Universal Stainless & Alloy Products (USAP) 10-Q 31 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 28, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'usap	'
Entity Registrant Name	'UNIVERSAL STAINLESS & ALLOY PRODUCTS INC	'
Entity Central Index Key	'0000931584	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	7,072,019

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Net sales	$52,309	$42,887	$98,976	$92,022
Cost of products sold	43,899	37,579	84,506	82,068
Gross margin	8,410	5,308	14,470	9,954
Selling, general and administrative expenses	5,169	4,869	9,797	9,348
Operating income	3,241	439	4,673	606
Interest expense and other financing costs	-1,042	-837	-1,905	-1,526
Other (expense) income, net	-1	35	3	63
Income (loss) before income taxes	2,198	-363	2,771	-857
Provision (benefit) for income taxes	749	-841	1,821	-1,375
Net income	$1,449	$478	$950	$518
Net income per common share - Basic	$0.21	$0.07	$0.14	$0.07
Net income per common share - Diluted	$0.20	$0.06	$0.13	$0.06
Weighted average shares of common stock outstanding	'	'	'	'
Basic	7,031,041	6,940,831	7,022,983	6,934,182
Diluted	7,110,761	7,485,405	7,112,093	7,494,125

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$165	$307
Accounts receivable (less allowance for doubtful accounts of $85 and $84, respectively)	31,924	21,447
Inventory, net	96,250	82,593
Deferred income taxes	8,440	13,042
Other current assets	3,863	3,906
Total current assets	140,642	121,295
Property, plant and equipment, net	199,635	203,590
Goodwill	20,268	20,268
Other long-term assets	2,314	2,771
Total assets	362,859	347,924
Current liabilities:	'	'
Accounts payable	26,785	14,288
Accrued employment costs	4,252	3,430
Current portion of long-term debt	3,000	3,000
Other current liabilities	902	1,023
Total current liabilities	34,939	21,741
Long-term debt	88,805	86,796
Deferred income taxes	39,277	42,532
Other long-term liabilities	526	397
Total liabilities	163,547	151,466
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Senior Preferred Stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding	'	'
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 7,364,124 and 7,310,138 shares issued, respectively	7	7
Additional paid-in capital	51,592	49,688
Retained earnings	150,003	149,053
Treasury stock, at cost; 292,855 common shares held	-2,290	-2,290
Total stockholders' equity	199,312	196,458
Total liabilities and stockholders' equity	$362,859	$347,924

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Accounts receivable, allowance for doubtful accounts	$85	$84
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	1,980,000	1,980,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,364,124	7,310,138
Treasury stock at cost, common shares held	292,855	292,855

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating Activities:	'	'
Net income	$950	$518
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	8,723	8,279
Deferred income tax	1,347	-826
Share-based compensation expense	1,032	922
Changes in assets and liabilities:	'	'
Accounts receivable, net	-10,477	491
Inventory, net	-14,495	-57
Accounts payable	12,497	3,461
Accrued employment costs	822	-779
Income taxes	433	-670
Other, net	-402	-715
Net cash provided by operating activities	430	10,624
Investing Activity:	'	'
Capital expenditures	-3,472	-6,998
Net cash used in investing activity	-3,472	-6,998
Financing Activities:	'	'
Borrowings under revolving credit facility	45,207	45,854
Payments on revolving credit facility	-41,698	-49,156
Payments on term loan facility	-1,500	'
Proceeds from the issuance of common stock	891	613
Payment of deferred financing costs	'	-487
Purchase of treasury stock	'	-38
Net cash provided by (used in) financing activities	2,900	-3,214
Net (decrease) increase in cash	-142	412
Cash at beginning of period	307	321
Cash at end of period	$165	$733

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Nature of Business and Basis of Presentation [Abstract]	'
Nature of Business and Basis of Presentation	'
	Note 1:  Nature of Business and Basis of Presentation
	Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (“Universal”, “we”, “our” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas and heavy equipment manufacturing industries. We also perform conversion services on materials supplied by customers.
	The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. All intercompany transactions and balances have been eliminated.
	Certain prior year amounts have been reclassified to conform to the 2014 presentation.
	Recently Adopted Accounting Pronouncement
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. We adopted ASU 2013-11 in 2014. The update did not have a material impact on our consolidated financial statements.
	Recently Issued Accounting Pronouncement
	In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)”.  This topic converges the guidance within U.S. GAAP and International Financial Reporting Standards and supersedes Accounting Standards Codification 605, Revenue Recognition.  The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services.  The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements.  The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period and early application is not permitted.  We are currently evaluating the impact that this standard will have on our consolidated financial statements.

Net_Income_per_Common_Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2014
Net Income Per Common Share [Abstract]	'
Net Income per Common Share	'
	Note 2:  Net Income per Common Share
	The following table sets forth the computation of basic and diluted net income per common share:
		Three months ended				Six months ended
		June 30,				June 30,
	(dollars in thousands, except per share amounts)	2014		2013		2014		2013
	Numerator:
	Net income	$	1,449	$	478	$	950	$	518
	Adjustment for interest expense on convertible notes (A)		-		-32		-		-65
	Net income, as adjusted	$	1,449	$	446	$	950	$	453
	Denominator:
	Weighted average number of shares of common stock outstanding		7,031,041		6,940,831		7,022,983		6,934,182
	Weighted average effect of dilutive stock options and other stock compensation		79,720		115,686		89,110		131,766
	Weighted average effect of assumed conversion of convertible notes		-		428,888		-		428,177
	Weighted average number of shares of common stock outstanding, as adjusted		7,110,761		7,485,405		7,112,093		7,494,125
	Net income per common share:
	Net income per common share - Basic	$	0.21	$	0.07	$	0.14	$	0.07
	Net income per common share - Diluted	$	0.20	$	0.06	$	0.13	$	0.06
	The adjustment for interest expense on convertible notes is net of tax.  An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the three and six months ended June 30, 2014 as a result of the convertible notes being antidilutive.  For the three and six months ended June 30, 2013, the adjustment is a reduction to net income as a result of our annualized effective tax rate for 2013.
	We had granted options to purchase 352,800 and 321,000 shares of common stock at an average price of $36.23 and $35.96 for the three months ended June 30, 2014 and 2013, respectively, which were excluded in the computation of diluted net income per common share.  We had granted options to purchase 268,300 and 250,000 shares of common stock at an average price of $36.55 and $37.08 for the six months ended June 30, 2014 and 2013, respectively, which were excluded in the computation of diluted net income per common share. These outstanding options were not included in the computation of diluted net income per common share because their respective exercise prices were greater than the average market price of our common stock.  In addition, the calculation of diluted earnings per share for the three and six months ended June 30, 2014 excluded 428,888 and 428,177 shares, respectively, for the assumed conversion of convertible notes as a result of being anti-dilutive.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2014
Inventory [Abstract]	'
Inventory	'
	Note 3:  Inventory
	Our inventory consists of raw materials, primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chrome, molybdenum, manganese and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers. Inventory is stated at the lower of cost or market with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Provisions are made for slow-moving inventory based upon management’s expected method of disposition.  Operating supplies are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. Inventories consisted of the following:
		June 30,		December 31,
	(in thousands)	2014		2013
	Raw materials and starting stock	$	7,073	$	6,848
	Semi-finished and finished steel products		82,145		69,333
	Operating materials		8,872		8,463
	Gross inventory		98,090		84,644
	Less: inventory reserves		-1,840		-2,051
	Total inventory, net	$	96,250	$	82,593

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	Note 4:  Long-Term Debt
	Long-term debt consisted of the following:
		June 30,		December 31,
	(in thousands)	2014		2013
	Revolving credit facility	$	52,350	$	49,350
	Term loan		17,000		18,500
	Convertible notes		20,000		20,000
	Swing loan credit facility		2,455		1,946
			91,805		89,796
	Less: current portion of long-term debt		-3,000		-3,000
	Long-term debt	$	88,805	$	86,796
	Credit Facility
	We have a Credit Agreement, as amended to date (the “Credit Agreement”), with a syndication of banks which provides for a $105.0 million senior secured revolving credit facility (the “Revolver”) and a $20.0 million senior secured term loan facility (the “Term Loan” and together with the Revolver, the “Facilities”) that expires in March 2017.  Under the Credit Agreement, our loan availability under the Revolver is calculated monthly based upon our accounts receivable and inventory balances.
	We are required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolver. The Revolver also provides for up to $7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Revolver do not exceed the borrowing base at any given time. The Term Loan is payable in quarterly installments in the principal amount of $750,000 which began on July 1, 2013, with the balance of the Term Loan payable in full on March 19, 2017.
	Amounts outstanding under the Facilities, at our option, will bear interest at either a base rate or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Credit Agreement. We elected to use the LIBOR Option during the six months ended June 30, 2014, which was 3.16% at June 30, 2014.  Interest on the Facilities is payable monthly.
	We are required to maintain a trailing twelve month EBITDA under the Credit Agreement of $12.0 million for the second quarter of 2014, and $14.0 million for the third quarter of 2014. Beginning with the fourth quarter of 2014, we will be required to maintain a leverage ratio not exceeding a ratio decreasing from 3.75 to 1.00 for the period December 31, 2014 to March 31, 2015, 3.50 to 1.00 for the period June 30, 2015 to September 30, 2015, 3.25 to 1.00 at December 31, 2015 and 3.00 to 1.00 from March 31, 2016 through maturity.  We are required to maintain a fixed charge coverage ratio of 1.0 to 1.0 for the second and third quarters of 2014, and we will be required to maintain a fixed charge coverage ratio of 1.1 to 1.0 from the fourth quarter of 2014 to maturity. We were in compliance with our covenants at June 30, 2014 and 2013.
	Convertible Notes
	In connection with the acquisition of the North Jackson facility, in August 2011, we issued $20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson facility as partial consideration of the acquisition.  The Notes are subordinated obligations and rank junior to the Facilities.  The Notes bear interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011.  Unless earlier converted, the Notes mature and the unpaid principal balance is due on August 17, 2017.  The Notes and any accrued and unpaid interest are convertible into shares of our common stock at the option of the holder at an initial conversion price of $47.1675 per share of common stock.  The conversion price associated with the Notes may be adjusted in certain circumstances.  We may prepay any outstanding Notes, in whole or in part, on any date after August 17, 2014 during a fiscal quarter if our share price is greater than 140% of the then current conversion price for at least 20 of the trading days in the 30 consecutive trading day period ending on the last trading day of the immediately preceding quarter.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	Note 5:   Fair Value Measurement
	The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:
	Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.
	Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
	Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.
	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 carrying amounts of our cash, accounts receivable and accounts payable approximated fair value at June 30, 2014 and December 31, 2013 due to their short-term maturities (Level 1). The fair value of the Term Loan, Revolver and swing loans at June 30, 2014 and December 31, 2013 approximated the carrying amount as the interest rate is based upon floating short-term interest rates (Level 2).  At June 30, 2014 and December 31, 2013, the fair value of our Notes was approximately $23.3 million (Level 2).

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	Note 6:   Commitments and Contingencies
	From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact on our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	Note 7:  Income Taxes
	Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, increased or decreased for the tax effect of discrete items.
	For the six months ended June 30, 2014 and 2013, our estimated annual effective tax rates applied to ordinary income were 34.4% and (117.5)%, respectively.  Our overall effective tax rates for the three and six months ended June 30, 2014, which reflects federal and state taxable income, also includes net discrete tax expenses of $869,000 due to a change in the state tax rate to zero percent (0%) for qualified New York manufacturers, a settlement with Pennsylvania regarding certain expenses deducted, and research and development (“R&D”) tax credits.  On March 31, 2014, new tax legislation was enacted in New York that reduced the state net income tax rate to zero percent (0%) for qualified manufacturers, such as ourselves, for tax years beginning on or after January 1, 2014.  Prior to this legislation, our facility in Dunkirk operated in a New York State Empire Zone and qualified to benefit from investments made and employees hired, and as such, we had recorded a deferred tax asset on these investments.  As a result of this new legislation, we have placed a full valuation allowance on our remaining corresponding deferred tax asset in the amount of $596,000 during the six months ended June 30, 2014.  In addition, we reached a settlement with Pennsylvania on certain expenses which had been deducted for state income tax purposes during the 2005-2007 tax years.  As a result of this matter, we recorded a discrete tax charge of $247,000, net of the federal tax benefit, during the six months ended June 30, 2014 related to this settlement and all remaining open tax years.
	The effective tax rate for the six months ended June 30, 2013 was positively affected by the benefit of $368,000 for R&D tax credits, which was considered to be a discrete tax item. Our effective tax rates for the three and six months ended June 30, 2013 benefited from a reduced state apportionment factor, which resulted in approximately $254,000 of discrete income tax benefit.  Including the effect of the discrete tax items, our effective tax rates for the three months ended June 30, 2014 and 2013 was 34.1% and (231.7)%, respectively.  For the six months ended June 30, 2014 and 2013, our effective tax rates  were 65.7% and (160.4)%, respectively.

Nature_of_Business_and_Basis_o1

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2014
Nature of Business and Basis of Presentation [Abstract]	'
Basis of Presentation	'
	The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The consolidated financial statements include our accounts and the accounts of our wholly–owned subsidiaries. All intercompany transactions and balances have been eliminated.
	Certain prior year amounts have been reclassified to conform to the 2014 presentation.
Recently Adopted Accounting Pronouncements	'
	Recently Adopted Accounting Pronouncement
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. We adopted ASU 2013-11 in 2014. The update did not have a material impact on our consolidated financial statements.

Net_Income_Per_Common_Share_Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2014
Net Income Per Common Share [Abstract]	'
Computation Of Net Income Per Common Share	'
		Three months ended				Six months ended
		June 30,				June 30,
	(dollars in thousands, except per share amounts)	2014		2013		2014		2013
	Numerator:
	Net income	$	1,449	$	478	$	950	$	518
	Adjustment for interest expense on convertible notes (A)		-		-32		-		-65
	Net income, as adjusted	$	1,449	$	446	$	950	$	453
	Denominator:
	Weighted average number of shares of common stock outstanding		7,031,041		6,940,831		7,022,983		6,934,182
	Weighted average effect of dilutive stock options and other stock compensation		79,720		115,686		89,110		131,766
	Weighted average effect of assumed conversion of convertible notes		-		428,888		-		428,177
	Weighted average number of shares of common stock outstanding, as adjusted		7,110,761		7,485,405		7,112,093		7,494,125
	Net income per common share:
	Net income per common share - Basic	$	0.21	$	0.07	$	0.14	$	0.07
	Net income per common share - Diluted	$	0.20	$	0.06	$	0.13	$	0.06
	The adjustment for interest expense on convertible notes is net of tax.  An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the three and six months ended June 30, 2014 as a result of the convertible notes being antidilutive.  For the three and six months ended June 30, 2013, the adjustment is a reduction to net income as a result of our annualized effective tax rate for 2013.

Inventory_Tables

Inventory (Tables)	6 Months Ended
	Jun. 30, 2014
Inventory [Abstract]	'
Schedule Of Inventories	'
		June 30,		December 31,
	(in thousands)	2014		2013
	Raw materials and starting stock	$	7,073	$	6,848
	Semi-finished and finished steel products		82,145		69,333
	Operating materials		8,872		8,463
	Gross inventory		98,090		84,644
	Less: inventory reserves		-1,840		-2,051
	Total inventory, net	$	96,250	$	82,593

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Schedule of Long-Term Debt	'
		June 30,		December 31,
	(in thousands)	2014		2013
	Revolving credit facility	$	52,350	$	49,350
	Term loan		17,000		18,500
	Convertible notes		20,000		20,000
	Swing loan credit facility		2,455		1,946
			91,805		89,796
	Less: current portion of long-term debt		-3,000		-3,000
	Long-term debt	$	88,805	$	86,796

Net_Income_Per_Common_Share_Na

Net Income Per Common Share (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Equity Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	352,800	321,000	268,300	250,000
Average price of anti-dilutive options outstanding	$36.23	$35.96	$36.55	$37.08
Convertible Debt Securities [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	428,888	'	428,177	'

Net_Income_Per_Common_Share_Co

Net Income Per Common Share (Computation of Net Income Per Common Share) (Details) (USD $)	3 Months Ended				6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Numerator:	'		'		'		'
Net income	$1,449		$478		$950		$518
Adjustment for interest expense on convertible notes	'	[1]	-32	[1]	'	[1]	-65	[1]
Net income, as adjusted	$1,449		$446		$950		$453
Denominator:	'		'		'		'
Weighted average number of shares of common stock outstanding	7,031,041		6,940,831		7,022,983		6,934,182
Weighted average effect of dilutive stock options and other stock compensation	79,720		115,686		89,110		131,766
Weighted average effect of assumed conversion of convertible notes	'		428,888		'		428,177
Weighted average number of shares of common stock outstanding, as adjusted	7,110,761		7,485,405		7,112,093		7,494,125
Net (loss) income per common share:	'		'		'		'
Net income per common share - Basic	$0.21		$0.07		$0.14		$0.07
Net income per common share - Diluted	$0.20		$0.06		$0.13		$0.06
[1]	The adjustment for interest expense on convertible notes is net of tax. An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the three and six months ended June 30, 2014 as a result of the convertible notes being antidilutive. For the three and six months ended June 30, 2013, the adjustment is a reduction to net income as a result of our annualized effective tax rate for 2013.

Inventory_Schedule_Of_Inventor

Inventory (Schedule Of Inventories) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory [Abstract]	'	'
Raw materials and starting stock	$7,073	$6,848
Semi-finished and finished steel products	82,145	69,333
Operating materials	8,872	8,463
Gross inventory	98,090	84,644
Less: inventory reserves	-1,840	-2,051
Total inventory, net	$96,250	$82,593

LongTerm_Debt_Credit_Facility_

Long-Term Debt (Credit Facility, Narrative) (Details) (USD $)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	Scenario, Forecast	Scenario, Forecast	Scenario, Forecast	Scenario, Forecast	Scenario, Forecast	Scenario, Forecast	Revolving credit facility [Member]	Revolving credit facility [Member]	Revolving credit facility [Member]	Term loan [Member]	Swing loan credit facility [Member]
								Scenario, Forecast	Scenario, Forecast
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Line of Credit Facility, Current Borrowing Capacity	'	'	'	'	'	'	$105,000,000	'	'	$20,000,000	'
Maximum borrowings under revolver	'	'	'	'	'	'	'	'	'	'	7,000,000
Commitment fee on the daily unused portion of the Revolver	'	'	'	'	'	'	0.25%	'	'	'	'
Quarterly term loan payments	'	'	'	'	'	'	'	'	'	750,000	'
Debt Instrument, Frequency of Periodic Payment	'	'	'	'	'	'	'	'	'	'quarterly	'
Debt Instrument, Maturity Date	'	'	'	'	'	'	'	'	'	19-Mar-17	'
Maximum leverage ratio	'	3	3.25	3.5	3.75	'	'	'	'	'	'
Minimum fixed charge coverage ratio	1.1	'	'	'	'	1	'	'	'	'	'
Restrictive Covenants, Earnings Before Interest, Taxes, Depreciation, and Amortization	'	'	'	'	'	'	'	$14,000,000	$12,000,000	'	'
Debt Instrument, Interest Rate at Period End	'	'	'	'	'	'	3.16%	'	'	'	'
Debt Instrument, Description of Variable Rate Basis	'	'	'	'	'	'	'LIBOR	'	'	'	'

LongTerm_Debt_Convertible_Note

Long-Term Debt (Convertible Notes, Narrative) (Details) (Convertible notes [Member], USD $)	6 Months Ended
	Jun. 30, 2014
Convertible notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Face Amount	$20,000,000
Interest rate	4.00%
Conversion stock price for Convertible Notes	$47.17
Stock price trigger for convertible note prepay option	140.00%
Debt Instrument, Maturity Date	17-Aug-17

LongTerm_Debt_Schedule_of_Long

Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Long-term debt current and noncurrent	$91,805	$89,796
Less: current portion of long-term debt	-3,000	-3,000
Long-term debt	88,805	86,796
Revolving credit facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt current and noncurrent	52,350	49,350
Term loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt current and noncurrent	17,000	18,500
Convertible notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt current and noncurrent	20,000	20,000
Swing loan credit facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt current and noncurrent	$2,455	$1,946

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Fair Value Measurements [Abstract]	'	'
Notes Payable, Fair Value Disclosure	$23.30	$23.30

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Taxes [Line Items]	'	'	'	'
Estimated annual effective tax rate	'	'	34.40%	-117.50%
Tax Adjustments, Settlements, and Unusual Provisions	'	'	$247,000	'
Net discrete tax benefit for research and development tax credits	'	'	'	368,000
Effective Income Tax Rate Continuing Operations	34.10%	-231.70%	65.70%	-160.40%
State and Local Jurisdiction [Member]	'	'	'	'
Income Taxes [Line Items]	'	'	'	'
Tax Adjustments, Settlements, and Unusual Provisions	'	'	869,000	'
Valuation Allowance, Deferred Tax Asset, Change in Amount	'	'	596,000	'
Discrete tax item	'	254,000	'	$254,000
State and Local Jurisdiction [Member] | NEW YORK	'	'	'	'
Income Taxes [Line Items]	'	'	'	'
Effective Income Tax Rate Continuing Operations	'	'	0.00%	'