Olympic Steel (ZEUS) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 08, 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)		10,971,521
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 4,157	$ 2,315
Accounts receivable, net	150,692	101,902
Inventories, net (includes LIFO debit of $6,569 as of September 30, 2017 and $8,045 as of December 31, 2016)	280,223	254,526
Prepaid expenses and other	5,510	6,197
Assets held for sale	844
Total current assets	441,426	364,940
Property and equipment, at cost	374,653	374,242
Accumulated depreciation	(226,553)	(218,476)
Net property and equipment	148,100	155,766
Intangible assets, net	23,202	23,869
Other long-term assets	12,170	11,493
Total assets	624,898	556,068
Liabilities
Current portion of long-term debt	930	1,825
Accounts payable	80,189	79,458
Accrued payroll	12,339	8,445
Other accrued liabilities	10,911	15,170
Total current liabilities	104,369	104,898
Credit facility revolver	220,409	164,599
Other long-term liabilities	11,482	10,062
Deferred income taxes	20,176	23,119
Total liabilities	356,436	302,678
Shareholders' Equity
Preferred stock
Common stock	129,490	128,619
Treasury stock	(527)	(609)
Retained earnings	139,499	125,380
Total shareholders' equity	268,462	253,390
Total liabilities and shareholders' equity	$ 624,898	$ 556,068

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories, LIFO debit	$ 6,569	$ 8,045

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net sales	$ 331,442	$ 268,255	$ 1,022,530	$ 800,212
Costs and expenses
Cost of materials sold (excludes items shown separately below)	265,351	211,037	806,846	616,545
Warehouse and processing	20,531	20,034	65,870	61,561
Administrative and general	16,647	16,003	52,699	48,054
Distribution	10,574	8,995	31,507	27,762
Selling	6,797	5,629	19,804	17,361
Occupancy	2,150	2,135	6,651	6,630
Depreciation	3,883	4,172	12,516	13,231
Amortization	223	223	667	667
Total costs and expenses	326,156	268,228	996,560	791,811
Operating income	5,286	27	25,970	8,401
Other income (loss), net	(22)	21	(76)	(42)
Income before interest and income taxes	5,264	48	25,894	8,359
Interest and other expense on debt	1,966	1,336	5,380	3,895
Income (loss) before income taxes	3,298	(1,288)	20,514	4,464
Income tax provision	1,018	469	5,738	3,438
Net income (loss)	2,280	(1,757)	14,776	1,026
Net gain on cash flow hedge				114
Tax effect on cash flow hedge				(44)
Total comprehensive income	$ 2,280	$ (1,757)	$ 14,776	$ 1,096
Earnings per share:
Net income (loss) per share - basic (in dollars per share)	$ 0.20	$ (0.16)	$ 1.30	$ 0.09
Weighted average shares outstanding - basic (in shares)	11,386	11,219	11,384	11,206
Net income (loss) per share - diluted (in dollars per share)	$ 0.20	$ (0.16)	$ 1.30	$ 0.09
Weighted average shares outstanding - diluted (in shares)	11,386	11,219	11,384	11,206

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from (used for) operating activities:
Net income	$ 14,776	$ 1,026
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	13,872	14,586
Gain on disposition of property and equipment	(38)	(161)
Stock-based compensation	944	400
Other long-term assets	(1,264)	(3,713)
Other long-term liabilities	(1,523)	4,192
	26,767	16,330
Changes in working capital:
Accounts receivable	(48,790)	(18,112)
Inventories	(25,697)	(24,175)
Prepaid expenses and other	710	1,618
Accounts payable	178	10,913
Change in outstanding checks	553	(1,518)
Accrued payroll and other accrued liabilities	(363)	5,256
	(73,409)	(26,018)
Net cash used for operating activities	(46,642)	(9,688)
Cash flows from (used for) investing activities:
Capital expenditures	(6,470)	(5,335)
Proceeds from disposition of property and equipment	814	161
Net cash used for investing activities	(5,656)	(5,174)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	310,734	230,911
Credit facility revolver repayments	(254,925)	(213,195)
Industrial revenue bond repayments	(895)	(865)
Credit facility fees and expenses	(125)	(125)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases	9	34
Dividends paid	(658)	(657)
Net cash from financing activities	54,140	16,103
Net change	1,842	1,241
Beginning balance	2,315	1,604
Ending balance	4,157	2,845
Interest paid	4,691	3,257
Income taxes paid	$ 7,918	$ 890

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 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 201 7 10 December 31, 2016. The Company operates in three Certain of 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, in some locations, processed on shared equipment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the carbon flat products segment and the specialty metals flat products segment based upon an established allocation methodology. Through its carbon flat products segment, the Company sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. Through its specialty metals flat products segment, the Company sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. Through its tubular and pipe products segment, which consists of the Chicago Tube and Iron subsidiary (CTI), the Company distributes 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 ’ expenses, audit expenses, and various other professional fees. In the first 2017, d accumulated since the inception of the plan in 2005, $1.9 first 2017. not

Note 2 - Accounts Receivable

Note 2 - Accounts Receivable	9 Months Ended
	Sep. 30, 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 $3.2 $2.4 September 30, 2017 December 31, 2016,

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories : Inventories consisted of the following: Inventory as of (in thousands) September 30, 2017 December 31, 2016 Unprocessed $ 232,123 $ 203,256 Processed and finished 48,100 51,270 Totals $ 280,223 $ 254,526 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2017 December 31, 2016, $50.5 18.0% $43.4 17.1% first first During the three nine September 30, 2017, $ 0.7 $1.5 three nine September 30, 2016, $0.7 If the FIFO method had been in use, inventories would have been $ 6.6 September 30, 2017 $8.0 December 31, 2016.

Note 4 - Assets Held for Sale

Note 4 - Assets Held for Sale	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	4. Assets Held for Sale : During the second 2017, he Company began actively marketing for sale certain property at the flat product segment’s Siler City, North Carolina facility. As a result of that decision, the Company reclassified $0.8 twelve no September 30, 2017.

Note 5 - Debt

Note 5 - Debt	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	5. Debt : The Company ’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 220,409 $ 164,599 Industrial revenue bond due April 1, 2018 930 1,825 Total debt 221,339 166,424 Less current amount (930 ) (1,825 ) Total long-term debt $ 220,409 $ 164,599 The Company ’s 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 September 30, 2017), 1.00 1.00 twelve 0.00% 0.25% 1.25% 3.00%. As of September 30, 2017, $110 As of September 30, 2017, $1.4 five As part of the CTI acquisition in July 2011, $5.9 April 2018, in April. April 3, 2017, $0.9 April 2018. September 30, 2017 0.9% CTI entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the IRB. At September 30, 2017, 3.46%. April 2018, not

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Instruments : Metals swaps and embedded customer derivatives During 2017 2016, third ’ risk of volatility in the price of metals. The outstanding nickel swaps mature in 2017 2018. third third While these derivatives are intended to help the Company manage risk, they have not third not and the embedded customer derivatives are included in “Other accrued liabilities”, and “Accounts receivable, net” on the Consolidated Balance Sheets at September 30, 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, not not 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, ne 2013 $53.2 June 1, 2016, 1.21% 1.25% 1.75%. There was no ’s Consolidated Statements of Comprehensive Income for the three nine September 30, 2017 2016. three nine September 30, 2017 2016. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swap (CTI) $ (6 ) $ (19 ) $ (24 ) $ (52 ) Fixed interest rate swap (ABL) - - - (98 ) Metals swaps 156 111 79 173 Embedded customer derivatives (156 ) (111 ) (79 ) (173 ) Total loss $ (6 ) $ (19 ) $ (24 ) $ (150 )

Note 7 - Fair Value of Financia

Note 7 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. Fair Value of Financial Instruments : During the three September 30, 2017, no 1, 2 3 no September 30, 2017 December 31, 2016. September 30, 2017 December 31, 2016: Metals swaps and embedded customer derivatives – Determined by using Level 2 Interest rate swaps – Based on the present value of the expected future cash flows, considering the risks involved, and using discount rates appropriate for the maturity date. Market observable Level 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 September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 70 $ - $ 70 Total assets at fair value $ - $ 70 $ - $ 70 Liabilities: Embedded customer derivative $ - $ 40 $ - $ 40 Interest rate swap (CTI) - 12 - 12 Total liabilities recorded at fair value $ - $ 52 $ - $ 52 Value of Items Not Recorded at Fair Value As of September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 220,409 - 220,409 Total liabilities not recorded at fair value $ 930 $ 220,409 $ - $ 221,339 The value of the items not 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 The fair value of the IRB is determined using Level 1 0.9 $1.8 September 30, 2017 December 31, 2016, The fair value of the revolver is determined using Level 2 2

Note 8 - Equity Plans

Note 8 - Equity Plans	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 the Plan), the Company may 1,000,000 On March 13, 2017 May 1, 2016, ’s Board of Directors approved the grant of 3,501 3,094 one not $19.99 $22.62 March 31, 2017 May 1, 2016, On July 1, 2016, participant, subject to the terms and conditions of the plan and the attainment of minimum performance requirements, can be awarded RSUs with a dollar value equal to 10% $17,500. five July 1, 2016 January 1, 2017. Prior to July 1, 2016, ’s Senior Management Compensation Program included an equity component in order to encourage more ownership of common stock by the senior management (the Old Plan). The Old Plan imposed stock ownership requirements upon the participants. Each participant was required to own at least 750 500 250 2016, 2,500 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 No. 718. During the third 2016, third 2016, 10,573 fifth Stock-based compensation expense or income recognized on RSUs for the three nine September 30, 2017 2016, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 RSU expense before taxes of New Plan $ 141 $ - $ 408 $ - RSU expense (income) before taxes of Old Plan - $ 162 $ - $ (170 ) RSU expense (income) after taxes $ 97 $ 220 $ 294 $ (39 ) 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 nine September 30, 2017: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2016 421,486 $ 19.92 Granted 73,021 20.01 Converted into shares (7,658 ) 17.62 Forfeited - - Outstanding at September 30, 2017 486,849 $ 19.97 Vested at September 30, 2017 421,849 $ 19.71

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2017
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 For the three ended September 30, 2017, $1.0 30.9% $0.5 $1.3 three September 30, 2016 resulting in an effective tax rate of negative 36.4%. three September 30, 2017 $0.3 three September 30, 2016 2016 third 2016, For the nine September 30, 2017, $5.7 28.0% $3.4 77.0%, nine September 30, 2016. In the first 2017, 2005, $1.9 first 2017. not nine September 30, 2016, $0.8 not 18.3% nine September 30, 2016.

Note 10 - Shares Outstanding an

Note 10 - Shares Outstanding and Earnings Per Share	9 Months Ended
	Sep. 30, 2017
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) 2017 2016 2017 2016 Weighted average basic shares outstanding 11,386 11,219 11,384 11,206 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,386 11,219 11,384 11,206 Net income $ 2,280 $ (1,757 ) $ 14,776 $ 1,026 Basic earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Diluted earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Anti-dilutive securities outstanding 65 167 65 167

Note 11 - Segment Information

Note 11 - Segment Information	9 Months Ended
	Sep. 30, 2017
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. Our operating segments are based primarily on internal management reporting. The Company operates in three Certain of 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, in some locations, processed on 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 ’ 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 nine September 30, 2017 2016. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Net sales Carbon flat products $ 215,843 $ 169,372 $ 669,817 $ 503,928 Specialty metals flat products 57,554 49,539 173,789 144,898 Tubular and pipe products 58,045 49,344 178,924 151,386 Total net sales $ 331,442 $ 268,255 $ 1,022,530 $ 800,212 Depreciation and amortization Carbon flat products $ 2,493 $ 2,795 $ 8,287 $ 8,737 Specialty metals flat products 185 203 609 586 Tubular and pipe products 1,403 1,372 4,211 4,499 Corporate 25 25 76 76 Total depreciation and amortization $ 4,106 $ 4,395 $ 13,183 $ 13,898 Operating income (loss) Carbon flat products $ 3,698 $ (3,613 ) $ 18,312 $ (122 ) Specialty metals flat products 2,074 3,003 8,918 7,326 Tubular and pipe products 1,608 2,773 6,439 7,149 Corporate expenses (2,094 ) (2,136 ) (7,699 ) (5,952 ) Total operating income $ 5,286 $ 27 $ 25,970 $ 8,401 Other income (loss), net (22 ) 21 (76 ) (42 ) Income before interest and income taxes 5,264 48 25,894 8,359 Interest and other expense on debt 1,966 1,336 5,380 3,895 Income (loss) before income taxes $ 3,298 $ (1,288 ) $ 20,514 $ 4,464 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Capital expenditures Flat products segments $ 1,110 $ 1,145 $ 4,292 $ 3,930 Tubular and pipe products 891 593 2,178 1,405 Total capital expenditures $ 2,001 $ 1,738 $ 6,470 $ 5,335 As of September 30, December 31, (in thousands) 2017 2016 Total assets Flat products segments $ 427,786 $ 363,626 Tubular and pipe products 196,834 192,088 Corporate 278 354 Total assets $ 624,898 $ 556,068 There were no carbon flat products, specialty metals products, and tubular and pipe products segments. The Company sells certain products internationally, primarily in Canada, Mexico and Central and South America. 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, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12. Recently Issued Accounting Updates : In May 2017, No 2017 09, – Stock Compensation (Topic 718 1 2 718, 718. 2016 360, Compensation—Stock Compensation (Topic 718 December 15, 2017. 1 not 2 not not In August 2016, FASB issued Accounting Standards Update (ASU) No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, ,” 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 In May 2014, No. 2014 09, December 15, 2016, modified retrospective adoption of this ASU is not August 2015, No. 2015 14, No. 2014 09 December 15, 2017.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2017, No 2017 09, – Stock Compensation (Topic 718 1 2 718, 718. 2016 360— Compensation—Stock Compensation (Topic 718 December 15, 2017. 1 not 2 not not In August 2016, FASB issued Accounting Standards Update (ASU) No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In May 2014, No. 2014 09, December 15, 2016, not August 2015, No. 2015 14, No. 2014 09 one

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) September 30, 2017 December 31, 2016 Unprocessed $ 232,123 $ 203,256 Processed and finished 48,100 51,270 Totals $ 280,223 $ 254,526

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	As of September 30, December 31, (in thousands) 2017 2016 Asset-based revolving credit facility due June 30, 2019 $ 220,409 $ 164,599 Industrial revenue bond due April 1, 2018 930 1,825 Total debt 221,339 166,424 Less current amount (930 ) (1,825 ) Total long-term debt $ 220,409 $ 164,599

Note 6 - Derivative Instrumen21

Note 6 - Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
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) 2017 2016 2017 2016 Interest rate swap (CTI) $ (6 ) $ (19 ) $ (24 ) $ (52 ) Fixed interest rate swap (ABL) - - - (98 ) Metals swaps 156 111 79 173 Embedded customer derivatives (156 ) (111 ) (79 ) (173 ) Total loss $ (6 ) $ (19 ) $ (24 ) $ (150 )

Note 7 - Fair Value of Financ22

Note 7 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 70 $ - $ 70 Total assets at fair value $ - $ 70 $ - $ 70 Liabilities: Embedded customer derivative $ - $ 40 $ - $ 40 Interest rate swap (CTI) - 12 - 12 Total liabilities recorded at fair value $ - $ 52 $ - $ 52 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 September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 220,409 - 220,409 Total liabilities not recorded at fair value $ 930 $ 220,409 $ - $ 221,339 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 8 - Equity Plans (Tables)

Note 8 - Equity Plans (Tables)	9 Months Ended
	Sep. 30, 2017
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) 2017 2016 2017 2016 RSU expense before taxes of New Plan $ 141 $ - $ 408 $ - RSU expense (income) before taxes of Old Plan - $ 162 $ - $ (170 ) RSU expense (income) after taxes $ 97 $ 220 $ 294 $ (39 )
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 73,021 20.01 Converted into shares (7,658 ) 17.62 Forfeited - - Outstanding at September 30, 2017 486,849 $ 19.97 Vested at September 30, 2017 421,849 $ 19.71

Note 10 - Shares Outstanding 24

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
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) 2017 2016 2017 2016 Weighted average basic shares outstanding 11,386 11,219 11,384 11,206 Assumed exercise of stock options and issuance of stock awards - - - - Weighted average diluted shares outstanding 11,386 11,219 11,384 11,206 Net income $ 2,280 $ (1,757 ) $ 14,776 $ 1,026 Basic earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Diluted earnings per share $ 0.20 $ (0.16 ) $ 1.30 $ 0.09 Anti-dilutive securities outstanding 65 167 65 167

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
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) 2017 2016 2017 2016 Net sales Carbon flat products $ 215,843 $ 169,372 $ 669,817 $ 503,928 Specialty metals flat products 57,554 49,539 173,789 144,898 Tubular and pipe products 58,045 49,344 178,924 151,386 Total net sales $ 331,442 $ 268,255 $ 1,022,530 $ 800,212 Depreciation and amortization Carbon flat products $ 2,493 $ 2,795 $ 8,287 $ 8,737 Specialty metals flat products 185 203 609 586 Tubular and pipe products 1,403 1,372 4,211 4,499 Corporate 25 25 76 76 Total depreciation and amortization $ 4,106 $ 4,395 $ 13,183 $ 13,898 Operating income (loss) Carbon flat products $ 3,698 $ (3,613 ) $ 18,312 $ (122 ) Specialty metals flat products 2,074 3,003 8,918 7,326 Tubular and pipe products 1,608 2,773 6,439 7,149 Corporate expenses (2,094 ) (2,136 ) (7,699 ) (5,952 ) Total operating income $ 5,286 $ 27 $ 25,970 $ 8,401 Other income (loss), net (22 ) 21 (76 ) (42 ) Income before interest and income taxes 5,264 48 25,894 8,359 Interest and other expense on debt 1,966 1,336 5,380 3,895 Income (loss) before income taxes $ 3,298 $ (1,288 ) $ 20,514 $ 4,464
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) 2017 2016 2017 2016 Capital expenditures Flat products segments $ 1,110 $ 1,145 $ 4,292 $ 3,930 Tubular and pipe products 891 593 2,178 1,405 Total capital expenditures $ 2,001 $ 1,738 $ 6,470 $ 5,335 As of September 30, December 31, (in thousands) 2017 2016 Total assets Flat products segments $ 427,786 $ 363,626 Tubular and pipe products 196,834 192,088 Corporate 278 354 Total assets $ 624,898 $ 556,068

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Number of Reportable Segments				3
Net Income (Loss) Attributable to Parent	$ 2,280		$ (1,757)	$ 14,776	$ 1,026
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	Sep. 30, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 3.2	$ 2.4

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
LIFO Inventory Amount	$ 50.5		$ 50.5		$ 43.4
Percentage of LIFO Inventory	18.00%		18.00%		17.10%
Inventory, LIFO Reserve, Period Charge	$ 0.7	$ (0.7)	$ 1.5	$ (0.7)
Inventory Difference Using FIFO Basis	$ 6.6		$ 6.6		$ 8

Note 3 - Inventories - Steel In

Note 3 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Unprocessed	$ 232,123	$ 203,256
Processed and finished	48,100	51,270
Totals	$ 280,223	$ 254,526

Note 4 - Assets Held for Sale (

Note 4 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	$ 844	$ 800
Impairment of Long-Lived Assets to be Disposed of	$ 0

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	Apr. 03, 2017	Jul. 31, 2011	Sep. 30, 2017	Dec. 31, 2016
Prepaid Expense and Other Assets, Current			$ 5,510	$ 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		$ 5,900
Debt Instrument, Interest Rate, Effective Percentage			0.90%
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current			$ 1,400
ABL Credit Facility [Member]
Line of Credit Facility Covenant Terms EBITDA Ratio			1
Debt Instrument, Term			5 years
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
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
Line of Credit Facility, Remaining Borrowing Capacity			$ 110,000
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 5 - Debt - Summary of Debt

Note 5 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Asset-based revolving credit facility due June 30, 2019	$ 220,409	$ 164,599
Total debt	221,339	166,424
Less current amount	(930)	(1,825)
Total long-term debt	220,409	164,599
Industrial Revenue Bonds [Member]
Industrial revenue bond due April 1, 2018	930	1,825
Asset Based Revolving Credit Facility Due June 30, 2019 [Member]
Asset-based revolving credit facility due June 30, 2019	$ 220,409	$ 164,599

Note 6 - Derivative Instrumen33

Note 6 - 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 6 - Derivative Instrumen34

Note 6 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivatives	$ (6)	$ (19)	$ (24)	$ (150)
Interest Rate Swap [Member] | ABL Credit Facility [Member]
Derivatives				(98)
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	(6)	(19)	(24)	(52)
Metal Swaps [Member]
Derivatives	156	111	79	173
Embedded Customer Derivatives [Member]
Derivatives	$ (156)	$ (111)	$ (79)	$ (173)

Note 7 - Fair Value of Financ35

Note 7 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 0.9	$ 1.8

Note 7 - Fair Value of Financ36

Note 7 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative assets	$ 70	$ 113
Embedded customer derivative	40	113
Total liabilities recorded at fair value	52	149
Metal Swaps [Member]
Derivative assets	70
Derivative liabilities		113
Interest Rate Swap [Member]
Derivative liabilities	12	36
Fair Value, Inputs, Level 1 [Member]
Derivative assets
Embedded customer derivative
Total liabilities recorded at fair value
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member]
Derivative assets
Derivative liabilities
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Derivative assets	70	113
Embedded customer derivative	40	113
Total liabilities recorded at fair value	52	149
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member]
Derivative assets	70
Derivative liabilities		113
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Derivative liabilities	12	36
Fair Value, Inputs, Level 3 [Member]
Derivative assets
Embedded customer derivative
Total liabilities recorded at fair value
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member]
Derivative assets
Derivative liabilities
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Derivative liabilities

Note 7 - Fair Value of Financ37

Note 7 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Revolver	$ 220,409	$ 164,599
Carrying Value [Member]
Total liabilities not recorded at fair value	221,339	166,424
Revolver [Member]
Revolver	220,409	164,599
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Total liabilities not recorded at fair value	930	1,825
Fair Value, Inputs, Level 1 [Member] | Revolver [Member]
Revolver
Fair Value, Inputs, Level 2 [Member] | Carrying Value [Member]
Total liabilities not recorded at fair value	220,409	164,599
Fair Value, Inputs, Level 2 [Member] | Revolver [Member]
Revolver	220,409	164,599
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Total liabilities not recorded at fair value
Fair Value, Inputs, Level 3 [Member] | Revolver [Member]
Revolver
Industrial Revenue Bonds [Member]
IRB	930	1,825
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
IRB	930	1,825
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
IRB
Industrial Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
IRB

Note 8 - Equity Plans (Details

Note 8 - Equity Plans (Details Textual) - USD ($)	Mar. 13, 2017	Jul. 01, 2016	May 01, 2016	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Dec. 31, 2016	Mar. 31, 2017
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						73,021
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		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
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						1,000,000
Share Price			$ 22.62					$ 19.99

Note 8 - Equity Plans - Stock-b

Note 8 - 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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock-based compensation expense	$ 97	$ 220	$ 294	$ (39)
New Plan [Member]
Stock-based compensation expense	141		408
Old Plan [Member]
Stock-based compensation expense		$ 162		$ (170)

Note 8 - Equity Plans - Restric

Note 8 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Outstanding beginning balance (in shares) | shares	421,486
Outstanding beginning balance, weighted average granted price (in dollars per share) | $ / shares	$ 19.92
Granted (in shares) | shares	73,021
Granted, weighted average granted price (in dollars per share) | $ / shares	$ 20.01
Converted into shares (in shares) | shares	(7,658)
Converted into shares, weighted average granted price (in dollars per share) | $ / shares	$ 17.62
Forfeited (in shares) | shares
Forfeited, weighted average granted price (in dollars per share) | $ / shares
Outstanding ending balance (in shares) | shares	486,849
Outstanding ending balance, weighted average granted price (in dollars per share) | $ / shares	$ 19.97
Vested (in shares) | shares	421,849
Vested, weighted average granted price (in dollars per share) | $ / shares	$ 19.71

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 1,018,000		$ 469,000	$ 5,738,000	$ 3,438,000
Effective Income Tax Rate Reconciliation, Percent	30.90%		(36.40%)	28.00%	77.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 3,298,000		$ (1,288,000)	$ 20,514,000	$ 4,464,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount					$ 800,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent					18.30%
Restatement Adjustment [Member]
Income Tax Expense (Benefit)	$ 0.30	$ (1,900,000)

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Weighted average basic shares outstanding (in shares)	11,386	11,219	11,384	11,206
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,386	11,219	11,384	11,206
Net income	$ 2,280	$ (1,757)	$ 14,776	$ 1,026
Basic earnings per share (in dollars per share)	$ 0.20	$ (0.16)	$ 1.30	$ 0.09
Diluted earnings per share (in dollars per share)	$ 0.20	$ (0.16)	$ 1.30	$ 0.09
Anti-dilutive securities outstanding (in shares)	65	167	65	167

Note 11 - Segment Information43

Note 11 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2017
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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net sales	$ 331,442	$ 268,255	$ 1,022,530	$ 800,212
Depreciation and amortization	4,106	4,395	13,183	13,898
Operating income	5,286	27	25,970	8,401
Other income (loss), net	(22)	21	(76)	(42)
Income before interest and income taxes	5,264	48	25,894	8,359
Interest and other expense on debt	1,966	1,336	5,380	3,895
Income (loss) before income taxes	3,298	(1,288)	20,514	4,464
Carbon Flat Products [Member]
Net sales	215,843	169,372	669,817	503,928
Depreciation and amortization	2,493	2,795	8,287	8,737
Operating income	3,698	(3,613)	18,312	(122)
Specialty Metals Flat Products [Member]
Net sales	57,554	49,539	173,789	144,898
Depreciation and amortization	185	203	609	586
Operating income	2,074	3,003	8,918	7,326
Tubular and Pipe Products [Member]
Net sales	58,045	49,344	178,924	151,386
Depreciation and amortization	1,403	1,372	4,211	4,499
Operating income	1,608	2,773	6,439	7,149
Corporate Segment [Member]
Depreciation and amortization	25	25	76	76
Operating income	$ (2,094)	$ (2,136)	$ (7,699)	$ (5,952)

Note 11 - Segment Information45

Note 11 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Capital expenditures	$ 2,001	$ 1,738	$ 6,470	$ 5,335
Assets	624,898	556,068	624,898	556,068	$ 556,068
Specialty Metals Flat Products [Member]
Capital expenditures	1,110	1,145	4,292	3,930
Assets	427,786	363,626	427,786	363,626
Tubular and Pipe Products [Member]
Capital expenditures	891	593	2,178	1,405
Assets	196,834	192,088	196,834	192,088
Corporate Segment [Member]
Assets	$ 278	$ 354	$ 278	$ 354