,000		3,186,000		7,782,000
Ending balance	1,604,000		2,238,000		3,186,000
Cash paid during the period
Interest paid	5,083,000		5,793,000		5,537,000
Income taxes paid	$ 565,000		$ 4,658,000		$ 7,556,000
[1]	$24,451 of the goodwill and intangible asset impairment in 2015 related to the tubular and pipe products segment, $500 related to the specialty metals flat products segment. The goodwill impairment in 2014 related to the tubular and pipe products segment.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2012	$ 122,272,000		$ (579,000)	$ 168,164,000	$ 289,857,000
Net income (loss)				7,647,000	7,647,000
Payment of dividends				$ (876,000)	(876,000)
Exercise of stock options and employee stock purchases (12 shares)	$ 122,000				122,000
Stock-based compensation	$ 1,724,000				1,724,000
Change in fair value of interest rate hedge			$ 142,000		142,000
Balance at Dec. 31, 2013	$ 124,118,000		$ (437,000)	$ 174,935,000	298,616,000
Net income (loss)				(19,064,000)	(19,064,000)
Payment of dividends				$ (878,000)	(878,000)
Exercise of stock options and employee stock purchases (12 shares)	$ 147,000				147,000
Stock-based compensation	$ 2,074,000				2,074,000
Change in fair value of interest rate hedge			$ (113,000)		(113,000)
Balance at Dec. 31, 2014	$ 126,339,000		(549,000)	$ 154,991,000	280,781,000
Other			$ 1,000	(2,000)	(1,000)
Net income (loss)				(26,777,000)	(26,777,000)
Payment of dividends				$ (879,000)	(879,000)
Exercise of stock options and employee stock purchases (12 shares)	$ 30,000				30,000
Stock-based compensation	$ 1,759,000				1,759,000
Change in fair value of interest rate hedge			$ 479,000		479,000
Balance at Dec. 31, 2015	$ 128,129,000	$ (699,000)	$ (70,000)	$ 127,335,000	254,695,000
Other	$ 1,000				1,000
Repurchase of common stock		$ (699,000)			$ (699,000)

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Summary of Significant Accounting Policies : Nature of Business The Company is a leading U.S. metals service center specializing in the processing and distribution of large volumes of carbon, coated, aluminum and stainless steel, flat-rolled coil, sheet and plate products and tubular and pipe products from facilities throughout the United States. The Company now operates in three reportable segments; carbon flat products, specialty metals flat products, and tubular and pipe products. The carbon flat products segment and the specialty metals flat products segments are at times consolidated and referred to as the flat products segments. 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. 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. 2014 financial information has been recast to reflect the new segment reporting structure. Due to system limitations, 2013 financial information is presented for the consolidated flat products segments. 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. Principles of Consolidation and Basis of presentation The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not dependent on any one supplier. The Company purchased approximately 51%, 43% and 42% of its total steel requirements from its three largest suppliers in 2015, 2014 and 2013, respectively. The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 customers approximated 31%, 29% and 30% of consolidated net sales in 2015, 2014 and 2013, respectively. In addition, the Company’s largest customer accounted for approximately 6%, 6% and 5% of consolidated net sales in 2015, 2014 and 2013, respectively. Sales to industrial machinery and equipment manufacturers and their fabricators accounted for 49%, 51% and 50% of consolidated net sales in 2015, 2014 and 2013, respectively. Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three month or less maturity, which are readily convertible into cash. Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. 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 inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1 Level 2 Level 3 Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility revolver, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. Accounts Receivable The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has 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. Inventories Inventories are stated at the lower of cost or market and include the costs of purchased metals, inbound freight, external processing and applicable labor and overhead costs. Costs of our carbon and specialty metals flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the last-in, first-out (LIFO) method. At December 31, 2015 and December 31, 2014, approximately $42.7 million, or 20.7% 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 tubular and pipe product segment’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two to 30 years. The Company capitalizes the costs of obtaining or developing internal-use software, including directly related payroll costs. The Company amortizes those costs over five years, beginning when the software is ready for its intended use. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired. The Company performs an annual impairment test of goodwill for the specialty metals flat products and tubular and pipe products segments and indefinite-lived intangible assets for the tubular and pipe products segment in the fourth quarter, 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. 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 and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. The Company estimates the fair value of goodwill and other indefinite-lived intangible assets using a discounted cash flow methodology, an income approach, and a publicly traded companies guideline method, a market approach. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions which could adversely affect the reported value of goodwill. During 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. 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 $8.0 million was recorded in the second quarter of 2015. 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. The metals industry continued to experience declining metals prices in the second half of 2015 as well as declining nickel prices. As a result, the Company concluded during its annual goodwill impairment analysis during the fourth quarter of 2015 that the $500 thousand of goodwill related to the specialty metals flat products segment was impaired as the implied fair value of goodwill for specialty metals flat products segment was less than its carrying value. At December 31, 2015, all of the Company’s goodwill had been fully impaired. Income Taxes The Company, on its consolidated balance sheets, records as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not be able to fully realize a deferred tax asset, it will record a valuation allowance to reduce such deferred tax asset to its realizable value. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of administrative and general expense. Revenue Recognition For both direct and toll shipments, revenue is recognized when title and risk of loss is transferred, which generally occurs upon delivery to our customers. Given the proximity of the Company’s customers to its facilities, substantially all of the Company’s sales are shipped and received within one day. Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. The engineered products produced by Chicago Tube and Iron Company (CTI) typically take several months to produce due to their size and complexity. Substantially all projects are completed within six months. The Company may request advance payments from customers during the production of these products. These payments are included in current short-term liabilities on the Company’s Consolidated Balance Sheet. Due to their short-term nature, the Company uses the units of delivery method to account for these contracts. Revenue for the contracts is recognized when the product is shipped and title of the product transfers to the customers. Revenues for these engineered products accounted for approximately 1.8%, 1.7% and 1.9% of our net sales during 2015, 2014 and 2013, respectively. Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. Recoverability of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include significant underperformance 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. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Due to the impairment of the tubular and pipe products and specialty metals segments’ goodwill, a triggering event occurred for the long-lived assets of the Company. We performed an undiscounted cash flow analysis that demonstrated there were no indicators of impairment of the long-lived assets of the Company. Additionally, the indefinite lived intangible asset was tested for impairment due to the triggering event. This test identified an impairment to the Company’s intangible assets of $8.0 million, which was recorded in the second quarter of 2015. Based on the Company’s analysis in the fourth quarter of 2015, there were no further impairments of the Company’s long-lived assets in 2015. Stock-Based Compensation The Company records compensation expense for stock options issued to employees and directors. For additional information, see Note 10, Equity Plans. Impact of Recently Issued Accounting Pronouncements In November, 2015, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU is part of the FASB’s Simplification Initiative and has been issued to reduce complexity in the presentation of deferred taxes. This new guidance eliminates the requirement for entities that present a classified statement of financial position to classify deferred tax assets and liabilities as current and noncurrent, and instead require that they classify all deferred tax assets and liabilities as noncurrent. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. However, the guidance does not change the existing requirement that only permits offsetting within a jurisdiction. Companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. The adoption of this ASU is not expected to materially impact the Company’s consolidated financial statements. In April 2015, FASB issued 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 guidance on January 1, 2016 did not have a material impact on 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 2 - Accounts Receivable

Note 2 - Accounts Receivable	12 Months Ended
	Dec. 31, 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 $3.1 million and $2.9 million as of December 31, 2015 and 2014, respectively. Bad debt expense totaled $506 thousand in 2015, $467 thousand in 2014 and $83 thousand in 2013. The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has 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.

Note 3 - Inventories

Note 3 - Inventories	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories : Inventories consisted of the following: As of December 31, (in thousands) 2015 2014 Unprocessed $ 163,942 $ 238,226 Processed and finished 42,703 72,882 Totals $ 206,645 $ 311,108 During 2015, the Company recorded $3.3 million of LIFO income as a result of decreased metals pricing during 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. During 2014, the Company recorded $365 thousand of LIFO expense as a result of increased metals pricing during 2014. The LIFO expense decreased the Company’s inventory balance and increased its cost of materials sold. If the FIFO method had been in use, inventories would have been $6.6 million and $3.2 million lower than reported at December 31, 2015 and 2014, respectively.

Note 4 - Property and Equipment

Note 4 - Property and Equipment	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. Property and Equipment: Property and equipment consists of the following: (in thousands) Depreciable Lives December 31, 2015 December 31, 2014 Land - $ 16,001 $ 16,001 Land improvements 5 - 10 2,799 2,764 Buildings and improvements 7 - 30 131,294 131,107 Machinery and equipment 2 - 15 185,555 181,378 Furniture and fixtures 3 - 7 6,582 6,550 Computer software and equipment 2 - 5 27,350 26,842 Vehicles 2 - 5 1,274 1,247 Construction in progress 1,274 1,100 372,129 366,989 Less accumulated depreciation (205,591 ) (189,603 ) Net property and equipment $ 166,538 $ 177,386 Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven years, whichever is less. Construction in progress, as of December 31, 2015, primarily consisted of payments for additional processing equipment at our existing facilities that was not yet placed into service.

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. 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 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. The metals industry continued to experience declining metals prices in the second half of 2015 as well as declining nickel prices. As a result, the Company concluded during its annual goodwill impairment analysis during the fourth quarter of 2015 that the $500 thousand of goodwill related to the specialty metals flat products segment was fully impaired as the implied fair value of goodwill for specialty metals flat products segment was less than its carrying value. Goodwill, by reportable segment, was as follows as of December 31, 2015 and 2014: (in thousands) Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2013 $ 500 $ 40,287 $ 40,787 Acquisitions - - - Impairments - (23,836 ) (23,836 ) Balance as of December 31, 2014 $ 500 $ 16,451 $ 16,951 Acquisitions - - - Impairments (500 ) (16,451 ) (16,951 ) Balance as of December 31, 2015 $ - $ - $ - All of the Company’s intangible assets were recorded in connection with its July 1, 2011 acquisition of CTI. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The useful life of the CTI trade name was determined to be indefinite primarily due to its history and reputation in the marketplace, the Company’s expectation that the CTI trade name will continue to be used throughout the life of CTI, and the conclusion that there are currently no other factors identified that would limit its useful life. The useful life of the CTI customer relationships was determined to be fifteen years, based primarily on the consistent and predictable revenue source associated with the existing CTI customer base, the present value of which extends through the fifteen year amortization period. The Company will continue to evaluate the useful life assigned to our amortizable customer relationships in future periods. 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. Intangible assets, net, consisted of the following as of December 31, 2015 and 2014: As of December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (4,000 ) $ - $ 9,332 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (4,000 ) $ (8,000 ) $ 24,757 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 $0.9 million per year in each of the next five years.

Note 6 - Debt

Note 6 - Debt	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	6. Debt: The Company’s debt is comprised of the following components: As of (in thousands) December 31, December 31, Asset-based revolving credit facility due June 30, 2019 $ 145,800 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 148,490 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 145,800 $ 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 December 31, 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 common stock 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 December 31, 2015, the Company was in compliance with its covenants and had approximately $87.7 million of availability under the ABL Credit Facility. As of December 31, 2015, $2.8 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 December 31, 2015 was $31.4 million. 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 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 December 31, 2015 was 0.11% 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 December 31, 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. Scheduled Debt Maturities, Interest, Debt Carrying Values The Company’s principal payments over the next five years and thereafter are detailed in the table below: (in thousands) 2016 2017 2018 2019 Total ABL Credit Facility $ - $ - $ - $ 145,800 $ 145,800 Industrial revenue bond 865 895 930 - 2,690 Total principal payments $ 865 $ 895 $ 930 $ 145,800 $ 148,490 The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 2.1%, 2.4% and 2.3% in 2015, 2014 and 2013, respectively. Interest paid totaled $5.1 million, $5.8 million and $5.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Average total debt outstanding was $211.2 million, $234.7 million and $219.2 million in 2015, 2014 and 2013, respectively.

Note 7 - Derivative Instruments

Note 7 - Derivative Instruments	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivative Instruments: Metals swaps During 2015, 2014 and 2013, 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 December 31, 2015. The Company entered into the swaps to mitigate its customers’ risk of volatility in the price of metals. The outstanding nickel swaps have one to five months remaining and the there are no outstanding carbon swaps as of December 31, 2015. 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 settled are included in “Other accrued liabilities”, and the embedded customer derivatives are included in “Accounts receivable, net” on the Consolidated Balance Sheets at December 31, 2015 and 2014. In 2014, the Company entered into cash flow metals hedges to mitigate its risk of volatility in the price of metals. The cash flow metals hedges are indexed to the NYMEX price of U.S. Midwest Domestic Hot-Rolled Coil Steel with third-party brokers. There were no cash flow metals hedges outstanding as of December 31, 2015. The metals hedges were accounted for as cash flow hedges. 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 twelve months ended December 31, 2015 was $2.4 million 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 April 2018, the same time as the IRB, but the notional amount is reduced annually by the optional principal payments on the IRB. Although the Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement, the Company anticipates performance by the counterparties. The interest rate swap is not treated as a hedging instrument 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 that commenced June 2013 in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The balance as of December 31, 2015 was $31.4 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 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 years ended December 31, 2015, 2014 and 2013. 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 years ended December 31, 2015, 2014 and 2013. Net Gain (Loss) Recognized (in thousands) 2015 2014 2013 Interest rate swap (CTI) $ (77 ) $ (100 ) $ (167 ) Fixed interest rate swap (ABL) (365 ) (472 ) (309 ) Cash flow metals hedges (2,400 ) (312 ) - Metals swaps (2,304 ) 934 (1,037 ) Embedded customer derivatives 2,304 (934 ) 1,037 Total loss $ (2,842 ) $ (884 ) $ (476 )

Note 8 - Fair Value of Assets a

Note 8 - Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Fair Value of Assets and Liabilities: 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. During 2015 and 2014, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at December 31, 2015 and December 31, 2014. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014: Metals swaps and embedded customer derivatives Interest rate swap 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 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 384 $ - $ 384 Total assets at fair value $ - $ 384 $ - $ 384 Liabilities: Metals swaps $ - $ 384 $ - $ 384 Interest rate swap (CTI) - 102 - 102 Fixed interest rate swap (ABL) - 114 - 114 Total liabilities recorded at fair value $ - $ 600 $ - $ 600 Value of Items Not Recorded at Fair Value As of December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 ABL Credit Facility - 145,800 - 145,800 Total liabilities not recorded at fair value $ 2,690 $ 145,800 $ - $ 148,490 The value of the items not recorded at fair value represent the carrying value of the liabilities. Value of Items Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 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 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 ABL Credit Facility - 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 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 December 31, 2015 and 2014, respectively. The fair value of the ABL Credit Facility is determined using Level 2 inputs. The carrying value of the ABL Credit Facility was $145.8 million and $244.1 million at December 31, 2015 and 2014, respectively. The Level 2 fair value of the Company's long-term debt was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities. 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 5 for additional discussion. Assets Measured at Fair Value on a Nonrecurring Basis (in thousands) 12/31/15 Level 1 Level 2 Level 3 Total Gain / (Loss) Goodwill (tubular and pipe products segment) $ - $ - $ - $ - $ (16,451 ) Goodwill (specialty metals flat products segment) - - - - (500 ) Trade name (tubular and pipe products segment) 15,425 - - 15,425 (8,000 ) Total $ 15,425 $ - $ - $ 15,425 $ (24,951 )

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Other Comprehensive Income, Noncontrolling Interest [Text Block]	9. Accumulated Other Comprehensive Loss: 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 hedge matures on June 1, 2016 and the notional amount is reduced monthly by $729 thousand. The balance as of December 31, 2015 was $31.4 million. The fixed rate interest rate hedge is accounted for as a cash flow hedging instrument for accounting purposes. The fair value of the interest rate hedge is included in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets. During 2014, the Company entered into carbon swaps indexed to the NYMEX price of U.S. Midwest Domestic Hot-Rolled Coil Steel with third-party brokers. The Company entered into the carbon swaps in order to mitigate the volatility in the price of metals. There were no carbon swaps outstanding as of December 31, 2015. The carbon swaps are accounted for as cash flow hedges and are included in “Other current assets” and “Other current liabilities” on the Company’s Consolidated Balance Sheets at December 31, 2014. The change in the fair value of the carbon swaps is included in “Accumulated other comprehensive loss” on the Consolidated Balance Sheets at December 31, 2014.

Note 10 - Equity Plans

Note 10 - Equity Plans	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Equity Plans: Stock Options In January 1994, the Stock Option Plan (Option Plan) was adopted by the Board of Directors and approved by the shareholders of the Company. The Option Plan terminated on January 5, 2009. Termination of the Option Plan did not affect outstanding options. A total of 1,300,000 shares of common stock were originally reserved for issuance under the Option Plan. To the extent possible, shares of treasury stock were used to satisfy shares resulting from the exercise of stock options. Options vested over periods ranging from six months to five years and all expire 10 years after the grant date. The following table summarizes stock-based award activity during the year ended December 31, 2015: Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at December 31, 2014 20,170 $ 32.63 Granted - - Exercised - - Canceled (1,000 ) 32.63 Outstanding at December 31, 2015 19,170 $ 32.63 1.3 $ - Exercisable at December 31, 2015 19,170 $ 32.63 1.3 $ - There were no stock options exercised during 2015. There were 7,000 and 11,667 stock options exercised during 2014 and 2013, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2014 and 2013 was $103 thousand and $218 thousand, respectively. Net cash proceeds from the exercise of stock options, exclusive of income tax benefits, were $86 thousand for both years ended December 31, 2014 and 2013. Income tax benefits of $40 thousand and $83 thousand were realized from stock option exercises during the years ended December 31, 2014 and 2013, respectively. Restricted Stock 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, March 1, 2014 and January 2, 2013, the Compensation Committee of the Company’s Board of Directors approved the grant of 4,639, 2,544 and 1,800 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 were $15.09, $27.51 and $23.41 for the grants on March 1, 2015, March 1, 2014 and January 2, 2013, respectively. The Company’s Senior Management Compensation Program includes an equity component in order to encourage more ownership of common stock by the senior management. The Senior Management Compensation Program imposes stock ownership requirements upon the participants. Each participant is required to own at least 750 shares of common stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet 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 2015, 2014 and 2013, the Company matched 9,000, 9,875 and 8,500 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 executive’s death or disability or upon a change in control of the Company. Stock-based compensation expense recognized on RSUs is summarized in the following table: For the years ended December 31, (in thousands) 2015 2014 2013 RSU expense before taxes $ 1,047 $ 1,252 $ 936 RSU expense after taxes $ 631 $ 774 $ 554 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 twelve months ended December 31, 2015: Number of Shares Weighted Average Estimated Fair Value Outstanding at December 31, 2014 238,023 $ 25.11 Granted 69,771 14.54 Converted into shares (19,900 ) 25.34 Forfeited - - Outstanding at December 31, 2015 287,894 $ 22.39 Vested at December 31, 2015 271,599 $ 22.33 Of the RSUs granted in 2015, 2014 and 2013, 47,639, 21,506 and 28,341, respectively, were used to fund supplemental executive retirement plan contributions. There was no intrinsic value for the RSUs that were converted into shares in 2015 and 2014. There were no RSUs converted into shares during 2013.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies : Operating Leases The Company leases certain warehouses, sales offices, machinery and equipment and vehicles under long-term operating lease agreements. The leases expire at various dates through 2024. In some cases, the leases include options to extend. Rent and lease expense was $8.7 million, $8.2 million and $7.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. The future annual minimum lease payments as of December 31, 2015 are as follows: (in thousands) 2016 2017 2018 2019 2020 Thereafter Total Lease payments $ 6,636 $ 5,783 $ 4,842 $ 3,697 $ 3,006 $ 4,771 $ 28,735 Commitments and Contingencies The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not have a material adverse effect upon its results of operations, financial condition or cash flows. In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s results of operations or financial condition. At December 31, 2015, approximately 305 of the hourly plant personnel are represented by nine separate collective bargaining units. The table below shows the expiration dates of the collective bargaining agreements. Facility Expiration date Minneapolis plate, Minnesota March 31, 2017 Detroit, Michigan August 31, 2017 Duluth, Minnesota December 21, 2017 St. Paul, Minnesota May 25, 2018 Milan, Illinois August 12, 2018 Locust, North Carolina March 4, 2020 Romeoville, Illinois May 31, 2020 Minneapolis coil, Minnesota September 30, 2020 Indianapolis, Indiana January 29, 2021

Note 12 - Income Taxes

Note 12 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. Income Taxes: The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows: As of December 31, (in thousands) 2015 2014 2013 Current: Federal $ (149 ) $ 4,859 $ 6,207 State and local (752 ) 657 1,265 (901 ) 5,516 7,472 Deferred (5,916 ) (2,566 ) (2,195 ) Income tax provision $ (6,817 ) $ 2,950 $ 5,277 The components of the Company’s short and long-term deferred income taxes at December 31 are as follows: (in thousands) 2015 2014 Deferred tax assets: Inventory (excluding LIFO reserve) $ 2,986 $ 2,881 Net operating loss and tax credit carryforwards 2,926 2,971 Allowance for doubtful accounts 500 519 Accrued expenses 7,311 7,642 Other 143 83 13,866 14,096 Valuation reserve (1,030 ) (1,381 ) Total deferred tax assets 12,836 12,715 Deferred tax liabilities: LIFO reserve (6,018 ) (6,049 ) Property and equipment (20,601 ) (22,684 ) Intangibles (11,329 ) (14,930 ) Other (1 ) 24 Total deferred tax liabilities (37,949 ) (43,639 ) Deferred tax liabilities, net $ (25,113 ) $ (30,924 ) The deferred tax liability decreased by $105 thousand related to the interest rate swap and by $3.1 million related to the partial impairment of the indefinite lived intangible asset, Tradename. Refer to footnote 5, Goodwill and Intangible Assets, for a detailed analysis of the partial impairment. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: (in thousands) 2015 2014 2013 Balance as of January 1 $ 58 $ 75 $ 112 Decreases related to prior year tax positions (20 ) (17 ) (37 ) Increases related to current year tax positions 13 13 23 Decreases related to lapsing of statute of limitations (13 ) (13 ) (23 ) Balance as of December 31 $ 38 $ 58 $ 75 It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2012 through 2014 remain open to examination by major taxing jurisdictions to which the Company is subject. The Company recognized interest related to uncertain tax positions in income tax expense. As of December 31, 2015 and December 31, 2014, the Company had approximately $2 thousand and $4 thousand of gross accrued interest related to uncertain tax positions, respectively. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate: 2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal benefit 1.4 % (1.6 %) 3.0 % Goodwill impairment (17.1 %) (52.0 %) - Change in unrecognized tax benefits 0.1 % (0.1 %) (0.2 %) All other, net 0.9 % 0.4 % 3.0 % Effective income tax rate 20.3 % (18.3 %) 40.8 % Income taxes paid in 2015, 2014 and 2013 totaled $0.5 million, $4.7 million and $7.6 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next seven to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized.

Note 13 - Shares Outstanding an

Note 13 - Shares Outstanding and Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	13. 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 years ended December 31, (in thousands, except per share data) 2015 2014 2013 Weighted average basic shares outstanding 11,192 11,120 11,065 Assumed exercise of stock options and issuance of stock awards - - 9 Weighted average diluted shares outstanding 11,192 11,120 11,074 Net income (loss) $ (26,777 ) $ (19,064 ) $ 7,647 Basic earnings (loss) per share $ (2.39 ) $ (1.71 ) $ 0.69 Diluted earnings (loss) per share $ (2.39 ) $ (1.71 ) $ 0.69 Anti-dilutive securities outstanding 125 118 201

Note 14 - Stock Repurchase Prog

Note 14 - Stock Repurchase Program	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Treasury Stock [Text Block]	14. 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 are 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 common stock and pay dividends up to $2.5 million in the aggregate during any trailing twelve months without restrictions. Purchases of common stock or dividend payments in excess of $2.5 million in the aggregate require the Company to (i) maintain availability in excess of 25% of the aggregate revolver commitments ($91.3 million at December 31, 2015) or (ii) to maintain availability equal to or greater than 15% of the aggregate revolver commitments ($54.8 million at December 31, 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. During the fourth quarter of 2015, the Company repurchased 65,283 shares of outstanding common stock at an average cost of $10.71 per share.

Note 15 - Segment Information

Note 15 - Segment Information	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	15. 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 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. 2014 financial information has been recast to reflect the new segment reporting structure. Due to system limitations, 2013 financial information is presented for the consolidated flat products segments. 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 years ended December 31, 2015, 2014 and 2013. The Company assesses the performance of the segments based on operating income. For the Year Ended (in thousands) 2015 2014 2013 (a) Net sales Carbon flat products $ 765,400 $ 985,039 n/a Specialty metals flat products 192,516 206,692 n/a Consolidated flat products 957,916 1,191,731 1,026,769 Tubular and pipe products 217,627 244,539 236,562 Total net sales $ 1,175,543 $ 1,436,270 $ 1,263,331 Depreciation and amortization Carbon flat products $ 12,200 $ 14,250 n/a Specialty metals flat products 698 805 n/a Consolidated flat products 12,898 15,055 16,883 Tubular and pipe products 6,036 5,624 5,308 Corporate 102 101 50 Total depreciation and amortization $ 19,036 $ 20,780 $ 22,241 Operating income Carbon flat products $ (7,217 ) $ 6,306 n/a Specialty metals flat products (1,074 ) 6,109 n/a Consolidated flat products (8,291 ) 12,415 12,106 Tubular and pipe products 12,583 10,185 14,981 Corporate (7,120 ) (7,972 ) (7,432 ) Goodwill and intangible asset impairment (b) (24,951 ) (23,836 ) - Total operating income (loss) $ (27,779 ) $ (9,208 ) $ 19,655 Other income (loss), net (125 ) (126 ) (28 ) Income (loss) before interest and income taxes (27,904 ) (9,334 ) 19,627 Interest and other expense on debt 5,690 6,780 6,703 Income (loss) before income taxes $ (33,594 ) $ (16,114 ) $ 12,924 (a) S egment nformation for 2013 is not available for carbon flat products and specialty metals flat products due to system limitations. (b) $24,451 of the goodwill and intangible asset impairment in 2015 related to the tubular and pipe products segment, $500 related to the specialty metals flat products segment. The goodwill impairment in 2014 related to the tubular and pipe products segment. (in thousands) 2015 2014 2013 Capital expenditures Flat products $ 4,295 $ 4,540 $ 3,794 Tubular and pipe products 3,022 3,273 11,616 Corporate - 21 688 Total capital expenditures $ 7,317 $ 7,834 $ 16,098 Goodwill Flat products $ - $ 500 Tubular and pipe products - 16,451 Total goodwill $ - $ 16,951 Assets Flat products $ 329,885 $ 496,253 Tubular and pipe products 183,129 203,937 Corporate 456 558 Total assets $ 513,470 $ 700,748 There were no material revenue transactions between the carbon flat products, specialty metals flat products and tubular and pipe products segments for the years ended December 31, 2015, 2014 and 2013. The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico. International sales have been immaterial to the consolidated financial results and to the individual segment’s results.

Note 16 - Retirement Plans

Note 16 - Retirement Plans	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	16. Retirement Plans : The Company’s retirement plans consist of two 401(k) plans covering certain non-union employees, two separate 401(k) plans covering all union employees, two profit sharing plans, a multi-employer pension plan covering certain CTI employees and a supplemental executive retirement plan (SERP) covering certain executive officers of the Company. The 401(k) retirement plans allow eligible employees to contribute up to the statutory maximum. The Company’s non-union 401(k) matching contribution is determined annually by the Board of Directors and is based on a percentage of eligible employees’ earnings and contributions. For the non-union flat rolled segments’ 401(k) retirement plan, the Company matched one-half of each eligible employee’s contribution, limited to the first 6% of eligible compensation. For the 401(k) retirement plan at our CTI locations, the Company matched one-half of each eligible employee’s first 3% of eligible compensation and 20% of the next 3% of eligible compensation. All union employees now participate in the profit-sharing plan on a discretionary basis, like all non-union employees. Company contributions to the non-union profit-sharing plan are discretionary amounts as determined annually by the Board of Directors. In 2005, the Board of Directors adopted the SERP. Contributions to the SERP are based on: (i) a portion of the participants’ compensation multiplied by 13%; and (ii) for certain participants a portion of the participants’ compensation multiplied by a factor which is contingent upon the Company’s return on invested capital. Benefits are subject to a vesting schedule of up to five years. The Company, through its CTI subsidiary, contributes to one multiemployer pension plan – the Plumbing and Heating Wholesalers Retirement Income Plan for the Benefit of the Shopmen’s Division of Pipe Fitters’ Association Local Union 597, EIN 36-6511016, Plan Number 001 (the Multiemployer Plan). The risks of participating in the Multiemployer Plan are different from a single-employer plan in that 1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and 3) if CTI chooses to stop participating in the Multiemployer Plan, CTI may be required to pay the plan an amount based on the unfunded status of the plan, referred to as a withdrawal liability. The most recent Pension Protection Act zone status available is for the plan year beginning January 1, 2015, and the Multiemployer Plan’s actuary has certified that the Multiemployer Plan is neither in critical status nor endangered status and that it is in the green zone. The green zone status is based on information that CTI received from the Multiemployer Plan and is certified by the Multiemployer Plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2020. CTI contributions to the Multiemployer Plan were immaterial for the years ended December 31, 2015 and 2014. Retirement plan expense, which includes all Company 401(k), profit-sharing, SERP defined contributions and the Multiemployer Plan, amounted to $2.0 million, $2.2 million and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The fair values of the Company’s SERP assets as of December 31, 2015 are as follows: Quoted Prices Active Markets Observable Unobservable (in thousands) Level 1 Level 2 Level 3 Equity securities $ 1,590 $ - $ - Money market funds - 25 - Fixed income - 213 - Mutual funds - 5,391 - Total $ 1,590 $ 5,629 $ -

Note 17 - Related-party Transac

Note 17 - Related-party Transactions	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	17. Related-Party Transactions : The Company’s Chief Executive Officer owns 50% of an entity that owns one of the Cleveland warehouses and leases it to the Company at a fair market value annual rental of $204 thousand. The lease expires on December 31, 2018 with four five-year renewal options.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Schedule II – Valuation and Qualifying Accounts (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2013 Allowance for doubtful accounts $ 1,597 $ 83 $ - $ (161 ) $ 1,519 Tax valuation reserve $ 1,200 $ 98 $ - $ - $ 1,298 Year Ended December 31, 2014 Allowance for doubtful accounts $ 1,519 $ 467 $ - $ (638 ) $ 1,348 Tax valuation reserve $ 1,298 $ 83 $ - $ - $ 1,381 Year Ended December 31, 2015 Allowance for doubtful accounts $ 1,348 $ 506 $ - $ (555 ) $ 1,299 Tax valuation reserve $ 1,381 $ - $ - $ (351 ) $ 1,030

Schedule III - Supplemental Fin

Schedule III - Supplemental Financial Information	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Quarterly Financial Information [Text Block]	SUPPLEMENTAL FINANCIAL INFORMATION (in thousands, except per share data) 2015 1st 2nd 3rd 4th Year Net sales $ 345,865 $ 315,251 $ 276,922 $ 237,505 $ 1,175,543 Operating income (loss) (a) 3,345 (24,398 ) 453 (7,179 ) (27,779 ) Income (loss) before income taxes 1,751 (25,895 ) (1,036 ) (8,414 ) (33,594 ) Net income (loss) $ 1,069 $ (22,260 ) $ (598 ) $ (4,988 ) $ (26,777 ) Basic net income (loss) per share $ 0.10 $ (1.99 ) $ (0.05 ) $ (0.45 ) $ (2.39 ) Weighted average shares outstanding - basic 11,195 11,201 11,203 11,174 11,192 Diluted net income (loss) per share $ 0.10 $ (1.99 ) $ (0.05 ) $ (0.45 ) $ (2.39 ) Weighted average shares outstanding - diluted 11,195 11,201 11,203 11,173 11,192 Market price of common stock: (c) High $ 18.57 $ 20.93 $ 17.92 $ 12.60 $ 20.93 Low 12.86 10.44 6.40 8.98 6.40 2014 1st 2nd 3rd 4th Year Net sales $ 346,913 $ 386,047 $ 376,617 $ 326,693 $ 1,436,270 Operating income (loss) (b) 6,229 7,108 4,117 (26,662 ) (9,208 ) Income (loss) before income taxes 4,477 5,325 2,495 (28,411 ) (16,114 ) Net income (loss) $ 2,777 $ 3,494 $ 1,556 $ (26,891 ) $ (19,064 ) Basic net income (loss) per share $ 0.25 $ 0.32 $ 0.14 $ (2.42 ) $ (1.71 ) Weighted average shares outstanding - basic 11,089 11,089 11,120 11,127 11,120 Diluted net income (loss) per share $ 0.25 $ 0.32 $ 0.14 $ (2.42 ) $ (1.71 ) Weighted average shares outstanding - diluted 11,090 11,089 11,120 11,127 11,120 Market price of common stock: (c) High $ 30.95 $ 29.58 $ 25.83 $ 21.39 $ 30.95 Low 25.84 20.88 20.57 15.75 15.75 (a) Operating income (loss) includes $3,347 of LIFO income related to the Company's tubular and pipe products segment as well as a $16,451 goodwill impairment charge and a $8,000 intangible asset impairment charge recorded in the second quarter related to the Company's tubular and pipe products segment and a $500 goodwill impairment charge recorded in the fourth quarter related to the specialty metals flat products segment. (b) Operating income (loss) includes $365 of LIFO expense and a $23,836 goodwill impairment charge related to the Company's tubular and pipe products segment recorded in the fourth quarter of 2014. (c) Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of Business, Policy [Policy Text Block]	Nature of Business The Company is a leading U.S. metals service center specializing in the processing and distribution of large volumes of carbon, coated, aluminum and stainless steel, flat-rolled coil, sheet and plate products and tubular and pipe products from facilities throughout the United States. The Company now operates in three reportable segments; carbon flat products, specialty metals flat products, and tubular and pipe products. The carbon flat products segment and the specialty metals flat products segments are at times consolidated and referred to as the flat products segments. 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. 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. 2014 financial information has been recast to reflect the new segment reporting structure. Due to system limitations, 2013 financial information is presented for the consolidated flat products segments. 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.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and Basis of presentation The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions.
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not dependent on any one supplier. The Company purchased approximately 51%, 43% and 42% of its total steel requirements from its three largest suppliers in 2015, 2014 and 2013, respectively. The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 customers approximated 31%, 29% and 30% of consolidated net sales in 2015, 2014 and 2013, respectively. In addition, the Company’s largest customer accounted for approximately 6%, 6% and 5% of consolidated net sales in 2015, 2014 and 2013, respectively. Sales to industrial machinery and equipment manufacturers and their fabricators accounted for 49%, 51% and 50% of consolidated net sales in 2015, 2014 and 2013, respectively.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three month or less maturity, which are readily convertible into cash.
Fair Value Measurement, Policy [Policy Text Block]	Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. 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 inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1 Level 2 Level 3 Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility revolver, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Accounts Receivable The Company’s allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has 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.
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of cost or market and include the costs of purchased metals, inbound freight, external processing and applicable labor and overhead costs. Costs of our carbon and specialty metals flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the last-in, first-out (LIFO) method. At December 31, 2015 and December 31, 2014, approximately $42.7 million, or 20.7% 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 tubular and pipe product segment’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two to 30 years. The Company capitalizes the costs of obtaining or developing internal-use software, including directly related payroll costs. The Company amortizes those costs over five years, beginning when the software is ready for its intended use.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired. The Company performs an annual impairment test of goodwill for the specialty metals flat products and tubular and pipe products segments and indefinite-lived intangible assets for the tubular and pipe products segment in the fourth quarter, 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. 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 and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. The Company estimates the fair value of goodwill and other indefinite-lived intangible assets using a discounted cash flow methodology, an income approach, and a publicly traded companies guideline method, a market approach. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions which could adversely affect the reported value of goodwill. During 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. 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 $8.0 million was recorded in the second quarter of 2015. 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. The metals industry continued to experience declining metals prices in the second half of 2015 as well as declining nickel prices. As a result, the Company concluded during its annual goodwill impairment analysis during the fourth quarter of 2015 that the $500 thousand of goodwill related to the specialty metals flat products segment was impaired as the implied fair value of goodwill for specialty metals flat products segment was less than its carrying value. At December 31, 2015, all of the Company’s goodwill had been fully impaired.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company, on its consolidated balance sheets, records as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not be able to fully realize a deferred tax asset, it will record a valuation allowance to reduce such deferred tax asset to its realizable value. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of administrative and general expense.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition For both direct and toll shipments, revenue is recognized when title and risk of loss is transferred, which generally occurs upon delivery to our customers. Given the proximity of the Company’s customers to its facilities, substantially all of the Company’s sales are shipped and received within one day. Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. The engineered products produced by Chicago Tube and Iron Company (CTI) typically take several months to produce due to their size and complexity. Substantially all projects are completed within six months. The Company may request advance payments from customers during the production of these products. These payments are included in current short-term liabilities on the Company’s Consolidated Balance Sheet. Due to their short-term nature, the Company uses the units of delivery method to account for these contracts. Revenue for the contracts is recognized when the product is shipped and title of the product transfers to the customers. Revenues for these engineered products accounted for approximately 1.8%, 1.7% and 1.9% of our net sales during 2015, 2014 and 2013, respectively.
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Recoverability of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include significant underperformance 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. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. Due to the impairment of the tubular and pipe products and specialty metals segments’ goodwill, a triggering event occurred for the long-lived assets of the Company. We performed an undiscounted cash flow analysis that demonstrated there were no indicators of impairment of the long-lived assets of the Company. Additionally, the indefinite lived intangible asset was tested for impairment due to the triggering event. This test identified an impairment to the Company’s intangible assets of $8.0 million, which was recorded in the second quarter of 2015. Based on the Company’s analysis in the fourth quarter of 2015, there were no further impairments of the Company’s long-lived assets in 2015.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company records compensation expense for stock options issued to employees and directors. For additional information, see Note 10, Equity Plans.
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Pronouncements In November, 2015, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU is part of the FASB’s Simplification Initiative and has been issued to reduce complexity in the presentation of deferred taxes. This new guidance eliminates the requirement for entities that present a classified statement of financial position to classify deferred tax assets and liabilities as current and noncurrent, and instead require that they classify all deferred tax assets and liabilities as noncurrent. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. However, the guidance does not change the existing requirement that only permits offsetting within a jurisdiction. Companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). If applied prospectively, entities are required to include a statement that prior periods were not retrospectively adjusted. If applied retrospectively, entities are also required to include quantitative information about the effects of the change on prior periods. The adoption of this ASU is not expected to materially impact the Company’s consolidated financial statements. In April 2015, FASB issued 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 guidance on January 1, 2016 did not have a material impact on 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)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of December 31, (in thousands) 2015 2014 Unprocessed $ 163,942 $ 238,226 Processed and finished 42,703 72,882 Totals $ 206,645 $ 311,108

Note 4 - Property and Equipme29

Note 4 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	(in thousands) Depreciable Lives December 31, 2015 December 31, 2014 Land - $ 16,001 $ 16,001 Land improvements 5 - 10 2,799 2,764 Buildings and improvements 7 - 30 131,294 131,107 Machinery and equipment 2 - 15 185,555 181,378 Furniture and fixtures 3 - 7 6,582 6,550 Computer software and equipment 2 - 5 27,350 26,842 Vehicles 2 - 5 1,274 1,247 Construction in progress 1,274 1,100 372,129 366,989 Less accumulated depreciation (205,591 ) (189,603 ) Net property and equipment $ 166,538 $ 177,386

Note 5 - Goodwill and Intangi30

Note 5 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	(in thousands) Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2013 $ 500 $ 40,287 $ 40,787 Acquisitions - - - Impairments - (23,836 ) (23,836 ) Balance as of December 31, 2014 $ 500 $ 16,451 $ 16,951 Acquisitions - - - Impairments (500 ) (16,451 ) (16,951 ) Balance as of December 31, 2015 $ - $ - $ -
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	As of December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Impairments Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ (4,000 ) $ - $ 9,332 Trade name - not subject to amortization 23,425 - (8,000 ) 15,425 $ 36,757 $ (4,000 ) $ (8,000 ) $ 24,757 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 6 - Debt (Tables)

Note 6 - Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Debt [Table Text Block]	As of (in thousands) December 31, December 31, Asset-based revolving credit facility due June 30, 2019 $ 145,800 $ 244,090 Industrial revenue bond due April 1, 2018 2,690 3,530 Total debt 148,490 247,620 Less current amount (2,690 ) (3,530 ) Total long-term debt $ 145,800 $ 244,090
Schedule of Maturities of Long-term Debt [Table Text Block]	(in thousands) 2016 2017 2018 2019 Total ABL Credit Facility $ - $ - $ - $ 145,800 $ 145,800 Industrial revenue bond 865 895 930 - 2,690 Total principal payments $ 865 $ 895 $ 930 $ 145,800 $ 148,490

Note 7 - Derivative Instrumen32

Note 7 - Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Gain (Loss) Recognized (in thousands) 2015 2014 2013 Interest rate swap (CTI) $ (77 ) $ (100 ) $ (167 ) Fixed interest rate swap (ABL) (365 ) (472 ) (309 ) Cash flow metals hedges (2,400 ) (312 ) - Metals swaps (2,304 ) 934 (1,037 ) Embedded customer derivatives 2,304 (934 ) 1,037 Total loss $ (2,842 ) $ (884 ) $ (476 )

Note 8 - Fair Value of Assets33

Note 8 - Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 384 $ - $ 384 Total assets at fair value $ - $ 384 $ - $ 384 Liabilities: Metals swaps $ - $ 384 $ - $ 384 Interest rate swap (CTI) - 102 - 102 Fixed interest rate swap (ABL) - 114 - 114 Total liabilities recorded at fair value $ - $ 600 $ - $ 600 Value of Items Recorded at Fair Value As of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 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 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 ABL Credit Facility - 145,800 - 145,800 Total liabilities not recorded at fair value $ 2,690 $ 145,800 $ - $ 148,490 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 ABL Credit Facility - 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) 12/31/15 Level 1 Level 2 Level 3 Total Gain / (Loss) Goodwill (tubular and pipe products segment) $ - $ - $ - $ - $ (16,451 ) Goodwill (specialty metals flat products segment) - - - - (500 ) Trade name (tubular and pipe products segment) 15,425 - - 15,425 (8,000 ) Total $ 15,425 $ - $ - $ 15,425 $ (24,951 )

Note 10 - Equity Plans (Tables)

Note 10 - Equity Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Weighted Average Weighted Average Aggregate Intrinsic Outstanding at December 31, 2014 20,170 $ 32.63 Granted - - Exercised - - Canceled (1,000 ) 32.63 Outstanding at December 31, 2015 19,170 $ 32.63 1.3 $ - Exercisable at December 31, 2015 19,170 $ 32.63 1.3 $ -
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the years ended December 31, (in thousands) 2015 2014 2013 RSU expense before taxes $ 1,047 $ 1,252 $ 936 RSU expense after taxes $ 631 $ 774 $ 554
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Number of Shares Weighted Average Estimated Fair Value Outstanding at December 31, 2014 238,023 $ 25.11 Granted 69,771 14.54 Converted into shares (19,900 ) 25.34 Forfeited - - Outstanding at December 31, 2015 287,894 $ 22.39 Vested at December 31, 2015 271,599 $ 22.33

Note 11 - Commitments and Con35

Note 11 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	(in thousands) 2016 2017 2018 2019 2020 Thereafter Total Lease payments $ 6,636 $ 5,783 $ 4,842 $ 3,697 $ 3,006 $ 4,771 $ 28,735

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	As of December 31, (in thousands) 2015 2014 2013 Current: Federal $ (149 ) $ 4,859 $ 6,207 State and local (752 ) 657 1,265 (901 ) 5,516 7,472 Deferred (5,916 ) (2,566 ) (2,195 ) Income tax provision $ (6,817 ) $ 2,950 $ 5,277
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	(in thousands) 2015 2014 Deferred tax assets: Inventory (excluding LIFO reserve) $ 2,986 $ 2,881 Net operating loss and tax credit carryforwards 2,926 2,971 Allowance for doubtful accounts 500 519 Accrued expenses 7,311 7,642 Other 143 83 13,866 14,096 Valuation reserve (1,030 ) (1,381 ) Total deferred tax assets 12,836 12,715 Deferred tax liabilities: LIFO reserve (6,018 ) (6,049 ) Property and equipment (20,601 ) (22,684 ) Intangibles (11,329 ) (14,930 ) Other (1 ) 24 Total deferred tax liabilities (37,949 ) (43,639 ) Deferred tax liabilities, net $ (25,113 ) $ (30,924 )
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block]	(in thousands) 2015 2014 2013 Balance as of January 1 $ 58 $ 75 $ 112 Decreases related to prior year tax positions (20 ) (17 ) (37 ) Increases related to current year tax positions 13 13 23 Decreases related to lapsing of statute of limitations (13 ) (13 ) (23 ) Balance as of December 31 $ 38 $ 58 $ 75
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal benefit 1.4 % (1.6 %) 3.0 % Goodwill impairment (17.1 %) (52.0 %) - Change in unrecognized tax benefits 0.1 % (0.1 %) (0.2 %) All other, net 0.9 % 0.4 % 3.0 % Effective income tax rate 20.3 % (18.3 %) 40.8 %

Note 13 - Shares Outstanding 37

Note 13 - Shares Outstanding and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the years ended December 31, (in thousands, except per share data) 2015 2014 2013 Weighted average basic shares outstanding 11,192 11,120 11,065 Assumed exercise of stock options and issuance of stock awards - - 9 Weighted average diluted shares outstanding 11,192 11,120 11,074 Net income (loss) $ (26,777 ) $ (19,064 ) $ 7,647 Basic earnings (loss) per share $ (2.39 ) $ (1.71 ) $ 0.69 Diluted earnings (loss) per share $ (2.39 ) $ (1.71 ) $ 0.69 Anti-dilutive securities outstanding 125 118 201

Note 15 - Segment Information (

Note 15 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Year Ended (in thousands) 2015 2014 2013 (a) Net sales Carbon flat products $ 765,400 $ 985,039 n/a Specialty metals flat products 192,516 206,692 n/a Consolidated flat products 957,916 1,191,731 1,026,769 Tubular and pipe products 217,627 244,539 236,562 Total net sales $ 1,175,543 $ 1,436,270 $ 1,263,331 Depreciation and amortization Carbon flat products $ 12,200 $ 14,250 n/a Specialty metals flat products 698 805 n/a Consolidated flat products 12,898 15,055 16,883 Tubular and pipe products 6,036 5,624 5,308 Corporate 102 101 50 Total depreciation and amortization $ 19,036 $ 20,780 $ 22,241 Operating income Carbon flat products $ (7,217 ) $ 6,306 n/a Specialty metals flat products (1,074 ) 6,109 n/a Consolidated flat products (8,291 ) 12,415 12,106 Tubular and pipe products 12,583 10,185 14,981 Corporate (7,120 ) (7,972 ) (7,432 ) Goodwill and intangible asset impairment (b) (24,951 ) (23,836 ) - Total operating income (loss) $ (27,779 ) $ (9,208 ) $ 19,655 Other income (loss), net (125 ) (126 ) (28 ) Income (loss) before interest and income taxes (27,904 ) (9,334 ) 19,627 Interest and other expense on debt 5,690 6,780 6,703 Income (loss) before income taxes $ (33,594 ) $ (16,114 ) $ 12,924
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	(in thousands) 2015 2014 2013 Capital expenditures Flat products $ 4,295 $ 4,540 $ 3,794 Tubular and pipe products 3,022 3,273 11,616 Corporate - 21 688 Total capital expenditures $ 7,317 $ 7,834 $ 16,098 Goodwill Flat products $ - $ 500 Tubular and pipe products - 16,451 Total goodwill $ - $ 16,951 Assets Flat products $ 329,885 $ 496,253 Tubular and pipe products 183,129 203,937 Corporate 456 558 Total assets $ 513,470 $ 700,748

Note 16 - Retirement Plans (Tab

Note 16 - Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Allocation of Plan Assets [Table Text Block]	Quoted Prices Active Markets Observable Unobservable (in thousands) Level 1 Level 2 Level 3 Equity securities $ 1,590 $ - $ - Money market funds - 25 - Fixed income - 213 - Mutual funds - 5,391 - Total $ 1,590 $ 5,629 $ -

Schedule II - Valuation and Q40

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2013 Allowance for doubtful accounts $ 1,597 $ 83 $ - $ (161 ) $ 1,519 Tax valuation reserve $ 1,200 $ 98 $ - $ - $ 1,298 Year Ended December 31, 2014 Allowance for doubtful accounts $ 1,519 $ 467 $ - $ (638 ) $ 1,348 Tax valuation reserve $ 1,298 $ 83 $ - $ - $ 1,381 Year Ended December 31, 2015 Allowance for doubtful accounts $ 1,348 $ 506 $ - $ (555 ) $ 1,299 Tax valuation reserve $ 1,381 $ - $ - $ (351 ) $ 1,030

Schedule III - Supplemental F41

Schedule III - Supplemental Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Quarterly Financial Information [Table Text Block]	2015 1st 2nd 3rd 4th Year Net sales $ 345,865 $ 315,251 $ 276,922 $ 237,505 $ 1,175,543 Operating income (loss) (a) 3,345 (24,398 ) 453 (7,179 ) (27,779 ) Income (loss) before income taxes 1,751 (25,895 ) (1,036 ) (8,414 ) (33,594 ) Net income (loss) $ 1,069 $ (22,260 ) $ (598 ) $ (4,988 ) $ (26,777 ) Basic net income (loss) per share $ 0.10 $ (1.99 ) $ (0.05 ) $ (0.45 ) $ (2.39 ) Weighted average shares outstanding - basic 11,195 11,201 11,203 11,174 11,192 Diluted net income (loss) per share $ 0.10 $ (1.99 ) $ (0.05 ) $ (0.45 ) $ (2.39 ) Weighted average shares outstanding - diluted 11,195 11,201 11,203 11,173 11,192 Market price of common stock: (c) High $ 18.57 $ 20.93 $ 17.92 $ 12.60 $ 20.93 Low 12.86 10.44 6.40 8.98 6.40 2014 1st 2nd 3rd 4th Year Net sales $ 346,913 $ 386,047 $ 376,617 $ 326,693 $ 1,436,270 Operating income (loss) (b) 6,229 7,108 4,117 (26,662 ) (9,208 ) Income (loss) before income taxes 4,477 5,325 2,495 (28,411 ) (16,114 ) Net income (loss) $ 2,777 $ 3,494 $ 1,556 $ (26,891 ) $ (19,064 ) Basic net income (loss) per share $ 0.25 $ 0.32 $ 0.14 $ (2.42 ) $ (1.71 ) Weighted average shares outstanding - basic 11,089 11,089 11,120 11,127 11,120 Diluted net income (loss) per share $ 0.25 $ 0.32 $ 0.14 $ (2.42 ) $ (1.71 ) Weighted average shares outstanding - diluted 11,090 11,089 11,120 11,127 11,120 Market price of common stock: (c) High $ 30.95 $ 29.58 $ 25.83 $ 21.39 $ 30.95 Low 25.84 20.88 20.57 15.75 15.75

Note 1 - Summary of Significa42

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Steel Requirements [Member] | Supplier Concentration Risk [Member] | Three Largest Suppliers [Member]
Concentration Risk, Percentage					51.00%	43.00%	42.00%
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Top 20 [Member]
Concentration Risk, Percentage					31.00%	29.00%	30.00%
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Largest Customer [Member]
Concentration Risk, Percentage					6.00%	6.00%	5.00%
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Industrial Machinery and Equipment Manufacturers and Fabricators [Member]
Concentration Risk, Percentage					49.00%	51.00%	50.00%
Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | Engineered Products [Member]
Concentration Risk, Percentage					1.80%	1.70%	1.90%
Minimum [Member]
Property, Plant and Equipment, Useful Life					2 years
Maximum [Member]
Property, Plant and Equipment, Useful Life					30 years
Trade Names [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 8,000,000
Tubular And Pipe Products [Member]
Goodwill, Impairment Loss		$ 16,451,000	$ 23,836,000	$ 16,500,000	$ 16,451,000	$ 23,836,000
Specialty Metal Flat Products [Member]
Goodwill, Impairment Loss	$ 500,000				$ 500,000
Impairment of Long-Lived Assets Held-for-use	0
Number of Reportable Segments					3
LIFO Inventory Amount	$ 42,700,000		$ 46,600,000		$ 42,700,000	$ 46,600,000
Percentage of LIFO Inventory	20.70%		15.00%		20.70%	15.00%
Goodwill, Impairment Loss					$ 16,951,000	$ 23,836,000

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts Receivable, Current	$ 3,100	$ 2,900
Provision for Doubtful Accounts	$ 506	$ 467	$ 83

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Inventory, LIFO Reserve, Period Charge	$ 3,300	$ 365
Inventory Difference Using FIFO Basis	$ 6,600	$ 3,200

Note 3 - Steel Inventories (Det

Note 3 - Steel Inventories (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Unprocessed	$ 163,942,000	$ 238,226,000
Processed and finished	42,703,000	72,882,000
Totals	$ 206,645,000	$ 311,108,000

Note 4 - Property and Equipme46

Note 4 - Property and Equipment (Details Textual)	12 Months Ended
	Dec. 31, 2015
Leasehold Improvements [Member]
Property, Plant and Equipment, Useful Life	7 years

Note 4 - Property and Equipme47

Note 4 - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Land [Member]
Property and equipment, at cost	$ 16,001,000	$ 16,001,000
Land Improvements [Member] | Minimum [Member]
Depreciable lives	5 years
Land Improvements [Member] | Maximum [Member]
Depreciable lives	10 years
Land Improvements [Member]
Property and equipment, at cost	$ 2,799,000	2,764,000
Building and Building Improvements [Member] | Minimum [Member]
Depreciable lives	7 years
Building and Building Improvements [Member] | Maximum [Member]
Depreciable lives	30 years
Building and Building Improvements [Member]
Property and equipment, at cost	$ 131,294,000	131,107,000
Machinery and Equipment [Member] | Minimum [Member]
Depreciable lives	2 years
Machinery and Equipment [Member] | Maximum [Member]
Depreciable lives	15 years
Machinery and Equipment [Member]
Property and equipment, at cost	$ 185,555,000	181,378,000
Furniture and Fixtures [Member] | Minimum [Member]
Depreciable lives	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Depreciable lives	7 years
Furniture and Fixtures [Member]
Property and equipment, at cost	$ 6,582,000	6,550,000
Software and Software Development Costs [Member] | Minimum [Member]
Depreciable lives	2 years
Software and Software Development Costs [Member] | Maximum [Member]
Depreciable lives	5 years
Software and Software Development Costs [Member]
Property and equipment, at cost	$ 27,350,000	26,842,000
Vehicles [Member] | Minimum [Member]
Depreciable lives	2 years
Vehicles [Member] | Maximum [Member]
Depreciable lives	5 years
Vehicles [Member]
Property and equipment, at cost	$ 1,274,000	1,247,000
Construction in Progress [Member]
Property and equipment, at cost	$ 1,274,000	1,100,000
Minimum [Member]
Depreciable lives	2 years
Maximum [Member]
Depreciable lives	30 years
Property and equipment, at cost	$ 372,129,000	366,989,000
Less accumulated depreciation	(205,591,000)	(189,603,000)
Net property and equipment	$ 166,538,000	$ 177,386,000

Note 5 - Goodwill and Intangi48

Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Trade Names [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 8,000,000
Tubular And Pipe Products [Member]
Goodwill, Impairment Loss		16,451,000	$ 23,836,000	$ 16,500,000	$ 16,451,000	$ 23,836,000
Goodwill			16,451,000			16,451,000	$ 40,287,000
Specialty Metal Flat Products [Member]
Goodwill, Impairment Loss	$ 500,000				$ 500,000
Goodwill	500,000		500,000		500,000	500,000
Impairment of Intangible Assets, Finite-lived		$ 0
Finite-Lived Intangible Assets, Amortization Expense, Year Two	900,000				900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	900,000				900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	900,000				900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 900,000				900,000
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					$ 16,951,000	23,836,000
Goodwill			$ 16,951,000			$ 16,951,000	$ 40,787,000
Finite-Lived Intangible Asset, Useful Life					15 years
Finite-Lived Intangible Assets, Remaining Amortization Period					15 years
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 900,000				$ 900,000

Note 5 - Goodwill by Reportable

Note 5 - Goodwill by Reportable Segment (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Flat Products [Member]
Balance as of December 31, 2013		$ 500,000	$ 500,000	$ 500,000
Acquisitions
Impairments			$ (500,000)
Balance as of December 31, 2014	$ 500,000			$ 500,000
Tubular And Pipe Products [Member]
Balance as of December 31, 2013		16,451,000	$ 16,451,000	$ 40,287,000
Acquisitions
Impairments	(23,836,000)	(16,500,000)	$ (16,451,000)	$ (23,836,000)
Balance as of December 31, 2014	16,451,000			16,451,000
Balance as of December 31, 2013		$ 16,951,000	$ 16,951,000	$ 40,787,000
Acquisitions
Impairments			$ (16,951,000)	$ (23,836,000)
Balance as of December 31, 2014	$ 16,951,000			$ 16,951,000

Note 5 - Intangible Assets, Net

Note 5 - Intangible Assets, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Customer Relationships [Member]
Customer Relationships, Gross Carrying Amount	$ 13,332,000	$ 13,332,000
Customer Relationships, Accumulated Amortization	(4,000,000)	(3,111,000)
Intangible Assets, Net	9,332,000	10,221,000
	(4,000,000)	(3,111,000)
Trade Names [Member]
Customer Relationships, Gross Carrying Amount	23,425,000	23,425,000
Intangible Assets, Net	15,425,000	23,425,000
Impairments	(8,000,000)
Customer Relationships, Gross Carrying Amount	36,757,000	36,757,000
Customer Relationships, Accumulated Amortization	(4,000,000)	(3,111,000)
Intangible Assets, Net	24,757,000	33,646,000
Impairments	(8,000,000)
	$ (4,000,000)	$ (3,111,000)

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) - USD ($)	Apr. 02, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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		$ 30,000,000
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		$ 365,000,000
Line of Credit Facility, Current Borrowing Capacity		$ 365,000,000
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments		10.00%
Balance Required for Compliance with Revolver Commitments		$ 36,500,000
A B L Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member]
Long-term Line of Credit					$ 53,200,000
A B L Credit Facility [Member]
Line of Credit Facility Covenant Terms EBITDA Ratio		1
Line of Credit Facility, Remaining Borrowing Capacity		$ 87,700,000
Debt Instrument, Periodic Payment, Principal	$ 840,000
Minimum [Member]
Derivative Premium Rate		1.25%
Maximum [Member]
Derivative Premium Rate		1.75%
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current		$ 2,800,000
Industrial Revenue Bonds [Member] | Chicago Tube and Iron Company Acquisition [Member]
Debt Instrument, Interest Rate, Effective Percentage		0.11%
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement		3.46%
Interest Rate Swap [Member]
Long-term Line of Credit		$ 31,400,000
Fixed Rate Interest Hedge Notional Monthly Decrease		729,000
Prepaid Expense and Other Assets, Current		$ 7,820,000	$ 20,434,000
Derivative, Fixed Interest Rate		1.21%
Debt Instrument, Interest Rate, Effective Percentage		2.10%	2.40%	2.30%
Interest Paid		$ 5,083,000	$ 5,793,000	$ 5,537,000
Long-term Debt, Gross		$ 211,200,000	$ 234,700,000	$ 219,200,000

Note 6 - Debt (Details)

Note 6 - Debt (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Credit facility revolver	$ 145,800,000	$ 244,090,000
Industrial Revenue Bond Member [Member]
Industrial revenue bond	2,690,000	3,530,000
Credit facility revolver	145,800,000	244,090,000
Total debt	148,490,000	247,620,000
Less current amount	(2,690,000)	(3,530,000)
Total long-term debt	$ 145,800,000	$ 244,090,000

Note 6 - Principal Payments Ove

Note 6 - Principal Payments Over The Next 5 Years and Thereafter (Details) $ in Thousands	Dec. 31, 2015USD ($)
Revolver Member [Member]
2,016
2,017
2,018
2,019	$ 145,800
Total	145,800
Industrial Revenue Bond Member [Member]
2,016	865
2,017	895
2,018	$ 930
2,019
Total	$ 2,690
2,016	865
2,017	895
2,018	930
2,019	145,800
Total	$ 148,490

Note 7 - Derivative Instrumen54

Note 7 - Derivative Instruments (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Cash Flow Metals Hedges [Member] | Cost of Materials Sold [Member]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 2,400
Cash Flow Metals Hedges [Member]
Derivative, Number of Instruments Held	0
Nickel Swaps [Member] | Minimum [Member]
Derivative, Remaining Maturity	30 days
Nickel Swaps [Member] | Maximum [Member]
Derivative, Remaining Maturity	150 days
Interest Rate Swap [Member]
Long-term Line of Credit	$ 31,400
Minimum [Member] | Cash Flow Hedging [Member]
Derivative Premium Rate	1.25%
Minimum [Member]
Derivative Premium Rate	1.25%
Maximum [Member] | Cash Flow Hedging [Member]
Derivative Premium Rate	1.75%
Maximum [Member]
Derivative Premium Rate	1.75%
A B L Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member]
Long-term Line of Credit	$ 53,200
Interest Rate Swap [Member]
Long-term Line of Credit	31,400
Fixed Rate Interest Hedge Notional Monthly Decrease	$ 729
Cash Flow Hedging [Member]
Derivative, Fixed Interest Rate	1.21%
Derivative, Fixed Interest Rate	1.21%

Note 7 - Impact to Consolidated

Note 7 - Impact to Consolidated Statements of Operations of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	$ (77)	$ (100)	$ (167)
Total loss	(77)	(100)	(167)
Interest Rate Swap [Member] | A B L Credit Facility [Member]
Derivatives	(365)	(472)	(309)
Total loss	(365)	(472)	$ (309)
Cash Flow Metals Hedges [Member]
Derivatives	(2,400)	(312)
Total loss	(2,400)	(312)
Metals Swap [Member]
Derivatives	(2,304)	934	$ (1,037)
Total loss	(2,304)	934	(1,037)
Embedded Customer Derivatives [Member]
Derivatives	2,304	(934)	1,037
Total loss	2,304	(934)	1,037
Derivatives	(2,842)	(884)	(476)
Total loss	$ (2,842)	$ (884)	$ (476)

Note 8 - Fair Value of Assets56

Note 8 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 2.7	$ 3.5
Revolving Credit Facility [Member]
Long-term Debt, Fair Value	$ 145.8	$ 244.1

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements, Recorded (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Metals Swap [Member]
Liabilities
Metals swaps
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Total assets at fair value
Liabilities
Total liabilities recorded at fair value
Fair Value, Inputs, Level 1 [Member]
Assets
Embedded customer derivatives
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Metals Swap [Member]
Liabilities
Metals swaps	$ 384	$ 487
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)	102	178
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)		386
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Total assets at fair value	384	487
Liabilities
Total liabilities recorded at fair value	600	1,051
Fair Value, Inputs, Level 2 [Member]
Assets
Embedded customer derivatives	$ 384	$ 487
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Metals Swap [Member]
Liabilities
Metals swaps
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Total assets at fair value
Liabilities
Total liabilities recorded at fair value
Fair Value, Inputs, Level 3 [Member]
Assets
Embedded customer derivatives
Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)	$ 114
Metals Swap [Member]
Liabilities
Metals swaps	384	$ 487
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)	102	178
Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)	114	386
Embedded customer derivatives	384	487
Total assets at fair value	384	487
Total liabilities recorded at fair value	$ 600	$ 1,051

Note 8 - Fair Value Measureme58

Note 8 - Fair Value Measurements, Not Recorded (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
IRB	$ 2,690,000	$ 3,530,000
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities
IRB
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities
IRB
Industrial Revenue Bonds [Member]
Liabilities
IRB	$ 2,690,000	$ 3,530,000
Fair Value, Inputs, Level 1 [Member] | A B L Credit Facility [Member]
Liabilities
ABL Credit Facility
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	$ 2,690,000	$ 3,530,000
Fair Value, Inputs, Level 2 [Member] | A B L Credit Facility [Member]
Liabilities
ABL Credit Facility	145,800,000	244,090,000
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	$ 145,800,000	$ 244,090,000
Fair Value, Inputs, Level 3 [Member] | A B L Credit Facility [Member]
Liabilities
ABL Credit Facility
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value
A B L Credit Facility [Member]
Liabilities
ABL Credit Facility	$ 145,800,000	$ 244,090,000
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	148,490,000	247,620,000
ABL Credit Facility	$ 145,800,000	$ 244,090,000

Note 8 - Fair Value Measureme59

Note 8 - Fair Value Measurements, Nonrecurring Basis (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Fair Value, Measurements, Nonrecurring [Member] | Tubular And Pipe Products [Member] | Fair Value, Inputs, Level 1 [Member]
Goodwill	$ 0	$ 0
Trade name	0	0
Fair Value, Measurements, Nonrecurring [Member] | Tubular And Pipe Products [Member] | Fair Value, Inputs, Level 2 [Member]
Goodwill	0	0
Trade name	0	0
Fair Value, Measurements, Nonrecurring [Member] | Tubular And Pipe Products [Member] | Fair Value, Inputs, Level 3 [Member]
Goodwill	0	0
Trade name	15,425,000	15,425,000
Fair Value, Measurements, Nonrecurring [Member] | Tubular And Pipe Products [Member]
Goodwill	0	0
Impairments		(16,451,000)
Trade name	15,425,000	15,425,000
Trade name gain/(loss)		(8,000,000)
Fair Value, Measurements, Nonrecurring [Member] | Specialty Metal Flat Products [Member] | Fair Value, Inputs, Level 1 [Member]
Goodwill	0	0
Fair Value, Measurements, Nonrecurring [Member] | Specialty Metal Flat Products [Member] | Fair Value, Inputs, Level 2 [Member]
Goodwill	0	0
Fair Value, Measurements, Nonrecurring [Member] | Specialty Metal Flat Products [Member] | Fair Value, Inputs, Level 3 [Member]
Goodwill	0	0
Fair Value, Measurements, Nonrecurring [Member] | Specialty Metal Flat Products [Member]
Goodwill	0	0
Impairments		(500,000)
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total	0	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Total	15,425,000	15,425,000
Fair Value, Measurements, Nonrecurring [Member]
Total	15,425,000	15,425,000
Gain/(loss)		(24,951,000)
Tubular And Pipe Products [Member]
Impairments		(16,451,000)
Specialty Metal Flat Products [Member]
Impairments	$ (500,000)	(500,000)
Impairments		(16,951,000)
Trade name gain/(loss)		$ (8,000,000)

Note 9 - Accumulated Other Co60

Note 9 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Term Loan Member [Member] | London Interbank Offered Rate (LIBOR) [Member] | A B L Credit Facility [Member]
Long-term Line of Credit	$ 53,200
Interest Rate Swap [Member]
Long-term Line of Credit	31,400
Fixed Rate Interest Hedge Notional Monthly Decrease	$ 729

Note 10 - Equity Plans (Details

Note 10 - Equity Plans (Details Textual) - USD ($)	Mar. 01, 2015	Mar. 01, 2014	Jan. 02, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 1994
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				$ 25,000
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				50,000
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				75,000
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				100,000
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				$ 100,000
Restricted Stock Units (RSUs) [Member] | Supplemental Employee Retirement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				47,639	21,506	28,341
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement By Share-based Payment Award Equity Instruments Other Than Options Converted into Shares Intrinsic Value				$ 0	$ 0
Employee Stock Option [Member] | Stock Option Plan (Option Plan) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				180 days
Employee Stock Option [Member] | Stock Option Plan (Option Plan) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				5 years
Employee Stock Option [Member] | Stock Option Plan (Option Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			1,800
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,639	2,544
Match [Member]
Shares Matched				9,000	9,875	8,500
Stock Option Plan (Option Plan) [Member]
Common Stock, Capital Shares Reserved for Future Issuance							1,300,000
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	$ 23.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				0	7,000	11,667
Proceeds from Stock Options Exercised					$ 86,000	$ 86,000
Restricted Stock Units Units Number Converted						0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					103,000	$ 218,000
Deferred Tax Expense from Stock Options Exercised					$ 40,000	$ 83,000
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

Note 10 - Stock Option Activity

Note 10 - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Outstanding, Number of Options (in shares)	20,170
Outstanding, Weighted Average Remaining Contractual Term (in dollars per share)	$ 32.63
Canceled (in shares)	(1,000)
Canceled (in dollars per share)	$ 32.63
Outstanding, Number of Options (in shares)	19,170
Outstanding, Weighted Average Remaining Contractual Term (in dollars per share)	$ 32.63
Outstanding, Weighted Average Remaining Contractual Term	1 year 109 days
Exercisable at December 31, 2015 (in shares)		19,170
Exercisable at December 31, 2015 (in dollars per share)	$ 32.63	$ 32.63
Exercisable at December 31, 2015	1 year 109 days

Note 10 - Stock Based Compensat

Note 10 - Stock Based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Expense Before Tax [Member]
RSU expense before taxes	$ 1,047	$ 1,252	$ 936
Expense After Tax [Member]
RSU expense after taxes	$ 631	$ 774	$ 554

Note 10 - Restricted Stock Unit

Note 10 - Restricted Stock Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
Converted into shares (in shares)	(19,900)
Converted into shares (in dollars per share)	$ 25.34
Forfeited (in shares)
Forfeited (in dollars per share)
Vested at December 31, 2015 (in shares)	271,599
Vested at December 31, 2015 (in dollars per share)	$ 22.33
Outstanding, Number of Shares (in shares)	287,894	238,023
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 22.39	$ 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 11 - Commitments and Con65

Note 11 - Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Operating Leases, Rent Expense	$ 8.7	$ 8.2	$ 7.5
Entity Number of Employees	305
Collective Bargaining Arrangements	9

Note 11 - Future Minimum Lease

Note 11 - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)
2,015	$ 6,636
2,016	5,783
2,017	4,842
2,018	3,697
2,019	3,006
Thereafter	4,771
Total	$ 28,735

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Maximum [Member]
Tax Credit Carryforward Expiration	20 years
Minimum [Member]
Tax Credit Carryforward Expiration	7 years
Interest Rate Swap Agreement [Member]
Increase (Decrease) in Deferred Income Taxes	$ 105
Impairment of the Indefinite Lived Intangible Asset [Member]
Increase (Decrease) in Deferred Income Taxes	3,100
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	2	$ 4
Income Taxes Paid, Net	$ 500	$ 4,700	$ 7,600

Note 12 - Provision (Benefit) f

Note 12 - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ (149)	$ 4,859	$ 6,207
State and local	(752)	657	1,265
	(901)	5,516	7,472
Deferred	(5,916)	(2,566)	(2,195)
Income tax provision	$ (6,817)	$ 2,950	$ 5,277

Note 12 - Deferred Income Taxes

Note 12 - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Inventory (excluding LIFO reserve)	$ 2,986	$ 2,881
Net operating loss and tax credit carryforwards	2,926	2,971
Allowance for doubtful accounts	500	519
Accrued expenses	7,311	7,642
Other	143	83
	13,866	14,096
Valuation reserve	(1,030)	(1,381)
Total deferred tax assets	12,836	12,715
Deferred tax liabilities:
LIFO reserve	(6,018)	(6,049)
Property and equipment	(20,601)	(22,684)
Intangibles	(11,329)	(14,930)
Other	(1)	24
Total deferred tax liabilities	(37,949)	(43,639)
Deferred tax liabilities, net	$ (25,113)	$ (30,924)

Note 12 - Unrecognized Tax Bene

Note 12 - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance as of January 1	$ 58	$ 75	$ 112
Decreases related to prior year tax positions	(20)	(17)	(37)
Increases related to current year tax positions	13	13	23
Decreases related to lapsing of statute of limitations	(13)	(13)	(23)
Balance as of December 31	$ 38	$ 58	$ 75

Note 12 - Tax Rate Reconciliati

Note 12 - Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
U.S. federal statutory rate	35.00%	35.00%	35.00%
State and local taxes, net of federal benefit	1.40%	(1.60%)	3.00%
Goodwill impairment	(17.10%)	(52.00%)
Change in unrecognized tax benefits	0.10%	(0.10%)	(0.20%)
All other, net	0.90%	0.40%	3.00%
Effective income tax rate	20.30%	(18.30%)	40.80%

Note 13 - Earnings Per Share (D

Note 13 - Earnings Per Share (Details) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average basic shares outstanding (in shares)	11,192	11,120	11,065
Assumed exercise of stock options and issuance of stock awards (in shares)			9
Weighted average diluted shares outstanding (in shares)	11,192	11,120	11,074
Net income (loss)	$ (26,777,000)	$ (19,064,000)	$ 7,647,000
Basic earnings (loss) per share (in dollars per share)	$ (2.39)	$ (1.71)	$ 0.69
Diluted earnings (loss) per share (in dollars per share)	$ (2.39)	$ (1.71)	$ 0.69
Anti-dilutive securities outstanding (in shares)	125	118	201

Note 14 - Stock Repurchase Pr73

Note 14 - Stock Repurchase Program (Details Textual)	Oct. 02, 2015USD ($)	Dec. 31, 2015USD ($)$ / sharesshares
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%
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]
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments	15.00%
Balance Required for Compliance with Revolver Commitments		$ 54,800,000
Line of Credit Facility Covenant Terms EBITDA Ratio	1
A B L Credit Facility [Member]
Unrestricted Common Stock Purchases, Maximum, Value	$ 2,500,000
Stock Repurchase Program, Authorized Amount	$ 550,000
Treasury Stock, Shares, Acquired | shares		65,283
Treasury Stock Acquired, Average Cost Per Share | $ / shares		$ 10.71

Note 15 - Segment Information74

Note 15 - Segment Information (Details Textual)	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)		Dec. 31, 2014USD ($)		Dec. 31, 2013USD ($)
Carbon Flat Products and Specialty Metals Flat Products [Member]
Number of Reportable Segments					2
Tubular And Pipe Products [Member]
Goodwill and Intangible Asset Impairment					$ 24,451,000
Goodwill, Impairment Loss		$ 16,451,000	$ 23,836,000	$ 16,500,000	16,451,000		$ 23,836,000
Specialty Metal Flat Products [Member]
Goodwill, Impairment Loss	$ 500,000				$ 500,000
Number of Reportable Segments					3
Goodwill and Intangible Asset Impairment					$ 24,951,000	[1]	23,836,000	[1]	$ 0
Goodwill, Impairment Loss					$ 16,951,000		$ 23,836,000
[1]	$24,451 of the goodwill and intangible asset impairment in 2015 related to the tubular and pipe products segment, $500 related to the specialty metals flat products segment. The goodwill impairment in 2014 related to the tubular and pipe products segment.

Note 15 - Segment Reporting Inf

Note 15 - Segment Reporting Information by Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Carbon Flat Products [Member]
Net sales
Sales	$ 765,400,000		$ 985,039,000
Depreciation and amortization
Depreciation and Amortization	12,200,000		14,250,000
Operating income
Operating Income	(7,217,000)		6,306,000
Specialty Metal Flat Products [Member]
Net sales
Sales	192,516,000		206,692,000			[1]
Depreciation and amortization
Depreciation and Amortization	698,000		805,000			[1]
Operating income
Operating Income	(1,074,000)		6,109,000			[1]
Carbon Flat Products and Specialty Metals Flat Products [Member]
Net sales
Sales	957,916,000		1,191,731,000		$ 1,026,769,000	[1]
Depreciation and amortization
Depreciation and Amortization	12,898,000		15,055,000		16,883,000	[1]
Operating income
Operating Income	(8,291,000)		12,415,000		12,106,000	[1]
Tubular And Pipe Products [Member]
Net sales
Sales	217,627,000		244,539,000		236,562,000	[1]
Depreciation and amortization
Depreciation and Amortization	6,036,000		5,624,000		5,308,000	[1]
Operating income
Operating Income	12,583,000		10,185,000		14,981,000	[1]
Goodwill and intangible asset impairment (b)	(24,451,000)
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization	102,000		101,000		50,000	[1]
Operating income
Operating Income	(7,120,000)		(7,972,000)		(7,432,000)	[1]
Sales	1,175,543,000		1,436,270,000		1,263,331,000	[1]
Depreciation and Amortization	19,036,000		20,780,000		22,241,000	[1]
Operating Income	(27,779,000)	[2]	(9,208,000)	[3]	19,655,000	[1]
Goodwill and intangible asset impairment (b)	(24,951,000)	[4]	(23,836,000)	[4]	0
Other income (loss), net	(125,000)		(126,000)		(28,000)	[1]
Income (loss) before interest and income taxes	(27,904,000)		(9,334,000)		19,627,000	[1]
Interest and other expense on debt	5,690,000		6,780,000		6,703,000	[1]
Income (loss) before income taxes	$ (33,594,000)		$ (16,114,000)		$ 12,924,000	[1]
[1]	Segment information for 2013 is not available for carbon flat products and specialty metals flat products due to system limitations.
[2]	Operating income (loss) includes $3,347 of LIFO income related to the Company's tubular and pipe products segment as well as a $16,451 goodwill impairment charge and a $8,000 intangible asset impairment charge recorded in the second quarter related to the Company's tubular and pipe products segment and a $500 goodwill impairment charge recorded in the fourth quarter related to the specialty metals flat products segment.
[3]	Operating income (loss) includes $365 of LIFO expense and a $23,836 goodwill impairment charge related to the Company's tubular and pipe products segment recorded in the fourth quarter of 2014.
[4]	$24,451 of the goodwill and intangible asset impairment in 2015 related to the tubular and pipe products segment, $500 related to the specialty metals flat products segment. The goodwill impairment in 2014 related to the tubular and pipe products segment.

Note 15 - Segment Reporting I76

Note 15 - Segment Reporting Information by Capital Expenditures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Specialty Metal Flat Products [Member]
Capital expenditures
Capital expenditures	$ 4,295,000	$ 4,540,000	$ 3,794,000
Goodwill
Goodwill	500,000	500,000
Assets
Assets	329,885,000	496,253,000
Tubular And Pipe Products [Member]
Capital expenditures
Capital expenditures	$ 3,022,000	3,273,000	11,616,000
Goodwill
Goodwill		16,451,000	40,287,000
Assets
Assets	$ 183,129,000	203,937,000
Corporate Segment [Member]
Capital expenditures
Capital expenditures		21,000	688,000
Assets
Assets	456,000	558,000
Capital expenditures	$ 7,317,000	7,834,000	16,098,000
Goodwill		16,951,000	$ 40,787,000
Assets	$ 513,470,000	$ 700,748,000

Note 16 - Retirement Plans (Det

Note 16 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
One Half Member [Member] | Non Union Member [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6.00%
One Half Member [Member] | C T I Location [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Twenty Percent [Member] | C T I Location [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	20.00%
C T I Location [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Contribution Plan, Compensation Percentage Multiplier	13.00%
Multiemployer Plan [Member] | Minimum [Member]
Defined Benefit Plan, Funded Percentage	80.00%
Defined Contribution Plan Vesting Period	5 years
Defined Contribution Plan, Administrative Expenses	$ 2	$ 2.2	$ 2.2

Note 16 - Fair Value of Plan As

Note 16 - Fair Value of Plan Assets (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands	Dec. 31, 2015USD ($)
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
SERP assets	$ 1,590
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
SERP assets
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
SERP assets
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
SERP assets
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
SERP assets	$ 25
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
SERP assets
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
SERP assets
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member]
SERP assets	$ 213
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member]
SERP assets
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
SERP assets
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member]
SERP assets	$ 5,391
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member]
SERP assets
Fair Value, Inputs, Level 1 [Member]
SERP assets	$ 1,590
Fair Value, Inputs, Level 2 [Member]
SERP assets	$ 5,629
Fair Value, Inputs, Level 3 [Member]
SERP assets

Note 17 - Related-party Trans79

Note 17 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cleveland Warehouse [Member]
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years
Chief Executive Officer [Member] | Related Entity that Owns Cleveland Warehouse [Member]
Equity Method Investment, Ownership Percentage	50.00%
Affiliated Entity [Member] | Cleveland Warehouse [Member]
Operating Leases, Rent Expense	$ 204
Operating Leases, Rent Expense	$ 8,700	$ 8,200	$ 7,500

Schedule II - Valuation and Q80

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
Balance at Beginning of Period	$ 1,348	$ 1,519	$ 1,597
Additions Charged to Costs and Expenses	$ 506	$ 467	$ 83
Additions Charged to Other Accounts
Deductions	$ (555)	$ (638)	$ (161)
Balance at End of Period	1,299	1,348	1,519
Valuation Allowance of Deferred Tax Assets [Member]
Balance at Beginning of Period	$ 1,381	1,298	1,200
Additions Charged to Costs and Expenses		$ 83	$ 98
Additions Charged to Other Accounts
Deductions	$ (351)
Balance at End of Period	$ 1,030	$ 1,381	$ 1,298

Schedule III - Supplemental F81

Schedule III - Supplemental Financial Information (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Tubular And Pipe Products [Member]
Inventory, LIFO Reserve, Effect on Income, Net		$ 3,347,000
Goodwill, Impairment Loss		16,451,000	$ 23,836,000	$ 16,500,000	$ 16,451,000	$ 23,836,000
Impairment of Intangible Assets (Excluding Goodwill)		$ 8,000,000
Inventory, LIFO Reserve, Period Charge			$ 365,000
Specialty Metal Flat Products [Member]
Goodwill, Impairment Loss	$ 500,000				500,000
Goodwill, Impairment Loss					16,951,000	23,836,000
Impairment of Intangible Assets (Excluding Goodwill)					8,000,000
Inventory, LIFO Reserve, Period Charge					$ 3,300,000	$ 365,000

Schedule III - Quarterly Result

Schedule III - Quarterly Results of Operations (Details) - USD ($) shares in Thousands		3 Months Ended																12 Months Ended
		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014
Maximum [Member]
Market price of common stock: (c)
Market price of common stock (in dollars per share)	[1]	$ 12.60		$ 17.92		$ 20.93		$ 18.57		$ 21.39		$ 25.83		$ 29.58		$ 30.95		$ 20.93		$ 30.95
Minimum [Member]
Market price of common stock: (c)
Market price of common stock (in dollars per share)	[1]	$ 8.98		$ 6.40		$ 10.44		$ 12.86		$ 15.75		$ 20.57		$ 20.88		$ 25.84		$ 6.40		$ 15.75
Net sales		$ 237,505,000		$ 276,922,000		$ 315,251,000		$ 345,865,000		$ 326,693,000		$ 376,617,000		$ 386,047,000		$ 346,913,000		$ 1,175,543,000		$ 1,436,270,000
Operating income (loss)		(7,179,000)	[2]	453,000	[2]	(24,398,000)	[2]	3,345,000	[2]	(26,662,000)	[3]	4,117,000	[3]	7,108,000	[3]	6,229,000	[3]	(27,779,000)	[2]	(9,208,000)	[3]
Income (loss) before income taxes		(8,414,000)		(1,036,000)		(25,895,000)		1,751,000		(28,411,000)		2,495,000		5,325,000		4,477,000		(33,594,000)		(16,114,000)
Net income (loss)		$ (4,988,000)		$ (598,000)		$ (22,260,000)		$ 1,069,000		$ (26,891,000)		$ 1,556,000		$ 3,494,000		$ 2,777,000		$ (26,777,000)		$ (19,064,000)
Basic net income (loss) per share (in dollars per share)		$ (0.45)		$ (0.05)		$ (1.99)		$ 0.10		$ (2.42)		$ 0.14		$ 0.32		$ 0.25		$ (2.39)		$ (1.71)
Weighted average shares outstanding - basic (in shares)		11,174		11,203		11,201		11,195		11,127		11,120		11,089		11,089		11,192		11,120
Diluted net income (loss) per share (in dollars per share)		$ (0.45)		$ (0.05)		$ (1.99)		$ 0.10		$ (2.42)		$ 0.14		$ 0.32		$ 0.25		$ (2.39)		$ (1.71)
Weighted average shares outstanding - diluted (in shares)		11,173		11,203		11,201		11,195		11,127		11,120		11,089		11,090		11,192		11,120
Net sales		$ 237,505,000		$ 276,922,000		$ 315,251,000		$ 345,865,000		$ 326,693,000		$ 376,617,000		$ 386,047,000		$ 346,913,000		$ 1,175,543,000		$ 1,436,270,000
Operating income (loss)		(7,179,000)	[2]	453,000	[2]	(24,398,000)	[2]	3,345,000	[2]	(26,662,000)	[3]	4,117,000	[3]	7,108,000	[3]	6,229,000	[3]	(27,779,000)	[2]	(9,208,000)	[3]
Income (loss) before income taxes		(8,414,000)		(1,036,000)		(25,895,000)		1,751,000		(28,411,000)		2,495,000		5,325,000		4,477,000		(33,594,000)		(16,114,000)
Net income (loss)		$ (4,988,000)		$ (598,000)		$ (22,260,000)		$ 1,069,000		$ (26,891,000)		$ 1,556,000		$ 3,494,000		$ 2,777,000		$ (26,777,000)		$ (19,064,000)
Basic net income (loss) per share (in dollars per share)		$ (0.45)		$ (0.05)		$ (1.99)		$ 0.10		$ (2.42)		$ 0.14		$ 0.32		$ 0.25		$ (2.39)		$ (1.71)
Weighted average shares outstanding - basic (in shares)		11,174		11,203		11,201		11,195		11,127		11,120		11,089		11,089		11,192		11,120
Diluted net income (loss) per share (in dollars per share)		$ (0.45)		$ (0.05)		$ (1.99)		$ 0.10		$ (2.42)		$ 0.14		$ 0.32		$ 0.25		$ (2.39)		$ (1.71)
Weighted average shares outstanding - diluted (in shares)		11,173		11,203		11,201		11,195		11,127		11,120		11,089		11,090		11,192		11,120
[1]	Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market.
[2]	Operating income (loss) includes $3,347 of LIFO income related to the Company's tubular and pipe products segment as well as a $16,451 goodwill impairment charge and a $8,000 intangible asset impairment charge recorded in the second quarter related to the Company's tubular and pipe products segment and a $500 goodwill impairment charge recorded in the fourth quarter related to the specialty metals flat products segment.
[3]	Operating income (loss) includes $365 of LIFO expense and a $23,836 goodwill impairment charge related to the Company's tubular and pipe products segment recorded in the fourth quarter of 2014.