Olympic Steel (ZEUS) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 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)		10,963,448
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 2,845	$ 1,604
Accounts receivable, net	110,989	92,877
Inventories, net (includes LIFO debit of $7,255 and $6,555 as of September 30, 2016 and December 31, 2015, respectively)	230,820	206,645
Prepaid expenses and other	6,225	7,820
Total current assets	350,879	308,946
Property and equipment, at cost	373,585	372,129
Accumulated depreciation	(214,943)	(205,591)
Net property and equipment	158,642	166,538
Intangible assets, net	24,091	24,757
Other long-term assets	16,355	13,229
Total assets	549,967	513,470
Liabilities
Current portion of long-term debt	1,825	2,690
Accounts payable	65,079	55,685
Accrued payroll	9,285	6,884
Other accrued liabilities	14,658	11,801
Total current liabilities	90,847	77,060
Credit facility revolver	163,516	145,800
Other long-term liabilities	14,668	11,419
Deferred income taxes	25,369	24,496
Total liabilities	294,400	258,775
Shareholders' Equity
Preferred stock
Common stock	128,563	128,129
Treasury stock	(699)	(699)
Accumulated other comprehensive loss		(70)
Retained earnings	127,703	127,335
Total shareholders' equity	255,567	254,695
Total liabilities and shareholders' equity	$ 549,967	$ 513,470

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
LIFO debit	$ 7,255	$ 6,555

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net sales		$ 268,255	$ 276,922	$ 800,212	$ 938,038
Costs and expenses
Cost of materials sold (excludes items shown separately below)		211,037	218,172	616,545	753,949
Warehouse and processing		20,034	21,261	61,561	65,520
Administrative and general		16,003	15,943	48,054	49,287
Distribution		8,995	8,950	27,762	27,819
Selling		5,629	5,315	17,361	16,106
Occupancy		2,135	2,196	6,630	7,212
Depreciation		4,172	4,409	13,231	13,627
Amortization		223	223	667	667
Goodwill and intangible asset impairment	[1]				24,451
Total costs and expenses		268,228	276,469	791,811	958,638
Operating income (loss)		27	453	8,401	(20,600)
Other income (loss), net		21	(84)	(42)	(141)
Income (loss) before interest and income taxes		48	369	8,359	(20,741)
Interest and other expense on debt		1,336	1,405	3,895	4,439
Income (loss) before income taxes		(1,288)	(1,036)	4,464	(25,180)
Income tax provision (benefit)		469	(438)	3,438	(3,391)
Net income (loss)		(1,757)	(598)	1,026	(21,789)
Gain/(loss) on cash flow hedge			(278)		(1,817)
Tax effect on cash flow hedge			107		699
Reclassification of loss included in net income, net of tax of $180 and $533 for the three and nine months ended September 30, 2015, respectively.			364		1,097
Total comprehensive income (loss)		$ (1,757)	$ (405)	$ 1,026	$ (21,810)
Earnings per share:
Net income (loss) per share - basic (in dollars per share)		$ (0.16)	$ (0.05)	$ 0.09	$ (1.95)
Weighted average shares outstanding - basic (in shares)		11,219	11,203	11,206	11,200
Net income (loss) per share - diluted (in dollars per share)		$ (0.16)	$ (0.05)	$ 0.09	$ (1.95)
Weighted average shares outstanding - diluted (in shares)		11,219	11,203	11,206	11,200
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income tax, reclassification		$ 180		$ 533

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Cash flows from (used for) operating activities:
Net income (loss)		$ 1,026	$ (21,789)
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities -
Depreciation and amortization		14,586	14,902
Goodwill and intangible asset impairment	[1]		24,451
Gain on disposition of property and equipment		(161)
Stock-based compensation		400	1,680
Other long-term assets		(3,713)	704
Other long-term liabilities		4,192	(9,526)
		16,330	10,422
Changes in working capital:
Accounts receivable		(18,112)	8,649
Inventories		(24,175)	82,077
Prepaid expenses and other		1,618	13,908
Accounts payable		10,913	(19,373)
Change in outstanding checks		(1,518)	(14,484)
Accrued payroll and other accrued liabilities		5,256	(11,862)
		(26,018)	58,915
Net cash from (used for) operating activities		(9,688)	69,337
Cash flows from (used for) investing activities:
Capital expenditures		(5,335)	(6,017)
Proceeds from disposition of property and equipment		161	3
Net cash used for investing activities		(5,174)	(6,014)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings		230,911	283,092
Credit facility revolver repayments		(213,195)	(342,002)
Industrial revenue bond repayments		(865)	(840)
Credit facility fees and expenses		(125)	(125)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases		34	14
Dividends paid		(657)	(660)
Net cash from (used for) financing activities		16,103	(60,521)
Net change		1,241	2,802
Beginning balance		1,604	2,238
Ending balance		2,845	5,040
Interest paid		3,257	3,898
Income taxes paid		$ 890	$ 693
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 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 $2.6 million and $3.1 million as of September 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories Inventories consisted of the following: Inventory as of (in thousands) September 30, 2016 December 31, 2015 Unprocessed $ 185,553 $ 163,942 Processed and finished 45,267 42,703 Totals $ 230,820 $ 206,645 The Company values certain of its tubular and pipe products inventory under the last-in, first-out (LIFO) method. At September 30, 2016 and December 31, 2015, approximately $42.7 million, or 18.5% 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. For the three and nine months ended September 30, 2016, the Company recorded $0.7 million of LIFO income as a result of expected year-over-year decreases in carbon steel pricing and expected higher levels of inventory. For the nine months ended September 30, 2015, the Company recorded $1.7 million of LIFO income as a result of then expected year-over-year decreases in carbon, nickel and base stainless steel pricing offset by expected lower inventory quantities at December 31, 2015. Of the $1.7 million LIFO income, $1.1 million was recorded in the third quarter of 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. If the FIFO method had been in use, inventories would have been $7.3 million and $6.6 million lower than reported at September 30, 2016 and December 31, 2015, respectively.

Note 4 - Debt

Note 4 - Debt	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 163,516 $ 145,800 Industrial revenue bond due April 1, 2018 1,825 2,690 Total debt 165,341 148,490 Less current amount (1,825 ) (2,690 ) Total long-term debt $ 163,516 $ 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 September 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 September 30, 2016, the Company was in compliance with its covenants and had approximately $86.1 million of availability under the ABL Credit Facility. As of September 30, 2016, $2.2 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. 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 September 30, 2016 was 1.1% 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 September 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	9 Months Ended
	Sep. 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 two 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 September 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. In 2014, the Company entered into carbon swaps to mitigate its risk of volatility in the price of metals. The swaps were indexed to the New York Mercantile Exchange price of U.S. Midwest Domestic Hot-Rolled Coil Steel with third-party brokers and the carbon swaps matured during 2015. The periodic change in fair value of the metals hedges were included in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet at December 31, 2015. The impact of the mark-to-market adjustment on settled hedges is recorded in “Cost of materials sold” in the accompanying Consolidated Statements of Comprehensive Income. The impact for the three and nine months ended September 30, 2015 was $544 thousand and $1.6 million of expense, respectively. 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 nine months ended September 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 nine months ended September 30, 2016 and 2015. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Interest rate swap (CTI) $ (19 ) $ (15 ) $ (52 ) $ (50 ) Fixed interest rate swap (ABL) - (90 ) (98 ) (284 ) Cash flow metals hedges - (544 ) - (1,629 ) Metals swaps 111 (571 ) 173 (1,958 ) Embedded customer derivatives (111 ) 571 (173 ) 1,958 Total loss $ (19 ) $ (649 ) $ (150 ) $ (1,963 )

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments : During the three months ended September 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 September 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 September 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 September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 87 $ - $ 87 Total assets at fair value $ - $ 87 $ - $ 87 Liabilities: Embedded customer derivative $ - $ 87 $ - $ 87 Interest rate swap (CTI) - 49 - 49 Total liabilities recorded at fair value $ - $ 136 $ - $ 136 Value of Items Not Recorded at Fair Value As of September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 163,516 - 163,516 Total liabilities not recorded at fair value $ 1,825 $ 163,516 $ - $ 165,341 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 $1.8 million and $2.7 million at September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015, the Company matched 2,500 and 8,750 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 was terminated for the carbon and specialty metals flat products segments on June 30, 2016 and will be terminated for the tubular and pipe products segment on December 31, 2016. The old plan has been 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 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. The carbon and specialty metals flat products segments adopted this new plan on July 1, 2016 and the tubular and pipe products segment will adopt the new plan on January 1, 2017. During the third quarter of 2016, the Company adopted a formal RSU award program for employees who are promoted to an executive level position. During the quarter, Andrew Greiff received 10,573 RSUs upon his promotion to Executive Vice President and Chief Operating Officer. Stock-based compensation expense or income recognized on RSUs for the three and nine months ended September 30, 2016 and 2015, respectively, is summarized in the following table: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2016 2015 2016 2015 RSU expense (income) before taxes $ 162 $ 326 $ (170 ) $ 867 RSU expense (income) after taxes $ 220 $ 188 $ (39 ) $ 530 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 nine months ended September 30, 2016: Aggregate Number of Weighted Average Intrinsic Value Shares Granted Price (in thousands) Outstanding at December 31, 2015 287,894 $ 22.39 Granted 137,935 15.19 Converted into shares (3,239 ) 19.12 Forfeited (1,104 ) 18.03 Outstanding at September 30, 2016 421,486 $ 19.92 $ 1,587 Vested at September 30, 2016 407,192 $ 19.86 $ 1,579 During the nine months ended September 30, 2016 and 2015, 3,239 and 2,437 RSUs, respectively, were converted into shares.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. Commitments and Contingencies : The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not have a material adverse effect upon its results of operations, financial condition or cash flows. During the three and nine months ended September 30, 2016, the Company accrued an amount of $1.7 million related to an arbitration decision for a 2015 foreign steel purchase which was paid in October 2016. The amount was included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. We have not incurred any charges of this nature in the comparable periods.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes : 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 income before taxes 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 income before taxes. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our income before taxes is lower. An income tax provision of $0.5 million on loss before taxes of $1.3 million was recorded for the three months ended September 30, 2016 resulting in an effective tax rate of negative 36.4%, compared to an income tax benefit of $0.4 million on loss before taxes of $1.0 million, or 42.3% for the three months ended September 30, 2015. The tax provision recorded for the three months ended September 30, 2016 is primarily a result of an increase in tax expense from state and local income taxes applied against forecasted income for 2016 and discrete tax expense recorded during the third quarter of 2016, applied against a net loss for the quarter. For the nine months ended September 30, 2016, the Company recorded an income tax provision of $3.4 million, or 77.0% of income before taxes, compared to an income tax benefit of $3.4 million, or 13.5%, for the nine months ended September 30, 2015. Through the nine months ended September 30, 2016, the Company recorded a valuation allowance of $0.8 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 18.3% for the nine months ended September 30, 2016. During the nine months ended September 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 25.3% for the nine months ended September 30, 2015. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.

Note 10 - Shares Outstanding an

Note 10 - Shares Outstanding and Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	10. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2016 2015 2016 2015 Weighted average basic shares outstanding 11,219 11,203 11,206 11,200 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,219 11,203 11,206 11,200 Net income (loss) $ (1,757 ) $ (598 ) $ 1,026 $ (21,789 ) Basic earnings (loss) per share $ (0.16 ) $ (0.05 ) $ 0.09 $ (1.95 ) Diluted earnings (loss) per share $ (0.16 ) $ (0.05 ) $ 0.09 $ (1.95 ) Anti-dilutive securities outstanding 167 124 167 124

Note 11 - Segment Information

Note 11 - Segment Information	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based primarily on internal management reporting. 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 nine months ended September 30, 2016 and 2015. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Net sales Carbon flat products $ 169,372 $ 176,656 $ 503,928 $ 614,408 Specialty metals flat products 49,539 46,470 144,898 151,816 Tubular and pipe products 49,344 53,796 151,386 171,814 Total net sales $ 268,255 $ 276,922 $ 800,212 $ 938,038 Depreciation and amortization Carbon flat products $ 2,795 $ 2,905 $ 8,737 $ 9,213 Specialty metals flat products 203 175 586 525 Tubular and pipe products 1,372 1,527 4,499 4,480 Corporate 25 25 76 76 Total depreciation and amortization $ 4,395 $ 4,632 $ 13,898 $ 14,294 Operating income (loss) Carbon flat products $ (3,613 ) $ (1,100 ) $ (122 ) $ (929 ) Specialty metals flat products 3,003 (358 ) 7,326 (340 ) Tubular and pipe products 2,773 3,685 7,149 10,443 Corporate (2,136 ) (1,774 ) (5,952 ) (5,323 ) Goodwill and intangible asset impairment (a) - - - (24,451 ) Total operating income (loss) $ 27 $ 453 $ 8,401 $ (20,600 ) Other income (loss), net 21 (84 ) (42 ) (141 ) Income (loss) before interest and income taxes 48 369 8,359 (20,741 ) Interest and other expense on debt 1,336 1,405 3,895 4,439 Income (loss) before income taxes $ (1,288 ) $ (1,036 ) $ 4,464 $ (25,180 ) (a) The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Capital expenditures Flat products $ 1,145 $ 1,148 $ 3,930 $ 3,254 Tubular and pipe products 593 636 1,405 2,763 Corporate - - - - Total capital expenditures $ 1,738 $ 1,784 $ 5,335 $ 6,017 As of September 30, December 31, (in thousands) 2016 2015 Total assets Flat products segments $ 357,184 $ 329,885 Tubular and pipe products 192,403 183,129 Corporate 380 456 Total assets $ 549,967 $ 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 12 - Recently Issued Accou

Note 12 - Recently Issued Accounting Updates	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12. Recently Issued Accounting Updates : In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No 2016-15, “Classification of certain cash receipts and cash payments”. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The guidance will be effective for annual reporting periods beginning after December 15, 2017, 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 March 2016, the FASB issued 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 May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU is a joint project initiated by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards that will: remove inconsistencies and weaknesses in revenue requirements; provide a more robust framework for addressing revenue issues; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; provide more useful information to users of financial statements through improved disclosure requirements; and simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. As originally proposed, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its consolidated financial statements, and interim periods within those fiscal years, with early adoption permitted. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers.” This ASU deferred the effective date of ASU No. 2014-09 by one year.

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) September 30, 2016 December 31, 2015 Unprocessed $ 185,553 $ 163,942 Processed and finished 45,267 42,703 Totals $ 230,820 $ 206,645

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	As of September 30, December 31, (in thousands) 2016 2015 Asset-based revolving credit facility due June 30, 2019 $ 163,516 $ 145,800 Industrial revenue bond due April 1, 2018 1,825 2,690 Total debt 165,341 148,490 Less current amount (1,825 ) (2,690 ) Total long-term debt $ 163,516 $ 145,800

Note 5 - Derivative Instrumen21

Note 5 - Derivative Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Interest rate swap (CTI) $ (19 ) $ (15 ) $ (52 ) $ (50 ) Fixed interest rate swap (ABL) - (90 ) (98 ) (284 ) Cash flow metals hedges - (544 ) - (1,629 ) Metals swaps 111 (571 ) 173 (1,958 ) Embedded customer derivatives (111 ) 571 (173 ) 1,958 Total loss $ (19 ) $ (649 ) $ (150 ) $ (1,963 )

Note 6 - Fair Value of Financ22

Note 6 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 87 $ - $ 87 Total assets at fair value $ - $ 87 $ - $ 87 Liabilities: Embedded customer derivative $ - $ 87 $ - $ 87 Interest rate swap (CTI) - 49 - 49 Total liabilities recorded at fair value $ - $ 136 $ - $ 136 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 September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 163,516 - 163,516 Total liabilities not recorded at fair value $ 1,825 $ 163,516 $ - $ 165,341 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)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (in thousands, except per share data) 2016 2015 2016 2015 RSU expense (income) before taxes $ 162 $ 326 $ (170 ) $ 867 RSU expense (income) after taxes $ 220 $ 188 $ (39 ) $ 530
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 137,935 15.19 Converted into shares (3,239 ) 19.12 Forfeited (1,104 ) 18.03 Outstanding at September 30, 2016 421,486 $ 19.92 $ 1,587 Vested at September 30, 2016 407,192 $ 19.86 $ 1,579

Note 10 - Shares Outstanding 24

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2016 2015 2016 2015 Weighted average basic shares outstanding 11,219 11,203 11,206 11,200 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,219 11,203 11,206 11,200 Net income (loss) $ (1,757 ) $ (598 ) $ 1,026 $ (21,789 ) Basic earnings (loss) per share $ (0.16 ) $ (0.05 ) $ 0.09 $ (1.95 ) Diluted earnings (loss) per share $ (0.16 ) $ (0.05 ) $ 0.09 $ (1.95 ) Anti-dilutive securities outstanding 167 124 167 124

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Net sales Carbon flat products $ 169,372 $ 176,656 $ 503,928 $ 614,408 Specialty metals flat products 49,539 46,470 144,898 151,816 Tubular and pipe products 49,344 53,796 151,386 171,814 Total net sales $ 268,255 $ 276,922 $ 800,212 $ 938,038 Depreciation and amortization Carbon flat products $ 2,795 $ 2,905 $ 8,737 $ 9,213 Specialty metals flat products 203 175 586 525 Tubular and pipe products 1,372 1,527 4,499 4,480 Corporate 25 25 76 76 Total depreciation and amortization $ 4,395 $ 4,632 $ 13,898 $ 14,294 Operating income (loss) Carbon flat products $ (3,613 ) $ (1,100 ) $ (122 ) $ (929 ) Specialty metals flat products 3,003 (358 ) 7,326 (340 ) Tubular and pipe products 2,773 3,685 7,149 10,443 Corporate (2,136 ) (1,774 ) (5,952 ) (5,323 ) Goodwill and intangible asset impairment (a) - - - (24,451 ) Total operating income (loss) $ 27 $ 453 $ 8,401 $ (20,600 ) Other income (loss), net 21 (84 ) (42 ) (141 ) Income (loss) before interest and income taxes 48 369 8,359 (20,741 ) Interest and other expense on debt 1,336 1,405 3,895 4,439 Income (loss) before income taxes $ (1,288 ) $ (1,036 ) $ 4,464 $ (25,180 )
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 Capital expenditures Flat products $ 1,145 $ 1,148 $ 3,930 $ 3,254 Tubular and pipe products 593 636 1,405 2,763 Corporate - - - - Total capital expenditures $ 1,738 $ 1,784 $ 5,335 $ 6,017
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of September 30, December 31, (in thousands) 2016 2015 Total assets Flat products segments $ 357,184 $ 329,885 Tubular and pipe products 192,403 183,129 Corporate 380 456 Total assets $ 549,967 $ 513,470

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2016
Number of Reportable Segments	3

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 2.6	$ 3.1

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Inventory, LIFO Reserve, Period Charge	$ 0.7	$ 1.1	$ 0.7	$ 1.7
LIFO Inventory Amount	$ 42.7		$ 42.7		$ 42.7
Percentage of LIFO Inventory	18.50%		18.50%		20.70%
Inventory Difference Using FIFO Basis	$ 7.3		$ 7.3		$ 6.6

Note 3 - Inventories - Steel In

Note 3 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Unprocessed	$ 185,553	$ 163,942
Processed and finished	45,267	42,703
Totals	$ 230,820	$ 206,645

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 02, 2016	Jul. 31, 2011	Sep. 30, 2016	Dec. 31, 2015
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]
Line of Credit Facility Covenant Terms EBITDA Ratio			1
Line of Credit Facility, Remaining Borrowing Capacity			$ 86,100
Debt Instrument, Periodic Payment, Principal	$ 865
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current			$ 2,200
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			1.10%
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement			3.46%
Prepaid Expense and Other Assets, Current			$ 6,225	$ 7,820

Note 4 - Debt - Debt (Details)

Note 4 - Debt - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Revolver	$ 163,516	$ 145,800
Industrial Revenue Bond Member [Member]
IRB	1,825	2,690
Revolver	163,516	145,800
Total debt	165,341	148,490
Less current amount	(1,825)	(2,690)
Total long-term debt	$ 163,516	$ 145,800

Note 5 - Derivative Instrumen32

Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2012
Nickel Swaps [Member] | Minimum [Member]
Derivative, Remaining Maturity		30 days
Nickel Swaps [Member] | Maximum [Member]
Derivative, Remaining Maturity		2 years
Cash Flow Metals Hedges [Member] | Cost of Materials Sold [Member]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 544		$ 1,600
Minimum [Member] | Cash Flow Hedging [Member]
Derivative Premium Rate				1.25%
Maximum [Member] | Cash Flow Hedging [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%

Note 5 - Derivative Instrumen33

Note 5 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	$ (19)	$ (15)	$ (52)	$ (50)
Interest Rate Swap [Member] | A B L Credit Facility [Member]
Derivatives		(90)	(98)	(284)
Cash Flow Metals Hedges [Member]
Derivatives		(544)		(1,629)
Metals Swap [Member]
Derivatives	111	(571)	173	(1,958)
Embedded Customer Derivatives [Member]
Derivatives	(111)	571	(173)	1,958
Derivatives	$ (19)	$ (649)	$ (150)	$ (1,963)

Note 6 - Fair Value of Financ34

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

Note 6 - Fair Value of Financ35

Note 6 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member] | Metals Swap [Member]
Assets:
Derivative asset
Liabilities:
Derivative liability
Fair Value, Inputs, Level 1 [Member] | Embedded Derivative Financial Instruments [Member]
Assets:
Derivative asset
Liabilities:
Derivative liability
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability
Fair Value, Inputs, Level 1 [Member] | Fixed Interest Rate Swap [Member]
Liabilities:
Derivative liability
Fair Value, Inputs, Level 1 [Member]
Assets:
Total assets at fair value
Liabilities:
Total liabilities recorded at fair value
Fair Value, Inputs, Level 2 [Member] | Metals Swap [Member]
Assets:
Derivative asset	87
Liabilities:
Derivative liability		384
Fair Value, Inputs, Level 2 [Member] | Embedded Derivative Financial Instruments [Member]
Assets:
Derivative asset		384
Liabilities:
Derivative liability	87
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability	49	102
Fair Value, Inputs, Level 2 [Member] | Fixed Interest Rate Swap [Member]
Liabilities:
Derivative liability		114
Fair Value, Inputs, Level 2 [Member]
Assets:
Total assets at fair value	87	384
Liabilities:
Total liabilities recorded at fair value	136	600
Fair Value, Inputs, Level 3 [Member] | Metals Swap [Member]
Assets:
Derivative asset
Liabilities:
Derivative liability
Fair Value, Inputs, Level 3 [Member] | Embedded Derivative Financial Instruments [Member]
Assets:
Derivative asset
Liabilities:
Derivative liability
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability
Fair Value, Inputs, Level 3 [Member] | Fixed Interest Rate Swap [Member]
Liabilities:
Derivative liability
Fair Value, Inputs, Level 3 [Member]
Assets:
Total assets at fair value
Liabilities:
Total liabilities recorded at fair value
Metals Swap [Member]
Assets:
Derivative asset	87
Liabilities:
Derivative liability		384
Embedded Derivative Financial Instruments [Member]
Assets:
Derivative asset		384
Liabilities:
Derivative liability	87
Interest Rate Swap [Member]
Liabilities:
Derivative liability	49	102
Fixed Interest Rate Swap [Member]
Liabilities:
Derivative liability		114
Total assets at fair value	87	384
Total liabilities recorded at fair value	$ 136	$ 600

Note 6 - Fair Value of Financ36

Note 6 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Sep. 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	163,516	145,800
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	163,516	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	163,516	145,800
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	165,341	148,490
Revolver	$ 163,516	$ 145,800

Note 7 - Equity Plans (Details

Note 7 - Equity Plans (Details Textual) - USD ($)	Jul. 01, 2016	May 01, 2016	Mar. 01, 2015	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		3,094	4,639
Match [Member] | Senior Management Compensation Program [Member]
Shares Matched						2,500	8,750
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]
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] | Executive Vice President and Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				10,573
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						137,935
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested						$ 1,579,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,000,000		1,000,000
Share Price		$ 22.62	$ 15.09
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						3,239	2,437

Note 7 - Equity Plans - Stock-b

Note 7 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Expense Before Tax [Member]
RSU expense (income) before taxes	$ 162	$ 326	$ (170)	$ 867
Expense After Tax [Member]
RSU expense (income) before taxes	$ 220	$ 188	$ (39)	$ 530

Note 7 - Equity Plans - Restric

Note 7 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016
Outstanding (in shares)	287,894
Outstanding (in dollars per share)	$ 22.39
Granted (in shares)	137,935
Granted (in dollars per share)	$ 15.19
Converted into shares (in shares)	(3,239)
Converted into shares (in dollars per share)	$ 19.12
Forfeited (in shares)	(1,104)
Forfeited (in dollars per share)	$ 18.03
Outstanding (in shares)	421,486
Outstanding (in dollars per share)	$ 19.92
Outstanding	$ 1,587
Vested (in shares)	407,192
Vested (in dollars per share)	$ 19.86
Vested	$ 1,579

Note 8 - Commitments and Cont40

Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Cost of Materials Sold [Member]
Litigation Settlement, Expense	$ 1.7	$ 1.7

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Tubular And Pipe Products [Member]
Goodwill, Impairment Loss				$ 16,500
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent				25.30%
Income Tax Expense (Benefit)	$ 469	$ (438)	$ 3,438	$ (3,391)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ (1,288)	$ (1,036)	$ 4,464	$ (25,180)
Effective Income Tax Rate Reconciliation, Percent	(36.40%)	42.30%	77.00%	13.50%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount			$ 800
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent			18.30%

Note 10 - Shares Outstanding 42

Note 10 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Weighted average basic shares outstanding (in shares)	11,219	11,203	11,206	11,200
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,219	11,203	11,206	11,200
Net income (loss)	$ (1,757)	$ (598)	$ 1,026	$ (21,789)
Basic earnings (loss) per share (in dollars per share)	$ (0.16)	$ (0.05)	$ 0.09	$ (1.95)
Diluted earnings (loss) per share (in dollars per share)	$ (0.16)	$ (0.05)	$ 0.09	$ (1.95)
Anti-dilutive securities outstanding (in shares)	167	124	167	124

Note 11 - Segment Information43

Note 11 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2016
Number of Reportable Segments	3

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Carbon Flat Products [Member]
Net sales
Net sales		$ 169,372	$ 176,656	$ 503,928	$ 614,408
Depreciation and amortization
Depreciation and Amortization		2,795	2,905	8,737	9,213
Operating income (loss)
Operating Income (loss)		(3,613)	(1,100)	(122)	(929)
Specialty Metal Flat Products [Member]
Net sales
Net sales		49,539	46,470	144,898	151,816
Depreciation and amortization
Depreciation and Amortization		203	175	586	525
Operating income (loss)
Operating Income (loss)		3,003	(358)	7,326	(340)
Tubular And Pipe Products [Member]
Net sales
Net sales		49,344	53,796	151,386	171,814
Depreciation and amortization
Depreciation and Amortization		1,372	1,527	4,499	4,480
Operating income (loss)
Operating Income (loss)		2,773	3,685	7,149	10,443
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization		25	25	76	76
Operating income (loss)
Operating Income (loss)		(2,136)	(1,774)	(5,952)	(5,323)
Net sales		268,255	276,922	800,212	938,038
Depreciation and Amortization		4,395	4,632	13,898	14,294
Operating Income (loss)		27	453	8,401	(20,600)
Goodwill and intangible asset impairment	[1]				(24,451)
Other income (loss), net		21	(84)	(42)	(141)
Income (loss) before interest and income taxes		48	369	8,359	(20,741)
Interest and other expense on debt		1,336	1,405	3,895	4,439
Income (loss) before income taxes		$ (1,288)	$ (1,036)	$ 4,464	$ (25,180)
[1]	The goodwill and intangible asset impairments relate to the Company's tubular and pipe products segment.

Note 11 - Segment Reporting Inf

Note 11 - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Specialty Metal Flat Products [Member]
Capital expenditures
Capital expenditures	$ 1,145	$ 1,148	$ 3,930	$ 3,254
Tubular And Pipe Products [Member]
Capital expenditures
Capital expenditures	593	636	1,405	2,763
Corporate Segment [Member]
Capital expenditures
Capital expenditures
Capital expenditures	$ 1,738	$ 1,784	$ 5,335	$ 6,017

Note 11 - Segment Reporting I46

Note 11 - Segment Reporting Information by Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Flat Products [Member]
Assets
Assets	$ 357,184	$ 329,885
Tubular And Pipe Products [Member]
Assets
Assets	192,403	183,129
Corporate Segment [Member]
Assets
Assets	380	456
Assets	$ 549,967	$ 513,470