Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 11,132,542 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 9,091 | $ 12,189 |
Accounts receivable, net | 227,847 | 219,789 |
Inventories, net (includes LIFO reserves of $17,301 and $20,301 as of September 30, 2023 and December 31, 2022, respectively) | 392,354 | 416,931 |
Prepaid expenses and other | 12,608 | 9,197 |
Total current assets | 641,900 | 658,106 |
Property and equipment, at cost | 466,499 | 429,810 |
Accumulated depreciation | (292,280) | (281,478) |
Net property and equipment | 174,219 | 148,332 |
Goodwill | 43,690 | 10,496 |
Intangible assets, net | 84,028 | 32,035 |
Other long-term assets | 15,425 | 14,434 |
Right of use assets, net | 33,544 | 28,224 |
Total assets | 992,806 | 891,627 |
Liabilities | ||
Accounts payable | 127,671 | 101,446 |
Accrued payroll | 29,617 | 40,334 |
Other accrued liabilities | 22,069 | 16,824 |
Current portion of lease liabilities | 7,015 | 6,098 |
Total current liabilities | 186,372 | 164,702 |
Credit facility revolver | 196,527 | 165,658 |
Other long-term liabilities | 17,531 | 12,619 |
Deferred income taxes | 15,869 | 10,025 |
Lease liabilities | 27,186 | 22,655 |
Total liabilities | 443,485 | 375,659 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 135,981 | 134,724 |
Accumulated other comprehensive income | 461 | 1,311 |
Retained earnings | 412,879 | 379,933 |
Total shareholders' equity | 549,321 | 515,968 |
Total liabilities and shareholders' equity | $ 992,806 | $ 891,627 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory, LIFO debit | $ 17,301 | $ 20,301 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 526,411 | $ 634,437 | $ 1,668,755 | $ 2,039,946 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 414,480 | 527,466 | 1,308,988 | 1,643,119 |
Warehouse and processing | 28,954 | 27,397 | 91,125 | 79,069 |
Administrative and general | 26,181 | 26,929 | 91,047 | 88,520 |
Distribution | 16,342 | 15,131 | 51,531 | 46,613 |
Selling | 9,587 | 10,589 | 30,373 | 31,905 |
Occupancy | 3,797 | 3,173 | 12,452 | 10,053 |
Depreciation | 5,008 | 4,062 | 15,330 | 12,766 |
Amortization | 1,177 | 604 | 3,529 | 1,828 |
Total costs and expenses | 505,526 | 615,351 | 1,604,375 | 1,913,873 |
Operating income | 20,885 | 19,086 | 64,380 | 126,073 |
Other loss, net | 28 | 17 | 67 | 38 |
Income before interest and income taxes | 20,857 | 19,069 | 64,313 | 126,035 |
Interest and other expense on debt | 3,953 | 3,007 | 12,379 | 7,276 |
Income before income taxes | 16,904 | 16,062 | 51,934 | 118,759 |
Income tax provision | 4,674 | 4,016 | 14,813 | 31,787 |
Net income | 12,230 | 12,046 | 37,121 | 86,972 |
Gain (loss) on cash flow hedge | (527) | 2,291 | (1,133) | 4,336 |
Tax effect on cash flow hedge | 132 | (573) | 283 | (1,084) |
Total comprehensive income | $ 11,835 | $ 13,764 | $ 36,271 | $ 90,224 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 1.06 | $ 1.04 | $ 3.21 | $ 7.53 |
Weighted average shares outstanding - basic (in shares) | 11,586 | 11,548 | 11,568 | 11,543 |
Net income per share - diluted (in dollars per share) | $ 1.06 | $ 1.04 | $ 3.21 | $ 7.53 |
Weighted average shares outstanding - diluted (in shares) | 11,592 | 11,557 | 11,571 | 11,548 |
Dividends declared per share of common stock (in dollars per share) | $ 0.125 | $ 0.09 | $ 0.375 | $ 0.27 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 37,121 | $ 86,972 |
Adjustments to reconcile net income to net cash from operating activities - | ||
Depreciation and amortization | 18,859 | 14,594 |
Amortization of deferred financing fees | 523 | 342 |
Gain on disposition of property and equipment | (75) | (2,184) |
Stock-based compensation | 1,257 | 997 |
Other long-term assets | 5,333 | 863 |
Other long-term liabilities | 4,169 | 5,537 |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 67,187 | 107,121 |
Changes in working capital: | ||
Accounts receivable | 2,539 | 5,226 |
Inventories | 41,813 | (23,074) |
Prepaid expenses and other | (3,989) | 2,567 |
Accounts payable | 22,188 | 14,830 |
Change in outstanding checks | 518 | 3,602 |
Accrued payroll and other accrued liabilities | (9,257) | (11,972) |
Increase (Decrease) in Operating Capital | 53,812 | (8,821) |
Net cash from operating activities | 120,999 | 98,300 |
Cash flows from (used for) investing activities: | ||
Acquisition, net of cash acquired | (129,476) | 0 |
Capital expenditures | (19,564) | (13,963) |
Proceeds from disposition of property and equipment | 129 | 3,293 |
Net cash used for investing activities | (148,911) | (10,670) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 552,666 | 575,336 |
Credit facility revolver repayments | (521,797) | (658,900) |
Principal payment under finance lease obligation | (737) | (542) |
Credit facility fees and expenses | (1,143) | (100) |
Dividends paid on common stock | (4,175) | (3,004) |
Net cash from (used for) financing activities | 24,814 | (87,210) |
Cash and cash equivalents: | ||
Net change | (3,098) | 420 |
Beginning balance | 12,189 | 9,812 |
Ending balance | 9,091 | 10,232 |
Interest paid | 11,475 | 6,896 |
Income taxes paid | $ 5,599 | $ 23,283 |
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 | $ 133,427 | $ (1,996) | $ 293,008 | $ 424,439 |
Net income | 0 | 0 | 86,972 | 86,972 |
Payment of dividends on common stock | 0 | 0 | (3,004) | (3,004) |
Stock-based compensation | 997 | 0 | 0 | 997 |
Changes in fair value of hedges, net of tax | 0 | 3,252 | 0 | 3,252 |
Other | (1) | 0 | 0 | (1) |
Balance at Sep. 30, 2021 | 134,423 | 1,256 | 376,976 | 512,655 |
Balance at Jun. 30, 2022 | 134,089 | (462) | 365,932 | 499,559 |
Net income | 0 | 0 | 12,046 | 12,046 |
Payment of dividends on common stock | 0 | 0 | (1,002) | (1,002) |
Stock-based compensation | 335 | 0 | 0 | 335 |
Changes in fair value of hedges, net of tax | 0 | 1,718 | 0 | 1,718 |
Other | (1) | 0 | 0 | (1) |
Balance at Sep. 30, 2022 | 134,423 | 1,256 | 376,976 | 512,655 |
Balance at Dec. 31, 2022 | 134,724 | 1,311 | 379,933 | 515,968 |
Net income | 0 | 0 | 37,121 | 37,121 |
Payment of dividends on common stock | 0 | 0 | (4,175) | (4,175) |
Stock-based compensation | 1,257 | 0 | 0 | 1,257 |
Changes in fair value of hedges, net of tax | 0 | (850) | 0 | (850) |
Balance at Sep. 30, 2023 | 135,981 | 461 | 412,879 | 549,321 |
Balance at Jun. 30, 2023 | 135,566 | 856 | 402,041 | 538,463 |
Net income | 0 | 0 | 12,230 | 12,230 |
Payment of dividends on common stock | 0 | 0 | (1,392) | (1,392) |
Stock-based compensation | 415 | 0 | 0 | 415 |
Changes in fair value of hedges, net of tax | 0 | (395) | 0 | (395) |
Balance at Sep. 30, 2023 | $ 135,981 | $ 461 | $ 412,879 | $ 549,321 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 10 December 31, 2022 The Company operates in three The primary focus of the 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 recent acquisitions, the specialty metals flat products segment has expanded its geographic footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe and prime tin mill products. The primary focus of the 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. Through recent acquisitions, the carbon flat products segment has expanded its product offerings to include self-dumping metal hoppers, and steel and stainless-steel dump inserts for pickup truck and service truck beds. Through the acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, The flat products segment acts as an intermediary between metals producers and manufacturers that require processed metals for their operations. The flat products segment serves 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 metals service centers. These products are primarily distributed through a direct sales force. Combined, the carbon and specialty metals flat products segments have 36 one Through its tubular and pipe products segment, which consists of the Chicago Tube and Iron subsidiary (CTI), the Company distributes metal tubing, pipe, bar, valves and fittings and fabricates parts supplied to various industrial markets. CTI operates from seven October 2, 2023, not 10 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 Critical Accounting Policies Employee Retention Credit The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided refundable employee retention credits, which could be used to offset payroll tax liabilities. On March 11, 2021, December 31, 2021. As there is no 20, 20 three September 30, 2023, three nine September 30, 2023. September 30, 2023, Impact of Recently Issued Accounting Pronouncements In March 2020, No. 2020 04, 848 December 2022, No. 2022 06, 848”, December 31, 2024. first 2023 not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions: On January 3, 2023, The Company paid total cash consideration of $131.2 2023, nine September 30, 2023 Purchase Price Allocation The acquisition of Metal-Fab was accounted for as a business combination and the assets and liabilities were valued at fair market value on January 3, 2023, The final purchase price allocations presented below is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using Level 3 not Details of Acquisition (in thousands) Total Assets acquired Cash and cash equivalents $ 1,728 Accounts receivable, net 10,597 Prepaid expenses and other 740 Inventories, net 17,236 Property and equipment 20,408 Goodwill 33,194 Intangible assets 54,740 Right-of-use and other long-term assets 6,930 Total assets acquired 145,573 Total liabilities assumed (14,369 ) Cash paid $ 131,204 In connection with the acquisition of Metal-Fab, the Company identified and valued certain intangible assets, including the Metal-Fab trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The trade name intangible asset was valued at $11.5 million, and the useful life was determined to be indefinite primarily due to their history and reputation in the marketplace, the Company’s expectation that the trade name will continue to be used, and the conclusion that there are currently no two five The accompanying Consolidated Statements of Comprehensive Income includes the revenues and expenses of Metal-Fab since the acquisition date. Metal-Fab’s operations are included within the carbon flat-rolled segment. Pro Forma Financial Information The following unaudited pro forma summary of financial results presents the consolidated results of operations as if the Metal-Fab acquisition had occurred on January 1, 2022, not may may The pro forma results have been presented for comparative purposes only and are not January 1, 2022, may For the three months ended September 30, 2022 Historical Pro Forma Pro Forma Historical OSI Metal-Fab Adjustments Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 634,437 $ 25,803 $ 184 $ 660,424 Net income (loss) $ 12,046 $ 5,023 $ (2,817 ) $ 14,252 Basic earnings per share $ 1.04 $ 0.43 $ (0.24 ) $ 1.23 Diluted earnings per share $ 1.04 $ 0.43 $ (0.24 ) $ 1.23 For the nine months ended September 30, 2022 Historical Pro Forma Pro Forma Historical OSI Metal-Fab Adjustments Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 2,039,946 $ 72,605 $ 552 $ 2,113,103 Net income (loss) $ 86,972 $ 12,868 $ (10,035 ) $ 89,805 Basic earnings per share $ 7.53 $ 1.11 $ (0.86 ) $ 7.78 Diluted earnings per share $ 7.53 $ 1.11 $ (0.86 ) $ 7.78 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition: The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, fabricated parts, venting, micro air and clean air products. 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, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 25.2 % - - 25.2 % Hot Rolled - 32.7 % - 32.7 % Tube - - 16.9 % 16.9 % Plate - 8.9 % - 8.9 % Coated - 6.2 % - 6.2 % Cold Rolled - 4.2 % - 4.2 % Other - 5.9 % - 5.9 % Total 25.2 % 57.9 % 16.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 26.7 % - - 26.7 % Hot Rolled - 30.1 % - 30.1 % Tube - - 16.9 % 16.9 % Plate - 11.7 % - 11.7 % Coated - 5.4 % - 5.4 % Cold Rolled - 3.9 % - 3.9 % Other - 5.3 % - 5.3 % Total 26.7 % 56.4 % 16.9 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2022 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 29.7 % - - 29.7 % Hot Rolled - 28.0 % - 28.0 % Tube - - 17.3 % 17.3 % Plate - 13.7 % - 13.7 % Coated - 4.6 % - 4.6 % Cold Rolled - 4.5 % - 4.5 % Other - 2.2 % - 2.2 % Total 29.7 % 53.0 % 17.3 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2022 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 30.1 % - - 30.1 % Hot Rolled - 29.7 % - 29.7 % Tube - - 16.6 % 16.6 % Plate - 13.2 % - 13.2 % Coated - 4.6 % - 4.6 % Cold Rolled - 4.8 % - 4.8 % Other - 1.0 % - 1.0 % Total 30.1 % 53.3 % 16.6 % 100.0 % |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.5 million and $4.3 million as of September 30, 2023 December 31, 2022 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories: Inventories consisted of the following: Inventory as of (in thousands) September 30, 2023 December 31, 2022 Unprocessed $ 294,972 $ 356,588 Processed and finished 97,382 60,343 Totals $ 392,354 $ 416,931 The Company values certain of its tubular and pipe products inventory at the last-in, first September 30, 2023 December 31, 2022 first first During the three nine September 30, 2023 three nine September 30, 2022 If the FIFO method had been in use, inventories would have been $17.3 million higher than reported at September 30, 2023 December 31, 2022 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets: The Company’s intangible assets were recorded in connection with its acquisitions of Shaw Stainless & Alloy, Inc. (Shaw) in 2021, 2020 2018 2023 2019 Goodwill, by reportable unit, was as follows as of September 30, 2023 December 31, 2022 Specialty Metals Carbon Flat (in thousands) Flat Products Products Total Balance as of December 31, 2022 $ 9,431 $ 1,065 $ 10,496 Acquisitions - 33,194 33,194 Impairments - - - Balance as of September 30, 2023 $ 9,431 $ 34,259 $ 43,690 Intangible assets, net, consisted of the following as of September 30, 2023 December 31, 2022 As of September 30, 2023 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 59,059 $ (14,313 ) $ 44,746 Covenant not to compete - subject to amortization 1,949 (570 ) 1,379 Technology and know-how - subject to amortization 5,300 (265 ) 5,035 Trade name - not subject to amortization 32,868 - 32,868 $ 99,176 $ (15,148 ) $ 84,028 As of December 31, 2022 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $3.7 million per year for the next two two |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases : The components of lease expense were as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,099 $ 1,898 $ 6,354 $ 5,484 Finance lease cost: Amortization of right-of-use assets $ 264 $ 180 $ 756 $ 549 Interest on lease liabilities 37 16 112 44 Total finance lease cost $ 301 $ 196 $ 868 $ 593 Supplemental cash flow information related to leases was as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,079 $ 1,865 $ 6,267 $ 5,335 Operating cash flows from finance leases 37 16 112 44 Financing cash flows from finance leases 265 176 737 542 Total cash paid for lease liabilities $ 2,381 $ 2,057 $ 7,116 $ 5,921 Supplemental balance sheet information related to leases was as follows: September 30, December 31, (in thousands) 2023 2022 Operating Leases Operating lease $ 53,648 $ 45,987 Operating lease accumulated amortization (20,104 ) (17,763 ) Operating lease right-of-use asset, net 33,544 28,224 Operating lease current liabilities 7,015 6,098 Operating lease liabilities 27,186 22,655 Total operating lease liabilities $ 34,201 $ 28,753 Finance Leases Finance lease 5,165 3,144 Finance lease accumulated depreciation (2,307 ) (1,585 ) Finance lease, net 2,858 1,559 Finance lease current liabilities 1,031 594 Finance lease liabilities 1,941 1,025 Total finance lease liabilities $ 2,972 $ 1,619 Weighted Average Remaining Lease Term Operating leases (in years) 7 6 Finance leases (in years) 4 3 Weighted Average Discount Rate Operating leases 4.01 % 3.41 % Finance leases 4.88 % 3.56 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2023 $ 2,120 $ 219 2024 8,021 1,117 2025 6,808 810 2026 5,890 518 2027 4,751 340 Thereafter 11,439 251 Total future minimum lease payments $ 39,029 $ 3,255 Less remaining imputed interest (4,828 ) (283 ) Total $ 34,201 $ 2,972 |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 196,527 $ 165,658 Total debt $ 196,527 $ 165,658 On January 3, 2023, $625 first may, June 16, 2026. The ABL Credit Facility is collateralized by the Company’s accounts receivable, inventory, personal property and certain real estate. 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 ($62.5 million at September 30, 2023 September 30, 2023 1.00 twelve As of September 30, 2023 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 Secured Overnight Financing Rate (SOFR) plus a premium ranging from 1.25% to 2.75%. On January 10, 2019, five January 3, 2023, As of September 30, 2023 December 31, 2022 five |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Derivative Instruments : Metals swaps and embedded customer derivatives During 2023 2022, third 2023 2024. third third These derivatives have not third not September 30, 2023 September 30, 2023 Fixed rate interest rate hedge On January 10, 2019, five January 3, 2023, September 30, 2023 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 nine September 30, 2023 2022 Net Gain (Loss) Recognized For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Fixed interest rate hedge $ 543 $ (77 ) $ 1,347 $ (871 ) Metals swaps (428 ) (141 ) (1,204 ) 577 Embedded customer derivatives 428 141 1,204 (577 ) Total income (loss) $ 543 $ (77 ) $ 1,347 $ (871 ) |
Note 10 - Fair Value of Assets
Note 10 - Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value of Assets and Liabilities : During the nine September 30, 2023 no 1, 2 3 no September 30, 2023 December 31, 2022 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, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 4,877 $ - $ 4,877 Embedded customer derivative - 530 - 530 Fixed interest rate hedge - 615 - 615 Total assets at fair value $ - $ 6,022 $ - $ 6,022 Liabilities: Metal Swaps $ - $ 5,407 $ - $ 5,407 Total liabilities recorded at fair value $ - $ 5,407 $ - $ 5,407 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Total assets at fair value $ - $ 1,748 $ - $ 1,748 The value of the items not The carrying value of the ABL Credit Facility was $196.5 million and $165.7 million at September 30, 2023 December 31, 2022 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income : On January 10, 2019, five January 3, 2023, September 30, 2023 December 31, 2022 |
Note 12 - Equity Plans
Note 12 - Equity Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. 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 2023 2022 $80,000 one not In January 2022, may may five three one 2023, 2022, no ten Stock-based compensation expense recognized on RSUs for the three nine September 30, 2023 2022 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2023 2022 2023 2022 RSU expense before taxes $ 415 $ 335 $ 1,257 $ 997 RSU expense after taxes $ 300 $ 251 $ 898 $ 730 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the nine September 30, 2023 2022 As of September 30, 2023 As of September 30, 2022 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 617,518 $ 18.95 576,867 $ 18.40 Granted 49,768 36.63 35,558 26.72 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 Forfeited (2,573 ) 19.65 (6,271 ) 17.76 Outstanding at September 30 662,103 $ 20.28 600,313 $ 18.79 Vested at September 30 454,939 $ 19.71 424,598 $ 19.26 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes : For the three September 30, 2023 three September 30, 2022 nine September 30, 2023 nine September 30, 2022 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 14 - Shares Outstanding an
Note 14 - Shares Outstanding and Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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) 2023 2022 2023 2022 Weighted average basic shares outstanding 11,586 11,548 11,568 11,543 Assumed exercise of stock options and issuance of stock awards 6 9 3 5 Weighted average diluted shares outstanding 11,592 11,557 11,571 11,548 Net income (loss) $ 12,230 $ 12,046 $ 37,121 $ 86,972 Basic earnings per share $ 1.06 $ 1.04 $ 3.21 $ 7.53 Diluted earnings per share $ 1.06 $ 1.04 $ 3.21 $ 7.53 Unvested RSUs 207 176 207 176 |
Note 15 - Stock Repurchase Prog
Note 15 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 15. Stock Repurchase Program : On October 2, 2015, may 10b5 1 may may twelve $15.0 September 30, 2023 September 30, 2023 1.00. There were no shares repurchased during the three nine September 30, 2023 2022. September 30, 2023 At-the-Market Equity Program On September 3, 2021, September 3, 2021 not three nine September 30, 2023 2022. |
Note 16 - Segment Information
Note 16 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. 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. The operating segments are based primarily on internal management reporting. The Company operates in three reportable segments; specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments, as certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. Since the January 3, 2023 Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three nine September 30, 2023 2022 For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Net sales Specialty metals flat products $ 132,763 $ 188,301 $ 446,327 $ 614,744 Carbon flat products 304,478 336,259 940,925 1,086,473 Tubular and pipe products 89,170 109,877 281,503 338,729 Total net sales $ 526,411 $ 634,437 $ 1,668,755 $ 2,039,946 Depreciation and amortization Specialty metals flat products $ 871 $ 1,024 $ 2,878 $ 3,037 Carbon flat products 3,568 2,513 10,891 7,885 Tubular and pipe products 1,729 1,112 5,038 3,620 Corporate 17 17 52 52 Total depreciation and amortization $ 6,185 $ 4,666 $ 18,859 $ 14,594 Operating income Specialty metals flat products $ 4,668 $ 15,072 $ 20,606 $ 85,629 Carbon flat products 9,949 1,732 30,590 27,225 Tubular and pipe products 10,033 7,095 29,145 28,977 Corporate expenses (3,765 ) (4,813 ) (15,961 ) (15,758 ) Total operating income $ 20,885 $ 19,086 $ 64,380 $ 126,073 Other loss, net 28 17 67 38 Income before interest and income taxes 20,857 19,069 64,313 126,035 Interest and other expense on debt 3,953 3,007 12,379 7,276 Income before income taxes $ 16,904 $ 16,062 $ 51,934 $ 118,759 For the Nine Months Ended September 30, (in thousands) 2023 2022 Capital expenditures Flat products segments $ 12,711 $ 11,063 Tubular and pipe products 6,593 2,900 Corporate 260 - Total capital expenditures $ 19,564 $ 13,963 As of September 30, December 31, (in thousands) 2023 2022 Assets Flat products segments $ 708,766 $ 631,607 Tubular and pipe products 282,300 258,412 Corporate 1,740 1,608 Total assets $ 992,806 $ 891,627 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. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events On October 2, 2023, In connection with the CTB acquisition, the Company entered into a Seventh Amendment to Third Amended and Restated Loan and Security Agreement. The amendment allows the Company to include the eligible assets of CTB in its borrowing base. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information Trading Arrangements During the quarter ended September 30, 2023 no 16a 1 10b5 1 10b5 1 408 Adoption of Key Employee Severance Benefit Plan On November 2, 2023, Severance Plan The general intent behind the Company's adoption of the Severance Plan is to streamline the severance protection offered to key employees and eventually potentially replace the individual agreements that the Company has with certain of its executive officers with participation in the Severance Plan. The Company is currently party to individual employment agreements and management retention agreements with each of Richard T. Marabito (Chief Executive Officer), Richard A. Manson (Chief Financial Officer) and Andrew S. Greiff (President and Chief Operating Officer), which set forth the terms of their severance protection. The benefits under the Severance Plan are substantially the same as the severance benefits currently payable under the individual agreements. Mr. Marabito's employment agreement will expire on January 1, 2024, Under the Severance Plan, participants are entitled to certain predetermined payments in the event of certain qualifying terminations of employment, as outlined below. If a participant's employment with the Company is terminated by the Company without "cause" (as defined in the Severance Plan) (other than due to death or disability), and such termination does not 12 ● continued base salary for a period of 24 1 12 2 30 ● a prorated annual bonus for the year of termination, paid at the same time such bonuses are otherwise paid; and ● coverage of full COBRA premiums and continued participation in other employee benefits, in each case for up to 24 12 If a participant's employment with the Company is terminated by the Company without cause (other than due to death or disability) or by the participant for "good reason" (as defined in the Severance Plan), and in each case, such qualifying termination occurs on or within 12 ● a lump sum cash payment equal to (i) 2.99 1 multiplied by three first 6 ● coverage of full COBRA premiums and continued participation in disability and life insurance benefits, in each case for up to 24 12 In the event of a participant's death or disability prior to or in connection with his or her separation from service with the Company, the participant (or his or her beneficiary or estate) is eligible to receive: ● continued base salary for a period of 12 30 ● any earned but unpaid annual bonus, at the same time such bonus would have been paid to participant had participant remained employed; and ● coverage of full COBRA premiums for up to 12 If the payments of benefits payable under the Severance Plan would be subject to the excise tax imposed under Section 4999 1986, The Severance Plan may 24 The foregoing is not 10.43 10 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Details of Acquisition (in thousands) Total Assets acquired Cash and cash equivalents $ 1,728 Accounts receivable, net 10,597 Prepaid expenses and other 740 Inventories, net 17,236 Property and equipment 20,408 Goodwill 33,194 Intangible assets 54,740 Right-of-use and other long-term assets 6,930 Total assets acquired 145,573 Total liabilities assumed (14,369 ) Cash paid $ 131,204 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended September 30, 2022 Historical Pro Forma Pro Forma Historical OSI Metal-Fab Adjustments Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 634,437 $ 25,803 $ 184 $ 660,424 Net income (loss) $ 12,046 $ 5,023 $ (2,817 ) $ 14,252 Basic earnings per share $ 1.04 $ 0.43 $ (0.24 ) $ 1.23 Diluted earnings per share $ 1.04 $ 0.43 $ (0.24 ) $ 1.23 For the nine months ended September 30, 2022 Historical Pro Forma Pro Forma Historical OSI Metal-Fab Adjustments Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 2,039,946 $ 72,605 $ 552 $ 2,113,103 Net income (loss) $ 86,972 $ 12,868 $ (10,035 ) $ 89,805 Basic earnings per share $ 7.53 $ 1.11 $ (0.86 ) $ 7.78 Diluted earnings per share $ 7.53 $ 1.11 $ (0.86 ) $ 7.78 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 25.2 % - - 25.2 % Hot Rolled - 32.7 % - 32.7 % Tube - - 16.9 % 16.9 % Plate - 8.9 % - 8.9 % Coated - 6.2 % - 6.2 % Cold Rolled - 4.2 % - 4.2 % Other - 5.9 % - 5.9 % Total 25.2 % 57.9 % 16.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 26.7 % - - 26.7 % Hot Rolled - 30.1 % - 30.1 % Tube - - 16.9 % 16.9 % Plate - 11.7 % - 11.7 % Coated - 5.4 % - 5.4 % Cold Rolled - 3.9 % - 3.9 % Other - 5.3 % - 5.3 % Total 26.7 % 56.4 % 16.9 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2022 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 29.7 % - - 29.7 % Hot Rolled - 28.0 % - 28.0 % Tube - - 17.3 % 17.3 % Plate - 13.7 % - 13.7 % Coated - 4.6 % - 4.6 % Cold Rolled - 4.5 % - 4.5 % Other - 2.2 % - 2.2 % Total 29.7 % 53.0 % 17.3 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2022 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 30.1 % - - 30.1 % Hot Rolled - 29.7 % - 29.7 % Tube - - 16.6 % 16.6 % Plate - 13.2 % - 13.2 % Coated - 4.6 % - 4.6 % Cold Rolled - 4.8 % - 4.8 % Other - 1.0 % - 1.0 % Total 30.1 % 53.3 % 16.6 % 100.0 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) September 30, 2023 December 31, 2022 Unprocessed $ 294,972 $ 356,588 Processed and finished 97,382 60,343 Totals $ 392,354 $ 416,931 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Specialty Metals Carbon Flat (in thousands) Flat Products Products Total Balance as of December 31, 2022 $ 9,431 $ 1,065 $ 10,496 Acquisitions - 33,194 33,194 Impairments - - - Balance as of September 30, 2023 $ 9,431 $ 34,259 $ 43,690 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of September 30, 2023 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 59,059 $ (14,313 ) $ 44,746 Covenant not to compete - subject to amortization 1,949 (570 ) 1,379 Technology and know-how - subject to amortization 5,300 (265 ) 5,035 Trade name - not subject to amortization 32,868 - 32,868 $ 99,176 $ (15,148 ) $ 84,028 As of December 31, 2022 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,099 $ 1,898 $ 6,354 $ 5,484 Finance lease cost: Amortization of right-of-use assets $ 264 $ 180 $ 756 $ 549 Interest on lease liabilities 37 16 112 44 Total finance lease cost $ 301 $ 196 $ 868 $ 593 |
Lease, Payment [Table Text Block] | For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,079 $ 1,865 $ 6,267 $ 5,335 Operating cash flows from finance leases 37 16 112 44 Financing cash flows from finance leases 265 176 737 542 Total cash paid for lease liabilities $ 2,381 $ 2,057 $ 7,116 $ 5,921 |
Lease, Balance Sheet Information [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Operating Leases Operating lease $ 53,648 $ 45,987 Operating lease accumulated amortization (20,104 ) (17,763 ) Operating lease right-of-use asset, net 33,544 28,224 Operating lease current liabilities 7,015 6,098 Operating lease liabilities 27,186 22,655 Total operating lease liabilities $ 34,201 $ 28,753 Finance Leases Finance lease 5,165 3,144 Finance lease accumulated depreciation (2,307 ) (1,585 ) Finance lease, net 2,858 1,559 Finance lease current liabilities 1,031 594 Finance lease liabilities 1,941 1,025 Total finance lease liabilities $ 2,972 $ 1,619 Weighted Average Remaining Lease Term Operating leases (in years) 7 6 Finance leases (in years) 4 3 Weighted Average Discount Rate Operating leases 4.01 % 3.41 % Finance leases 4.88 % 3.56 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2023 $ 2,120 $ 219 2024 8,021 1,117 2025 6,808 810 2026 5,890 518 2027 4,751 340 Thereafter 11,439 251 Total future minimum lease payments $ 39,029 $ 3,255 Less remaining imputed interest (4,828 ) (283 ) Total $ 34,201 $ 2,972 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 196,527 $ 165,658 Total debt $ 196,527 $ 165,658 |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2023 2022 2023 2022 Fixed interest rate hedge $ 543 $ (77 ) $ 1,347 $ (871 ) Metals swaps (428 ) (141 ) (1,204 ) 577 Embedded customer derivatives 428 141 1,204 (577 ) Total income (loss) $ 543 $ (77 ) $ 1,347 $ (871 ) |
Note 10 - Fair Value of Asset_2
Note 10 - Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 4,877 $ - $ 4,877 Embedded customer derivative - 530 - 530 Fixed interest rate hedge - 615 - 615 Total assets at fair value $ - $ 6,022 $ - $ 6,022 Liabilities: Metal Swaps $ - $ 5,407 $ - $ 5,407 Total liabilities recorded at fair value $ - $ 5,407 $ - $ 5,407 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Total assets at fair value $ - $ 1,748 $ - $ 1,748 |
Note 12 - Equity Plans (Tables)
Note 12 - Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 RSU expense before taxes $ 415 $ 335 $ 1,257 $ 997 RSU expense after taxes $ 300 $ 251 $ 898 $ 730 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of September 30, 2023 As of September 30, 2022 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 617,518 $ 18.95 576,867 $ 18.40 Granted 49,768 36.63 35,558 26.72 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 Forfeited (2,573 ) 19.65 (6,271 ) 17.76 Outstanding at September 30 662,103 $ 20.28 600,313 $ 18.79 Vested at September 30 454,939 $ 19.71 424,598 $ 19.26 |
Note 14 - Shares Outstanding _2
Note 14 - Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Weighted average basic shares outstanding 11,586 11,548 11,568 11,543 Assumed exercise of stock options and issuance of stock awards 6 9 3 5 Weighted average diluted shares outstanding 11,592 11,557 11,571 11,548 Net income (loss) $ 12,230 $ 12,046 $ 37,121 $ 86,972 Basic earnings per share $ 1.06 $ 1.04 $ 3.21 $ 7.53 Diluted earnings per share $ 1.06 $ 1.04 $ 3.21 $ 7.53 Unvested RSUs 207 176 207 176 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Net sales Specialty metals flat products $ 132,763 $ 188,301 $ 446,327 $ 614,744 Carbon flat products 304,478 336,259 940,925 1,086,473 Tubular and pipe products 89,170 109,877 281,503 338,729 Total net sales $ 526,411 $ 634,437 $ 1,668,755 $ 2,039,946 Depreciation and amortization Specialty metals flat products $ 871 $ 1,024 $ 2,878 $ 3,037 Carbon flat products 3,568 2,513 10,891 7,885 Tubular and pipe products 1,729 1,112 5,038 3,620 Corporate 17 17 52 52 Total depreciation and amortization $ 6,185 $ 4,666 $ 18,859 $ 14,594 Operating income Specialty metals flat products $ 4,668 $ 15,072 $ 20,606 $ 85,629 Carbon flat products 9,949 1,732 30,590 27,225 Tubular and pipe products 10,033 7,095 29,145 28,977 Corporate expenses (3,765 ) (4,813 ) (15,961 ) (15,758 ) Total operating income $ 20,885 $ 19,086 $ 64,380 $ 126,073 Other loss, net 28 17 67 38 Income before interest and income taxes 20,857 19,069 64,313 126,035 Interest and other expense on debt 3,953 3,007 12,379 7,276 Income before income taxes $ 16,904 $ 16,062 $ 51,934 $ 118,759 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] | For the Nine Months Ended September 30, (in thousands) 2023 2022 Capital expenditures Flat products segments $ 12,711 $ 11,063 Tubular and pipe products 6,593 2,900 Corporate 260 - Total capital expenditures $ 19,564 $ 13,963 As of September 30, December 31, (in thousands) 2023 2022 Assets Flat products segments $ 708,766 $ 631,607 Tubular and pipe products 282,300 258,412 Corporate 1,740 1,608 Total assets $ 992,806 $ 891,627 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Accounts Receivable, Net [Member] | ||
Employee Retention Credit Receivable | $ 4 | $ 4 |
Employee Retention Credit [Member] | ||
Income From Tax Credits | 4 | 4 |
Employee Retention Credit [Member] | Warehouse and Processing [Member] | ||
Income From Tax Credits | 2 | 2 |
Employee Retention Credit [Member] | General and Administrative Expense [Member] | ||
Income From Tax Credits | 1.2 | 1.2 |
Employee Retention Credit [Member] | Distribution Expenses [Member] | ||
Income From Tax Credits | 0.2 | 0.2 |
Employee Retention Credit [Member] | Selling and Marketing Expense [Member] | ||
Income From Tax Credits | $ 0.6 | $ 0.6 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 03, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets, Net | $ 1,379 | $ 208 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Net | 44,746 | $ 10,459 | |
Metal-Fab [Member] | |||
Payments to Acquire Businesses, Gross | $ 131,200 | ||
Business Combination, Consideration Transferred | 131,000 | ||
Business Combination, Consideration Cash Adjustment | 200 | ||
Business Combination, Acquisition Related Costs | 2,600 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 2,100 | ||
Metal-Fab [Member] | Trade Names [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 11,500 | ||
Metal-Fab [Member] | Internally Developed Technology [Member] | |||
Finite-Lived Intangible Assets, Net | $ 5,300 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets, Net | $ 1,400 | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Metal-Fab [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Net | $ 36,500 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 26 years | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 26 years |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 03, 2023 | Dec. 31, 2022 |
Goodwill | $ 43,690 | $ 10,496 | |
Metal-Fab [Member] | |||
Cash and cash equivalents | $ 1,728 | ||
Accounts receivable, net | 10,597 | ||
Prepaid expenses and other | 740 | ||
Inventories, net | 17,236 | ||
Property and equipment | 20,408 | ||
Goodwill | 33,194 | ||
Intangible assets | 54,740 | ||
Right-of-use and other long-term assets | 6,930 | ||
Total assets acquired | 145,573 | ||
Total liabilities assumed | (14,369) | ||
Cash paid | $ 131,204 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma (Details) - Metal-Fab [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Net sales | $ 660,424 | $ 2,113,103 |
Net income (loss) | $ 14,252 | $ 89,805 |
Basic earnings per share (in dollars per share) | $ 1.23 | $ 7.78 |
Diluted earnings per share (in dollars per share) | $ 1.23 | $ 7.78 |
Historical OSI [Member] | ||
Net sales | $ 634,437 | $ 2,039,946 |
Net income (loss) | $ 12,046 | $ 86,972 |
Basic earnings per share (in dollars per share) | $ 1.04 | $ 7.53 |
Diluted earnings per share (in dollars per share) | $ 1.04 | $ 7.53 |
Historical [Member] | ||
Net sales | $ 25,803 | $ 72,605 |
Net income (loss) | $ 5,023 | $ 12,868 |
Basic earnings per share (in dollars per share) | $ 0.43 | $ 1.11 |
Diluted earnings per share (in dollars per share) | $ 0.43 | $ 1.11 |
Pro Forma [Member] | ||
Net sales | $ 184 | $ 552 |
Net income (loss) | $ (2,817) | $ (10,035) |
Basic earnings per share (in dollars per share) | $ (0.24) | $ (0.86) |
Diluted earnings per share (in dollars per share) | $ (0.24) | $ (0.86) |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Percentage of net sales | 100% | 100% | 100% | 100% |
Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 25.20% | 29.70% | 26.70% | 30.10% |
Carbon Flat Products [Member] | ||||
Percentage of net sales | 57.90% | 53% | 56.40% | 53.30% |
Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 16.90% | 17.30% | 16.90% | 16.60% |
Specialty [Member] | ||||
Percentage of net sales | 25.20% | 29.70% | 26.70% | 30.10% |
Specialty [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 25.20% | 29.70% | 26.70% | 30.10% |
Specialty [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Hot Rolled Products [Member] | ||||
Percentage of net sales | 32.70% | 28% | 30.10% | 29.70% |
Hot Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Hot Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 32.70% | 28% | 30.10% | 29.70% |
Hot Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | ||||
Percentage of net sales | 16.90% | 17.30% | 16.90% | 16.60% |
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 | 16.90% | 17.30% | 16.90% | 16.60% |
Plate Products [Member] | ||||
Percentage of net sales | 8.90% | 13.70% | 11.70% | 13.20% |
Plate Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Plate Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 8.90% | 13.70% | 11.70% | 13.20% |
Plate Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | ||||
Percentage of net sales | 6.20% | 4.60% | 5.40% | 4.60% |
Coated Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 6.20% | 4.60% | 5.40% | 4.60% |
Coated Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | ||||
Percentage of net sales | 4.20% | 4.50% | 3.90% | 4.80% |
Cold Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 4.20% | 4.50% | 3.90% | 4.80% |
Cold Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Product and Service, Other [Member] | ||||
Percentage of net sales | 5.90% | 2.20% | 5.30% | 1% |
Product and Service, Other [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Product and Service, Other [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 5.90% | 2.20% | 5.30% | 1% |
Product and Service, Other [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Note 4 - Accounts Receivable (D
Note 4 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.5 | $ 4.3 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
LIFO Inventory Amount | $ 38.6 | $ 38.6 | $ 46.3 | ||
Percentage of LIFO Inventory | 9.80% | 9.80% | 11.10% | ||
Inventory, LIFO Reserve, Effect on Income, Net | $ (2) | $ 1.5 | $ (3) | $ 1.5 | |
Inventory Difference Using FIFO Basis | $ 17.3 | $ 17.3 | $ 20.3 |
Note 5 - Inventories - Steel In
Note 5 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Unprocessed | $ 294,972 | $ 356,588 |
Processed and finished | 97,382 | 60,343 |
Totals | $ 392,354 | $ 416,931 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 3.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 2.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 2.4 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 3.7 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 10,496 |
Balance | 43,690 |
Specialty Metals Flat Products [Member] | |
Balance | 9,431 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 9,431 |
Carbon Flat Products [Member] | |
Balance | 1,065 |
Acquisitions | 33,194 |
Impairments | 0 |
Balance | 34,259 |
Tubular and Pipe Products [Member] | |
Balance | 10,496 |
Acquisitions | 33,194 |
Impairments | 0 |
Balance | $ 43,690 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated amortization | $ (15,148) | $ (12,401) |
Intangible assets, gross | 99,176 | 44,436 |
Intangible assets, net | 84,028 | 32,035 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 32,868 | 21,368 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 59,059 | 22,559 |
Accumulated amortization | (14,313) | (12,100) |
Finite-lived intangible assets, net | 44,746 | 10,459 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 1,949 | 509 |
Accumulated amortization | (570) | (301) |
Finite-lived intangible assets, net | 1,379 | $ 208 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 5,300 | |
Accumulated amortization | (265) | |
Finite-lived intangible assets, net | $ 5,035 |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost | $ 2,099 | $ 1,898 | $ 6,354 | $ 5,484 |
Amortization of right-of-use assets | 264 | 180 | 756 | 549 |
Interest on lease liabilities | 37 | 16 | 112 | 44 |
Total finance lease cost | $ 301 | $ 196 | $ 868 | $ 593 |
Note 7 - Leases - Lease Payment
Note 7 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating cash flows from operating leases | $ 2,079 | $ 1,865 | $ 6,267 | $ 5,335 |
Operating cash flows from finance leases | 37 | 16 | 112 | 44 |
Financing cash flows from finance leases | 265 | 176 | 737 | 542 |
Total cash paid for lease liabilities | $ 2,381 | $ 2,057 | $ 7,116 | $ 5,921 |
Note 7 - Leases - Balance Sheet
Note 7 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating lease | $ 53,648 | $ 45,987 |
Operating lease accumulated amortization | (20,104) | (17,763) |
Operating lease right-of-use asset, net | 33,544 | 28,224 |
Current portion of lease liabilities | 7,015 | 6,098 |
Operating lease, operating lease liabilities | 27,186 | 22,655 |
Total operating lease liabilities | 34,201 | 28,753 |
Property and equipment, at cost | 466,499 | 429,810 |
Accumulated depreciation | (292,280) | (281,478) |
Finance lease, net | 2,858 | 1,559 |
Finance lease current liabilities | 1,031 | 594 |
Finance lease liabilities | 1,941 | 1,025 |
Total finance lease liabilities | $ 2,972 | $ 1,619 |
Operating leases (in years) (Year) | 7 years | 6 years |
Finance leases (in years) (Year) | 4 years | 3 years |
Operating leases | 4.01% | 3.41% |
Finance leases | 4.88% | 3.56% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 5,165 | $ 3,144 |
Accumulated depreciation | $ (2,307) | $ (1,585) |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023, operating lease | $ 2,120 | |
2023, finance lease | 219 | |
2024, operating lease | 8,021 | |
2024, finance lease | 1,117 | |
2025, operating lease | 6,808 | |
2025, finance lease | 810 | |
2026, operating lease | 5,890 | |
2026, finance lease | 518 | |
2027, operating lease | 4,751 | |
2027, finance lease | 340 | |
Thereafter, operating lease | 11,439 | |
Thereafter, finance lease | 251 | |
Operating lease, Total future minimum lease payments | 39,029 | |
Finance lease, Total future minimum lease payments | 3,255 | |
Operating lease, Less remaining imputed interest | (4,828) | |
Finance lease, Less remaining imputed interest | (283) | |
Operating lease, Total | 34,201 | $ 28,753 |
Finance lease, Total | 2,972 | $ 1,619 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | 34,201 | |
Other Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Finance lease, Total | $ 2,972 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Millions | 9 Months Ended | |||||
Dec. 14, 2020 USD ($) | Jan. 10, 2019 USD ($) | Sep. 30, 2023 USD ($) | Jan. 03, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 16, 2021 USD ($) | |
Debt Issuance Costs, Net | $ 1.8 | $ 1.2 | ||||
Interest Rate Swap [Member] | ||||||
Derivative, Term of Contract (Year) | 5 years | |||||
Derivative, Notional Amount | $ 75 | |||||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | ||||
ABL Credit Facility [Member] | ||||||
Line of Credit Facility, Increase in Maximum Borrowing Capacity | $ 150 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 625 | $ 475 | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 595 | |||||
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 | 62.5 | |||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10% | |||||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 57.7 | |||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 375 | |||||
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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 8 - Debt - Summary of Debt
Note 8 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Asset-based revolving credit facility | $ 196,527 | $ 165,658 |
Total debt | 196,527 | 165,658 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility | $ 196,527 | $ 165,658 |
Note 8 - Debt - Summary of De_2
Note 8 - Debt - Summary of Debt (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Maturity date | Jun. 16, 2026 | Jun. 16, 2026 |
Note 9 - Derivative Instrumen_3
Note 9 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jan. 03, 2023 |
Derivative, Term of Contract (Year) | 5 years | |
Derivative, Notional Amount | $ 75 | |
Derivative, Fixed Interest Rate | 2.57% | 2.42% |
Note 9 - Derivative Instrumen_4
Note 9 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Gain (Loss) Recognized | $ 543 | $ (77) | $ 1,347 | $ (871) |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | 543 | (77) | 1,347 | (871) |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | (428) | (141) | (1,204) | 577 |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ 428 | $ 141 | $ 1,204 | $ (577) |
Note 10 - Fair Value of Asset_3
Note 10 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 196.5 | $ 165.7 |
Note 10 - Fair Value of Asset_4
Note 10 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total assets at fair value | $ 6,022 | $ 1,748 |
Total liabilities recorded at fair value | 5,407 | |
Interest Rate Swap [Member] | ||
Derivative asset | 615 | 1,748 |
Metal Swaps [Member] | ||
Derivative asset | 4,877 | |
Derivative liability | 5,407 | |
Embedded Customer Derivatives [Member] | ||
Derivative asset | 530 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value | 6,022 | 1,748 |
Total liabilities recorded at fair value | 5,407 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 615 | 1,748 |
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member] | ||
Derivative asset | 4,877 | |
Derivative liability | 5,407 | |
Fair Value, Inputs, Level 2 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | 530 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | $ 0 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Sep. 30, 2023 | Jan. 03, 2023 | Dec. 31, 2022 |
Derivative, Term of Contract (Year) | 5 years | |||
Derivative, Notional Amount | $ 75 | |||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 0.6 | $ 1.7 | ||
Accumulated Other Comprehensive Income (Loss), Tax | $ 0.2 | $ 0.4 |
Note 12 - Equity Plans (Details
Note 12 - Equity Plans (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
C-Suite Long-Term Incentive Plan [Member] | ||||
Minimum Return on Assets for Performance-Based Incentives | 5% | |||
Performance-Based Award Cap, Percentage of Grant | 150% | |||
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) | 49,768 | 35,558 | ||
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 | 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 | 20,000 | ||
Service Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 300,000 | $ 500,000 | ||
Performance-Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 300,000 | $ 500,000 | ||
Common Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,400,000 |
Note 12 - Equity Plans - Stock-
Note 12 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
RSU expense before taxes | $ 415 | $ 335 | $ 1,257 | $ 997 |
RSU expense after taxes | $ 300 | $ 251 | $ 898 | $ 730 |
Note 12 - Equity Plans - Restri
Note 12 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Outstanding, number of shares (in shares) | 617,518 | 576,867 | 576,867 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.95 | $ 18.4 | $ 18.4 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,768 | 35,558 | |
Granted, weighted average estimated fair value (in dollars per share) | $ 36.63 | $ 26.72 | |
Converted into shares, number of shares (in shares) | (2,610) | (5,841) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 18.78 | $ 18.16 | |
Forfeited, number of shares (in shares) | (2,573) | (6,271) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 19.65 | $ 17.76 | |
Outstanding, number of shares (in shares) | 662,103 | 600,313 | 617,518 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 20.28 | $ 18.79 | $ 18.95 |
Vested, number of shares (in shares) | 454,939 | 424,598 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 19.71 | $ 19.26 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Expense (Benefit) | $ 4,674 | $ 4,016 | $ 14,813 | $ 31,787 |
Effective Income Tax Rate Reconciliation, Percent | 27.70% | 25% | 28.50% | 26.80% |
Note 14 - Shares Outstanding _3
Note 14 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average basic shares outstanding (in shares) | 11,586 | 11,548 | 11,568 | 11,543 | |
Assumed exercise of stock options and issuance of stock awards (in shares) | 6 | 9 | 3 | 5 | |
Weighted average diluted shares outstanding (in shares) | 11,592 | 11,557 | 11,571 | 11,548 | |
Net income | $ 12,230 | $ 12,046 | $ 37,121 | $ 86,972 | $ 86,972 |
Basic earnings per share (in dollars per share) | $ 1.06 | $ 1.04 | $ 3.21 | $ 7.53 | |
Diluted earnings per share (in dollars per share) | $ 1.06 | $ 1.04 | $ 3.21 | $ 7.53 | |
Unvested RSUs (in shares) | 207 | 176 | 207 | 176 |
Note 15 - Stock Repurchase Pr_2
Note 15 - Stock Repurchase Program (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2015 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 shares | Sep. 03, 2021 USD ($) | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | 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 | 0 | 0 | ||
ABL Credit Facility [Member] | ||||||
Unrestricted Common Stock Purchases, Maximum, Value | $ | $ 15 | |||||
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 | $ | $ 125 | $ 125 | ||||
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 | $ | $ 86.5 | $ 86.5 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 3 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 526,411 | $ 634,437 | $ 1,668,755 | $ 2,039,946 |
Restructuring and other charges | 6,185 | 4,666 | 18,859 | 14,594 |
Restructuring and other charges | 6,185 | 4,666 | 18,859 | 14,594 |
Operating income (loss) | 20,885 | 19,086 | 64,380 | 126,073 |
Other loss, net | 28 | 17 | 67 | 38 |
Income before interest and income taxes | 20,857 | 19,069 | 64,313 | 126,035 |
Interest and other expense on debt | 3,953 | 3,007 | 12,379 | 7,276 |
Income before income taxes | 16,904 | 16,062 | 51,934 | 118,759 |
Specialty Metals Flat Products [Member] | ||||
Net sales | 132,763 | 188,301 | 446,327 | 614,744 |
Restructuring and other charges | 871 | 1,024 | 2,878 | 3,037 |
Restructuring and other charges | 871 | 1,024 | 2,878 | 3,037 |
Operating income (loss) | 4,668 | 15,072 | 20,606 | 85,629 |
Carbon Flat Products [Member] | ||||
Net sales | 304,478 | 336,259 | 940,925 | 1,086,473 |
Restructuring and other charges | 3,568 | 2,513 | 10,891 | 7,885 |
Restructuring and other charges | 3,568 | 2,513 | 10,891 | 7,885 |
Operating income (loss) | 9,949 | 1,732 | 30,590 | 27,225 |
Tubular and Pipe Products [Member] | ||||
Net sales | 89,170 | 109,877 | 281,503 | 338,729 |
Restructuring and other charges | 1,729 | 1,112 | 5,038 | 3,620 |
Restructuring and other charges | 1,729 | 1,112 | 5,038 | 3,620 |
Operating income (loss) | 10,033 | 7,095 | 29,145 | 28,977 |
Corporate Segment [Member] | ||||
Restructuring and other charges | 17 | 17 | 52 | 52 |
Restructuring and other charges | 17 | 17 | 52 | 52 |
Operating income (loss) | $ (3,765) | $ (4,813) | $ (15,961) | $ (15,758) |
Note 16 - Segment Information_3
Note 16 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Capital expenditures | $ 19,564 | $ 13,963 | |
Assets | 992,806 | $ 891,627 | |
Flat Products Segment [Member] | |||
Capital expenditures | 12,711 | 11,063 | |
Assets | 708,766 | 631,607 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 6,593 | 2,900 | |
Assets | 282,300 | 258,412 | |
Corporate Segment [Member] | |||
Capital expenditures | 260 | $ 0 | |
Assets | $ 1,740 | $ 1,608 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) $ in Millions | Oct. 02, 2023 USD ($) |
CTB [Member] | Subsequent Event [Member] | |
Payments to Acquire Businesses, Gross | $ 37.8 |