Olympic Steel (ZEUS) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
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)		10,963,863
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 2,804	$ 2,315
Accounts receivable, net	140,281	101,902
Inventories, net (includes LIFO debit of $7,669 and $8,045 as of March 31, 2017 and December 31, 2016, respectively)	263,190	254,526
Prepaid expenses and other	4,088	6,197
Total current assets	410,363	364,940
Property and equipment, at cost	375,938	374,242
Accumulated depreciation	(222,511)	(218,476)
Net property and equipment	153,427	155,766
Intangible assets, net	23,646	23,869
Other long-term assets	11,633	11,493
Total assets	599,069	556,068
Liabilities
Current portion of long-term debt	1,825	1,825
Accounts payable	87,211	79,458
Accrued payroll	9,839	8,445
Other accrued liabilities	13,913	15,170
Total current liabilities	112,788	104,898
Credit facility revolver	192,971	164,599
Other long-term liabilities	10,044	10,062
Deferred income taxes	21,731	23,119
Total liabilities	337,534	302,678
Shareholders' Equity
Preferred stock
Common stock	129,285	128,619
Treasury stock	(609)	(609)
Retained earnings	132,859	125,380
Total shareholders' equity	261,535	253,390
Total liabilities and shareholders' equity	$ 599,069	$ 556,068

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
LIFO debit	$ 7,669	$ 8,045

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 334,893	$ 258,349
Costs and expenses
Cost of materials sold (excludes items shown seperately below)	258,454	199,820
Warehouse and processing	23,501	20,492
Administrative and general	18,165	16,040
Distribution	10,365	9,207
Selling	6,511	5,687
Occupancy	2,310	2,337
Depreciation	4,314	4,509
Amortization	222	222
Total costs and expenses	323,842	258,314
Operating income	11,051	35
Other loss, net	26	5
Income before interest and income taxes	11,025	30
Interest and other expense on debt	1,626	1,285
Income (loss) before income taxes	9,399	(1,255)
Income tax provision (benefit)	1,700	(488)
Net income (loss)	7,699	(767)
Net gain on cash flow hedges, net of tax of $30 at March 31, 2016.		48
Total comprehensive income (loss)	$ 7,699	$ (719)
Earnings per share:
Net income (loss) per share - basic (in dollars per share)	$ 0.68	$ (0.07)
Weighted average shares outstanding - basic (in shares)	11,369	11,182
Net income (loss) per share - diluted (in dollars per share)	$ 0.68	$ (0.07)
Weighted average shares outstanding - diluted (in shares)	11,369	11,182

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net gain on cash flow hedges, tax		$ 30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from (used for) operating activities:
Net income (loss)	$ 7,699	$ (767)
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	4,766	4,960
Loss (gain) on disposition of property and equipment	7	(160)
Stock-based compensation	656	797
Other long-term assets	(335)	(1,857)
Other long-term liabilities	(1,406)	367
	11,387	3,340
Changes in working capital:
Accounts receivable	(38,379)	(21,825)
Inventories	(8,664)	16,831
Prepaid expenses and other	2,075	(62)
Accounts payable	6,771	764
Change in outstanding checks	982	(411)
Accrued payroll and other accrued liabilities	136	4,208
	(37,079)	(495)
Net cash from (used for) operating activities	(25,692)	2,845
Cash flows from (used for) investing activities:
Capital expenditures	(2,066)	(1,396)
Proceeds from disposition of property and equipment	84	160
Net cash used for investing activities	(1,982)	(1,236)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	105,463	57,188
Credit facility revolver repayments	(77,091)	(57,775)
Proceeds from employee stock purchases	10	23
Dividends paid	(219)	(219)
Net cash from (used for) financing activities	28,163	(783)
Net change	489	826
Beginning balance	2,315	1,604
Ending balance	2,804	2,430
Interest paid	1,365	1,026
Income taxes paid	$ 26	$ 3

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 2017 10 December 31, 2016. The Company operates in three Iron subsidiary, or CTI, we distribute metal tubing, pipe, bar, valves and fittings and fabricate 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 In the first 2017, related to the supplemental executive retirement plan (SERP). The adjustment , which has accumulated since the inception of the plan in 2005, resulted in an increase to after-tax income of $1.9 first 2017 . The Company determined that this adjustment was not material to its current or prior period consolidated financial statements.

Note 2 - Accounts Receivable

Note 2 - Accounts Receivable	3 Months Ended
	Mar. 31, 2017
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 $2.4 March 31, 2017 December 31, 2016.

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. I nventories: Inventories consisted of the following: Inventory as of (in thousands) March 31, 2017 December 31, 2016 Unprocessed $ 212,055 $ 203,256 Processed and finished 51,135 51,270 Totals $ 263,190 $ 254,526 The Company values certain of its tubular and pipe products inventory at the last-in, first March 31, 2017 December 31, 2016, $45.5 17.3% $43.4 17.1% first first During the three March 31, 2017, $0.4 three March 31, 2016, not If the FIFO method had been in use, inventories would have been $7.7 March 31, 2017 $8.0 December 31, 2016.

Note 4 - Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Debt : The Company’s debt is comprised of the following components: As of March 31, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 192,971 $ 164,599 Industrial revenue bond due April 1, 2018 1,825 1,825 Total debt 194,796 166,424 Less current amount (1,825 ) (1,825 ) Total long-term debt $ 192,971 $ 164,599 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 $365 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 10.0% ($36.5 March 31, 2017), 1.00 1.00 twelve 0.00% 0.25% 1.25% 3.00%. As of March 31, 2017, $109 As of March 31, 2017, $1.8 five As part of the CTI acquisition in July 2011, $5.9 ($1.8 March 31, 2017). April 2018, April 1st. April 1, 2017, an optional principal payment of $0.9 March 31, 2017 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 December 31, 2016, 3.46%. April 2018,

Note 5 - Derivative Instruments

Note 5 - Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5. Derivative Instruments : Metals swaps and embedded customer derivatives During 2017 2016, third 2017. third third 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 March 31, 2017 December 31, 2016. 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 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, June 2013 $53.2 June 1, 2016, 1.21% 1.25% 1.75%. 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 March 31, 2017 2016. three March 31, 2017 2016. Net Loss Recognized For the Three Months Ended March 31, (in thousands) 2017 2016 Interest rate swap (CTI) $ (13 ) $ (20 ) Fixed interest rate swap (ABL) - (61 ) Metals swaps 14 (76 ) Embedded customer derivatives (14 ) 76 Total loss $ (13 ) $ (81 )

Note 6 - Fair Value of Financia

Note 6 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair Value of Financial Instruments : During the three March 31, 2017, 1, 2 3 March 31, 2017 December 31, 2016. March 31, 2017 December 31, 2016: Metals swaps and embedded customer derivatives 2 Interest rate swaps 2 The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 46 $ - $ 46 Total assets at fair value $ - $ 46 $ - $ 46 Liabilities: Metals swaps $ - $ 46 $ - $ 46 Interest rate swap (CTI) - 23 - 23 Total liabilities recorded at fair value $ - $ 69 $ - $ 69 Value of Items Not Recorded at Fair Value As of March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 192,971 - 192,971 Total liabilities not recorded at fair value $ 1,825 $ 192,971 $ - $ 194,796 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, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 113 $ - $ 113 Total assets at fair value $ - $ 113 $ - $ 113 Liabilities: Metals swaps $ - $ 113 $ - $ 113 Interest rate swap (CTI) - 36 - 36 Total liabilities recorded at fair value $ - $ 149 $ - $ 149 Value of Items Not Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 164,599 - 164,599 Total liabilities not recorded at fair value $ 1,825 $ 164,599 $ - $ 166,424 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 $ 1.8 March 31, 2017 December 31, 2016. The fair value of the revolver is determined using Level 2 2

Note 7 - Equity Plans

Note 7 - Equity Plans	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may 1,000,000 On March 13, 2017 May 1, 2016, 3,501 3,094 one $19.99 $22.62 March 31, 2017 May 1, 2016, On July 1, 2016, 10% maximum of $17,500. five July 1, 2016 January 1, 2017. Prior to July 1, 2016, 750 500 250 2016 2015, 2,500 9,000 five 10 15 20 25 $25 $50 $75 $100 $100 July 1, 2016 January 1, 2017. 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 $1.0 2016 718. During the third 2016, third 2016, 10,573 fifth Stock-based compensation expense recognized on RSUs for the three March 31, 2017 2016, For the Three Months Ended March 31, (in thousands, except per share data) 2017 2016 RSU expense before taxes of New Plan $ 120 $ - RSU expense before taxes of Old Plan $ - $ 239 RSU expense after taxes $ 73 $ 146 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the three March 31, 2017: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2016 421,486 $ 19.92 Granted 50,033 20.47 Converted into shares (2,798 ) 15.18 Forfeited - - Outstanding at March 31, 2017 468,721 $ 20.01 Vested at March 31, 2017 426,069 $ 19.73

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes : For the three March 31, 2017, $1.7 18.1%, $0.5 38.9%, three March 31, 2016. In the first 2017, record previously unrecognized deferred tax assets, and the associated tax benefit, related to the SERP. The adjustment , which has accumulated since the inception of the plan in 2005, resulted in an increase to after-tax income of $1.9 first 2017 . The Company determined that this adjustment was not material to its current or prior period consolidated financial statements. Our tax provision or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and our quarterly estimate of our annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

Note 9 - Shares Outstanding and

Note 9 - Shares Outstanding and Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended March 31, (in thousands, except per share data) 2017 2016 Weighted average basic shares outstanding 11,369 11,182 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,369 11,182 Net income (loss) $ 7,699 $ (767 ) Basic earnings (loss) per share $ 0.68 $ (0.07 ) Diluted earnings (loss) per share $ 0.68 $ (0.07 ) Anti-dilutive securities outstanding 43 147

Note 10 - Segment Information

Note 10 - Segment Information	3 Months Ended
	Mar. 31, 2017
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 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 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 March 31, 2017 2016. For the Three Months Ended March 31, (in thousands) 2017 2016 Net sales Carbon flat products $ 216,916 $ 161,434 Specialty metals flat products 57,955 45,830 Tubular and pipe products 60,022 51,085 Total net sales $ 334,893 $ 258,349 Depreciation and amortization Carbon flat products $ 2,889 $ 2,954 Specialty metals flat products 226 193 Tubular and pipe products 1,396 1,559 Corporate 25 25 Total depreciation and amortization $ 4,536 $ 4,731 Operating income (loss) Carbon flat products $ 7,375 $ (2,178 ) Specialty metals flat products 3,985 1,756 Tubular and pipe products 2,487 2,243 Corporate expenses (2,796 ) (1,786 ) Total operating income $ 11,051 $ 35 Other income (loss), net (26 ) (5 ) Income before interest and income taxes 11,025 30 Interest and other expense on debt 1,626 1,285 Income (loss) before income taxes $ 9,399 $ (1,255 ) For the Three Months Ended March 31, (in thousands) 2017 2016 Capital expenditures Flat products segments $ 1,405 $ 1,234 Tubular and pipe products 661 162 Total capital expenditures $ 2,066 $ 1,396 As of March 31, December 31, (in thouands) 2017 2016 Assets Flat products segments $ 403,492 $ 363,626 Tubular and pipe products 195,248 192,088 Corporate 329 354 Total assets $ 599,069 $ 556,068 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, Mexico and Dominican Republic. 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	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11. Recently Issued Accounting Updates : In August 2016, 2016 15, eight zero December 15, 2017, In March 2016, 2016 09, December 15, 2016 In February 2016, 2016 02, December 15, 2018 In May 2014, 2014 09, December 15, 2016, August 2015, 2015 14, 2014 09 one

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) March 31, 2017 December 31, 2016 Unprocessed $ 212,055 $ 203,256 Processed and finished 51,135 51,270 Totals $ 263,190 $ 254,526

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	As of March 31, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 192,971 $ 164,599 Industrial revenue bond due April 1, 2018 1,825 1,825 Total debt 194,796 166,424 Less current amount (1,825 ) (1,825 ) Total long-term debt $ 192,971 $ 164,599

Note 5 - Derivative Instrumen20

Note 5 - Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Loss Recognized For the Three Months Ended March 31, (in thousands) 2017 2016 Interest rate swap (CTI) $ (13 ) $ (20 ) Fixed interest rate swap (ABL) - (61 ) Metals swaps 14 (76 ) Embedded customer derivatives (14 ) 76 Total loss $ (13 ) $ (81 )

Note 6 - Fair Value of Financ21

Note 6 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Value of Items Recorded at Fair Value As of March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 46 $ - $ 46 Total assets at fair value $ - $ 46 $ - $ 46 Liabilities: Metals swaps $ - $ 46 $ - $ 46 Interest rate swap (CTI) - 23 - 23 Total liabilities recorded at fair value $ - $ 69 $ - $ 69 Value of Items Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 113 $ - $ 113 Total assets at fair value $ - $ 113 $ - $ 113 Liabilities: Metals swaps $ - $ 113 $ - $ 113 Interest rate swap (CTI) - 36 - 36 Total liabilities recorded at fair value $ - $ 149 $ - $ 149
Fair Value, by Balance Sheet Grouping [Table Text Block]	Value of Items Not Recorded at Fair Value As of March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 192,971 - 192,971 Total liabilities not recorded at fair value $ 1,825 $ 192,971 $ - $ 194,796 Value of Items Not Recorded at Fair Value As of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 1,825 $ - $ - $ 1,825 Revolver - 164,599 - 164,599 Total liabilities not recorded at fair value $ 1,825 $ 164,599 $ - $ 166,424

Note 7 - Equity Plans (Tables)

Note 7 - Equity Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	For the Three Months Ended March 31, (in thousands, except per share data) 2017 2016 RSU expense before taxes of New Plan $ 120 $ - RSU expense before taxes of Old Plan $ - $ 239 RSU expense after taxes $ 73 $ 146
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Number of Weighted Average Shares Granted Price Outstanding at December 31, 2016 421,486 $ 19.92 Granted 50,033 20.47 Converted into shares (2,798 ) 15.18 Forfeited - - Outstanding at March 31, 2017 468,721 $ 20.01 Vested at March 31, 2017 426,069 $ 19.73

Note 9 - Shares Outstanding a23

Note 9 - Shares Outstanding and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the Three Months Ended March 31, (in thousands, except per share data) 2017 2016 Weighted average basic shares outstanding 11,369 11,182 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,369 11,182 Net income (loss) $ 7,699 $ (767 ) Basic earnings (loss) per share $ 0.68 $ (0.07 ) Diluted earnings (loss) per share $ 0.68 $ (0.07 ) Anti-dilutive securities outstanding 43 147

Note 10 - Segment Information (

Note 10 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2017 2016 Net sales Carbon flat products $ 216,916 $ 161,434 Specialty metals flat products 57,955 45,830 Tubular and pipe products 60,022 51,085 Total net sales $ 334,893 $ 258,349 Depreciation and amortization Carbon flat products $ 2,889 $ 2,954 Specialty metals flat products 226 193 Tubular and pipe products 1,396 1,559 Corporate 25 25 Total depreciation and amortization $ 4,536 $ 4,731 Operating income (loss) Carbon flat products $ 7,375 $ (2,178 ) Specialty metals flat products 3,985 1,756 Tubular and pipe products 2,487 2,243 Corporate expenses (2,796 ) (1,786 ) Total operating income $ 11,051 $ 35 Other income (loss), net (26 ) (5 ) Income before interest and income taxes 11,025 30 Interest and other expense on debt 1,626 1,285 Income (loss) before income taxes $ 9,399 $ (1,255 )
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2017 2016 Capital expenditures Flat products segments $ 1,405 $ 1,234 Tubular and pipe products 661 162 Total capital expenditures $ 2,066 $ 1,396 As of March 31, December 31, (in thouands) 2017 2016 Assets Flat products segments $ 403,492 $ 363,626 Tubular and pipe products 195,248 192,088 Corporate 329 354 Total assets $ 599,069 $ 556,068

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Number of Reportable Segments	3
Net Income (Loss) Attributable to Parent	$ 7,699	$ (767)
Restatement Adjustment [Member]
Net Income (Loss) Attributable to Parent	$ 1,900

Note 2 - Accounts Receivable (D

Note 2 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 2.4	$ 2.4

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
LIFO Inventory Amount	$ 45,500		$ 43,400
Percentage of LIFO Inventory	17.30%		17.10%
Inventory, LIFO Reserve, Period Charge	$ (400)	$ 0
Inventory Difference Using FIFO Basis	$ 7,700		$ 8,000

Note 3 - Inventories - Steel In

Note 3 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Unprocessed	$ 212,055	$ 203,256
Processed and finished	51,135	51,270
Totals	$ 263,190	$ 254,526

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 01, 2017	Mar. 31, 2017	Jul. 31, 2011	Mar. 31, 2017	Dec. 31, 2016
Prepaid Expense and Other Assets, Current		$ 4,088		$ 4,088	$ 6,197
Industrial Revenue Bonds [Member]
Effectof Swap Interest Rate Agreement				3.46%
Industrial Revenue Bonds [Member] | Chicago Tube and Iron Company Acquisition [Member]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 1,800	$ 5,900
Debt Instrument, Interest Rate, Effective Percentage		1.10%		1.10%
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current		$ 1,800		$ 1,800
ABL Credit Facility [Member]
Line of Credit Facility Covenant Terms EBITDA Ratio		1		1
Line of Credit Facility, Remaining Borrowing Capacity		$ 109,000		$ 109,000
ABL Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument, Periodic Payment, Principal	$ 900
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		365,000		365,000
Line of Credit Facility, Current Borrowing Capacity		365,000		$ 365,000
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments				10.00%
Balance Required for Compliance with Revolver Commitments		$ 36,500		$ 36,500
Asset Based Revolving Credit Facility Due June 30, 2019 [Member] | ABL 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] | ABL 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] | ABL 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] | ABL 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] | ABL Credit Facility [Member] | Availability Dollar Amount [Member]
Line Of Credit Facility Covenant Terms Monetary				$ 30,000

Note 4 - Debt - Debt (Details)

Note 4 - Debt - Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Revolver	$ 192,971	$ 164,599
Total debt	194,796	166,424
Less current amount	(1,825)	(1,825)
Total long-term debt	192,971	164,599
Industrial Revenue Bond Member [Member]
IRB	1,825	1,825
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Revolver	$ 192,971	$ 164,599

Note 5 - Derivative Instrumen31

Note 5 - Derivative Instruments (Details Textual) $ in Millions	Jun. 30, 2012USD ($)
Cash Flow Hedging [Member]
Derivative, Fixed Interest Rate	1.21%
Cash Flow Hedging [Member] | Minimum [Member]
Derivative Premium Rate	1.25%
Cash Flow Hedging [Member] | Maximum [Member]
Derivative Premium Rate	1.75%
ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Member [Member]
Long-term Line of Credit	$ 53.2

Note 5 - Derivative Instrumen32

Note 5 - Derivative Instruments - Impact From Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives	$ (13)	$ (81)
Interest Rate Swap [Member] | ABL Credit Facility [Member]
Derivatives		(61)
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	(13)	(20)
Metals Swap [Member]
Derivatives	14	(76)
Embedded Customer Derivatives [Member]
Derivatives	$ (14)	$ 76

Note 6 - Fair Value of Financ33

Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 1.8	$ 1.8

Note 6 - Fair Value of Financ34

Note 6 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Embedded customer derivative	$ 46	$ 113
Total assets at fair value	46	113
Liabilities:
Total liabilities recorded at fair value	69	149
Metals Swap [Member]
Liabilities:
Derivative asset	46
Derivative liability		113
Interest Rate Swap [Member]
Liabilities:
Derivative liability	23	36
Fair Value, Inputs, Level 1 [Member]
Assets:
Embedded customer derivative
Total assets at fair value
Liabilities:
Total liabilities recorded at fair value
Fair Value, Inputs, Level 1 [Member] | Metals Swap [Member]
Liabilities:
Derivative asset
Derivative liability
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability
Fair Value, Inputs, Level 2 [Member]
Assets:
Embedded customer derivative	46	113
Total assets at fair value	46	113
Liabilities:
Total liabilities recorded at fair value	69	149
Fair Value, Inputs, Level 2 [Member] | Metals Swap [Member]
Liabilities:
Derivative asset	46
Derivative liability		113
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability	23	36
Fair Value, Inputs, Level 3 [Member]
Assets:
Embedded customer derivative
Total assets at fair value
Liabilities:
Total liabilities recorded at fair value
Fair Value, Inputs, Level 3 [Member] | Metals Swap [Member]
Liabilities:
Derivative asset
Derivative liability
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liability

Note 6 - Fair Value of Financ35

Note 6 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Liabilities
Revolver	$ 192,971	$ 164,599
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	194,796	166,424
Revolver [Member]
Liabilities
Revolver	192,971	164,599
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	1,825	1,825
Fair Value, Inputs, Level 1 [Member] | Revolver [Member]
Liabilities
Revolver
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	192,971	164,599
Fair Value, Inputs, Level 2 [Member] | Revolver [Member]
Liabilities
Revolver	192,971	164,599
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value
Fair Value, Inputs, Level 3 [Member] | Revolver [Member]
Liabilities
Revolver
Industrial Revenue Bonds [Member]
Liabilities
IRB	1,825	1,825
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
IRB	1,825	1,825
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities
IRB
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities
IRB

Note 7 - Equity Plans (Details

Note 7 - Equity Plans (Details Textual) - USD ($)	Mar. 13, 2017	Jul. 01, 2016	May 01, 2016	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Senior Management Compensation Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Number of Shares Per Employee						750
Share-based Compensation Arrangement by Share-based Payment Award, Matching Purchase Requirement						500
Share-based Compensation Arrangement by Share-based Payment Award, Award Match						250
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				50,033
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] | Senior Management Compensation Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Remaining Liability Reversed							$ 1,000,000
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] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,501		3,094
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
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
Match [Member] | Senior Management Compensation Program [Member]
Shares Matched						2,500		9,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,000,000
Share Price	$ 19.99		$ 22.62

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
	Mar. 31, 2017	Mar. 31, 2016
RSU expense after taxes	$ 73	$ 146
New Plan [Member]
RSU expense before taxes of New Plan	120
Old Plan [Member]
RSU expense before taxes of New Plan		$ 239

Note 7 - Equity Plans - Restric

Note 7 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Outstanding beginning balance (in shares) | shares	421,486
Outstanding beginning balance (in dollars per share) | $ / shares	$ 19.92
Granted (in shares) | shares	50,033
Granted (in dollars per share) | $ / shares	$ 20.47
Converted into shares (in shares) | shares	(2,798)
Converted into shares (in dollars per share) | $ / shares	$ 15.18
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Outstanding ending balance (in shares) | shares	468,721
Outstanding ending balance (in dollars per share) | $ / shares	$ 20.01
Vested (in shares) | shares	426,069
Vested (in dollars per share) | $ / shares	$ 19.73

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit)	$ 1,700	$ (488)
Effective Income Tax Rate Reconciliation, Percent	18.10%	38.90%
Restatement Adjustment [Member]
Income Tax Expense (Benefit)	$ (1,900)

Note 9 - Shares Outstanding a40

Note 9 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted average basic shares outstanding (in shares)	11,369	11,182
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,369	11,182
Net Income (Loss) Attributable to Parent	$ 7,699	$ (767)
Basic earnings (loss) per share (in dollars per share)	$ 0.68	$ (0.07)
Diluted earnings (loss) per share (in dollars per share)	$ 0.68	$ (0.07)
Anti-dilutive securities outstanding (in shares)	43	147

Note 10 - Segment Information41

Note 10 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2017
Number of Reportable Segments	3

Note 10 - Segment Information -

Note 10 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales
Net sales	$ 334,893	$ 258,349
Depreciation and amortization
Depreciation and Amortization	4,536	4,731
Operating income (loss)
Operating Income (loss)	11,051	35
Other income (loss), net	(26)	(5)
Income before interest and income taxes	11,025	30
Interest and other expense on debt	1,626	1,285
Income (loss) before income taxes	9,399	(1,255)
Carbon Flat Products [Member]
Net sales
Net sales	216,916	161,434
Depreciation and amortization
Depreciation and Amortization	2,889	2,954
Operating income (loss)
Operating Income (loss)	7,375	(2,178)
Specialty Metal Flat Products [Member]
Net sales
Net sales	57,955	45,830
Depreciation and amortization
Depreciation and Amortization	226	193
Operating income (loss)
Operating Income (loss)	3,985	1,756
Tubular And Pipe Products [Member]
Net sales
Net sales	60,022	51,085
Depreciation and amortization
Depreciation and Amortization	1,396	1,559
Operating income (loss)
Operating Income (loss)	2,487	2,243
Corporate Segment [Member]
Depreciation and amortization
Depreciation and Amortization	25	25
Operating income (loss)
Operating Income (loss)	$ (2,796)	$ (1,786)

Note 10 - Segment Information43

Note 10 - Segment Information - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Capital expenditures
Capital expenditures	$ 2,066	$ 1,396
Assets
Assets	599,069		$ 556,068
Specialty Metal Flat Products [Member]
Capital expenditures
Capital expenditures	1,405	1,234
Assets
Assets	403,492		363,626
Tubular And Pipe Products [Member]
Capital expenditures
Capital expenditures	661	$ 162
Assets
Assets	195,248		192,088
Corporate Segment [Member]
Assets
Assets	$ 329		$ 354