Olympic Steel (ZEUS) 10-K 23 Feb 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2023	Feb. 23, 2024 shares	Jun. 30, 2023 USD ($)
Document Information [Line Items]
Entity Central Index Key	0000917470
Entity Registrant Name	OLYMPIC STEEL INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float | $			$ 478,445,784
Entity Common Stock, Shares Outstanding | shares		11,132,542
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Cleveland, Ohio
Entity Number of Employees	244

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 2,158,163	$ 2,559,990	$ 2,312,253
Costs and expenses
Cost of materials sold (excludes items shown separately below)	1,684,663	2,073,930	1,802,052
Warehouse and processing	122,212	104,668	103,017
Administrative and general	122,239	114,004	104,617
Distribution	66,979	60,529	55,404
Selling	41,436	40,174	41,881
Occupancy	16,520	13,200	12,500
Depreciation	21,545	17,285	17,952
Amortization	4,898	2,453	2,364
Total costs and expenses	2,080,492	2,426,243	2,139,787
Operating income	77,671	133,747	172,466
Other loss, net	78	45	36
Income before interest and income taxes	77,593	133,702	172,430
Interest and other expense on debt	16,006	10,080	7,631
Income before income taxes	61,587	123,622	164,799
Income tax provision	17,058	32,691	43,748
Net income	44,529	90,931	121,051
Gain (loss) on cash flow hedges	(1,693)	4,409	2,960
Tax effect of hedges	423	(1,102)	(740)
Total comprehensive income	$ 43,259	$ 94,238	$ 123,271
Net income per share - basic (in dollars per share)	$ 3.85	$ 7.87	$ 10.53
Weighted average shares outstanding - basic (in shares)	11,573	11,551	11,492
Net income per share - diluted (in dollars per share)	$ 3.85	$ 7.87	$ 10.52
Weighted average shares outstanding - diluted (in shares)	11,578	11,559	11,503
Dividends declared per share of common stock (in dollars per share)	$ 0.5	$ 0.36	$ 0.08

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 13,224	$ 12,189
Accounts receivable, net	191,149	219,789
Inventories, net	386,535	416,931
Prepaid expenses and other	12,261	9,197
Total current assets	603,169	658,106
Property and equipment, at cost	483,448	429,810
Accumulated depreciation	(297,340)	(281,478)
Net property and equipment	186,108	148,332
Goodwill	52,091	10,496
Intangible assets, net	92,621	32,035
Other long-term assets	16,466	14,434
Right-of use assets, net	34,380	28,224
Total assets	984,835	891,627
Liabilities
Accounts payable	119,718	101,446
Accrued payroll	30,113	40,334
Other accrued liabilities	22,593	16,824
Current portion of lease liabilities	7,813	6,098
Total current liabilities	180,237	164,702
Credit facility revolver	190,198	165,658
Other long-term liabilities	20,151	12,619
Deferred income taxes	11,510	10,025
Lease liabilities	27,261	22,655
Total liabilities	429,357	375,659
Commitments and contingencies (Note 14)
Shareholders' Equity
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding	0	0
Common stock, without par value, 20,000 shares authorized; 11,133 and 11,130 issued; 11,133 and 11,130 shares outstanding	136,541	134,724
Accumulated other comprehensive income	41	1,311
Retained earnings	418,896	379,933
Total shareholders' equity	555,478	515,968
Total liabilities and shareholders' equity	$ 984,835	$ 891,627

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories, LIFO reserves	$ 12,043	$ 20,301
Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Preferred Stock, shares authorized (in shares)	5,000	5,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000	20,000
Common stock, shares issued (in shares)	11,133	11,130
Common stock, shares outstanding (in shares)	11,133	11,130

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 44,529	$ 90,931	$ 121,051
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	27,176	20,206	20,954
Gain on disposition of property and equipment	(133)	(2,185)	(22)
Gain on disposition of Detroit operation (before expenses of $2,569)	0	0	(6,068)
Stock-based compensation	1,817	1,297	1,045
Intangibles and other long-term assets	(1,257)	1,304	6,796
Deferred income taxes and other long-term liabilities	8,950	235	(6,231)
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital	81,082	111,788	137,525
Changes in working capital:
Accounts receivable	44,576	64,781	(131,459)
Inventories	51,538	68,098	(241,899)
Prepaid expenses and other	(2,324)	792	(4,850)
Accounts payable	10,568	(52,274)	60,538
Change in outstanding checks	1,576	5,071	(1,189)
Accrued payroll and other accrued liabilities	(11,857)	(12,403)	34,960
Increase (Decrease) in Operating Capital	94,077	74,065	(283,899)
Net cash from (used for) operating activities	175,159	185,853	(146,374)
Cash flows from (used for) investing activities:
Acquisitions	(169,768)	0	(12,105)
Capital expenditures	(21,326)	(19,854)	(11,011)
Proceeds from sale of Detroit property and equipment	0	0	9,506
Proceeds from disposition of property and equipment	251	3,293	146
Net cash used for investing activities	(190,843)	(16,561)	(13,464)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	743,030	685,269	757,788
Credit facility revolver repayments	(718,490)	(847,375)	(590,632)
Principal payments under finance lease obligation	(1,039)	(703)	(828)
Credit facility fees and expenses	(1,216)	(100)	(1,325)
Dividends paid	(5,566)	(4,006)	(886)
Net cash from (used for) financing activities	16,719	(166,915)	164,117
Cash and cash equivalents:
Net change	1,035	2,377	4,279
Beginning balance	12,189	9,812	5,533
Ending balance	13,224	12,189	9,812
Interest paid	14,965	9,635	6,843
Income taxes paid	$ 13,603	$ 33,404	$ 46,548

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount of operating expense attributable to sale of operations			$ 2,569
Finance lease obligations incurred	$ 15,000	$ 5,500	$ 9,800

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance	$ 132,382	$ (4,215)	$ 172,843	$ 301,010
Balance at Dec. 31, 2020	132,382	(4,215)	172,843	301,010
Net income	0	0	121,051	121,051
Payment of dividends	0	0	(886)	(886)
Stock-based compensation	1,045	0	0	1,045
Change in fair value of hedges	0	2,220	0	2,220
Other	0	(1)	0	(1)
Change in fair value of hedges	0	(2,220)	0	(2,220)
Balance at Dec. 31, 2021	133,427	(1,996)	293,008	424,439
Balance	133,427	(1,996)	293,008	424,439
Net income	0	0	90,931	90,931
Payment of dividends	0	0	(4,006)	(4,006)
Stock-based compensation	1,297	0	0	1,297
Change in fair value of hedges	0	3,307	0	3,307
Change in fair value of hedges	0	(3,307)	0	(3,307)
Balance at Dec. 31, 2022	134,724	1,311	379,933	515,968
Balance	134,724	1,311	379,933	515,968
Net income	0	0	44,529	44,529
Payment of dividends	0	0	(5,566)	(5,566)
Stock-based compensation	1,817	0	0	1,817
Change in fair value of hedges	0	1,270	0	1,270
Change in fair value of hedges	0	(1,270)	0	(1,270)
Balance at Dec. 31, 2023	136,541	41	418,896	555,478
Balance	$ 136,541	$ 41	$ 418,896	$ 555,478

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Summary of Significant Accounting Policies : Nature of Business 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. 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. As such, total assets and capital expenditures are reported in the aggregate for the flat products segment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the specialty metals flat products segment and the carbon flat products segment based upon an established allocation methodology. The Company is a leading metals service center focused on the direct sale and value-added processing of carbon and coated steel, plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and fittings, tin plate and metal-intensive end-use products. The specialty metals flat products segment sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Through 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, stainless steel bollards and water treatment systems. The carbon flat products segment sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, fabricated parts and fabricated products, including self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. With the recent acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, October 2, 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 Principles of Consolidation and 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), after elimination of intercompany accounts and transactions. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2023 2022 2021 The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2023 2022 2021 2023 2022 2021 2023 2022 2021 Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices. Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter. Inventory Valuation Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs. Substantially all of the costs of the Company’s specialty metals and carbon flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2023 December 31, 2022 first first On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense. Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2023 no one December 31, 2023 Revenue Recognition The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements. Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers. Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13, Impact of Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 not 280, December 15, 2023 December 15, 2024, not In December 2023, No. 2023 09, 740 December 15, 2024 not not 10 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	12 Months Ended
	Dec. 31, 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 On October 2, 2023 The Company paid total cash consideration of $40.3 2023 On October 1, 2021 Each acquisition was funded with borrowings under the Company's asset-based credit facility (ABL Credit Facility). Purchase Price Allocation The acquisitions were accounted for as business combinations and the assets and liabilities were valued at fair market value on the date of acquisition. The final purchase price allocations presented below are 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) Metal-Fab As of January 3, 2023 CTB As of October 2, 2023 Assets acquired Cash and cash equivalents $ 1,728 $ - Accounts receivable, net 10,597 5,339 Prepaid expenses and other 740 - Inventories, net 17,236 3,906 Property and equipment 20,408 16,193 Goodwill 33,194 8,401 Intangible assets 54,740 9,590 Right-of-use and other long-term assets 6,930 917 Total assets acquired 145,573 44,346 Total liabilities assumed (14,369) (4,054) Cash paid $ 131,204 $ 40,292 The accompanying Consolidated Statements of Comprehensive Income include the revenues and expenses of Metal-Fab, CTB and Shaw since January 3, 2023, October 2, 2023 October 1, 2021, 2023 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 valued 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 In connection with the acquisition of CTB, the Company identified and valued certain intangible assets, including the CTB trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were valued 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 $4.0 million, and the useful life was determined to be indefinite primarily due to their history, 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 five 10 Pro Forma Financial Information The following pro forma summary of financial results presents the consolidated results of operations as if the Metal-Fab acquisition has occurred on January 1, 2022, not may may The pro forma results have been presented for comparative purposed only and are not January 1, 2022, may not For the twelve months ended December 31, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma: Net sales $ 2,559,990 $ 95,528 $ 736 $ 2,656,254 Net income (loss) 90,931 16,538 (12,850) 94,619 Basic earnings per share 7.87 1.43 (1.11) 8.19 Diluted earnings per share 7.87 1.43 (1.11) 8.19

Note 3 - Disposition of Assets

Note 3 - Disposition of Assets	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Sale of Operation, Disclosure [Text Block]	3. Disposition of Assets On September 17, 2021 February 8, 2022 not December 31, 2021.

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. Revenue Recognition The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The tables below disaggregates the Company’s revenues by segment and products sold for the year ended December 31, 2023 2022 2021 Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2023 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.8 % - - 28.8 % Plate 12.9 % - - 12.9 % Cold Rolled 4.0 % - - 4.0 % Coated 10.3 % - - 10.3 % Specialty - 26.3 % - 26.3 % Pipe & Tube - - 17.1 % 17.1 % Other 0.6 % - - 0.6 % Total 56.6 % 26.3 % 17.1 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.8 % - - 29.8 % Plate 13.3 % - - 13.3 % Cold Rolled 4.7 % - - 4.7 % Coated 4.5 % - - 4.5 % Specialty - 30.3 % - 30.3 % Pipe & Tube - - 16.7 % 16.7 % Other 0.7 % - - 0.7 % Total 53.0 % 30.3 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.4 % - - 31.4 % Plate 10.4 % - - 10.4 % Cold Rolled 7.0 % - - 7.0 % Coated 7.7 % - - 7.7 % Specialty - 25.3 % - 25.3 % Pipe & Tube - - 16.5 % 16.5 % Other 1.6 % 0.1 % - 1.7 % Total 58.1 % 25.4 % 16.5 % 100.0 %

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Financing Receivables [Text Block]	5. Accounts Receivable: Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.2 million and $4.3 million as of December 31, 2023 2022 2023 2022 2021

Note 6 - Inventories

Note 6 - Inventories	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories : Inventories consisted of the following: As of December 31, (in thousands) 2023 2022 Unprocessed $ 282,565 $ 356,588 Processed and finished 103,970 60,343 Total $ 386,535 $ 416,931 At December 31, 2023 December 31, 2022, During 2023 2023 2022 2022 The Company's tubular and pipe inventory quantities were reduced during 2023 2022 not December 31, 2023 2022 If the FIFO method had been in use, inventories would have been $12.0 million and $20.3 million higher than reported at December 31, 2023 2022

Note 7 - Property and Equipment

Note 7 - Property and Equipment	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property and Equipment: Property and equipment consists of the following: (in thousands) Depreciable Lives December 31, 2023 December 31, 2022 Land - $ 16,676 $ 15,058 Land improvements 5 - 10 4,685 4,160 Buildings and improvements 7 - 30 158,335 141,585 Machinery and equipment 2 - 15 254,777 221,375 Furniture and fixtures 3 - 7 6,849 6,829 Computer software and equipment 2 - 5 26,787 25,338 Vehicles 2 - 5 5,112 4,049 Financing lease - 5,686 3,144 Construction in progress - 4,541 8,272 483,448 429,810 Less accumulated depreciation (297,340 ) (281,478 ) Net property and equipment $ 186,108 $ 148,332 Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven Construction in progress as of December 31, 2023 2022 not

Note 8 - Goodwill and Intangibl

Note 8 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	8. Goodwill and Intangible Assets : The Company’s intangible assets were recorded in connection with its acquisitions of Metal-Fab and CTB in 2023 2021 2020 2019 2018 2011 Goodwill, by reportable unit, was as follows as of December 31, 2023 December 31, 2022 (in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 1,065 9,431 - 10,496 Acquisitions - - - - Impairments - - - - Balance as of December 31, 2022 $ 1,065 $ 9,431 $ - $ 10,496 Acquisitions 33,194 - 8,401 41,595 Impairments - - - - Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091 Intangible assets, net, consisted of the following as of December 31, 2023 2022 As of Balance at December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 62,559 $ (15,084 ) $ 47,475 Covenant not to compete - subject to amortization 2,339 (679 ) 1,660 Technology and know-how - subject to amortization 7,000 (382 ) 6,618 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (16,145 ) $ 92,621 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, 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 useful life of the customer relationships was determined to be 10 26 one five 15 no During 2023 2022 no The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $4.2 million per year for the next two $3.7 $3.3 $3.0

Note 9 - Leases

Note 9 - Leases	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. Leases : The Company leases warehouses and office space, industrial equipment, office equipment, vehicles, industrial gas tanks and forklifts from other parties and leases warehouse space to third The Company has remaining lease terms ranging from 1 five The Company leases one one December 31, 2028 two five ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not The components of lease expense were as follows for the years ended December 31, 2023 2022 2021 (in thousands) 2023 2022 2021 Operating lease cost $ 9,008 $ 7,446 $ 6,952 Finance lease cost Amortization 1,056 720 721 Interest on lease liabilities 157 67 71 $ 1,213 $ 787 $ 792 Supplemental cash flow information related to leases was as follows for the years ended December 31, 2023 2022 2021 (in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,901 $ 7,268 $ 6,830 Operating cash flows from finance leases 157 67 71 Financing cash flows from finance leases 1,039 703 828 Total cash paid for amounts included in the measurement of lease liabilities $ 10,097 $ 8,038 $ 7,729 Supplemental balance sheet information related to leases was as follows: (in thousands) 2023 2022 Operating leases Operating lease $ 56,117 $ 45,987 Operating lease accumulated amortization (21,737 ) (17,763 ) Operating lease right of use asset, net $ 34,380 $ 28,224 Operating lease current liabilities 7,813 6,098 Operating lease liabilities 27,261 22,655 $ 35,074 $ 28,753 (in thousands) 2023 2022 Finance leases Finance lease $ 5,686 $ 3,144 Finance lease accumulated depreciation (2,615 ) (1,585 ) Finance lease, net $ 3,071 $ 1,559 Finance lease current liabilities 1,087 594 Finance lease liabilities 2,106 1,025 $ 3,193 $ 1,619 Weighted average remaining lease term (in years) 2023 2022 Operating leases 6 6 Finance leases 4 3 Weighted average discount rate Operating leases 4.07 % 3.41 % Finance leases 5.06 % 3.56 % Maturities of lease liabilities were as follows: (in thousands) Operating Lease Finance Lease Year Ending December 31, 2024 $ 9,040 $ 1,218 2025 7,482 910 2026 6,307 618 2027 5,049 417 2028 3,782 300 Thereafter 8,139 39 Total future minimum lease payments $ 39,799 $ 3,502 Less remaining imputed interest (4,725 ) (309 ) Total $ 35,074 $ 3,193

Note 10 - Debt

Note 10 - Debt	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	10. Debt: The Company’s debt is comprised of the following components: As of December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 190,198 $ 165,658 Total debt 190,198 165,658 Less current amount - - Total long-term debt $ 190,198 $ 165,658 The Company’s ABL Credit Facility is collateralized by the Company’s accounts receivable, inventory and personal property. The $625 million ABL Credit Facility consists of: (i) a revolving credit facility of up to $595 million, including a $20 million sub-limit for letters of credit, and (ii) a first may, June 16, 2026 The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur or suffer to exist liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which provides that: (i) if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 million or 10.0% of the aggregate amount of revolver commitments ($62.5 million at December 31, 2023 December 31, 2023 1.00 twelve As of December 31, 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, January 10, 2024. As of December 31, 2023 December 31, 2022 five Scheduled Debt Maturities, Interest, Debt Carrying Values The Company’s principal payments over the next five December 31, 2023 (in thousands) 2024 2025 2026 2027 2028 Total ABL Credit Facility $ - $ - $ 190,198 $ - $ - $ 190,198 Total principal payments $ - $ - $ 190,198 $ - $ - $ 190,198 The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 5.9%, 3.2% and 2.5% in 2023 2022 2021 December 31, 2023 2022 2021 2023 2022 2021

Note 11 - Derivative Instrument

Note 11 - Derivative Instruments	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	11. Derivative Instruments: Metals swaps During 2023 2022 2021 third December 31, 2023 December 31, 2023. December 31, 2022. third third While these derivatives are intended to help the Company manage risk, they have not third not December 31, 2023 Fixed rate interest rate hedge On January 10, 2019 five January 3, 2023, December 31, 2023 December 31, 2022 January 10, 2024. There was no December 31, 2023 2022 2021 December 31, 2023 2022 2021 Net Gain (Loss) Recognized (in thousands) 2023 2022 2021 Fixed interest rate hedge $ 1,906 $ (664 ) $ (1,880 ) Metals swaps (1,903 ) 633 418 Embedded customer derivatives 1,903 (633 ) (418 ) Total income (loss) $ 1,906 $ (664 ) $ (1,880 )

Note 12 - Fair Value of Assets

Note 12 - Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	12. Fair Value of Assets and Liabilities: The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. During 2023 2022 no 1, 2 3 no December 31, 2023 December 31, 2023 2022: Metals swaps and embedded customer derivatives 2 Fixed rate interest rate hedge 2 Supplemental executive retirement plan 1 The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 4,458 $ - $ 4,458 Embedded customer derivatives $ - $ 766 $ - $ 766 Fixed interest rate hedge $ - $ 55 $ - $ 55 Supplemental executive retirement plan $ 11,617 $ - $ - $ 11,617 Total assets at fair value $ 11,617 $ 5,279 $ - $ 16,896 Liabilities: Metal swaps $ - $ 5,224 $ - $ 5,224 Total liabilities recorded at fair value $ - $ 5,224 $ - $ 5,224 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 Supplemental executive retirement plan $ 7,676 $ - $ - $ 7,676 Total assets at fair value $ 7,676 $ 1,748 $ - $ 9,424 The value of the items not The carrying value of the ABL Credit Facility was $190.2 million and $165.7 million at December 31, 2023 2022

Note 13 - Equity Plans

Note 13 - Equity Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	13. 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 5 three one December 31, 2023 2022 5 no ten The performance-based awards granted in 2023 2022 December 31, 2023 Stock-based compensation expense recognized on RSUs for the years ended December 31, 2023 2022 2021 For the years ended December 31, (in thousands) 2023 2022 2021 RSU expense before taxes of the Plan $ 1,817 $ 1,297 $ 1,045 RSU expense after taxes 1,314 954 767 All pre-tax charges related to RSUs and PSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The total compensation cost of non-vested awards totaled $4.2 million and the weighted average remaining vesting period is 1.6 years as of December 31, 2023 The following table summarizes the activity related to RSUs and PSUs for the year ended December 31, 2023 2022 2021 2023 2022 2021 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 617,518 $ 18.95 576,867 $ 18.29 610,540 $ 18.14 Granted 49,768 36.63 55,558 25.56 20,604 23.29 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 (49,191 ) 18.67 Forfeited (2,573 ) 19.65 (9,066 ) 17.52 (5,086 ) 17.55 Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 576,867 $ 18.29 Vested at December 31 454,939 $ 19.71 423,941 $ 19.24 370,771 $ 18.78 Phantom Stock Units In January 2022 Pre-tax charges related to Phantom Stock Units for the year ended December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2022. December 31, 2023 December 31, 2022

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	14. Commitments and Contingencies : The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company may not At December 31, 2023 seven Facility Expiration date Hammond, Indiana November 30, 2024 Locust, North Carolina March 4, 2025 St. Paul, Minnesota May 25, 2025 Romeoville, Illinois May 31, 2025 Minneapolis (coil), Minnesota September 30, 2025 Indianapolis, Indiana January 29, 2026 Minneapolis (plate), Minnesota April 1, 2027

Note 15 - Income Taxes

Note 15 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. Income Taxes: The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows: As of December 31, (in thousands) 2023 2022 2021 Current: Federal $ 11,574 $ 27,865 $ 36,592 International 1,047 102 85 State and local 2,529 5,691 7,739 15,150 33,658 44,416 Deferred 1,908 (967 ) (668 ) Income tax provision $ 17,058 $ 32,691 $ 43,748 The components of the Company’s deferred income taxes at December 31 (in thousands) 2023 2022 Deferred tax assets: Inventory (excluding LIFO reserve) $ 3,340 $ 2,176 Net operating loss and tax credit carryforwards 803 1,029 Allowance for credit losses 657 833 Accrued expenses 7,543 6,114 Lease liabilities 9,567 7,916 Other 379 214 Deferred tax assets before valuation allowance 22,289 18,282 Valuation allowance (489 ) (919 ) Total deferred tax assets 21,800 17,363 Deferred tax liabilities: LIFO reserve (3,820 ) (3,451 ) Property and equipment (16,223 ) (12,194 ) Lease right of use assets (9,363 ) (7,769 ) Interest rate hedge (14 ) (437 ) Intangibles (3,890 ) (3,537 ) Total deferred tax liabilities (33,310 ) (27,388 ) Deferred tax liabilities, net $ (11,510 ) $ (10,025 ) The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: (in thousands) 2023 2022 2021 Balance as of January 1 $ 220 $ 228 $ 28 Increases related to current year tax positions - - 8 Increase (Decrease) related to prior year tax positions 8 (8 ) 200 Decreases related to lapsing of statute of limitations (8 ) - (8 ) Settlements (46 ) - - Balance as of December 31 $ 174 $ 220 $ 228 It is expected that the amount of unrecognized tax benefits will not twelve 2020 2022 The Company recognized interest related to uncertain tax positions in the income tax provision. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate: 2023 2022 2021 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 4.4 % 4.5 % 4.5 % Foreign 1.7 % 0.1 % 0.1 % Meals and entertainment 0.7 % 0.2 % 0.1 % Tax credits (0.4 )% (0.1 )% (0.1 )% All other, net 0.3 % 0.7 % 0.9 % Effective income tax rate 27.7 % 26.4 % 26.5 % Income taxes paid in 2023 2022 2021 15 20 not December 31, 2023 2022

Note 16 - Shares Outstanding an

Note 16 - Shares Outstanding and Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	16. Shares Outstanding and Earnings Per Share: Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the years ended December 31, (in thousands, except per share data) 2023 2022 2021 Weighted average basic shares outstanding 11,573 11,551 11,492 Assumed exercise of stock options and issuance of stock awards 5 8 11 Weighted average diluted shares outstanding 11,578 11,559 11,503 Net income $ 44,529 $ 90,931 $ 121,051 Basic earnings per share $ 3.85 $ 7.87 $ 10.53 Diluted earnings per share $ 3.85 $ 7.87 $ 10.52 Unvested RSUs and PSUs 207 194 206

Note 17 - Equity Programs

Note 17 - Equity Programs	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Treasury Stock [Text Block]	17. Equity Programs: Stock Repurchase Program On October 2, 2015 may 10b5 1 may may twelve $15.0 December 31, 2023 December 31, 2023 1.00 As of December 31, 2023 There were no shares repurchased during 2023 2022 At-the-Market Equity Program On September 3, 2021 September 3, 2021 not 2023 2022

Note 18 - Segment Information

Note 18 - Segment Information	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	18. 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 Company's Chief Executive Officer serves as the CODM. 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 January 3, 2023 October 2, 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 years ended December 31, 2023 2022 2021 For the Year Ended December 31, (in thousands) 2023 2022 2021 Net sales Specialty metals flat products $ 567,728 $ 776,022 $ 585,751 Carbon flat products 1,221,093 1,356,605 1,344,150 Tubular and pipe products 369,342 427,363 382,352 Total net sales $ 2,158,163 $ 2,559,990 $ 2,312,253 Depreciation and amortization Specialty metals flat products $ 3,929 $ 4,060 $ 3,692 Carbon flat products 14,762 10,695 11,286 Tubular and pipe products 7,682 4,913 5,267 Corporate 70 70 71 Total depreciation and amortization $ 26,443 $ 19,738 $ 20,316 Operating income Specialty metals flat products $ 22,884 $ 93,662 $ 70,544 Carbon flat products 34,582 25,015 110,074 Tubular and pipe products 40,692 34,856 7,353 Corporate (20,487 ) (19,786 ) (15,505 ) Total operating income $ 77,671 $ 133,747 $ 172,466 Other loss, net 78 45 36 Income before interest and income taxes 77,593 133,702 172,430 Interest and other expense on debt 16,006 10,080 7,631 Income before income taxes $ 61,587 $ 123,622 $ 164,799 For the Year Ended December 31, (in thousands) 2023 2022 2021 Capital expenditures Flat products $ 14,306 $ 15,299 $ 8,797 Tubular and pipe products 7,020 4,555 2,214 Total capital expenditures $ 21,326 $ 19,854 $ 11,011 Assets Flat products $ 649,744 $ 631,607 $ 777,074 Tubular and pipe products 333,677 258,412 245,962 Corporate 1,414 1,608 536 Total assets $ 984,835 $ 891,627 $ 1,023,572 There were no December 31, 2023 2022 2021 The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

Note 19 - Retirement Plans

Note 19 - Retirement Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	19. Retirement Plans : The Company’s retirement plans consist of 401 The 401 401 401 one first 401 100% first one In 2005 seven The Company, through its CTI subsidiary, contributes to a multiemployer pension plan. CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2025 December 31, 2023 2022 2021 Retirement plan expense, which includes all Company 401 December 31, 2023 2022 2021 The fair values of the Company's SERP assets as of December 31, 2023 2022

Note 20 - Related-party Transac

Note 20 - Related-party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	20. Related-Party Transactions : The Company’s Executive Chairman of the Board owns 50% of an entity that owns one December 31, 2028 two five

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Valuation and Qualifying Accounts (in thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2021 Allowance for credit losses $ 1,726 $ 1,250 $ - $ (474 ) $ 2,502 Tax valuation reserve $ 2,302 $ 236 $ - $ (1,341 ) $ 1,197 Year Ended December 31, 2022 Allowance for credit losses $ 2,502 $ 2,184 $ - $ (855 ) $ 3,831 Tax valuation reserve $ 1,197 $ - $ - $ (278 ) $ 919 Year Ended December 31, 2023 Allowance for credit losses $ 3,831 $ (425 ) $ - $ (776 ) $ 2,630 Tax valuation reserve $ 919 $ - $ - $ (430 ) $ 489

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	9B. Trading Arrangement During the quarter ended December 31, 2023, no 16a 1 10b5 1 10b5 1 408
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Business, Policy [Policy Text Block]	Nature of Business 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. 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. As such, total assets and capital expenditures are reported in the aggregate for the flat products segment. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the specialty metals flat products segment and the carbon flat products segment based upon an established allocation methodology. The Company is a leading metals service center focused on the direct sale and value-added processing of carbon and coated steel, plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and fittings, tin plate and metal-intensive end-use products. The specialty metals flat products segment sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Through 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, stainless steel bollards and water treatment systems. The carbon flat products segment sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, fabricated parts and fabricated products, including self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. With the recent acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, October 2, 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
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and 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), after elimination of intercompany accounts and transactions.
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not one three 2023 2022 2021 The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 2023 2022 2021 2023 2022 2021 2023 2022 2021
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three may not not
Fair Value Measurement, Policy [Policy Text Block]	Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three first two Level 1 Level 2 1 not Level 3 no Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices.
Accounts Receivable [Policy Text Block]	Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of the allowance for credit losses each quarter.
Inventory, Policy [Policy Text Block]	Inventory Valuation Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs. Substantially all of the costs of the Company’s specialty metals and carbon flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2023 December 31, 2022 first first On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two five
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not may not
Income Tax, Policy [Policy Text Block]	Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 The Company had no December 31, 2023 no one December 31, 2023
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements.
Contract with Customer Liabilities, Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13,
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Pronouncements In November 2023, No. 2023 07, 280 not 280, December 15, 2023 December 15, 2024, not In December 2023, No. 2023 09, 740 December 15, 2024 not not 10 In March 2020 No. 2020 04, 848 December 2022 No. 2022 06 848” December 31, 2024 first 2023 not

Note 2 - Acquisitions (Tables)

Note 2 - Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Details of Acquisition (in thousands) Metal-Fab As of January 3, 2023 CTB As of October 2, 2023 Assets acquired Cash and cash equivalents $ 1,728 $ - Accounts receivable, net 10,597 5,339 Prepaid expenses and other 740 - Inventories, net 17,236 3,906 Property and equipment 20,408 16,193 Goodwill 33,194 8,401 Intangible assets 54,740 9,590 Right-of-use and other long-term assets 6,930 917 Total assets acquired 145,573 44,346 Total liabilities assumed (14,369) (4,054) Cash paid $ 131,204 $ 40,292
Business Acquisition, Pro Forma Information [Table Text Block]	For the twelve months ended December 31, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma: Net sales $ 2,559,990 $ 95,528 $ 736 $ 2,656,254 Net income (loss) 90,931 16,538 (12,850) 94,619 Basic earnings per share 7.87 1.43 (1.11) 8.19 Diluted earnings per share 7.87 1.43 (1.11) 8.19

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2023 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 28.8 % - - 28.8 % Plate 12.9 % - - 12.9 % Cold Rolled 4.0 % - - 4.0 % Coated 10.3 % - - 10.3 % Specialty - 26.3 % - 26.3 % Pipe & Tube - - 17.1 % 17.1 % Other 0.6 % - - 0.6 % Total 56.6 % 26.3 % 17.1 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2022 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 29.8 % - - 29.8 % Plate 13.3 % - - 13.3 % Cold Rolled 4.7 % - - 4.7 % Coated 4.5 % - - 4.5 % Specialty - 30.3 % - 30.3 % Pipe & Tube - - 16.7 % 16.7 % Other 0.7 % - - 0.7 % Total 53.0 % 30.3 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Twelve Months Ended December 31, 2021 Carbon flat products Specialty metals flat products Tubular and pipe products Total Hot Rolled 31.4 % - - 31.4 % Plate 10.4 % - - 10.4 % Cold Rolled 7.0 % - - 7.0 % Coated 7.7 % - - 7.7 % Specialty - 25.3 % - 25.3 % Pipe & Tube - - 16.5 % 16.5 % Other 1.6 % 0.1 % - 1.7 % Total 58.1 % 25.4 % 16.5 % 100.0 %

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	As of December 31, (in thousands) 2023 2022 Unprocessed $ 282,565 $ 356,588 Processed and finished 103,970 60,343 Total $ 386,535 $ 416,931

Note 7 - Property and Equipme_2

Note 7 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	(in thousands) Depreciable Lives December 31, 2023 December 31, 2022 Land - $ 16,676 $ 15,058 Land improvements 5 - 10 4,685 4,160 Buildings and improvements 7 - 30 158,335 141,585 Machinery and equipment 2 - 15 254,777 221,375 Furniture and fixtures 3 - 7 6,849 6,829 Computer software and equipment 2 - 5 26,787 25,338 Vehicles 2 - 5 5,112 4,049 Financing lease - 5,686 3,144 Construction in progress - 4,541 8,272 483,448 429,810 Less accumulated depreciation (297,340 ) (281,478 ) Net property and equipment $ 186,108 $ 148,332

Note 8 - Goodwill and Intangi_2

Note 8 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Goodwill [Table Text Block]	(in thousands) Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products Total Balance as of December 31, 2021 1,065 9,431 - 10,496 Acquisitions - - - - Impairments - - - - Balance as of December 31, 2022 $ 1,065 $ 9,431 $ - $ 10,496 Acquisitions 33,194 - 8,401 41,595 Impairments - - - - Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]	As of Balance at December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 62,559 $ (15,084 ) $ 47,475 Covenant not to compete - subject to amortization 2,339 (679 ) 1,660 Technology and know-how - subject to amortization 7,000 (382 ) 6,618 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (16,145 ) $ 92,621 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, 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 9 - Leases (Tables)

Note 9 - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	(in thousands) 2023 2022 2021 Operating lease cost $ 9,008 $ 7,446 $ 6,952 Finance lease cost Amortization 1,056 720 721 Interest on lease liabilities 157 67 71 $ 1,213 $ 787 $ 792
Lease, Payment [Table Text Block]	(in thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,901 $ 7,268 $ 6,830 Operating cash flows from finance leases 157 67 71 Financing cash flows from finance leases 1,039 703 828 Total cash paid for amounts included in the measurement of lease liabilities $ 10,097 $ 8,038 $ 7,729
Lease, Balance Sheet Information [Table Text Block]	(in thousands) 2023 2022 Operating leases Operating lease $ 56,117 $ 45,987 Operating lease accumulated amortization (21,737 ) (17,763 ) Operating lease right of use asset, net $ 34,380 $ 28,224 Operating lease current liabilities 7,813 6,098 Operating lease liabilities 27,261 22,655 $ 35,074 $ 28,753 (in thousands) 2023 2022 Finance leases Finance lease $ 5,686 $ 3,144 Finance lease accumulated depreciation (2,615 ) (1,585 ) Finance lease, net $ 3,071 $ 1,559 Finance lease current liabilities 1,087 594 Finance lease liabilities 2,106 1,025 $ 3,193 $ 1,619 Weighted average remaining lease term (in years) 2023 2022 Operating leases 6 6 Finance leases 4 3 Weighted average discount rate Operating leases 4.07 % 3.41 % Finance leases 5.06 % 3.56 %
Operating and Finance Lease, Liability, Maturity [Table Text Block]	(in thousands) Operating Lease Finance Lease Year Ending December 31, 2024 $ 9,040 $ 1,218 2025 7,482 910 2026 6,307 618 2027 5,049 417 2028 3,782 300 Thereafter 8,139 39 Total future minimum lease payments $ 39,799 $ 3,502 Less remaining imputed interest (4,725 ) (309 ) Total $ 35,074 $ 3,193

Note 10 - Debt (Tables)

Note 10 - Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Debt [Table Text Block]	As of December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 190,198 $ 165,658 Total debt 190,198 165,658 Less current amount - - Total long-term debt $ 190,198 $ 165,658
Schedule of Maturities of Long-Term Debt [Table Text Block]	(in thousands) 2024 2025 2026 2027 2028 Total ABL Credit Facility $ - $ - $ 190,198 $ - $ - $ 190,198 Total principal payments $ - $ - $ 190,198 $ - $ - $ 190,198

Note 11 - Derivative Instrume_2

Note 11 - Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Net Gain (Loss) Recognized (in thousands) 2023 2022 2021 Fixed interest rate hedge $ 1,906 $ (664 ) $ (1,880 ) Metals swaps (1,903 ) 633 418 Embedded customer derivatives 1,903 (633 ) (418 ) Total income (loss) $ 1,906 $ (664 ) $ (1,880 )

Note 12 - Fair Value of Asset_2

Note 12 - Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 4,458 $ - $ 4,458 Embedded customer derivatives $ - $ 766 $ - $ 766 Fixed interest rate hedge $ - $ 55 $ - $ 55 Supplemental executive retirement plan $ 11,617 $ - $ - $ 11,617 Total assets at fair value $ 11,617 $ 5,279 $ - $ 16,896 Liabilities: Metal swaps $ - $ 5,224 $ - $ 5,224 Total liabilities recorded at fair value $ - $ 5,224 $ - $ 5,224 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 Supplemental executive retirement plan $ 7,676 $ - $ - $ 7,676 Total assets at fair value $ 7,676 $ 1,748 $ - $ 9,424

Note 13 - Equity Plans (Tables)

Note 13 - Equity Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	For the years ended December 31, (in thousands) 2023 2022 2021 RSU expense before taxes of the Plan $ 1,817 $ 1,297 $ 1,045 RSU expense after taxes 1,314 954 767
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	2023 2022 2021 Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Number of Shares Weighted Average Estimated Fair Value Beginning balance 617,518 $ 18.95 576,867 $ 18.29 610,540 $ 18.14 Granted 49,768 36.63 55,558 25.56 20,604 23.29 Converted into shares (2,610 ) 18.78 (5,841 ) 18.16 (49,191 ) 18.67 Forfeited (2,573 ) 19.65 (9,066 ) 17.52 (5,086 ) 17.55 Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 576,867 $ 18.29 Vested at December 31 454,939 $ 19.71 423,941 $ 19.24 370,771 $ 18.78

Note 15 - Income Taxes (Tables)

Note 15 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	As of December 31, (in thousands) 2023 2022 2021 Current: Federal $ 11,574 $ 27,865 $ 36,592 International 1,047 102 85 State and local 2,529 5,691 7,739 15,150 33,658 44,416 Deferred 1,908 (967 ) (668 ) Income tax provision $ 17,058 $ 32,691 $ 43,748
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	(in thousands) 2023 2022 Deferred tax assets: Inventory (excluding LIFO reserve) $ 3,340 $ 2,176 Net operating loss and tax credit carryforwards 803 1,029 Allowance for credit losses 657 833 Accrued expenses 7,543 6,114 Lease liabilities 9,567 7,916 Other 379 214 Deferred tax assets before valuation allowance 22,289 18,282 Valuation allowance (489 ) (919 ) Total deferred tax assets 21,800 17,363 Deferred tax liabilities: LIFO reserve (3,820 ) (3,451 ) Property and equipment (16,223 ) (12,194 ) Lease right of use assets (9,363 ) (7,769 ) Interest rate hedge (14 ) (437 ) Intangibles (3,890 ) (3,537 ) Total deferred tax liabilities (33,310 ) (27,388 ) Deferred tax liabilities, net $ (11,510 ) $ (10,025 )
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block]	(in thousands) 2023 2022 2021 Balance as of January 1 $ 220 $ 228 $ 28 Increases related to current year tax positions - - 8 Increase (Decrease) related to prior year tax positions 8 (8 ) 200 Decreases related to lapsing of statute of limitations (8 ) - (8 ) Settlements (46 ) - - Balance as of December 31 $ 174 $ 220 $ 228
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2023 2022 2021 U.S. federal statutory rate in effect 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 4.4 % 4.5 % 4.5 % Foreign 1.7 % 0.1 % 0.1 % Meals and entertainment 0.7 % 0.2 % 0.1 % Tax credits (0.4 )% (0.1 )% (0.1 )% All other, net 0.3 % 0.7 % 0.9 % Effective income tax rate 27.7 % 26.4 % 26.5 %

Note 16 - Shares Outstanding _2

Note 16 - Shares Outstanding and Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the years ended December 31, (in thousands, except per share data) 2023 2022 2021 Weighted average basic shares outstanding 11,573 11,551 11,492 Assumed exercise of stock options and issuance of stock awards 5 8 11 Weighted average diluted shares outstanding 11,578 11,559 11,503 Net income $ 44,529 $ 90,931 $ 121,051 Basic earnings per share $ 3.85 $ 7.87 $ 10.53 Diluted earnings per share $ 3.85 $ 7.87 $ 10.52 Unvested RSUs and PSUs 207 194 206

Note 18 - Segment Information (

Note 18 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Year Ended December 31, (in thousands) 2023 2022 2021 Net sales Specialty metals flat products $ 567,728 $ 776,022 $ 585,751 Carbon flat products 1,221,093 1,356,605 1,344,150 Tubular and pipe products 369,342 427,363 382,352 Total net sales $ 2,158,163 $ 2,559,990 $ 2,312,253 Depreciation and amortization Specialty metals flat products $ 3,929 $ 4,060 $ 3,692 Carbon flat products 14,762 10,695 11,286 Tubular and pipe products 7,682 4,913 5,267 Corporate 70 70 71 Total depreciation and amortization $ 26,443 $ 19,738 $ 20,316 Operating income Specialty metals flat products $ 22,884 $ 93,662 $ 70,544 Carbon flat products 34,582 25,015 110,074 Tubular and pipe products 40,692 34,856 7,353 Corporate (20,487 ) (19,786 ) (15,505 ) Total operating income $ 77,671 $ 133,747 $ 172,466 Other loss, net 78 45 36 Income before interest and income taxes 77,593 133,702 172,430 Interest and other expense on debt 16,006 10,080 7,631 Income before income taxes $ 61,587 $ 123,622 $ 164,799
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]	For the Year Ended December 31, (in thousands) 2023 2022 2021 Capital expenditures Flat products $ 14,306 $ 15,299 $ 8,797 Tubular and pipe products 7,020 4,555 2,214 Total capital expenditures $ 21,326 $ 19,854 $ 11,011 Assets Flat products $ 649,744 $ 631,607 $ 777,074 Tubular and pipe products 333,677 258,412 245,962 Corporate 1,414 1,608 536 Total assets $ 984,835 $ 891,627 $ 1,023,572

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year Ended December 31, 2021 Allowance for credit losses $ 1,726 $ 1,250 $ - $ (474 ) $ 2,502 Tax valuation reserve $ 2,302 $ 236 $ - $ (1,341 ) $ 1,197 Year Ended December 31, 2022 Allowance for credit losses $ 2,502 $ 2,184 $ - $ (855 ) $ 3,831 Tax valuation reserve $ 1,197 $ - $ - $ (278 ) $ 919 Year Ended December 31, 2023 Allowance for credit losses $ 3,831 $ (425 ) $ - $ (776 ) $ 2,630 Tax valuation reserve $ 919 $ - $ - $ (430 ) $ 489

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Number of Reportable Segments	3
LIFO Inventory Amount	$ 38.2	$ 46.3
Percentage of LIFO Inventory	9.90%	11.10%
Property, Plant and Equipment, Useful Life (Year)	7 years
Software and Software Development Costs [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	2 years
Minimum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment, Useful Life (Year)	2 years
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Maximum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Steel Requirements [Member] | Supplier Concentration Risk [Member] | Three Largest Suppliers [Member]
Concentration Risk, Percentage	40%	39%	51%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Top 20 [Member]
Concentration Risk, Percentage	29%	26%	23%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member]
Concentration Risk, Percentage	3%	3%	2%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Industrial Machinery and Equipment Manufacturers and Fabricators [Member]
Concentration Risk, Percentage	48%	52%	47%

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands				12 Months Ended
	Oct. 02, 2023	Jan. 03, 2023	Oct. 01, 2021	Dec. 31, 2023	Dec. 31, 2022
Internally Developed Technology [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				10 years
Internally Developed Technology [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				15 years
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Net				$ 1,660	$ 208
Noncompete Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				1 year
Noncompete Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				5 years
Customer Relationships [Member]
Finite-Lived Intangible Assets, Net				$ 47,475	$ 10,459
Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				10 years
Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)				26 years
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
Central Tube and Bar [Member]
Payments to Acquire Businesses, Gross	$ 40,300
Business Combination, Consideration Transferred	37,800
Business Combination, Acquisition Related Costs				900
Business Combination, Consideration Working Capital Adjustment	2,500
Central Tube and Bar [Member] | Trade Names [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	4,000
Central Tube and Bar [Member] | Internally Developed Technology [Member]
Finite-Lived Intangible Assets, Net	$ 1,700
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Central Tube and Bar [Member] | Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Net	$ 400
Central Tube and Bar [Member] | Noncompete Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	5 years
Central Tube and Bar [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets, Net	$ 3,500
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Shaw Stainless & Alloy, Inc [Member]
Business Combination, Consideration Transferred			$ 12,100
The 2023 Acquisitions [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				$ 110,300

Note 2 - Acquisitions - Purchas

Note 2 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 02, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill	$ 52,091			$ 10,496	$ 10,496
Metal-Fab [Member]
Cash and cash equivalents			$ 1,728
Accounts receivable, net		5,339	10,597
Prepaid expenses and other			740
Inventories, net		3,906	17,236
Property and equipment		16,193	20,408
Goodwill		8,401	33,194
Intangible assets		9,590	54,740
Right-of-use and other long-term assets		917	6,930
Total assets acquired		44,346	145,573
Total liabilities assumed		(4,054)	(14,369)
Cash paid		$ 40,292	$ 131,204

Note 2 - Acquisitions - Pro For

Note 2 - Acquisitions - Pro Forma (Details) - Metal-Fab [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Net sales | $	$ 2,656,254
Net income (loss) | $	$ 94,619
Basic earnings per share (in dollars per share) | $ / shares	$ 8.19
Diluted earnings per share (in dollars per share) | $ / shares	$ 8.19
Historical OSI [Member]
Net sales | $	$ 2,559,990
Net income (loss) | $	$ 90,931
Basic earnings per share (in dollars per share) | $ / shares	$ 7.87
Diluted earnings per share (in dollars per share) | $ / shares	$ 7.87
Historical [Member]
Net sales | $	$ 95,528
Net income (loss) | $	$ 16,538
Basic earnings per share (in dollars per share) | $ / shares	$ 1.43
Diluted earnings per share (in dollars per share) | $ / shares	$ 1.43
Pro Forma [Member]
Net sales | $	$ 736
Net income (loss) | $	$ (12,850)
Basic earnings per share (in dollars per share) | $ / shares	$ (1.11)
Diluted earnings per share (in dollars per share) | $ / shares	$ (1.11)

Note 3 - Disposition of Assets

Note 3 - Disposition of Assets (Details Textual) $ in Millions	Sep. 17, 2021 USD ($)
Sale of Operations, Consideration Received or Receivable	$ 58.4
Estimated Working Capital Adjustment	12.6
Sale of Operations, Property and Equipment	9.5
Sale of Operations, Gain (Loss) on Sale of Operations, Before Tax	$ 3.5

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Percentage of net sales	100%	100%	100%
Carbon Flat Products [Member]
Percentage of net sales	26.30%	30.30%	25.40%
Specialty Metals Flat Products [Member]
Percentage of net sales	56.60%	53%	58.10%
Tubular and Pipe Products [Member]
Percentage of net sales	17.10%	16.70%	16.50%
Hot Rolled Products [Member]
Percentage of net sales	28.80%	29.80%	31.40%
Hot Rolled Products [Member] | Carbon Flat Products [Member]
Percentage of net sales	28.80%	0%	0%
Hot Rolled Products [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	29.80%	31.40%
Hot Rolled Products [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%
Plate Products [Member]
Percentage of net sales	12.90%	13.30%	10.40%
Plate Products [Member] | Carbon Flat Products [Member]
Percentage of net sales	12.90%	0%	0%
Plate Products [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	13.30%	10.40%
Plate Products [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%
Cold Rolled Products [Member]
Percentage of net sales	4%	4.70%	7%
Cold Rolled Products [Member] | Carbon Flat Products [Member]
Percentage of net sales	4%	0%	0%
Cold Rolled Products [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	4.70%	7%
Cold Rolled Products [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%
Coated Products [Member]
Percentage of net sales	10.30%	4.50%	7.70%
Coated Products [Member] | Carbon Flat Products [Member]
Percentage of net sales	10.30%	0%	0%
Coated Products [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	4.50%	7.70%
Coated Products [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%
Specialty [Member]
Percentage of net sales	26.30%	30.30%	25.30%
Specialty [Member] | Carbon Flat Products [Member]
Percentage of net sales	0%	30.30%	25.30%
Specialty [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	26.30%	0%	0%
Specialty [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%
Pipe and Tube Products [Member]
Percentage of net sales	17.10%	16.70%	16.50%
Pipe and Tube Products [Member] | Carbon Flat Products [Member]
Percentage of net sales	0%	0%	0%
Pipe and Tube Products [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	0%	0%
Pipe and Tube Products [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	17.10%	16.70%	16.50%
Product and Service, Other [Member]
Percentage of net sales	0.60%	0.70%	1.70%
Product and Service, Other [Member] | Carbon Flat Products [Member]
Percentage of net sales	0.60%	0%	0.10%
Product and Service, Other [Member] | Specialty Metals Flat Products [Member]
Percentage of net sales	0%	0.70%	1.60%
Product and Service, Other [Member] | Tubular and Pipe Products [Member]
Percentage of net sales	0%	0%	0%

Note 5 - Accounts Receivable (D

Note 5 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 4.2	$ 4.3
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0.4	$ 2.2	$ 1.3

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LIFO Inventory Amount	$ 38.2	$ 46.3
Percentage of LIFO Inventory	9.90%	11.10%
Inventory, LIFO Reserve, Effect on Income, Net	$ (8.3)	$ 0.6
Inventory Difference Using FIFO Basis	$ 12	$ 20.3

Note 6 - Inventories - Steel In

Note 6 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Unprocessed	$ 282,565	$ 356,588
Processed and finished	103,970	60,343
Inventories, net	$ 386,535	$ 416,931

Note 7 - Property and Equipme_3

Note 7 - Property and Equipment (Details Textual)	Dec. 31, 2023
Property, Plant and Equipment, Useful Life (Year)	7 years

Note 7 - Property and Equipme_4

Note 7 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, at cost	$ 483,448	$ 429,810
Depreciable lives (Year)	7 years
Financing lease	$ 5,686	3,144
Accumulated depreciation	(297,340)	(281,478)
Net property and equipment	$ 186,108	148,332
Minimum [Member]
Depreciable lives (Year)	2 years
Maximum [Member]
Depreciable lives (Year)	30 years
Land [Member]
Property and equipment, at cost	$ 16,676	15,058
Land Improvements [Member]
Property and equipment, at cost	$ 4,685	4,160
Land Improvements [Member] | Minimum [Member]
Depreciable lives (Year)	5 years
Land Improvements [Member] | Maximum [Member]
Depreciable lives (Year)	10 years
Building and Building Improvements [Member]
Property and equipment, at cost	$ 158,335	141,585
Building and Building Improvements [Member] | Minimum [Member]
Depreciable lives (Year)	7 years
Building and Building Improvements [Member] | Maximum [Member]
Depreciable lives (Year)	30 years
Machinery and Equipment [Member]
Property and equipment, at cost	$ 254,777	221,375
Machinery and Equipment [Member] | Minimum [Member]
Depreciable lives (Year)	2 years
Machinery and Equipment [Member] | Maximum [Member]
Depreciable lives (Year)	15 years
Furniture and Fixtures [Member]
Property and equipment, at cost	$ 6,849	6,829
Furniture and Fixtures [Member] | Minimum [Member]
Depreciable lives (Year)	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Depreciable lives (Year)	7 years
Software and Software Development Costs [Member]
Property and equipment, at cost	$ 26,787	25,338
Depreciable lives (Year)	5 years
Software and Software Development Costs [Member] | Minimum [Member]
Depreciable lives (Year)	2 years
Software and Software Development Costs [Member] | Maximum [Member]
Depreciable lives (Year)	5 years
Vehicles [Member]
Property and equipment, at cost	$ 5,112	4,049
Vehicles [Member] | Minimum [Member]
Depreciable lives (Year)	2 years
Vehicles [Member] | Maximum [Member]
Depreciable lives (Year)	5 years
Construction in Progress [Member]
Property and equipment, at cost	$ 4,541	$ 8,272

Note 8 - Goodwill and Intangi_3

Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Impairment of Intangible Assets (Excluding Goodwill), Total	$ 0	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Year One	4,200
Finite-Lived Intangible Asset, Expected Amortization, Year Three	3,700
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3,300
Finite-Lived Intangible Asset, Expected Amortization, Year Five	3,000
Finite-Lived Intangible Asset, Expected Amortization, After Year Five	2,200
Finite-Lived Intangible Asset, Expected Amortization, Year Two	$ 4,200
Customer Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Customer Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	26 years
Noncompete Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	1 year
Noncompete Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	5 years
Internally Developed Technology [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Internally Developed Technology [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	15 years

Note 8 - Goodwill and Intangi_4

Note 8 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 10,496	$ 10,496
Acquisitions	41,595	0
Impairments	0	0
Balance	52,091	10,496
Carbon Flat Products [Member]
Balance	1,065	1,065
Acquisitions	33,194	0
Impairments	0	0
Balance	34,259	1,065
Specialty Metals Flat Products [Member]
Balance	9,431	9,431
Acquisitions	0	0
Impairments	0	0
Balance	9,431	9,431
Tubular and Pipe Products [Member]
Balance	0	0
Acquisitions	8,401	0
Impairments	0	0
Balance	$ 8,401	$ 0

Note 8 - Goodwill and Intangi_5

Note 8 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accumulated amortization	$ (16,145)	$ (12,401)
Intangible assets, gross	108,766	44,436
Intangible assets, net	92,621	32,035
Trade Names [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	36,868	21,368
Customer Relationships [Member]
Finite-lived intangible assets, gross	62,559	22,559
Accumulated amortization	(15,084)	(12,100)
Finite-lived intangible assets, net	47,475	10,459
Noncompete Agreements [Member]
Finite-lived intangible assets, gross	2,339	509
Accumulated amortization	(679)	(301)
Finite-lived intangible assets, net	1,660	$ 208
Technology-Based Intangible Assets [Member]
Finite-lived intangible assets, gross	7,000
Accumulated amortization	(382)
Finite-lived intangible assets, net	$ 6,618

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Cleveland Warehouse [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | Cleveland Warehouse [Member]
Equity Method Investment, Ownership Percentage	50%
Affiliated Entity [Member] | Cleveland Warehouse [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Annual Expense	$ 0.2
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	15 years
Lessee, Operating Lease, Renewal Term (Year)	5 years

Note 9 - Leases - Lease Cost (D

Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	$ 9,008	$ 7,446	$ 6,952
Amortization	1,056	720	721
Interest on lease liabilities	157	67	71
Finance Lease, Cost	$ 1,213	$ 787	$ 792

Note 9 - Leases - Lease Payment

Note 9 - Leases - Lease Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating cash flows from operating leases	$ 8,901	$ 7,268	$ 6,830
Operating cash flows from finance leases	157	67	71
Financing cash flows from finance leases	1,039	703	828
Total cash paid for amounts included in the measurement of lease liabilities	$ 10,097	$ 8,038	$ 7,729

Note 9 - Leases - Balance Sheet

Note 9 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating lease	$ 56,117	$ 45,987
Operating lease accumulated amortization	(21,737)	(17,763)
Operating lease right of use asset, net	(34,380)	(28,224)
Current portion of lease liabilities	7,813	6,098
Operating lease, operating lease liabilities	27,261	22,655
Operating Lease, Liability	35,074	28,753
Property and equipment, at cost	483,448	429,810
Accumulated depreciation	(297,340)	(281,478)
Finance Lease, Liability	$ 3,193	$ 1,619
Operating leases (Year)	6 years	6 years
Finance leases (Year)	4 years	3 years
Operating leases	4.07%	3.41%
Finance leases	5.06%	3.56%
Other Accrued Liabilities [Member]
Finance lease current liabilities	$ 1,087	$ 594
Other Noncurrent Liabilities [Member]
Finance lease liabilities	2,106	1,025
Assets Held Under Finance Leases [Member]
Property and equipment, at cost	5,686	3,144
Accumulated depreciation	(2,615)	(1,585)
Finance lease, net	$ 3,071	$ 1,559

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024, operating lease	$ 9,040
2024, finance lease	1,218
2025, operating lease	7,482
2025, finance lease	910
2026, operating lease	6,307
2026, finance lease	618
2027, operating lease	5,049
2027, finance lease	417
2028, operating lease	3,782
2028, finance lease	300
Thereafter, operating lease	8,139
Thereafter, finance lease	39
Operating lease, Total future minimum lease payments	39,799
Finance lease, Total future minimum lease payments	3,502
Operating lease, Less remaining imputed interest	(4,725)
Finance lease, Less remaining imputed interest	(309)
Operating lease, Total	35,074	$ 28,753
Finance lease, Total	3,193	$ 1,619
Current Portion and Lease Liabilities [Member]
Operating lease, Total	35,074
Other Accrued Liabilities and Other Long-term Liabilities [Member]
Finance lease, Total	$ 3,193

Note 10 - Debt (Details Textual

Note 10 - Debt (Details Textual) $ in Millions			12 Months Ended
	Dec. 14, 2020 USD ($)	Jan. 10, 2019 USD ($)	Dec. 31, 2023 USD ($)	Dec. 30, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 03, 2023 USD ($)	Jun. 16, 2021 USD ($)
Interest Paid, Excluding Capitalized Interest, Operating Activities			$ 15		$ 9.6	$ 6.8
Long-term Debt, Gross			239.4		280.4	$ 255.8
Industrial Revenue Bond Member [Member]
Debt Issuance Costs, Net			$ 1.7		$ 1.2
All Debt, Excluding Deferred Financing Fees and Deferred Commitment Fees [Member]
Debt Instrument, Interest Rate, Effective Percentage			5.90%		3.20%	2.50%
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, Maximum Borrowing Capacity							$ 625
Derivative, Term of Contract (Year)			5 years
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 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			$ 53.4
Line of Credit Facility Covenant Terms EBITDA Ratio			1
Line of Credit Facility, Remaining Borrowing Capacity			$ 339.4
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 10 - Debt - Summary of Deb

Note 10 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Asset-based revolving credit facility	$ 190,198	$ 165,658
Total debt	190,198	165,658
Less current amount	0	0
Total long-term debt	190,198	165,658
Asset Based Revolving Credit Facility Due December 8, 2022 [Member]
Asset-based revolving credit facility	$ 190,198	$ 165,658

Note 10 - Debt - Principal Paym

Note 10 - Debt - Principal Payments Over the Next 5 Years and Thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024	$ 0
2025	0
2026	190,198
2027	0
2028	0
Total	190,198	$ 165,658
ABL Credit Facility [Member]
2024	0
2025	0
2026	190,198
2027	0
2028	0
Total	$ 190,198

Note 11 - Derivative Instrume_3

Note 11 - Derivative Instruments (Details Textual) - USD ($)	Jan. 10, 2019	Dec. 31, 2023	Jan. 03, 2023	Dec. 31, 2022
Metal Swaps [Member]
Derivative, Notional Amount		$ 5,200,000		$ 0
Interest Rate Swap [Member]
Derivative, Notional Amount	$ 75,000,000
Derivative, Term of Contract (Year)	5 years
Derivative, Fixed Interest Rate	2.57%		2.42%
Interest Rate Swap [Member] | Other Noncurrent Assets [Member]
Derivative Asset		$ 54,800		$ 1,700,000

Note 11 - Derivative Instrume_4

Note 11 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Gain (Loss) Recognized	$ 1,906	$ (664)	$ (1,880)
Interest Rate Swap [Member]
Net Gain (Loss) Recognized	1,906	(664)	(1,880)
Metal Swaps [Member]
Net Gain (Loss) Recognized	(1,903)	633	418
Embedded Customer Derivatives [Member]
Net Gain (Loss) Recognized	$ 1,903	$ (633)	$ (418)

Note 12 - Fair Value of Asset_3

Note 12 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revolving Credit Facility [Member]
Long-Term Debt, Fair Value	$ 190.2	$ 165.7

Note 12 - Fair Value of Asset_4

Note 12 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Asset	$ 766
Total assets at fair value	16,896	$ 9,424
Total liabilities recorded at fair value	5,224
Supplemental Executive Retirement Plan [Member]
Derivative Asset	11,617	7,676
Metal Swaps [Member]
Derivative Asset	4,458
Derivative liability	5,224
Interest Rate Swap [Member]
Derivative Asset	55	1,748
Fair Value, Inputs, Level 1 [Member]
Derivative Asset	0
Total assets at fair value	11,617	7,676
Total liabilities recorded at fair value	0
Fair Value, Inputs, Level 1 [Member] | Supplemental Executive Retirement Plan [Member]
Derivative Asset	11,617	7,676
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member]
Derivative Asset	0
Derivative liability	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Derivative Asset	0	0
Fair Value, Inputs, Level 2 [Member]
Derivative Asset	766
Total assets at fair value	5,279	1,748
Total liabilities recorded at fair value	5,224
Fair Value, Inputs, Level 2 [Member] | Supplemental Executive Retirement Plan [Member]
Derivative Asset	0	0
Fair Value, Inputs, Level 2 [Member] | Metal Swaps [Member]
Derivative Asset	4,458
Derivative liability	5,224
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Derivative Asset	55	1,748
Fair Value, Inputs, Level 3 [Member]
Derivative Asset	0
Total assets at fair value	0	0
Total liabilities recorded at fair value	0
Fair Value, Inputs, Level 3 [Member] | Supplemental Executive Retirement Plan [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] | Interest Rate Swap [Member]
Derivative Asset	$ 0	$ 0

Note 13 - Equity Plans (Details

Note 13 - Equity Plans (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
C-Suite Long-Term Incentive Plan [Member]
Minimum Return on Assets for Performance-Based Incentives		5%
Performance-Based Award Cap, Percentage of Grant		150%	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	55,558	20,604
Share-Based Payment Arrangement, Expense		$ 1,817,000	$ 1,297,000	$ 1,045,000
Restricted Stock Units (RSUs) [Member] | C-Suite Long-Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		20,000
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		5 years
Restricted Stock Units (RSUs) [Member] | Performance-Based Cash Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested		$ 4,200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)		1 year 7 months 6 days
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
Service Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member]
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount		$ 500,000
Performance-Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member]
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount			$ 500,000
Performance-Based Cash Awards [Member] | Performance-Based Cash Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested		$ 2,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)		1 year 6 months
Phantom Stock Plan [Member] | Phantom Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms (Year)		1 year 6 months
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years		2 years
Share-Based Payment Arrangement, Expense		$ 1,500,000	$ 300,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		1,600,000	700,000
Deferred Compensation Share-Based Arrangements, Liability, Current and Noncurrent		$ 1,800,000	$ 300,000
Phantom Stock Plan [Member] | Phantom Stock Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Annual Grant Value	$ 30,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		1,400,000

Note 13 - Equity Plans - Stock-

Note 13 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expense	$ 1,817	$ 1,297	$ 1,045
RSU expense after taxes	$ 1,314	$ 954	$ 767

Note 13 - Equity Plans - Restri

Note 13 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Beginning balance, number of shares (in shares)	617,518	576,867	610,540
Beginning balance, weighted average estimated fair value (in dollars per share)	$ 18.95	$ 18.29	$ 18.14
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	49,768	55,558	20,604
Granted, weighted average estimated fair value (in dollars per share)	$ 36.63	$ 25.56	$ 23.29
Converted into shares, number of shares (in shares)	(2,610)	(5,841)	(49,191)
Converted into shares, weighted average estimated fair value (in dollars per share)	$ 18.78	$ 18.16	$ 18.67
Forfeited, number of shares (in shares)	(2,573)	(9,066)	(5,086)
Forfeited, weighted average estimated fair value (in dollars per share)	$ 19.65	$ 17.52	$ 17.55
Outstanding, number of shares (in shares)	662,103	617,518	576,867
Outstanding, weighted average estimated fair value (in dollars per share)	$ 20.28	$ 18.95	$ 18.29
Vested, number of shares (in shares)	454,939	423,941	370,771
Vested, weighted average estimated fair value (in dollars per share)	$ 19.71	$ 19.24	$ 18.78

Note 14 - Commitments and Con_2

Note 14 - Commitments and Contingencies (Details Textual)	Dec. 31, 2023
Entity Number of Employees	244
Collective Bargaining Arrangements	7

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Paid, Net, Total	$ 13,603	$ 33,404	$ 46,548
Deferred Tax Assets, Valuation Allowance, Total	489	919
State and Local Jurisdiction [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 500	$ 900

Note 15 - Income Taxes - Provis

Note 15 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal	$ 11,574	$ 27,865	$ 36,592
International	1,047	102	85
State and local	2,529	5,691	7,739
Current Income Tax Expense (Benefit)	15,150	33,658	44,416
Deferred	1,908	(967)	(668)
Income tax provision	$ 17,058	$ 32,691	$ 43,748

Note 15 - Income Taxes - Deferr

Note 15 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Inventory (excluding LIFO reserve)	$ 3,340	$ 2,176
Net operating loss and tax credit carryforwards	803	1,029
Allowance for credit losses	657	833
Accrued expenses	7,543	6,114
Lease liabilities	9,567	7,916
Other	379	214
Deferred tax assets before valuation allowance	22,289	18,282
Valuation allowance	(489)	(919)
Total deferred tax assets	21,800	17,363
Deferred tax liabilities:
LIFO reserve	(3,820)	(3,451)
Property and equipment	(16,223)	(12,194)
Lease right of use assets	(9,363)	(7,769)
Interest rate hedge	(14)	(437)
Intangibles	(3,890)	(3,537)
Total deferred tax liabilities	(33,310)	(27,388)
Deferred tax liabilities, net	$ (11,510)	$ (10,025)

Note 15 - Income Taxes - Unreco

Note 15 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance	$ 220	$ 228	$ 28
Increases related to current year tax positions	0	0	8
Increase (Decrease) related to prior year tax positions	8		200
Increase (Decrease) related to prior year tax positions		(8)
Decreases related to lapsing of statute of limitations	(8)	0	(8)
Settlements	(46)	0	0
Balance	$ 174	$ 220	$ 228

Note 15 - Income Taxes - Tax Ra

Note 15 - Income Taxes - Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. federal statutory rate in effect	21%	21%	21%
State and local taxes, net of federal benefit	4.40%	4.50%	4.50%
Foreign	1.70%	0.10%	0.10%
Meals and entertainment	0.70%	0.20%	0.10%
Tax credits	(0.40%)	(0.10%)	(0.10%)
All other, net	0.30%	0.70%	0.90%
Effective income tax rate	27.70%	26.40%	26.50%

Note 16 - Shares Outstanding _3

Note 16 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average basic shares outstanding (in shares)	11,573	11,551	11,492
Assumed exercise of stock options and issuance of stock awards (in shares)	5	8	11
Weighted average diluted shares outstanding (in shares)	11,578	11,559	11,503
Net income	$ 44,529	$ 90,931	$ 121,051
Basic earnings per share (in dollars per share)	$ 3.85	$ 7.87	$ 10.53
Diluted earnings per share (in dollars per share)	$ 3.85	$ 7.87	$ 10.52
Unvested RSUs and PSUs (in shares)	207	194	206

Note 17 - Equity Programs (Deta

Note 17 - Equity Programs (Details Textual) $ in Millions		12 Months Ended
	Oct. 02, 2015 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Sep. 03, 2021 USD ($)
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares	550,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares		360,212
Treasury Stock, Shares, Acquired (in shares) | shares		0	0
At-the-Market Equity Program [Member]
Stock Issuance Program, Authorized Amount | $				$ 50
Stock Issuance Program, Gross Proceeds, Percent				2%
Stock Issued During Period, Shares, New Issues (in shares) | shares		0	0
ABL Credit Facility [Member]
Unrestricted Common Stock Purchases, Maximum, Value | $	$ 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
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 | $		$ 93.8
Line of Credit Facility Covenant Terms EBITDA Ratio	1

Note 18 - Segment Information_2

Note 18 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2023
Number of Reportable Segments	3

Note 18 - Segment Information -

Note 18 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 2,158,163	$ 2,559,990	$ 2,312,253
Depreciation and amortization	26,443	19,738	20,316
Total operating income	77,671	133,747	172,466
Other loss, net	78	45	36
Income before interest and income taxes	77,593	133,702	172,430
Interest and other expense on debt	16,006	10,080	7,631
Income before income taxes	61,587	123,622	164,799
Specialty Metals Flat Products [Member]
Net sales	567,728	776,022	585,751
Depreciation and amortization	3,929	4,060	3,692
Total operating income	22,884	93,662	70,544
Carbon Flat Products [Member]
Net sales	1,221,093	1,356,605	1,344,150
Depreciation and amortization	14,762	10,695	11,286
Total operating income	34,582	25,015	110,074
Tubular and Pipe Products [Member]
Net sales	369,342	427,363	382,352
Depreciation and amortization	7,682	4,913	5,267
Total operating income	40,692	34,856	7,353
Corporate Segment [Member]
Depreciation and amortization	70	70	71
Total operating income	$ (20,487)	$ (19,786)	$ (15,505)

Note 18 - Segment Information_3

Note 18 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital expenditures	$ 21,326	$ 19,854	$ 11,011
Assets	984,835	891,627	1,023,572
Flat Products Segment [Member]
Capital expenditures	14,306	15,299	8,797
Assets	649,744	631,607	777,074
Tubular and Pipe Products [Member]
Capital expenditures	7,020	4,555	2,214
Assets	333,677	258,412	245,962
Corporate Segment [Member]
Assets	$ 1,414	$ 1,608	$ 536

Note 19 - Retirement Plans (Det

Note 19 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2005
Defined Contribution Plan, Administrative Expense	$ 4.7	$ 4.1	$ 3.8
Supplemental Employee Retirement Plan [Member]
Defined Contribution Plan Vesting Period (Year)	7 years
Defined Benefit Plan, Plan Assets, Amount, Ending Balance	$ 11.6	$ 7.7
Supplemental Employee Retirement Plan [Member] | Minimum [Member]
Defined Contribution Plan, Compensation Percentage Multiplier				6.50%
Supplemental Employee Retirement Plan [Member] | Maximum [Member]
Defined Contribution Plan, Compensation Percentage Multiplier				13%
Non-union Flat Rolled Segments’ 401K Retirement Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6%
Action Stainless & Alloy’s 401(k) Retirement Plans [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4%
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | First Step of Percent Match [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3%
Action Stainless & Alloy’s 401(k) Retirement Plans [Member] | Second Step of Percent Match [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2%

Note 20 - Related-party Trans_2

Note 20 - Related-party Transactions (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Cleveland Warehouse [Member]
Lessee, Operating Lease, Number of Renewal Term	2
Lessee, Operating Lease, Renewal Term (Year)	5 years
Chief Executive Officer [Member] | Related Entity That Owns Cleveland Warehouse [Member] | Cleveland Warehouse [Member]
Equity Method Investment, Ownership Percentage	50%
Affiliated Entity [Member] | Cleveland Warehouse [Member]
Operating Lease, Annual Expense	$ 0.2
Lessee, Operating Lease, Renewal Term (Year)	5 years

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Balance at Beginning of Period	$ 3,831	$ 2,502	$ 1,726
Additions Charged to Costs and Expenses	(425)	2,184	1,250
Additions Charged to Other Accounts	0	0	0
Deductions	(776)	(855)	(474)
Balance at End of Period	2,630	3,831	2,502
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Balance at Beginning of Period	919	1,197	2,302
Additions Charged to Costs and Expenses	0	0	236
Additions Charged to Other Accounts	0	0	0
Deductions	(430)	(278)	(1,341)
Balance at End of Period	$ 489	$ 919	$ 1,197