Olympic Steel (ZEUS) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 03, 2018
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)		10,998,480
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 3,412	$ 3,009
Accounts receivable, net	174,813	132,737
Inventories, net (includes LIFO debit of $4,837 and $5,337 as of March 31, 2018 and December 31, 2017, respectively)	319,024	275,307
Prepaid expenses and other	5,698	8,333
Assets held for sale	750	750
Total current assets	503,697	420,136
Property and equipment, at cost	384,218	376,710
Accumulated depreciation	(232,908)	(229,062)
Net property and equipment	151,310	147,648
Intangible assets, net	22,758	22,980
Other long-term assets	13,114	13,394
Total assets	690,879	604,158
Liabilities
Current portion of long-term debt		930
Accounts payable	112,518	84,034
Accrued payroll	9,782	11,999
Other accrued liabilities	14,567	14,184
Total current liabilities	136,867	111,147
Credit facility revolver	248,955	196,235
Other long-term liabilities	11,215	12,048
Deferred income taxes	12,827	12,145
Total liabilities	409,864	331,575
Shareholders' Equity
Preferred stock
Common stock	130,379	129,453
Treasury stock	(239)	(337)
Retained earnings	150,875	143,467
Total shareholders' equity	281,015	272,583
Total liabilities and shareholders' equity	$ 690,879	$ 604,158

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventories, LIFO debit	$ 4,837	$ 5,337

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 375,598	$ 334,893
Costs and expenses
Cost of materials sold (excludes items shown seperately below)	294,777	258,454
Warehouse and processing	23,436	23,501
Administrative and general	18,872	18,165
Distribution	12,139	10,365
Selling	7,228	6,511
Occupancy	2,555	2,310
Depreciation	4,024	4,314
Amortization	222	222
Total costs and expenses	363,253	323,842
Operating income	12,345	11,051
Other loss, net	46	26
Income before interest and income taxes	12,299	11,025
Interest and other expense on debt	1,986	1,626
Income before income taxes	10,313	9,399
Income tax provision	2,684	1,700
Net income and total comprehensive income	$ 7,629	$ 7,699
Earnings per share:
Net income per share - basic (in dollars per share)	$ 0.67	$ 0.68
Weighted average shares outstanding - basic (in shares)	11,418	11,369
Net income per share - diluted (in dollars per share)	$ 0.67	$ 0.68
Weighted average shares outstanding - diluted (in shares)	11,418	11,369
Dividends declared per share of common stock (in dollars per share)	$ 0.02	$ 0.02

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from (used for) operating activities:
Net income	$ 7,629	$ 7,699
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	4,357	4,766
Loss on disposition of property and equipment	7	7
Stock-based compensation	1,024	656
Other long-term assets	207	(335)
Other long-term liabilities	(151)	(1,406)
	13,073	11,387
Changes in working capital:
Accounts receivable	(42,076)	(38,379)
Inventories	(43,717)	(8,664)
Prepaid expenses and other	2,616	2,075
Accounts payable	34,029	6,771
Change in outstanding checks	(5,545)	982
Accrued payroll and other accrued liabilities	(1,835)	136
	(56,528)	(37,079)
Net cash used for operating activities	(43,455)	(25,692)
Cash flows from (used for) investing activities:
Capital expenditures	(7,743)	(2,066)
Proceeds from disposition of property and equipment	50	84
Net cash used for investing activities	(7,693)	(1,982)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	129,549	105,463
Credit facility revolver repayments	(76,829)	(77,091)
Industrial revenue bond repayments	(930)
Credit facility fees and expenses	(19)
Proceeds from exercise of stock options (including tax benefit)		10
Dividends paid	(220)	(219)
Net cash from financing activities	51,551	28,163
Net change	403	489
Beginning balance	3,009	2,315
Ending balance	3,412	2,804
Interest paid	1,841	1,365
Income taxes paid	$ 52	$ 26

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2018
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 2018 10 December 31, 2017. 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 Impact of Recently Issued Accounting Pronouncements In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, December 15, 2019, December 15, 2020. not not not In May 2017, No 2017 09, 718 1 2 718, 718. 2016 360, 718 December 15, 2017. not In August 2016, No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In August 2015, 2015 14, 606 2014 09 one December 15, 2017, December 15, 2016, 2014 09 January 2017; 2015 14 January 2018, two no 2015 14 January 1, 2018 not January 1, 2018 not not 606 not three March 31, 2018. 2.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Recognition: The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat rolled sheet, coil and plate products, aluminum, and stainless flat rolled products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold. Disaggregated Revenue by Products Sold For the Three Months Ended March 31, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 36.6% 0.0% 0.0% 36.6% Plate 12.5% 0.0% 0.0% 12.5% Cold Rolled 5.2% 0.0% 0.0% 5.2% Coated 8.2% 0.0% 0.0% 8.2% Specialty 0.0% 17.4% 0.0% 17.4% Tube 0.0% 0.0% 18.4% 18.4% Other 1.7% 0.0% 0.0% 1.7% Total 64.2% 17.4% 18.4% 100.0%

Note 3 - Accounts Receivable

Note 3 - Accounts Receivable	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Financing Receivables [Text Block]	3. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.1 $2.8 March 31, 2018 December 31, 2017,

Note 4 - Inventories

Note 4 - Inventories	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. I nventories: Inventories consisted of the following: Inventory as of (in thousands) March 31, 2018 December 31, 2017 Unprocessed $ 264,837 $ 225,187 Processed and finished 54,187 50,120 Totals $ 319,024 $ 275,307 The Company values certain of its tubular and pipe products inventory at the last-in, first March 31, 2018 December 31, 2017, $51.1 16.0% $48.1 17.5% first first During the three March 31, 2018, $0.5 three March 31, 2017, $0.4 If the FIFO method had been in use, inventories would have been $4.8 $5.3 March 31, 2018 December 31, 2017,

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	5. Debt : The Company’s debt is comprised of the following components: As of March 31, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 248,955 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 248,955 197,165 Less current amount - (930 ) Total long-term debt $ 248,955 $ 196,235 The Company’s asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable inventory and personal property. The ABL Credit Facility consists of (i) a revolving credit facility of $370 $20 first $30 may $200 $400 December 8, 2022. The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which requires (i) if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 10.0% $40.0 March 31, 2018) 10.0% $40.0 March 31, 2018) 1.00 1.00 twelve The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% 0.25% 1.25% 2.75%. As of March 31, 2018, $148 As of March 31, 2018, $1.8 five As part of the CTI acquisition in July 2011, $5.9 March 1, 2018, $0.9

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Instruments : Metals swaps and embedded customer derivatives During 2018 2017, third 2018. third third These derivatives have not third not March 31, 2018 December 31, 2017. 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 was terminated in March 2018 There was no three March 31, 2018 2017. three March 31, 2018 2017. Net Gain (Loss) Recognized For the Three Months Ended March 31, (in thousands) 2018 2017 Interest rate swap (CTI) $ (5 ) $ (13 ) Metals swaps 106 14 Embedded customer derivatives (106 ) (14 ) Total loss $ (5 ) $ (13 )

Note 7 - Fair Value of Financia

Note 7 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. Fair Value of Financial Instruments : During the three March 31, 2018, no 1, 2 3 no March 31, 2018 December 31, 2017. March 31, 2018 December 31, 2017: Metals swaps and embedded customer derivatives 2 Interest rate swap s 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, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 278 $ - $ 278 Total assets at fair value $ - $ 278 $ - $ 278 Liabilities: Embedded customer derivative $ - $ 278 $ - $ 278 Total liabilities recorded at fair value $ - $ 278 $ - $ 278 Value of Items Not Recorded at Fair Value As of March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 248,955 - 248,955 Total liabilities not recorded at fair value $ - $ 248,955 $ - $ 248,955 The value of the items not Value of Items Recorded at Fair Value As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 382 $ - $ 382 Total assets at fair value $ - $ 382 $ - $ 382 Liabilities: Embedded customer derivatives $ - $ 382 $ - $ 382 Interest rate swap (CTI) - 5 - 5 Total liabilities recorded at fair value $ - $ 387 $ - $ 387 Value of Items Not Recorded at Fair Value As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 196,235 - 196,235 Total liabilities not recorded at fair value $ 930 $ 196,235 $ - $ 197,165 The value of the items not The fair value of the IRB was determined using Level 1 $0.9 December 31, 2017. The fair value of the revolver is determined using Level 2 2

Note 8 - Equity Plans

Note 8 - Equity Plans	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Equity Plans : Restricted Stock Un its and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may 1,000,000 On March 13, 2018 March 13, 2017, 3,496 3,501 one not $22.88 $19.99 March 13, 2018 March 31, 2017, On July 1, 2016, 10% $17,500. five July 1, 2016 January 1, 2017. Stock-based compensation expense recognized on RSUs for the three March 31, 2018 2017, For the Three Months Ended March 31, (in thousands, except per share data) 2018 2017 RSU expense before taxes $ 138 $ 120 RSU expense after taxes $ 102 $ 73 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, 2018: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2017 469,068 $ 20.11 Granted 55,532 22.88 Converted into shares (9,178 ) 17.08 Forfeited - - Outstanding at March 31, 2018 515,422 $ 20.46 Vested at March 31, 2018 481,862 $ 20.52

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes : For the three March 31, 2018, $2.7 26.0%, $1.7 18.1%, three March 31, 2017. December 22, 2017, 35% 21% January 1, 2018. While the Company has substantially completed its analysis of the income tax effects of the Tax Act and recorded a reasonable estimate of such effects, certain items related to the Tax Act may may may one December 22, 2018, 118 In the first 2017, 162 six 2017 162 not 2005, $1.9 2017. not The tax provision or benefit for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s 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

Note 10 - Shares Outstanding an

Note 10 - Shares Outstanding and Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, (in thousands, except per share data) 2018 2017 Weighted average basic shares outstanding 11,418 11,369 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,418 11,369 Net income $ 7,629 $ 7,699 Basic earnings per share $ 0.67 $ 0.68 Diluted earnings per share $ 0.67 $ 0.68 Anti-dilutive securities outstanding 65 42

Note 11 - Segment Information

Note 11 - Segment Information	3 Months Ended
	Mar. 31, 2018
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. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The 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, 2018 2017. For the Three Months Ended March 31, (in thousands) 2018 2017 Net sales Carbon flat products $ 240,894 $ 216,916 Specialty metals flat products 65,529 57,955 Tubular and pipe products 69,175 60,022 Total net sales $ 375,598 $ 334,893 Depreciation and amortization Carbon flat products $ 2,560 $ 2,889 Specialty metals flat products 204 226 Tubular and pipe products 1,456 1,396 Corporate 26 25 Total depreciation and amortization $ 4,246 $ 4,536 Operating income (loss) Carbon flat products $ 8,106 $ 7,375 Specialty metals flat products 3,011 3,985 Tubular and pipe products 4,267 2,487 Corporate expenses (3,039 ) (2,796 ) Total operating income $ 12,345 $ 11,051 Other income (loss), net (46 ) (26 ) Income before interest and income taxes 12,299 11,025 Interest and other expense on debt 1,986 1,626 Income before income taxes $ 10,313 $ 9,399 For the Three Months Ended March 31, (in thousands) 2018 2017 Capital expenditures Flat products segments $ 4,944 $ 1,405 Tubular and pipe products 2,710 661 Corporate 89 - Total capital expenditures $ 7,743 $ 2,066 As of March 31, December 31, (in thouands) 2018 2017 Assets Flat products segments $ 490,622 $ 409,116 Tubular and pipe products 199,938 194,787 Corporate 319 255 Total assets $ 690,879 $ 604,158 There were no 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 12 - Subsequent Events

Note 12 - Subsequent Events	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Event : On April 2, 2018, 1967 one The acquisition will be accounted for as a business combination and the assets valued at fair market value. The acquisition is not second 2018 2018

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Pronouncements In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, December 15, 2019, December 15, 2020. not not not In May 2017, No 2017 09, 718 1 2 718, 718. 2016 360, 718 December 15, 2017. not In August 2016, No 2016 15, eight zero December 15, 2017, not In February 2016, No. 2016 02, December 15, 2018 In August 2015, 2015 14, 606 2014 09 one December 15, 2017, December 15, 2016, 2014 09 January 2017; 2015 14 January 2018, two no 2015 14 January 1, 2018 not January 1, 2018 not not 606 not three March 31, 2018. 2.

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Disaggregated Revenue by Products Sold For the Three Months Ended March 31, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 36.6% 0.0% 0.0% 36.6% Plate 12.5% 0.0% 0.0% 12.5% Cold Rolled 5.2% 0.0% 0.0% 5.2% Coated 8.2% 0.0% 0.0% 8.2% Specialty 0.0% 17.4% 0.0% 17.4% Tube 0.0% 0.0% 18.4% 18.4% Other 1.7% 0.0% 0.0% 1.7% Total 64.2% 17.4% 18.4% 100.0%

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) March 31, 2018 December 31, 2017 Unprocessed $ 264,837 $ 225,187 Processed and finished 54,187 50,120 Totals $ 319,024 $ 275,307

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Debt [Table Text Block]	As of March 31, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 248,955 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 248,955 197,165 Less current amount - (930 ) Total long-term debt $ 248,955 $ 196,235

Note 6 - Derivative Instrumen22

Note 6 - Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Gain (Loss) Recognized For the Three Months Ended March 31, (in thousands) 2018 2017 Interest rate swap (CTI) $ (5 ) $ (13 ) Metals swaps 106 14 Embedded customer derivatives (106 ) (14 ) Total loss $ (5 ) $ (13 )

Note 7 - Fair Value of Financ23

Note 7 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 278 $ - $ 278 Total assets at fair value $ - $ 278 $ - $ 278 Liabilities: Embedded customer derivative $ - $ 278 $ - $ 278 Total liabilities recorded at fair value $ - $ 278 $ - $ 278 Value of Items Recorded at Fair Value As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metals swaps $ - $ 382 $ - $ 382 Total assets at fair value $ - $ 382 $ - $ 382 Liabilities: Embedded customer derivatives $ - $ 382 $ - $ 382 Interest rate swap (CTI) - 5 - 5 Total liabilities recorded at fair value $ - $ 387 $ - $ 387
Fair Value, by Balance Sheet Grouping [Table Text Block]	Value of Items Not Recorded at Fair Value As of March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 248,955 - 248,955 Total liabilities not recorded at fair value $ - $ 248,955 $ - $ 248,955 Value of Items Not Recorded at Fair Value As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: IRB $ 930 $ - $ - $ 930 Revolver - 196,235 - 196,235 Total liabilities not recorded at fair value $ 930 $ 196,235 $ - $ 197,165

Note 8 - Equity Plans (Tables)

Note 8 - Equity Plans (Tables)	3 Months Ended
	Mar. 31, 2018
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) 2018 2017 RSU expense before taxes $ 138 $ 120 RSU expense after taxes $ 102 $ 73
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Number of Weighted Average Shares Granted Price Outstanding at December 31, 2017 469,068 $ 20.11 Granted 55,532 22.88 Converted into shares (9,178 ) 17.08 Forfeited - - Outstanding at March 31, 2018 515,422 $ 20.46 Vested at March 31, 2018 481,862 $ 20.52

Note 10 - Shares Outstanding 25

Note 10 - Shares Outstanding and Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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) 2018 2017 Weighted average basic shares outstanding 11,418 11,369 Assumed exercise of stock options and issuance of stock awards - - Weighted average diluted shares outstanding 11,418 11,369 Net income $ 7,629 $ 7,699 Basic earnings per share $ 0.67 $ 0.68 Diluted earnings per share $ 0.67 $ 0.68 Anti-dilutive securities outstanding 65 42

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2018 2017 Net sales Carbon flat products $ 240,894 $ 216,916 Specialty metals flat products 65,529 57,955 Tubular and pipe products 69,175 60,022 Total net sales $ 375,598 $ 334,893 Depreciation and amortization Carbon flat products $ 2,560 $ 2,889 Specialty metals flat products 204 226 Tubular and pipe products 1,456 1,396 Corporate 26 25 Total depreciation and amortization $ 4,246 $ 4,536 Operating income (loss) Carbon flat products $ 8,106 $ 7,375 Specialty metals flat products 3,011 3,985 Tubular and pipe products 4,267 2,487 Corporate expenses (3,039 ) (2,796 ) Total operating income $ 12,345 $ 11,051 Other income (loss), net (46 ) (26 ) Income before interest and income taxes 12,299 11,025 Interest and other expense on debt 1,986 1,626 Income before income taxes $ 10,313 $ 9,399
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	For the Three Months Ended March 31, (in thousands) 2018 2017 Capital expenditures Flat products segments $ 4,944 $ 1,405 Tubular and pipe products 2,710 661 Corporate 89 - Total capital expenditures $ 7,743 $ 2,066 As of March 31, December 31, (in thouands) 2018 2017 Assets Flat products segments $ 490,622 $ 409,116 Tubular and pipe products 199,938 194,787 Corporate 319 255 Total assets $ 690,879 $ 604,158

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2018
Number of Reportable Segments	3

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details)	3 Months Ended
	Mar. 31, 2018
Percentage of net sales	100.00%
Hot Rolled Products [Member]
Percentage of net sales	36.60%
Plate Products [Member]
Percentage of net sales	12.50%
Cold Rolled Products [Member]
Percentage of net sales	5.20%
Coated Products [Member]
Percentage of net sales	8.20%
Specialty [Member]
Percentage of net sales	17.40%
Tube Products [Member]
Percentage of net sales	18.40%
Product and Service, Other [Member]
Percentage of net sales	1.70%
Carbon Flat Products [Member]
Percentage of net sales	64.20%
Carbon Flat Products [Member] | Hot Rolled Products [Member]
Percentage of net sales	36.60%
Carbon Flat Products [Member] | Plate Products [Member]
Percentage of net sales	12.50%
Carbon Flat Products [Member] | Cold Rolled Products [Member]
Percentage of net sales	5.20%
Carbon Flat Products [Member] | Coated Products [Member]
Percentage of net sales	8.20%
Carbon Flat Products [Member] | Specialty [Member]
Percentage of net sales	0.00%
Carbon Flat Products [Member] | Tube Products [Member]
Percentage of net sales	0.00%
Carbon Flat Products [Member] | Product and Service, Other [Member]
Percentage of net sales	1.70%
Specialty Metals Flat Products [Member]
Percentage of net sales	17.40%
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member]
Percentage of net sales	0.00%
Specialty Metals Flat Products [Member] | Plate Products [Member]
Percentage of net sales	0.00%
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member]
Percentage of net sales	0.00%
Specialty Metals Flat Products [Member] | Coated Products [Member]
Percentage of net sales	0.00%
Specialty Metals Flat Products [Member] | Specialty [Member]
Percentage of net sales	17.40%
Specialty Metals Flat Products [Member] | Tube Products [Member]
Percentage of net sales	0.00%
Specialty Metals Flat Products [Member] | Product and Service, Other [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member]
Percentage of net sales	18.40%
Tubular and Pipe Products [Member] | Hot Rolled Products [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member] | Plate Products [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member] | Cold Rolled Products [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member] | Coated Products [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member] | Specialty [Member]
Percentage of net sales	0.00%
Tubular and Pipe Products [Member] | Tube Products [Member]
Percentage of net sales	18.40%
Tubular and Pipe Products [Member] | Product and Service, Other [Member]
Percentage of net sales	0.00%

Note 3 - Accounts Receivable (D

Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 3.1	$ 2.8

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
LIFO Inventory Amount	$ 51.1		$ 48.1
Percentage of LIFO Inventory	16.00%		17.50%
Inventory, LIFO Reserve, Period Charge	$ 0.5	$ 0.4
Inventory Difference Using FIFO Basis	$ 4.8		$ 5.3

Note 4 - Inventories - Steel In

Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Unprocessed	$ 264,837	$ 225,187
Processed and finished	54,187	50,120
Totals	$ 319,024	$ 275,307

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) $ in Thousands	Mar. 01, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2011USD ($)
Prepaid Expense and Other Assets, Current		$ 5,698	$ 8,333
Industrial Revenue Bonds [Member]
Repayments of Long-term Debt, Total	$ 900
Industrial Revenue Bonds [Member] | Chicago Tube and Iron Company Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				$ 5,900
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current		$ 1,800
ABL Credit Facility [Member]
Debt Instrument, Term		5 years
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 370,000
Letters of Credit, Maximum Borrowing Capacity		20,000
Maximum First In, Last Out Revolving Credit Facility		30,000
Line of Credit Facility, Additional Commitments, Maximum		200,000
Line of Credit Facility, Current Borrowing Capacity		400,000
Line Of Credit Facility Covenant Terms Monetary		$ 30,000
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments		10.00%
Balance Required for Compliance with Revolver Commitments		$ 40,000
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base		10.00%
Line of Credit Facility Covenant Terms Aggregate Borrowing Base		$ 40,000
Line of Credit Facility Covenant Terms EBITDA Ratio		1
Line of Credit Facility, Remaining Borrowing Capacity		$ 148,000
Asset Based Revolving Credit Facility Due December 8, 2022 [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 December 8, 2022 [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 December 8, 2022 [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 December 8, 2022 [Member] | ABL Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.75%

Note 5 - Debt - Summary of Debt

Note 5 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revolver	$ 248,955	$ 196,235
Total debt	248,955	197,165
Less current amount		(930)
Total long-term debt	248,955	196,235
Asset Based Revolving Credit Facility Due December 8, 2022 [Member]
Revolver	248,955	196,235
Industrial Revenue Bonds [Member]
IRB		$ 930

Note 6 - Derivative Instrumen34

Note 6 - Derivative Instruments - Impact From Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivatives	$ (5)	$ (13)
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives	(5)	(13)
Metal Swaps [Member]
Derivatives	106	14
Embedded Customer Derivatives [Member]
Derivatives	$ (106)	$ (14)

Note 7 - Fair Value of Financ35

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

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	Mar. 31, 2018	Dec. 31, 2017
Derivative assets	$ 278	$ 382
Liabilities:
Embedded customer derivatives	278	382
Total liabilities recorded at fair value	278	387
Assets:
Derivative assets	278	382
Metal Swaps [Member]
Derivative assets	278
Liabilities:
Derivative liabilities		382
Assets:
Derivative liabilities		382
Derivative assets	278
Interest Rate Swap [Member]
Liabilities:
Derivative liabilities		5
Assets:
Derivative liabilities		5
Fair Value, Inputs, Level 1 [Member]
Derivative assets
Liabilities:
Embedded customer derivatives
Total liabilities recorded at fair value
Assets:
Derivative assets
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member]
Derivative assets
Liabilities:
Derivative liabilities
Assets:
Derivative liabilities
Derivative assets
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities
Assets:
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Derivative assets	278	382
Liabilities:
Embedded customer derivatives	278	382
Total liabilities recorded at fair value	278	387
Assets:
Derivative assets	278	382
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member]
Derivative assets	278
Liabilities:
Derivative liabilities		382
Assets:
Derivative liabilities		382
Derivative assets	278
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities		5
Assets:
Derivative liabilities		5
Fair Value, Inputs, Level 3 [Member]
Derivative assets
Liabilities:
Embedded customer derivatives
Total liabilities recorded at fair value
Assets:
Derivative assets
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member]
Derivative assets
Liabilities:
Derivative liabilities
Assets:
Derivative liabilities
Derivative assets
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities
Assets:
Derivative liabilities

Note 7 - Fair Value of Financ37

Note 7 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Liabilities
Revolver	$ 248,955	$ 196,235
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	248,955	197,165
Industrial Revenue Bonds [Member]
Liabilities
IRB		930
Revolver [Member]
Liabilities
Revolver	248,955	196,235
Fair Value, Inputs, Level 1 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value		930
Fair Value, Inputs, Level 1 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB		930
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	248,955	196,235
Fair Value, Inputs, Level 2 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB
Fair Value, Inputs, Level 2 [Member] | Revolver [Member]
Liabilities
Revolver	248,955	196,235
Fair Value, Inputs, Level 3 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value
Fair Value, Inputs, Level 3 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB
Fair Value, Inputs, Level 3 [Member] | Revolver [Member]
Liabilities
Revolver

Note 8 - Equity Plans (Details

Note 8 - Equity Plans (Details Textual) - USD ($)	Mar. 13, 2018	Mar. 13, 2017	Jul. 01, 2016	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				55,532
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] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,496	3,501
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,000,000
Share Price	$ 22.88				$ 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
	Mar. 31, 2018	Mar. 31, 2017
RSU expense before taxes	$ 138	$ 120
RSU expense after taxes	$ 102	$ 73

Note 8 - Equity Plans - Restric

Note 8 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Outstanding, beginning balance (in shares) | shares	469,068
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 20.11
Granted (in shares) | shares	55,532
Granted (in dollars per share) | $ / shares	$ 22.88
Converted into shares (in shares) | shares	(9,178)
Converted into shares (in dollars per share) | $ / shares	$ 17.08
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Outstanding, ending balance (in shares) | shares	515,422
Outstanding, ending balance (in dollars per share) | $ / shares	$ 20.46
Vested (in shares) | shares	481,862
Vested (in dollars per share) | $ / shares	$ 20.52

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ 2,684	$ 1,700
Effective Income Tax Rate Reconciliation, Percent, Total	26.00%	18.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		35.00%
Restatement Adjustment [Member]
Income Tax Expense (Benefit), Total			$ (1,900)

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
	Mar. 31, 2018	Mar. 31, 2017
Weighted average basic shares outstanding (in shares)	11,418	11,369
Assumed exercise of stock options and issuance of stock awards (in shares)
Weighted average diluted shares outstanding (in shares)	11,418	11,369
Net income	$ 7,629	$ 7,699
Basic earnings per share (in dollars per share)	$ 0.67	$ 0.68
Diluted earnings per share (in dollars per share)	$ 0.67	$ 0.68
Anti-dilutive securities outstanding (in shares)	65	42

Note 11 - Segment Information43

Note 11 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2018
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
	Mar. 31, 2018	Mar. 31, 2017
Net sales:
Net sales	$ 375,598	$ 334,893
Depreciation and amortization:
Depreciation and amortization	4,246	4,536
Operating income (loss):
Operating income	12,345	11,051
Other income (loss), net	(46)	(26)
Income before interest and income taxes	12,299	11,025
Interest and other expense on debt	1,986	1,626
Income before income taxes	10,313	9,399
Carbon Flat Products [Member]
Net sales:
Net sales	240,894	216,916
Depreciation and amortization:
Depreciation and amortization	2,560	2,889
Operating income (loss):
Operating income	8,106	7,375
Specialty Metals Flat Products [Member]
Net sales:
Net sales	65,529	57,955
Depreciation and amortization:
Depreciation and amortization	204	226
Operating income (loss):
Operating income	3,011	3,985
Tubular and Pipe Products [Member]
Net sales:
Net sales	69,175	60,022
Depreciation and amortization:
Depreciation and amortization	1,456	1,396
Operating income (loss):
Operating income	4,267	2,487
Corporate Segment [Member]
Depreciation and amortization:
Depreciation and amortization	26	25
Operating income (loss):
Operating income	$ (3,039)	$ (2,796)

Note 11 - Segment Information45

Note 11 - Segment Information - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Capital expenditures:
Capital expenditures	$ 7,743	$ 2,066
Assets
Total assets	690,879	604,158	$ 604,158
Flat Products Segment [Member]
Capital expenditures:
Capital expenditures	4,944	1,405
Assets
Total assets	490,622	409,116
Tubular and Pipe Products [Member]
Capital expenditures:
Capital expenditures	2,710	661
Assets
Total assets	199,938	194,787
Corporate Segment [Member]
Capital expenditures:
Capital expenditures	89
Assets
Total assets	$ 319	$ 255