Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000917470 | |
Entity Registrant Name | OLYMPIC STEEL INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-23320 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1245650 | |
Entity Address, Address Line One | 22901 Millcreek Boulevard, Suite 650 | |
Entity Address, City or Town | Highland Hills | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | 216 | |
Local Phone Number | 292-3800 | |
Title of 12(b) Security | Common stock, without par value | |
Trading Symbol | ZEUS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,132,542 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 9,443 | $ 13,224 |
Accounts receivable, net | 216,682 | 191,149 |
Inventories, net | 386,240 | 386,535 |
Prepaid expenses and other | 10,725 | 12,261 |
Total current assets | 623,090 | 603,169 |
Property and equipment, at cost | 495,879 | 483,448 |
Accumulated depreciation | (308,685) | (297,340) |
Net property and equipment | 187,194 | 186,108 |
Goodwill | 52,091 | 52,091 |
Intangible assets, net | 90,474 | 92,621 |
Other long-term assets | 19,150 | 16,466 |
Right of use assets, net | 34,297 | 34,380 |
Total assets | 1,006,296 | 984,835 |
Liabilities | ||
Accounts payable | 119,104 | 119,718 |
Accrued payroll | 20,545 | 30,113 |
Other accrued liabilities | 19,084 | 22,593 |
Current portion of lease liabilities | 6,582 | 7,813 |
Total current liabilities | 165,315 | 180,237 |
Credit facility revolver | 209,186 | 190,198 |
Other long-term liabilities | 23,281 | 20,151 |
Deferred income taxes | 10,613 | 11,510 |
Lease liabilities | 28,448 | 27,261 |
Total liabilities | 436,843 | 429,357 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 137,541 | 136,541 |
Accumulated other comprehensive income | 0 | 41 |
Retained earnings | 431,912 | 418,896 |
Total shareholders' equity | 569,453 | 555,478 |
Total liabilities and shareholders' equity | $ 1,006,296 | $ 984,835 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventories, LIFO reserves | $ 11,443 | $ 12,043 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 526,250 | $ 569,268 | $ 1,052,892 | $ 1,142,344 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 406,547 | 441,872 | 814,085 | 894,508 |
Warehouse and processing | 33,243 | 31,522 | 66,136 | 62,171 |
Administrative and general | 29,167 | 31,681 | 59,319 | 64,866 |
Distribution | 17,462 | 17,448 | 34,220 | 35,189 |
Selling | 13,201 | 10,389 | 24,737 | 20,786 |
Occupancy | 4,293 | 4,111 | 8,786 | 8,655 |
Depreciation | 5,839 | 5,245 | 11,845 | 10,322 |
Amortization | 1,388 | 1,228 | 2,716 | 2,352 |
Total costs and expenses | 511,140 | 543,496 | 1,021,844 | 1,098,849 |
Operating income | 15,110 | 25,772 | 31,048 | 43,495 |
Other loss, net | 21 | 28 | 40 | 39 |
Income before interest and income taxes | 15,089 | 25,744 | 31,008 | 43,456 |
Interest and other expense on debt | 4,393 | 4,203 | 8,403 | 8,426 |
Income before income taxes | 10,696 | 21,541 | 22,605 | 35,030 |
Income tax provision | 3,036 | 6,522 | 6,248 | 10,139 |
Net income | 7,660 | 15,019 | 16,357 | 24,891 |
Loss on cash flow hedge | 0 | (201) | (41) | (606) |
Tax effect on cash flow hedge | 0 | 50 | 0 | 151 |
Total comprehensive income | $ 7,660 | $ 14,868 | $ 16,316 | $ 24,436 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 0.66 | $ 1.3 | $ 1.4 | $ 2.15 |
Weighted average shares outstanding - basic (in shares) | 11,662 | 11,569 | 11,663 | 11,570 |
Net income per share - diluted (in dollars per share) | $ 0.66 | $ 1.3 | $ 1.4 | $ 2.15 |
Weighted average shares outstanding - diluted (in shares) | 11,662 | 11,572 | 11,663 | 11,572 |
Dividends declared per share of common stock (in dollars per share) | $ 0.15 | $ 0.125 | $ 0.3 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows provided by (used in) operating activities: | ||
Net income | $ 16,357 | $ 24,891 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities - | ||
Depreciation and amortization | 14,611 | 12,674 |
Amortization of deferred financing fees | 340 | 326 |
Loss (Gain) on disposition of property and equipment | 178 | (87) |
Stock-based compensation | 1,000 | 842 |
Other long-term assets | (2,934) | 3,678 |
Other long-term liabilities | 2,751 | 3,519 |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 32,303 | 45,843 |
Changes in working capital: | ||
Accounts receivable | (25,533) | 2,394 |
Inventories | 295 | 28,223 |
Prepaid expenses and other | 1,586 | (2,866) |
Accounts payable | 327 | 17,821 |
Change in outstanding checks | (941) | 1,301 |
Accrued payroll and other accrued liabilities | (13,549) | (13,520) |
Increase (Decrease) in Operating Capital | (37,815) | 33,353 |
Net cash provided by (used in) operating activities | (5,512) | 79,196 |
Cash flows used for investing activities: | ||
Acquisition, net of cash acquired | 0 | (129,476) |
Capital expenditures | (13,241) | (15,117) |
Proceeds from disposition of property and equipment | 35 | 128 |
Net cash used for investing activities | (13,206) | (144,465) |
Cash flows from financing activities: | ||
Credit facility revolver borrowings | 329,767 | 418,372 |
Credit facility revolver repayments | (310,779) | (345,789) |
Principal payment under finance lease obligation | (603) | (472) |
Credit facility fees and expenses | (107) | (1,078) |
Dividends paid on common stock | (3,341) | (2,783) |
Net cash from financing activities | 14,937 | 68,250 |
Cash and cash equivalents: | ||
Net change | (3,781) | 2,981 |
Beginning balance | 13,224 | 12,189 |
Ending balance | 9,443 | 15,170 |
Interest paid | 7,691 | 7,638 |
Income taxes paid | $ 6,734 | $ 3,816 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 134,724 | $ 1,311 | $ 379,933 | $ 515,968 |
Net income | 0 | 0 | 24,891 | 24,891 |
Payment of dividends on common stock ($0.150 per share) | 0 | 0 | (2,783) | (2,783) |
Stock-based compensation | 842 | 0 | 842 | |
Changes in fair value of hedges, net of tax | 0 | (455) | 0 | (455) |
Balance at Jun. 30, 2023 | 135,566 | 856 | 402,041 | 538,463 |
Balance at Mar. 31, 2023 | 135,131 | 1,007 | 388,413 | 524,551 |
Net income | 0 | 0 | 15,019 | 15,019 |
Payment of dividends on common stock ($0.150 per share) | 0 | 0 | (1,392) | (1,392) |
Stock-based compensation | 435 | 0 | 435 | |
Changes in fair value of hedges, net of tax | 0 | (151) | 0 | (151) |
Other | 0 | 0 | 1 | 1 |
Balance at Jun. 30, 2023 | 135,566 | 856 | 402,041 | 538,463 |
Balance at Dec. 31, 2023 | 136,541 | 41 | 418,896 | 555,478 |
Net income | 0 | 0 | 16,357 | 16,357 |
Payment of dividends on common stock ($0.150 per share) | 0 | 0 | (3,341) | (3,341) |
Stock-based compensation | 1,000 | 0 | 1,000 | |
Changes in fair value of hedges, net of tax | 0 | (41) | 0 | (41) |
Balance at Jun. 30, 2024 | 137,541 | 0 | 431,912 | 569,453 |
Balance at Mar. 31, 2024 | 137,063 | 0 | 425,922 | 562,985 |
Net income | 0 | 0 | 7,660 | 7,660 |
Payment of dividends on common stock ($0.150 per share) | 0 | 0 | (1,670) | (1,670) |
Stock-based compensation | 478 | 0 | 478 | |
Balance at Jun. 30, 2024 | $ 137,541 | $ 0 | $ 431,912 | $ 569,453 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | $ 0.125 | $ 0.3 | $ 0.25 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation : The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not 2024 10 December 31, 2023 The Company operates in three The primary focus of the specialty metals flat products segment is on the direct sale and distribution of 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 geographical footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, flat bar, tube and pipe and the manufacturing and distribution of stainless steel bollards and water treatment systems. The primary focus of the carbon flat products segment is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts. Through acquisitions, the carbon flat products segment has expanded its product offerings to include self-dumping hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. Through the acquisition of Metal-Fab, Inc. (Metal-Fab), on January 3, 2023 The flat products segment acts as an intermediary between metals producers and manufacturers that require processed metals for their operations. The flat products segment serves customers in most metals consuming industries, including food service and commercial appliances, manufacturers and fabrications of transportation and material handling equipment, construction and farm machinery, storage tanks, environmental and energy generation equipment, automobiles, military vehicles and equipment, as well as general and plate fabricators and metals service centers. These products are primarily distributed through a direct sales force. Combined, the carbon and specialty metals flat products segments have 36 strategically located processing and distribution facilities in the United States and one The primary focus of the tubular and pipe products segment is on the distribution of metal tubing, pipe, bar, valve and fittings and the fabrication of pressure parts supplied to various industrial markets. Through the acquisition of Central Tube and Bar (CTB), on 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 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 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition: The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, fabricated parts, venting, micro air and clean air products. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 one not Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold. Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2024 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 24.9 % - - 24.9 % Hot Rolled - 29.4 % - 29.4 % Tube - - 16.7 % 16.7 % Plate - 11.9 % - 11.9 % Coated - 12.1 % - 12.1 % Cold Rolled - 4.3 % - 4.3 % Other - 0.7 % - 0.7 % Total 24.9 % 58.4 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2024 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 24.7 % - - 24.7 % Hot Rolled - 28.6 % - 28.6 % Tube - - 17.5 % 17.5 % Plate - 12.7 % - 12.7 % Coated - 11.6 % - 11.6 % Cold Rolled - 4.3 % - 4.3 % Other - 0.6 % - 0.6 % Total 24.7 % 57.8 % 17.5 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 25.8 % - - 25.8 % Hot Rolled - 30.6 % - 30.6 % Tube - - 16.8 % 16.8 % Plate - 12.6 % - 12.6 % Coated - 5.6 % - 5.6 % Cold Rolled - 4.1 % - 4.1 % Other - 4.5 % - 4.5 % Total 25.8 % 57.4 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 27.4 % - - 27.4 % Hot Rolled - 28.9 % - 28.9 % Tube - - 16.8 % 16.8 % Plate - 13.1 % - 13.1 % Coated - 5.0 % - 5.0 % Cold Rolled - 3.8 % - 3.8 % Other - 5.0 % - 5.0 % Total 27.4 % 55.8 % 16.8 % 100.0 % |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.1 million and $4.2 million as of June 30, 2024 December 31, 2023 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories: Inventories consisted of the following: Inventory as of (in thousands) June 30, 2024 December 31, 2023 Unprocessed $ 274,185 $ 282,565 Processed and finished 112,055 103,970 Totals $ 386,240 $ 386,535 The Company values certain of its tubular and pipe products inventory at the last-in, first June 30, 2024 December 31, 2023 first first During the three six June 30, 2024 three six June 30, 2023 If the FIFO method had been in use, inventories would have been $11.4 million higher than reported as of June 30, 2024 December 31, 2023 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Intangible Assets: The Company's intangible assets were recorded in connection with its acquisitions of Metal-Fab and CTB in 2023 2021 2020 2019, 2018 2011. Goodwill, by reportable unit, was as follows as of June 30, 2024 December 31, 2023 Carbon Flat Specialty Metals Tubular and (in thousands) Products Flat Products Pipe Products Total Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091 Acquisitions - - - - Impairments - - - - Balance as of June 30, 2024 $ 34,259 $ 9,431 $ 8,401 $ 52,091 Intangible assets, net, consisted of the following as of June 30, 2024 December 31, 2023 As of June 30, 2024 Gross Carrying Accumulated Intangible (in thousands) Amount Amortization Assets, Net Customer relationships - subject to amortization $ 62,559 $ (16,756 ) $ 45,803 Covenant not to compete - subject to amortization 2,339 (887 ) 1,452 Technology and know-how - subject to amortization 7,000 (649 ) 6,351 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (18,292 ) $ 90,474 As of December 31, 2023 Gross Carrying Accumulated Intangible (in thousands) Amount Amortization 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 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $4.3 million per year for the next two the following year and then $3.3 million and $3.0 million, r espectively, over the next two |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases : The components of lease expense were as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 2,152 $ 2,114 $ 4,549 $ 4,255 Finance lease cost: Amortization of right-of-use assets $ 308 $ 260 $ 592 $ 492 Interest on lease liabilities 43 39 80 75 Total finance lease cost $ 351 $ 299 $ 672 $ 567 Supplemental cash flow information related to leases was as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,122 $ 2,083 $ 4,509 $ 4,188 Operating cash flows from finance leases 43 39 80 75 Financing cash flows from finance leases 314 252 603 472 Total cash paid for lease liabilities $ 2,479 $ 2,374 $ 5,192 $ 4,735 Supplemental balance sheet information related to leases was as follows: June 30, December 31, (in thousands) 2024 2023 Operating Leases Operating lease $ 53,899 $ 56,117 Operating lease accumulated amortization (19,602 ) (21,737 ) Operating lease right-of-use asset, net 34,297 34,380 Operating lease current liabilities 6,582 7,813 Operating lease liabilities 28,448 27,261 Total operating lease liabilities $ 35,030 $ 35,074 Finance Leases Finance lease 6,170 5,686 Finance lease accumulated depreciation (3,196 ) (2,615 ) Finance lease, net 2,974 3,071 Finance lease current liabilities 1,059 1,087 Finance lease liabilities 2,028 2,106 Total finance lease liabilities $ 3,087 $ 3,193 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 4 4 Weighted Average Discount Rate Operating leases 3.51 % 4.07 % Finance leases 5.45 % 5.06 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2024 $ 4,247 $ 644 2025 7,362 1,052 2026 6,418 752 2027 5,161 538 2028 3,970 360 Thereafter 18,856 45 Total future minimum lease payments $ 46,014 $ 3,391 Less remaining imputed interest (10,984 ) (304 ) Total $ 35,030 $ 3,087 |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of June 30, December 31, (in thousands) 2024 2023 Asset-based revolving credit facility due June 16, 2026 $ 209,186 $ 190,198 Total debt $ 209,186 $ 190,198 The Company's ABL Credit Facility is collateralized by the Company's accounts receivable, inventory and personal property. The ABL Cre first may, June 16, 2026 The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of the Company’s assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which requires if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 million or 10.0% of the aggregate amount of revolver commitments ($62.5 million at June 30, 2024 e borrowing base ( at June 30, 2024 ), then the Company must maintain a ratio of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) minus certain capital expenditures and cash taxes paid to fixed charges of at least to 1.00 for the most rec twelve As of June 30, 2024 The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from to or the Secur om to . As of June 30, 2024 December 31, 2023 and , respect five |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments : Metals swaps and embedded customer derivatives Duri ng 2024 and 2023 , the Co third third fourth 2024 third third These derivatives have not third not June 30, 2024 June 30, 2024 Fixed rate interest rate hedge On January 10, 2019 , the Company entered into a five of the outstanding LIBOR based borrowings under the ABL Credit Facility. On January 3, 2023 , the Company amended the interest rate hedge agreement to use SOFR as the reference rate and updated the fixed rate to from . The interest rate hedge agreement ended on January 10, 2024 . The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through net income of the derivatives for the three six June 30, 2024 2023 Net Gain (Loss) Recognized For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Fixed interest rate hedge $ - $ 485 $ 55 $ 804 Metals swaps 223 (500 ) 224 (776 ) Embedded customer derivatives (223 ) 500 (224 ) 776 Total gain $ - $ 485 $ 55 $ 804 |
Note 9 - Fair Value of Assets a
Note 9 - Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Assets and Liabilities : During the six June 30, 2024 no 1, 2 3 no June 30, 2024 December 31, 2023 The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,375 $ - $ 2,375 Embedded customer derivative - 98 - 98 Supplemental executive retirement plan 14,124 - - 14,124 Total assets at fair value $ 14,124 $ 2,473 $ - $ 16,597 Liabilities: Metal swaps $ - $ 2,473 $ - $ 2,473 Total liabilities recorded at fair value $ - $ 2,473 $ - $ 2,473 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 derivative - 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 at fair value $ - $ 5,224 $ - $ 5,224 The value of the items not The carrying value of the ABL Credit Fa cility was and at June 30, 2024 December 31, 2023 |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Income : On January 10, 2019 , the Company entered into a five of the outstanding LIBOR based borrowings under the ABL Credit Facility. On January 3, 2023 , the Company amended the interest rate hedge agreement to use SOFR as the reference rate and updated the fixed rate to from . The interest rate hedge agreement ended on January 10, 2024 . |
Note 11 - Equity Plans
Note 11 - Equity Plans | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Equity Plans : Restricted Shares, Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 may share The annual award f or 2024 per director was of RSs. one third December 31, 2024, December 31, 2025 December 31, 2026. not T 2023 $80,000 2023 one not In January 2022 may may 2024 for t For 2023 , the total eds five perce three one 2024 2023 5 no ten Stock-based compensation expense recognized on RSUs for the three six June 30, 2024 2023 For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2024 2023 2024 2023 RS and RSU expense before taxes $ 521 $ 435 $ 1,000 $ 842 RS and RSU expense after taxes $ 373 $ 303 $ 724 $ 598 All pre-tax charges related to RS and RSU were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RS for the three June 30, 2024 2023 As of June 30, 2024 As of June 30, 2023 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 - $ - - $ - Granted 10,050 65.65 - - Outstanding at June 30 10,050 $ 65.65 - $ - Vested at June 30 - $ - - $ - The following table summarizes the activity related to RSU for the six June 30, 2024 2023 As of June 30, 2024 As of June 30, 2023 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 Granted 34,486 66.70 49,768 36.63 Converted into shares - - (2,610 ) 18.78 Forfeited (2,570 ) 16.99 (2,573 ) 19.65 Outstanding at June 30 694,019 $ 22.60 662,103 $ 20.28 Vested at June 30 529,725 $ 20.10 436,341 $ 24.98 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes : For the three June 30, 2024 ncome tax provision of $3.0 million , or , compared to an income tax provision of $6.5 million , or , for the three June 30, 2023 six June 30, 2024 six June 30, 2023 The tax provision for the interim period is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not |
Note 13 - Shares Outstanding an
Note 13 - Shares Outstanding and Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2024 2023 2024 2023 Weighted average basic shares outstanding 11,662 11,569 11,663 11,570 Assumed exercise of stock options and issuance of stock awards - 3 - 2 Weighted average diluted shares outstanding 11,662 11,572 11,663 11,572 Net income $ 7,660 $ 15,019 $ 16,357 $ 24,891 Basic earnings per share $ 0.66 $ 1.30 $ 1.40 $ 2.15 Diluted earnings per share $ 0.66 $ 1.30 $ 1.40 $ 2.15 Unvested RSs and RSUs 164 226 164 226 |
Note 14 - Stock Repurchase Prog
Note 14 - Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. Stock Repurchase Program : On October 2, 2015 ram of up to shares of the Company’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which may 10b5 1 may may in the aggregate during any trailing twelve $15 in the aggregate require the Company to (i) maintain availability in excess of of the aggregate revolver commitments ( at June 30, 2024 ) or (ii) to maintain availability equal to or greater than of the aggregate revolver commitments ( at June 30, 2024 ) and the Company must maintain a pro-forma ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least to 1.00 . There were no three six June 30, 2024 2023 June 30, 2024 At-the-Market Equity Program On September 3, 2021 September 3, 2021 not No three six June 30, 2024 2023 |
Note 15 - Segment Information
Note 15 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The CODM evaluates performance and allocates resources based primarily on operating income. The operating segments are based primarily on internal management reporting. The Company operates in three 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 three six June 30, 2024 2023 For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2024 2023 2024 2023 Net sales Specialty metals flat products $ 130,873 $ 147,000 $ 260,407 $ 313,564 Carbon flat products 307,755 326,629 608,730 636,447 Tubular and pipe products 87,622 95,639 183,755 192,333 Total net sales $ 526,250 $ 569,268 $ 1,052,892 $ 1,142,344 Depreciation and amortization Specialty metals flat products $ 929 $ 1,023 $ 1,917 $ 2,007 Carbon flat products 4,112 3,716 8,193 7,323 Tubular and pipe products 2,168 1,716 4,416 3,309 Corporate 18 18 35 35 Total depreciation and amortization $ 7,227 $ 6,473 $ 14,561 $ 12,674 Operating income Specialty metals flat products $ 7,849 $ 6,679 $ 11,780 $ 15,938 Carbon flat products 5,361 14,695 14,018 20,641 Tubular and pipe products 6,497 9,371 14,124 19,112 Corporate expenses (4,597 ) (4,973 ) (8,874 ) (12,196 ) Total operating income $ 15,110 $ 25,772 $ 31,048 $ 43,495 Other loss, net 21 28 40 39 Income before interest and income taxes 15,089 25,744 31,008 43,456 Interest and other expense on debt 4,393 4,203 8,403 8,426 Income before income taxes $ 10,696 $ 21,541 $ 22,605 $ 35,030 For the Six Months Ended June 30, (in thousands) 2024 2023 Capital expenditures Flat products segments $ 10,159 $ 8,977 Tubular and pipe products 3,082 6,083 Corporate - 57 Total capital expenditures $ 13,241 $ 15,117 As of June 30, December 31, (in thousands) 2024 2023 Assets Flat products segments $ 665,840 $ 649,744 Tubular and pipe products 339,175 333,677 Corporate 1,281 1,414 Total assets $ 1,006,296 $ 984,835 There were no The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information Trading Arrangements During the quarter ended June 30, 2024 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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
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 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2024 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 24.9 % - - 24.9 % Hot Rolled - 29.4 % - 29.4 % Tube - - 16.7 % 16.7 % Plate - 11.9 % - 11.9 % Coated - 12.1 % - 12.1 % Cold Rolled - 4.3 % - 4.3 % Other - 0.7 % - 0.7 % Total 24.9 % 58.4 % 16.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2024 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 24.7 % - - 24.7 % Hot Rolled - 28.6 % - 28.6 % Tube - - 17.5 % 17.5 % Plate - 12.7 % - 12.7 % Coated - 11.6 % - 11.6 % Cold Rolled - 4.3 % - 4.3 % Other - 0.6 % - 0.6 % Total 24.7 % 57.8 % 17.5 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 25.8 % - - 25.8 % Hot Rolled - 30.6 % - 30.6 % Tube - - 16.8 % 16.8 % Plate - 12.6 % - 12.6 % Coated - 5.6 % - 5.6 % Cold Rolled - 4.1 % - 4.1 % Other - 4.5 % - 4.5 % Total 25.8 % 57.4 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2023 Specialty metals flat Carbon flat Tubular and products products pipe products Total Specialty 27.4 % - - 27.4 % Hot Rolled - 28.9 % - 28.9 % Tube - - 16.8 % 16.8 % Plate - 13.1 % - 13.1 % Coated - 5.0 % - 5.0 % Cold Rolled - 3.8 % - 3.8 % Other - 5.0 % - 5.0 % Total 27.4 % 55.8 % 16.8 % 100.0 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) June 30, 2024 December 31, 2023 Unprocessed $ 274,185 $ 282,565 Processed and finished 112,055 103,970 Totals $ 386,240 $ 386,535 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Carbon Flat Specialty Metals Tubular and (in thousands) Products Flat Products Pipe Products Total Balance as of December 31, 2023 $ 34,259 $ 9,431 $ 8,401 $ 52,091 Acquisitions - - - - Impairments - - - - Balance as of June 30, 2024 $ 34,259 $ 9,431 $ 8,401 $ 52,091 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of June 30, 2024 Gross Carrying Accumulated Intangible (in thousands) Amount Amortization Assets, Net Customer relationships - subject to amortization $ 62,559 $ (16,756 ) $ 45,803 Covenant not to compete - subject to amortization 2,339 (887 ) 1,452 Technology and know-how - subject to amortization 7,000 (649 ) 6,351 Trade name - not subject to amortization 36,868 - 36,868 $ 108,766 $ (18,292 ) $ 90,474 As of December 31, 2023 Gross Carrying Accumulated Intangible (in thousands) Amount Amortization 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 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 2,152 $ 2,114 $ 4,549 $ 4,255 Finance lease cost: Amortization of right-of-use assets $ 308 $ 260 $ 592 $ 492 Interest on lease liabilities 43 39 80 75 Total finance lease cost $ 351 $ 299 $ 672 $ 567 |
Lease, Payment [Table Text Block] | For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,122 $ 2,083 $ 4,509 $ 4,188 Operating cash flows from finance leases 43 39 80 75 Financing cash flows from finance leases 314 252 603 472 Total cash paid for lease liabilities $ 2,479 $ 2,374 $ 5,192 $ 4,735 |
Lease, Balance Sheet Information [Table Text Block] | June 30, December 31, (in thousands) 2024 2023 Operating Leases Operating lease $ 53,899 $ 56,117 Operating lease accumulated amortization (19,602 ) (21,737 ) Operating lease right-of-use asset, net 34,297 34,380 Operating lease current liabilities 6,582 7,813 Operating lease liabilities 28,448 27,261 Total operating lease liabilities $ 35,030 $ 35,074 Finance Leases Finance lease 6,170 5,686 Finance lease accumulated depreciation (3,196 ) (2,615 ) Finance lease, net 2,974 3,071 Finance lease current liabilities 1,059 1,087 Finance lease liabilities 2,028 2,106 Total finance lease liabilities $ 3,087 $ 3,193 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 4 4 Weighted Average Discount Rate Operating leases 3.51 % 4.07 % Finance leases 5.45 % 5.06 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2024 $ 4,247 $ 644 2025 7,362 1,052 2026 6,418 752 2027 5,161 538 2028 3,970 360 Thereafter 18,856 45 Total future minimum lease payments $ 46,014 $ 3,391 Less remaining imputed interest (10,984 ) (304 ) Total $ 35,030 $ 3,087 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, December 31, (in thousands) 2024 2023 Asset-based revolving credit facility due June 16, 2026 $ 209,186 $ 190,198 Total debt $ 209,186 $ 190,198 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months For the Six Months Ended June 30, Ended June 30, (in thousands) 2024 2023 2024 2023 Fixed interest rate hedge $ - $ 485 $ 55 $ 804 Metals swaps 223 (500 ) 224 (776 ) Embedded customer derivatives (223 ) 500 (224 ) 776 Total gain $ - $ 485 $ 55 $ 804 |
Note 9 - Fair Value of Assets_2
Note 9 - Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,375 $ - $ 2,375 Embedded customer derivative - 98 - 98 Supplemental executive retirement plan 14,124 - - 14,124 Total assets at fair value $ 14,124 $ 2,473 $ - $ 16,597 Liabilities: Metal swaps $ - $ 2,473 $ - $ 2,473 Total liabilities recorded at fair value $ - $ 2,473 $ - $ 2,473 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 derivative - 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 at fair value $ - $ 5,224 $ - $ 5,224 |
Note 11 - Equity Plans (Tables)
Note 11 - Equity Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2024 2023 2024 2023 RS and RSU expense before taxes $ 521 $ 435 $ 1,000 $ 842 RS and RSU expense after taxes $ 373 $ 303 $ 724 $ 598 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | As of June 30, 2024 As of June 30, 2023 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 - $ - - $ - Granted 10,050 65.65 - - Outstanding at June 30 10,050 $ 65.65 - $ - Vested at June 30 - $ - - $ - |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of June 30, 2024 As of June 30, 2023 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 662,103 $ 20.28 617,518 $ 18.95 Granted 34,486 66.70 49,768 36.63 Converted into shares - - (2,610 ) 18.78 Forfeited (2,570 ) 16.99 (2,573 ) 19.65 Outstanding at June 30 694,019 $ 22.60 662,103 $ 20.28 Vested at June 30 529,725 $ 20.10 436,341 $ 24.98 |
Note 13 - Shares Outstanding _2
Note 13 - Shares Outstanding and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2024 2023 2024 2023 Weighted average basic shares outstanding 11,662 11,569 11,663 11,570 Assumed exercise of stock options and issuance of stock awards - 3 - 2 Weighted average diluted shares outstanding 11,662 11,572 11,663 11,572 Net income $ 7,660 $ 15,019 $ 16,357 $ 24,891 Basic earnings per share $ 0.66 $ 1.30 $ 1.40 $ 2.15 Diluted earnings per share $ 0.66 $ 1.30 $ 1.40 $ 2.15 Unvested RSs and RSUs 164 226 164 226 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2024 2023 2024 2023 Net sales Specialty metals flat products $ 130,873 $ 147,000 $ 260,407 $ 313,564 Carbon flat products 307,755 326,629 608,730 636,447 Tubular and pipe products 87,622 95,639 183,755 192,333 Total net sales $ 526,250 $ 569,268 $ 1,052,892 $ 1,142,344 Depreciation and amortization Specialty metals flat products $ 929 $ 1,023 $ 1,917 $ 2,007 Carbon flat products 4,112 3,716 8,193 7,323 Tubular and pipe products 2,168 1,716 4,416 3,309 Corporate 18 18 35 35 Total depreciation and amortization $ 7,227 $ 6,473 $ 14,561 $ 12,674 Operating income Specialty metals flat products $ 7,849 $ 6,679 $ 11,780 $ 15,938 Carbon flat products 5,361 14,695 14,018 20,641 Tubular and pipe products 6,497 9,371 14,124 19,112 Corporate expenses (4,597 ) (4,973 ) (8,874 ) (12,196 ) Total operating income $ 15,110 $ 25,772 $ 31,048 $ 43,495 Other loss, net 21 28 40 39 Income before interest and income taxes 15,089 25,744 31,008 43,456 Interest and other expense on debt 4,393 4,203 8,403 8,426 Income before income taxes $ 10,696 $ 21,541 $ 22,605 $ 35,030 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] | For the Six Months Ended June 30, (in thousands) 2024 2023 Capital expenditures Flat products segments $ 10,159 $ 8,977 Tubular and pipe products 3,082 6,083 Corporate - 57 Total capital expenditures $ 13,241 $ 15,117 As of June 30, December 31, (in thousands) 2024 2023 Assets Flat products segments $ 665,840 $ 649,744 Tubular and pipe products 339,175 333,677 Corporate 1,281 1,414 Total assets $ 1,006,296 $ 984,835 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Reportable Segments | 3 |
Carbon Flat Products and Specialty Metals Flat Products [Member] | UNITED STATES | |
Number of Operating Facilities | 36 |
Carbon Flat Products and Specialty Metals Flat Products [Member] | MEXICO | |
Number of Operating Facilities | 1 |
Tubular and Pipe Products [Member] | |
Number of Operating Facilities | 10 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Percentage of net sales | 100% | 100% | 100% | 100% |
Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 24.90% | 25.80% | 24.70% | 27.40% |
Carbon Flat Products [Member] | ||||
Percentage of net sales | 58.40% | 57.40% | 57.80% | 55.80% |
Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 16.70% | 16.80% | 17.50% | 16.80% |
Specialty [Member] | ||||
Percentage of net sales | 24.90% | 25.80% | 24.70% | 27.40% |
Specialty [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 24.90% | 25.80% | 24.70% | 27.40% |
Specialty [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Hot Rolled Products [Member] | ||||
Percentage of net sales | 29.40% | 30.60% | 28.60% | 28.90% |
Hot Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Hot Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 29.40% | 30.60% | 28.60% | 28.90% |
Hot Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | ||||
Percentage of net sales | 16.70% | 16.80% | 17.50% | 16.80% |
Tube Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tube Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 16.70% | 16.80% | 17.50% | 16.80% |
Plate Products [Member] | ||||
Percentage of net sales | 11.90% | 12.60% | 12.70% | 13.10% |
Plate Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Plate Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 11.90% | 12.60% | 12.70% | 13.10% |
Plate Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | ||||
Percentage of net sales | 12.10% | 5.60% | 11.60% | 5% |
Coated Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Coated Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 12.10% | 5.60% | 11.60% | 5% |
Coated Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | ||||
Percentage of net sales | 4.30% | 4.10% | 4.30% | 3.80% |
Cold Rolled Products [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Cold Rolled Products [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 4.30% | 4.10% | 4.30% | 3.80% |
Cold Rolled Products [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Product and Service, Other [Member] | ||||
Percentage of net sales | 0.70% | 4.50% | 0.60% | 5% |
Product and Service, Other [Member] | Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Product and Service, Other [Member] | Carbon Flat Products [Member] | ||||
Percentage of net sales | 0.70% | 4.50% | 0.60% | 5% |
Product and Service, Other [Member] | Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.1 | $ 4.2 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
LIFO Inventory Amount | $ 32.3 | $ 32.3 | $ 38.2 | |
Percentage of LIFO Inventory | 8.40% | 8.40% | 9.90% | |
Inventory, LIFO Reserve, Effect on Income, Net | $ (1) | $ (1) | $ (0.6) | |
Inventory Difference Using FIFO Basis | $ 11.4 | $ 11.4 | $ 12 |
Note 4 - Inventories - Steel In
Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Unprocessed | $ 274,185 | $ 282,565 |
Processed and finished | 112,055 | 103,970 |
Totals | $ 386,240 | $ 386,535 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 4.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3.8 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 3 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Balance | $ 52,091 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 52,091 |
Carbon Flat Products [Member] | |
Balance | 34,259 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 34,259 |
Specialty Metals Flat Products [Member] | |
Balance | 9,431 |
Acquisitions | 0 |
Impairments | 0 |
Balance | 9,431 |
Tubular and Pipe Products [Member] | |
Balance | 8,401 |
Acquisitions | 0 |
Impairments | 0 |
Balance | $ 8,401 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accumulated amortization | $ (18,292) | $ (16,145) |
Intangible assets, gross | 108,766 | 108,766 |
Intangible assets, net | 90,474 | 92,621 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 36,868 | 36,868 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 62,559 | 62,559 |
Accumulated amortization | (16,756) | (15,084) |
Finite-lived intangible assets, net | 45,803 | 47,475 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 2,339 | 2,339 |
Accumulated amortization | (887) | (679) |
Finite-lived intangible assets, net | 1,452 | 1,660 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 7,000 | 7,000 |
Accumulated amortization | (649) | (382) |
Finite-lived intangible assets, net | $ 6,351 | $ 6,618 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating lease cost | $ 2,152 | $ 2,114 | $ 4,549 | $ 4,255 |
Amortization of right-of-use assets | 308 | 260 | 592 | 492 |
Interest on lease liabilities | 43 | 39 | 80 | 75 |
Total finance lease cost | $ 351 | $ 299 | $ 672 | $ 567 |
Note 6 - Leases - Lease Payment
Note 6 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating cash flows from operating leases | $ 2,122 | $ 2,083 | $ 4,509 | $ 4,188 |
Operating cash flows from finance leases | 43 | 39 | 80 | 75 |
Financing cash flows from finance leases | 314 | 252 | 603 | 472 |
Total cash paid for lease liabilities | $ 2,479 | $ 2,374 | $ 5,192 | $ 4,735 |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating lease | $ 53,899 | $ 56,117 |
Operating lease accumulated amortization | (19,602) | (21,737) |
Operating lease right-of-use asset, net | 34,297 | 34,380 |
Current portion of lease liabilities | 6,582 | 7,813 |
Operating lease, operating lease liabilities | 28,448 | 27,261 |
Total operating lease liabilities | 35,030 | 35,074 |
Property and equipment, at cost | 495,879 | 483,448 |
Accumulated depreciation | (308,685) | (297,340) |
Finance lease, net | 2,974 | 3,071 |
Finance lease current liabilities | 1,059 | 1,087 |
Finance lease liabilities | 2,028 | 2,106 |
Total finance lease liabilities | $ 3,087 | $ 3,193 |
Operating leases (in years) (Year) | 6 years | 6 years |
Finance leases (in years) (Year) | 4 years | 4 years |
Operating leases | 3.51% | 4.07% |
Finance leases | 5.45% | 5.06% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 6,170 | $ 5,686 |
Accumulated depreciation | $ (3,196) | $ (2,615) |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
2024, operating lease | $ 4,247 | |
2024, finance lease | 644 | |
2025, operating lease | 7,362 | |
2025, finance lease | 1,052 | |
2026, operating lease | 6,418 | |
2026, finance lease | 752 | |
2027, operating lease | 5,161 | |
2027, finance lease | 538 | |
2028, operating lease | 3,970 | |
2028, finance lease | 360 | |
Thereafter. operating lease | 18,856 | |
Thereafter, finance lease | 45 | |
Operating lease, Total future minimum lease payments | 46,014 | |
Finance lease, Total future minimum lease payments | 3,391 | |
Operating lease, Less remaining imputed interest | (10,984) | |
Finance lease, Less remaining imputed interest | (304) | |
Operating lease, Total | 35,030 | $ 35,074 |
Finance lease, Total | $ 3,087 | $ 3,193 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | 6 Months Ended | ||||
Dec. 14, 2020 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jan. 03, 2023 USD ($) | Jun. 16, 2021 USD ($) | |
Industrial Revenue Bond Member [Member] | |||||
Debt Issuance Costs, Net | $ 1.4 | $ 1.7 | |||
ABL Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | ||||
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 | $ 55.9 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 344 | ||||
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 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Asset-based revolving credit facility | $ 209,186 | $ 190,198 |
Total debt | 209,186 | 190,198 |
Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | ||
Asset-based revolving credit facility | $ 209,186 | $ 190,198 |
Note 7 - Debt - Summary of De_2
Note 7 - Debt - Summary of Debt (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | ||
Maturity date | Jun. 16, 2026 | Jun. 16, 2026 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jan. 03, 2023 |
Derivative, Term of Contract (Year) | 5 years | |
Derivative, Notional Amount | $ 75 | |
Derivative, Fixed Interest Rate | 2.57% | 2.42% |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Gain (Loss) Recognized | $ 0 | $ 485 | $ 55 | $ 804 |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | 0 | 485 | 55 | 804 |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | 223 | (500) | 224 | (776) |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ (223) | $ 500 | $ (224) | $ 776 |
Note 9 - Fair Value of Assets_3
Note 9 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 209.2 | $ 190.2 |
Note 9 - Fair Value of Assets_4
Note 9 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Total assets at fair value | $ 16,597 | $ 16,896 |
Total liabilities recorded at fair value | 2,473 | 5,224 |
Supplemental Executive Retirement Plan [Member] | ||
Derivative asset | 14,124 | 11,617 |
Metal Swaps [Member] | ||
Derivative asset | 2,375 | 4,458 |
Derivative liability | 2,473 | 5,224 |
Embedded Customer Derivatives [Member] | ||
Derivative asset | 98 | 766 |
Interest Rate Swap [Member] | ||
Derivative asset | 55 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value | 14,124 | 11,617 |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Supplemental Executive Retirement Plan [Member] | ||
Derivative asset | 14,124 | 11,617 |
Fair Value, Inputs, Level 1 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value | 2,473 | 5,279 |
Total liabilities recorded at fair value | 2,473 | 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 | 2,375 | 4,458 |
Derivative liability | 2,473 | 5,224 |
Fair Value, Inputs, Level 2 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | 98 | 766 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 55 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Supplemental Executive Retirement Plan [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Metal Swaps [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Embedded Customer Derivatives [Member] | ||
Derivative asset | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative asset | $ 0 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Income (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jan. 03, 2023 |
Derivative, Term of Contract (Year) | 5 years | |
Derivative, Notional Amount | $ 75 | |
Derivative, Fixed Interest Rate | 2.57% | 2.42% |
Note 11 - Equity Plans (Details
Note 11 - Equity Plans (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
C-Suite Long-Term Incentive Plan [Member] | ||||
Minimum Return on Assets for Performance-Based Incentives | 5% | |||
Performance-Based Award Cap, Percentage of Grant | 150% | |||
Chief Executive Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 1,100,000 | $ 1,100,000 | ||
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 | 800,000 | 600,000 | ||
Chief Financial Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 500,000 | $ 300,000 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,050 | 0 | ||
Restricted Stock [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 110,000 | |||
Restricted Stock [Member] | Non-Employee Director [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock [Member] | Non-Employee Director [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock [Member] | Non-Employee Director [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 34,486 | 49,768 | ||
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) | 17,243 | 20,000 | ||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 80,000 | |||
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) | 17,243 | 20,000 | ||
Service Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 37,400 | $ 300,000 | ||
Performance-Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 37,400 | $ 300,000 | ||
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,400,000 |
Note 11 - Equity Plans - Stock-
Note 11 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
RS and RSU expense before taxes | $ 521 | $ 435 | $ 1,000 | $ 842 |
RS and RSU expense after taxes | $ 373 | $ 303 | $ 724 | $ 598 |
Note 11 - Equity Plans - Restri
Note 11 - Equity Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Outstanding, number of shares (in shares) | 0 | 0 | 0 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Restricted Stock, Granted Shares (in shares) | 10,050 | 0 | |
Restricted Stock, Granted, Weighted Average Granted Price (in dollars per share) | $ 65.65 | $ 0 | |
Outstanding, number of shares (in shares) | 10,050 | 0 | 0 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 65.65 | $ 0 | $ 0 |
Restricted Stock, Vested Shares (in shares) | 0 | 0 | |
Restricted Stock, Vested, Weighted Average Granted Price (in dollars per share) | $ 0 | $ 0 |
Note 11 - Equity Plans - Rest_2
Note 11 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Outstanding, number of shares (in shares) | 662,103 | 617,518 | 617,518 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 20.28 | $ 18.95 | $ 18.95 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 34,486 | 49,768 | |
Granted, weighted average estimated fair value (in dollars per share) | $ 66.7 | $ 36.63 | |
Converted into shares, number of shares (in shares) | 0 | (2,610) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 0 | $ 18.78 | |
Forfeited, number of shares (in shares) | (2,570) | (2,573) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 16.99 | $ 19.65 | |
Outstanding, number of shares (in shares) | 694,019 | 662,103 | 662,103 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 22.6 | $ 20.28 | $ 20.28 |
Vested, number of shares (in shares) | 529,725 | 436,341 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 20.1 | $ 24.98 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Expense (Benefit) | $ 3,036 | $ 6,522 | $ 6,248 | $ 10,139 |
Effective Income Tax Rate Reconciliation, Percent | 28.40% | 30.30% | 27.60% | 28.90% |
Note 13 - Shares Outstanding _3
Note 13 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted average basic shares outstanding (in shares) | 11,662 | 11,569 | 11,663 | 11,570 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 0 | 3 | 0 | 2 |
Weighted average diluted shares outstanding (in shares) | 11,662 | 11,572 | 11,663 | 11,572 |
Net income | $ 7,660 | $ 15,019 | $ 16,357 | $ 24,891 |
Basic earnings per share (in dollars per share) | $ 0.66 | $ 1.3 | $ 1.4 | $ 2.15 |
Diluted earnings per share (in dollars per share) | $ 0.66 | $ 1.3 | $ 1.4 | $ 2.15 |
Unvested RSs and RSUs (in shares) | 164 | 226 | 164 | 226 |
Note 14 - Stock Repurchase Pr_2
Note 14 - Stock Repurchase Program (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 02, 2015 USD ($) shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 shares | Sep. 03, 2021 USD ($) | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 550,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | 0 | 0 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 360,212 | 360,212 | ||||
At-the-Market Equity Program [Member] | ||||||
Stock Issuance Program, Authorized Amount | $ | $ 50 | |||||
Stock Issuance Program, Gross Proceeds, Percent | 2% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | 0 | 0 | ||
ABL Credit Facility [Member] | ||||||
Unrestricted Common Stock Purchases, Maximum, Value | $ | $ 15 | |||||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 1 [Member] | Minimum [Member] | ||||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 20% | |||||
Balance Required for Compliance with Revolver Commitments | $ | $ 125 | $ 125 | ||||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | ||||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 15% | |||||
Balance Required for Compliance with Revolver Commitments | $ | $ 93.8 | $ 93.8 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 526,250 | $ 569,268 | $ 1,052,892 | $ 1,142,344 |
Depreciation and amortization | 7,227 | 6,473 | 14,561 | 12,674 |
Total operating income | 15,110 | 25,772 | 31,048 | 43,495 |
Other loss, net | 21 | 28 | 40 | 39 |
Income before interest and income taxes | 15,089 | 25,744 | 31,008 | 43,456 |
Interest and other expense on debt | 4,393 | 4,203 | 8,403 | 8,426 |
Income before income taxes | 10,696 | 21,541 | 22,605 | 35,030 |
Specialty Metals Flat Products [Member] | ||||
Net sales | 130,873 | 147,000 | 260,407 | 313,564 |
Depreciation and amortization | 929 | 1,023 | 1,917 | 2,007 |
Total operating income | 7,849 | 6,679 | 11,780 | 15,938 |
Carbon Flat Products [Member] | ||||
Net sales | 307,755 | 326,629 | 608,730 | 636,447 |
Depreciation and amortization | 4,112 | 3,716 | 8,193 | 7,323 |
Total operating income | 5,361 | 14,695 | 14,018 | 20,641 |
Tubular and Pipe Products [Member] | ||||
Net sales | 87,622 | 95,639 | 183,755 | 192,333 |
Depreciation and amortization | 2,168 | 1,716 | 4,416 | 3,309 |
Total operating income | 6,497 | 9,371 | 14,124 | 19,112 |
Corporate Segment [Member] | ||||
Depreciation and amortization | 18 | 18 | 35 | 35 |
Total operating income | $ (4,597) | $ (4,973) | $ (8,874) | $ (12,196) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Capital expenditures | $ 13,241 | $ 15,117 | |
Assets | 1,006,296 | $ 984,835 | |
Flat Products Segment [Member] | |||
Capital expenditures | 10,159 | 8,977 | |
Assets | 665,840 | 649,744 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 3,082 | 6,083 | |
Assets | 339,175 | 333,677 | |
Corporate Segment [Member] | |||
Capital expenditures | 0 | $ 57 | |
Assets | $ 1,281 | $ 1,414 |