Olympic Steel (ZEUS) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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)		10,959,293
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 2,430	$ 1,604
Accounts receivable, net	114,702	92,877
Inventories, net (includes LIFO debit of $6,555 as of March 31, 2016 and December 31, 2015)	189,814	206,645
Prepaid Expense and Other Assets, Current	7,847	7,820
Total current assets	314,793	308,946
Property and equipment, at cost	371,886	372,129
Accumulated depreciation	(208,461)	(205,591)
Net property and equipment	163,425	166,538
Intangible assets, net	24,535	24,757
Other long-term assets	14,892	13,229
Total assets	517,645	513,470
Liabilities
Current portion of long-term debt	2,690	2,690
Accounts payable	56,038	55,685
Accrued payroll	8,278	6,884
Other accrued liabilities	14,613	11,801
Total current liabilities	81,619	77,060
Credit facility revolver	145,214	145,800
Other long-term liabilities	12,792	11,419
Deferred income taxes	23,443	24,496
Total liabilities	$ 263,068	$ 258,775
Shareholders' Equity
Preferred stock
Common stock	$ 128,949	$ 128,129
Treasury stock	(699)	(699)
Accumulated other comprehensive loss	(23)	(70)
Retained earnings	126,350	127,335
Total shareholders' equity	254,577	254,695
Total liabilities and shareholders' equity	$ 517,645	$ 513,470

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
LIFO debit	$ 6,555	$ 6,555

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales	$ 258,349	$ 345,865
Costs and expenses
Cost of materials sold (excludes items shown seperately below)	199,820	279,939
Warehouse and processing	20,492	22,537
Administrative and general	16,040	17,330
Distribution	9,207	9,301
Selling	5,687	5,891
Occupancy	2,337	2,710
Depreciation	4,509	4,590
Amortization	222	222
Total costs and expenses	258,314	342,520
Operating income	35	3,345
Other income (loss), net	(5)	(31)
Income before interest and income taxes	30	3,314
Interest and other expense on debt	1,285	1,563
Income (loss) before income taxes	(1,255)	1,751
Income tax provision (benefit)	(488)	682
Net income (loss)	(767)	1,069
Net gain (loss) on cash flow hedges, net of tax of $30 at March 31, 2016 and $397 at March 31, 2015.	48	(636)
Total comprehensive income (loss)	$ (719)	$ 433
Net income (loss) per share - basic (in dollars per share)	$ (0.07)	$ 0.10
Weighted average shares outstanding - basic (in shares)	11,182	11,195
Net income (loss) per share - diluted (in dollars per share)	$ (0.07)	$ 0.10
Weighted average shares outstanding - diluted (in shares)	11,182	11,195

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net gain (loss) on cash flow hedges, tax	$ 30	$ 397

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss)	$ (767)	$ 1,069
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	4,960	$ 5,007
Gain on disposition of property and equipment	(160)
Stock-based compensation	797	$ 953
Other long-term assets	1,857	230
Other long-term liabilities	(367)	3,783
	3,340	3,016
Changes in working capital:
Accounts receivable	(21,825)	(27,673)
Inventories	16,831	30,842
Prepaid expenses and other	(62)	5,075
Accounts payable	764	1,091
Change in outstanding checks	(411)	4,964
Accrued payroll and other accrued liabilities	4,208	(2,747)
	(495)	11,552
Net cash from operating activities	2,845	14,568
Cash flows from (used for) investing activities:
Capital expenditures	(1,396)	$ (1,691)
Proceeds from disposition of property and equipment	160
Net cash used for investing activities	(1,236)	$ (1,691)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	57,188	112,410
Credit facility revolver repayments	(57,775)	(122,400)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	23	9
Dividends paid	(219)	(220)
Net cash used for financing activities	(783)	(10,201)
Cash and cash equivalents:
Net change	826	2,676
Beginning balance	1,604	2,238
Ending balance	2,430	4,914
Interest paid	1,026	1,413
Income taxes paid	$ 3	$ 39

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not necessarily indicative of 2016 annual results and these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. All intercompany transactions and balances have been eliminated in consolidation. The Company 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. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees.

Note 2 - Accounts Receivable

Note 2 - Accounts Receivable	3 Months Ended
	Mar. 31, 2016
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 $2.2 million as of March 31, 2016 and $3.1 million as of December 31, 2015. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that have been identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for doubtful accounts and unissued credits each quarter.

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories: Inventories consisted of the following: Inventory as of (in thousands) March 31, 2016 December 31, 2015 Unprocessed $ 151,019 $ 163,942 Processed and finished 38,795 42,703 Totals $ 189,814 $ 206,645 The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2016 and December 31, 2015, approximately $40.8 million, or 21.5% of consolidated inventory, and $42.7 million, or 20.7% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. During the three months ended March 31, 2016, the Company did not record an adjustment to LIFO inventory as the current projections anticipate comparative levels and pricing of inventory for the remainder of the year. During the three months ended March 31, 2015, the Company recorded $250 thousand of LIFO income. If the FIFO method had been in use, inventories would have been $6.6 million lower than reported at March 31, 2016 and December 31, 2015.

Note 4 - Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Debt : The Company’s debt is comprised of the following components: As of March 31, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 145,214 $ 145,800 Industrial revenue bond due April 1, 2018 2,690 2,690 Total debt 147,904 148,490 Less current amount (2,690 ) (2,690 ) Total long-term debt $ 145,214 $ 145,800 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 March 31, 2016), 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 March 31, 2016, the Company was in compliance with its covenants and had approximately $93 million of availability under the ABL Credit Facility. As of March 31, 2016, $2.6 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 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 March 31, 2016 was $28.4 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. As part of the Chicago Tube and Iron (CTI) acquisition in July 2011, the Company assumed approximately $5.9 million of Industrial Revenue Bond (IRB) indebtedness issued through the Stanly County, North Carolina Industrial Revenue and Pollution Control Authority. The bond matures in April 2018, with the option to provide principal payments annually on April 1st. On April 1, 2016, the Company paid an optional principal payment of $865 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 March 31, 2016 was 0.6% 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 March 31, 2016, the effect of the swap agreement on the bond was to fix the rate at 3.46%. The swap agreement matures in April 2018, and is reduced annually by the amount of the optional principal payments on the bond. The Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement. However, the Company does not anticipate nonperformance by the counterparties.

Note 5 - Derivative Instruments

Note 5 - Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5. Derivative Instruments : Metals swaps and embedded customer derivatives During 2016 and 2015, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. The nickel swaps are accounted for as derivatives for accounting purposes. The Company entered into them to mitigate its customers’ risk of volatility in the price of metals. The outstanding nickel swaps have one to eight months remaining. The swaps are settled with the brokers at maturity. The economic benefit or loss arising from the changes in fair value of the swaps is contractually passed through to the customer. The primary risk associated with the metals swaps is the ability of customers or third-party brokers to honor their agreements with the Company related to derivative instruments. If the customer or third-party brokers are unable to honor their agreements, the Company’s risk of loss is the fair value of the metals swaps. While these derivatives are intended to help the Company manage risk, they have not been designated as hedging instruments. The periodic changes in fair value of the metals and embedded customer derivative instruments are included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The Company recognizes derivative positions with both the customer and the third party for the derivatives and classifies cash settlement amounts associated with them as part of “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The cumulative change in fair value of the metals swaps that have not yet been settled are included in “Other accrued liabilities”, and the embedded customer derivatives are included in “Accounts receivable, net” on the Consolidated Balance Sheets at March 31, 2016 and December 31, 2015. Interest rate swap CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its IRB. The swap agreement matures in April 2018, the same time as the IRB, and is reduced annually by the amount of the optional principal payments on the IRB. The Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement. However, the Company does not anticipate nonperformance by the counterparties. The interest rate swap is not treated as a hedge for accounting purposes. The periodic changes in fair value of the interest rate swap and cash settlement amounts associated with the interest rate swap are included in “Interest and other expense on debt” in the Consolidated Statements of Comprehensive Income. Fixed rate interest rate hedge In June 2012, the Company entered into a forward starting fixed rate interest rate hedge commencing July 2013 in order to eliminate the variability of cash interest payments on $53.2 million of the outstanding LIBOR-based borrowings under the ABL Credit Facility. The hedged balance as of March 31, 2016 was $28.4 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 rate interest rate hedge is accounted for as a cash flow hedging instrument for accounting purposes. There was no net impact from the nickel swaps or embedded customer derivative agreements to the Company’s Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through net income of the derivatives for the three months ended March 31, 2016 and 2015. Net Loss Recognized For the Three Months Ended March 31, (in thousands) 2016 2015 Interest rate swap (CTI) $ (20 ) $ (17 ) Fixed interest rate swap (ABL) (61 ) (99 ) Metals swaps (76 ) (1,117 ) Embedded customer derivatives 76 1,117 Total loss $ (81 ) $ (116 )

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments : During the three months ended March 31, 2016, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at March 31, 2016 since December 31, 2015. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of March 31, 2016 and December 31, 2015: Metals swaps and embedded customer derivatives Interest rate swaps The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 204 $ - $ 204 Total assets at fair value $ - $ 204 $ - $ 204 Liabilities: Metals swaps $ - $ 204 $ - $ 204 Interest rate swap (CTI) - 82 - 82 Fixed interest rate swap (ABL) - 37 - 37 Total liabilities recorded at fair value $ - $ 323 $ - $ 323 Value of Items Not Recorded at Fair Value As of March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 145,214 - 145,214 Total liabilities not recorded at fair value $ 2,690 $ 145,214 $ - $ 147,904 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, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 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 Revolver - 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. 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 at both March 31, 2016 and December 31, 2015. The fair value of the revolver is determined using Level 2 inputs. The Level 2 fair value of the Company's long-term debt was estimated using prevailing market interest rates on debt with similar credit worthiness, terms and maturities.

Note 7 - Equity Plans

Note 7 - Equity Plans	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Olympic Steel 2007 Omnibus Incentive Plan (Plan), the Company may grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and other stock- and cash-based awards to employees and Directors of, and consultants to, the Company and its affiliates. Under the Plan, 500,000 shares of common stock are available for equity grants. On March 1, 2015, the Compensation Committee of the Company’s Board of Directors approved the grant of 4,639 restricted stock units (RSUs), respectively, to each non-employee Director. Subject to the terms of the Plan and the RSU agreement, the RSUs vest after one year of service (from the date of grant). The RSUs are not converted into shares of common stock until the director either resigns or is terminated from the Board of Directors. The fair value of each RSU was estimated to be the closing price of the Company’s common stock on the date of the grant, which was $15.09 on March 1, 2015. The Company’s Senior Management Compensation Program includes an equity component in order to encourage more ownership of common stock by the senior management. The Senior Management Compensation Program imposes stock ownership requirements upon the participants. Each participant is required to own at least 750 shares of common stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet the stock ownership requirements will be ineligible to receive any equity awards under the Company’s equity compensation plans, including the Plan, until the participant satisfies the ownership requirements. To assist participants in meeting the stock ownership requirements, on an annual basis, if a participant purchases 500 shares of common stock on the open market, the Company will award that participant 250 shares of common stock. During the three months ended March 31, 2016 and 2015, the Company matched 2,500 and 6,500 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 participant’s death or disability or upon a change in control of the Company. Stock-based compensation expense recognized on RSUs for the three months ended March 31, 2016 and 2015, respectively, is summarized in the following table: For the Three Months Ended March 31, (in thousands, except per share data) 2016 2015 RSU expense before taxes $ 239 $ 231 RSU expense after taxes $ 146 $ 141 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the three months ended March 31, 2016: Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2015 287,894 $ 22.39 Granted 92,077 10.88 Converted into shares - - Forfeited - - Outstanding at March 31, 2016 379,971 $ 19.60 $ 788 Vested at March 31, 2016 367,750 $ 19.48 $ 788 No RSUs were converted into shares during the three months ended March 31, 2016. During the three months ended March 31, 2015, 1,582 RSUs were converted into shares.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes : For the three months ended March 31, 2016, the Company recorded an income tax benefit of $488 thousand, or 38.9%, compared to an income tax provision of $682 thousand, or 38.9%, for the three months ended March 31, 2015. Our tax benefit or provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and our quarterly estimate of our annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

Note 9 - Shares Outstanding and

Note 9 - Shares Outstanding and Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended March 31, (in thousands, except per share data) 2016 2015 Weighted average basic shares outstanding 11,182 11,195 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,182 11,195 Net income (loss) $ (767 ) $ 1,069 Basic earnings (loss) per share $ (0.07 ) $ 0.10 Diluted earnings (loss) per share $ (0.07 ) $ 0.10 Anti-dilutive securities outstanding 147 283

Note 10 - Segment Information

Note 10 - Segment Information	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based primarily on internal management reporting. The Company operates in 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. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors expenses, audit expenses, and various other professional fees. The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three months ended March 31, 2016 and 2015. For the Three Months Ended March 31, (in thousands) 2016 2015 Net sales Carbon flat products $ 161,434 $ 228,545 Specialty metals flat products 45,830 52,631 Tubular and pipe products 51,085 64,689 Total net sales $ 258,349 $ 345,865 Depreciation and amortization Carbon flat products $ 2,954 $ 3,161 Specialty metals flat products 193 160 Tubular and pipe products 1,559 1,466 Corporate 25 25 Total depreciation and amortization $ 4,731 $ 4,812 Operating income (loss) Carbon flat products $ (2,178 ) $ 470 Specialty metals flat products 1,756 590 Tubular and pipe products 2,243 4,254 Corporate expenses (1,786 ) (1,969 ) Total operating income $ 35 $ 3,345 Other income (loss), net (5 ) (31 ) Income before interest and income taxes 30 3,314 Interest and other expense on debt 1,285 1,563 Income (loss) before income taxes $ (1,255 ) $ 1,751 For the Three Months Ended March 31, (in thousands) 2016 2015 Capital expenditures Flat products segments $ 1,234 $ 1,188 Tubular and pipe products 162 503 Corporate - - Total capital expenditures $ 1,396 $ 1,691 As of March 31, December 31, (in thouands) 2016 2015 Assets Flat products segments $ 324,344 $ 329,885 Tubular and pipe products 192,870 183,129 Corporate 431 456 Total assets $ 517,645 $ 513,470 There were no material revenue transactions between the carbon flat products, specialty metals products, and tubular and pipe products segments. The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

Note 11 - Recent Issued Account

Note 11 - Recent Issued Accounting Updates	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11. Recently Issued Accounting Updates : In February 2016, the Financial Accounting Standards Board (FASB), issued Accounting Standards Update (ASU) No. 2016-02, “Leases”, which specifies the accounting for leases. The objective is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing and uncertainty of cash flows arising from a lease. This ASU introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are in the process of evaluating the impact of the future adoption of this standard on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This ASU is part of the FASB’s Simplification Initiative and has been issued to reduce complexity in the presentation of employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements. In November, 2015, the FASB issued 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 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 prospective adoption of this guidance on January 1, 2016 did not have a material impact on the Company’s consolidated financial statements and the prior periods were not retrospectively adjusted. In April 2015, the 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 an impact on the Company’s consolidated financial statements because it does not apply to revolving credit agreements. 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)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) March 31, 2016 December 31, 2015 Unprocessed $ 151,019 $ 163,942 Processed and finished 38,795 42,703 Totals $ 189,814 $ 206,645

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Debt [Table Text Block]	As of March 31, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 145,214 $ 145,800 Industrial revenue bond due April 1, 2018 2,690 2,690 Total debt 147,904 148,490 Less current amount (2,690 ) (2,690 ) Total long-term debt $ 145,214 $ 145,800

Note 5 - Derivative Instrumen20

Note 5 - Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Loss Recognized For the Three Months Ended March 31, (in thousands) 2016 2015 Interest rate swap (CTI) $ (20 ) $ (17 ) Fixed interest rate swap (ABL) (61 ) (99 ) Metals swaps (76 ) (1,117 ) Embedded customer derivatives 76 1,117 Total loss $ (81 ) $ (116 )

Note 6 - Fair Value of Financ21

Note 6 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 204 $ - $ 204 Total assets at fair value $ - $ 204 $ - $ 204 Liabilities: Metals swaps $ - $ 204 $ - $ 204 Interest rate swap (CTI) - 82 - 82 Fixed interest rate swap (ABL) - 37 - 37 Total liabilities recorded at fair value $ - $ 323 $ - $ 323 Value of Items Recorded at Fair Value As of December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 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
Fair Value, by Balance Sheet Grouping [Table Text Block]	Value of Items Not Recorded at Fair Value As of March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 2,690 $ - $ - $ 2,690 Revolver - 145,214 - 145,214 Total liabilities not recorded at fair value $ 2,690 $ 145,214 $ - $ 147,904 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 Revolver - 145,800 - 145,800 Total liabilities not recorded at fair value $ 2,690 $ 145,800 $ - $ 148,490

Note 7 - Equity Plans (Tables)

Note 7 - Equity Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the Three Months Ended March 31, (in thousands, except per share data) 2016 2015 RSU expense before taxes $ 239 $ 231 RSU expense after taxes $ 146 $ 141
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2015 287,894 $ 22.39 Granted 92,077 10.88 Converted into shares - - Forfeited - - Outstanding at March 31, 2016 379,971 $ 19.60 $ 788 Vested at March 31, 2016 367,750 $ 19.48 $ 788

Note 9 - Shares Outstanding a23

Note 9 - Shares Outstanding and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended March 31, (in thousands, except per share data) 2016 2015 Weighted average basic shares outstanding 11,182 11,195 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,182 11,195 Net income (loss) $ (767 ) $ 1,069 Basic earnings (loss) per share $ (0.07 ) $ 0.10 Diluted earnings (loss) per share $ (0.07 ) $ 0.10 Anti-dilutive securities outstanding 147 283

Note 10 - Segment Information (

Note 10 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2016 2015 Net sales Carbon flat products $ 161,434 $ 228,545 Specialty metals flat products 45,830 52,631 Tubular and pipe products 51,085 64,689 Total net sales $ 258,349 $ 345,865 Depreciation and amortization Carbon flat products $ 2,954 $ 3,161 Specialty metals flat products 193 160 Tubular and pipe products 1,559 1,466 Corporate 25 25 Total depreciation and amortization $ 4,731 $ 4,812 Operating income (loss) Carbon flat products $ (2,178 ) $ 470 Specialty metals flat products 1,756 590 Tubular and pipe products 2,243 4,254 Corporate expenses (1,786 ) (1,969 ) Total operating income $ 35 $ 3,345 Other income (loss), net (5 ) (31 ) Income before interest and income taxes 30 3,314 Interest and other expense on debt 1,285 1,563 Income (loss) before income taxes $ (1,255 ) $ 1,751
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2016 2015 Capital expenditures Flat products segments $ 1,234 $ 1,188 Tubular and pipe products 162 503 Corporate - - Total capital expenditures $ 1,396 $ 1,691
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of March 31, December 31, (in thouands) 2016 2015 Assets Flat products segments $ 324,344 $ 329,885 Tubular and pipe products 192,870 183,129 Corporate 431 456 Total assets $ 517,645 $ 513,470

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Reportable Segments	3

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 2.2	$ 3.1

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
LIFO Inventory Amount		$ 40,800	$ 42,700
Percentage of LIFO Inventory		21.50%	20.70%
Inventory, LIFO Reserve, Period Charge	$ 250
Inventory Difference Using FIFO Basis		$ 6,600	$ 6,600

Note 3 - Steel Inventories (Det

Note 3 - Steel Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Unprocessed	$ 151,019	$ 163,942
Processed and finished	38,795	42,703
Totals	$ 189,814	$ 206,645

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 02, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2013
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Availability Dollar Amount [Member]
Line Of Credit Facility Covenant Terms Monetary		$ 30,000
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.00%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.25%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | A B L Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 365,000
Line of Credit Facility, Current Borrowing Capacity		$ 365,000
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments		10.00%
Balance Required for Compliance with Revolver Commitments		$ 36,500
A B L Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member]
Long-term Line of Credit				$ 53,200
A B L Credit Facility [Member]
Line of Credit Facility Covenant Terms EBITDA Ratio		1
Line of Credit Facility, Remaining Borrowing Capacity		$ 93,000
Debt Instrument, Periodic Payment, Principal	$ 865
Minimum [Member]
Derivative Premium Rate		1.25%
Maximum [Member]
Derivative Premium Rate		1.75%
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current		$ 2,600
Industrial Revenue Bonds [Member] | Chicago Tube and Iron Company Acquisition [Member]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 5,900
Debt Instrument, Interest Rate, Effective Percentage		0.60%
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement		3.46%
Interest Rate Swap [Member]
Long-term Line of Credit		$ 28,400
Fixed Rate Interest Hedge Notional Monthly Decrease		729
Prepaid Expense and Other Assets, Current		$ 7,847	$ 7,820
Derivative, Fixed Interest Rate		1.21%

Note 4 - Debt (Details)

Note 4 - Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Asset-based revolving credit facility	$ 145,214	$ 145,800
Industrial Revenue Bond Member [Member]
Industrial revenue bond	2,690	2,690
Asset-based revolving credit facility	145,214	145,800
Total debt	147,904	148,490
Less current amount	(2,690)	(2,690)
Total long-term debt	$ 145,214	$ 145,800

Note 5 - Derivative Instrumen31

Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2013
Nickel Swaps [Member] | Minimum [Member]
Derivative, Remaining Maturity	30 days
Nickel Swaps [Member] | Maximum [Member]
Derivative, Remaining Maturity	240 days
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Long-term Line of Credit	$ 28,400
Interest Rate Swap [Member]
Long-term Line of Credit	28,400
Fixed Rate Interest Hedge Notional Monthly Decrease	$ 729
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
Cash Flow Hedging [Member]
Derivative, Fixed Interest Rate	1.21%
Derivative, Fixed Interest Rate	1.21%

Note 5 - Impact to Consolidated

Note 5 - Impact to Consolidated Statements of Operations of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	$ (20)	$ (17)
Interest Rate Swap [Member] | A B L Credit Facility [Member]
Derivatives	(61)	(99)
Metals Swap [Member]
Derivatives	(76)	(1,117)
Embedded Customer Derivatives [Member]
Derivatives	76	1,117
Derivatives	$ (81)	$ (116)

Note 6 - Fair Value of Financ33

Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 2.7	$ 2.7

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements, Recorded (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
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 derivative
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Metals Swap [Member]
Liabilities
Metals swaps	$ 204	$ 384
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)	82	102
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)		114
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Assets
Total assets at fair value	204	384
Liabilities
Total liabilities recorded at fair value	323	600
Fair Value, Inputs, Level 2 [Member]
Assets
Embedded customer derivative	$ 204	$ 384
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 derivative
Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)	$ 37
Metals Swap [Member]
Liabilities
Metals swaps	204	$ 384
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)	82	102
Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)	37	114
Embedded customer derivative	204	384
Total assets at fair value	204	384
Total liabilities recorded at fair value	$ 323	$ 600

Note 6 - Fair Value Measureme35

Note 6 - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
IRB	$ 2,690	$ 2,690
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	$ 2,690
Fair Value, Inputs, Level 1 [Member] | Revolver Member [Member]
Liabilities
Revolver
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	$ 2,690	$ 2,690
Fair Value, Inputs, Level 2 [Member] | Revolver Member [Member]
Liabilities
Revolver	145,214	145,800
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	$ 145,214	$ 145,800
Fair Value, Inputs, Level 3 [Member] | Revolver Member [Member]
Liabilities
Revolver
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value
Revolver Member [Member]
Liabilities
Revolver	$ 145,214	$ 145,800
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	147,904	148,490
Revolver	$ 145,214	$ 145,800

Note 7 - Equity Plans (Details

Note 7 - Equity Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		500,000
Share Price	$ 15.09
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,639
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Match [Member]
Shares Matched		2,500	6,500
Restricted Stock Units (RSUs) [Member] | Five Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		$ 25
Restricted Stock Units (RSUs) [Member] | Ten Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		50
Restricted Stock Units (RSUs) [Member] | Fifteen Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		75
Restricted Stock Units (RSUs) [Member] | Twenty Five Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		100
Restricted Stock Units (RSUs) [Member] | Twenty Year Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		$ 100
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		92,077
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested		$ 788
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0	0
ShareBased Compensation Arrangement by ShareBased Payment Award Minimum Number of Shares Per Employee		750
Sharebased Compensation Arrangement bySharebasedPaymentAwardMatchingPurchaseRequirement		500
Sharebased Compensation Arrangement by Sharebased Payment Award Award Match		250
Restricted Stock Units Units Number Converted			1,582	0

Note 7 - Stock Based Compensati

Note 7 - Stock Based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expense Before Tax [Member]
RSU expense before taxes	$ 239	$ 231
Expense After Tax [Member]
RSU expense after taxes	$ 146	$ 141

Note 7 - Restricted Stock Unit

Note 7 - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Outstanding, Number of Shares (in shares) | shares	287,894
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 22.39
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	92,077
Granted (in dollars per share) | $ / shares	$ 10.88
Outstanding, Number of Shares (in shares) | shares	379,971
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 19.60
Outstanding, Aggregate Intrinsic Value | $	$ 788
Vested at March 31, 2016 (in shares) | shares	367,750
Vested at March 31, 2016 (in dollars per share) | $ / shares	$ 19.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $	$ 788

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Expense (Benefit)	$ (488)	$ 682
Effective Income Tax Rate Reconciliation, Percent	38.90%	38.90%

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Weighted average basic shares outstanding (in shares)	11,182	11,195
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,182	11,195
Net income (loss)	$ (767)	$ 1,069
Basic earnings (loss) per share (in dollars per share)	$ (0.07)	$ 0.10
Diluted earnings (loss) per share (in dollars per share)	$ (0.07)	$ 0.10
Anti-dilutive securities outstanding (in shares)	147	283

Note 10 - Segment Information41

Note 10 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Reportable Segments	3

Note 10 - Segment Reporting Inf

Note 10 - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Carbon Flat Products [Member]
Net sales
Net sales	$ 161,434	$ 228,545
Depreciation and amortization
Depreciation and Amortization	2,954	3,161
Operating income (loss)
Operating Income	(2,178)	470
Specialty Metal Flat Products [Member]
Net sales
Net sales	45,830	52,631
Depreciation and amortization
Depreciation and Amortization	193	160
Operating income (loss)
Operating Income	1,756	590
Tubular And Pipe Products [Member]
Net sales
Net sales	51,085	64,689
Depreciation and amortization
Depreciation and Amortization	1,559	1,466
Operating income (loss)
Operating Income	2,243	4,254
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization	25	25
Operating income (loss)
Operating Income	(1,786)	(1,969)
Net sales	258,349	345,865
Depreciation and Amortization	4,731	4,812
Operating Income	35	3,345
Other income (loss), net	(5)	(31)
Income before interest and income taxes	30	3,314
Interest and other expense on debt	1,285	1,563
Income (loss) before income taxes	$ (1,255)	$ 1,751

Note 10 - Segment Reporting I43

Note 10 - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Specialty Metal Flat Products [Member]
Capital expenditures
Capital expenditures	$ 1,234	$ 1,188
Tubular And Pipe Products [Member]
Capital expenditures
Capital expenditures	$ 162	$ 503
Corporate Segment [Member]
Capital expenditures
Capital expenditures
Capital expenditures	$ 1,396	$ 1,691

Note 10 - Segment Reporting I44

Note 10 - Segment Reporting Information by Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Flat Products [Member]
Assets
Assets	$ 324,344	$ 329,885
Tubular And Pipe Products [Member]
Assets
Assets	192,870	183,129
Corporate Segment [Member]
Assets
Assets	431	456
Assets	$ 517,645	$ 513,470