Universal Stainless & Alloy Products (USAP) 10-K 29 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000931584
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS 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	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
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	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 121,000,000
Entity Common Stock, Shares Outstanding		9,189,807
Auditor Firm ID	274
Auditor Name	EISNERAMPER LLP
Auditor Location	Philadelphia, Pennsylvania
Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	USAP
Security Exchange Name	NASDAQ

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 285,943	$ 202,114	$ 155,934
Cost of products sold	244,404	187,927	147,963
Gross margin	41,539	14,187	7,971
Selling, general and administrative expenses	27,783	21,180	20,243
Operating income (loss)	13,756	(6,993)	(12,272)
Interest expense	8,414	4,388	2,214
Gain on extinguishment of debt	0	0	(10,000)
Other expense (income), net	34	(684)	(445)
Income (loss) before income taxes	5,308	(10,697)	(4,041)
Provision (benefit) for income taxes	398	(2,624)	(3,283)
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Basic income (loss) per share (in dollars per share)	$ 0.54	$ (0.9)	$ (0.09)
Diluted income (loss) per share (in dollars per share)	$ 0.53	$ (0.9)	$ (0.09)
Weighted average shares of common stock outstanding:
Basic (in shares)	9,086,004	8,972,468	8,907,908
Diluted (in shares)	9,278,569	8,972,468	8,907,908

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on derivatives, net of tax	(256)	93	85
Comprehensive income (loss)	$ 4,654	$ (7,980)	$ (673)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 394	$ 2,019
Accounts receivable (less expected credit losses of $34 and $201, respectively)	39,034	30,960
Inventory	144,700	154,193
Other current assets	11,693	10,392
Total current assets	195,821	197,564
Property, plant and equipment, net	159,636	163,490
Deferred income tax assets	0	143
Other long-term assets	1,233	2,137
Total assets	356,690	363,334
Current liabilities:
Accounts payable	34,855	38,179
Accrued employment costs	6,492	2,790
Current portion of long-term debt	3,733	3,419
Other current liabilities	829	1,112
Total current liabilities	45,909	45,500
Long-term debt	81,846	95,015
Deferred income tax liabilities	2	0
Other long-term liabilities	2,891	3,066
Total liabilities	130,648	143,581
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,185,307 and 9,049,748 shares issued, respectively	9	9
Additional paid-in capital	98,637	97,002
Accumulated other comprehensive (loss) income	(123)	133
Retained earnings	127,519	122,609
Total stockholders’ equity	226,042	219,753
Total liabilities and stockholders’ equity	$ 356,690	$ 363,334

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 34	$ 201
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,980,000	1,980,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	9,185,307	9,049,748

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Adjustments for non-cash items:
Depreciation and amortization	19,433	19,378	19,300
Deferred income tax	215	(2,695)	(3,288)
Gain on extinguishment of debt	0	0	(10,000)
Share-based compensation expense	1,336	1,289	1,121
Changes in assets and liabilities:
Accounts receivable, net	(8,074)	(9,768)	(3,091)
Inventory, net	7,785	(15,078)	(30,986)
Accounts payable	(2,900)	10,507	10,986
Accrued employment costs	3,702	(1,513)	2,477
Other, net	(1,176)	(2,983)	(3,730)
Net cash provided by (used in) operating activities	25,231	(8,936)	(17,969)
Investing Activity:
Capital expenditures	(13,026)	(12,096)	(11,105)
Net cash used in investing activity	(13,026)	(12,096)	(11,105)
Financing Activities:
Net (payments on) borrowings under revolving credit facility	(10,561)	23,548	37,518
Proceeds from term loan facility	0	0	8,571
Proceeds from other financing transactions, net	0	1,804	0
Payments on term loan facility, finance leases, and notes	(3,568)	(2,412)	(16,715)
Payments of financing costs	0	(130)	(539)
Issuance of common stock under share-based plans	299	123	193
Net cash (used in) provided by financing activities	(13,830)	22,933	29,028
Net (decrease) increase in cash	(1,625)	1,901	(46)
Cash at beginning of period	2,019	118	164
Cash at end of period	394	2,019	118
Supplemental Non-Cash Financing Activity:
New financing lease liability during period (Note 6)	1,005	5,196	0
Supplemental Disclosure of Cash Flow Information:
Interest paid	8,223	3,985	1,980
Income taxes paid	$ 5	$ 2	$ 7

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2020	8,883,788
Balance at Dec. 31, 2020	$ 9	$ 94,276	$ 131,440	$ (45)	$ 225,680
Employee Stock Purchase Plan (in shares)	22,382
Employee Stock Purchase Plan	$ 0	146	0	0	146
Share-based compensation (in shares)	5,272
Share-based compensation	$ 0	47	0	0	47
Net loss on derivative instruments (in shares)	26,649
Net loss on derivative instruments	$ 0	1,121	0	0	1,121
Treasury Stock retirement, accumulated other comprehensive income (loss)				85
Treasury Stock retirement					85
Net income (loss)	$ 0	0	(758)	0	(758)
Unrealized (loss) gain on derivatives, net of tax					85
Balance (in shares) at Dec. 31, 2021	8,938,091
Balance at Dec. 31, 2021	$ 9	95,590	130,682	40	226,321
Employee Stock Purchase Plan (in shares)	19,915
Employee Stock Purchase Plan	$ 0	123	0	0	123
Share-based compensation (in shares)	80,290
Share-based compensation	$ 0	1,188	0	0	1,188
Net income (loss)	$ 0	0	(8,073)	0	(8,073)
Other Share-based plans (in shares)	11,452
Other Share-based plans	$ 0	101	0	0	101
Unrealized (loss) gain on derivatives, net of tax	$ 0	0	0	93	93
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Employee Stock Purchase Plan (in shares)	25,845
Employee Stock Purchase Plan	$ 0	266	0	0	266
Share-based compensation (in shares)	106,464
Share-based compensation	$ 0	1,336	0	0	1,336
Net income (loss)	$ 0	0	4,910	0	4,910
Other Share-based plans (in shares)	3,250
Other Share-based plans	$ 0	33	0	0	33
Unrealized (loss) gain on derivatives, net of tax	$ 0	0	0	(256)	(256)
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	$ 98,637	$ 127,519	$ (123)	$ 226,042

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1: Basis of Consolidation no Use of Estimates Concentration of Credit Risk tely 31%, December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 second December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 Accounts Receivable and Provision for Expected Credit Losses 2023 2022 2021 not December 31, 2023, 2022 2021 January 1, 2022 Inventories December 31, 2023 December 31, 2022 December 31, 2021 Inc luded in inventory are operating materials consisting of forge dies and production molds and rolls that are consumed over their useful lives. During the years ended December 31, 2023, 2022 2021 , we amortized these operating materials in the amount of $1.7 million, $1.6 million, and $1.7 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows. We experienced low activity levels at our production facilities during 2021 19 not 2021. Government Assistance 2022 2022 2022 2023. December 31, 2022. Property, Plant and Equipment No Major equipment maintenance costs are capitalized as incurred and included in other current assets and other long-term assets, as appropriate. These costs are amortized to cost of products sold within a 12 to 36 month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2023, 2022 2021 was $23.5 million, Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 40 years, and the estimated useful lives of machinery and equipment are between five December 31, 2023, 2022 2021 Long-Lived Asset Impairment may not December 31, 2023, 2022 2021 Deferred Financing Costs December 31, 2023, 2022 2021 December 31, 2023 2022 ad $1.1 million an Revenue Recognition not Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not Income Taxes not not We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than- not fifty December 31, 2023, 2022 2021 We recognize excess tax impacts upon the exercise of employee stock options within the consolidated statements of operations. Share-based Compensation Plans Net Income (Loss) per Common Share Financial Instruments 8 Segment Reporting one one Recently Adopted Accounting Pronouncements In June 2016, not January 1, 2023. not Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: The Company’s revenues primarily include sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not not Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue. The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment. We have determined that there are certain customer agreements involving production of specified product grades and shapes that require revenue to be recognized over time, in advance of shipment, due to there being no December 31, 2023 2022, The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed, not December 31, 2023 2022 December 31, 2023 12 The Company has elected the following practical expedients allowed under ASC Topic 606: • Shipping activities are not • Performance obligations are satisfied within one The following summarizes our revenue by melt type: Twelve Months Ended December 31, 2023 2022 Net sales: Specialty alloys $ 213,077 160,352 Premium alloys (A) 68,104 39,225 Conversion services and other sales 4,762 2,537 Total net sales $ 285,943 $ 202,114 (A) Premium alloys represent all vacuum induction melted (VIM) products.

Note 3 - Inventory

Note 3 - Inventory	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3: The major classes of inventory are as follows: December 31, 2023 2022 (dollars in thousands) Raw materials and starting stock $ 15,124 $ 14,890 Semi-finished and finished steel products 117,039 129,534 Operating materials 15,967 13,220 Gross inventory 148,130 157,644 Inventory reserves (3,430 ) (3,451 ) Total inventory $ 144,700 $ 154,193

Note 4 - Property, Plant and Eq

Note 4 - Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 4: Property, plant and equipment consists of the following: December 31, 2023 2022 (dollars in thousands) Land and land improvements $ 8,130 $ 8,090 Buildings 53,807 53,334 Machinery and equipment 325,023 315,165 Construction in progress 15,649 12,602 Gross property, plant and equipment 402,609 389,191 Accumulated depreciation (242,973 ) (225,701 ) Property, plant and equipment, net $ 159,636 $ 163,490

Note 5 - Long-term Debt

Note 5 - Long-term Debt	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5: Long-term debt consists of the following: December 31, 2023 2022 (dollars in thousands) Term loan $ 9,643 $ 11,786 Revolving credit facility 68,984 79,545 Sale and leaseback financing liability 1,539 1,804 Finance leases 6,508 6,663 86,674 99,798 Less: current portion of long-term debt (3,733 ) (3,419 ) Less: deferred financing costs (1,095 ) (1,364 ) Long-term debt $ 81,846 $ 95,015 Credit Facility On March 17, 2021, not The Company maintained compliance with all applicable covenants at December 31, 2023 2022. The Facilities, which expire on March 17, 2026 ( first no Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not 1.0 two The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility. With respect to the Term Loan, the Company must pay quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first June 30, 2021. not Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate or a SOFR based rate, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for most of the debt outstanding under the Facilities during 2023. December 31, 2023 At December 31, 2023 2022 December 31, 2023 2022 The aggregate annual principal payments due under our Credit Agreement at December 31, 2023 (dollars in thousands) 2024 $ 2,144 2025 2,144 2026 74,339 $ 78,627 Paycheck Protection Program Term Note On April 16, 2020, April 15, 2020, Under the terms of the CARES Act, the Company was eligible for forgiveness for all or a portion of the PPP Term Note, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of certain covered interest, lease and utility payments. The Company applied for forgiveness of the PPP Term Note during the third 2020. July 2021, third 2021, The PPP Term Note incurred interest at a fixed annual rate of 1.00%, first six not Notes In connection with the acquisition of the North Jackson facility in 2011, On January 21, 2016, second August 17, 2017 The Notes were originally scheduled to mature on March 17, 2019. 2019, March 17, 2020 2020, March 17, 2021 2021 March 17, 2021, The Notes had an applicable interest at a rate of 6.0% per year from August 17, 2017 September 18, December 18, March 18 June 18

Note 6 - Leases

Note 6 - Leases	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Operating And Finance Leases Disclosure [Text Block]	Note 6: The Company periodically enters into leases in its normal course of business. At December 31, 2023 not The Company entered into four new finance lease agreements during 2023. The Company entered into three new operating lease agreements and four new finance lease agreements during 2022. not 842. The weighted average interest rate on all our financing leases is approximately 10.0%. Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the consolidated balance sheets and are depreciated over the respective lease terms which range from three six As of December 31, 2023 Operating Financing 2024 $ 170 $ 1,953 2025 36 1,841 2026 21 1,714 2027 2 1,570 2028 - 1,115 Total minimum lease payments $ 229 $ 8,193 Less amounts representing interest (5 ) (1,685 ) Present value of minimum lease payments $ 224 $ 6,508 Less current obligations (168 ) (1,347 ) Total long-term lease obligations, net $ 56 $ 5,161 Weighted-average remaining lease term (years) 1.6 4.5 Right-of-use assets recorded to the consolidated balance sheet at December 31, 2023 twelve December 31, 2023 Right-of-use assets recorded to the consolidated balance sheet at December 31, 2022 twelve December 31, 2022 The Company elected the practical expedient allowed under Leases (Topic 842 12 In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under our senior secured revolving credit facility discussed in Note 5, first

Note 7 - New Markets Tax Credit

Note 7 - New Markets Tax Credit Financing Transaction	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
New Market Tax Credit Financing Transaction [Text Block]	Note 7: On March 9, 2018, In connection with the financing transaction, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048 The NMTC is subject to 100 percent recapture for a period of seven not not As of December 31, 2023 2022 This transaction also includes a put/call provision whereby the Company may March 2025, Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and are amortized over the term of the loans. The Company has determined that the Investment Fund and CDE are each a variable interest entity ("VIE"), and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following: • The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not • Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE; • PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and • The Company is obligated to absorb losses of the VIE. Because the Company is the primary beneficiary of each VIE, these entities have been consolidated in the Company’s Consolidated Financial Statements.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	Note 8: The fair value hierarchy has three Level 1 Level 2 not Level 3 The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The fair values of foreign currency forward contracts and our interest rate swap discussed in Note 9, December 31, 2023 2022 2

Note 9 - Derivatives and Hedgin

Note 9 - Derivatives and Hedging	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 9: The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the US Dollar, the Company enters into foreign exchange forward contracts for a portion of these sales and has designated these contracts as cash flow hedges. The notional value of these contracts was $4.8 million at December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Additionally, the Company entered into a forward interest rate swap contract during 2020 January 1, 2021 June 30, 2023. December 31, 2022 December 31, 2023 December 31, 2022

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10: The income tax benefit attributable to continuing operations during the years ended December 31, 2023, 2022 2021 Components of the benefit from income taxes are as follows: For the years ended December 31, 2023 2022 2021 (dollars in thousands) Current provision (benefit) Federal $ 177 $ (1 ) $ - State 8 5 5 Deferred provision (benefit) Federal 309 (2,566 ) (3,376 ) State (96 ) (62 ) 88 Provision (benefit) for income taxes $ 398 $ (2,624 ) $ (3,283 ) The income tax benefit reconciled to taxes computed at the statutory federal rate is as follows: For the years ended December 31, 2023 2022 2021 Tax at statutory tax rate $ 1,113 $ (2,246 ) $ (848 ) State income taxes, net of federal tax benefit (90 ) (53 ) (153 ) Research and development tax credit (869 ) (557 ) (814 ) Valuation allowance - (19 ) - PPP loan forgiveness - - (2,100 ) Deferred tax adjustment for stock option forfeitures - - 371 Other adjustments to deferred taxes 315 213 230 Other (71 ) 38 31 Provision (benefit) for income taxes $ 398 $ (2,624 ) $ (3,283 ) We continue to record a full valuation allowance against our New York deferred tax assets due to the zero not Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our net deferred taxes related to continuing operations are as follows: December 31, 2023 2022 (dollars in thousands) Deferred tax assets: Federal and state tax carryforwards $ 9,257 $ 12,863 Inventory 1,611 960 Share-based compensation 1,720 1,592 Receivables 14 43 Accrued liabilities 762 147 Other 3,744 1,930 Total deferred tax assets $ 17,108 $ 17,535 Deferred tax liabilities: Property, plant and equipment $ 15,834 $ 16,852 Other 1,276 540 Total deferred tax liabilities $ 17,110 $ 17,392 Total deferred tax (liabilities) assets $ (2 ) $ 143 We file a U.S. federal income tax return and various state income tax returns. For federal income tax purposes, we had $7.1 million and $25.8 million of net operating loss carryforwards at December 31, 2023 2022 2041. December 31, 2023 2022 2030. We have state net operating loss carryforwards of $10.5 million at December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 2031. 2027. We may 2019. 2019.

Note 11 - Net Loss Per Common S

Note 11 - Net Loss Per Common Share	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 11: The computation of basic and diluted net income (loss) per common share for the years ended December 31, 2023, 2022 2021 For the years ended December 31, 2023 2022 2021 (dollars in thousands, except per share amounts) Numerator: Net income (loss) $ 4,910 $ (8,073 ) $ (758 ) Denominator: Weighted average number of shares of common stock outstanding 9,086,004 8,972,468 8,907,908 Weighted average effect of dilutive share-based compensation 192,565 - - Diluted weighted average number of shares of common stock outstanding 9,278,569 8,972,468 8,907,908 Net income (loss) per common share: Basic earnings per share $ 0.54 $ (0.90 ) $ (0.09 ) Diluted earnings per share $ 0.53 $ (0.90 ) $ (0.09 ) There were 399,050, 711,375 and 645,050 options to purchase shares of common stock, at an average price of $19.91, $18.25 and $21.00 for the years ended December 31, 2023, 2022 2021 not In addition, the calculation of diluted net loss per common share for the years ended December 31, 2022 2021,

Note 12 - Share-based Plans

Note 12 - Share-based Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 12: At December 31, 2023 Universal Stainless & Alloy Products, Inc. Amended and Restated 2017 We maintain the Universal Stainless & Alloy Products, Inc. amended and restated 2017 “2017 May 2017 May 2021 ( 2017 2017 May 2017 2017 When initially adopted in May 2017, 2017 1994 No 2017 2017 2017 2017 As of May 5, 2021, 2017 May 4, 2022, 2017 December 31, 2023 2017 Omnibus Incentive Plan We maintain the OIP which was approved by our stockholders in May 2012. 2017 December 31, 2023 Stock Options The price for options granted under the both the 2017 three four 2017 no ten may A summary of stock option activity as of and for the year ended December 31, 2023 Non-vested stock Stock options options outstanding outstanding Weighted- Weighted- Weighted- average average average Number grant-date Number exercise contractual of shares fair value of shares price term (years) Outstanding at December 31, 2022 141,209 $ 4.17 815,725 $ 16.78 Stock options exercised - - (3,250 ) 8.48 Stock options vested (73,021 ) 4.37 - - Stock options forfeited - - (82,000 ) 32.87 Outstanding at December 31, 2023 68,188 $ 4.05 730,475 $ 16.78 4.3 Exercisable at December 31, 2023 659,112 $ 15.69 3.9 Shares issued in connection with stock option exercises are issued from available authorized shares. There were no stock option exercises during 2022 2021 Based upon the closing stock price of $20.08 at December 31, 2023 The total fair value of stock options awards vested during the years ended December 31, 2023, 2022 2021 December 31, 2023. Share-based compensation to employees and directors is recognized as compensation expense in the consolidated statements of operations based on the stock options fair value on the measurement date, which is the date of the grant. The fair value of the award is recognized as expense over the requisite service periods. The compensation expense recognized, and its related tax effects, are included in additional paid-in capital. Share-based compensation expense related to stock options totaled $0.3 million for the year ended December 31, 2023 December 31, 2022. December 31, 2023 The fair value of our stock options granted is estimated on the measurement date, which is the date of grant. We use the Black-Scholes option-pricing model. Our determination of fair value of stock option awards on the date of grant is affected by our stock price as well as assumptions regarding our expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2022 2021 The assumptions used to determine the fair value of stock options granted in 2021 2022 2023. 2022 2021 Risk-free interest rate 1.75 % 0.89% to 1.40 % Dividend yield 0.0 % 0.0 % Expected market price volatility 46.8 % 47% to 52 % Weighted-average expected market price volatility 46.8 % 49.0 % Expected term (years) 5.8 4.6 6.5 The risk-free interest rate was developed using the U.S. Treasury yield curve for periods equal to the expected life of the stock options at the grant date. No dividend yield was assumed because we do not no Restricted Stock and Restricted Stock Units A summary of restricted stock activity for the years ended December 31, 2023 2022 Weighted-average Number grant-date of shares fair value Balance, December 31, 2021 332,211 $ 9.06 Restricted stock granted 37,720 8.12 Restricted stock vested (80,290 ) 10.12 Restricted stock forfeited (10,500 ) 9.35 Balance, December 31, 2022 279,141 $ 8.50 Restricted stock granted 117,680 9.57 Restricted stock vested (95,544 ) 9.84 Restricted stock forfeited (1,455 ) 8.09 Balance, December 31, 2023 299,822 $ 8.55 Share-based compensation expense related to restricted stock totaled $0.9 million, $0.7 million and $0.5 December 31, 2023 2022 2021 During the years ended December 31, 2023 2022 four three As of December 31, 2023 Employee Amended and Restated Stock Purchase Plan Under the Amended and Restated 1996 January 1 July 1 six December 31, 2023

Note 13 - Retirement Plans

Note 13 - Retirement Plans	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	Note 13: We have a defined contribution retirement plan ( “401 401 may 1986, 401 401 We also participate in the Steelworkers Pension Trust (the “Trust”), a multi-employer defined-benefit pension plan that is open to all hourly and salary employees associated with the Bridgeville facility. We make periodic contributions to the Trust based on hours worked at a fixed rate for each hourly employee, as determined by the collective bargaining agreement, and a fixed monthly contribution on behalf of each salary employee. The trustees of the Trust have provided us with the latest data available for the Trust year ended December 31, 2023. not not may The Pension Protection Act (PPA) defines a zone status for each trust. Trusts in the green zone are at least 80% 65% 65% not not 5% Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2023 2022 implemented 2023 2022 2021 imposed Trust 23-6648508 / 499 Green Green No $ 876 $ 691 $ 647 No The total expense of all retirement plans for the years ended December 31, 2023, 2022 2021 $1.9 million, not

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]	Note 14: From time to time, various lawsuits and claims have been or may one may We, as well as other specialty metal manufacturers, are subject to demanding environmental standards imposed by federal, state and local environmental laws and regulations. We are not Our purchase obligations include the value of all open purchase orders with established quantities and purchase prices, as well as minimum purchase commitments, all made in the normal course of business. At December 31, 2023 2024.

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. OTHER INFORMATION None.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation no
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk tely 31%, December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 second December 31, 2023, 2022 2021 December 31, 2023, 2022 2021
Accounts Receivable [Policy Text Block]	Accounts Receivable and Provision for Expected Credit Losses 2023 2022 2021 not December 31, 2023, 2022 2021 January 1, 2022
Inventory, Policy [Policy Text Block]	Inventories December 31, 2023 December 31, 2022 December 31, 2021 Inc luded in inventory are operating materials consisting of forge dies and production molds and rolls that are consumed over their useful lives. During the years ended December 31, 2023, 2022 2021 , we amortized these operating materials in the amount of $1.7 million, $1.6 million, and $1.7 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows. We experienced low activity levels at our production facilities during 2021 19 not 2021.
Government Assistance [Policy Text Block]	Government Assistance 2022 2022 2022 2023. December 31, 2022.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment No Major equipment maintenance costs are capitalized as incurred and included in other current assets and other long-term assets, as appropriate. These costs are amortized to cost of products sold within a 12 to 36 month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2023, 2022 2021 was $23.5 million, Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 40 years, and the estimated useful lives of machinery and equipment are between five December 31, 2023, 2022 2021
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Asset Impairment may not December 31, 2023, 2022 2021
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs December 31, 2023, 2022 2021 December 31, 2023 2022 ad $1.1 million an
Revenue [Policy Text Block]	Revenue Recognition not Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not
Income Tax, Policy [Policy Text Block]	Income Taxes not not We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than- not fifty December 31, 2023, 2022 2021 We recognize excess tax impacts upon the exercise of employee stock options within the consolidated statements of operations.
Share-Based Payment Arrangement [Policy Text Block]	Share-based Compensation Plans
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) per Common Share
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments 8
Segment Reporting, Policy [Policy Text Block]	Segment Reporting one one
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, not January 1, 2023. not Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Twelve Months Ended December 31, 2023 2022 Net sales: Specialty alloys $ 213,077 160,352 Premium alloys (A) 68,104 39,225 Conversion services and other sales 4,762 2,537 Total net sales $ 285,943 $ 202,114

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2023 2022 (dollars in thousands) Raw materials and starting stock $ 15,124 $ 14,890 Semi-finished and finished steel products 117,039 129,534 Operating materials 15,967 13,220 Gross inventory 148,130 157,644 Inventory reserves (3,430 ) (3,451 ) Total inventory $ 144,700 $ 154,193

Note 4 - Property, Plant and _2

Note 4 - Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, 2023 2022 (dollars in thousands) Land and land improvements $ 8,130 $ 8,090 Buildings 53,807 53,334 Machinery and equipment 325,023 315,165 Construction in progress 15,649 12,602 Gross property, plant and equipment 402,609 389,191 Accumulated depreciation (242,973 ) (225,701 ) Property, plant and equipment, net $ 159,636 $ 163,490

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Debt [Table Text Block]	December 31, 2023 2022 (dollars in thousands) Term loan $ 9,643 $ 11,786 Revolving credit facility 68,984 79,545 Sale and leaseback financing liability 1,539 1,804 Finance leases 6,508 6,663 86,674 99,798 Less: current portion of long-term debt (3,733 ) (3,419 ) Less: deferred financing costs (1,095 ) (1,364 ) Long-term debt $ 81,846 $ 95,015
Schedule of Maturities of Long-Term Debt [Table Text Block]	(dollars in thousands) 2024 $ 2,144 2025 2,144 2026 74,339 $ 78,627

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	Operating Financing 2024 $ 170 $ 1,953 2025 36 1,841 2026 21 1,714 2027 2 1,570 2028 - 1,115 Total minimum lease payments $ 229 $ 8,193 Less amounts representing interest (5 ) (1,685 ) Present value of minimum lease payments $ 224 $ 6,508 Less current obligations (168 ) (1,347 ) Total long-term lease obligations, net $ 56 $ 5,161 Weighted-average remaining lease term (years) 1.6 4.5

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the years ended December 31, 2023 2022 2021 (dollars in thousands) Current provision (benefit) Federal $ 177 $ (1 ) $ - State 8 5 5 Deferred provision (benefit) Federal 309 (2,566 ) (3,376 ) State (96 ) (62 ) 88 Provision (benefit) for income taxes $ 398 $ (2,624 ) $ (3,283 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the years ended December 31, 2023 2022 2021 Tax at statutory tax rate $ 1,113 $ (2,246 ) $ (848 ) State income taxes, net of federal tax benefit (90 ) (53 ) (153 ) Research and development tax credit (869 ) (557 ) (814 ) Valuation allowance - (19 ) - PPP loan forgiveness - - (2,100 ) Deferred tax adjustment for stock option forfeitures - - 371 Other adjustments to deferred taxes 315 213 230 Other (71 ) 38 31 Provision (benefit) for income taxes $ 398 $ (2,624 ) $ (3,283 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2023 2022 (dollars in thousands) Deferred tax assets: Federal and state tax carryforwards $ 9,257 $ 12,863 Inventory 1,611 960 Share-based compensation 1,720 1,592 Receivables 14 43 Accrued liabilities 762 147 Other 3,744 1,930 Total deferred tax assets $ 17,108 $ 17,535 Deferred tax liabilities: Property, plant and equipment $ 15,834 $ 16,852 Other 1,276 540 Total deferred tax liabilities $ 17,110 $ 17,392 Total deferred tax (liabilities) assets $ (2 ) $ 143

Note 11 - Net Loss Per Common_2

Note 11 - Net Loss Per Common 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, 2023 2022 2021 (dollars in thousands, except per share amounts) Numerator: Net income (loss) $ 4,910 $ (8,073 ) $ (758 ) Denominator: Weighted average number of shares of common stock outstanding 9,086,004 8,972,468 8,907,908 Weighted average effect of dilutive share-based compensation 192,565 - - Diluted weighted average number of shares of common stock outstanding 9,278,569 8,972,468 8,907,908 Net income (loss) per common share: Basic earnings per share $ 0.54 $ (0.90 ) $ (0.09 ) Diluted earnings per share $ 0.53 $ (0.90 ) $ (0.09 )

Note 12 - Share-based Plans (Ta

Note 12 - Share-based Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Non-vested stock Stock options options outstanding outstanding Weighted- Weighted- Weighted- average average average Number grant-date Number exercise contractual of shares fair value of shares price term (years) Outstanding at December 31, 2022 141,209 $ 4.17 815,725 $ 16.78 Stock options exercised - - (3,250 ) 8.48 Stock options vested (73,021 ) 4.37 - - Stock options forfeited - - (82,000 ) 32.87 Outstanding at December 31, 2023 68,188 $ 4.05 730,475 $ 16.78 4.3 Exercisable at December 31, 2023 659,112 $ 15.69 3.9
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2022 2021 Risk-free interest rate 1.75 % 0.89% to 1.40 % Dividend yield 0.0 % 0.0 % Expected market price volatility 46.8 % 47% to 52 % Weighted-average expected market price volatility 46.8 % 49.0 % Expected term (years) 5.8 4.6 6.5
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted-average Number grant-date of shares fair value Balance, December 31, 2021 332,211 $ 9.06 Restricted stock granted 37,720 8.12 Restricted stock vested (80,290 ) 10.12 Restricted stock forfeited (10,500 ) 9.35 Balance, December 31, 2022 279,141 $ 8.50 Restricted stock granted 117,680 9.57 Restricted stock vested (95,544 ) 9.84 Restricted stock forfeited (1,455 ) 8.09 Balance, December 31, 2023 299,822 $ 8.55

Note 13 - Retirement Plans (Tab

Note 13 - Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Multiemployer Plan [Table Text Block]	Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2023 2022 implemented 2023 2022 2021 imposed Trust 23-6648508 / 499 Green Green No $ 876 $ 691 $ 647 No

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss	$ 0	$ 0	$ 0
Accounts Receivable, after Allowance for Credit Loss		21,200
Increase (Decrease) in Inventory Reserve	(100)	(1,100)	300
Cost, Amortization	1,700	1,600	1,700
Cost, Overhead			6,100
Cost, Maintenance	23,500	21,600	16,700
Depreciation	17,300	17,400	17,300
Cost, Depreciation	16,600	16,800	16,800
Long-lived Assets, Impairment Reserve	0	0	0
Amortization of Debt Issuance Costs	200	200	200
Unamortized Debt Issuance Expense	1,100	1,400
Unrecognized Tax Benefits	$ 0	0	$ 0
Equipment Maintenance Costs [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	12 months
Equipment Maintenance Costs [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	36 months
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	10 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	40 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	39 years
Cost of Sales [Member]
Government Assistance, Amount		1,800
Other Current Assets [Member]
Government Assistance, Amount, Cumulative		3,600
Government Assistance Receivable		$ 1,800
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Largest Customer [Member]
Concentration Risk, Percentage	31%	21%	19%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Second Largest Customer [Member]
Concentration Risk, Percentage	14%	18%	10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Largest Customer [Member]
Concentration Risk, Percentage	21%	12%	7%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Second Largest Customer [Member]
Concentration Risk, Percentage	18%	25%	6%
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Non-US [Member]
Concentration Risk, Percentage	5%	5%	7%

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue, Revenue Recognized	$ 8.7	$ 5.3
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2	$ 1.6

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales		$ 285,943	$ 202,114	$ 155,934
Specialty Alloys [Member]
Net sales		213,077	160,352
Premium Alloys [Member]
Net sales	[1]	68,104	39,225
Conversion Services and Other Sales [Member]
Net sales		$ 4,762	$ 2,537
[1]Premium alloys represent all vacuum induction melted (VIM) products.

Note 3 - Inventory - Schedule o

Note 3 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw materials and starting stock	$ 15,124	$ 14,890
Semi-finished and finished steel products	117,039	129,534
Operating materials	15,967	13,220
Gross inventory	148,130	157,644
Inventory reserves	(3,430)	(3,451)
Total inventory	$ 144,700	$ 154,193

Note 4 - Property, Plant and _3

Note 4 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross property, plant and equipment	$ 402,609	$ 389,191
Accumulated depreciation	(242,973)	(225,701)
Property, plant and equipment, net	159,636	163,490
Land and Land Improvements [Member]
Gross property, plant and equipment	8,130	8,090
Building [Member]
Gross property, plant and equipment	53,807	53,334
Machinery and Equipment [Member]
Gross property, plant and equipment	325,023	315,165
Construction in Progress [Member]
Gross property, plant and equipment	$ 15,649	$ 12,602

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) $ in Thousands		12 Months Ended
	Mar. 17, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 15, 2020 USD ($)	Aug. 17, 2017	Jan. 21, 2016 USD ($)	Dec. 31, 2011 USD ($)
Debt Issuance Costs, Net		$ 1,095	$ 1,364
Amortization of Debt Issuance Costs		200	200	$ 200
Notes Payable, Other Payables [Member] | North Jackson Facility [Member]
Debt Instrument, Face Amount								$ 20,000
Term Loan [Member]
Long-Term Debt, Gross		9,643	11,786
Paycheck Protection Program Term Note [Member]
Debt Instrument, Face Amount					$ 10,000
PNC Capital Markets LLC [Member]
Debt Issuance Costs, Net		500	700
Amortization of Debt Issuance Costs		200	200
PNC Capital Markets LLC [Member] | Term Loan [Member]
Debt Instrument, Face Amount	$ 15,000
Debt Instrument, Periodic Payment	500
Gorbert Inc. [Member] | Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount							$ 20,000
Long-Term Debt, Gross	15,000
Debt Instrument, Interest Rate, Stated Percentage						6%
Revolving Credit Facility [Member]
Long-Term Debt, Gross		$ 68,984	$ 79,545
Revolving Credit Facility [Member] | PNC Capital Markets LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	105,000
Line of Credit Facility, Necessary Undrawn Availability	$ 11,000
Line of Credit Facility, Fixed Charge Coverage Ratio	1.1
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility [Member] | PNC Capital Markets LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		8%
Term Loan [Member] | PNC Capital Markets LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.50%

Note 5 - Long-term Debt - Sched

Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sale and leaseback financing liability	$ 1,539	$ 1,804
Long-Term Debt and Lease Obligation, Including Current Maturities	86,674	99,798
Less: current portion of long-term debt	(3,733)	(3,419)
Less: deferred financing costs	(1,095)	(1,364)
Long-term debt	81,846	95,015
Long-Term Debt [Member]
Present value of minimum lease payments, finance lease	6,508	6,663
Revolving Credit Facility [Member]
Debt, carrying amount	68,984	79,545
Term Loan [Member]
Debt, carrying amount	$ 9,643	$ 11,786

Note 5 - Long-term Debt - Annua

Note 5 - Long-term Debt - Annual Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 2,144
2025	2,144
2026	74,339
Long-Term Debt	$ 78,627

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of New Finance Leases	4	4
Number of New Operating Leases		3
Finance Lease, Liability, Undiscounted Excess Amount	$ 1,685
Sale Leaseback Transaction, Net Book Value		$ 1,800
Sale Leaseback Transaction, Net Book Value, Current		200
Finance Lease, Original Amount		$ 7,000
Lessee, Finance Lease, Term of Contract (Month)		72 months
Finance Lease, Implicit Interest Rate		11.20%
Finance Lease, Weighted Average Discount Rate, Percent	10%
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 500	$ 200
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	200	500
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 6,500	9,200
Lease Component of VAR Expansion [Member]
Finance Lease, Liability, Undiscounted Excess Amount		$ 5,200
Maximum [Member]
Lease Term (Month)		72 months
Lessee, Finance Lease, Term of Contract (Month)	6 years
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Month)	3 years

Note 6 - Leases - Future Minimu

Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024, operating leases	$ 170
2024, finance lease	1,953
2025, operating leases	36
2025, finance lease	1,841
2026, operating leases	21
2026, finance lease	1,714
2027, operating leases	2
2027, finance lease	1,570
2028, operating leases	0
2028, finance lease	1,115
Total minimum lease payments, operating leases	229
Total minimum lease payments, finance lease	8,193
Less amounts representing interest, operating leases	(5)
Less amounts representing interest, finance lease	$ (1,685)
Weighted-average remaining lease term (in years), operating leases (Year)	1 year 7 months 6 days
Weighted-average remaining lease term (in years), finance lease (Year)	4 years 6 months
Other Liabilities [Member]
Present value of minimum lease payments, operating leases	$ 224
Present value of minimum lease payments, finance lease	6,508
Other Current Liabilities [Member]
Less current obligations, operating leases	(168)
Less current obligations, finance lease	(1,347)
Other Noncurrent Liabilities [Member]
Total long-term lease obligations, net, operating leases	56
Total long-term lease obligations, net, finance lease	$ 5,161

Note 7 - New Markets Tax Cred_2

Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) - USD ($) $ in Thousands		1 Months Ended
	Mar. 09, 2018	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent			$ 2,891	$ 3,066
Debt Issuance Costs, Net			1,095	1,364
New Markets Tax Credit Financing Program [Member]
Financing Receivable, after Allowance for Credit Loss	$ 6,700
Recapture Percentage	100%
Recapture Period (Year)	7 years
Other Liabilities, Noncurrent			$ 2,800	$ 2,800
Debt Issuance Costs, Net	$ 700
New Markets Tax Credit Financing Program [Member] | Forecast [Member]
Gain (Loss) on Sale of Derivatives		$ 2,800
New Markets Tax Credit Financing Program [Member] | PNC Capital Markets LLC [Member]
Financing Receivable, after Allowance for Credit Loss	$ 3,500

Note 9 - Derivatives and Hedg_2

Note 9 - Derivatives and Hedging (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 4,800	$ 4,300
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	(300)	100
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative, Notional Amount	$ 0	10,000	$ 16,000
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax		$ 100

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	$ 7.1	$ 25.8
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	7.3	7
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	10.5	11
Tax Credit Carryforward, Amount	$ 0.3	0.4
Operating Loss Carryforwards, Valuation Allowance		$ 0.2

Note 10 - Income Taxes - Compon

Note 10 - Income Taxes - Components of the Benefit From Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision (benefit)
Federal	$ 177	$ (1)	$ 0
State	8	5	5
Deferred provision (benefit)
Federal	309	(2,566)	(3,376)
State	(96)	(62)	88
Provision (benefit) for income taxes	$ 398	$ (2,624)	$ (3,283)

Note 10 - Income Taxes - Income

Note 10 - Income Taxes - Income Tax Benefit Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax at statutory tax rate	$ 1,113	$ (2,246)	$ (848)
State income taxes, net of federal tax benefit	(90)	(53)	(153)
Research and development tax credit	(869)	(557)	(814)
Valuation allowance	0	(19)	0
PPP loan forgiveness	0	0	(2,100)
Deferred tax adjustment for stock option forfeitures	0	0	371
Other adjustments to deferred taxes	315	213	230
Other	(71)	38	31
Provision (benefit) for income taxes	$ 398	$ (2,624)	$ (3,283)

Note 10 - Income Taxes - Signif

Note 10 - Income Taxes - Significant Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal and state tax carryforwards	$ 9,257	$ 12,863
Inventory	1,611	960
Share-based compensation	1,720	1,592
Receivables	14	43
Accrued liabilities	762	147
Other	3,744	1,930
Total deferred tax assets	17,108	17,535
Deferred tax liabilities:
Property, plant and equipment	15,834	16,852
Other	1,276	540
Total deferred tax liabilities	17,110	17,392
Total noncurrent deferred tax liabilities	$ (2)
Total noncurrent deferred tax assets		$ 143

Note 11 - Net Loss Per Common_3

Note 11 - Net Loss Per Common Share (Details Textual) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 16.78	$ 16.78
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	399,050	711,375	645,050
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 19.91	$ 18.25	$ 21
Assumed Exercise of Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		17,143	39,036

Note 11 - Net Loss Per Common_4

Note 11 - Net Loss Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 4,910	$ 4,910	$ (8,073)	$ (758)
Basic (in shares)		9,086,004	8,972,468	8,907,908
Weighted average effect of dilutive share-based compensation (in shares)		192,565	0	0
Diluted weighted average number of shares of common stock outstanding (in shares)		9,278,569	8,972,468	8,907,908
Net income (loss) per common share:
Basic income (loss) per share (in dollars per share)		$ 0.54	$ (0.9)	$ (0.09)
Diluted income (loss) per share (in dollars per share)		$ 0.53	$ (0.9)	$ (0.09)

Note 12 - Share-based Plans (De

Note 12 - Share-based Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	May 04, 2022	May 05, 2021	May 31, 2012	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)				3,250	0	0
Share Price (in dollars per share)				$ 20.08
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value				$ 4.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value				3.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value				$ 0.3	$ 0.2	$ 0.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 4.6	$ 4.27
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)				10 years
Share-Based Payment Arrangement, Expense				$ 0.3	$ 0.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 0.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0%	0%
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense				$ 0.9	$ 0.7	$ 0.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				117,680	37,720
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 1.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				2 years 3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				117,680	37,720
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
The 2017 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)							568,357
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	500,000	400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				629,796
The Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					0
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum			5%
Amended and Restated 1996 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)				400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate				10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee (in shares)				100
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent				85%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)				341,469

Note 12 - Share-based Plans - S

Note 12 - Share-based Plans - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Outstanding, nonvested (in shares)	141,209
Outstanding, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.17
Outstanding, shares (in shares)	815,725
Outstanding, weighted average exercise price (in dollars per share)	$ 16.78
Stock options exercised (in shares)	(3,250)	0	0
Stock options exercised (in dollars per share)	$ 8.48
Stock options vested, nonvested (in shares)	(73,021)
Stock options vested, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.37
Stock options forfeited, nonvested (in shares)	0
Stock options forfeited, nonvested, weighted average grant-date fair value (in dollars per share)	$ 0
Stock options forfeited, shares (in shares)	(82,000)
Stock options forfeited, weighted average exercise price (in dollars per share)	$ 32.87
Outstanding, nonvested (in shares)	68,188	141,209
Outstanding, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.05	$ 4.17
Outstanding, shares (in shares)	730,475	815,725
Outstanding, weighted average exercise price (in dollars per share)	$ 16.78	$ 16.78
Outstanding, weighted average contractual term (Year)	4 years 3 months 18 days
Exercisable, shares (in shares)	659,112
Exercisable, weighted average exercise price (in dollars per share)	$ 15.69
Exercisable, weighted average contractual term (Year)	3 years 10 months 24 days

Note 12 - Share-based Plans - F

Note 12 - Share-based Plans - Fair Value Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk-free interest rate	1.75%
Dividend yield	0%	0%
Expected market price volatility	46.80%
Weighted-average expected market price volatility	46.80%	49%
Expected term (years) (Year)	5 years 9 months 18 days
Minimum [Member]
Risk-free interest rate		0.89%
Expected market price volatility		47%
Expected term (years) (Year)		4 years 7 months 6 days
Maximum [Member]
Risk-free interest rate		1.40%
Expected market price volatility		52%
Expected term (years) (Year)		6 years 6 months

Note 12 - Share-based Plans -_2

Note 12 - Share-based Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance (in shares)	279,141	332,211
Balance, weighted average grant-date fair value (in dollars per share)	$ 8.5	$ 9.06
Restricted stock granted (in shares)	117,680	37,720
Restricted stock granted, weighted average grant-date fair value (in dollars per share)	$ 9.57	$ 8.12
Restricted stock vested (in shares)	(95,544)	(80,290)
Restricted stock vested, weighted average grant-date fair value (in dollars per share)	$ 9.84	$ 10.12
Restricted stock forfeited (in shares)	(1,455)	(10,500)
Restricted stock forfeited, weighted average grant-date fair value (in dollars per share)	$ 8.09	$ 9.35
Balance (in shares)	299,822	279,141
Balance, weighted average grant-date fair value (in dollars per share)	$ 8.55	$ 8.5

Note 13 - Retirement Plans (Det

Note 13 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Postretirement Benefits Cost (Reversal of Cost)	$ 1.9	$ 1.6	$ 1.5

Note 13 - Retirement Plans - Sc

Note 13 - Retirement Plans - Schedule of Retirement Plans (Details) - Steelworkers Pension Trust [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PPA zone status	Green	Green
Funding plan pending/implemented	No
Contributions	$ 876	$ 691	$ 647
Surcharge imposed	No

Note 14 - Commitments and Con_2

Note 14 - Commitments and Contingencies (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Purchase Obligation	$ 35.5
Purchase Obligation, to be Paid, Year One	$ 33.7