Document And Entity Information
Document And Entity Information | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021shares | Jun. 30, 2020USD ($) | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000917470 | ||
Entity Registrant Name | OLYMPIC STEEL INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-23320 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-1245650 | ||
Entity Address, Address Line One | 22901 Millcreek Boulevard, Suite 650 | ||
Entity Address, City or Town | Highland Hills | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44122 | ||
City Area Code | 216 | ||
Local Phone Number | 292-3800 | ||
Title of 12(b) Security | Common stock, without par value | ||
Trading Symbol | ZEUS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ | $ 108,671,009 | ||
Entity Common Stock, Shares Outstanding | shares | 11,074,900 | ||
Entity Number of Employees | 269 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Net sales | $ 1,234,144 | $ 1,579,040 | $ 1,715,081 | ||
Costs and expenses | |||||
Cost of materials sold (excludes items shown separately below) | 979,099 | 1,280,110 | 1,372,954 | ||
Warehouse and processing | 83,091 | 99,457 | 97,565 | ||
Administrative and general | 71,451 | 76,863 | 81,107 | ||
Distribution | 44,728 | 48,159 | 50,347 | ||
Selling | 26,050 | 28,839 | 29,020 | ||
Occupancy | 9,662 | 9,972 | 9,428 | ||
Depreciation | 17,936 | 17,686 | 16,645 | ||
Amortization | 1,554 | 1,344 | 963 | ||
Total costs and expenses | 1,233,571 | 1,562,430 | 1,658,029 | ||
Operating income | 573 | [1] | 16,610 | [2] | 57,052 |
Other loss, net | (73) | (32) | (307) | ||
Income before interest and income taxes | 500 | 16,578 | 56,745 | ||
Interest and other expense on debt | 7,411 | 11,289 | 10,681 | ||
Income (loss) before income taxes | (6,911) | 5,289 | 46,064 | ||
Income tax provision (benefit) | (1,316) | 1,433 | 12,305 | ||
Net income (loss) | (5,595) | 3,856 | 33,759 | ||
Loss on cash flow hedges | (2,579) | (3,041) | 0 | ||
Tax effect of hedges | 645 | 760 | 0 | ||
Total comprehensive income (loss) | $ (7,529) | $ 1,575 | $ 33,759 | ||
Net income (loss) per share - basic (in dollars per share) | $ (0.49) | $ 0.34 | $ 2.95 | ||
Weighted average shares outstanding - basic (in shares) | 11,447 | 11,509 | 11,432 | ||
Net income (loss) per share - diluted (in dollars per share) | $ (0.49) | $ 0.34 | $ 2.95 | ||
Weighted average shares outstanding - diluted (in shares) | 11,447 | 11,509 | 11,440 | ||
Dividends declared per share of common stock (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | ||
[1] | Operating income (loss) in 2020 includes $1,517 of LIFO income related to the Company's tubular and pipe products segment. | ||||
[2] | Operating income (loss) in 2019 includes $3,669 of LIFO income related to the Company's tubular and pipe products segment. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 5,533 | $ 5,742 |
Accounts receivable, net | 151,601 | 133,572 |
Inventories, net (includes LIFO debit of $2,115 and $598 as of December 31, 2020 and 2019, respectively) | 240,001 | 273,531 |
Prepaid expenses and other | 5,069 | 6,997 |
Total current assets | 402,204 | 419,842 |
Property and equipment, at cost | 434,579 | 417,124 |
Accumulated depreciation | (277,379) | (260,331) |
Net property and equipment | 157,200 | 156,793 |
Goodwill | 5,123 | 3,423 |
Intangible assets, net | 32,593 | 29,259 |
Other long-term assets | 18,131 | 14,439 |
Right-of use assets, net | 25,354 | 25,799 |
Total assets | 640,605 | 649,555 |
Liabilities | ||
Accounts payable | 87,291 | 69,452 |
Accrued payroll | 10,985 | 13,196 |
Other accrued liabilities | 22,869 | 12,958 |
Current portion of lease liabilities | 5,580 | 5,481 |
Total current liabilities | 126,725 | 101,087 |
Credit facility revolver | 160,609 | 192,925 |
Other long-term liabilities | 22,478 | 14,511 |
Deferred income taxes | 9,818 | 12,262 |
Lease liabilities | 19,965 | 20,418 |
Total liabilities | 339,595 | 341,203 |
Commitments and contingencies (Note 13) | ||
Shareholders' Equity | ||
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, without par value, 20,000 shares authorized; 11,075 issued; 11,075 and 10,996 shares outstanding | 132,382 | 131,647 |
Treasury stock, at cost, 0 and 25 shares held | 0 | (335) |
Accumulated other comprehensive loss | (4,215) | (2,281) |
Retained earnings | 172,843 | 179,321 |
Total shareholders' equity | 301,010 | 308,352 |
Total liabilities and shareholders' equity | $ 640,605 | $ 649,555 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, LIFO debit | $ 2,115 | $ 598 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000 | 20,000 |
Common stock, shares issued (in shares) | 11,075 | 11,075 |
Common stock, shares outstanding (in shares) | 11,075 | 10,996 |
Treasury stock, shares (in shares) | 0 | 25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities. | |||
Net income (loss) | $ (5,595) | $ 3,856 | $ 33,759 |
Depreciation and amortization | 20,008 | 19,548 | 18,035 |
(Gain) loss on disposition of property and equipment | 2,026 | (222) | 64 |
Stock-based compensation | 1,215 | 2,188 | 1,529 |
Intangibles and other long-term assets | (4,349) | (3,835) | 1,970 |
Deferred income taxes and other long-term liabilities | 1,220 | 1,283 | (1,467) |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 14,525 | 22,818 | 53,890 |
Changes in working capital: | |||
Accounts receivable | (14,790) | 42,141 | (35,906) |
Inventories | 37,186 | 95,836 | (78,662) |
Prepaid expenses and other | 2,112 | 2,464 | 47 |
Accounts payable | 23,333 | (33,651) | 2,898 |
Change in outstanding checks | (6,893) | 7,053 | 1,038 |
Accrued payroll and other accrued liabilities | 6,179 | (7,040) | 6,194 |
Increase (Decrease) in Operating Capital, Total | 47,127 | 106,803 | (104,391) |
Net cash from (used for) operating activities | 61,652 | 129,621 | (50,501) |
Cash flows from (used for) investing activities: | |||
Acquisitions | (19,500) | (11,133) | (21,907) |
Capital expenditures | (9,803) | (10,165) | (25,715) |
Proceeds from disposition of property and equipment | 1,154 | 269 | 126 |
Net cash used for investing activities | (28,149) | (21,029) | (47,496) |
Cash flows from (used for) financing activities: | |||
Credit facility revolver borrowings | 339,538 | 536,944 | 597,867 |
Credit facility revolver repayments | (371,854) | (646,549) | (491,572) |
Principal payments under finance lease obligation | (242) | (63) | (7) |
Industrial revenue bond repayments | 0 | 0 | (930) |
Credit facility fees and expenses | (124) | (100) | (171) |
Repurchase of common stock | (145) | (1,522) | 0 |
Dividends paid | (885) | (879) | (880) |
Net cash from (used for) financing activities | (33,712) | (112,169) | 104,307 |
Cash and cash equivalents: | |||
Net change | (209) | (3,577) | 6,310 |
Beginning balance | 5,742 | 9,319 | 3,009 |
Ending balance | 5,533 | 5,742 | 9,319 |
Interest paid | 7,002 | 10,951 | 10,241 |
Income taxes paid | $ 1 | $ 460 | $ 11,316 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2017 | $ 129,453 | $ (337) | $ 0 | $ 143,467 | $ 272,583 |
Net income (loss) | 0 | 0 | 0 | 33,759 | 33,759 |
Payment of dividends | 0 | 0 | 0 | (880) | (880) |
Stock-based compensation | 1,324 | 205 | 0 | 0 | 1,529 |
Other | 1 | 0 | 0 | (1) | 0 |
Balance at Dec. 31, 2018 | 130,778 | (132) | 0 | 176,345 | 306,991 |
Net income (loss) | 0 | 0 | 0 | 3,856 | 3,856 |
Payment of dividends | 0 | 0 | 0 | (879) | (879) |
Stock-based compensation | 869 | 1,319 | 0 | 0 | 2,188 |
Other | 0 | 0 | 0 | (1) | (1) |
Stock repurchase | 0 | (1,522) | 0 | (1,522) | |
Change in fair value of hedges | 0 | 0 | (2,281) | 0 | (2,281) |
Balance at Dec. 31, 2019 | 131,647 | (335) | (2,281) | 179,321 | 308,352 |
Net income (loss) | 0 | 0 | 0 | (5,595) | (5,595) |
Payment of dividends | 0 | 0 | 0 | (885) | (885) |
Stock-based compensation | 735 | 480 | 0 | 1,215 | |
Other | 0 | 0 | 0 | 2 | 2 |
Stock repurchase | 0 | (145) | 0 | 0 | (145) |
Change in fair value of hedges | 0 | 0 | (1,934) | 0 | (1,934) |
Balance at Dec. 31, 2020 | $ 132,382 | $ 0 | $ (4,215) | $ 172,843 | $ 301,010 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies : Nature of Business The Company operates in three 2019, December 14, 2020, 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 On March 11, 2020, 19 twelve December 31, 2020, 19 not 19 9 19 19 Principles of Consolidation and Basis of P resentation The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2020, 2019, 2018, The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2020, 2019, 2018, 2020, 2019, 2018, 2020, 2019, 2018, Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter. Inventor y Valuation Non-last-in, first Costs of the Company’s carbon and specialty metals flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2020 December 31, 2019, first first On the Consolidated Statements of Comprehensive Income (Loss), “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2020. no one December 31, 2020. Revenue Recognition 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 Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income (Loss) is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 12, Impact of Recently Issued Accounting Pronouncements In December 2019, No. 2019 12, 740 740 2019 12 December 15, 2020. first 2021, not In August 2017, No 2017 12, 2016 310, 815 December 15, 2018, not not 2019. not In June 2016, No. 2016 13, 326 January 1, 2020 not In February 2016, No. 2016 02, December 15, 2018 not 8 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions On December 14, 2020, On August 5, 2019, 100 On January 2, 2019, 1965 On April 2, 2018, 1967 one 2018 The acquisitions are not not 2020 Action Stainless EZ Dumper McCullough Berlin Metals As of As of As of As of Details of Acquisition (in thousands) December 14, 2020 August 5, 2019 January 2, 2019 April 2, 2018 Assets acquired Accounts receivable, net $ 3,239 $ - $ 461 $ 6,609 Inventories 3,656 43 586 14,769 Property and equipment 10,610 67 4,138 2,898 Prepaid expenses and other 204 - - 345 Goodwill 1,700 166 898 - Intangible assets 4,604 23 5,599 5,255 Total assets acquired 24,013 299 11,682 29,876 Total liabilities assumed (4,513 ) (166 ) (682 ) (7,969 ) Cash paid $ 19,500 $ 133 $ 11,000 $ 21,907 The purchase price allocations presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using Level 3 not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
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 Twelve Months Ended December 31, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.7 % - - 29.7 % Plate 9.6 % - - 9.6 % Cold Rolled 5.9 % - - 5.9 % Coated 9.6 % - - 9.6 % Specialty - 23.5 % - 23.5 % Pipe & Tube - - 18.7 % 18.7 % Other 1.1 % 1.9 % - 3.0 % Total 55.9 % 25.4 % 18.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2019 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 32.3 % - - 32.3 % Plate 12.2 % - - 12.2 % Cold Rolled 5.5 % - - 5.5 % Coated 7.7 % - - 7.7 % Specialty - 20.9 % - 20.9 % Pipe & Tube - - 18.3 % 18.3 % Other 1.0 % 2.1 % - 3.1 % Total 58.7 % 23.0 % 18.3 % 100.0 % |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4. Accounts Receivable: Accounts receivable are presented net of allowances for credit losses and unissued credits of $3.6 million and $3.7 million as of December 31, 2020 2019, 2020, 2019, 2018, |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories : Inventories consisted of the following: As of December 31, (in thousands) 2020 2019 Unprocessed $ 194,614 $ 220,787 Processed and finished 45,387 52,744 Total $ 240,001 $ 273,531 During 2020, 2020. 2019, 2019. Our inventory quantities were reduced during 2020 2019 not December 31, 2020 2019 If the FIFO method had been in use, inventories would have been $2.1 million and $0.6 million lower than reported at December 31, 2020 2019, |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment: Property and equipment consists of the following: (in thousands) Depreciable Lives December 31, 2020 December 31, 2019 Land - $ 15,698 $ 16,046 Land improvements 5 - 10 3,742 3,675 Buildings and improvements 7 - 30 148,507 142,663 Machinery and equipment 2 - 15 222,802 213,994 Furniture and fixtures 3 - 7 6,699 6,493 Computer software and equipment 2 - 5 28,977 28,653 Vehicles 2 - 5 2,504 2,272 Financing lease 3,582 613 Construction in progress - 2,068 2,715 434,579 417,124 Less accumulated depreciation (277,379 ) (260,331 ) Net property and equipment $ 157,200 $ 156,793 Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven Construction in progress as of December 31, 2020 December 31, 2019, not |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Intangible Assets : The Company’s intangible assets were recorded in connection with its acquisitions of Action Stainless in 2020, 2019, 2018 2011. fifteen fifteen one five no Goodwill, by reportable unit, was as follows as of December 31, 2020 December 31, 2019, (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2018 $ 1,065 $ 2,358 $ - $ 3,423 Acquisitions - - - 3,423 Impairments - - - 3,423 Balance as of December 31, 2019 1,065 2,358 - 3,423 Acquisitions - 1,700 - 1,700 Impairments - - - - Balance as of December 31, 2020 $ 1,065 $ 4,058 $ - $ 5,123 During 2020 2019, Intangible assets, net, consisted of the following as of December 31, 2020 2019, As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,442 $ (9,101 ) $ 12,341 Covenant not to compete - subject to amortization 259 (186 ) 73 Trade name - not subject to amortization 20,179 - 20,179 $ 41,880 $ (9,287 ) $ 32,593 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 18,022 $ (7,900 ) $ 10,122 Covenant not to compete - subject to amortization 259 (117 ) 142 Trade name - not subject to amortization 18,995 - 18,995 $ 37,276 $ (8,017 ) $ 29,259 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.5 million per year for the next two three |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Leases : The Company leases warehouses and office space, industrial equipment, office equipment, vehicles, industrial gas tanks and forklifts from other parties and leases land and warehouse space to third The Company has remaining lease terms ranging from one five Under the transition method selected by the Company, leases existing at, or entered into after, January 1, 2019 not January 1, 2019, no not The Company leases one 50% one December 31, 2023 three five The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows the Company to carry forward its historical lease classification. The Company made an accounting policy election to not No ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not The components of lease expense were as follows for the years ended December 31, 2020 2019: (in thousands) 2020 2019 Operating lease cost $ 7,089 $ 7,013 Finance lease cost Amortization 254 67 Interest on lease liabilities 54 15 $ 308 $ 82 Supplemental cash flow information related to leases was as follows for the years ended December 31, 2020 2019: (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,996 $ 6,913 Operating cash flows from finance leases 54 15 Financing cash flows from finance leases 242 63 Total cash paid for amounts included in the measurement of lease liabilities $ 7,292 $ 6,991 Supplemental balance sheet information related to leases was as follows: (in thousands) 2020 2019 Operating leases Operating lease $ 36,060 $ 31,506 Operating lease accumulated amortization (10,706 ) (5,808 ) Operating lease right of use asset, net $ 25,354 $ 25,698 Operating lease current liabilities 5,580 5,481 Operating lease liabilities 19,965 20,418 $ 25,545 $ 25,899 (in thousands) 2020 2019 Finance leases Finance lease $ 3,582 $ 613 Finance lease accumulated depreciation (333 ) (67 ) Finance lease, net $ 3,249 $ 546 Finance lease current liabilities 815 108 Finance lease liabilities 2,453 443 $ 3,268 $ 551 Weighted average remaining lease term (in years) 2020 2019 Operating leases 7 Finance leases 6 Weighted average discount rate Operating leases 3.76 % 3.72 % Finance leases 3.80 % 4.01 % Maturities of lease liabilities were as follows: (in thousands) Operating Lease Finance Lease Year Ending December 31, 2021 $ 6,405 $ 914 2022 5,384 851 2023 4,406 578 2024 3,773 492 2025 2,491 325 Thereafter 6,407 387 Total future minimum lease payments $ 28,866 $ 3,547 Less remaining imputed interest (3,321 ) (279 ) Total $ 25,545 $ 3,268 |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt: The Company’s debt is comprised of the following components: As of December 31, (in thousands) 2020 2019 Asset-based revolving credit facility due December 8, 2022 $ 160,609 $ 192,925 Total debt 160,609 192,925 Less current amount - - Total long-term debt $ 160,609 $ 192,925 On December 14, 2020, December 14, 2020. first may 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 the Company’s 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 million or 10.0% of the aggregate amount of revolver commitments ($47.5 million at December 31, 2020) December 31, 2020) 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% to 0.25% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.25% to 2.75%. As of December 31, 2020, As of December 31, 2020, December 31, 2019, five As part of the CTI acquisition in July 2011, March 1, 2018, Scheduled Debt Maturities, Interest, Debt Carrying Values The Company’s principal payments over the next five (in thousands) 2021 2022 2023 2024 2025 Total ABL Credit Facility $ - $ 160,609 $ - $ - $ - $ 160,609 Total principal payments $ - $ 160,609 $ - $ - $ - $ 160,609 The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 3.25%, 4.0% and 3.7% in 2020, 2019 2018, December 31, 2020, 2019 2018, 2020, 2019 2018, |
Note 10 - Derivative Instrument
Note 10 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. Derivative Instruments: Metals swaps During 2020, 2019 2018, third December 31, 2019. no December 31, 2020. third third While these derivatives are intended to help the Company manage risk, they have not third not December 31, 2019 Fixed rate interest rate hedge On January 10, 2019, five December 31, 2020 2019 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 matured in April 2018. There was no December 31, 2020, 2019 2018. December 31, 2020, 2019 2018. Net Gain (Loss) Recognized (in thousands) 2020 2019 2018 Fixed interest rate hedge $ (1,520 ) $ (227 ) $ - Interest rate swap (CTI) - - (5 ) Metals swaps 55 291 (79 ) Embedded customer derivatives (55 ) (291 ) 79 Total loss $ (1,520 ) $ (227 ) $ (5 ) |
Note 11 - Fair Value of Assets
Note 11 - Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. Fair Value of Assets and Liabilities : The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. During 2020 2019, no 1, 2 3 no December 31, 2020. December 31, 2020: Metals swaps and embedded customer derivatives 2 Fixed rate interest rate hedge 2 Interest rate swaps 2 The following tables present 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 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Fixed interest rate hedge $ - $ 5,620 $ - $ 5,620 Total liabilities recorded at fair value $ - $ 5,620 $ - $ 5,620 Value of Items Recorded at Fair Value As of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 4 $ - $ 4 Total assets at fair value $ - $ 4 $ - $ 4 Liabilities: Metal swaps $ - $ 4 $ - $ 4 Fixed interest rate hedge - 3,041 - 3,041 Total liabilities recorded at fair value $ - $ 3,045 $ - $ 3,045 The value of the items not The carrying value of the ABL Credit Facility was $160.6 million and $192.9 million at December 31, 2020 2019, December 14, 2020, |
Note 12 - Equity Plans
Note 12 - Equity Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. Equity Plans: Restricted Stock Units Pursuant to the Amended and Restated Olympic Steel 2007 may On an annual basis the compensation committee of the Company’s Board of Directors awards RSUs, to each non-employee director as part of their annual compensation. The annual awards for 2020 2019 one not Under the Incentive Plan, each eligible participant is awarded RSUs with a dollar value equal to 10% of the participant’s base salary, up to an annual maximum of $17,500. The RSUs have a five 2020 19 Under the Incentive Plan, the Company awards RSUs to newly-appointed executive officers, based upon a percentage of their base salary. Upon Mr. Marabito’s promotion to Chief Executive Officer and Mr. Manson’s promotion to Chief Financial Officer on January 1, 2019, January 1, 2020, five Stock-based compensation expense recognized on RSUs for the years ended December 31, 2020, 2019 2018, For the years ended December 31, (in thousands) 2020 2019 2018 RSU expense before taxes of the Plan $ 1,265 $ 965 $ 643 RSU expense after taxes 1,024 704 471 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income (Loss). The total compensation cost of non-vested awards totaled $1.7 million and the weighted average remaining vesting period is 2 years as of December 31, 2020. The following table summarizes the activity related to RSUs for the twelve December 31, 2020, 2019 2018: 2020 2019 2018 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 636,086 $ 19.25 527,546 $ 20.65 469,069 $ 20.11 Granted 70,588 11.92 207,521 16.36 84,283 22.33 Converted into shares (94,161 ) 20.27 (96,845 ) 20.59 (19,097 ) 16.09 Forfeited (1,973 ) 18.14 (2,136 ) 22.80 (6,709 ) 16.98 Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 527,546 $ 20.65 Vested at December 31 375,692 $ 18.88 419,721 $ 20.37 436,069 $ 20.42 Of the RSUs granted in 2019 2018, 2020. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies : The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may not At December 31, 2020, nine January 29, 2021. Facility Expiration date Indianapolis, Indiana January 29, 2021 St. Paul, Minnesota May 25, 2021 Milan, Illinois August 12, 2021 Minneapolis (plate), Minnesota March 31, 2022 Detroit, Michigan August 31, 2022 Hammond, Indiana November 30, 2024 Locust, North Carolina March 4, 2025 Romeoville, Illinois May 31, 2025 Minneapolis (coil), Minnesota September 30, 2025 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes: The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows: As of December 31, (in thousands) 2020 2019 2018 Current: Federal $ 321 $ 1,747 $ 9,188 International 103 107 - State and local 59 22 1,797 483 1,876 10,985 Deferred (1,799 ) (443 ) 1,320 Income tax provision (benefit) $ (1,316 ) $ 1,433 $ 12,305 The components of the Company’s deferred income taxes at December 31 (in thousands) 2020 2019 Deferred tax assets: Inventory (excluding LIFO reserve) $ 1,529 $ 1,353 Net operating loss and tax credit carryforwards 3,510 3,198 Allowance for credit losses 440 513 Accrued expenses 5,778 5,486 Lease liabilities 7,348 6,718 Interest rate hedge 1,405 760 Other 390 237 Deferred tax assets before valuation allowance 20,400 18,265 Valuation allowance (2,302 ) (2,215 ) Total deferred tax assets 18,098 16,050 Deferred tax liabilities: LIFO reserve (3,528 ) (3,646 ) Property and equipment (13,562 ) (13,250 ) Lease right of use assets (7,294 ) (6,718 ) Intangibles (3,532 ) (4,698 ) Total deferred tax liabilities (27,916 ) (28,312 ) Deferred tax liabilities, net $ (9,818 ) $ (12,262 ) The deferred tax liability decreased by $645 thousand related to the fixed interest rate hedge, which is recorded in “Other Comprehensive Income (Loss)” in the Consolidated Statements of Comprehensive Income (Loss). The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: (in thousands) 2020 2019 2018 Balance as of January 1 $ 28 $ 27 $ 40 Change in tax due to tax law - - (12 ) Increases related to current year tax positions 8 10 9 Decreases related to lapsing of statute of limitations (8 ) (9 ) (10 ) Balance as of December 31 $ 28 $ 28 $ 27 It is expected that the amount of unrecognized tax benefits will not twelve 2017 2019 The Company recognized interest related to uncertain tax positions in the income tax provision. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate: 2020 2019 2018 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 1.0 % 3.7 % 4.6 % Meals and entertainment (1.8 )% 5.8 % 0.6 % Tax credits 2.0 % (4.2 )% (0.6 )% Stock based compensation (3.4 )% - - All other, net 0.2 % 0.8 % 1.1 % Effective income tax rate 19.0 % 27.1 % 26.7 % On March 27, 2020, 2019 2020. 163 30% 50% not 2020 December 27, 2020 2021 no Income taxes paid in 2020, 2019 2018 two 20 not December 31, 2020 2019 |
Note 15 - Shares Outstanding an
Note 15 - Shares Outstanding and Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. 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 years ended December 31, (in thousands, except per share data) 2020 2019 2018 Weighted average basic shares outstanding 11,447 11,509 11,432 Assumed exercise of stock options and issuance of stock awards - - 8 Weighted average diluted shares outstanding 11,447 11,509 11,440 Net income (loss) $ (5,595 ) $ 3,856 $ 33,759 Basic earnings (loss) per share $ (0.49 ) $ 0.34 $ 2.95 Diluted earnings (loss) per share $ (0.49 ) $ 0.34 $ 2.95 Unvested RSUs 235 216 91 |
Note 16 - Stock Repurchase Prog
Note 16 - Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 16. Stock Repurchase Program: On October 2, 2015, may 10b5 1 may may twelve December 31, 2020) December 31, 2020) 1.00. December 31, 2020, During 2020 2019, 2018. |
Note 17 - Segment Information
Note 17 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. 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 (loss) before income taxes for the years ended December 31, 2020, 2019 2018. For the Year Ended December 31, (in thousands) 2020 2019 2018 Net sales Carbon flat products $ 690,273 $ 926,903 $ 1,073,292 Specialty metals flat products 313,190 363,634 343,479 Tubular and pipe products 230,681 288,503 298,310 Total net sales $ 1,234,144 $ 1,579,040 $ 1,715,081 Depreciation and amortization Carbon flat products $ 11,941 $ 11,624 $ 10,621 Specialty metals flat products 1,951 1,830 1,251 Tubular and pipe products 5,478 5,408 5,601 Corporate 120 168 135 Total depreciation and amortization $ 19,490 $ 19,030 $ 17,608 Operating income Carbon flat products $ (10,289 ) $ (5,023 ) $ 44,354 Specialty metals flat products 11,666 14,321 15,248 Tubular and pipe products 9,019 18,607 11,520 Corporate (9,823 ) (11,295 ) (14,070 ) Total operating income $ 573 $ 16,610 $ 57,052 Other loss, net (73 ) (32 ) (307 ) Income before interest and income taxes 500 16,578 56,745 Interest and other expense on debt 7,411 11,289 10,681 Income (loss) before income taxes $ (6,911 ) $ 5,289 $ 46,064 For the Year Ended December 31, (in thousands) 2020 2019 2018 Capital expenditures Flat products $ 7,589 $ 6,996 $ 19,985 Tubular and pipe products 2,214 3,169 5,242 Corporate - - 488 Total capital expenditures $ 9,803 $ 10,165 $ 25,715 Assets Flat products $ 404,269 $ 432,566 Tubular and pipe products 235,516 215,841 Corporate 820 1,148 Total assets $ 640,605 $ 649,555 There were no December 31, 2020, 2019 2018. 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. |
Note 18 - Retirement Plans
Note 18 - Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. Retirement Plans : The Company’s retirement plans consist of 401 The 401 401 401 one first 401 100% first one In 2005, five The Company, through its CTI subsidiary, contributes to a multiemployer pension plan. CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2025. December 31, 2020 2019. Retirement plan expense, which includes all Company 401 December 31, 2020, 2019 2018, 19 2020. The fair values of the Company's SERP assets as of December 31, 2020 2019 not not |
Note 19 - Related-party Transac
Note 19 - Related-party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. Related-Party Transactions : The Company’s Executive Chairman of the Board owns 50% of an entity that owns one December 31, 2023 three |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II – Valuation and Qualifying Accounts (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2018 Allowance for credit losses $ 1,610 $ 575 $ - $ (245 ) $ 1,940 Tax valuation reserve $ 2,379 $ - $ - $ (324 ) $ 2,055 Year Ended December 31, 2019 Allowance for credit losses $ 1,940 $ 590 $ - $ (565 ) $ 1,965 Tax valuation reserve $ 2,055 $ 160 $ - $ - $ 2,215 Year Ended December 31, 2020 Allowance for credit losses $ 1,965 $ 1,154 $ - $ (1,393 ) $ 1,726 Tax valuation reserve $ 2,215 $ 87 $ - $ - $ 2,302 |
Schedule III - Supplemental Fin
Schedule III - Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION (in thousands, except per share data) (unaudited) 2020 1st quarter 2nd quarter 3rd quarter 4th quarter Year Net sales $ 354,380 $ 248,296 $ 299,921 $ 331,547 $ 1,234,144 Operating income (loss) (a) 3,051 (7,485 ) (363 ) 5,370 573 Income (loss) before income taxes 795 (9,402 ) (2,081 ) 3,777 (6,911 ) Net income (loss) $ 593 $ (6,454 ) $ (1,520 ) $ 1,786 $ (5,595 ) Basic net income (loss) per share $ 0.05 $ (0.56 ) $ (0.13 ) $ 0.16 $ (0.49 ) Weighted average shares outstanding - basic 11,444 11,446 11,452 11,451 11,447 Diluted net income (loss) per share $ 0.05 $ (0.56 ) $ (0.13 ) $ 0.16 $ (0.49 ) Weighted average shares outstanding - diluted 11,459 11,446 11,452 11,475 11,447 Market price of common stock: (b) High $ 18.05 $ 13.95 $ 12.64 $ 16.49 $ 18.05 Low 8.44 7.74 9.68 10.84 7.74 2019 1st quarter 2nd quarter 3rd quarter 4th quarter Year Net sales $ 445,919 $ 429,151 $ 384,230 $ 319,740 $ 1,579,040 Operating income (a) 6,074 5,940 3,581 1,015 16,610 Income (loss) before income taxes 2,846 2,707 1,024 (1,288 ) 5,289 Net income (loss) $ 2,074 $ 2,081 $ 591 $ (890 ) $ 3,856 Basic net income (loss) per share $ 0.18 $ 0.18 $ 0.05 $ (0.08 ) $ 0.34 Weighted average shares outstanding - basic 11,488 11,415 11,420 11,416 11,509 Diluted net income (loss) per share $ 0.18 $ 0.18 $ 0.05 $ (0.08 ) $ 0.34 Weighted average shares outstanding - diluted 11,488 11,415 11,420 11,416 11,509 Market price of common stock: (b) High $ 20.24 $ 18.24 $ 16.28 $ 18.41 $ 20.24 Low 14.00 12.09 9.99 13.53 9.99 (a) Operating income (loss) in 2020 (b) Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market. (c) Operating income (loss) in 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business, Policy [Policy Text Block] | Nature of Business The Company operates in three 2019, December 14, 2020, 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 On March 11, 2020, 19 twelve December 31, 2020, 19 not 19 9 19 19 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of P resentation The accompanying consolidated financial statements include the accounts of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, the Company or Olympic), after elimination of intercompany accounts and transactions. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2020, 2019, 2018, The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2020, 2019, 2018, 2020, 2019, 2018, 2020, 2019, 2018, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. |
Accounts Receivable [Policy Text Block] | Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter. |
Inventory, Policy [Policy Text Block] | Inventor y Valuation Non-last-in, first Costs of the Company’s carbon and specialty metals flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2020 December 31, 2019, first first On the Consolidated Statements of Comprehensive Income (Loss), “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2020. no one December 31, 2020. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 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 Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. |
Contract with Customer Liabilities, Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income (Loss) is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 12, |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In December 2019, No. 2019 12, 740 740 2019 12 December 15, 2020. first 2021, not In August 2017, No 2017 12, 2016 310, 815 December 15, 2018, not not 2019. not In June 2016, No. 2016 13, 326 January 1, 2020 not In February 2016, No. 2016 02, December 15, 2018 not 8 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Action Stainless EZ Dumper McCullough Berlin Metals As of As of As of As of Details of Acquisition (in thousands) December 14, 2020 August 5, 2019 January 2, 2019 April 2, 2018 Assets acquired Accounts receivable, net $ 3,239 $ - $ 461 $ 6,609 Inventories 3,656 43 586 14,769 Property and equipment 10,610 67 4,138 2,898 Prepaid expenses and other 204 - - 345 Goodwill 1,700 166 898 - Intangible assets 4,604 23 5,599 5,255 Total assets acquired 24,013 299 11,682 29,876 Total liabilities assumed (4,513 ) (166 ) (682 ) (7,969 ) Cash paid $ 19,500 $ 133 $ 11,000 $ 21,907 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.7 % - - 29.7 % Plate 9.6 % - - 9.6 % Cold Rolled 5.9 % - - 5.9 % Coated 9.6 % - - 9.6 % Specialty - 23.5 % - 23.5 % Pipe & Tube - - 18.7 % 18.7 % Other 1.1 % 1.9 % - 3.0 % Total 55.9 % 25.4 % 18.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2019 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 32.3 % - - 32.3 % Plate 12.2 % - - 12.2 % Cold Rolled 5.5 % - - 5.5 % Coated 7.7 % - - 7.7 % Specialty - 20.9 % - 20.9 % Pipe & Tube - - 18.3 % 18.3 % Other 1.0 % 2.1 % - 3.1 % Total 58.7 % 23.0 % 18.3 % 100.0 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, (in thousands) 2020 2019 Unprocessed $ 194,614 $ 220,787 Processed and finished 45,387 52,744 Total $ 240,001 $ 273,531 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Depreciable Lives December 31, 2020 December 31, 2019 Land - $ 15,698 $ 16,046 Land improvements 5 - 10 3,742 3,675 Buildings and improvements 7 - 30 148,507 142,663 Machinery and equipment 2 - 15 222,802 213,994 Furniture and fixtures 3 - 7 6,699 6,493 Computer software and equipment 2 - 5 28,977 28,653 Vehicles 2 - 5 2,504 2,272 Financing lease 3,582 613 Construction in progress - 2,068 2,715 434,579 417,124 Less accumulated depreciation (277,379 ) (260,331 ) Net property and equipment $ 157,200 $ 156,793 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 $ 1,065 $ 2,358 $ - $ 3,423 Acquisitions - - - 3,423 Impairments - - - 3,423 Balance as of December 31, 2019 1,065 2,358 - 3,423 Acquisitions - 1,700 - 1,700 Impairments - - - - Balance as of December 31, 2020 $ 1,065 $ 4,058 $ - $ 5,123 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of December 31, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,442 $ (9,101 ) $ 12,341 Covenant not to compete - subject to amortization 259 (186 ) 73 Trade name - not subject to amortization 20,179 - 20,179 $ 41,880 $ (9,287 ) $ 32,593 As of December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 18,022 $ (7,900 ) $ 10,122 Covenant not to compete - subject to amortization 259 (117 ) 142 Trade name - not subject to amortization 18,995 - 18,995 $ 37,276 $ (8,017 ) $ 29,259 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (in thousands) 2020 2019 Operating lease cost $ 7,089 $ 7,013 Finance lease cost Amortization 254 67 Interest on lease liabilities 54 15 $ 308 $ 82 |
Lease, Payment [Table Text Block] | (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,996 $ 6,913 Operating cash flows from finance leases 54 15 Financing cash flows from finance leases 242 63 Total cash paid for amounts included in the measurement of lease liabilities $ 7,292 $ 6,991 |
Lease, Balance Sheet Information [Table Text Block] | (in thousands) 2020 2019 Operating leases Operating lease $ 36,060 $ 31,506 Operating lease accumulated amortization (10,706 ) (5,808 ) Operating lease right of use asset, net $ 25,354 $ 25,698 Operating lease current liabilities 5,580 5,481 Operating lease liabilities 19,965 20,418 $ 25,545 $ 25,899 (in thousands) 2020 2019 Finance leases Finance lease $ 3,582 $ 613 Finance lease accumulated depreciation (333 ) (67 ) Finance lease, net $ 3,249 $ 546 Finance lease current liabilities 815 108 Finance lease liabilities 2,453 443 $ 3,268 $ 551 Weighted average remaining lease term (in years) 2020 2019 Operating leases 7 Finance leases 6 Weighted average discount rate Operating leases 3.76 % 3.72 % Finance leases 3.80 % 4.01 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | (in thousands) Operating Lease Finance Lease Year Ending December 31, 2021 $ 6,405 $ 914 2022 5,384 851 2023 4,406 578 2024 3,773 492 2025 2,491 325 Thereafter 6,407 387 Total future minimum lease payments $ 28,866 $ 3,547 Less remaining imputed interest (3,321 ) (279 ) Total $ 25,545 $ 3,268 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of December 31, (in thousands) 2020 2019 Asset-based revolving credit facility due December 8, 2022 $ 160,609 $ 192,925 Total debt 160,609 192,925 Less current amount - - Total long-term debt $ 160,609 $ 192,925 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2021 2022 2023 2024 2025 Total ABL Credit Facility $ - $ 160,609 $ - $ - $ - $ 160,609 Total principal payments $ - $ 160,609 $ - $ - $ - $ 160,609 |
Note 10 - Derivative Instrume_2
Note 10 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized (in thousands) 2020 2019 2018 Fixed interest rate hedge $ (1,520 ) $ (227 ) $ - Interest rate swap (CTI) - - (5 ) Metals swaps 55 291 (79 ) Embedded customer derivatives (55 ) (291 ) 79 Total loss $ (1,520 ) $ (227 ) $ (5 ) |
Note 11 - Fair Value of Asset_2
Note 11 - Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Fixed interest rate hedge $ - $ 5,620 $ - $ 5,620 Total liabilities recorded at fair value $ - $ 5,620 $ - $ 5,620 Value of Items Recorded at Fair Value As of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivatives $ - $ 4 $ - $ 4 Total assets at fair value $ - $ 4 $ - $ 4 Liabilities: Metal swaps $ - $ 4 $ - $ 4 Fixed interest rate hedge - 3,041 - 3,041 Total liabilities recorded at fair value $ - $ 3,045 $ - $ 3,045 |
Note 12 - Equity Plans (Tables)
Note 12 - Equity Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the years ended December 31, (in thousands) 2020 2019 2018 RSU expense before taxes of the Plan $ 1,265 $ 965 $ 643 RSU expense after taxes 1,024 704 471 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2020 2019 2018 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 636,086 $ 19.25 527,546 $ 20.65 469,069 $ 20.11 Granted 70,588 11.92 207,521 16.36 84,283 22.33 Converted into shares (94,161 ) 20.27 (96,845 ) 20.59 (19,097 ) 16.09 Forfeited (1,973 ) 18.14 (2,136 ) 22.80 (6,709 ) 16.98 Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 527,546 $ 20.65 Vested at December 31 375,692 $ 18.88 419,721 $ 20.37 436,069 $ 20.42 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | As of December 31, (in thousands) 2020 2019 2018 Current: Federal $ 321 $ 1,747 $ 9,188 International 103 107 - State and local 59 22 1,797 483 1,876 10,985 Deferred (1,799 ) (443 ) 1,320 Income tax provision (benefit) $ (1,316 ) $ 1,433 $ 12,305 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2020 2019 Deferred tax assets: Inventory (excluding LIFO reserve) $ 1,529 $ 1,353 Net operating loss and tax credit carryforwards 3,510 3,198 Allowance for credit losses 440 513 Accrued expenses 5,778 5,486 Lease liabilities 7,348 6,718 Interest rate hedge 1,405 760 Other 390 237 Deferred tax assets before valuation allowance 20,400 18,265 Valuation allowance (2,302 ) (2,215 ) Total deferred tax assets 18,098 16,050 Deferred tax liabilities: LIFO reserve (3,528 ) (3,646 ) Property and equipment (13,562 ) (13,250 ) Lease right of use assets (7,294 ) (6,718 ) Intangibles (3,532 ) (4,698 ) Total deferred tax liabilities (27,916 ) (28,312 ) Deferred tax liabilities, net $ (9,818 ) $ (12,262 ) |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | (in thousands) 2020 2019 2018 Balance as of January 1 $ 28 $ 27 $ 40 Change in tax due to tax law - - (12 ) Increases related to current year tax positions 8 10 9 Decreases related to lapsing of statute of limitations (8 ) (9 ) (10 ) Balance as of December 31 $ 28 $ 28 $ 27 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 1.0 % 3.7 % 4.6 % Meals and entertainment (1.8 )% 5.8 % 0.6 % Tax credits 2.0 % (4.2 )% (0.6 )% Stock based compensation (3.4 )% - - All other, net 0.2 % 0.8 % 1.1 % Effective income tax rate 19.0 % 27.1 % 26.7 % |
Note 15 - Shares Outstanding _2
Note 15 - Shares Outstanding and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the years ended December 31, (in thousands, except per share data) 2020 2019 2018 Weighted average basic shares outstanding 11,447 11,509 11,432 Assumed exercise of stock options and issuance of stock awards - - 8 Weighted average diluted shares outstanding 11,447 11,509 11,440 Net income (loss) $ (5,595 ) $ 3,856 $ 33,759 Basic earnings (loss) per share $ (0.49 ) $ 0.34 $ 2.95 Diluted earnings (loss) per share $ (0.49 ) $ 0.34 $ 2.95 Unvested RSUs 235 216 91 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Year Ended December 31, (in thousands) 2020 2019 2018 Net sales Carbon flat products $ 690,273 $ 926,903 $ 1,073,292 Specialty metals flat products 313,190 363,634 343,479 Tubular and pipe products 230,681 288,503 298,310 Total net sales $ 1,234,144 $ 1,579,040 $ 1,715,081 Depreciation and amortization Carbon flat products $ 11,941 $ 11,624 $ 10,621 Specialty metals flat products 1,951 1,830 1,251 Tubular and pipe products 5,478 5,408 5,601 Corporate 120 168 135 Total depreciation and amortization $ 19,490 $ 19,030 $ 17,608 Operating income Carbon flat products $ (10,289 ) $ (5,023 ) $ 44,354 Specialty metals flat products 11,666 14,321 15,248 Tubular and pipe products 9,019 18,607 11,520 Corporate (9,823 ) (11,295 ) (14,070 ) Total operating income $ 573 $ 16,610 $ 57,052 Other loss, net (73 ) (32 ) (307 ) Income before interest and income taxes 500 16,578 56,745 Interest and other expense on debt 7,411 11,289 10,681 Income (loss) before income taxes $ (6,911 ) $ 5,289 $ 46,064 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Year Ended December 31, (in thousands) 2020 2019 2018 Capital expenditures Flat products $ 7,589 $ 6,996 $ 19,985 Tubular and pipe products 2,214 3,169 5,242 Corporate - - 488 Total capital expenditures $ 9,803 $ 10,165 $ 25,715 Assets Flat products $ 404,269 $ 432,566 Tubular and pipe products 235,516 215,841 Corporate 820 1,148 Total assets $ 640,605 $ 649,555 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2018 Allowance for credit losses $ 1,610 $ 575 $ - $ (245 ) $ 1,940 Tax valuation reserve $ 2,379 $ - $ - $ (324 ) $ 2,055 Year Ended December 31, 2019 Allowance for credit losses $ 1,940 $ 590 $ - $ (565 ) $ 1,965 Tax valuation reserve $ 2,055 $ 160 $ - $ - $ 2,215 Year Ended December 31, 2020 Allowance for credit losses $ 1,965 $ 1,154 $ - $ (1,393 ) $ 1,726 Tax valuation reserve $ 2,215 $ 87 $ - $ - $ 2,302 |
Schedule III - Supplemental F_2
Schedule III - Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 1st quarter 2nd quarter 3rd quarter 4th quarter Year Net sales $ 354,380 $ 248,296 $ 299,921 $ 331,547 $ 1,234,144 Operating income (loss) (a) 3,051 (7,485 ) (363 ) 5,370 573 Income (loss) before income taxes 795 (9,402 ) (2,081 ) 3,777 (6,911 ) Net income (loss) $ 593 $ (6,454 ) $ (1,520 ) $ 1,786 $ (5,595 ) Basic net income (loss) per share $ 0.05 $ (0.56 ) $ (0.13 ) $ 0.16 $ (0.49 ) Weighted average shares outstanding - basic 11,444 11,446 11,452 11,451 11,447 Diluted net income (loss) per share $ 0.05 $ (0.56 ) $ (0.13 ) $ 0.16 $ (0.49 ) Weighted average shares outstanding - diluted 11,459 11,446 11,452 11,475 11,447 Market price of common stock: (b) High $ 18.05 $ 13.95 $ 12.64 $ 16.49 $ 18.05 Low 8.44 7.74 9.68 10.84 7.74 2019 1st quarter 2nd quarter 3rd quarter 4th quarter Year Net sales $ 445,919 $ 429,151 $ 384,230 $ 319,740 $ 1,579,040 Operating income (a) 6,074 5,940 3,581 1,015 16,610 Income (loss) before income taxes 2,846 2,707 1,024 (1,288 ) 5,289 Net income (loss) $ 2,074 $ 2,081 $ 591 $ (890 ) $ 3,856 Basic net income (loss) per share $ 0.18 $ 0.18 $ 0.05 $ (0.08 ) $ 0.34 Weighted average shares outstanding - basic 11,488 11,415 11,420 11,416 11,509 Diluted net income (loss) per share $ 0.18 $ 0.18 $ 0.05 $ (0.08 ) $ 0.34 Weighted average shares outstanding - diluted 11,488 11,415 11,420 11,416 11,509 Market price of common stock: (b) High $ 20.24 $ 18.24 $ 16.28 $ 18.41 $ 20.24 Low 14.00 12.09 9.99 13.53 9.99 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Number of Reportable Segments | 3 | ||
LIFO Inventory Amount | $ 50.3 | $ 39.1 | |
Percentage of LIFO Inventory | 21.00% | 14.30% | |
Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||
Minimum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Maximum [Member] | Software and Software Development Costs [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Steel Requirements [Member] | Supplier Concentration Risk [Member] | Three Largest Suppliers [Member] | |||
Concentration Risk, Percentage | 56.00% | 57.00% | 52.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Top 20 [Member] | |||
Concentration Risk, Percentage | 25.00% | 29.00% | 29.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | |||
Concentration Risk, Percentage | 2.00% | 5.00% | 5.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Industrial Machinery and Equipment Manufacturers and Fabricators [Member] | |||
Concentration Risk, Percentage | 45.00% | 46.00% | 48.00% |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Millions | Dec. 14, 2020 | Aug. 05, 2019 | Jan. 02, 2019 | Apr. 02, 2018 |
Action Stainless & Alloys, Inc. [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 19.5 | |||
EZ-Dumper [Member] | ||||
Payments to Acquire Businesses, Gross | $ 0.1 | |||
McCullough [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 11 | |||
Berlin Metals [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 21.9 |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 14, 2020 | Dec. 31, 2019 | Aug. 05, 2019 | Feb. 02, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Goodwill | $ 5,123 | $ 3,423 | $ 3,423 | ||||
Action Stainless & Alloys, Inc. [Member] | |||||||
Accounts receivable, net | $ 3,239 | ||||||
Inventories | 3,656 | ||||||
Property and equipment | 10,610 | ||||||
Prepaid expenses and other | 204 | ||||||
Goodwill | 1,700 | ||||||
Intangible assets | 4,604 | ||||||
Total assets acquired | 24,013 | ||||||
Total liabilities assumed | (4,513) | ||||||
Cash paid | $ 19,500 | ||||||
EZ-Dumper [Member] | |||||||
Accounts receivable, net | $ 0 | ||||||
Inventories | 43 | ||||||
Property and equipment | 67 | ||||||
Prepaid expenses and other | 0 | ||||||
Goodwill | 166 | ||||||
Intangible assets | 23 | ||||||
Total assets acquired | 299 | ||||||
Total liabilities assumed | (166) | ||||||
Cash paid | $ 133 | ||||||
McCullough [Member] | |||||||
Accounts receivable, net | $ 461 | ||||||
Inventories | 586 | ||||||
Property and equipment | 4,138 | ||||||
Prepaid expenses and other | 0 | ||||||
Goodwill | 898 | ||||||
Intangible assets | 5,599 | ||||||
Total assets acquired | 11,682 | ||||||
Total liabilities assumed | (682) | ||||||
Cash paid | $ 11,000 | ||||||
Berlin Metals [Member] | |||||||
Accounts receivable, net | $ 6,609 | ||||||
Inventories | 14,769 | ||||||
Property and equipment | 2,898 | ||||||
Prepaid expenses and other | 345 | ||||||
Goodwill | 0 | ||||||
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) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Percentage of net sales | 100.00% | 100.00% |
Hot Rolled Products [Member] | ||
Percentage of net sales | 29.70% | 32.30% |
Plate Products [Member] | ||
Percentage of net sales | 9.60% | 12.20% |
Cold Rolled Products [Member] | ||
Percentage of net sales | 5.90% | 5.50% |
Coated Products [Member] | ||
Percentage of net sales | 9.60% | 7.70% |
Specialty [Member] | ||
Percentage of net sales | 23.50% | 20.90% |
Pipe and Tube Products [Member] | ||
Percentage of net sales | 18.70% | 18.30% |
Product and Service, Other [Member] | ||
Percentage of net sales | 3.00% | 3.10% |
Carbon Flat Products [Member] | ||
Percentage of net sales | 55.90% | 58.70% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 29.70% | 32.30% |
Carbon Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 9.60% | 12.20% |
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 5.90% | 5.50% |
Carbon Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 9.60% | 7.70% |
Carbon Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Carbon Flat Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 1.10% | 1.00% |
Specialty Metals Flat Products [Member] | ||
Percentage of net sales | 25.40% | 23.00% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Specialty [Member] | ||
Percentage of net sales | 23.50% | 20.90% |
Specialty Metals Flat Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 1.90% | 2.10% |
Tubular and Pipe Products [Member] | ||
Percentage of net sales | 18.70% | 18.30% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Plate Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Coated Products [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Specialty [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Pipe and Tube Products [Member] | ||
Percentage of net sales | 18.70% | 18.30% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||
Percentage of net sales | 0.00% | 0.00% |
Note 4 - Accounts Receivable (D
Note 4 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 3.6 | $ 3.7 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 1.2 | $ 0.6 | $ 0.6 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory, LIFO Reserve, Period Charge | $ (1.5) | $ (3.7) |
Inventory Difference Using FIFO Basis | $ (2.1) | $ (0.6) |
Note 5 - Inventories - Steel In
Note 5 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unprocessed | $ 194,614 | $ 220,787 |
Processed and finished | 45,387 | 52,744 |
Total | $ 240,001 | $ 273,531 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment, at cost | $ 434,579 | $ 417,124 |
Financing lease | 3,582 | 613 |
Accumulated depreciation | (277,379) | (260,331) |
Net property and equipment | $ 157,200 | 156,793 |
Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Maximum [Member] | ||
Depreciable lives (Year) | 30 years | |
Land [Member] | ||
Property and equipment, at cost | $ 15,698 | 16,046 |
Land Improvements [Member] | ||
Property and equipment, at cost | $ 3,742 | 3,675 |
Land Improvements [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 10 years | |
Building and Building Improvements [Member] | ||
Property and equipment, at cost | $ 148,507 | 142,663 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 30 years | |
Machinery and Equipment [Member] | ||
Property and equipment, at cost | $ 222,802 | 213,994 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 15 years | |
Furniture and Fixtures [Member] | ||
Property and equipment, at cost | $ 6,699 | 6,493 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 7 years | |
Software and Software Development Costs [Member] | ||
Property and equipment, at cost | $ 28,977 | 28,653 |
Depreciable lives (Year) | 5 years | |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 5 years | |
Vehicles [Member] | ||
Property and equipment, at cost | $ 2,504 | 2,272 |
Vehicles [Member] | Minimum [Member] | ||
Depreciable lives (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Depreciable lives (Year) | 5 years | |
Construction in Progress [Member] | ||
Property and equipment, at cost | $ 2,068 | $ 2,715 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,500 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1,400 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,500 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1,400 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 1,400 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 15 years | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 3,423 | $ 3,423 |
Acquisitions | 1,700 | 3,423 |
Impairments | 0 | 3,423 |
Balance | 5,123 | 3,423 |
Carbon Flat Products [Member] | ||
Balance | 1,065 | 1,065 |
Acquisitions | 0 | 0 |
Impairments | 0 | 0 |
Balance | 1,065 | 1,065 |
Specialty Metals Flat Products [Member] | ||
Balance | 2,358 | 2,358 |
Acquisitions | 1,700 | 0 |
Impairments | 0 | 0 |
Balance | 4,058 | 2,358 |
Tubular and Pipe Products [Member] | ||
Balance | 0 | 0 |
Acquisitions | 0 | 0 |
Impairments | 0 | 0 |
Balance | $ 0 | $ 0 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated amortization | $ (9,287) | $ (8,017) |
Intangible assets, gross | 41,880 | 37,276 |
Intangible assets, net | 32,593 | 29,259 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 20,179 | 18,995 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 21,442 | 18,022 |
Accumulated amortization | (9,101) | (7,900) |
Finite-lived intangible assets, net | 12,341 | 10,122 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 259 | 259 |
Accumulated amortization | (186) | (117) |
Finite-lived intangible assets, net | $ 73 | $ 142 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 25,354 | $ 25,698 | |
Cleveland Warehouse [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||
Operating Lease, Annual Expense | $ 200 | ||
Lessee, Operating Lease, Number of Renewal Term | 3 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 30,100 | ||
Operating Lease, Liability, Total | $ 30,100 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 18 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 7,089 | $ 7,013 |
Finance lease cost | ||
Amortization | 254 | 67 |
Interest on lease liabilities | 54 | 15 |
Finance Lease, Cost | $ 308 | $ 82 |
Note 8 - Leases - Lease Payment
Note 8 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating cash flows from operating leases | $ 6,996 | $ 6,913 |
Operating cash flows from finance leases | 54 | 15 |
Financing cash flows from finance leases | 242 | 63 |
Total cash paid for amounts included in the measurement of lease liabilities | $ 7,292 | $ 6,991 |
Note 8 - Leases - Balance Sheet
Note 8 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease | $ 36,060 | $ 31,506 |
Operating lease accumulated amortization | (10,706) | (5,808) |
Operating lease right of use asset, net | 25,354 | 25,698 |
Current portion of lease liabilities | 5,580 | 5,481 |
Operating lease, operating lease liabilities | 19,965 | 20,418 |
Finance lease | 434,579 | 417,124 |
Finance lease accumulated depreciation | (277,379) | (260,331) |
Finance lease, net | 3,249 | 546 |
Finance lease current liabilities | 815 | 108 |
Finance lease liabilities | 2,453 | 443 |
Finance Lease, Liability, Total | $ 3,268 | $ 551 |
Operating leases (Year) | 7 years | |
Finance leases (Year) | 6 years | |
Operating leases | 3.76% | 3.72% |
Finance leases | 3.80% | 4.01% |
Current Portion and Lease Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 25,545 | $ 25,899 |
Assets Held Under Finance Leases [Member] | ||
Finance lease | 3,582 | 613 |
Finance lease accumulated depreciation | $ (333) | $ (67) |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease, 2021 | $ 6,405 | |
Finance lease, 2021 | 914 | |
Operating lease, 2022 | 5,384 | |
Finance lease, 2022 | 851 | |
Operating lease, 2023 | 4,406 | |
Finance lease, 2023 | 578 | |
Operating lease, 2024 | 3,773 | |
Finance lease, 2024 | 492 | |
Operating lease, 2025 | 2,491 | |
Finance lease, 2025 | 325 | |
Operating lease, Thereafter | 6,407 | |
Finance lease, Thereafter | 387 | |
Operating lease, Total future minimum lease payments | 28,866 | |
Finance lease, Total future minimum lease payments | 3,547 | |
Operating lease, Less remaining imputed interest | (3,321) | |
Finance lease, Less remaining imputed interest | (279) | |
Finance lease, Total | 3,268 | $ 551 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | $ 25,545 | $ 25,899 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Thousands | Dec. 14, 2020USD ($) | Jan. 10, 2019 | Mar. 01, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2011USD ($) |
Prepaid Expense and Other Assets, Current | $ 5,069 | $ 6,997 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 7,002 | 10,951 | $ 10,241 | ||||
Long-term Debt, Gross | $ 188,400 | $ 257,600 | $ 275,300 | ||||
Industrial Revenue Bond Member [Member] | |||||||
Repayments of Long-term Debt, Total | $ 900 | ||||||
All Debt, Excluding Deferred Financing Fees and Deferred Commitment Fees [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | 4.00% | 3.70% | ||||
Chicago Tube and Iron Company Acquisition [Member] | Industrial Revenue Bond Member [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 5,900 | ||||||
Interest Rate Swap [Member] | |||||||
Debt Instrument, Term (Year) | 5 years | ||||||
Amortized Banking Fees [Member] | |||||||
Prepaid Expense and Other Assets, Current | $ 900 | $ 1,300 | |||||
ABL Credit Facility [Member] | |||||||
Derivative, Term of Contract (Year) | 5 years | ||||||
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ABL Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 445,000 | ||||||
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 | 475,000 | ||||||
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 | $ 47,500 | ||||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10.00% | ||||||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 28,500 | ||||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 120,700 | ||||||
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 | 0.25% | ||||||
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 9 - Debt - Summary of Debt
Note 9 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset-based revolving credit facility due December 8, 2022 | $ 160,609 | $ 192,925 |
Total debt | 160,609 | 192,925 |
Less current amount | 0 | 0 |
Total long-term debt | 160,609 | 192,925 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility due December 8, 2022 | $ 160,609 | $ 192,925 |
Note 9 - Debt - Summary of De_2
Note 9 - Debt - Summary of Debt (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Maturity date | Dec. 8, 2022 | Dec. 8, 2022 |
Note 9 - Debt - Principal Payme
Note 9 - Debt - Principal Payments Over the Next 5 Years and Thereafter (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 0 | |
2022 | 160,609 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total | 160,609 | $ 192,925 |
ABL Credit Facility [Member] | ||
2021 | 0 | |
2022 | 160,609 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total | $ 160,609 |
Note 10 - Derivative Instrume_3
Note 10 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument, Term (Year) | 5 years | ||
Derivative, Notional Amount | $ 75 | ||
Derivative, Fixed Interest Rate | 2.57% | ||
Other Noncurrent Liabilities [Member] | |||
Derivative Liability, Total | $ 5.6 | $ 3 |
Note 10 - Derivative Instrume_4
Note 10 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Gain (Loss) Recognized | $ (1,520) | $ (227) | $ (5) |
Interest Rate Swap [Member] | |||
Net Gain (Loss) Recognized | (1,520) | (227) | 0 |
Interest Rate Swap [Member] | Chicago Tube and Iron Company Acquisition [Member] | |||
Net Gain (Loss) Recognized | 0 | 0 | (5) |
Metal Swaps [Member] | |||
Net Gain (Loss) Recognized | 55 | 291 | (79) |
Embedded Customer Derivatives [Member] | |||
Net Gain (Loss) Recognized | $ (55) | $ (291) | $ 79 |
Note 11 - Fair Value of Asset_3
Note 11 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revolving Credit Facility [Member] | ||
Long-term Debt, Fair Value | $ 160.6 | $ 192.9 |
Note 11 - Fair Value of Asset_4
Note 11 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total liabilities recorded at fair value | $ 5,620 | $ 3,045 |
Embedded customer derivatives | 4 | |
Total assets at fair value | 4 | |
Interest Rate Swap [Member] | ||
Derivative Liability, Total | 5,620 | 3,041 |
Metal Swaps [Member] | ||
Derivative Liability, Total | 4 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities recorded at fair value | 0 | 0 |
Embedded customer derivatives | 0 | |
Total assets at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Total | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative Liability, Total | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities recorded at fair value | 5,620 | 3,045 |
Embedded customer derivatives | 4 | |
Total assets at fair value | 4 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Total | 5,620 | 3,041 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative Liability, Total | 4 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities recorded at fair value | 0 | 0 |
Embedded customer derivatives | 0 | |
Total assets at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Total | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative Liability, Total | $ 0 |
Note 12 - Equity Plans (Details
Note 12 - Equity Plans (Details Textual) - USD ($) | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 70,588 | 207,521 | 84,283 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,700,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||
Restricted Stock Units (RSUs) [Member] | Supplemental Employee Retirement Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 62,229 | 38,052 | ||
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 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, Value | $ 80,000 | $ 80,000 | |||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 51,506 | ||||
Restricted Stock Units (RSUs) [Member] | Chief Financial Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,694 | 14,891 | |||
Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,000,000 |
Note 12 - Equity Plans - Stock-
Note 12 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RSU expense before taxes of the Plan | $ 1,265 | $ 965 | $ 643 |
RSU expense after taxes | $ 1,024 | $ 704 | $ 471 |
Note 12 - Equity Plans - Restri
Note 12 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, number of shares (in shares) | 636,086 | 527,546 | 469,069 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 19.25 | $ 20.65 | $ 20.11 |
Granted, number of shares (in shares) | 70,588 | 207,521 | 84,283 |
Granted, weighted average estimated fair value (in dollars per share) | $ 11.92 | $ 16.36 | $ 22.33 |
Converted into shares, number of shares (in shares) | (94,161) | (96,845) | (19,097) |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 20.27 | $ 20.59 | $ 16.09 |
Forfeited, number of shares (in shares) | (1,973) | (2,136) | (6,709) |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 18.14 | $ 22.80 | $ 16.98 |
Outstanding, number of shares (in shares) | 610,540 | 636,086 | 527,546 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.25 | $ 19.25 | $ 20.65 |
Vested, number of shares (in shares) | 375,692 | 419,721 | 436,069 |
Vested, weighted average estimated fair value (in dollars per share) | $ 18.88 | $ 20.37 | $ 20.42 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | Dec. 31, 2020 |
Entity Number of Employees | 269 |
Collective Bargaining Arrangements | 9 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Deferred Tax Liability From Fixed Interest Rate Hedge | $ (645) | ||
Income Taxes Paid, Net, Total | 1,000 | $ 500 | $ 11,300 |
Deferred Tax Assets, Valuation Allowance, Total | 2,302 | 2,215 | |
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 2,300 | $ 2,200 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 321 | $ 1,747 | $ 9,188 |
International | 103 | 107 | 0 |
State and local | 59 | 22 | 1,797 |
Current Income Tax Expense (Benefit), Total | 483 | 1,876 | 10,985 |
Deferred | (1,799) | (443) | 1,320 |
Income tax provision (benefit) | $ (1,316) | $ 1,433 | $ 12,305 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Inventory (excluding LIFO reserve) | $ 1,529 | $ 1,353 |
Net operating loss and tax credit carryforwards | 3,510 | 3,198 |
Allowance for credit losses | 440 | 513 |
Accrued expenses | 5,778 | 5,486 |
Lease liabilities | 7,348 | 6,718 |
Interest rate hedge | 1,405 | 760 |
Other | 390 | 237 |
Deferred tax assets before valuation allowance | 20,400 | 18,265 |
Valuation allowance | (2,302) | (2,215) |
Total deferred tax assets | 18,098 | 16,050 |
Deferred tax liabilities: | ||
LIFO reserve | (3,528) | (3,646) |
Property and equipment | (13,562) | (13,250) |
Lease right of use assets | (7,294) | (6,718) |
Intangibles | (3,532) | (4,698) |
Total deferred tax liabilities | (27,916) | (28,312) |
Deferred tax liabilities, net | $ (9,818) | $ (12,262) |
Note 14 - Income Taxes - Unreco
Note 14 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 28 | $ 27 | $ 40 |
Change in tax due to tax law | 0 | 0 | (12) |
Increases related to current year tax positions | 8 | 10 | 9 |
Decreases related to lapsing of statute of limitations | (8) | (9) | (10) |
Balance | $ 28 | $ 28 | $ 27 |
Note 14 - Income Taxes - Tax Ra
Note 14 - Income Taxes - Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal statutory rate in effect | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 1.00% | 3.70% | 4.60% |
Meals and entertainment | (1.80%) | 5.80% | 0.60% |
Tax credits | 2.00% | (4.20%) | (0.60%) |
Stock based compensation | (3.40%) | 0.00% | 0.00% |
All other, net | 0.20% | 0.80% | 1.10% |
Effective income tax rate | 19.00% | 27.10% | 26.70% |
Note 15 - Shares Outstanding _3
Note 15 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average basic shares outstanding (in shares) | 11,451 | 11,452 | 11,446 | 11,444 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,432 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 0 | 0 | 8 | ||||||||
Weighted average diluted shares outstanding (in shares) | 11,475 | 11,452 | 11,446 | 11,459 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,440 |
Net income (loss) | $ 1,786 | $ (1,520) | $ (6,454) | $ 593 | $ (890) | $ 591 | $ 2,081 | $ 2,074 | $ (5,595) | $ 3,856 | $ 33,759 |
Basic earnings (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 |
Unvested RSUs (in shares) | 235 | 216 | 91 |
Note 16 - Stock Repurchase Pr_2
Note 16 - Stock Repurchase Program (Details Textual) $ in Thousands | Oct. 02, 2015USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 360,212 | |||
Treasury Stock, Shares, Acquired (in shares) | shares | 15,000 | 109,505 | 0 | |
Treasury Stock, Value, Acquired, Cost Method | $ 145 | $ 1,522 | ||
ABL Credit Facility [Member] | ||||
Unrestricted Common Stock Purchases, Maximum, Value | $ 5,000 | |||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 1 [Member] | Minimum [Member] | ||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 20.00% | |||
Balance Required for Compliance with Revolver Commitments | 95,000 | |||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | ||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 15.00% | |||
Balance Required for Compliance with Revolver Commitments | $ 71,300 | |||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Information -
Note 17 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||||
Net sales | $ 331,547 | $ 299,921 | $ 248,296 | $ 354,380 | $ 319,740 | $ 384,230 | $ 429,151 | $ 445,919 | $ 1,234,144 | $ 1,579,040 | $ 1,715,081 | ||||||||||
Depreciation and amortization | 19,490 | 19,030 | 17,608 | ||||||||||||||||||
Operating income (loss) (a) | $ 5,370 | [1] | $ (363) | [1] | $ (7,485) | [1] | $ 3,051 | [1] | $ 1,015 | [2] | $ 3,581 | [2] | $ 5,940 | [2] | $ 6,074 | [2] | 573 | [1] | 16,610 | [2] | 57,052 |
Other loss, net | (73) | (32) | (307) | ||||||||||||||||||
Income before interest and income taxes | 500 | 16,578 | 56,745 | ||||||||||||||||||
Interest and other expense on debt | 7,411 | 11,289 | 10,681 | ||||||||||||||||||
Income (loss) before income taxes | (6,911) | 5,289 | 46,064 | ||||||||||||||||||
Carbon Flat Products [Member] | |||||||||||||||||||||
Net sales | 690,273 | 926,903 | 1,073,292 | ||||||||||||||||||
Depreciation and amortization | 11,941 | 11,624 | 10,621 | ||||||||||||||||||
Operating income (loss) (a) | (10,289) | (5,023) | 44,354 | ||||||||||||||||||
Specialty Metals Flat Products [Member] | |||||||||||||||||||||
Net sales | 313,190 | 363,634 | 343,479 | ||||||||||||||||||
Depreciation and amortization | 1,951 | 1,830 | 1,251 | ||||||||||||||||||
Operating income (loss) (a) | 11,666 | 14,321 | 15,248 | ||||||||||||||||||
Tubular and Pipe Products [Member] | |||||||||||||||||||||
Net sales | 230,681 | 288,503 | 298,310 | ||||||||||||||||||
Depreciation and amortization | 5,478 | 5,408 | 5,601 | ||||||||||||||||||
Operating income (loss) (a) | 9,019 | 18,607 | 11,520 | ||||||||||||||||||
Corporate Segment [Member] | |||||||||||||||||||||
Depreciation and amortization | 120 | 168 | 135 | ||||||||||||||||||
Operating income (loss) (a) | $ (9,823) | $ (11,295) | $ (14,070) | ||||||||||||||||||
[1] | Operating income (loss) in 2020 includes $1,517 of LIFO income related to the Company's tubular and pipe products segment. | ||||||||||||||||||||
[2] | Operating income (loss) in 2019 includes $3,669 of LIFO income related to the Company's tubular and pipe products segment. |
Note 17 - Segment Information_3
Note 17 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capital expenditures | $ 9,803 | $ 10,165 | $ 25,715 |
Assets | 640,605 | 649,555 | |
Flat Products Segment [Member] | |||
Capital expenditures | 7,589 | 6,996 | 19,985 |
Assets | 404,269 | 432,566 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 2,214 | 3,169 | 5,242 |
Assets | 235,516 | 215,841 | |
Corporate Segment [Member] | |||
Capital expenditures | 0 | 0 | 488 |
Assets | $ 820 | $ 1,148 |
Note 18 - Retirement Plans (Det
Note 18 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2005 | |
Defined Contribution Plan, Administrative Expense | $ 2 | $ 3 | $ 3.2 | |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Contribution Plan Vesting Period (Year) | 5 years | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 7.6 | $ 4.9 | ||
Supplemental Employee Retirement Plan [Member] | Minimum [Member] | ||||
Defined Contribution Plan, Compensation Percentage Multiplier | 6.50% | |||
Supplemental Employee Retirement Plan [Member] | Maximum [Member] | ||||
Defined Contribution Plan, Compensation Percentage Multiplier | 13.00% | |||
Non-union Flat Rolled Segments’ 401K Retirement Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | First Step of Percent Match [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | Second Step of Percent Match [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 19 - Related-party Trans_2
Note 19 - Related-party Transactions (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Cleveland Warehouse [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Lessee, Operating Lease, Number of Renewal Term | 3 |
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Affiliated Entity [Member] | Cleveland Warehouse [Member] | |
Operating Leases, Rent Expense, Total | $ 0.2 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at Beginning of Period | $ 1,965 | $ 1,940 | $ 1,610 |
Additions Charged to Costs and Expenses | 1,154 | 590 | 575 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (1,393) | (565) | (245) |
Balance at End of Period | 1,726 | 1,965 | 1,940 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at Beginning of Period | 2,215 | 2,055 | 2,379 |
Additions Charged to Costs and Expenses | 87 | 160 | 0 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | (324) |
Balance at End of Period | $ 2,302 | $ 2,215 | $ 2,055 |
Schedule III - Supplemental F_3
Schedule III - Supplemental Financial Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tubular and Pipe Products [Member] | ||
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ 1,517 | $ 3,669 |
Schedule III - Supplemental F_4
Schedule III - Supplemental Financial Information - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Net sales | $ 331,547 | $ 299,921 | $ 248,296 | $ 354,380 | $ 319,740 | $ 384,230 | $ 429,151 | $ 445,919 | $ 1,234,144 | $ 1,579,040 | $ 1,715,081 | |||||||||||
Operating income (loss) (a) | 5,370 | [1] | (363) | [1] | (7,485) | [1] | 3,051 | [1] | 1,015 | [2] | 3,581 | [2] | 5,940 | [2] | 6,074 | [2] | 573 | [1] | 16,610 | [2] | 57,052 | |
Income (loss) before income taxes | 3,777 | (2,081) | (9,402) | 795 | (1,288) | 1,024 | 2,707 | 2,846 | (6,911) | 5,289 | ||||||||||||
Net income (loss) | $ 1,786 | $ (1,520) | $ (6,454) | $ 593 | $ (890) | $ 591 | $ 2,081 | $ 2,074 | $ (5,595) | $ 3,856 | $ 33,759 | |||||||||||
Basic net income (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 | |||||||||||
Weighted average shares outstanding - basic (in shares) | 11,451 | 11,452 | 11,446 | 11,444 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,432 | |||||||||||
Diluted net income (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 | |||||||||||
Weighted average shares outstanding - diluted (in shares) | 11,475 | 11,452 | 11,446 | 11,459 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,440 | |||||||||||
Market price of common stock: (b) | ||||||||||||||||||||||
Net sales | $ 331,547 | $ 299,921 | $ 248,296 | $ 354,380 | $ 319,740 | $ 384,230 | $ 429,151 | $ 445,919 | $ 1,234,144 | $ 1,579,040 | $ 1,715,081 | |||||||||||
Operating income (loss) (a) | 5,370 | [1] | (363) | [1] | (7,485) | [1] | 3,051 | [1] | 1,015 | [2] | 3,581 | [2] | 5,940 | [2] | 6,074 | [2] | 573 | [1] | 16,610 | [2] | 57,052 | |
Income (loss) before income taxes | 3,777 | (2,081) | (9,402) | 795 | (1,288) | 1,024 | 2,707 | 2,846 | (6,911) | 5,289 | ||||||||||||
Net income (loss) | $ 1,786 | $ (1,520) | $ (6,454) | $ 593 | $ (890) | $ 591 | $ 2,081 | $ 2,074 | $ (5,595) | $ 3,856 | $ 33,759 | |||||||||||
Basic net income (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 | |||||||||||
Weighted average shares outstanding - basic (in shares) | 11,451 | 11,452 | 11,446 | 11,444 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,432 | |||||||||||
Diluted net income (loss) per share (in dollars per share) | $ 0.16 | $ (0.13) | $ (0.56) | $ 0.05 | $ (0.08) | $ 0.05 | $ 0.18 | $ 0.18 | $ (0.49) | $ 0.34 | $ 2.95 | |||||||||||
Weighted average shares outstanding - diluted (in shares) | 11,475 | 11,452 | 11,446 | 11,459 | 11,416 | 11,420 | 11,415 | 11,488 | 11,447 | 11,509 | 11,440 | |||||||||||
Maximum [Member] | ||||||||||||||||||||||
Market price of common stock: (b) | ||||||||||||||||||||||
Market price of common stock (in dollars per share) | [3] | $ 16.49 | $ 12.64 | $ 13.95 | $ 18.05 | $ 18.41 | $ 16.28 | $ 18.24 | $ 20.24 | $ 18.05 | $ 20.24 | |||||||||||
Minimum [Member] | ||||||||||||||||||||||
Market price of common stock: (b) | ||||||||||||||||||||||
Market price of common stock (in dollars per share) | [3] | $ 10.84 | $ 9.68 | $ 7.74 | $ 8.44 | $ 13.53 | $ 9.99 | $ 12.09 | $ 14 | $ 7.74 | $ 9.99 | |||||||||||
[1] | Operating income (loss) in 2020 includes $1,517 of LIFO income related to the Company's tubular and pipe products segment. | |||||||||||||||||||||
[2] | Operating income (loss) in 2019 includes $3,669 of LIFO income related to the Company's tubular and pipe products segment. | |||||||||||||||||||||
[3] | Represents the high and low sales prices of our common stock as reported by the Nasdaq Global Select Market. |