Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 11,127,671 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 8,446 | $ 9,812 |
Accounts receivable, net | 320,917 | 284,570 |
Inventories, net (includes LIFO reserves of $19,736 as of June 30, 2022 and December 31, 2021, respectively) | 511,135 | 485,029 |
Prepaid expenses and other | 14,398 | 9,989 |
Total current assets | 854,896 | 789,400 |
Property and equipment, at cost | 419,732 | 413,396 |
Accumulated depreciation | (272,786) | (266,340) |
Net property and equipment | 146,946 | 147,056 |
Goodwill | 10,496 | 10,496 |
Intangible assets, net | 32,844 | 33,653 |
Other long-term assets | 13,427 | 15,241 |
Right of use assets, net | 27,507 | 27,726 |
Total assets | 1,086,116 | 1,023,572 |
Liabilities | ||
Accounts payable | 182,410 | 148,649 |
Accrued payroll | 34,660 | 44,352 |
Other accrued liabilities | 21,402 | 25,395 |
Current portion of lease liabilities | 6,127 | 5,940 |
Total current liabilities | 244,599 | 224,336 |
Credit facility revolver | 287,880 | 327,764 |
Other long-term liabilities | 11,439 | 15,006 |
Deferred income taxes | 20,790 | 9,890 |
Lease liabilities | 21,849 | 22,137 |
Total liabilities | 586,557 | 599,133 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 134,089 | 133,427 |
Accumulated other comprehensive loss | (462) | (1,996) |
Retained earnings | 365,932 | 293,008 |
Total shareholders' equity | 499,559 | 424,439 |
Total liabilities and shareholders' equity | $ 1,086,116 | $ 1,023,572 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory, LIFO debit | $ 19,736 | $ 19,736 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 709,176 | $ 556,077 | $ 1,405,509 | $ 1,019,201 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 560,546 | 428,704 | 1,115,653 | 783,368 |
Warehouse and processing | 27,624 | 26,539 | 51,672 | 49,945 |
Administrative and general | 31,969 | 26,463 | 61,591 | 49,517 |
Distribution | 16,441 | 14,099 | 31,482 | 27,662 |
Selling | 10,494 | 9,787 | 21,316 | 18,253 |
Occupancy | 3,291 | 2,776 | 6,880 | 5,922 |
Depreciation | 4,354 | 4,664 | 8,704 | 9,314 |
Amortization | 592 | 608 | 1,224 | 1,194 |
Total costs and expenses | 655,311 | 513,640 | 1,298,522 | 945,175 |
Operating income | 53,865 | 42,437 | 106,987 | 74,026 |
Other income, net | (15) | 1 | (21) | (9) |
Income before interest and income taxes | 53,850 | 42,438 | 106,966 | 74,017 |
Interest and other expense on debt | 2,271 | 2,017 | 4,269 | 3,671 |
Income before income taxes | 51,579 | 40,421 | 102,697 | 70,346 |
Income tax provision | 13,955 | 10,772 | 27,771 | 18,689 |
Net income | 37,624 | 29,649 | 74,926 | 51,657 |
Gain (loss) on cash flow hedge | (246) | 462 | 2,045 | 1,417 |
Tax effect on cash flow hedge | 62 | (115) | (511) | (354) |
Total comprehensive income | $ 37,440 | $ 29,996 | $ 76,460 | $ 52,720 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 3.26 | $ 2.58 | $ 6.49 | $ 4.50 |
Weighted average shares outstanding - basic (in shares) | 11,538 | 11,492 | 11,536 | 11,491 |
Net income per share - diluted (in dollars per share) | $ 3.26 | $ 2.58 | $ 6.49 | $ 4.49 |
Weighted average shares outstanding - diluted (in shares) | 11,545 | 11,504 | 11,540 | 11,501 |
Dividends declared per share of common stock (in dollars per share) | $ 0.09 | $ 0.02 | $ 0.18 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 74,926 | $ 51,657 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | ||
Depreciation and amortization | 10,156 | 10,912 |
(Gain) on disposition of property and equipment | (2,183) | 0 |
Stock-based compensation | 662 | 534 |
Other long-term assets | 1,854 | 5,169 |
Other long-term liabilities | 8,738 | (1,792) |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 94,153 | 66,480 |
Changes in working capital: | ||
Accounts receivable | (36,347) | (112,850) |
Inventories | (26,106) | (133,276) |
Prepaid expenses and other | (4,359) | (5,176) |
Accounts payable | 28,922 | 66,181 |
Change in outstanding checks | 4,839 | 918 |
Accrued payroll and other accrued liabilities | (13,415) | 21,979 |
Increase (Decrease) in Operating Capital, Total | (46,466) | (162,224) |
Net cash from (used for) operating activities | 47,687 | (95,744) |
Cash flows from (used for) investing activities: | ||
Capital expenditures | (10,022) | (4,579) |
Proceeds from disposition of property and equipment | 3,292 | 23 |
Net cash (used for) investing activities | (6,730) | (4,556) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 384,392 | 313,167 |
Credit facility revolver repayments | (424,276) | (204,801) |
Principal payment under capital lease obligation | (336) | (353) |
Credit facility fees and expenses | (100) | (1,167) |
Dividends paid | (2,003) | (443) |
Net cash from (used for) financing activities | (42,323) | 106,403 |
Cash and cash equivalents: | ||
Net change | (1,366) | 6,103 |
Beginning balance | 9,812 | 5,533 |
Ending balance | 8,446 | 11,636 |
Interest paid | 4,006 | 3,240 |
Income taxes paid | $ 18,985 | $ 10,578 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 132,382 | $ (4,215) | $ 172,843 | $ 301,010 |
Net income | 0 | 0 | 51,657 | 51,657 |
Payment of dividends | 0 | 0 | (443) | (443) |
Stock-based compensation | 534 | 0 | 0 | 534 |
Changes in fair value of hedges, net of tax | 0 | 1,063 | 0 | 1,063 |
Other | 0 | (1) | 0 | (1) |
Balance at Jun. 30, 2021 | 132,916 | (3,153) | 224,057 | 353,820 |
Balance at Mar. 31, 2021 | 132,644 | (3,499) | 194,630 | 323,775 |
Net income | 0 | 0 | 29,649 | 29,649 |
Payment of dividends | 0 | 0 | (222) | (222) |
Stock-based compensation | 272 | 0 | 0 | 272 |
Changes in fair value of hedges, net of tax | 0 | 347 | 0 | 347 |
Other | 0 | (1) | 0 | (1) |
Balance at Jun. 30, 2021 | 132,916 | (3,153) | 224,057 | 353,820 |
Balance at Dec. 31, 2021 | 133,427 | (1,996) | 293,008 | 424,439 |
Net income | 0 | 0 | 74,926 | 74,926 |
Payment of dividends | 0 | 0 | (2,003) | (2,003) |
Stock-based compensation | 662 | 0 | 0 | 662 |
Changes in fair value of hedges, net of tax | 0 | 1,534 | 0 | 1,534 |
Other | 0 | 0 | 1 | 1 |
Balance at Jun. 30, 2022 | 134,089 | (462) | 365,932 | 499,559 |
Balance at Mar. 31, 2022 | 133,754 | (277) | 329,309 | 462,786 |
Net income | 0 | 0 | 37,624 | 37,624 |
Payment of dividends | 0 | 0 | (1,002) | (1,002) |
Stock-based compensation | 335 | 0 | 0 | 335 |
Changes in fair value of hedges, net of tax | 0 | (184) | 0 | (184) |
Other | 0 | (1) | 1 | 0 |
Balance at Jun. 30, 2022 | $ 134,089 | $ (462) | $ 365,932 | $ 499,559 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 10 December 31, 2021. The Company operates in three The primary focus of our specialty metals flat products segment is on the direct sale and distribution of processed stainless and aluminum flat-rolled sheet and coil products, flat bar products and fabricated parts. Through the acquisition of Shaw Stainless & Alloys, Inc. (Shaw) on October 1, 2021 December 14, 2020, April 2, 2018, The primary focus of our carbon flat products segment is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. We act as an intermediary between metals producers and manufacturers that require processed metal for their operations. We serve customers in most metals consuming industries, including manufacturers and fabricators of transportation and material handling equipment, construction and farm machinery, storage tanks, environmental and energy generation equipment, automobiles, military vehicles and equipment, as well as general and plate fabricators and metal service centers. We distribute these products primarily through a direct sales force. Combined, the carbon and specialty metals flat products segments have 34 one September 17, 2021, The tubular and pipe products segment consists of the Chicago Tube and Iron (CTI) business, acquired in 2011. 1914, seven Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three Impact of Recently Issued Accounting Pronouncements In March 2020, No. 2020 04, 848 not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.2 % - - 30.2 % Plate 12.8 % - - 12.8 % Cold Rolled 5.0 % - - 5.0 % Coated 4.2 % - - 4.2 % Specialty - 32.0 % - 32.0 % Tube - - 15.7 % 15.7 % Other 0.1 % - - 0.1 % Total 52.3 % 32.0 % 15.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.7 % - - 30.7 % Plate 13.0 % - - 13.0 % Cold Rolled 5.0 % - - 5.0 % Coated 4.6 % - - 4.6 % Specialty - 30.3 % - 30.3 % Tube - - 16.3 % 16.3 % Other 0.1 % - - 0.1 % Total 53.4 % 30.3 % 16.3 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.6 % - - 29.6 % Plate 11.5 % - - 11.5 % Cold Rolled 7.1 % - - 7.1 % Coated 8.4 % - - 8.4 % Specialty - 24.7 % - 24.7 % Tube - - 16.6 % 16.6 % Other 2.0 % 0.1 % - 2.1 % Total 58.6 % 24.8 % 16.6 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.9 % - - 28.9 % Plate 10.2 % - - 10.2 % Cold Rolled 6.7 % - - 6.7 % Coated 8.6 % - - 8.6 % Specialty - 25.8 % - 25.8 % Tube - - 18.0 % 18.0 % Other 1.7 % 0.1 % - 1.8 % Total 56.1 % 25.9 % 18.0 % 100.0 % |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2022 | |
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 $4.6 million and $4.4 million as of June 30, 2022 December 31, 2021, |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories: Inventories consisted of the following: Inventory as of (in thousands) June 30, 2022 December 31, 2021 Unprocessed $ 407,121 $ 417,595 Processed and finished 104,014 67,434 Totals $ 511,135 $ 485,029 The Company values certain of its tubular and pipe products inventory at the last-in, first June 30, 2022 December 31, 2021, first first The Company did not three six June 30, 2022 no December 31, 2022. three six June 30, 2021, If the FIFO method had been in use, inventories would have been $19.7 million higher than reported at June 30, 2022 December 31, 2021. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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 2021. 10 15 one five no Goodwill, by reportable unit, was as follows as of June 30, 2022 December 31, 2021, (in thousands) Specialty Metals Flat Products Carbon Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 $ 9,431 $ 1,065 $ - $ 10,496 Acquisitions - - - - Impairments - - - - Balance as of June 30, 2022 $ 9,431 $ 1,065 $ - $ 10,496 Intangible assets consisted of the following as of June 30, 2022 December 31, 2021, As of June 30, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (11,326 ) $ 11,233 Covenant not to compete - subject to amortization 509 (266 ) 243 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (11,592 ) $ 32,844 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (10,552 ) $ 12,007 Covenant not to compete - subject to amortization 509 (231 ) 278 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (10,783 ) $ 33,653 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.6 million per year for the next three |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases : The components of lease expense were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,801 $ 1,741 $ 3,586 $ 3,415 Finance lease cost: Amortization of right-of-use assets $ 186 $ 212 $ 370 $ 424 Interest on lease liabilities 13 26 28 53 Total finance lease cost $ 199 $ 238 $ 398 $ 477 Supplemental cash flow information related to leases was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,719 $ 1,711 $ 3,470 $ 3,356 Operating cash flows from finance leases 13 26 28 53 Financing cash flows from finance leases 184 203 366 405 Total cash paid for lease liabilities $ 1,916 $ 1,940 $ 3,864 $ 3,814 Supplemental balance sheet information related to leases was as follows: June 30, December 31, (in thousands) 2022 2021 Operating Leases Operating lease $ 42,944 $ 42,023 Operating lease accumulated amortization (15,437 ) (14,297 ) Operating lease right-of-use asset, net 27,507 27,726 Operating lease current liabilities 6,127 5,940 Operating lease liabilities 21,849 22,137 Total operating lease liabilities $ 27,976 $ 28,077 Finance Leases Finance lease $ 2,803 $ 2,710 Finance lease accumulated depreciation (1,378 ) (965 ) Finance lease, net 1,425 1,745 Finance lease current liabilities 534 661 Finance lease liabilities 923 1,115 Total finance lease liabilities $ 1,457 $ 1,776 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 3 4 Weighted Average Discount Rate Operating leases 3.35 % 3.44 % Finance leases 3.49 % 3.42 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2022 $ 3,632 $ 334 2023 6,363 454 2024 5,614 363 2025 4,397 196 2026 3,500 154 Thereafter 7,473 43 Total future minimum lease payments $ 30,979 $ 1,544 Less remaining imputed interest (3,003 ) (87 ) Total $ 27,976 $ 1,457 |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of June 30, December 31, (in thousands) 2022 2021 Asset-based revolving credit facility due June 16, 2026 287,880 327,764 Total debt $ 287,880 $ 327,764 The Company’s asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable, inventory and personal property. The $475 million ABL Credit Facility consists of: (i) a revolving credit facility of up to $445 million, including a $20 million sub-limit for letters of credit, and (ii) a 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 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 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 June 30, 2022) June 30, 2022), 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 June 30, 2022, As of June 30, 2022, December 31, 2021, five |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments : Metals swaps and embedded customer derivatives During the first six 2022 2021, third 2022. third third These derivatives have not third not June 30, 2022 June 30, 2022. Fixed rate interest rate hedge On January 10, 2019, five June 30, 2022. The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through net income of the derivatives for the three six June 30, 2022 2021, Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Fixed interest rate hedge $ (344 ) $ (468 ) $ (794 ) $ (931 ) Metals swaps (1,445 ) 245 718 228 Embedded customer derivatives 1,445 (245 ) (718 ) (228 ) Total loss $ (344 ) $ (468 ) $ (794 ) $ (931 ) |
Note 9 - Fair Value of Assets a
Note 9 - Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Assets and Liabilities : During the six June 30, 2022, no 1, 2 3 no June 30, 2022 December 31, 2021. 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 June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 3,444 $ - $ 3,444 Total assets at fair value $ - $ 3,444 $ - $ 3,444 Liabilities: Embedded customer derivative $ - $ 3,996 $ - $ 3,996 Fixed interest rate hedge 616 616 Total liabilities recorded at fair value $ - $ 4,612 $ - $ 4,612 Value of Items Recorded at Fair Value As of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,286 $ - $ 2,286 Total assets at fair value $ - $ 2,286 $ - $ 2,286 Liabilities: Embedded customer derivatives $ - $ 2,178 $ - $ 2,178 Fixed interest rate hedge - 2,661 - 2,661 Total liabilities recorded at fair value $ - $ 4,839 $ - $ 4,839 The value of the items not The carrying value of the ABL Credit Facility was $287.9 million and $327.8 million at June 30, 2022 December 31, 2021, June 16, 2021, |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss : On January 10, 2019, five June 30, 2022. December 31, 2021. |
Note 11 - Equity Plans
Note 11 - Equity Plans | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 $80,000 one not Prior to 2021, five 19 2021. In January 2022, may three one first 2022, Stock-based compensation expense recognized on RSUs for the three six June 30, 2022 2021, For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 RSU expense before taxes $ 335 $ 258 $ 662 $ 520 RSU expense after taxes $ 244 $ 189 $ 483 $ 382 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the six June 30, 2022 2021, As of June 30, 2022 As of June 30, 2021 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 576,867 $ 18.40 610,540 $ 18.25 Granted 35,558 26.72 20,604 23.29 Converted into shares (3,580 ) 18.84 (2,422 ) 17.09 Forfeited (3,351 ) 18.14 (5,086 ) 17.55 Outstanding at June 30 605,494 $ 18.89 623,636 $ 18.43 Vested at June 30 409,710 $ 20.17 414,090 $ 18.76 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes : For the three June 30, 2022, three June 30, 2021. six June 30, 2022, six June 30, 2021. The tax provision for the interim period is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 Weighted average basic shares outstanding 11,538 11,492 11,536 11,491 Assumed exercise of stock options and issuance of stock awards 7 12 4 10 Weighted average diluted shares outstanding 11,545 11,504 11,540 11,501 Net income (loss) $ 37,624 $ 29,649 $ 74,926 $ 51,657 Basic earnings per share $ 3.26 $ 2.58 $ 6.49 $ 4.50 Diluted earnings per share $ 3.26 $ 2.58 $ 6.49 $ 4.49 Unvested RSUs 196 210 196 210 |
Note 14 - Stock Repurchase Prog
Note 14 - Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. Stock Repurchase Program : On October 2, 2015, may 10b5 1 may may twelve June 30, 2022) June 30, 2022) 1.00. There were no shares repurchased during the three six June 30, 2022 June 30, 2021. June 30, 2022, On September 3, 2021, September 3, 2021 not three six June 30, 2022. |
Note 15 - Segment Information
Note 15 - Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
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 segments), including compensation for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses and various other professional fees. The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three six June 30, 2022 2021, For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net sales Specialty metals flat products $ 226,964 $ 138,035 $ 426,443 $ 264,354 Carbon flat products 370,665 325,511 750,214 571,884 Tubular and pipe products 111,547 92,531 228,852 182,963 Total net sales $ 709,176 $ 556,077 $ 1,405,509 $ 1,019,201 Depreciation and amortization Specialty metals flat products $ 1,008 $ 901 $ 2,013 $ 1,804 Carbon flat products 2,698 2,949 5,372 5,872 Tubular and pipe products 1,222 1,404 2,508 2,796 Corporate 18 18 35 36 Total depreciation and amortization $ 4,946 $ 5,272 $ 9,928 $ 10,508 Operating income Specialty metals flat products $ 36,473 $ 13,702 $ 70,557 $ 21,724 Carbon flat products 15,618 30,434 25,493 51,633 Tubular and pipe products 7,300 3,039 21,882 9,359 Corporate expenses (5,526 ) (4,738 ) (10,945 ) (8,690 ) Total operating income $ 53,865 $ 42,437 $ 106,987 $ 74,026 Other income (loss), net (15 ) 1 (21 ) (9 ) Income before interest and income taxes 53,850 42,438 106,966 74,017 Interest and other expense on debt 2,271 2,017 4,269 3,671 Income before income taxes $ 51,579 $ 40,421 $ 102,697 $ 70,346 For the Six Months Ended June 30, (in thousands) 2022 2021 Capital expenditures Flat products segments $ 8,236 $ 3,496 Tubular and pipe products 1,786 1,083 Corporate - - Total capital expenditures $ 10,022 $ 4,579 As of June 30, December 31, (in thouands) 2022 2021 Assets Flat products segments $ 828,286 $ 777,074 Tubular and pipe products 257,402 245,962 Corporate 428 536 Total assets $ 1,086,116 $ 1,023,572 There were no The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In March 2020, No. 2020 04, 848 not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.2 % - - 30.2 % Plate 12.8 % - - 12.8 % Cold Rolled 5.0 % - - 5.0 % Coated 4.2 % - - 4.2 % Specialty - 32.0 % - 32.0 % Tube - - 15.7 % 15.7 % Other 0.1 % - - 0.1 % Total 52.3 % 32.0 % 15.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 30.7 % - - 30.7 % Plate 13.0 % - - 13.0 % Cold Rolled 5.0 % - - 5.0 % Coated 4.6 % - - 4.6 % Specialty - 30.3 % - 30.3 % Tube - - 16.3 % 16.3 % Other 0.1 % - - 0.1 % Total 53.4 % 30.3 % 16.3 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.6 % - - 29.6 % Plate 11.5 % - - 11.5 % Cold Rolled 7.1 % - - 7.1 % Coated 8.4 % - - 8.4 % Specialty - 24.7 % - 24.7 % Tube - - 16.6 % 16.6 % Other 2.0 % 0.1 % - 2.1 % Total 58.6 % 24.8 % 16.6 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.9 % - - 28.9 % Plate 10.2 % - - 10.2 % Cold Rolled 6.7 % - - 6.7 % Coated 8.6 % - - 8.6 % Specialty - 25.8 % - 25.8 % Tube - - 18.0 % 18.0 % Other 1.7 % 0.1 % - 1.8 % Total 56.1 % 25.9 % 18.0 % 100.0 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) June 30, 2022 December 31, 2021 Unprocessed $ 407,121 $ 417,595 Processed and finished 104,014 67,434 Totals $ 511,135 $ 485,029 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Specialty Metals Flat Products Carbon Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 $ 9,431 $ 1,065 $ - $ 10,496 Acquisitions - - - - Impairments - - - - Balance as of June 30, 2022 $ 9,431 $ 1,065 $ - $ 10,496 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of June 30, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (11,326 ) $ 11,233 Covenant not to compete - subject to amortization 509 (266 ) 243 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (11,592 ) $ 32,844 As of December 31, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (10,552 ) $ 12,007 Covenant not to compete - subject to amortization 509 (231 ) 278 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (10,783 ) $ 33,653 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,801 $ 1,741 $ 3,586 $ 3,415 Finance lease cost: Amortization of right-of-use assets $ 186 $ 212 $ 370 $ 424 Interest on lease liabilities 13 26 28 53 Total finance lease cost $ 199 $ 238 $ 398 $ 477 |
Lease, Payment [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,719 $ 1,711 $ 3,470 $ 3,356 Operating cash flows from finance leases 13 26 28 53 Financing cash flows from finance leases 184 203 366 405 Total cash paid for lease liabilities $ 1,916 $ 1,940 $ 3,864 $ 3,814 |
Lease, Balance Sheet Information [Table Text Block] | June 30, December 31, (in thousands) 2022 2021 Operating Leases Operating lease $ 42,944 $ 42,023 Operating lease accumulated amortization (15,437 ) (14,297 ) Operating lease right-of-use asset, net 27,507 27,726 Operating lease current liabilities 6,127 5,940 Operating lease liabilities 21,849 22,137 Total operating lease liabilities $ 27,976 $ 28,077 Finance Leases Finance lease $ 2,803 $ 2,710 Finance lease accumulated depreciation (1,378 ) (965 ) Finance lease, net 1,425 1,745 Finance lease current liabilities 534 661 Finance lease liabilities 923 1,115 Total finance lease liabilities $ 1,457 $ 1,776 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 3 4 Weighted Average Discount Rate Operating leases 3.35 % 3.44 % Finance leases 3.49 % 3.42 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2022 $ 3,632 $ 334 2023 6,363 454 2024 5,614 363 2025 4,397 196 2026 3,500 154 Thereafter 7,473 43 Total future minimum lease payments $ 30,979 $ 1,544 Less remaining imputed interest (3,003 ) (87 ) Total $ 27,976 $ 1,457 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, December 31, (in thousands) 2022 2021 Asset-based revolving credit facility due June 16, 2026 287,880 327,764 Total debt $ 287,880 $ 327,764 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Fixed interest rate hedge $ (344 ) $ (468 ) $ (794 ) $ (931 ) Metals swaps (1,445 ) 245 718 228 Embedded customer derivatives 1,445 (245 ) (718 ) (228 ) Total loss $ (344 ) $ (468 ) $ (794 ) $ (931 ) |
Note 9 - Fair Value of Assets_2
Note 9 - Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 3,444 $ - $ 3,444 Total assets at fair value $ - $ 3,444 $ - $ 3,444 Liabilities: Embedded customer derivative $ - $ 3,996 $ - $ 3,996 Fixed interest rate hedge 616 616 Total liabilities recorded at fair value $ - $ 4,612 $ - $ 4,612 Value of Items Recorded at Fair Value As of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,286 $ - $ 2,286 Total assets at fair value $ - $ 2,286 $ - $ 2,286 Liabilities: Embedded customer derivatives $ - $ 2,178 $ - $ 2,178 Fixed interest rate hedge - 2,661 - 2,661 Total liabilities recorded at fair value $ - $ 4,839 $ - $ 4,839 |
Note 11 - Equity Plans (Tables)
Note 11 - Equity Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 RSU expense before taxes $ 335 $ 258 $ 662 $ 520 RSU expense after taxes $ 244 $ 189 $ 483 $ 382 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of June 30, 2022 As of June 30, 2021 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 576,867 $ 18.40 610,540 $ 18.25 Granted 35,558 26.72 20,604 23.29 Converted into shares (3,580 ) 18.84 (2,422 ) 17.09 Forfeited (3,351 ) 18.14 (5,086 ) 17.55 Outstanding at June 30 605,494 $ 18.89 623,636 $ 18.43 Vested at June 30 409,710 $ 20.17 414,090 $ 18.76 |
Note 13 - Shares Outstanding _2
Note 13 - Shares Outstanding and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 Weighted average basic shares outstanding 11,538 11,492 11,536 11,491 Assumed exercise of stock options and issuance of stock awards 7 12 4 10 Weighted average diluted shares outstanding 11,545 11,504 11,540 11,501 Net income (loss) $ 37,624 $ 29,649 $ 74,926 $ 51,657 Basic earnings per share $ 3.26 $ 2.58 $ 6.49 $ 4.50 Diluted earnings per share $ 3.26 $ 2.58 $ 6.49 $ 4.49 Unvested RSUs 196 210 196 210 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net sales Specialty metals flat products $ 226,964 $ 138,035 $ 426,443 $ 264,354 Carbon flat products 370,665 325,511 750,214 571,884 Tubular and pipe products 111,547 92,531 228,852 182,963 Total net sales $ 709,176 $ 556,077 $ 1,405,509 $ 1,019,201 Depreciation and amortization Specialty metals flat products $ 1,008 $ 901 $ 2,013 $ 1,804 Carbon flat products 2,698 2,949 5,372 5,872 Tubular and pipe products 1,222 1,404 2,508 2,796 Corporate 18 18 35 36 Total depreciation and amortization $ 4,946 $ 5,272 $ 9,928 $ 10,508 Operating income Specialty metals flat products $ 36,473 $ 13,702 $ 70,557 $ 21,724 Carbon flat products 15,618 30,434 25,493 51,633 Tubular and pipe products 7,300 3,039 21,882 9,359 Corporate expenses (5,526 ) (4,738 ) (10,945 ) (8,690 ) Total operating income $ 53,865 $ 42,437 $ 106,987 $ 74,026 Other income (loss), net (15 ) 1 (21 ) (9 ) Income before interest and income taxes 53,850 42,438 106,966 74,017 Interest and other expense on debt 2,271 2,017 4,269 3,671 Income before income taxes $ 51,579 $ 40,421 $ 102,697 $ 70,346 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Six Months Ended June 30, (in thousands) 2022 2021 Capital expenditures Flat products segments $ 8,236 $ 3,496 Tubular and pipe products 1,786 1,083 Corporate - - Total capital expenditures $ 10,022 $ 4,579 As of June 30, December 31, (in thouands) 2022 2021 Assets Flat products segments $ 828,286 $ 777,074 Tubular and pipe products 257,402 245,962 Corporate 428 536 Total assets $ 1,086,116 $ 1,023,572 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Percentage of net sales | 100% | 100% | 100% | 100% |
Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 52.30% | 58.60% | 53.40% | 56.10% |
Carbon Flat Products [Member] | ||||
Percentage of net sales | 32% | 24.80% | 30.30% | 25.90% |
Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 15.70% | 16.60% | 16.30% | 18% |
Hot Rolled Products [Member] | ||||
Percentage of net sales | 30.20% | 29.60% | 30.70% | 28.90% |
Hot Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 30.20% | 29.60% | 30.70% | 28.90% |
Hot Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Hot Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Plate Products [Member] | ||||
Percentage of net sales | 12.80% | 11.50% | 13% | 10.20% |
Plate Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 12.80% | 11.50% | 13% | 10.20% |
Plate Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Plate Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | ||||
Percentage of net sales | 5% | 7.10% | 5% | 6.70% |
Cold Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 5% | 7.10% | 5% | 6.70% |
Cold Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | ||||
Percentage of net sales | 4.20% | 8.40% | 4.60% | 8.60% |
Coated Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 4.20% | 8.40% | 4.60% | 8.60% |
Coated Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty [Member] | ||||
Percentage of net sales | 32% | 24.70% | 30.30% | 25.80% |
Specialty [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 32% | 24.70% | 30.30% | 25.80% |
Specialty [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | ||||
Percentage of net sales | 15.70% | 16.60% | 16.30% | 18% |
Tube Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 15.70% | 16.60% | 16.30% | 18% |
Product and Service, Other [Member] | ||||
Percentage of net sales | 0.10% | 2.10% | 0.10% | 1.80% |
Product and Service, Other [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0.10% | 2% | 0.10% | 1.70% |
Product and Service, Other [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0.10% | 0% | 0.10% |
Product and Service, Other [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.6 | $ 4.4 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
LIFO Inventory Amount | $ 57.1 | $ 55.4 | ||
Percentage of LIFO Inventory | 11.20% | 11.40% | ||
Inventory, LIFO Reserve, Period Charge | $ 4 | $ 5 | ||
Inventory Difference Using FIFO Basis | $ 19.7 | $ 19.7 |
Note 4 - Inventories - Steel In
Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Unprocessed | $ 407,121 | $ 417,595 |
Processed and finished | 104,014 | 67,434 |
Totals | $ 511,135 | $ 485,029 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1.6 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 0.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1.6 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | $ 1.6 |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (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 | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance | $ 10,496 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 10,496 |
Specialty Metals Flat Products [Member] | |
Balance | 9,431 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 9,431 |
Carbon Flat Products [Member] | |
Balance | 1,065 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 1,065 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Accumulated amortization | $ (11,592) | $ (10,783) |
Intangible assets, gross | 44,436 | 44,436 |
Intangible assets, net | 32,844 | 33,653 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 21,368 | 21,368 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 22,559 | 22,559 |
Accumulated amortization | (11,326) | (10,552) |
Finite-lived intangible assets, net | 11,233 | 12,007 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 509 | 509 |
Accumulated amortization | (266) | (231) |
Finite-lived intangible assets, net | $ 243 | $ 278 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease cost | $ 1,801 | $ 1,741 | $ 3,586 | $ 3,415 |
Amortization of right-of-use assets | 186 | 212 | 370 | 424 |
Interest on lease liabilities | 13 | 26 | 28 | 53 |
Total finance lease cost | $ 199 | $ 238 | $ 398 | $ 477 |
Note 6 - Leases - Lease Payment
Note 6 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating cash flows from operating leases | $ 1,719 | $ 1,711 | $ 3,470 | $ 3,356 |
Operating cash flows from finance leases | 13 | 26 | 28 | 53 |
Financing cash flows from finance leases | 184 | 203 | 366 | 405 |
Total cash paid for lease liabilities | $ 1,916 | $ 1,940 | $ 3,864 | $ 3,814 |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating lease | $ 42,944 | $ 42,023 |
Operating lease accumulated amortization | (15,437) | (14,297) |
Operating lease right-of-use asset, net | 27,507 | 27,726 |
Current portion of lease liabilities | 6,127 | 5,940 |
Operating lease, operating lease liabilities | 21,849 | 22,137 |
Total operating lease liabilities | 27,976 | 28,077 |
Property and equipment, at cost | 419,732 | 413,396 |
Accumulated depreciation | (272,786) | (266,340) |
Finance lease, net | 1,425 | 1,745 |
Finance lease current liabilities | 534 | 661 |
Finance lease liabilities | 923 | 1,115 |
Total finance lease liabilities | $ 1,457 | $ 1,776 |
Operating leases (in years) (Year) | 6 years | 6 years |
Finance leases (in years) (Year) | 3 years | 4 years |
Operating leases | 3.35% | 3.44% |
Finance leases | 3.49% | 3.42% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 2,803 | $ 2,710 |
Accumulated depreciation | $ (1,378) | $ (965) |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2022, operating lease | $ 3,632 | |
2022, finance lease | 334 | |
2023, operating lease | 6,363 | |
2023, finance lease | 454 | |
2024, operating lease | 5,614 | |
2024, finance lease | 363 | |
2025, operating lease | 4,397 | |
2025, finance lease | 196 | |
2026, operating lease | 3,500 | |
2026, finance lease | 154 | |
Thereafter, operating lease | 7,473 | |
Thereafter, finance lease | 43 | |
Operating lease, Total future minimum lease payments | 30,979 | |
Finance lease, Total future minimum lease payments | 1,544 | |
Operating lease, Less remaining imputed interest | (3,003) | |
Finance lease, Less remaining imputed interest | (87) | |
Operating lease, Total | 27,976 | $ 28,077 |
Finance lease, Total | 1,457 | $ 1,776 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | 27,976 | |
Other Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Finance lease, Total | $ 1,457 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | 6 Months Ended | ||||
Dec. 14, 2020 USD ($) | Jan. 10, 2019 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 16, 2021 USD ($) | |
Debt Issuance Costs, Net, Total | $ 1.4 | $ 1.6 | |||
Interest Rate Swap [Member] | |||||
Derivative, Term of Contract (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 | ||||
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% | ||||
Balance Required for Compliance with Revolver Commitments | 47.5 | ||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10% | ||||
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 | $ 183 | ||||
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% | ||||
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Asset-based revolving credit facility | $ 287,880 | $ 327,764 |
Total debt | 287,880 | 327,764 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility | $ 287,880 | $ 327,764 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] $ in Millions | Jan. 10, 2019 USD ($) |
Derivative, Term of Contract (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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Gain (Loss) Recognized | $ (344) | $ (468) | $ (794) | $ (931) |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | (344) | (468) | (794) | (931) |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | (1,445) | 245 | 718 | 228 |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ 1,445 | $ (245) | $ (718) | $ (228) |
Note 9 - Fair Value of Assets_3
Note 9 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 287.9 | $ 327.8 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Total assets at fair value | $ 3,444 | $ 2,286 |
Total liabilities recorded at fair value | 4,612 | 4,839 |
Metal Swaps [Member] | ||
Derivative asset | 3,444 | 2,286 |
Embedded Customer Derivatives [Member] | ||
Derivative liability | 3,996 | 2,178 |
Interest Rate Swap [Member] | ||
Derivative liability | 616 | 2,661 |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value | 3,444 | 2,286 |
Total liabilities recorded at fair value | 4,612 | 4,839 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative asset | 3,444 | 2,286 |
Fair Value, Inputs, Level 2 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative liability | 3,996 | 2,178 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | 616 | 2,661 |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative liability | $ 0 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Loss (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative, Term of Contract (Year) | 5 years | ||
Derivative, Notional Amount | $ 75 | ||
Derivative, Fixed Interest Rate | 2.57% | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 0.6 | $ 2.7 | |
Accumulated Other Comprehensive Income (Loss), Tax | $ 0.2 | $ 0.7 |
Note 11 - Equity Plans (Details
Note 11 - Equity Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Chief Executive Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 1,100,000 | ||||
Chief Financial Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | 300,000 | ||||
President and Chief Operating Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 600,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,558 | 20,604 | |||
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% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 17,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||
Restricted Stock Units (RSUs) [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, 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 | ||||
Performance Shares [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||
Minimum Percentage of EBITDA Divided by Average Accounts Receivable, Inventory and Property, Plant and Equipment to Vest | 5% | ||||
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
RSU expense before taxes | $ 335 | $ 258 | $ 662 | $ 520 |
RSU expense after taxes | $ 244 | $ 189 | $ 483 | $ 382 |
Note 11 - Equity Plans - Restri
Note 11 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Outstanding, number of shares (in shares) | 576,867 | 610,540 | 610,540 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.40 | $ 18.25 | $ 18.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,558 | 20,604 | |
Granted, weighted average estimated fair value (in dollars per share) | $ 26.72 | $ 23.29 | |
Converted into shares, number of shares (in shares) | (3,580) | (2,422) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 18.84 | $ 17.09 | |
Forfeited, number of shares (in shares) | (3,351) | (5,086) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 18.14 | $ 17.55 | |
Outstanding, number of shares (in shares) | 605,494 | 623,636 | 576,867 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.89 | $ 18.43 | $ 18.40 |
Vested, number of shares (in shares) | 409,710 | 414,090 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 20.17 | $ 18.76 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 13,955 | $ 10,772 | $ 27,771 | $ 18,689 |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.10% | 26.60% | 27% | 26.60% |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted average basic shares outstanding (in shares) | 11,538 | 11,492 | 11,536 | 11,491 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 7 | 12 | 4 | 10 |
Weighted average diluted shares outstanding (in shares) | 11,545 | 11,504 | 11,540 | 11,501 |
Net income | $ 37,624 | $ 29,649 | $ 74,926 | $ 51,657 |
Basic earnings per share (in dollars per share) | $ 3.26 | $ 2.58 | $ 6.49 | $ 4.50 |
Diluted earnings per share (in dollars per share) | $ 3.26 | $ 2.58 | $ 6.49 | $ 4.49 |
Unvested RSUs (in shares) | 196 | 210 | 196 | 210 |
Note 14 - Stock Repurchase Pr_2
Note 14 - Stock Repurchase Program (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 02, 2015 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 shares | Sep. 03, 2021 USD ($) | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | ||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | |||
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 | ||||
Stock Issuance Program, Gross Proceeds, Percent | 2% | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | |||
ABL Credit Facility [Member] | |||||
Unrestricted Common Stock Purchases, Maximum, Value | $ | $ 5 | ||||
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% | ||||
Balance Required for Compliance with Revolver Commitments | $ | $ 95 | $ 95 | |||
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% | ||||
Balance Required for Compliance with Revolver Commitments | $ | $ 71.3 | $ 71.3 | |||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net sales | $ 709,176 | $ 556,077 | $ 1,405,509 | $ 1,019,201 |
Restructuring and other charges | 4,946 | 5,272 | 9,928 | 10,508 |
Restructuring and other charges | 4,946 | 5,272 | 9,928 | 10,508 |
Operating income (loss) | 53,865 | 42,437 | 106,987 | 74,026 |
Other income, net | (15) | 1 | (21) | (9) |
Income before interest and income taxes | 53,850 | 42,438 | 106,966 | 74,017 |
Interest and other expense on debt | 2,271 | 2,017 | 4,269 | 3,671 |
Income before income taxes | 51,579 | 40,421 | 102,697 | 70,346 |
Specialty Metals Flat Products [Member] | ||||
Net sales | 226,964 | 138,035 | 426,443 | 264,354 |
Restructuring and other charges | 1,008 | 901 | 2,013 | 1,804 |
Restructuring and other charges | 1,008 | 901 | 2,013 | 1,804 |
Operating income (loss) | 36,473 | 13,702 | 70,557 | 21,724 |
Carbon Flat Products [Member] | ||||
Net sales | 370,665 | 325,511 | 750,214 | 571,884 |
Restructuring and other charges | 2,698 | 2,949 | 5,372 | 5,872 |
Restructuring and other charges | 2,698 | 2,949 | 5,372 | 5,872 |
Operating income (loss) | 15,618 | 30,434 | 25,493 | 51,633 |
Tubular and Pipe Products [Member] | ||||
Net sales | 111,547 | 92,531 | 228,852 | 182,963 |
Restructuring and other charges | 1,222 | 1,404 | 2,508 | 2,796 |
Restructuring and other charges | 1,222 | 1,404 | 2,508 | 2,796 |
Operating income (loss) | 7,300 | 3,039 | 21,882 | 9,359 |
Corporate Segment [Member] | ||||
Restructuring and other charges | 18 | 18 | 35 | 36 |
Restructuring and other charges | 18 | 18 | 35 | 36 |
Operating income (loss) | $ (5,526) | $ (4,738) | $ (10,945) | $ (8,690) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital expenditures | $ 10,022 | $ 4,579 | ||
Assets | 1,086,116 | $ 1,023,572 | $ 1,023,572 | |
Flat Products Segment [Member] | ||||
Capital expenditures | 8,236 | 3,496 | ||
Assets | 828,286 | 777,074 | ||
Tubular and Pipe Products [Member] | ||||
Capital expenditures | 1,786 | 1,083 | ||
Assets | 257,402 | 245,962 | ||
Corporate Segment [Member] | ||||
Capital expenditures | 0 | $ 0 | ||
Assets | $ 428 | $ 536 |