Olympic Steel (ZEUS) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

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