Olympic Steel (ZEUS) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		11,008,399
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 4,267	$ 3,009
Accounts receivable, net	213,422	132,737
Inventories, net (includes LIFO debit of $662 as of September 30, 2018 and $5,337 as of December 31, 2017)	366,198	275,307
Prepaid expenses and other	5,219	8,333
Assets held for sale		750
Total current assets	589,106	420,136
Property and equipment, at cost	398,524	376,710
Accumulated depreciation	(239,862)	(229,062)
Net property and equipment	158,662	147,648
Intangible assets, net	27,519	22,980
Other long-term assets	13,980	13,394
Total assets	789,267	604,158
Liabilities
Current portion of long-term debt		930
Accounts payable	118,134	84,034
Accrued payroll	19,265	11,999
Other accrued liabilities	11,595	14,184
Total current liabilities	148,994	111,147
Credit facility revolver	304,484	196,235
Other long-term liabilities	12,724	12,048
Deferred income taxes	14,718	12,145
Total liabilities	480,920	331,575
Shareholders' Equity
Preferred stock
Common stock	130,597	129,453
Treasury stock	(132)	(337)
Retained earnings	177,882	143,467
Total shareholders' equity	308,347	272,583
Total liabilities and shareholders' equity	$ 789,267	$ 604,158

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory, LIFO debit	$ 662	$ 5,337

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 456,976	$ 331,442	$ 1,285,491	$ 1,022,530
Costs and expenses
Cost of materials sold (excludes items shown separately below)	365,362	265,351	1,016,200	806,846
Warehouse and processing	25,330	20,531	72,579	65,870
Administrative and general	21,197	16,647	61,592	52,699
Distribution	12,552	10,574	38,077	31,507
Selling	7,373	6,797	21,708	19,804
Occupancy	2,348	2,150	7,200	6,651
Depreciation	3,953	3,883	12,141	12,516
Amortization	247	223	716	667
Total costs and expenses	438,362	326,156	1,230,213	996,560
Operating income	18,614	5,286	55,278	25,970
Other income (loss), net	17	(22)	(122)	(76)
Income before interest and income taxes	18,631	5,264	55,156	25,894
Interest and other expense on debt	2,923	1,966	7,579	5,380
Income before income taxes	15,708	3,298	47,577	20,514
Income tax provision	4,109	1,018	12,501	5,738
Net income and total comprehensive income	$ 11,599	$ 2,280	$ 35,076	$ 14,776
Earnings per share:
Net income per share - basic (in dollars per share)	$ 1.01	$ 0.20	$ 3.07	$ 1.30
Weighted average shares outstanding - basic (in shares)	11,444	11,386	11,427	11,384
Net income per share - diluted (in dollars per share)	$ 1.01	$ 0.20	$ 3.07	$ 1.30
Weighted average shares outstanding - diluted (in shares)	11,446	11,386	11,427	11,384
Dividends declared per share of common stock (in dollars per share)	$ 0.02	$ 0.02	$ 0.06	$ 0.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from (used for) operating activities:
Net income	$ 35,076	$ 14,776
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	13,199	13,872
Loss (gain) on disposition of property and equipment	29	(38)
Stock-based compensation	1,348	944
Other long-term assets	(825)	(1,264)
Other long-term liabilities	3,180	(1,523)
	52,007	26,767
Changes in working capital:
Accounts receivable	(74,076)	(48,790)
Inventories	(76,122)	(25,697)
Prepaid expenses and other	4,176	710
Accounts payable	36,926	178
Change in outstanding checks	(10,039)	553
Accrued payroll and other accrued liabilities	3,995	(363)
	(115,140)	(73,409)
Net cash used for operating activities	(63,133)	(46,642)
Cash flows from (used for) investing activities:
Acquisition of net assets	(21,907)
Capital expenditures	(20,366)	(6,470)
Proceeds from disposition of property and equipment	80	814
Net cash used for investing activities	(42,193)	(5,656)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	428,782	310,734
Credit facility revolver repayments	(320,534)	(254,925)
Principal payment under capital lease obligation	(4)
Industrial revenue bond repayments	(930)	(895)
Credit facility fees and expenses	(70)	(125)
Proceeds from exercise of stock options (including tax benefits) and employee stock purchases		9
Dividends paid	(660)	(658)
Net cash from financing activities	106,584	54,140
Net change	1,258	1,842
Beginning balance	3,009	2,315
Ending balance	4,267	4,157
Interest paid	7,171	4,691
Income taxes paid	$ 8,216	$ 7,918

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 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 April 2, 2018, 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, 2018, No. 2018 15, 350 40 December 15, 2019, 2018 15 third 2018 not In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, 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 nine September 30, 2018. 3.

Note 2 - Acquisitions

Note 2 - Acquisitions	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Acquisitions : On April 2, 2018, $21.9 1967 one The acquisition is not not As of Details of Acquisition (in thousands) April 2, 2018 Assets acquired Accounts receivable, net 6,609 Inventories 14,769 Property and equipment 2,898 Prepaid expenses and other 345 Intangible assets 5,255 Total assets acquired 29,876 Total liabilities assumed (7,969 ) Cash paid $ 21,907 The purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not As of the effective date of the acquisition, Berlin Metals’ results are included in the Company’s specialty metals flat products segment in the Company’s 2018

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. 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, prime tin mill 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 September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 34.0% - - 34.0% Plate 13.4% - - 13.4% Cold Rolled 5.1% - - 5.1% Coated 7.1% - - 7.1% Specialty - 18.4% - 18.4% Pipe & Tube - - 17.9% 17.9% Other 2.3% 1.8% - 4.1% Total 61.9% 20.2% 17.9% 100.0% Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 35.1% - - 35.1% Plate 12.8% - - 12.8% Cold Rolled 5.3% - - 5.3% Coated 7.6% - - 7.6% Specialty - 18.5% - 18.5% Pipe & Tube - - 17.7% 17.7% Other 1.7% 1.3% - 3.0% Total 62.5% 19.8% 17.7% 100.0%

Note 4 - Accounts Receivable

Note 4 - Accounts Receivable	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Financing Receivables [Text Block]	4. Accounts Receivable : Accounts receivable are presented net of allowances for doubtful accounts and unissued credits of $3.5 $2.8 September 30, 2018 December 31, 2017,

Note 5 - Inventories

Note 5 - Inventories	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories : Inventories consisted of the following: Inventory as of (in thousands) September 30, 2018 December 31, 2017 Unprocessed $ 306,147 $ 225,187 Processed and finished 60,051 50,120 Totals $ 366,198 $ 275,307 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2018 December 31, 2017, $53.9 14.7% $48.1 17.5% first first During the three nine September 30, 2018, $2.7 $4.7 three nine September 30, 2017, $0.7 $1.5 If the FIFO method had been in use, inventories would have been $0.7 $5.3 September 30, 2018 December 31, 2017,

Note 6 - Goodwill and Intangibl

Note 6 - Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Goodwill and Intangible Assets : The Company’s intangible assets were recorded in connection with its April 2, 2018 2011 fifteen fifteen no Goodwill, by reportable segment, was as follows as of September 30, 2018 December 31, 2017, (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2017 $ - $ - $ - $ - Acquisitions - 2,358 - 2,358 Impairments - - - - Balance as of September 30, 2018 $ - $ 2,358 $ - $ 2,358 Intangible assets, net, consisted of the following as of September 30, 2018 December 31, 2017, As of September 30, 2018 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ 640 $ (6,465 ) $ 7,507 Covenant not to compete - subject to amortization - 157 (28 ) 129 Trade name - not subject to amortization 15,425 2,100 - 17,525 $ 28,757 $ 2,897 $ (6,493 ) $ 25,161 As of December 31, 2017 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ - $ (5,777 ) $ 7,555 Trade name - not subject to amortization 15,425 - - 15,425 $ 28,757 $ - $ (5,777 ) $ 22,980 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.0 five

Note 7 - Debt

Note 7 - Debt	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 304,484 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 304,484 197,165 Less current amount - (930 ) Total long-term debt $ 304,484 $ 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 its 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 September 30, 2018) 10.0% $40.0 September 30, 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% 1.50% 1.25% 2.75%. As of September 30, 2018, $93 As of September 30, 2018, $1.6 five

Note 8 - Derivative Instruments

Note 8 - Derivative Instruments	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	8. Derivative Instruments: Metals swaps and embedded customer derivatives During 2018 2017, third 2018. third third These derivatives have not third not September 30, 2018. not December 31, 2017. Interest rate swap CTI entered into an interest rate swap to reduce the impact of changes in interest rates on its Industrial Revenue Bond (IRB). The swap agreement was terminated in March 2018 There was no three nine September 30, 2018 2017. three nine September 30, 2018 2017. Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Interest rate swap (CTI) $ - $ (6 ) $ (5 ) $ (24 ) Metals swaps (221 ) 156 14 79 Embedded customer derivatives 221 (156 ) (14 ) (79 ) Total loss $ - $ (6 ) $ (5 ) $ (24 )

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9. Fair Value of Financial Instruments: During the three September 30, 2018, no 1, 2 3 no December 31, 2017. September 30, 2018 December 31, 2017: 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 September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 32 $ - $ 32 Total assets at fair value $ - $ 32 $ - $ 32 Liabilities: Embedded customer derivative $ - $ 32 $ - $ 32 Total liabilities recorded at fair value $ - $ 32 $ - $ 32 As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 304,484 - 304,484 Total liabilities not recorded at fair value $ - $ 304,484 $ - $ 304,484 The value of the items not 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 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 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 10 - Equity Plans

Note 10 - Equity Plans	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Equity Plans: Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may 1,000,000 On an annual basis the compensation committee of the Company’s Board of Directors awards restricted stock units (RSUs), to each non-employee director as part of their annual compensation. The annual awards for 2018 2017 $80,000 $70,000, one not On July 1, 2016, 10% $17,500. five July 1, 2016 January 1, 2017. Stock-based compensation expense recognized on RSUs for the three nine September 30, 2018 2017, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2018 2017 2018 2017 RSU expense before taxes $ 181 $ 141 $ 463 $ 408 RSU expense after taxes $ 133 $ 97 $ 341 $ 294 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, 2018: Number of Weighted Average Shares Granted Price Outstanding at December 31, 2017 469,068 $ 20.11 Granted 84,283 22.33 Converted into shares (19,097 ) 16.09 Forfeited (6,709 ) 16.98 Outstanding at September 30, 2018 527,545 $ 20.65 Vested at September 30, 2018 436,069 $ 20.42

Note 11 - Income Taxes

Note 11 - Income Taxes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes: On 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 For the three September 30, 2018, $4.1 26.2% $1.0 30.9% three September 30, 2017. nine September 30, 2018, $12.5 26.3% $5.7 28.0%, nine September 30, 2017. 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 12 - Shares Outstanding an

Note 12 - Shares Outstanding and Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	12. 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) 2018 2017 2018 2017 Weighted average basic shares outstanding 11,444 11,386 11,427 11,384 Assumed issuance related to stock awards 2 - - - Weighted average diluted shares outstanding 11,446 11,386 11,427 11,384 Net income $ 11,599 $ 2,280 $ 35,076 $ 14,776 Basic earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Diluted earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Anti-dilutive securities outstanding 91 65 91 65

Note 13 - Segment Information

Note 13 - Segment Information	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. 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 April 2, 2018, 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 nine September 30, 2018 2017. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Net sales Carbon flat products $ 282,810 $ 215,843 $ 802,995 $ 669,817 Specialty metals flat products 92,153 57,554 255,037 173,789 Tubular and pipe products 82,013 58,045 227,459 178,924 Total net sales $ 456,976 $ 331,442 $ 1,285,491 $ 1,022,530 Depreciation and amortization Carbon flat products $ 2,524 $ 2,493 $ 7,665 $ 8,287 Specialty metals flat products 341 185 880 609 Tubular and pipe products 1,311 1,403 4,237 4,211 Corporate 24 25 75 76 Total depreciation and amortization $ 4,200 $ 4,106 $ 12,857 $ 13,183 Operating income Carbon flat products $ 14,493 $ 3,698 $ 40,901 $ 18,312 Specialty metals flat products 4,954 2,074 13,493 8,918 Tubular and pipe products 3,102 1,608 11,917 6,439 Corporate expenses (3,935 ) (2,094 ) (11,033 ) (7,699 ) Total operating income $ 18,614 $ 5,286 $ 55,278 $ 25,970 Other income (loss), net 17 (22 ) (122 ) (76 ) Income before interest and income taxes 18,631 5,264 55,156 25,894 Interest and other expense on debt 2,923 1,966 7,579 5,380 Income before income taxes $ 15,708 $ 3,298 $ 47,577 $ 20,514 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Capital expenditures Flat products segments $ 4,980 $ 1,110 $ 15,289 $ 4,292 Tubular and pipe products 1,505 891 4,598 2,178 Corporate 106 - 479 - Total capital expenditures $ 6,591 $ 2,001 $ 20,366 $ 6,470 As of September 30, December 31, (in thousands) 2018 2017 Total assets Flat products segments $ 579,602 $ 409,116 Tubular and pipe products 209,007 194,787 Corporate 658 255 Total assets $ 789,267 $ 604,158 There were no The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Pronouncements In August, 2018, No. 2018 15, 350 40 December 15, 2019, 2018 15 third 2018 not In August 2017, No 2017 12, 2016 310 , 815 December 15, 2018, 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 six June 30, 2018. 3.

Note 2 - Acquisitions (Tables)

Note 2 - Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	As of Details of Acquisition (in thousands) April 2, 2018 Assets acquired Accounts receivable, net 6,609 Inventories 14,769 Property and equipment 2,898 Prepaid expenses and other 345 Intangible assets 5,255 Total assets acquired 29,876 Total liabilities assumed (7,969 ) Cash paid $ 21,907

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 34.0% - - 34.0% Plate 13.4% - - 13.4% Cold Rolled 5.1% - - 5.1% Coated 7.1% - - 7.1% Specialty - 18.4% - 18.4% Pipe & Tube - - 17.9% 17.9% Other 2.3% 1.8% - 4.1% Total 61.9% 20.2% 17.9% 100.0% Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2018 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 35.1% - - 35.1% Plate 12.8% - - 12.8% Cold Rolled 5.3% - - 5.3% Coated 7.6% - - 7.6% Specialty - 18.5% - 18.5% Pipe & Tube - - 17.7% 17.7% Other 1.7% 1.3% - 3.0% Total 62.5% 19.8% 17.7% 100.0%

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventory as of (in thousands) September 30, 2018 December 31, 2017 Unprocessed $ 306,147 $ 225,187 Processed and finished 60,051 50,120 Totals $ 366,198 $ 275,307

Note 6 - Goodwill and Intangi_2

Note 6 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	(in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2017 $ - $ - $ - $ - Acquisitions - 2,358 - 2,358 Impairments - - - - Balance as of September 30, 2018 $ - $ 2,358 $ - $ 2,358
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	As of September 30, 2018 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ 640 $ (6,465 ) $ 7,507 Covenant not to compete - subject to amortization - 157 (28 ) 129 Trade name - not subject to amortization 15,425 2,100 - 17,525 $ 28,757 $ 2,897 $ (6,493 ) $ 25,161 As of December 31, 2017 (in thousands) Gross Carrying Amount Acquisitions Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 13,332 $ - $ (5,777 ) $ 7,555 Trade name - not subject to amortization 15,425 - - 15,425 $ 28,757 $ - $ (5,777 ) $ 22,980

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	As of September 30, December 31, (in thousands) 2018 2017 Asset-based revolving credit facility due December 8, 2022 $ 304,484 $ 196,235 Industrial revenue bond due April 1, 2018 - 930 Total debt 304,484 197,165 Less current amount - (930 ) Total long-term debt $ 304,484 $ 196,235

Note 8 - Derivative Instrumen_2

Note 8 - Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Interest rate swap (CTI) $ - $ (6 ) $ (5 ) $ (24 ) Metals swaps (221 ) 156 14 79 Embedded customer derivatives 221 (156 ) (14 ) (79 ) Total loss $ - $ (6 ) $ (5 ) $ (24 )

Note 9 - Fair Value of Financ_2

Note 9 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 32 $ - $ 32 Total assets at fair value $ - $ 32 $ - $ 32 Liabilities: Embedded customer derivative $ - $ 32 $ - $ 32 Total liabilities recorded at fair value $ - $ 32 $ - $ 32 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]	As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Revolver - 304,484 - 304,484 Total liabilities not recorded at fair value $ - $ 304,484 $ - $ 304,484 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 10 - Equity Plans (Tables)

Note 10 - Equity Plans (Tables)	9 Months Ended
	Sep. 30, 2018
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) 2018 2017 2018 2017 RSU expense before taxes $ 181 $ 141 $ 463 $ 408 RSU expense after taxes $ 133 $ 97 $ 341 $ 294
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 84,283 22.33 Converted into shares (19,097 ) 16.09 Forfeited (6,709 ) 16.98 Outstanding at September 30, 2018 527,545 $ 20.65 Vested at September 30, 2018 436,069 $ 20.42

Note 12 - Shares Outstanding _2

Note 12 - Shares Outstanding and Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
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) 2018 2017 2018 2017 Weighted average basic shares outstanding 11,444 11,386 11,427 11,384 Assumed issuance related to stock awards 2 - - - Weighted average diluted shares outstanding 11,446 11,386 11,427 11,384 Net income $ 11,599 $ 2,280 $ 35,076 $ 14,776 Basic earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Diluted earnings per share $ 1.01 $ 0.20 $ 3.07 $ 1.30 Anti-dilutive securities outstanding 91 65 91 65

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
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) 2018 2017 2018 2017 Net sales Carbon flat products $ 282,810 $ 215,843 $ 802,995 $ 669,817 Specialty metals flat products 92,153 57,554 255,037 173,789 Tubular and pipe products 82,013 58,045 227,459 178,924 Total net sales $ 456,976 $ 331,442 $ 1,285,491 $ 1,022,530 Depreciation and amortization Carbon flat products $ 2,524 $ 2,493 $ 7,665 $ 8,287 Specialty metals flat products 341 185 880 609 Tubular and pipe products 1,311 1,403 4,237 4,211 Corporate 24 25 75 76 Total depreciation and amortization $ 4,200 $ 4,106 $ 12,857 $ 13,183 Operating income Carbon flat products $ 14,493 $ 3,698 $ 40,901 $ 18,312 Specialty metals flat products 4,954 2,074 13,493 8,918 Tubular and pipe products 3,102 1,608 11,917 6,439 Corporate expenses (3,935 ) (2,094 ) (11,033 ) (7,699 ) Total operating income $ 18,614 $ 5,286 $ 55,278 $ 25,970 Other income (loss), net 17 (22 ) (122 ) (76 ) Income before interest and income taxes 18,631 5,264 55,156 25,894 Interest and other expense on debt 2,923 1,966 7,579 5,380 Income before income taxes $ 15,708 $ 3,298 $ 47,577 $ 20,514
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) 2018 2017 2018 2017 Capital expenditures Flat products segments $ 4,980 $ 1,110 $ 15,289 $ 4,292 Tubular and pipe products 1,505 891 4,598 2,178 Corporate 106 - 479 - Total capital expenditures $ 6,591 $ 2,001 $ 20,366 $ 6,470 As of September 30, December 31, (in thousands) 2018 2017 Total assets Flat products segments $ 579,602 $ 409,116 Tubular and pipe products 209,007 194,787 Corporate 658 255 Total assets $ 789,267 $ 604,158

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2018
Number of Reportable Segments	3

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual) $ in Millions	Apr. 02, 2018USD ($)
Berlin Metals [Member]
Business Combination, Consideration Transferred, Total	$ 21.9

Note 2 - Acquisitions - Purchas

Note 2 - Acquisitions - Purchase Price Allocation (Details) - Berlin Metals [Member] $ in Thousands	Apr. 02, 2018USD ($)
Accounts receivable, net	$ 6,609
Inventories	14,769
Property and equipment	2,898
Prepaid expenses and other	345
Intangible assets	5,255
Total assets acquired	29,876
Total liabilities assumed	(7,969)
Cash paid	$ 21,907

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Percentage of net sales	100.00%	100.00%
Hot Rolled Products [Member]
Percentage of net sales	34.00%	35.10%
Plate Products [Member]
Percentage of net sales	13.40%	12.80%
Cold Rolled Products [Member]
Percentage of net sales	5.10%	5.30%
Coated Products [Member]
Percentage of net sales	7.10%	7.60%
Specialty [Member]
Percentage of net sales	18.40%	18.50%
Pipe and Tube Products [Member]
Percentage of net sales	17.90%	17.70%
Product and Service, Other [Member]
Percentage of net sales	4.10%	3.00%
Carbon Flat Products [Member]
Percentage of net sales	61.90%	62.50%
Carbon Flat Products [Member] | Hot Rolled Products [Member]
Percentage of net sales	34.00%	35.10%
Carbon Flat Products [Member] | Plate Products [Member]
Percentage of net sales	13.40%	12.80%
Carbon Flat Products [Member] | Cold Rolled Products [Member]
Percentage of net sales	5.10%	5.30%
Carbon Flat Products [Member] | Coated Products [Member]
Percentage of net sales	7.10%	7.60%
Carbon Flat Products [Member] | Specialty [Member]
Percentage of net sales
Carbon Flat Products [Member] | Pipe and Tube Products [Member]
Percentage of net sales
Carbon Flat Products [Member] | Product and Service, Other [Member]
Percentage of net sales	2.30%	1.70%
Specialty Metals Flat Products [Member]
Percentage of net sales	20.20%	19.80%
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member]
Percentage of net sales
Specialty Metals Flat Products [Member] | Plate Products [Member]
Percentage of net sales
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member]
Percentage of net sales
Specialty Metals Flat Products [Member] | Coated Products [Member]
Percentage of net sales
Specialty Metals Flat Products [Member] | Specialty [Member]
Percentage of net sales	18.40%	18.50%
Specialty Metals Flat Products [Member] | Pipe and Tube Products [Member]
Percentage of net sales
Specialty Metals Flat Products [Member] | Product and Service, Other [Member]
Percentage of net sales	1.80%	1.30%
Tubular and Pipe Products [Member]
Percentage of net sales	17.90%	17.70%
Tubular and Pipe Products [Member] | Hot Rolled Products [Member]
Percentage of net sales
Tubular and Pipe Products [Member] | Plate Products [Member]
Percentage of net sales
Tubular and Pipe Products [Member] | Cold Rolled Products [Member]
Percentage of net sales
Tubular and Pipe Products [Member] | Coated Products [Member]
Percentage of net sales
Tubular and Pipe Products [Member] | Specialty [Member]
Percentage of net sales
Tubular and Pipe Products [Member] | Pipe and Tube Products [Member]
Percentage of net sales	17.90%	17.70%
Tubular and Pipe Products [Member] | Product and Service, Other [Member]
Percentage of net sales

Note 4 - Accounts Receivable (D

Note 4 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 3.5	$ 2.8

Note 5 - Inventories (Details T

Note 5 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
LIFO Inventory Amount	$ 53.9		$ 53.9		$ 48.1
Percentage of LIFO Inventory	14.70%		14.70%		17.50%
Inventory, LIFO Reserve, Period Charge	$ 2.7	$ 0.7	$ 4.7	$ 1.5
Inventory Difference Using FIFO Basis	$ 0.7		$ 0.7		$ 5.3

Note 5 - Inventories - Steel In

Note 5 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Unprocessed	$ 306,147	$ 225,187
Processed and finished	60,051	50,120
Totals	$ 366,198	$ 275,307

Note 6 - Goodwill and Intangi_3

Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 1
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1
Finite-Lived Intangible Assets, Amortization Expense, Year Two	1
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 1
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Finite-Lived Intangible Assets, Remaining Amortization Period	15 years

Note 6 - Goodwill and Intangi_4

Note 6 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Balance as of December 31, 2017
Acquisitions	2,358
Impairments
Balance as of September 30, 2018	2,358
Carbon Flat Products [Member]
Balance as of December 31, 2017
Acquisitions
Impairments
Balance as of September 30, 2018
Specialty Metals Flat Products [Member]
Balance as of December 31, 2017
Acquisitions	2,358
Impairments
Balance as of September 30, 2018	2,358
Tubular and Pipe Products [Member]
Balance as of December 31, 2017
Acquisitions
Impairments
Balance as of September 30, 2018

Note 6 - Goodwill and Intangi_5

Note 6 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Gross carrying amount	$ 28,757	$ 28,757
Accumulated amortization	(6,493)	(5,777)
Intangible assets, net	25,161	22,980
Acquisitions	2,897
Trade Names [Member]
Gross carrying amount	15,425	15,425
Accumulated amortization
Intangible assets, net	17,525	15,425
Acquisitions	2,100
Customer Relationships [Member]
Gross carrying amount	13,332	13,332
Acquisitions	640
Accumulated amortization	(6,465)	(5,777)
Intangible assets, net	7,507	$ 7,555
Noncompete Agreements [Member]
Gross carrying amount
Acquisitions	157
Accumulated amortization	(28)
Intangible assets, net	$ 129

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Prepaid Expense and Other Assets, Current	$ 5,219	$ 8,333
Amortized Banking Fees [Member]
Prepaid Expense and Other Assets, Current	$ 1,600
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%
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	$ 93,000
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%

Note 7 - Debt - Summary of Debt

Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Revolver	$ 304,484	$ 196,235
Total debt	304,484	197,165
Less current amount		(930)
Total long-term debt	304,484	196,235
Asset Based Revolving Credit Facility Due December 8, 2022 [Member]
Revolver	304,484	196,235
Industrial Revenue Bonds [Member]
IRB		$ 930

Note 8 - Derivative Instrumen_3

Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivatives		$ (6)	$ (5)	$ (24)
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member]
Derivatives		(6)	(5)	(24)
Metal Swaps [Member]
Derivatives	(221)	156	14	79
Embedded Customer Derivatives [Member]
Derivatives	$ 221	$ (156)	$ (14)	$ (79)

Note 9 - Fair Value of Financ_3

Note 9 - Fair Value of Financial Instruments (Details Textual) $ in Millions	Dec. 31, 2017USD ($)
Industrial Revenue Bonds [Member]
Long-term Debt, Fair Value	$ 0.9

Note 9 - Fair Value of Financ_4

Note 9 - Fair Value of Financial Instruments - Fair Value Measurements, Recorded (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Total assets at fair value	$ 32	$ 382
Liabilities:
Embedded customer derivative	32
Total liabilities recorded at fair value	32	387
Embedded customer derivatives		382
Assets:
Total assets at fair value	32	382
Metal Swaps [Member]
Total assets at fair value	32	382
Assets:
Total assets at fair value	32	382
Interest Rate Swap [Member]
Liabilities:
Derivative liabilities		5
Fair Value, Inputs, Level 1 [Member]
Total assets at fair value
Liabilities:
Embedded customer derivative
Total liabilities recorded at fair value
Embedded customer derivatives
Assets:
Total assets at fair value
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member]
Total assets at fair value
Assets:
Total assets at fair value
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Total assets at fair value	32	382
Liabilities:
Embedded customer derivative	32
Total liabilities recorded at fair value	32	387
Embedded customer derivatives		382
Assets:
Total assets at fair value	32	382
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member]
Total assets at fair value	32	382
Assets:
Total assets at fair value	32	382
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities		5
Fair Value, Inputs, Level 3 [Member]
Total assets at fair value
Liabilities:
Embedded customer derivative
Total liabilities recorded at fair value
Embedded customer derivatives
Assets:
Total assets at fair value
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member]
Total assets at fair value
Assets:
Total assets at fair value
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liabilities:
Derivative liabilities

Note 9 - Fair Value of Financ_5

Note 9 - Fair Value of Financial Instruments - Fair Value Measurements, Not Recorded (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Liabilities
Revolver	$ 304,484	$ 196,235
Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	304,484	197,165
Industrial Revenue Bonds [Member]
Liabilities
IRB		930
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 2 [Member] | Carrying Value [Member]
Liabilities
Total liabilities not recorded at fair value	304,484	196,235
Fair Value, Inputs, Level 2 [Member] | Industrial Revenue Bonds [Member]
Liabilities
IRB
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
Revolver [Member]
Liabilities
Revolver	304,484	196,235
Revolver [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
Revolver
Revolver [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities
Revolver	304,484	196,235
Revolver [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities
Revolver

Note 10 - Equity Plans (Details

Note 10 - Equity Plans (Details Textual) - USD ($)	Jul. 01, 2016	Sep. 30, 2018	Sep. 30, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		84,283
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member]
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
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
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		80,000	70,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,000,000

Note 10 - Equity Plans - Stock-

Note 10 - 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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
RSU expense before taxes	$ 181	$ 141	$ 463	$ 408
RSU expense after taxes	$ 133	$ 97	$ 341	$ 294

Note 10 - Equity Plans - Restri

Note 10 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Outstanding, beginning balance (in shares) | shares	469,068
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 20.11
Granted (in shares) | shares	84,283
Granted (in dollars per share) | $ / shares	$ 22.33
Converted into shares (in shares) | shares	(19,097)
Converted into shares (in dollars per share) | $ / shares	$ 16.09
Forfeited (in shares) | shares	(6,709)
Forfeited (in dollars per share) | $ / shares	$ 16.98
Outstanding, ending balance (in shares) | shares	527,545
Outstanding, ending balance (in dollars per share) | $ / shares	$ 20.65
Vested (in shares) | shares	436,069
Vested (in dollars per share) | $ / shares	$ 20.42

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%		35.00%
Income Tax Expense (Benefit), Total	$ 4,109	$ 1,018	$ 12,501	$ 5,738
Effective Income Tax Rate Reconciliation, Percent, Total	26.20%	30.90%	26.30%	28.00%
Restatement Adjustment [Member]
Income Tax Expense (Benefit), Total					$ (1,900)

Note 12 - Shares Outstanding _3

Note 12 - 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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Weighted average basic shares outstanding (in shares)	11,444	11,386	11,427	11,384
Assumed issuance related to stock awards (in shares)	2
Weighted average diluted shares outstanding (in shares)	11,446	11,386	11,427	11,384
Net income	$ 11,599	$ 2,280	$ 35,076	$ 14,776
Basic earnings per share (in dollars per share)	$ 1.01	$ 0.20	$ 3.07	$ 1.30
Diluted earnings per share (in dollars per share)	$ 1.01	$ 0.20	$ 3.07	$ 1.30
Anti-dilutive securities outstanding (in shares)	91	65	91	65

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2018
Number of Reportable Segments	3

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales:
Net sales	$ 456,976	$ 331,442	$ 1,285,491	$ 1,022,530
Depreciation and amortization:
Depreciation and amortization	4,200	4,106	12,857	13,183
Operating income (loss):
Operating income	18,614	5,286	55,278	25,970
Other income (loss), net	17	(22)	(122)	(76)
Income before interest and income taxes	18,631	5,264	55,156	25,894
Interest and other expense on debt	2,923	1,966	7,579	5,380
Income before income taxes	15,708	3,298	47,577	20,514
Carbon Flat Products [Member]
Net sales:
Net sales	282,810	215,843	802,995	669,817
Depreciation and amortization:
Depreciation and amortization	2,524	2,493	7,665	8,287
Operating income (loss):
Operating income	14,493	3,698	40,901	18,312
Specialty Metals Flat Products [Member]
Net sales:
Net sales	92,153	57,554	255,037	173,789
Depreciation and amortization:
Depreciation and amortization	341	185	880	609
Operating income (loss):
Operating income	4,954	2,074	13,493	8,918
Tubular and Pipe Products [Member]
Net sales:
Net sales	82,013	58,045	227,459	178,924
Depreciation and amortization:
Depreciation and amortization	1,311	1,403	4,237	4,211
Operating income (loss):
Operating income	3,102	1,608	11,917	6,439
Corporate Segment [Member]
Depreciation and amortization:
Depreciation and amortization	24	25	75	76
Operating income (loss):
Operating income	$ (3,935)	$ (2,094)	$ (11,033)	$ (7,699)

Note 13 - Segment Information_3

Note 13 - Segment Information - Segment Reporting Information by Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Capital expenditures:
Capital expenditures	$ 6,591	$ 2,001	$ 20,366	$ 6,470
Total assets	789,267		789,267		$ 604,158
Flat Products Segment [Member]
Capital expenditures:
Capital expenditures	4,980	1,110	15,289	4,292
Total assets	579,602		579,602		409,116
Tubular and Pipe Products [Member]
Capital expenditures:
Capital expenditures	1,505	891	4,598	2,178
Total assets	209,007		209,007		194,787
Corporate Segment [Member]
Capital expenditures:
Capital expenditures	106		479
Total assets	$ 658		$ 658		$ 255