Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 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 Common Stock, Shares Outstanding | 11,077,322 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 15,143 | $ 5,533 |
Accounts receivable, net | 303,236 | 151,601 |
Inventories, net (includes LIFO credit of $9,885 and LIFO debit of $2,115 as of September 30, 2021 and December 31, 2020, respectively) | 417,979 | 240,001 |
Prepaid expenses and other | 12,459 | 5,069 |
Total current assets | 748,817 | 402,204 |
Property and equipment, at cost | 412,635 | 434,579 |
Accumulated depreciation | (265,360) | (277,379) |
Net property and equipment | 147,275 | 157,200 |
Goodwill | 5,234 | 5,123 |
Intangible assets, net | 31,307 | 32,593 |
Other long-term assets | 15,203 | 18,131 |
Right of use assets, net | 23,470 | 25,354 |
Total assets | 971,306 | 640,605 |
Liabilities | ||
Accounts payable | 160,034 | 87,291 |
Accrued payroll | 35,493 | 10,985 |
Other accrued liabilities | 28,450 | 22,869 |
Current portion of lease liabilities | 5,457 | 5,580 |
Total current liabilities | 229,434 | 126,725 |
Credit facility revolver | 297,880 | 160,609 |
Other long-term liabilities | 16,620 | 22,478 |
Deferred income taxes | 10,365 | 9,818 |
Lease liabilities | 18,292 | 19,965 |
Total liabilities | 572,591 | 339,595 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 133,174 | 132,382 |
Accumulated other comprehensive loss | (2,827) | (4,215) |
Retained earnings | 268,368 | 172,843 |
Total shareholders' equity | 398,715 | 301,010 |
Total liabilities and shareholders' equity | $ 971,306 | $ 640,605 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory, LIFO debit | $ 9,885 | $ 2,115 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 668,466 | $ 299,921 | $ 1,687,667 | $ 902,597 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 520,866 | 239,967 | 1,304,234 | 718,726 |
Warehouse and processing | 26,208 | 19,471 | 76,153 | 62,173 |
Administrative and general | 24,811 | 16,507 | 74,328 | 52,577 |
Distribution | 14,424 | 11,226 | 42,086 | 33,133 |
Selling | 12,155 | 6,130 | 30,408 | 18,863 |
Occupancy | 3,029 | 2,256 | 8,951 | 7,355 |
Depreciation | 4,243 | 4,347 | 13,557 | 13,422 |
Amortization | 570 | 380 | 1,764 | 1,145 |
Total costs and expenses | 606,306 | 300,284 | 1,551,481 | 907,394 |
Operating income (loss) | 62,160 | (363) | 136,186 | (4,797) |
Other loss, net | (15) | (25) | (24) | (68) |
Income (loss) before interest and income taxes | 62,145 | (388) | 136,162 | (4,865) |
Interest and other expense on debt | 1,947 | 1,693 | 5,618 | 5,823 |
Income (loss) before income taxes | 60,198 | (2,081) | 130,544 | (10,688) |
Income tax provision (benefit) | 15,665 | (561) | 34,354 | (3,307) |
Net income (loss) | 44,533 | (1,520) | 96,190 | (7,381) |
Gain (loss) on cash flow hedge | 434 | 470 | 1,851 | (3,001) |
Tax effect on cash flow hedge | (109) | (118) | (463) | 750 |
Total comprehensive income (loss) | $ 44,858 | $ (1,168) | $ 97,578 | $ (9,632) |
Earnings per share: | ||||
Net income (loss) per share - basic (in dollars per share) | $ 3.88 | $ (0.13) | $ 8.37 | $ (0.64) |
Weighted average shares outstanding - basic (in shares) | 11,492 | 11,452 | 11,491 | 11,447 |
Net income (loss) per share - diluted (in dollars per share) | $ 3.87 | $ (0.13) | $ 8.36 | $ (0.64) |
Weighted average shares outstanding - diluted (in shares) | 11,515 | 11,452 | 11,509 | 11,447 |
Dividends declared per share of common stock (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from (used for) operating activities: | ||
Net income (loss) | $ 96,190 | $ (7,381) |
Adjustments to reconcile net income (loss) to net cash from (used for) operating activities - | ||
Depreciation and amortization | 15,837 | 14,955 |
(Gain) loss on disposition of property and equipment | (48) | 2,030 |
Gain on disposition of Detroit operation (before expenses of $2,569) | (6,068) | 0 |
Stock-based compensation | 792 | 922 |
Other long-term assets | 5,558 | (3,329) |
Other long-term liabilities | (4,497) | 1,981 |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 107,764 | 9,178 |
Changes in working capital: | ||
Accounts receivable | (151,635) | (14,983) |
Inventories | (177,978) | 40,634 |
Prepaid expenses and other | (7,365) | (1,197) |
Accounts payable | 74,850 | 2,491 |
Change in outstanding checks | (2,107) | (2,278) |
Accrued payroll and other accrued liabilities | 29,534 | (5,192) |
Increase (Decrease) in Operating Capital, Total | (234,701) | 19,475 |
Net cash from (used for) operating activities | (126,937) | 28,653 |
Cash flows from (used for) investing activities: | ||
Capital expenditures | (7,738) | (7,968) |
Proceeds from disposition of property and equipment | 32 | 1,150 |
Proceeds from sale of Detroit property and equipment | 9,506 | 0 |
Net cash from (used for) investing activities | 1,800 | (6,818) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 546,594 | 245,255 |
Credit facility revolver repayments | (409,323) | (266,880) |
Principal payment under capital lease obligation | (656) | 0 |
Credit facility fees and expenses | (1,203) | 0 |
Repurchase of common stock | 0 | (145) |
Dividends paid | (665) | (663) |
Net cash from (used for) financing activities | 134,747 | (22,433) |
Cash and cash equivalents: | ||
Net change | 9,610 | (598) |
Beginning balance | 5,533 | 5,742 |
Ending balance | 15,143 | 5,144 |
Interest paid | 5,023 | 5,515 |
Income taxes paid | $ 33,968 | $ 37 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Amount of operating expense attributable to sale of operations | $ 2,569 | |
Finance lease obligations incurred | $ 1,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2019 | $ 131,647 | $ (2,281) | $ 179,321 | $ (335) | $ 308,352 |
Net income (loss) | 0 | 0 | (7,381) | 0 | (7,381) |
Payment of dividends | 0 | 0 | (663) | 0 | (663) |
Stock-based compensation | 922 | 0 | 0 | 0 | 922 |
Changes in fair value of hedges, net of tax | 0 | (2,251) | 0 | 0 | (2,251) |
Other | 0 | 0 | 1 | 0 | 1 |
Restricted stock units converted to stock | (480) | 0 | 0 | 480 | 0 |
Repurchase of common stock | 0 | 0 | 0 | (145) | (145) |
Balance at Sep. 30, 2020 | 132,089 | (4,532) | 171,278 | 0 | 298,835 |
Balance at Jun. 30, 2020 | 131,803 | (4,885) | 173,020 | 0 | 299,938 |
Net income (loss) | 0 | 0 | (1,520) | 0 | (1,520) |
Payment of dividends | 0 | 0 | (221) | 0 | (221) |
Stock-based compensation | 286 | 0 | 0 | 0 | 286 |
Changes in fair value of hedges, net of tax | 0 | 352 | 0 | 0 | 352 |
Other | 0 | 1 | (1) | 0 | 0 |
Balance at Sep. 30, 2020 | 132,089 | (4,532) | 171,278 | $ 0 | 298,835 |
Balance at Dec. 31, 2020 | 132,382 | (4,215) | 172,843 | 301,010 | |
Net income (loss) | 0 | 0 | 96,190 | 96,190 | |
Payment of dividends | 0 | 0 | (665) | (665) | |
Stock-based compensation | 792 | 0 | 0 | 792 | |
Changes in fair value of hedges, net of tax | 0 | 1,388 | 0 | 1,388 | |
Balance at Sep. 30, 2021 | 133,174 | (2,827) | 268,368 | 398,715 | |
Balance at Jun. 30, 2021 | 132,916 | (3,153) | 224,057 | 353,820 | |
Net income (loss) | 0 | 0 | 44,533 | 44,533 | |
Payment of dividends | 0 | 0 | (222) | (222) | |
Stock-based compensation | 258 | 0 | 0 | 258 | |
Changes in fair value of hedges, net of tax | 0 | 326 | 0 | 326 | |
Balance at Sep. 30, 2021 | $ 133,174 | $ (2,827) | $ 268,368 | $ 398,715 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation : The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not 2021 10 December 31, 2020. The Company operates in three December 14, 2020, October 1, 2021, 2019, September 17, 2021, 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 19 19 Impact of Recently Issued Accounting Pronouncements There were no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition: The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold. Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.9 % - - 31.9 % Plate 11.2 % - - 11.2 % Cold Rolled 7.8 % - - 7.8 % Coated 7.8 % - - 7.8 % Specialty - 23.3 % - 23.3 % Tube - - 14.9 % 14.9 % Other 1.8 % 1.3 % - 3.1 % Total 60.5 % 24.6 % 14.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.1 % - - 30.1 % Plate 10.6 % - - 10.6 % Cold Rolled 7.1 % - - 7.1 % Coated 8.3 % - - 8.3 % Specialty - 24.0 % - 24.0 % Tube - - 16.7 % 16.7 % Other 1.8 % 1.4 % - 3.2 % Total 57.9 % 25.4 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 27.3 % - - 27.3 % Plate 9.2 % - - 9.2 % Cold Rolled 6.3 % - - 6.3 % Coated 12.3 % - - 12.3 % Specialty - 24.8 % - 24.8 % Tube - - 17.0 % 17.0 % Other 0.9 % 2.2 % - 3.1 % Total 56.0 % 27.0 % 17.0 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.3 % - - 29.3 % Plate 10.9 % - - 10.9 % Cold Rolled 5.8 % - - 5.8 % Coated 9.5 % - - 9.5 % Specialty - 22.8 % - 22.8 % Tube - - 18.5 % 18.5 % Other 1.2 % 2.0 % - 3.2 % Total 56.7 % 24.8 % 18.5 % 100.0 % |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.4 million and $3.6 million as of September 30, 2021 December 31, 2020, |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories: Inventories consisted of the following: Inventory as of (in thousands) September 30, 2021 December 31, 2020 Unprocessed $ 341,346 $ 194,614 Processed and finished 76,633 45,387 Totals $ 417,979 $ 240,001 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2021 December 31, 2020, first first During the three nine September 30, 2021, December 31, 2021 December 31, 2020. three nine September 30, 2020, If the FIFO method had been in use, inventories would have been $9.9 million higher and $2.1 million lower than reported at September 30, 2021 December 31, 2020, |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Intangible Assets: The Company’s intangible assets were recorded in connection with its acquisitions that occurred between 2011 2020. fifteen fifteen one five no Goodwill, by reportable unit, was as follows as of September 30, 2021 December 31, 2020, 2021 (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2020 $ 1,065 $ 4,058 $ - $ 5,123 Acquisitions - 111 - 111 Impairments - - - - Balance as of September 30, 2021 $ 1,065 $ 4,169 $ - $ 5,234 Intangible assets consisted of the following as of September 30, 2021 December 31, 2020, As of September 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,259 $ (10,166 ) $ 11,093 Covenant not to compete - subject to amortization 259 (213 ) 46 Trade name - not subject to amortization 20,168 - 20,168 $ 41,686 $ (10,379 ) $ 31,307 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 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 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases : The components of lease expense were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 1,733 $ 1,767 $ 5,148 $ 5,322 Finance lease cost: Amortization of right-of-use assets $ 210 $ 62 $ 634 $ 182 Interest on lease liabilities 23 13 76 39 Total finance lease cost $ 233 $ 75 $ 710 $ 221 Supplemental cash flow information related to leases was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,704 $ 1,742 $ 5,060 $ 5,251 Operating cash flows from finance leases 23 13 76 39 Financing cash flows from finance leases 202 58 607 173 Total cash paid for lease liabilities $ 1,929 $ 1,813 $ 5,743 $ 5,463 Supplemental balance sheet information related to leases was as follows: September 30, December 31, (in thousands) 2021 2020 Operating Leases Operating lease $ 36,916 $ 36,060 Operating lease accumulated amortization (13,446 ) (10,706 ) Operating lease right-of-use asset, net 23,470 25,354 Operating lease current liabilities 5,457 5,580 Operating lease liabilities 18,292 19,965 Total operating lease liabilities $ 23,749 $ 25,545 Finance Leases Finance lease $ 3,511 $ 3,582 Finance lease accumulated depreciation (946 ) (333 ) Finance lease, net 2,565 3,249 Finance lease current liabilities 811 815 Finance lease liabilities 1,797 2,453 Total finance lease liabilities $ 2,608 $ 3,268 September 30, December 31, 2021 2020 Weighted Average Remaining Lease Term Operating leases (in years) 6 7 Finance leases (in years) 4 6 Weighted Average Discount Rate Operating leases 3.69 % 3.76 % Finance leases 3.49 % 3.80 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2021 $ 1,661 $ 226 2022 5,947 840 2023 4,857 568 2024 4,152 481 2025 2,875 315 Thereafter 7,156 374 Total future minimum lease payments $ 26,648 $ 2,804 Less remaining imputed interest (2,899 ) (196 ) Total $ 23,749 $ 2,608 |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2021 2020 Asset-based revolving credit facility due June 16, 2026 $ 297,880 $ 160,609 Total debt $ 297,880 $ 160,609 On June 16, 2021, first may, June 16, 2026. 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 or suffer to exist liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which provides that: (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 September 30, 2021) September 30, 2021), 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%. On January 10, 2019, five As of September 30, 2021, As of September 30, 2021, December 31, 2020, five |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments : Metals swaps and embedded customer derivatives During 2021 2020, third 2021. third third These derivatives have not third not September 30, 2021 September 30, 2021. no December 31, 2020. Fixed rate interest rate hedge On January 10, 2019, five September 30, 2021. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income (Loss) through net income of the derivatives for the three nine September 30, 2021 2020, Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Fixed interest rate hedge $ (475 ) $ (459 ) $ (1,406 ) $ (1,055 ) Metals swaps (92 ) 82 136 55 Embedded customer derivatives 92 (82 ) (136 ) (55 ) Total loss $ (475 ) $ (459 ) $ (1,406 ) $ (1,055 ) |
Note 9 - Fair Value of Assets a
Note 9 - Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Assets and Liabilities : During the nine September 30, 2021, no 1, 2 3 no September 30, 2021 December 31, 2020. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 69 $ - $ 69 Total assets at fair value $ - $ 69 $ - $ 69 Liabilities: Metal Swaps $ - $ 69 $ - $ 69 Fixed interest rate hedge 3,769 3,769 Total liabilities recorded at fair value $ - $ 3,838 $ - $ 3,838 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 The value of the items not The carrying value of the ABL Credit Facility was $297.9 million and $160.6 million at September 30, 2021 December 31, 2020, June 16, 2021, |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss : On January 10, 2019, five September 30, 2021. |
Note 11 - Equity Plans
Note 11 - Equity Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Equity Plans : Restricted Stock Units and Performance Share 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 2021 2020 one not Prior to 2021, five 19 2020. Under the Incentive Plan, the Company awards RSUs to newly-appointed executive officers, based upon a percentage of their base salary. Upon Mr. Greiff’s promotion to President and Chief Operating Officer on January 1, 2020, five Stock-based compensation expense recognized on RSUs for the three nine September 30, 2021 2020, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 RSU expense before taxes $ 258 $ 286 $ 778 $ 973 RSU expense after taxes $ 191 $ 204 $ 573 $ 672 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 following table summarizes the activity related to RSUs for the nine September 30, 2021 2020, As of September 30, 2021 As of September 30, 2020 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 Granted 20,604 23.29 70,588 11.92 Converted into shares (2,422 ) 17.09 (94,161 ) 20.27 Forfeited (5,086 ) 17.55 (1,973 ) 18.14 Outstanding at September 30 623,636 $ 18.43 610,540 $ 18.25 Vested at September 30 414,090 $ 18.76 375,692 $ 18.88 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes : For the three September 30, 2021, three September 30, 2020. nine September 30, 2021, nine September 30, 2020. For the three nine September 30, 2021, 19 three nine September 30, 2020. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not |
Note 13 - Shares Outstanding an
Note 13 - Shares Outstanding and Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 Weighted average basic shares outstanding 11,492 11,452 11,491 11,447 Assumed exercise of stock options and issuance of stock awards 23 - 18 - Weighted average diluted shares outstanding 11,515 11,452 11,509 11,447 Net income (loss) $ 44,533 $ (1,520 ) $ 96,190 $ (7,381 ) Basic earnings per share $ 3.88 $ (0.13 ) $ 8.37 $ (0.64 ) Diluted earnings per share $ 3.87 $ (0.13 ) $ 8.36 $ (0.64 ) Unvested RSUs 209 234 209 234 |
Note 14 - Equity Programs
Note 14 - Equity Programs | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. Equity Programs : Stock Repurchase Program On October 2, 2015, may 10b5 1 may may twelve September 30, 2021) September 30, 2021) 1.00. There were no shares repurchased during the three nine September 30, 2021. three September 30, 2020. nine September 30, 2020, September 30, 2021, At-the-Market Equity Program On September 3, 2021, September 3, 2021 not three September 30, 2021. |
Note 15 - Segment Information
Note 15 - Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting. The Company operates in three Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three six June 30, 2021 2020, For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Net sales Specialty metals flat products $ 164,179 $ 80,904 $ 428,533 $ 223,887 Carbon flat products 404,596 167,948 976,480 511,726 Tubular and pipe products 99,691 51,069 282,654 166,984 Total net sales $ 668,466 $ 299,921 $ 1,687,667 $ 902,597 Restructuring and other charges Specialty metals flat products $ - $ - $ - $ 27 Carbon flat products - - - 3,559 Tubular and pipe products - - - - Corporate - - - - Total restructuring and other charges $ - $ - $ - $ 3,586 Depreciation and amortization Specialty metals flat products $ 858 $ 513 $ 2,662 $ 1,457 Carbon flat products 2,698 2,852 8,570 8,932 Tubular and pipe products 1,239 1,344 4,035 4,076 Corporate 18 18 54 102 Total depreciation and amortization $ 4,813 $ 4,727 $ 15,321 $ 14,567 Operating income (loss) Specialty metals flat products $ 24,663 $ 2,448 $ 46,387 $ 7,174 Carbon flat products 37,164 (1,604 ) 88,797 (12,378 ) Tubular and pipe products 2,354 744 11,713 7,274 Corporate expenses (2,021 ) (1,951 ) (10,711 ) (6,867 ) Total operating income (loss) $ 62,160 $ (363 ) $ 136,186 $ (4,797 ) Other income (loss), net (15 ) (25 ) (24 ) (68 ) Income (loss) before interest and income taxes 62,145 (388 ) 136,162 (4,865 ) Interest and other expense on debt 1,947 1,693 5,618 5,823 Income (loss) before income taxes $ 60,198 $ (2,081 ) $ 130,544 $ (10,688 ) For the Nine Months Ended September 30, (in thousands) 2021 2020 Capital expenditures Flat products segments $ 6,172 $ 6,818 Tubular and pipe products 1,566 1,150 Corporate - - Total capital expenditures $ 7,738 $ 7,968 As of September 30, December 31, (in thouands) 2021 2020 Assets Flat products segments $ 721,133 $ 404,269 Tubular and pipe products 249,566 235,516 Corporate 607 820 Total assets $ 971,306 $ 640,605 There were no September 17, 2021, 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 16 - Disposition of Assets
Note 16 - Disposition of Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Sale of Operation, Disclosure [Text Block] | 16. Disposition of Assets : On September 17, 2021, 2021 2022. not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Event : On October 1, 2021, The acquisition will be accounted for as a business combination and the assets acquired and liabilities assumed valued at fair market value. The acquisition is not fourth 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements There were no |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.9 % - - 31.9 % Plate 11.2 % - - 11.2 % Cold Rolled 7.8 % - - 7.8 % Coated 7.8 % - - 7.8 % Specialty - 23.3 % - 23.3 % Tube - - 14.9 % 14.9 % Other 1.8 % 1.3 % - 3.1 % Total 60.5 % 24.6 % 14.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.1 % - - 30.1 % Plate 10.6 % - - 10.6 % Cold Rolled 7.1 % - - 7.1 % Coated 8.3 % - - 8.3 % Specialty - 24.0 % - 24.0 % Tube - - 16.7 % 16.7 % Other 1.8 % 1.4 % - 3.2 % Total 57.9 % 25.4 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 27.3 % - - 27.3 % Plate 9.2 % - - 9.2 % Cold Rolled 6.3 % - - 6.3 % Coated 12.3 % - - 12.3 % Specialty - 24.8 % - 24.8 % Tube - - 17.0 % 17.0 % Other 0.9 % 2.2 % - 3.1 % Total 56.0 % 27.0 % 17.0 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2020 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.3 % - - 29.3 % Plate 10.9 % - - 10.9 % Cold Rolled 5.8 % - - 5.8 % Coated 9.5 % - - 9.5 % Specialty - 22.8 % - 22.8 % Tube - - 18.5 % 18.5 % Other 1.2 % 2.0 % - 3.2 % Total 56.7 % 24.8 % 18.5 % 100.0 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) September 30, 2021 December 31, 2020 Unprocessed $ 341,346 $ 194,614 Processed and finished 76,633 45,387 Totals $ 417,979 $ 240,001 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 $ 1,065 $ 4,058 $ - $ 5,123 Acquisitions - 111 - 111 Impairments - - - - Balance as of September 30, 2021 $ 1,065 $ 4,169 $ - $ 5,234 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of September 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 21,259 $ (10,166 ) $ 11,093 Covenant not to compete - subject to amortization 259 (213 ) 46 Trade name - not subject to amortization 20,168 - 20,168 $ 41,686 $ (10,379 ) $ 31,307 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 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 1,733 $ 1,767 $ 5,148 $ 5,322 Finance lease cost: Amortization of right-of-use assets $ 210 $ 62 $ 634 $ 182 Interest on lease liabilities 23 13 76 39 Total finance lease cost $ 233 $ 75 $ 710 $ 221 |
Lease, Payment [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,704 $ 1,742 $ 5,060 $ 5,251 Operating cash flows from finance leases 23 13 76 39 Financing cash flows from finance leases 202 58 607 173 Total cash paid for lease liabilities $ 1,929 $ 1,813 $ 5,743 $ 5,463 |
Lease, Balance Sheet Information [Table Text Block] | September 30, December 31, (in thousands) 2021 2020 Operating Leases Operating lease $ 36,916 $ 36,060 Operating lease accumulated amortization (13,446 ) (10,706 ) Operating lease right-of-use asset, net 23,470 25,354 Operating lease current liabilities 5,457 5,580 Operating lease liabilities 18,292 19,965 Total operating lease liabilities $ 23,749 $ 25,545 Finance Leases Finance lease $ 3,511 $ 3,582 Finance lease accumulated depreciation (946 ) (333 ) Finance lease, net 2,565 3,249 Finance lease current liabilities 811 815 Finance lease liabilities 1,797 2,453 Total finance lease liabilities $ 2,608 $ 3,268 September 30, December 31, 2021 2020 Weighted Average Remaining Lease Term Operating leases (in years) 6 7 Finance leases (in years) 4 6 Weighted Average Discount Rate Operating leases 3.69 % 3.76 % Finance leases 3.49 % 3.80 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2021 $ 1,661 $ 226 2022 5,947 840 2023 4,857 568 2024 4,152 481 2025 2,875 315 Thereafter 7,156 374 Total future minimum lease payments $ 26,648 $ 2,804 Less remaining imputed interest (2,899 ) (196 ) Total $ 23,749 $ 2,608 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, December 31, (in thousands) 2021 2020 Asset-based revolving credit facility due June 16, 2026 $ 297,880 $ 160,609 Total debt $ 297,880 $ 160,609 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Fixed interest rate hedge $ (475 ) $ (459 ) $ (1,406 ) $ (1,055 ) Metals swaps (92 ) 82 136 55 Embedded customer derivatives 92 (82 ) (136 ) (55 ) Total loss $ (475 ) $ (459 ) $ (1,406 ) $ (1,055 ) |
Note 9 - Fair Value of Assets_2
Note 9 - Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Embedded customer derivative $ - $ 69 $ - $ 69 Total assets at fair value $ - $ 69 $ - $ 69 Liabilities: Metal Swaps $ - $ 69 $ - $ 69 Fixed interest rate hedge 3,769 3,769 Total liabilities recorded at fair value $ - $ 3,838 $ - $ 3,838 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 |
Note 11 - Equity Plans (Tables)
Note 11 - Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 RSU expense before taxes $ 258 $ 286 $ 778 $ 973 RSU expense after taxes $ 191 $ 204 $ 573 $ 672 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of September 30, 2021 As of September 30, 2020 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 610,540 $ 18.25 636,086 $ 19.25 Granted 20,604 23.29 70,588 11.92 Converted into shares (2,422 ) 17.09 (94,161 ) 20.27 Forfeited (5,086 ) 17.55 (1,973 ) 18.14 Outstanding at September 30 623,636 $ 18.43 610,540 $ 18.25 Vested at September 30 414,090 $ 18.76 375,692 $ 18.88 |
Note 13 - Shares Outstanding _2
Note 13 - Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 Weighted average basic shares outstanding 11,492 11,452 11,491 11,447 Assumed exercise of stock options and issuance of stock awards 23 - 18 - Weighted average diluted shares outstanding 11,515 11,452 11,509 11,447 Net income (loss) $ 44,533 $ (1,520 ) $ 96,190 $ (7,381 ) Basic earnings per share $ 3.88 $ (0.13 ) $ 8.37 $ (0.64 ) Diluted earnings per share $ 3.87 $ (0.13 ) $ 8.36 $ (0.64 ) Unvested RSUs 209 234 209 234 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Net sales Specialty metals flat products $ 164,179 $ 80,904 $ 428,533 $ 223,887 Carbon flat products 404,596 167,948 976,480 511,726 Tubular and pipe products 99,691 51,069 282,654 166,984 Total net sales $ 668,466 $ 299,921 $ 1,687,667 $ 902,597 Restructuring and other charges Specialty metals flat products $ - $ - $ - $ 27 Carbon flat products - - - 3,559 Tubular and pipe products - - - - Corporate - - - - Total restructuring and other charges $ - $ - $ - $ 3,586 Depreciation and amortization Specialty metals flat products $ 858 $ 513 $ 2,662 $ 1,457 Carbon flat products 2,698 2,852 8,570 8,932 Tubular and pipe products 1,239 1,344 4,035 4,076 Corporate 18 18 54 102 Total depreciation and amortization $ 4,813 $ 4,727 $ 15,321 $ 14,567 Operating income (loss) Specialty metals flat products $ 24,663 $ 2,448 $ 46,387 $ 7,174 Carbon flat products 37,164 (1,604 ) 88,797 (12,378 ) Tubular and pipe products 2,354 744 11,713 7,274 Corporate expenses (2,021 ) (1,951 ) (10,711 ) (6,867 ) Total operating income (loss) $ 62,160 $ (363 ) $ 136,186 $ (4,797 ) Other income (loss), net (15 ) (25 ) (24 ) (68 ) Income (loss) before interest and income taxes 62,145 (388 ) 136,162 (4,865 ) Interest and other expense on debt 1,947 1,693 5,618 5,823 Income (loss) before income taxes $ 60,198 $ (2,081 ) $ 130,544 $ (10,688 ) |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Nine Months Ended September 30, (in thousands) 2021 2020 Capital expenditures Flat products segments $ 6,172 $ 6,818 Tubular and pipe products 1,566 1,150 Corporate - - Total capital expenditures $ 7,738 $ 7,968 As of September 30, December 31, (in thouands) 2021 2020 Assets Flat products segments $ 721,133 $ 404,269 Tubular and pipe products 249,566 235,516 Corporate 607 820 Total assets $ 971,306 $ 640,605 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Hot Rolled Products [Member] | ||||
Percentage of net sales | 31.90% | 27.30% | 30.10% | 29.30% |
Plate Products [Member] | ||||
Percentage of net sales | 11.20% | 9.20% | 10.60% | 10.90% |
Cold Rolled Products [Member] | ||||
Percentage of net sales | 7.80% | 6.30% | 7.10% | 5.80% |
Coated Products [Member] | ||||
Percentage of net sales | 7.80% | 12.30% | 8.30% | 9.50% |
Specialty [Member] | ||||
Percentage of net sales | 23.30% | 24.80% | 24.00% | 22.80% |
Tube Products [Member] | ||||
Percentage of net sales | 14.90% | 17.00% | 16.70% | 18.50% |
Product and Service, Other [Member] | ||||
Percentage of net sales | 3.10% | 3.10% | 3.20% | 3.20% |
Carbon Flat Products [Member] | ||||
Percentage of net sales | 60.50% | 56.00% | 57.90% | 56.70% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 31.90% | 27.30% | 30.10% | 29.30% |
Carbon Flat Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 11.20% | 9.20% | 10.60% | 10.90% |
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 7.80% | 6.30% | 7.10% | 5.80% |
Carbon Flat Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 7.80% | 12.30% | 8.30% | 9.50% |
Carbon Flat Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Carbon Flat Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 1.80% | 0.90% | 1.80% | 1.20% |
Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 24.60% | 27.00% | 25.40% | 24.80% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 23.30% | 24.80% | 24.00% | 22.80% |
Specialty Metals Flat Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 1.30% | 2.20% | 1.40% | 2.00% |
Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 14.90% | 17.00% | 16.70% | 18.50% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Tubular and Pipe Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 14.90% | 17.00% | 16.70% | 18.50% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.4 | $ 3.6 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
LIFO Inventory Amount | $ 55.4 | $ 55.4 | $ 50.3 | ||
Percentage of LIFO Inventory | 13.30% | 13.30% | 21.00% | ||
Inventory, LIFO Reserve, Period Charge | $ 7 | $ 0.1 | $ 12 | $ 1.1 | |
Inventory Difference Using FIFO Basis | $ (9.9) | $ (9.9) | $ (2.1) |
Note 4 - Inventories - Steel In
Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Unprocessed | $ 341,346 | $ 194,614 |
Processed and finished | 76,633 | 45,387 |
Totals | $ 417,979 | $ 240,001 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.4 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 0.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 1.5 |
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 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 5,123 |
Acquisitions | 111 |
Impairments | 0 |
Balance | 5,234 |
Carbon Flat Products [Member] | |
Balance | 1,065 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 1,065 |
Specialty Metals Flat Products [Member] | |
Balance | 4,058 |
Acquisitions | 111 |
Impairments | 0 |
Balance | 4,169 |
Tubular and Pipe Products [Member] | |
Balance | 0 |
Acquisitions | 0 |
Impairments | 0 |
Balance | $ 0 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated amortization | $ (10,379) | $ (9,287) |
Intangible assets, gross | 41,686 | 41,880 |
Intangible assets, net | 31,307 | 32,593 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 20,168 | 20,179 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 21,259 | 21,442 |
Accumulated amortization | (10,166) | (9,101) |
Finite-lived intangible assets, net | 11,093 | 12,341 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 259 | 259 |
Accumulated amortization | (213) | (186) |
Finite-lived intangible assets, net | $ 46 | $ 73 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease cost | $ 1,733 | $ 1,767 | $ 5,148 | $ 5,322 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 210 | 62 | 634 | 182 |
Interest on lease liabilities | 23 | 13 | 76 | 39 |
Total finance lease cost | $ 233 | $ 75 | $ 710 | $ 221 |
Note 6 - Leases - Lease Payment
Note 6 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating cash flows from operating leases | $ 1,704 | $ 1,742 | $ 5,060 | $ 5,251 |
Operating cash flows from finance leases | 23 | 13 | 76 | 39 |
Financing cash flows from finance leases | 202 | 58 | 607 | 173 |
Total cash paid for lease liabilities | $ 1,929 | $ 1,813 | $ 5,743 | $ 5,463 |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating lease | $ 36,916 | $ 36,060 |
Operating lease accumulated amortization | (13,446) | (10,706) |
Operating lease right-of-use asset, net | 23,470 | 25,354 |
Current portion of lease liabilities | 5,457 | 5,580 |
Operating lease, operating lease liabilities | 18,292 | 19,965 |
Total operating lease liabilities | 23,749 | 25,545 |
Property and equipment, at cost | 412,635 | 434,579 |
Accumulated depreciation | (265,360) | (277,379) |
Finance lease, net | 2,565 | 3,249 |
Finance lease current liabilities | 811 | 815 |
Finance lease liabilities | 1,797 | 2,453 |
Total finance lease liabilities | $ 2,608 | $ 3,268 |
Operating leases (in years) (Year) | 6 years | 7 years |
Finance leases (in years) (Year) | 4 years | 6 years |
Operating leases | 3.69% | 3.76% |
Finance leases | 3.49% | 3.80% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 3,511 | $ 3,582 |
Accumulated depreciation | $ (946) | $ (333) |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating lease, 2021 | $ 1,661 | |
Finance lease, 2021 | 226 | |
Operating lease, 2022 | 5,947 | |
Finance lease, 2022 | 840 | |
Operating lease, 2023 | 4,857 | |
Finance lease, 2023 | 568 | |
Operating lease, 2024 | 4,152 | |
Finance lease, 2024 | 481 | |
Operating lease, 2025 | 2,875 | |
Finance lease, 2025 | 315 | |
Operating lease, Thereafter | 7,156 | |
Finance lease, Thereafter | 374 | |
Operating lease, Total future minimum lease payments | 26,648 | |
Finance lease, Total future minimum lease payments | 2,804 | |
Operating lease, Less remaining imputed interest | (2,899) | |
Finance lease, Less remaining imputed interest | (196) | |
Operating lease, Total | 23,749 | $ 25,545 |
Finance lease, Total | 2,608 | $ 3,268 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | $ 23,749 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | Dec. 14, 2020USD ($) | Jan. 10, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Industrial Revenue Bond Member [Member] | ||||
Repayments of Long-term Debt, Total | $ 1.6 | $ 0.9 | ||
Interest Rate Swap [Member] | ||||
Debt Instrument, Term (Year) | 5 years | |||
Derivative, Notional Amount | $ 75 | |||
Derivative, Fixed Interest Rate | 2.57% | |||
ABL Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 475 | |||
Derivative, Term of Contract (Year) | 5 years | |||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 445 | |||
Letters of Credit, Maximum Borrowing Capacity | 20 | |||
Maximum First In, Last Out Revolving Credit Facility | 30 | |||
Line of Credit Facility, Additional Commitments, Maximum | 200 | |||
Line Of Credit Facility Covenant Terms Monetary | $ 30 | |||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10.00% | |||
Balance Required for Compliance with Revolver Commitments | $ 47.5 | |||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10.00% | |||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 47.5 | |||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 173 | |||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Asset-based revolving credit facility | $ 297,880 | $ 160,609 |
Total debt | 297,880 | 160,609 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility | $ 297,880 | $ 160,609 |
Note 7 - Debt - Summary of De_2
Note 7 - Debt - Summary of Debt (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Maturity date | Jun. 16, 2026 | Jun. 16, 2026 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] $ in Millions | Jan. 10, 2019USD ($) |
Debt Instrument, Term (Year) | 5 years |
Derivative, Notional Amount | $ 75 |
Derivative, Fixed Interest Rate | 2.57% |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Gain (Loss) Recognized | $ (475) | $ (459) | $ (1,406) | $ (1,055) |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | (475) | (459) | (1,406) | (1,055) |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | (92) | 82 | 136 | 55 |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ 92 | $ (82) | $ (136) | $ (55) |
Note 9 - Fair Value of Assets_3
Note 9 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revolving Credit Facility [Member] | ||
Long-term Debt, Fair Value | $ 297.9 | $ 160.6 |
Note 9 - Fair Value of Assets_4
Note 9 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Embedded customer derivative | $ 69 | |
Total assets at fair value | 69 | |
Total liabilities recorded at fair value | 3,838 | $ 5,620 |
Interest Rate Swap [Member] | ||
Derivative liability | 3,769 | 5,620 |
Metal Swaps [Member] | ||
Derivative liability | 69 | |
Fair Value, Inputs, Level 1 [Member] | ||
Embedded customer derivative | 0 | |
Total assets at fair value | 0 | |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Embedded customer derivative | 69 | |
Total assets at fair value | 69 | |
Total liabilities recorded at fair value | 3,838 | 5,620 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 3,769 | 5,620 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative liability | 69 | |
Fair Value, Inputs, Level 3 [Member] | ||
Embedded customer derivative | 0 | |
Total assets at fair value | 0 | |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative liability | $ 0 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Millions | Jan. 10, 2019 | Sep. 30, 2021 |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 3.8 | |
Accumulated Other Comprehensive Income (Loss), Tax | $ 0.9 | |
Interest Rate Swap [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Derivative, Notional Amount | $ 75 | |
Derivative, Fixed Interest Rate | 2.57% |
Note 11 - Equity Plans (Details
Note 11 - Equity Plans (Details Textual) - USD ($) | Jan. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,604 | 70,588 | 0 | |
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 Financial Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,694 | |||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,400,000 |
Note 11 - Equity Plans - Stock-
Note 11 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
RSU expense before taxes | $ 258 | $ 286 | $ 778 | $ 973 |
RSU expense after taxes | $ 191 | $ 204 | $ 573 | $ 672 |
Note 11 - Equity Plans - Restri
Note 11 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Outstanding, number of shares (in shares) | 610,540 | 636,086 | 636,086 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.25 | $ 19.25 | $ 19.25 |
Granted, number of shares (in shares) | 20,604 | 70,588 | 0 |
Granted, weighted average estimated fair value (in dollars per share) | $ 23.29 | $ 11.92 | |
Converted into shares, number of shares (in shares) | (2,422) | (94,161) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 17.09 | $ 20.27 | |
Forfeited, number of shares (in shares) | (5,086) | (1,973) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 17.55 | $ 18.14 | |
Outstanding, number of shares (in shares) | 623,636 | 610,540 | 610,540 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.43 | $ 18.25 | $ 18.25 |
Vested, number of shares (in shares) | 414,090 | 375,692 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 18.76 | $ 18.88 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ 15,665 | $ (561) | $ 34,354 | $ (3,307) |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.00% | 27.00% | 26.30% | 30.90% |
Note 13 - Shares Outstanding _3
Note 13 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average basic shares outstanding (in shares) | 11,492 | 11,452 | 11,491 | 11,447 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 23 | 0 | 18 | 0 |
Weighted average diluted shares outstanding (in shares) | 11,515 | 11,452 | 11,509 | 11,447 |
Net income (loss) | $ 44,533 | $ (1,520) | $ 96,190 | $ (7,381) |
Basic earnings per share (in dollars per share) | $ 3.88 | $ (0.13) | $ 8.37 | $ (0.64) |
Diluted earnings per share (in dollars per share) | $ 3.87 | $ (0.13) | $ 8.36 | $ (0.64) |
Unvested RSUs (in shares) | 209 | 234 | 209 | 234 |
Note 14 - Equity Programs (Deta
Note 14 - Equity Programs (Details Textual) $ in Thousands | Oct. 02, 2015USD ($)shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 03, 2021USD ($) |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | 0 | 15,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 145 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 360,212 | 360,212 | ||||
At-the-Market Equity Program [Member] | ||||||
Stock Issuance Program, Authorized Amount | $ 50,000 | |||||
Stock Issuance Program, Gross Proceeds, Percent | 2.00% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | |||||
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 | $ 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 | $ 71,300 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 668,466 | $ 299,921 | $ 1,687,667 | $ 902,597 |
Restructuring and other charges | 0 | 0 | 0 | 3,586 |
Depreciation and amortization | 4,813 | 4,727 | 15,321 | 14,567 |
Operating income (loss) | 62,160 | (363) | 136,186 | (4,797) |
Other loss, net | (15) | (25) | (24) | (68) |
Income (loss) before interest and income taxes | 62,145 | (388) | 136,162 | (4,865) |
Interest and other expense on debt | 1,947 | 1,693 | 5,618 | 5,823 |
Income (loss) before income taxes | 60,198 | (2,081) | 130,544 | (10,688) |
Specialty Metals Flat Products [Member] | ||||
Net sales | 164,179 | 80,904 | 428,533 | 223,887 |
Restructuring and other charges | 0 | 0 | 0 | 27 |
Depreciation and amortization | 858 | 513 | 2,662 | 1,457 |
Operating income (loss) | 24,663 | 2,448 | 46,387 | 7,174 |
Carbon Flat Products [Member] | ||||
Net sales | 404,596 | 167,948 | 976,480 | 511,726 |
Restructuring and other charges | 0 | 0 | 0 | 3,559 |
Depreciation and amortization | 2,698 | 2,852 | 8,570 | 8,932 |
Operating income (loss) | 37,164 | (1,604) | 88,797 | (12,378) |
Tubular and Pipe Products [Member] | ||||
Net sales | 99,691 | 51,069 | 282,654 | 166,984 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,239 | 1,344 | 4,035 | 4,076 |
Operating income (loss) | 2,354 | 744 | 11,713 | 7,274 |
Corporate Segment [Member] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 18 | 18 | 54 | 102 |
Operating income (loss) | $ (2,021) | $ (1,951) | $ (10,711) | $ (6,867) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Capital expenditures | $ 7,738 | $ 7,968 | |
Assets | 971,306 | $ 640,605 | |
Flat Products Segment [Member] | |||
Capital expenditures | 6,172 | 6,818 | |
Assets | 721,133 | 404,269 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 1,566 | 1,150 | |
Assets | 249,566 | 235,516 | |
Corporate Segment [Member] | |||
Capital expenditures | 0 | $ 0 | |
Assets | $ 607 | $ 820 |
Note 16 - Disposition of Asse_2
Note 16 - Disposition of Assets (Details Textual) $ in Millions | Sep. 17, 2021USD ($) |
Sale of Operations, Consideration Received or Receivable | $ 58.4 |
Estimated Working Capital Adjustment | 13.5 |
Sale of Operations, Property and Equipment | 9.5 |
Sale of Operations, Gain (Loss) on Sale of Operations, Before Tax | $ 3.5 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) $ in Millions | Oct. 01, 2021USD ($) |
Subsequent Event [Member] | Shaw Stainless & Alloy, Inc [Member] | |
Business Combination, Consideration Transferred, Total | $ 12 |