Olympic Steel (ZEUS) 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document Information [Line Items]
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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 3,990	$ 1,604
Accounts receivable, net	113,400	92,877
Inventories, net (includes LIFO debit of $6,555 as of June 30, 2016 and December 31, 2015)	210,784	206,645
Prepaid expenses and other	7,237	7,820
Total current assets	335,411	308,946
Property and equipment, at cost	374,031	372,129
Accumulated depreciation	(212,955)	(205,591)
Net property and equipment	161,076	166,538
Intangible assets, net	24,313	24,757
Other long-term assets	17,335	13,229
Total assets	538,135	513,470
Liabilities
Current portion of long-term debt	1,825	2,690
Accounts payable	71,230	55,685
Accrued payroll	10,118	6,884
Other accrued liabilities	14,149	11,801
Total current liabilities	97,322	77,060
Credit facility revolver	142,484	145,800
Other long-term liabilities	15,250	11,419
Deferred income taxes	25,711	24,496
Total liabilities	280,767	258,775
Shareholders' Equity
Preferred stock
Common stock	128,387	128,129
Treasury stock	(699)	(699)
Accumulated other comprehensive loss		(70)
Retained earnings	129,680	127,335
Total shareholders' equity	257,368	254,695
Total liabilities and shareholders' equity	$ 538,135	$ 513,470

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net sales		$ 273,608	$ 315,251	$ 531,957	$ 661,116
Costs and expenses
Cost of materials sold (excludes items shown separately below)		205,688	255,838	405,508	535,777
Warehouse and processing		21,035	21,722	41,527	44,259
Administrative and general		16,011	16,014	32,051	33,343
Distribution		9,560	9,568	18,767	18,870
Selling		6,045	4,900	11,732	10,791
Occupancy		2,158	2,306	4,495	5,016
Depreciation		4,550	4,628	9,059	9,218
Amortization		222	222	444	444
Goodwill and intangible asset impairment	[1]		24,451		24,451
Total costs and expenses		265,269	339,649	523,583	682,169
Operating income (loss)		8,339	(24,398)	8,374	(21,053)
Other loss, net		(58)	(26)	(63)	(58)
Income (loss) before interest and income taxes		8,281	(24,424)	8,311	(21,111)
Interest and other expense on debt		1,274	1,471	2,559	3,033
Income (loss) before income taxes		7,007	(25,895)	5,752	(24,144)
Income tax provision (benefit)		3,457	(3,635)	2,969	(2,953)
Net income (loss)		3,550	(22,260)	2,783	(21,191)
Net gain (loss) on cash flow hedge		36	71	114	107
Tax effect on cash flow hedge		(14)	(27)	(44)	(41)
Total comprehensive income (loss)		$ 3,572	$ (22,216)	$ 2,853	$ (21,125)
Net income (loss) per share - basic (in dollars per share)		$ 0.32	$ (1.99)	$ 0.25	$ (1.89)
Weighted average shares outstanding - basic (in shares)		11,216	11,201	11,199	11,198
Net income (loss) per share - diluted (in dollars per share)		$ 0.32	$ (1.99)	$ 0.25	$ (1.89)
Weighted average shares outstanding - diluted (in shares)		11,216	11,201	11,199	11,198
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Cash flows from (used for) operating activities:
Net income (loss)		$ 2,783	$ (21,191)
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities -
Depreciation and amortization		9,961	10,052
Goodwill and intangible asset impairment	[1]		24,451
Gain on disposition of property and equipment		(160)
Stock-based compensation		224	1,309
Other long-term assets		(4,496)	(1,022)
Other long-term liabilities		5,116	(6,590)
		13,428	7,009
Changes in working capital:
Accounts receivable		(20,523)	(13,908)
Inventories		(4,139)	67,648
Prepaid expenses and other		640	10,105
Accounts payable		19,482	(25,008)
Change in outstanding checks		(3,937)	6,460
Accrued payroll and other accrued liabilities		5,582	(7,427)
		(2,895)	37,870
Net cash from operating activities		10,533	44,879
Cash flows from (used for) investing activities:
Capital expenditures		(3,597)	(4,233)
Proceeds from disposition of property and equipment		160	3
Net cash used for investing activities		(3,437)	(4,230)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings		128,183	209,247
Credit facility revolver repayments		(131,499)	(243,942)
Industrial revenue bond repayments		(865)	(840)
Credit facility fees and expenses		(125)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases		34	14
Dividends paid		(438)	(440)
Net cash used for financing activities		(4,710)	(35,961)
Net change		2,386	4,688
Beginning balance		1,604	2,238
Ending balance		3,990	6,926
Interest paid		2,133	2,704
Income taxes paid		$ 115	$ 413
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 $2.5 million and $3.1 million as of June 30, 2016 and December 31, 2015, respectively. The allowance for doubtful accounts is maintained at a level considered appropriate based on historical experience and specific customer collection issues that have been identified. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for doubtful accounts and unissued credits each quarter.

Note 3 - Inventories

Note 3 - Inventories	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories Inventories consisted of the following: Inventory as of (in thousands) June 30, 2016 December 31, 2015 Unprocessed $ 169,296 $ 163,942 Processed and finished 41,488 42,703 Totals $ 210,784 $ 206,645 The Company values certain of its tubular and pipe products inventory under the last-in, first-out (LIFO) method. At June 30, 2016 and December 31, 2015, approximately $41.5 million, or 19.7% 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. For the six months ended June 30, 2016, the Company did not record any LIFO income or expense as inventory values and quantities at December 31, 2016 are expected to be similar to December 31, 2015. For the six months ended June 30, 2015, the Company recorded $650 thousand of LIFO income as a result of then expected year-over-year decreases in carbon, nickel and base stainless steel pricing and expected lower inventory quantities at December 31, 2015. Of the $650 thousand LIFO income, $400 thousand was recorded in the second quarter of 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. If the FIFO method had been in use, inventories would have been $6.6 million lower than reported at June 30, 2016 and December 31, 2015.

Note 4 - Debt

Note 4 - Debt	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Debt : The Company’s debt is comprised of the following components: As of June 30, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 142,484 $ 145,800 Industrial revenue bond due April 1, 2018 1,825 2,690 Total debt 144,309 148,490 Less current amount (1,825 ) (2,690 ) Total long-term debt $ 142,484 $ 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 June 30, 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 June 30, 2016, the Company was in compliance with its covenants and had approximately $105 million of availability under the ABL Credit Facility. As of June 30, 2016, $2.5 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, which matured on June 1, 2016, fixed the rate at 1.21% plus a premium ranging from 1.25% to 1.75%. 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 June 30, 2016 was 0.7% for the IRB debt. CTI entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the above IRB. At June 30, 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	6 Months Ended
	Jun. 30, 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 five 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 “Accounts receivable, net”, and the embedded customer derivatives are included in “Other accrued liabilities” on the Consolidated Balance Sheets at June 30, 2016. At December 31, 2015, the cumulative change in fair value of the metals swaps that had not yet settled were included in “Other accrued liabilities”, and the embedded customer derivatives were included in “Accounts receivable, net” on the Consolidated Balance Sheets. 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 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, which matured on June 1, 2016, fixed the rate at 1.21% plus a premium ranging from 1.25% to 1.75%.. The fixed rate interest rate hedge was accounted for as a cash flow hedging instrument for accounting purposes. There was no net impact from the nickel swaps or embedded customer derivative agreements to the Company’s Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 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 and six months ended June 30, 2016 and 2015. Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Interest rate swap (CTI) $ (13 ) $ (18 ) $ (33 ) $ (35 ) Fixed interest rate swap (ABL) (37 ) (95 ) (98 ) (194 ) Metals swaps 138 (270 ) 62 (1,387 ) Embedded customer derivatives (138 ) 270 (62 ) 1,387 Total loss $ (50 ) $ (113 ) $ (131 ) $ (229 )

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments : During the three months ended June 30, 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 June 30, 2016 since December 31, 2015. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of June 30, 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 June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 85 $ - $ 85 Total assets at fair value $ - $ 85 $ - $ 85 Liabilities: Embedded customer derivative $ - $ 85 $ - $ 85 Interest rate swap (CTI) - 69 - 69 Total liabilities recorded at fair value $ - $ 154 $ - $ 154 Value of Items Not Recorded at Fair Value As of June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 142,484 - 142,484 Total liabilities not recorded at fair value $ 1,825 $ 142,484 $ - $ 144,309 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 was $1.8 million and $2.7 million at June 30, 2016 and December 31, 2015, respectively. 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	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Equity Plans : Pursuant to the Amended and Restated 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, 1,000 ,000 shares of common stock are available for equity grants. On May 1, 2016 and March 1, 2015, the Compensation Committee of the Company’s Board of Directors approved the grant of 3,094 and 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 $22.62 and $15.09 on May 1, 2016 and March 1, 2015, respectively. The Company’s Senior Management Compensation Program includes an equity component in order to encourage more ownership of common stock by the senior management. The Senior Management Compensation Program imposes stock ownership requirements upon the participants. Each participant is required to own at least 750 shares of common stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet the stock ownership requirements will be ineligible to receive any equity awards under the Company’s equity compensation plans, including the Plan, until the participant satisfies the ownership requirements. To assist participants in meeting the stock ownership requirements, on an annual basis, if a participant purchases 500 shares of common stock on the open market, the Company will award that participant 250 shares of common stock. During the six months ended June 30, 2016 and 2015, the Company matched 2,500 and 7,750 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. The above liability award plan will be terminated during 2016 and replaced with a new equity award plan discussed below. As part of the termination of the old plan and the transition to the new plan, participants were paid the RSU grants that were earned to date, or a pro-rata amount of the RSUs earned, depending on the individual participants’ length of time they participated in the plan. After the payment of the RSUs noted above, the remaining liability of approximately $880 thousand was reversed in the second quarter of 2016 in accordance with Accounting Standards Codification No. 718. On July 1, 2016, the Company created a new Senior Management Stock Incentive Program for certain participants. Under the new program, each participant is awarded RSUs with a dollar value equal to 10% of the participant’s base salary, up to a maximum of $17,500. The RSUs have a five-year vesting period and the RSUs 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 or income recognized on RSUs for the three and six months ended June 30, 2016 and 2015, respectively, is summarized in the following table: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 RSU expense (income) before taxes $ (570 ) $ 311 $ (332 ) $ 542 RSU expense (income) after taxes $ (289 ) $ 191 $ (160 ) $ 317 All pre-tax income and expense related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the six months ended June 30, 2016: Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2015 287,894 $ 22.39 Granted 110,429 12.91 Converted into shares - - Forfeited - - Outstanding at June 30, 2016 398,323 $ 19.76 $ 3,264 Vested at June 30, 2016 390,175 $ 19.68 $ 3,227 No RSUs were converted into shares during the six months ended June 30, 2016. During the six months ended June 30, 2015, 2,437 RSUs were converted into shares.

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes : For the three months ended June 30, 2016, the Company recorded an income tax provision of $3.5 million, or 49.3% of pre-tax income, compared to an income tax benefit of $3.6 million, or 14.0%, for the three months ended June 30, 2015. During the three months ended June 30, 2016, the Company recorded a valuation allowance of $0.7 million to reduce certain state deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance increased the Company’s effective tax rate by 9.4% for the three months ended June 30, 2016. During the three months ended June 30, 2015, the Company recorded a $16.5 million goodwill impairment charge pertaining to its tubular and pipe products segment. This non-deductible impairment charge reduced the Company’s effective tax rate by 24.5% for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company recorded an income tax provision of $3.0 million, or 51.6% of pre-tax income, compared to an income tax benefit of $3.0 million, or 12.2%, for the six months ended June 30, 2015. During the six months ended June 30, 2016, the Company recorded a valuation allowance of $0.7 million to reduce certain state deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance increased the Company’s effective tax rate by 11.4% for the six months ended June 30, 2016. During the six months ended June 30, 2015, the Company recorded a $16.5 million goodwill impairment charge pertaining to its tubular and pipe products segment. This non-deductible impairment charge reduced the Company’s effective tax rate by 26.2% for the six months ended June 30, 2015. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and our quarterly estimate of our annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

Note 9 - Shares Outstanding and

Note 9 - Shares Outstanding and Earnings Per Share	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 Weighted average basic shares outstanding 11,216 11,201 11,199 11,198 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,216 11,201 11,199 11,198 Net income (loss) $ 3,550 $ (22,260 ) $ 2,783 $ (21,191 ) Basic earnings (loss) per share $ 0.32 $ (1.99 ) $ 0.25 $ (1.89 ) Diluted earnings (loss) per share $ 0.32 $ (1.99 ) $ 0.25 $ (1.89 ) Anti-dilutive securities outstanding 129 - 129 -

Note 10 - Segment Information

Note 10 - Segment Information	6 Months Ended
	Jun. 30, 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. 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. 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 and six months ended June 30, 2016 and 2015. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Net sales Carbon flat products $ 173,122 $ 209,207 $ 334,556 $ 437,752 Specialty metals flat products 49,529 52,715 95,359 105,346 Tubular and pipe products 50,957 53,329 102,042 118,018 Total net sales $ 273,608 $ 315,251 $ 531,957 $ 661,116 Depreciation and amortization Carbon flat products $ 2,988 $ 3,147 $ 5,942 $ 6,308 Specialty metals flat products 190 190 383 350 Tubular and pipe products 1,568 1,488 3,127 2,953 Corporate 26 25 51 51 Total depreciation and amortization $ 4,772 $ 4,850 $ 9,503 $ 9,662 Operating income (loss) Carbon flat products $ 5,669 $ (298 ) $ 3,491 $ 173 Specialty metals flat products 2,567 (574 ) 4,323 16 Tubular and pipe products 2,133 2,504 4,376 6,758 Corporate expenses (2,030 ) (1,579 ) (3,816 ) (3,549 ) Goodwill and intangible asset impairment (a) - (24,451 ) - (24,451 ) Total operating income (loss) $ 8,339 $ (24,398 ) $ 8,374 $ (21,053 ) Other loss, net (58 ) (26 ) (63 ) (58 ) Income (loss) before interest and income taxes 8,281 (24,424 ) 8,311 (21,111 ) Interest and other expense on debt 1,274 1,471 2,559 3,033 Income (loss) before income taxes $ 7,007 $ (25,895 ) $ 5,752 $ (24,144 ) (a) The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Capital expenditures Flat products segments $ 1,551 $ 918 $ 2,785 $ 2,106 Tubular and pipe products 650 1,624 812 2,127 Corporate - - - - Total capital expenditures $ 2,201 $ 2,542 $ 3,597 $ 4,233 As of June 30, December 31, (in thousands) 2016 2015 Total assets Flat products segments $ 343,168 $ 329,885 Tubular and pipe products 194,562 183,129 Corporate 405 456 Total assets $ 538,135 $ 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 - Recently Issued Accou

Note 11 - Recently Issued Accounting Updates	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11. Recently Issued Accounting Updates : In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No 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 February 2016, the FASB, issued 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 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)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) June 30, 2016 December 31, 2015 Unprocessed $ 169,296 $ 163,942 Processed and finished 41,488 42,703 Totals $ 210,784 $ 206,645

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	As of June 30, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 142,484 $ 145,800 Industrial revenue bond due April 1, 2018 1,825 2,690 Total debt 144,309 148,490 Less current amount (1,825 ) (2,690 ) Total long-term debt $ 142,484 $ 145,800

Note 5 - Derivative Instrumen19

Note 5 - Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Interest rate swap (CTI) $ (13 ) $ (18 ) $ (33 ) $ (35 ) Fixed interest rate swap (ABL) (37 ) (95 ) (98 ) (194 ) Metals swaps 138 (270 ) 62 (1,387 ) Embedded customer derivatives (138 ) 270 (62 ) 1,387 Total loss $ (50 ) $ (113 ) $ (131 ) $ (229 )

Note 6 - Fair Value of Financ20

Note 6 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 85 $ - $ 85 Total assets at fair value $ - $ 85 $ - $ 85 Liabilities: Embedded customer derivative $ - $ 85 $ - $ 85 Interest rate swap (CTI) - 69 - 69 Total liabilities recorded at fair value $ - $ 154 $ - $ 154 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 June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 142,484 - 142,484 Total liabilities not recorded at fair value $ 1,825 $ 142,484 $ - $ 144,309 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)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 RSU expense (income) before taxes $ (570 ) $ 311 $ (332 ) $ 542 RSU expense (income) after taxes $ (289 ) $ 191 $ (160 ) $ 317
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 110,429 12.91 Converted into shares - - Forfeited - - Outstanding at June 30, 2016 398,323 $ 19.76 $ 3,264 Vested at June 30, 2016 390,175 $ 19.68 $ 3,227

Note 9 - Shares Outstanding a22

Note 9 - Shares Outstanding and Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 Weighted average basic shares outstanding 11,216 11,201 11,199 11,198 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,216 11,201 11,199 11,198 Net income (loss) $ 3,550 $ (22,260 ) $ 2,783 $ (21,191 ) Basic earnings (loss) per share $ 0.32 $ (1.99 ) $ 0.25 $ (1.89 ) Diluted earnings (loss) per share $ 0.32 $ (1.99 ) $ 0.25 $ (1.89 ) Anti-dilutive securities outstanding 129 - 129 -

Note 10 - Segment Information (

Note 10 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Net sales Carbon flat products $ 173,122 $ 209,207 $ 334,556 $ 437,752 Specialty metals flat products 49,529 52,715 95,359 105,346 Tubular and pipe products 50,957 53,329 102,042 118,018 Total net sales $ 273,608 $ 315,251 $ 531,957 $ 661,116 Depreciation and amortization Carbon flat products $ 2,988 $ 3,147 $ 5,942 $ 6,308 Specialty metals flat products 190 190 383 350 Tubular and pipe products 1,568 1,488 3,127 2,953 Corporate 26 25 51 51 Total depreciation and amortization $ 4,772 $ 4,850 $ 9,503 $ 9,662 Operating income (loss) Carbon flat products $ 5,669 $ (298 ) $ 3,491 $ 173 Specialty metals flat products 2,567 (574 ) 4,323 16 Tubular and pipe products 2,133 2,504 4,376 6,758 Corporate expenses (2,030 ) (1,579 ) (3,816 ) (3,549 ) Goodwill and intangible asset impairment (a) - (24,451 ) - (24,451 ) Total operating income (loss) $ 8,339 $ (24,398 ) $ 8,374 $ (21,053 ) Other loss, net (58 ) (26 ) (63 ) (58 ) Income (loss) before interest and income taxes 8,281 (24,424 ) 8,311 (21,111 ) Interest and other expense on debt 1,274 1,471 2,559 3,033 Income (loss) before income taxes $ 7,007 $ (25,895 ) $ 5,752 $ (24,144 )
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Capital expenditures Flat products segments $ 1,551 $ 918 $ 2,785 $ 2,106 Tubular and pipe products 650 1,624 812 2,127 Corporate - - - - Total capital expenditures $ 2,201 $ 2,542 $ 3,597 $ 4,233
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of June 30, December 31, (in thousands) 2016 2015 Total assets Flat products segments $ 343,168 $ 329,885 Tubular and pipe products 194,562 183,129 Corporate 405 456 Total assets $ 538,135 $ 513,470

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	6 Months Ended
	Jun. 30, 2016
Number of Reportable Segments	3

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 2.5	$ 3.1

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
LIFO Inventory Amount			$ 41,500	$ 42,700
Percentage of LIFO Inventory			19.70%	20.70%
Inventory, LIFO Reserve, Period Charge	$ 400	$ 650
Inventory Difference Using FIFO Basis			$ 6,600	$ 6,600

Note 3 - Steel Inventories (Det

Note 3 - Steel Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Unprocessed	$ 169,296	$ 163,942
Processed and finished	41,488	42,703
Totals	$ 210,784	$ 206,645

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 02, 2016	Jul. 31, 2011	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2012
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			$ 105,000
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			$ 2,500
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			0.70%
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement			3.46%
Prepaid Expense and Other Assets, Current			$ 7,237	$ 7,820
Derivative, Fixed Interest Rate					1.21%

Note 4 - Debt (Details)

Note 4 - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Revolver	$ 142,484	$ 145,800
Industrial Revenue Bond Member [Member]
IRB	1,825	2,690
Revolver	142,484	145,800
Total debt	144,309	148,490
Less current amount	(1,825)	(2,690)
Total long-term debt	$ 142,484	$ 145,800

Note 5 - Derivative Instrumen30

Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2012
Nickel Swaps [Member] | Minimum [Member]
Derivative, Remaining Maturity	30 days
Nickel Swaps [Member] | Maximum [Member]
Derivative, Remaining Maturity	150 days
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		$ 53.2
Cash Flow Hedging [Member]
Derivative, Fixed Interest Rate		1.21%
Derivative, Fixed Interest Rate		1.21%

Note 5 - Impact from Derivative

Note 5 - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	$ (13)	$ (18)	$ (33)	$ (35)
Interest Rate Swap [Member] | A B L Credit Facility [Member]
Derivatives	(37)	(95)	(98)	(194)
Metals Swap [Member]
Derivatives	138	(270)	62	(1,387)
Embedded Customer Derivatives [Member]
Derivatives	(138)	270	(62)	1,387
Derivatives	$ (50)	$ (113)	$ (131)	$ (229)

Note 6 - Fair Value of Financ32

Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 1.8	$ 2.7

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements, Recorded (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring [Member] | Metals Swap [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Metals swaps
Liabilities
Metals swaps
Fair Value, Measurements, Recurring [Member] | Metals Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Metals swaps	85	384
Liabilities
Metals swaps	85	384
Fair Value, Measurements, Recurring [Member] | Metals Swap [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Metals swaps
Liabilities
Metals swaps
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)	69	102
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)		114
Fair Value, Measurements, Recurring [Member] | Fixed Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Total assets at fair value
Liabilities
Total liabilities recorded at fair value
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Total assets at fair value	85	384
Liabilities
Total liabilities recorded at fair value	154	600
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Total assets at fair value
Liabilities
Total liabilities recorded at fair value
Metals Swap [Member]
Assets
Metals swaps	85	384
Liabilities
Metals swaps	85	384
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Liabilities
Interest rate swap (CTI)	69	102
Fixed Interest Rate Swap [Member] | A B L Credit Facility [Member]
Liabilities
Interest rate swap (CTI)		114
Fair Value, Inputs, Level 1 [Member]
Assets
Embedded customer derivative
Liabilities
Embedded customer derivative
Fair Value, Inputs, Level 2 [Member]
Assets
Embedded customer derivative	85	384
Liabilities
Embedded customer derivative	85	384
Fair Value, Inputs, Level 3 [Member]
Assets
Embedded customer derivative
Liabilities
Embedded customer derivative
Total assets at fair value	85	384
Embedded customer derivative	85	384
Embedded customer derivative	85	384
Total liabilities recorded at fair value	$ 154	$ 600

Note 6 - Fair Value Measureme34

Note 6 - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
IRB	$ 1,825	$ 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	1,825	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	1,825	2,690
Fair Value, Inputs, Level 2 [Member] | Revolver Member [Member]
Liabilities
Revolver	142,484	145,800
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	142,484	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	142,484	145,800
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	144,309	148,490
Revolver	$ 142,484	$ 145,800

Note 7 - Equity Plans (Details

Note 7 - Equity Plans (Details Textual) - USD ($)	Jul. 01, 2016	May 01, 2016	May 01, 2015	Jun. 30, 2016	Jun. 30, 2015
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,000,000
Share Price		$ 22.62	$ 15.09
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		3,094	4,639
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Match [Member] | Senior Management Compensation Program [Member]
Shares Matched				2,500	7,750
Restricted Stock Units (RSUs) [Member] | Senior Management Compensation Program [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] | Senior Management Compensation Program [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] | Senior Management Compensation Program [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] | Senior Management Compensation Program [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] | Senior Management Compensation Program [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] | Senior Management Compensation Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Remaining Liability Reversed				$ 880,000
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Participant's Base Salary	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee	$ 17,500
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				110,429
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested				$ 3,227,000
Senior Management Compensation Program [Member]
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				0	2,437

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expense Before Tax [Member]
RSU expense (income) before taxes	$ (570)	$ 311	$ (332)	$ 542
Expense After Tax [Member]
RSU expense (income) before taxes	$ (289)	$ 191	$ (160)	$ 317

Note 7 - Restricted Stock Unit

Note 7 - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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	110,429
Granted (in dollars per share) | $ / shares	$ 12.91
Outstanding, Number of Shares (in shares) | shares	398,323
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 19.76
Outstanding, Aggregate Intrinsic Value | $	$ 3,264
Vested at June 30, 2016 (in shares) | shares	390,175
Vested at June 30, 2016 (in dollars per share) | $ / shares	$ 19.68
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $	$ 3,227

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Tubular And Pipe Products [Member] | Goodwill [Member]
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent		24.50%		26.20%
Tubular And Pipe Products [Member]
Goodwill, Impairment Loss		$ 16,500		$ 16,500
Income Tax Expense (Benefit)	$ 3,457	$ (3,635)	$ 2,969	$ (2,953)
Effective Income Tax Rate Reconciliation, Percent	49.30%	14.00%	51.60%	12.20%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 700		$ 700
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	9.40%		11.40%

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted average basic shares outstanding (in shares)	11,216	11,201	11,199	11,198
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,216	11,201	11,199	11,198
Net income (loss)	$ 3,550	$ (22,260)	$ 2,783	$ (21,191)
Basic earnings (loss) per share (in dollars per share)	$ 0.32	$ (1.99)	$ 0.25	$ (1.89)
Diluted earnings (loss) per share (in dollars per share)	$ 0.32	$ (1.99)	$ 0.25	$ (1.89)
Anti-dilutive securities outstanding (in shares)	129		129

Note 10 - Segment Information40

Note 10 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Carbon Flat Products [Member]
Net sales
Net sales		$ 173,122	$ 209,207	$ 334,556	$ 437,752
Depreciation and amortization
Depreciation and Amortization		2,988	3,147	5,942	6,308
Operating income (loss)
Operating Income (loss)		5,669	(298)	3,491	173
Specialty Metal Flat Products [Member]
Net sales
Net sales		49,529	52,715	95,359	105,346
Depreciation and amortization
Depreciation and Amortization		190	190	383	350
Operating income (loss)
Operating Income (loss)		2,567	(574)	4,323	16
Tubular And Pipe Products [Member]
Net sales
Net sales		50,957	53,329	102,042	118,018
Depreciation and amortization
Depreciation and Amortization		1,568	1,488	3,127	2,953
Operating income (loss)
Operating Income (loss)		2,133	2,504	4,376	6,758
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization		26	25	51	51
Operating income (loss)
Operating Income (loss)		(2,030)	(1,579)	(3,816)	(3,549)
Net sales		273,608	315,251	531,957	661,116
Depreciation and Amortization		4,772	4,850	9,503	9,662
Operating Income (loss)		8,339	(24,398)	8,374	(21,053)
Goodwill and intangible asset impairment	[1]		(24,451)		(24,451)
Other loss, net		(58)	(26)	(63)	(58)
Income (loss) before interest and income taxes		8,281	(24,424)	8,311	(21,111)
Interest and other expense on debt		1,274	1,471	2,559	3,033
Income (loss) before income taxes		$ 7,007	$ (25,895)	$ 5,752	$ (24,144)
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 10 - Segment Reporting I42

Note 10 - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Specialty Metal Flat Products [Member]
Capital expenditures
Capital expenditures	$ 1,551	$ 918	$ 2,785	$ 2,106
Tubular And Pipe Products [Member]
Capital expenditures
Capital expenditures	650	1,624	812	2,127
Corporate Segment [Member]
Capital expenditures
Capital expenditures
Capital expenditures	$ 2,201	$ 2,542	$ 3,597	$ 4,233

Note 10 - Segment Reporting I43

Note 10 - Segment Reporting Information by Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Flat Products [Member]
Assets
Assets	$ 343,168	$ 329,885
Tubular And Pipe Products [Member]
Assets
Assets	194,562	183,129
Corporate Segment [Member]
Assets
Assets	405	456
Assets	$ 538,135	$ 513,470