Universal Stainless & Alloy Products (USAP) 10-K 22 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 20, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	usap
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Entity Central Index Key	931,584
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 75,047,786
Entity Common Stock, Shares Outstanding		7,508,154

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Net sales	$ 154,434	$ 180,660	$ 205,560
Cost of products sold	140,921	171,065	173,538
Gross margin	13,513	9,595	32,022
Selling, general and administrative expenses	17,482	19,406	21,122
Goodwill impairment		20,268
Operating (loss) income	(3,969)	(30,079)	10,900
Interest expense and other financing costs	4,674	2,890	3,679
Other (income) expense	230	(153)	22
(Loss) income before income taxes	(8,873)	(32,816)	7,199
(Benefit) provision for income taxes	(3,526)	(12,144)	3,149
Net (loss) income	$ (5,347)	$ (20,672)	$ 4,050
Net (loss) income per common share - Basic	$ (0.74)	$ (2.92)	$ 0.58
Net (loss) income per common share - Diluted	$ (0.74)	$ (2.92)	$ 0.57
Weighted average shares of common stock outstanding
Basic	7,193,300	7,069,954	7,031,539
Diluted	7,193,300	7,069,954	7,116,431

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (5,347)	$ (20,672)	$ 4,050
Other comprehensive income, net of tax:
Unrealized gain on foreign currency contracts , net of tax	21
Comprehensive (loss) income	$ (5,326)	$ (20,672)	$ 4,050

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 75	$ 112
Accounts receivable (less allowance for doubtful accounts of $309 and $249, respectively)	19,437	17,683
Inventory, net	91,342	83,373
Other current assets	2,729	2,584
Total current assets	113,583	103,752
Property, plant and equipment, net	182,398	193,505
Other long-term assets	64	45
Total assets	296,045	297,302
Current liabilities:
Accounts payable	19,906	11,850
Accrued employment costs	3,803	3,256
Current portion of long-term debt	4,579	3,000
Other current liabilities	898	640
Total current liabilities	29,186	18,746
Long-term debt	67,998	72,884
Deferred income taxes	17,629	20,666
Other long-term liabilities	12	29
Total liabilities	114,825	112,325
Commitments and contingencies (Note 10)
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; 7,508,154 and 7,404,193 shares issued, respectively	8	7
Additional paid-in capital	56,397	54,829
Other comprehensive income	21
Retained earnings	127,084	132,431
Treasury stock, at cost; 292,855 common shares held, respectively	(2,290)	(2,290)
Total stockholders’ equity	181,220	184,977
Total liabilities and stockholders’ equity	$ 296,045	$ 297,302

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 309	$ 249
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,508,154	7,404,193
Treasury stock at cost, common shares held	292,855	292,855

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net (loss) income	$ (5,347)	$ (20,672)	$ 4,050
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	18,533	18,608	17,476
Deferred income tax	(3,525)	(12,060)	2,935
Write-off of deferred financing costs	768
Share-based compensation expense, net	1,405	1,865	2,082
Net gain on asset disposals	(340)
Goodwill impairment		20,268
Changes in assets and liabilities:
Accounts receivable, net	(1,754)	11,374	(7,610)
Inventory, net	(9,155)	15,929	(20,075)
Accounts payable	7,096	(13,009)	10,721
Accrued employment costs	547	(2,755)	2,581
Income taxes	200	(248)	514
Other, net	(22)	(130)	215
Net cash provided by operating activities	8,406	19,170	12,889
Investing Activities:
Capital expenditures	(4,376)	(9,551)	(11,173)
Proceeds from sale of property, plant and equipment	1,571
Proceeds from insurance recovery		218
Net cash used in investing activities	(2,805)	(9,333)	(11,173)
Financing Activities:
Borrowings under revolving credit facility	241,152	73,515	103,785
Payments on revolving credit facility	(259,243)	(80,253)	(103,706)
Borrowings under term loan facility	30,000
Payments on term loan facility, capital leases, and convertible notes	(17,448)	(3,000)	(3,000)
Proceeds from the issuance of common stock	651	455	1,040
Payment of deferred financing costs	(750)	(584)
Net cash used in financing activities	(5,638)	(9,867)	(1,881)
Net decrease in cash	(37)	(30)	(165)
Cash at beginning of period	112	142	307
Cash at end of period	75	112	142
Supplemental Disclosure of Cash Flow Information:
Interest paid	3,451	2,384	3,046
Income taxes paid (refunded), net	$ (201)	$ 165	$ (318)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income [Member]
Stockholders' Equity, Beginning Balance at Dec. 31, 2013		$ 7	$ 49,688	$ 149,053	$ (2,290)
Shares outstanding, Beginning Balance (shares) at Dec. 31, 2013		7,017,283			292,855
Common stock issuance under Employee Stock Purchase Plan			276
Common stock issuance under Employee Stock Purchase Plan (shares)		11,380
Exercise of stock options			764
Exercise of stock options (shares)		49,500
Share-based compensation			2,082
Net income (loss)	$ 4,050			4,050
Stockholders' Equity, Ending Balance at Dec. 31, 2014		$ 7	52,810	153,103	$ (2,290)
Shares outstanding, Ending Balance (shares) at Dec. 31, 2014		7,078,163			292,855
Common stock issuance under Employee Stock Purchase Plan			188
Common stock issuance under Employee Stock Purchase Plan (shares)		15,675
Exercise of stock options			267
Exercise of stock options (shares)		17,500
Tax impact on RSUs vested and options exercised or forfeited			(301)
Share-based compensation			1,865
Net income (loss)	(20,672)			(20,672)
Stockholders' Equity, Ending Balance at Dec. 31, 2015	184,977	$ 7	54,829	132,431	$ (2,290)
Shares outstanding, Ending Balance (shares) at Dec. 31, 2015		7,111,338			292,855
Common stock issuance under Employee Stock Purchase Plan			151
Common stock issuance under Employee Stock Purchase Plan (shares)		17,268
Capital investment		$ 1	500
Capital investment, (shares)		73,207
Tax impact on RSUs vested and options exercised or forfeited			(488)
Share-based compensation			1,405
Share-based compensation (shares)		13,486
Net gain on derivative instruments						$ 21
Net income (loss)	(5,347)			(5,347)
Stockholders' Equity, Ending Balance at Dec. 31, 2016	$ 181,220	$ 8	$ 56,397	$ 127,084	$ (2,290)	$ 21
Shares outstanding, Ending Balance (shares) at Dec. 31, 2016		7,215,299			292,855

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1: Significant Accounting Policies Basis of Consolidation . The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly-owned subsidiaries (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity. Use of Estimates . The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates. Concentration of Credit Risk . We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when deemed necessary, require letters of credit, guarantees or cash collateral. During 2016, we had one customer which accounted for more than 20% of our total net sales and for 4% of our total accounts receivable balance. During 2015, we had one customer that accounted for more than 16% of our total net sales and for 7% of our total accounts receivable balance. During 2014, we had one customer that accounted for more than 18% of our total net sales and for 11% of our total accounts receivable balance. Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are presented net of the allowance for doubtful accounts on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. International sales approximated 9%, 9% and 7% of 2016, 2015 and 2014 total net sales, respectively. The allowance for doubtful accounts includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are charged-off to the allowance when they are deemed to be uncollectible. Bad debt expense, net of recoveries for the years ended December 31, 2016, 2015 and 2014 was $0.2 million, $0.2 million and $0.0 million, respectively. Inventories . Inventories are stated at the lower of cost or market with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. We reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. The net change in inventory reserves for the year ended December 31, 2016 was an increase of $0.5 million, primarily due to the aging of slow moving material. The net change in inventory reserves for the years ended December 31, 2015 and 2014 was a $0.1 million decrease and a $0.6 million decrease, respectively. Included 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, 2016, 2015 and 2014, we amortized these operating materials in the amount of $1.6 million, $1.8 million and $1.6 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. Property, Plant and Equipment . Property, plant and equipment is recorded at cost or its fair value at acquisition date. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss generally reflected in cost of goods sold on the consolidated statements of operations. Major equipment maintenance costs are capitalized as incurred and included in other current assets. These costs are amortized to cost of products sold within a twelve to thirty-six 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, 2016, 2015 and 2014 was $15.7 million, $16.9 million and $16.5 million, respectively, which is included as a component of cost of products sold. 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 39 years, and the estimated useful lives of machinery and equipment are between five and 20 years. Our total depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $16.7 million, $15.8 million and $15.0 million, respectively, of which $16.3 million, $15.4 million and $14.6 million, respectively, was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense. Long-Lived Asset Impairment . Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment reserve was deemed necessary as of December 31, 2016, 2015 and 2014. Our intangible assets were fully amortized at December 31, 2015. Deferred Financing Costs . Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for the years ended December 31, 2016, 2015 and 2014 was $0.2 million, $0.6 million and $0.6 million, respectively, and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. In the first quarter of 2016, the Company wrote off $0.8 million of deferred financing costs related to the prior credit facility due to entering into the new Credit Agreement on January 21, 2016. These costs are included as a component of interest expense and other financing costs on the consolidated statements of operations and are broken out separately on the consolidated statement of cash flows. At December 31, 2016 and 2015, we had $1.0 million and $1.3 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a reduction of debt. Goodwill . Goodwill, which represents the excess of cost over net tangible and identifiable intangible assets of acquired businesses, is stated at fair value. Goodwill is not amortized, but evaluated or tested annually for impairment or more frequently if any event indicates that the carrying amount of goodwill may be impaired. We recorded a goodwill impairment in the third quarter of 2015. Due to a significant and sustained drop in our share price and continued weak operating results driven by slower market conditions, the Company determined that an interim goodwill impairment review was required in accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles – Goodwill and Other”. Based on the guidance in ASC 350, the Company performed the two-step quantitative analysis. Under the first step, the Company determined that the carrying value exceeded the fair value of the Company and, therefore, the second step of the analysis was performed. The fair value was estimated using a combination of an income approach, which estimates fair value based on projected discounted cash flows and a market approach, which estimates fair value using the recent stock price of the Company. The income approach is supported by a Level 3 fair value measurement, which means that the valuation reflects the Company’s own estimates of market participant assumptions. The market approach is supported by a Level 1 fair value measurement which is the observable stock price of the Company. The income approach was weighted 30% and the market approach was weighted 70% in determining the fair value. This assessment resulted in the recognition of a non-cash goodwill impairment charge of $20.3 million, which eliminated all goodwill from the balance sheet at September 30, 2015. Stockholders’ Equity . We have never paid a cash dividend on our common stock. Our Credit Agreement does not permit the payment of cash dividends. Revenue Recognition . Revenue from the sale of products is recognized when both risk of loss and title have transferred to the customer, which in most cases coincides with shipment of the related products, and collection is reasonably assured. Revenue from conversion services is recognized when the performance of the service is complete. Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached. The following table presents net sales by product line: For the years ended December 31, 2016 2015 2014 (dollars in thousands) Stainless steel $ 112,118 $ 135,945 $ 159,799 High-strength low alloy steel 13,180 16,045 16,853 Tool steel 19,179 16,197 16,680 High-temperature alloy steel 6,057 7,557 6,295 Conversion services and other sales 3,900 4,916 5,933 Total net sales $ 154,434 $ 180,660 $ 205,560 Income Taxes . Deferred income taxes are provided for unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense. 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 that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2016, 2015 and 2014. We use the with-and-without method to account for excess tax benefits recognized as a result of the exercise of employee stock options. Under the with-and-without method, excess tax benefits related to share-based compensation are not deemed to be realized until after the utilization of all other tax benefits available to us, which are also subject to applicable limitations. Share-based Compensation Plans . We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants and restricted stock units is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award. Net (Loss) Income per Common Share . Net (loss) income per common share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income, adjusted to include interest expense (tax effected) for the convertible notes by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period. All shares that were issuable under our outstanding convertible notes were considered outstanding for our diluted net income per common share computation, using the “if converted” method of accounting from the date of issuance. Treasury Stock . We account for treasury stock under the cost method and include such shares as a reduction of total stockholders’ equity. Financial Instruments . Financial instruments held by us include cash, accounts receivable, and accounts payable and current and long-term debt. The carrying value of cash, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. Refer to Note 5 for fair value disclosures of our financial instruments. Segment Reporting . Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment. Reclassifications . Certain prior year amounts have been reclassified to conform to the 2016 presentation. Recently Adopted Accounting Pronouncement In the first quarter of 2016, we adopted Accounting Standards Update (“ASU”) 2015-3 “Simplifying the presentation of Debt Issuance Costs”. As a result of this guidance, deferred debt issuance costs are recorded as a reduction of debt. The December 31, 2015 balance sheet reflects the reclassification of $1.3 million of deferred debt issuance costs from other long-term assets to long-term debt to be consistent with the presentation at December 31, 2016. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs. Recently issued ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”. This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, “Statement of Cash Flows”, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on the financial statements. In March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU, eliminating additional paid in capital pools. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods beginning after December 16, 2016 with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In February 2016, the FASB issued ASU 2016-2 “Leases (Topic 842)”. The ASU requires lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. The criteria for evaluating are similar to those applied in current leases accounting. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018 with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on the financial statements due to having a limited number of operating leases. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory” to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. We do not expect the adoption of this guidance will have a material impact on our financial statements. 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, 2017, including interim reporting periods within that reporting period. We have completed a preliminary evaluation of this guidance and we do not expect it to have a material impact on our financial statements. We will continue our evaluation of this ASU through the date of adoption.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Inventory	Note 2: Inventory The major classes of inventory are as follows: December 31, 2016 2015 (dollars in thousands) Raw materials and starting stock $ 5,769 $ 6,235 Semi-finished and finished steel products 77,510 69,907 Operating materials 9,893 8,543 Gross inventory 93,172 84,685 Inventory reserves (1,830 ) (1,312 ) Total inventory, net $ 91,342 $ 83,373

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	Note 3: Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2016 2015 (dollars in thousands) Land and land improvements $ 7,377 $ 7,377 Buildings 49,445 47,712 Machinery and equipment 245,694 236,991 Construction in progress 3,610 8,580 Gross property, plant and equipment 306,126 300,660 Accumulated depreciation (123,728 ) (107,155 ) Property, plant and equipment, net $ 182,398 $ 193,505

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Note 4: Long-Term Debt Long-term debt consists of the following: December 31, 2016 2015 (dollars in thousands) Term loan $ 26,273 $ 12,500 Revolving credit facility 26,546 44,350 Convertible notes 19,000 20,000 Capital leases 1,763 - Swing loan credit facility - 287 73,582 77,137 Less: current portion of long-term debt (4,579 ) (3,000 ) Less: deferred financing costs (1,005 ) (1,253 ) Long-term debt $ 67,998 $ 72,884 Credit Facility On January 21, 2016, we entered into a new Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and co-collateral agent, Bank of America, N.A., as co-collateral agent, and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility not to exceed $65.0 million (the “Revolving Credit Facility”) and a senior secured term loan facility (the “Term Loan”) in the amount of $30.0 million (together with the Revolving Credit Facility, the “Facilities”). The Credit Agreement also provides for a letter of credit sub-facility not to exceed $10.0 million and a swing loan sub-facility not to exceed $6.5 million. The Company may request to increase the maximum aggregate principal amount of borrowings under the Revolving Credit Facility by $25.0 million prior to January 21, 2020. The Credit Agreement replaced the previous credit agreement that was in place prior to January 21, 2016. The Company was in compliance with all applicable financial covenants set forth in the previous credit agreement as of the date of its entrance into the Credit Agreement. The Facilities, which expire upon the earlier of (i) January 21, 2021 or (ii) the date that is 90 days prior to the scheduled maturity date of the Convertible Notes (as defined below) (in either case, the “Expiration Date”), are collateralized by a first lien in substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than the Company’s real property in North Jackson, Ohio. Availability under the Revolving Credit Facility is based on eligible accounts receivable and inventory. 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 makes quarterly installment payments of principal of approximately $1.1 million, plus accrued and unpaid interest, on the first day of each fiscal quarter. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date. Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate plus a margin or a rate based on LIBOR plus a margin, 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 LIBOR based rate for the majority of the debt outstanding under the Facilities for the twelve months ended December 31, 2016, which was 3.87% on our Revolving Credit Facility and 4.37% for the Term Loan at December 31, 2016. The Credit Agreement contains customary affirmative and negative covenants. As of December 31, 2016 and as of the end of each fiscal quarter ending thereafter, the Company must maintain a fixed charge coverage ratio of not less than 1.10 to 1.0, in each case measured on a rolling four-quarter basis calculated in accordance with the terms of the Credit Agreement. We were in compliance with our covenants under the Credit Agreement at December 31, 2016 and under our previous credit agreement at December 31, 2015. At December 31, 2016, we had deferred financing costs of approximately $1.0 million. For the twelve months ended December 30, 2016, we paid deferred financing costs of $0.8 million related to the Credit Agreement, wrote off $0.8 million of fees related to the previous credit agreement and amortized $0.2 million of deferred financing costs. We adopted ASU 2015-3 “Simplifying the Presentation of Debt Issuance Costs” in the first quarter of 2016. As a result of this guidance, deferred debt issuance costs are recorded as a reduction of debt. The December 31, 2015 balance sheet reflects the reclassification of $1.3 million of deferred debt issuance costs from Other long-term assets to Long-term debt to be consistent with the presentation at December 31, 2016. Pursuant to the terms of the Credit Agreement, the Company completed the issuance of 73,207 shares of the Company’s common stock to certain directors and officers of the Company on February 2, 2016. The aggregate purchase price of the stock was $0.5 million based on the average of the high and low reported trading prices for the Company’s common stock on The NASDAQ Stock Market on February 1, 2016. The aggregate annual principal payments due under our Credit Agreement at December 31, 2016, are as follows: (dollars in thousands) 2017 $ 4,286 2018 4,286 2019 4,286 2020 4,286 2021 35,675 $ 52,819 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. On January 21, 2016, the Company entered into Amended and Restated Convertible Notes (collectively, the “Convertible Notes”) in the aggregate principal amount of $20.0 million, each in favor of Gorbert Inc. (the “Holder”). The Convertible Notes amended and restated the Notes. The Company’s obligations under the Convertible Notes are collateralized by a second lien on the same assets of the Company that collateralize the obligations of the Company under the Facilities. The Convertible Notes mature on March 17, 2019, and the maturity date may be extended, at the Company’s option, to March 17, 2020 and further to March 17, 2021. If the Company elects to extend the maturity date of the Convertible Notes to March 17, 2020, principal payments in the aggregate of $2.0 million will be required on March 17, 2019. If the Company elects to extend the maturity date of the Convertible Notes further to March 17, 2021, principal payments in the aggregate of $2.0 million will be required on March 17, 2020. The Convertible Notes bore interest at a rate of 4.0% per year through and including August 17, 2016. The Convertible Notes bear interest at a rate of 5.0% per year from August 18, 2016 through and including August 17, 2017 and a rate of 6.0% per year from and after August 18, 2017. Through and including June 18, 2017, all accrued and unpaid interest is payable semi-annually in arrears on each June 18 and December 18. After June 18, 2017, all accrued and unpaid interest is payable quarterly in arrears on each September 18, December 18, March 18 and June 18. The Holder may elect at any time on or prior to August 17, 2017 to convert all or any portion of the outstanding principal amount of the Convertible Notes which is an integral multiple of $100,000. The Convertible Notes are convertible into shares of common stock and, in certain circumstances, cash, securities and/or other assets. The Convertible Notes are convertible based on an initial conversion rate of 21.2 shares of Common Stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of $47.1675 per share). The conversion rate and the conversion price associated with the Convertible Notes may be adjusted in certain circumstances. The Holder’s conversion rights will be void and no longer subject to exercise by the Holder beginning on August 17, 2017. In conjunction with the issuance of the Convertible Notes on January 21, 2016, we made principal prepayments on the Convertible Notes totaling $1.0 million. Capital Leases On February 1, 2016 and March 1, 2016, the Company entered into capital leases for equipment. The capital assets and obligations are recorded at the present value of minimum lease payments. The assets are included in Property, plant and equipment, net on the Consolidated Balance Sheet and are depreciated over the five-year lease term. The long-term component of the capital lease obligations is included in Long-term debt and the current component is included in Current portion of long-term debt. These amounts have been excluded from the Consolidated Statement of Cash Flows as they are non-cash. The net present value of the minimum lease payments, at inception, was $2.0 million. As of December 31, 2016, future minimum lease payments applicable to capital leases were as follows: 2017 473 2018 473 2019 473 2020 473 2021 375 Total minimum capital lease payments $ 2,267 Less amounts representing interest (504 ) Present value of net minimum capital lease payments $ 1,763 Less current obligation (293 ) Total long-term capital lease obligation $ 1,470 There were no capital lease obligations at December 31, 2015. For the twelve months ended December 31, 2016, amortization of capital lease assets was $0.3 million. Capital lease amortization is included in cost of products sold in the Consolidated Statement of Operations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5: Fair Value Measurements 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 December 31, 2016 and 2015 due to their short-term nature (Level 1). The fair value of the Term Loan, Revolver and swing loans at December 31, 2015 and 2014 approximated the carrying amount as the interest rate is based upon floating short-term interest rates (Level 2). At December 31, 2016 and 2015, the fair value of our Notes was approximately $18.4 million and $19.2 million, respectively (Level 2).

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Note 6: Derivatives and Hedging The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the US Dollar, during 2016, the Company entered 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 at December 31, 2016 was $2.4 million and an unrealized gain of $21,000 was recorded in other comprehensive income at December 31, 2016.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 7: Income Taxes The income tax provision (benefit) attributable to continuing operations during the years ended December 31, 2016, 2015 and 2014 is as follows: Components of the provision (benefit) for income taxes are as follows: For the years ended December 31, 2016 2015 2014 (dollars in thousands) Current provision (benefit) Federal $ 8 $ (105 ) $ 312 State 5 56 298 Deferred (benefit) provision Federal (3,501 ) (11,843 ) 1,941 State (38 ) (252 ) 598 (Benefit) provision for income taxes $ (3,526 ) $ (12,144 ) $ 3,149 A reconciliation of the federal statutory tax rate and our effective tax rate is as follows: For the years ended December 31, 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Research and development tax credit 4.9 1.6 (2.9 ) Valuation allowance, state government grants, net of federal impact - - 8.2 State income taxes, net of federal impact 0.4 0.6 3.7 Other, net (0.6 ) (0.2 ) (0.3 ) Effective income tax rate 39.7 % 37.0 % 43.7 % We continue to record a full valuation allowance against our New York deferred tax assets due to the zero percent (0%) state income tax rate for qualified manufacturers. We have determined that federal and other state deferred tax assets are expected to be realized and have not recorded any additional valuation allowances. 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, 2016 2015 (dollars in thousands) Noncurrent deferred income taxes: Federal and state tax carryforwards $ 22,533 $ 22,495 Inventory 649 1,196 Share-based compensation 3,506 3,545 Receivables 182 76 Accrued liabilities 689 299 Other 82 65 Total deferred tax assets $ 27,641 $ 27,676 Deferred tax liabilities: Property, plant and equipment $ 44,498 $ 47,899 Other 772 443 Total deferred tax liabilities $ 45,270 $ 48,342 Total noncurrent deferred income taxes $ 17,629 $ 20,666 We file a U.S. federal income tax return and various state income tax returns. For federal income tax purposes, we had $53.0 million and $54.2 million of net operating loss carryforwards at December 31, 2016 and 2015, respectively. The net operating loss carryforwards begin to expire in 2031. In addition, we have credit carryforwards associated with our research and development activities of $2.7 million and $2.3 million as of December 31, 2016 and 2015, respectively. The research and development credit carryforwards being to expire in 2030. We also have $0.5 million in alternative minimum tax credit carryforwards for the years ended December 31, 2016 and 2015, respectively. The alternative minimum tax credit carryforwards can be carried forward indefinitely. We have state net operating loss carryforwards of $9.2 million and $9.0 million and state credit carryforwards of $0.3 million at December 31, 2016 and 2015, respectively. The state net operating loss carryforwards begin to expire in 2031. The state credit carryforwards begin to expire in 2027. We are routinely under audit by federal or state authorities. Our federal tax returns are subject to examination by the IRS for tax years after 2012. We are subject to examination by most state tax jurisdictions for tax years after 2012.

Net (Loss) Income Per Common Sh

Net (Loss) Income Per Common Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Net (Loss) Income Per Common Share	Note 8: Net (Loss) Income Per Common Share The computation of basic and diluted net (loss) income per common share for the years ended December 31, 2016, 2015 and 2014 is as follows: For the years ended December 31, 2016 2015 2014 (dollars in thousands, except per share amounts) Numerator: Net (loss) income $ (5,347 ) $ (20,672 ) $ 4,050 Adjustment for interest expense on convertible notes - - - Net (loss) income, as adjusted $ (5,347 ) $ (20,672 ) $ 4,050 Denominator: Weighted average number of shares of common stock outstanding 7,193,300 7,069,954 7,031,539 Weighted average effect of dilutive stock options and other stock compensation - - 84,892 Weighted average effect of assumed conversion of convertible notes - - - Weighted average number of shares of common stock outstanding, as adjusted 7,193,300 7,069,954 7,116,431 Net (loss) income per common share: Basic $ (0.74 ) $ (2.92 ) $ 0.58 Diluted $ (0.74 ) $ (2.92 ) $ 0.57 An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the years ended December 31, 2016, 2015 and 2014 as a result of the convertible notes being antidilutive. There were 844,000, 635,200 and 440,300 options to purchase shares of common stock, at an average price of $27.13, $30.67 and $35.20 for the years ended December 31, 2016, 2015 and 2014, respectively, that were not included in the computation of diluted net (loss) income per common share because their respective exercise prices were greater than the average market price of our common stock. The calculation of diluted earnings per share for the year ended December 31, 2016 excludes 408,459 shares, and the years ended December 31, 2015 and 2014 excludes 428,140 shares, for the assumed conversion of convertible notes as a result of the convertible notes being antidilutive. In addition, the calculation of diluted earnings per share for the year ended December 31, 2016 and 2015 would have included 6,575 and 21,774 shares, respectively, for the assumed exercise of options and restricted stock units under our share incentive plans except that we were in a net loss position and the impact would have been antidilutive.

Incentive Compensation Plans

Incentive Compensation Plans	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation Plans	Note 9: Incentive Compensation Plans At December 31, 2016, we had three incentive compensation plans that are described below: Omnibus Incentive Plan We maintain an Omnibus Incentive Plan (“OIP”) which was approved by our stockholders in May 2012. The OIP permits the issuance of stock options, restricted stock, restricted stock units and other stock-based awards to non-employee directors, other than those directors owning more than 5% of our outstanding common stock, consultants, officers and other key employees who are expected to contribute to our future growth and success. An aggregate of 712,318 shares of common stock were authorized for issuance under the OIP, of which 162,657 were available for grant at December 31, 2016. Stock Options The option price for options granted under the OIP is equal to the fair market value of the common stock at the date of grant. Options granted to non-employee directors vest over a three-year period, and options granted to employees vest over a four-year period. All options under the OIP will expire no later than ten years after the grant date. Forfeited options may be reissued and are included in the amount available for grants. A summary of stock option activity as of and for the year ended December 31, 2016 is presented below: 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, 2015 299,200 $ 10.40 841,750 $ 25.71 Stock options granted 140,100 5.85 140,100 11.18 Stock options exercised - - - - Stock options vested (99,775 ) 12.11 - - Stock options forfeited (12,250 ) 7.30 (47,250 ) 24.05 Outstanding at December 31, 2016 327,275 $ 8.05 934,600 $ 23.62 5.9 Exercisable at December 31, 2016 607,325 $ 28.24 4.3 There were no stock option exercises in 2016. Proceeds from stock option exercises totaled $0.3 million and $0.8 million for the years ended December 31, 2015 and 2014, respectively. Shares issued in connection with stock option exercises are issued from available authorized shares. Based upon the closing stock price of $13.51 at December 31, 2016, the aggregate intrinsic value of outstanding and exercisable stock options was $0.7 million and $0.1 million, respectively. Intrinsic value of stock options is calculated as the amount by which the market price of our common stock exceeds the exercise price of the options. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2015 and 2014 was $0.1 million and $0.8 million, respectively. The total fair value of stock option awards vested during the years ended December 31, 2016, 2015 and 2014 was $1.2 million, $1.0 million and $1.7 million, respectively. 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 value of the portion of the award that is ultimately expected to vest 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 $1.4 million, $1.5 million and $1.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. Share-based compensation expense is recognized ratably over the requisite service period for all stock option awards. Unrecognized share-based compensation expense related to non-vested stock option awards totaled $2.3 million at December 31, 2016. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 2.7 years. We recognized no tax benefit for the exercise of stock options during the years ended December 31, 2016, 2015 and 2014. 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, 2016, 2015 and 2014 was $5.85, $6.99 and $14.39, respectively. The assumptions used to determine the fair value of stock options granted are detailed in the table below: 2016 2015 2014 Risk-free interest rate 1.42% to 2.39% 1.77% to 2.19% 1.79% to 2.13% Dividend yield 0.0 % 0.0 % 0.0 % Expected market price volatility 51% to 53% 49% to 55% 49% to 57% Weighted-average expected market price volatility 51.0 % 52.6 % 52.6 % Expected term 5.6 to 7.5 years 5.6 to 7.5 years 5.6 to 7.5 years 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 pay cash dividends on common stock and currently have no plans to pay a dividend. Expected volatility is based on the long-term historical volatility (estimated over a period equal to the expected term of the stock options) of our common stock. In estimating the fair value of stock options under the Black-Scholes option-pricing model, separate groups of employees that have similar historical exercise behavior are considered separately. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Restricted Stock and Restricted Stock Units During the year ended December 31, 2012, we granted 35,000 time-based shares of restricted common stock to certain employees. The fair value of the non-vested time-based restricted common stock awards was calculated using the market value of the stock on the date of issuance, which was $35.26. During the year ended December 31, 2013, 3,000 of these restricted shares were forfeited. Share-based compensation expense related to restricted stock totaled $0.4 million, $0.3 million for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015, all of the restricted shares had vested. During the year ended December 31, 2016, we granted 95,000 time-based restricted stock units to certain employees. The fair value of the non-vested time-based restricted common stock awards was calculated using the market value of the stock on the date of issuance, which was $14.75. As of December 31, 2016, total unrecognized compensation cost related to non-vested time-based restricted stock units was $1.4 million. That cost is expected to be recognized over a weighted-average period of 3.3 years. Employee Stock Purchase Plan Under the 1996 Employee Stock Purchase Plan, as amended (the “Plan”), the Company is authorized to issue up to 300,000 shares of common stock to its full-time employees, nearly all of whom are eligible to participate. Under the terms of the Plan, employees can choose as of January 1 and July 1 of each year to have up to 10% of their total earnings withheld to purchase up to 100 shares of our common stock each six-month period. The purchase price of the stock is 85% of the lower of its beginning-of-the-period or end-of-the-period market prices. At December 31, 2016, we have issued 195,904 shares of common stock since the Plan’s inception. Cash Incentive Plans We have a variable compensation plan covering certain key executives and senior management and profit-sharing plans and a key performance plan that cover the remaining employees. The variable compensation plan aligns the compensation of executive officers and senior management with the performance expectations of the Board of Directors in order to motivate and reward them for the achievement of Company performance metrics. The profit-sharing plans provide for the sharing of pre-tax profits in excess of specified amounts at our Bridgeville, Dunkirk and Titusville facilities. The key performance plan provides a cash incentive for achieving certain performance metrics at our North Jackson facility. For the years ended December 31, 2016, 2015 and 2014, we expensed $1.5 million, $1.0 million and $4.4 million, respectively, under these cash incentive plans of which $0.4,million $0.4 million and $1.8 million, respectively, was included as a component of cost of products sold while the remainder was included in selling and administrative expense. At December 31, 2016 and 2015, we had liabilities of $1.2 million and $0.6 million, respectively, as a component of accrued employment costs on our consolidated balance sheets related to these cash incentive plans.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	Note 10: Retirement Plans We have a defined contribution retirement plan (“401(k) plan”) that covers substantially all employees. Pursuant to the 401(k) plan, participants may elect to make pre-tax and after-tax contributions, subject to certain limitations imposed under the Internal Revenue Code of 1986, as amended. In addition, we make periodic contributions to the 401(k) plan based on service for the Titusville and Dunkirk hourly employees and age for North Jackson hourly employees. We make periodic contributions for the salaried employees at all locations except for North Jackson based upon their service and their individual contribution to the 401(k) plan. For North Jackson salaried employees, we make periodic contributions based upon the employee’s age and their individual contributions. 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, which expires in August 2018 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 ending December 31, 2015. As of that date, the Trust is not fully funded. We could be held liable to the Trust for our own obligations, as well as those of other employers, due to our participation in the Trust. Contribution rates could increase if the Trust is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of the Trust assets do not meet expectations, or as a result of future collectively-bargained wage and benefit agreements. If we choose to stop participating in the Trust, we may be required to pay the Trust an amount based on the underfunded status of the Trust, referred to as a withdrawal liability. The Pension Protection Act (PPA) defines a zone status for each trust. Trusts in the green zone are at least 80% funded, trusts in the yellow zone are at least 65% funded, and trusts in the red zone are generally less than 65% funded. The Trust has utilized extended amortization provisions to amortize its losses from 2008. The Trust recertified its zone status after using the extended amortization provisions as allowed by law. The Trust has not implemented a funding improvement or rehabilitation plan, nor are such plans pending. Our contributions to the Trust have not exceeded more than 5% of the total contributions to the Trust. Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2016 2015 implemented 2016 2015 2014 imposed Trust 23-6648508 / 499 Green Green No $ 681 $ 737 $ 758 No The total expense of all retirement plans for the years ended December 31, 2016, 2015 and 2014 was $1.6 million in each period. No other post-retirement benefit plans exist.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11: 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 its financial condition, or liquidity or a material impact to its 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. We, as well as other steel companies, are subject to demanding environmental standards imposed by federal, state and local environmental laws and regulations. We are not aware of any environmental condition that currently exists at any of our facilities that would cause a material adverse effect on our financial condition, results of operations or liquidity in a particular future quarter or year. 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, 2016, our total purchase obligations were $7.5 million, of which $5.9 million will be due in 2017.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Note 12: Selected Quarterly Financial Data (unaudited) First quarter Second quarter Third quarter Fourth quarter (dollars in thousands, except per share amounts) 2016 Data: Net sales $ 39,594 $ 41,030 $ 39,651 $ 34,159 Gross margin $ 1,341 $ 4,339 $ 4,734 $ 3,099 Operating (loss) income $ (2,497 ) $ (252 ) $ 230 $ (1,450 ) Benefit from income taxes $ (1,920 ) $ (437 ) $ (292 ) $ (877 ) Net loss $ (2,440 ) $ (802 ) $ (520 ) $ (1,585 ) Net loss per common share: Basic $ (0.34 ) $ (0.11 ) $ (0.07 ) $ (0.22 ) Diluted $ (0.34 ) $ (0.11 ) $ (0.07 ) $ (0.22 ) 2015 Data: Net sales $ 55,983 $ 49,610 $ 43,371 $ 31,696 Gross margin $ 5,710 $ 5,186 $ (410 ) $ (891 ) Goodwill impairment $ - $ - $ 20,268 $ - Operating income (loss) $ 1,016 $ 225 $ (25,896 ) $ (5,424 ) Provision (benefit) for income taxes $ 65 $ (173 ) $ (9,539 ) $ (2,497 ) Net income (loss) $ 125 $ (356 ) $ (17,045 ) $ (3,396 ) Net income (loss) per common share: Basic $ 0.02 $ (0.05 ) $ (2.41 ) $ (0.48 ) Diluted $ 0.02 $ (0.05 ) $ (2.41 ) $ (0.48 ) Net income (loss) per common share amounts for each quarter is required to be computed independently. As a result, their sum may not equal the total year earnings per share amounts.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 13: Subsequent Events None

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Valuation And Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts Balance at Charged to Deductions/ beginning costs and net charge- Balance at For the Years Ended December 31, 2016, 2015 and 2014 of year expenses offs (A) end of year (dollars in thousands) Allowance for doubtful accounts: Year ended December 31, 2016 $ 249 $ 163 $ (103 ) $ 309 Year ended December 31, 2015 17 239 (7 ) 249 Year ended December 31, 2014 84 18 (85 ) 17 Valuation allowance for deferred income taxes: Year ended December 31, 2016 $ 1,582 $ - $ (29 ) $ 1,553 Year ended December 31, 2015 1,582 - - 1,582 Year ended December 31, 2014 986 596 - 1,582 (A) Represents write-off of bad debts net of recoveries

Significant Accounting Polici22

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation . The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly-owned subsidiaries (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity.
Use of Estimates	Use of Estimates . The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk . We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when deemed necessary, require letters of credit, guarantees or cash collateral. During 2016, we had one customer which accounted for more than 20% of our total net sales and for 4% of our total accounts receivable balance. During 2015, we had one customer that accounted for more than 16% of our total net sales and for 7% of our total accounts receivable balance. During 2014, we had one customer that accounted for more than 18% of our total net sales and for 11% of our total accounts receivable balance.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are presented net of the allowance for doubtful accounts on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. International sales approximated 9%, 9% and 7% of 2016, 2015 and 2014 total net sales, respectively. The allowance for doubtful accounts includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are charged-off to the allowance when they are deemed to be uncollectible. Bad debt expense, net of recoveries for the years ended December 31, 2016, 2015 and 2014 was $0.2 million, $0.2 million and $0.0 million, respectively.
Inventories	Inventories . Inventories are stated at the lower of cost or market with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. We reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. The net change in inventory reserves for the year ended December 31, 2016 was an increase of $0.5 million, primarily due to the aging of slow moving material. The net change in inventory reserves for the years ended December 31, 2015 and 2014 was a $0.1 million decrease and a $0.6 million decrease, respectively. Included 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, 2016, 2015 and 2014, we amortized these operating materials in the amount of $1.6 million, $1.8 million and $1.6 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.
Property, Plant and Equipment	Property, Plant and Equipment . Property, plant and equipment is recorded at cost or its fair value at acquisition date. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss generally reflected in cost of goods sold on the consolidated statements of operations. Major equipment maintenance costs are capitalized as incurred and included in other current assets. These costs are amortized to cost of products sold within a twelve to thirty-six 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, 2016, 2015 and 2014 was $15.7 million, $16.9 million and $16.5 million, respectively, which is included as a component of cost of products sold. 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 39 years, and the estimated useful lives of machinery and equipment are between five and 20 years. Our total depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $16.7 million, $15.8 million and $15.0 million, respectively, of which $16.3 million, $15.4 million and $14.6 million, respectively, was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense.
Long-Lived Asset Impairment	Long-Lived Asset Impairment . Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment reserve was deemed necessary as of December 31, 2016, 2015 and 2014. Our intangible assets were fully amortized at December 31, 2015.
Deferred Financing Costs	Deferred Financing Costs . Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for the years ended December 31, 2016, 2015 and 2014 was $0.2 million, $0.6 million and $0.6 million, respectively, and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. In the first quarter of 2016, the Company wrote off $0.8 million of deferred financing costs related to the prior credit facility due to entering into the new Credit Agreement on January 21, 2016. These costs are included as a component of interest expense and other financing costs on the consolidated statements of operations and are broken out separately on the consolidated statement of cash flows. At December 31, 2016 and 2015, we had $1.0 million and $1.3 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a reduction of debt.
Goodwill	Goodwill . Goodwill, which represents the excess of cost over net tangible and identifiable intangible assets of acquired businesses, is stated at fair value. Goodwill is not amortized, but evaluated or tested annually for impairment or more frequently if any event indicates that the carrying amount of goodwill may be impaired. We recorded a goodwill impairment in the third quarter of 2015. Due to a significant and sustained drop in our share price and continued weak operating results driven by slower market conditions, the Company determined that an interim goodwill impairment review was required in accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles – Goodwill and Other”. Based on the guidance in ASC 350, the Company performed the two-step quantitative analysis. Under the first step, the Company determined that the carrying value exceeded the fair value of the Company and, therefore, the second step of the analysis was performed. The fair value was estimated using a combination of an income approach, which estimates fair value based on projected discounted cash flows and a market approach, which estimates fair value using the recent stock price of the Company. The income approach is supported by a Level 3 fair value measurement, which means that the valuation reflects the Company’s own estimates of market participant assumptions. The market approach is supported by a Level 1 fair value measurement which is the observable stock price of the Company. The income approach was weighted 30% and the market approach was weighted 70% in determining the fair value. This assessment resulted in the recognition of a non-cash goodwill impairment charge of $20.3 million, which eliminated all goodwill from the balance sheet at September 30, 2015.
Stockholders' Equity	Stockholders’ Equity . We have never paid a cash dividend on our common stock. Our Credit Agreement does not permit the payment of cash dividends.
Revenue Recognition	Revenue Recognition . Revenue from the sale of products is recognized when both risk of loss and title have transferred to the customer, which in most cases coincides with shipment of the related products, and collection is reasonably assured. Revenue from conversion services is recognized when the performance of the service is complete. Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached. The following table presents net sales by product line: For the years ended December 31, 2016 2015 2014 (dollars in thousands) Stainless steel $ 112,118 $ 135,945 $ 159,799 High-strength low alloy steel 13,180 16,045 16,853 Tool steel 19,179 16,197 16,680 High-temperature alloy steel 6,057 7,557 6,295 Conversion services and other sales 3,900 4,916 5,933 Total net sales $ 154,434 $ 180,660 $ 205,560
Income Taxes	Income Taxes . Deferred income taxes are provided for unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense. 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 that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2016, 2015 and 2014. We use the with-and-without method to account for excess tax benefits recognized as a result of the exercise of employee stock options. Under the with-and-without method, excess tax benefits related to share-based compensation are not deemed to be realized until after the utilization of all other tax benefits available to us, which are also subject to applicable limitations.
Share-based Compensation Plans	Share-based Compensation Plans . We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants and restricted stock units is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award.
Net (Loss) Income per Common Share	Net (Loss) Income per Common Share . Net (loss) income per common share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income, adjusted to include interest expense (tax effected) for the convertible notes by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period. All shares that were issuable under our outstanding convertible notes were considered outstanding for our diluted net income per common share computation, using the “if converted” method of accounting from the date of issuance.
Treasury Stock	Treasury Stock . We account for treasury stock under the cost method and include such shares as a reduction of total stockholders’ equity.
Financial Instruments	Financial Instruments . Financial instruments held by us include cash, accounts receivable, and accounts payable and current and long-term debt. The carrying value of cash, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. Refer to Note 5 for fair value disclosures of our financial instruments.
Segment Reporting	Segment Reporting . Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment.
Reclassifications	Reclassifications . Certain prior year amounts have been reclassified to conform to the 2016 presentation.
New Accounting Pronouncement	Recently Adopted Accounting Pronouncement In the first quarter of 2016, we adopted Accounting Standards Update (“ASU”) 2015-3 “Simplifying the presentation of Debt Issuance Costs”. As a result of this guidance, deferred debt issuance costs are recorded as a reduction of debt. The December 31, 2015 balance sheet reflects the reclassification of $1.3 million of deferred debt issuance costs from other long-term assets to long-term debt to be consistent with the presentation at December 31, 2016. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all ASUs. Recently issued ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”. This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, “Statement of Cash Flows”, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on the financial statements. In March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU, eliminating additional paid in capital pools. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods beginning after December 16, 2016 with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In February 2016, the FASB issued ASU 2016-2 “Leases (Topic 842)”. The ASU requires lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. The criteria for evaluating are similar to those applied in current leases accounting. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018 with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on the financial statements due to having a limited number of operating leases. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory” to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. We do not expect the adoption of this guidance will have a material impact on our financial statements. 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, 2017, including interim reporting periods within that reporting period. We have completed a preliminary evaluation of this guidance and we do not expect it to have a material impact on our financial statements. We will continue our evaluation of this ASU through the date of adoption.

Significant Accounting Polici23

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Net Sales by Product Line	The following table presents net sales by product line: For the years ended December 31, 2016 2015 2014 (dollars in thousands) Stainless steel $ 112,118 $ 135,945 $ 159,799 High-strength low alloy steel 13,180 16,045 16,853 Tool steel 19,179 16,197 16,680 High-temperature alloy steel 6,057 7,557 6,295 Conversion services and other sales 3,900 4,916 5,933 Total net sales $ 154,434 $ 180,660 $ 205,560

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Major Classes of Inventory	December 31, 2016 2015 (dollars in thousands) Raw materials and starting stock $ 5,769 $ 6,235 Semi-finished and finished steel products 77,510 69,907 Operating materials 9,893 8,543 Gross inventory 93,172 84,685 Inventory reserves (1,830 ) (1,312 ) Total inventory, net $ 91,342 $ 83,373

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: December 31, 2016 2015 (dollars in thousands) Land and land improvements $ 7,377 $ 7,377 Buildings 49,445 47,712 Machinery and equipment 245,694 236,991 Construction in progress 3,610 8,580 Gross property, plant and equipment 306,126 300,660 Accumulated depreciation (123,728 ) (107,155 ) Property, plant and equipment, net $ 182,398 $ 193,505

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	December 31, 2016 2015 (dollars in thousands) Term loan $ 26,273 $ 12,500 Revolving credit facility 26,546 44,350 Convertible notes 19,000 20,000 Capital leases 1,763 - Swing loan credit facility - 287 73,582 77,137 Less: current portion of long-term debt (4,579 ) (3,000 ) Less: deferred financing costs (1,005 ) (1,253 ) Long-term debt $ 67,998 $ 72,884
Schedule of Maturities of Long-term Debt	(dollars in thousands) 2017 $ 4,286 2018 4,286 2019 4,286 2020 4,286 2021 35,675 $ 52,819
Future Minimum Lease Payments for Capital Leases	2017 473 2018 473 2019 473 2020 473 2021 375 Total minimum capital lease payments $ 2,267 Less amounts representing interest (504 ) Present value of net minimum capital lease payments $ 1,763 Less current obligation (293 ) Total long-term capital lease obligation $ 1,470

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Provision (Benefit) for Income Taxes	For the years ended December 31, 2016 2015 2014 (dollars in thousands) Current provision (benefit) Federal $ 8 $ (105 ) $ 312 State 5 56 298 Deferred (benefit) provision Federal (3,501 ) (11,843 ) 1,941 State (38 ) (252 ) 598 (Benefit) provision for income taxes $ (3,526 ) $ (12,144 ) $ 3,149
Schedule of Effective Income Tax Rate Reconciliation	For the years ended December 31, 2016 2015 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Research and development tax credit 4.9 1.6 (2.9 ) Valuation allowance, state government grants, net of federal impact - - 8.2 State income taxes, net of federal impact 0.4 0.6 3.7 Other, net (0.6 ) (0.2 ) (0.3 ) Effective income tax rate 39.7 % 37.0 % 43.7 %
Schedule of Deferred Tax Assets and Liabilities	December 31, 2016 2015 (dollars in thousands) Noncurrent deferred income taxes: Federal and state tax carryforwards $ 22,533 $ 22,495 Inventory 649 1,196 Share-based compensation 3,506 3,545 Receivables 182 76 Accrued liabilities 689 299 Other 82 65 Total deferred tax assets $ 27,641 $ 27,676 Deferred tax liabilities: Property, plant and equipment $ 44,498 $ 47,899 Other 772 443 Total deferred tax liabilities $ 45,270 $ 48,342 Total noncurrent deferred income taxes $ 17,629 $ 20,666

Net (Loss) Income Per Common 28

Net (Loss) Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Computation of Net (Loss) Income Per Common Share	The computation of basic and diluted net (loss) income per common share for the years ended December 31, 2016, 2015 and 2014 is as follows: For the years ended December 31, 2016 2015 2014 (dollars in thousands, except per share amounts) Numerator: Net (loss) income $ (5,347 ) $ (20,672 ) $ 4,050 Adjustment for interest expense on convertible notes - - - Net (loss) income, as adjusted $ (5,347 ) $ (20,672 ) $ 4,050 Denominator: Weighted average number of shares of common stock outstanding 7,193,300 7,069,954 7,031,539 Weighted average effect of dilutive stock options and other stock compensation - - 84,892 Weighted average effect of assumed conversion of convertible notes - - - Weighted average number of shares of common stock outstanding, as adjusted 7,193,300 7,069,954 7,116,431 Net (loss) income per common share: Basic $ (0.74 ) $ (2.92 ) $ 0.58 Diluted $ (0.74 ) $ (2.92 ) $ 0.57

Incentive Compensation Plans (T

Incentive Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of stock option activity as of and for the year ended December 31, 2016 is presented below: 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, 2015 299,200 $ 10.40 841,750 $ 25.71 Stock options granted 140,100 5.85 140,100 11.18 Stock options exercised - - - - Stock options vested (99,775 ) 12.11 - - Stock options forfeited (12,250 ) 7.30 (47,250 ) 24.05 Outstanding at December 31, 2016 327,275 $ 8.05 934,600 $ 23.62 5.9 Exercisable at December 31, 2016 607,325 $ 28.24 4.3
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted	The assumptions used to determine the fair value of stock options granted are detailed in the table below: 2016 2015 2014 Risk-free interest rate 1.42% to 2.39% 1.77% to 2.19% 1.79% to 2.13% Dividend yield 0.0 % 0.0 % 0.0 % Expected market price volatility 51% to 53% 49% to 55% 49% to 57% Weighted-average expected market price volatility 51.0 % 52.6 % 52.6 % Expected term 5.6 to 7.5 years 5.6 to 7.5 years 5.6 to 7.5 years

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Schedule of Multiemployer Plans	Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2016 2015 implemented 2016 2015 2014 imposed Trust 23-6648508 / 499 Green Green No $ 681 $ 737 $ 758 No

Selected Quarterly Financial 31

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	First quarter Second quarter Third quarter Fourth quarter (dollars in thousands, except per share amounts) 2016 Data: Net sales $ 39,594 $ 41,030 $ 39,651 $ 34,159 Gross margin $ 1,341 $ 4,339 $ 4,734 $ 3,099 Operating (loss) income $ (2,497 ) $ (252 ) $ 230 $ (1,450 ) Benefit from income taxes $ (1,920 ) $ (437 ) $ (292 ) $ (877 ) Net loss $ (2,440 ) $ (802 ) $ (520 ) $ (1,585 ) Net loss per common share: Basic $ (0.34 ) $ (0.11 ) $ (0.07 ) $ (0.22 ) Diluted $ (0.34 ) $ (0.11 ) $ (0.07 ) $ (0.22 ) 2015 Data: Net sales $ 55,983 $ 49,610 $ 43,371 $ 31,696 Gross margin $ 5,710 $ 5,186 $ (410 ) $ (891 ) Goodwill impairment $ - $ - $ 20,268 $ - Operating income (loss) $ 1,016 $ 225 $ (25,896 ) $ (5,424 ) Provision (benefit) for income taxes $ 65 $ (173 ) $ (9,539 ) $ (2,497 ) Net income (loss) $ 125 $ (356 ) $ (17,045 ) $ (3,396 ) Net income (loss) per common share: Basic $ 0.02 $ (0.05 ) $ (2.41 ) $ (0.48 ) Diluted $ 0.02 $ (0.05 ) $ (2.41 ) $ (0.48 )

Significant Accounting Polici32

Significant Accounting Policies (Concentration of Credit Risk, Accounts Receivable, and Allowance for Doubtful Accounts) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)customer	Dec. 31, 2015USD ($)customer	Dec. 31, 2014USD ($)customer
Concentration Risk [Line Items]
Bad debt expense | $	$ 0.2	$ 0.2	$ 0
Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, number of customer | customer	1	1	1
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	16.00%	18.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	9.00%	7.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	7.00%	11.00%

Significant Accounting Polici33

Significant Accounting Policies (Inventories) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net change in inventory reserves	$ 0.5	$ (0.1)	$ (0.6)
Amortization included in cost of products sold	$ 1.6	$ 1.8	$ 1.6

Significant Accounting Polici34

Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Cost of property repairs and maintenance	$ 15.7	$ 16.9	$ 16.5
Depreciation	16.7	15.8	15
Cost of goods sold, depreciation	$ 16.3	$ 15.4	$ 14.6
Minimum [Member]
Property, Plant and Equipment [Line Items]
Capitalized maintenance cost, amortization period	12 months
Minimum [Member] | Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Capitalized maintenance cost, amortization period	36 months
Maximum [Member] | Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years

Significant Accounting Polici35

Significant Accounting Policies (Long-Lived Asset Impairment) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Asset Impairment Charges [Abstract]
Impairment reserve	$ 0	$ 0	$ 0

Significant Accounting Polici36

Significant Accounting Policies (Deferred Financing Costs) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amortization of deferred financing costs		$ 200	$ 600	$ 600
Write-off of deferred financing costs		768
Unamortized Debt Issuance Expense		$ 1,000	$ 1,300
Prior Credit Facility [Member]
Write-off of deferred financing costs	$ 800

Significant Accounting Polici37

Significant Accounting Policies (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015
Non-cash goodwill impairment charge	$ 20,268	$ 20,268
Income Approach Valuation Technique [Member]
Fair value inputs, comparability adjustments	30.00%
Market Approach Valuation Technique [Member]
Fair value inputs, comparability adjustments	70.00%

Significant Accounting Polici38

Significant Accounting Policies (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Product Information [Line Items]
Net sales	$ 34,159	$ 39,651	$ 41,030	$ 39,594	$ 31,696	$ 43,371	$ 49,610	$ 55,983	$ 154,434	$ 180,660	$ 205,560
Stainless Steel [Member]
Product Information [Line Items]
Net sales									112,118	135,945	159,799
High-Strength Low Alloy Steel [Member]
Product Information [Line Items]
Net sales									13,180	16,045	16,853
Tool Steel [Member]
Product Information [Line Items]
Net sales									19,179	16,197	16,680
High-Temperature Alloy Steel [Member]
Product Information [Line Items]
Net sales									6,057	7,557	6,295
Conversion Services and Other Sales [Member]
Product Information [Line Items]
Net sales									$ 3,900	$ 4,916	$ 5,933

Significant Accounting Polici39

Significant Accounting Policies (Income Taxes) (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Unrecognized tax positions	$ 0	$ 0	$ 0

Significant Accounting Polici40

Significant Accounting Policies (Segment Reporting) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016Segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

Significant Accounting Polici41

Significant Accounting Policies (Recently Adopted Accounting Pronouncement) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Reclassification of deferred debt issuance costs	$ 1.3

Inventory (Major Classes of Inv

Inventory (Major Classes of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and starting stock	$ 5,769	$ 6,235
Semi-finished and finished steel products	77,510	69,907
Operating materials	9,893	8,543
Gross inventory	93,172	84,685
Inventory reserves	(1,830)	(1,312)
Total inventory, net	$ 91,342	$ 83,373

Property, Plant and Equipment43

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 306,126	$ 300,660
Accumulated depreciation	(123,728)	(107,155)
Property, plant and equipment, net	182,398	193,505
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	7,377	7,377
Buildings [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	49,445	47,712
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	245,694	236,991
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 3,610	$ 8,580

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 73,582	$ 77,137
Less: current portion of long-term debt	(4,579)	(3,000)
Less: deferred financing costs	(1,005)	(1,253)
Long-term debt	67,998	72,884
Term Loan [Member]
Debt Instrument [Line Items]
Total debt	26,273	12,500
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	26,546	44,350
Convertible Notes [Member]
Debt Instrument [Line Items]
Total debt	19,000	20,000
Capital Leases [Member]
Debt Instrument [Line Items]
Total debt	$ 1,763
Swing Loan Credit Facility [Member]
Debt Instrument [Line Items]
Total debt		$ 287

Long-Term Debt (Credit Facility

Long-Term Debt (Credit Facility) (Narrative) (Details) - USD ($)	Feb. 02, 2016	Jan. 21, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 30, 2016
Line of Credit Facility [Line Items]
Deferred financing costs				$ 1,005,000	$ 1,253,000
Write off of deferred debt financing costs				768,000
Amortization of deferred financing costs				200,000	600,000	$ 600,000
Reclassification of deferred debt issuance costs				1,300,000
Aggregate purchase price of common stock issued				$ 651,000	$ 455,000	$ 1,040,000
Directors And Officers [Member]
Line of Credit Facility [Line Items]
Shares of common stock issued	73,207
Aggregate purchase price of common stock issued	$ 500,000
Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Write off of deferred debt financing costs			$ 800,000
PNC Bank [Member]
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio				1.10%
PNC Bank [Member] | New Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, maturity date				Jan. 21, 2021
Deferred financing costs							$ 800,000
Reclassification of deferred debt issuance costs				$ 1,300,000
PNC Bank [Member] | Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Write off of deferred debt financing costs				$ 800,000
Revolving Credit Facility [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 65,000,000
Commitment fee on the daily unused portion of the Revolver		0.25%
Revolving Credit Facility [Member] | PNC Bank [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate				3.87%
Revolving Credit Facility [Member] | PNC Bank [Member] | Request to Increase Borrowing Prior to January 21, 2020 [Member]
Line of Credit Facility [Line Items]
Increase in maximum aggregate principal amount of borrowings		$ 25,000,000
Letter of Credit [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		10,000,000
Swing Loan Credit Facility [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		6,500,000
Term Loan [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		30,000,000
Quarterly term loan payments		$ 1,100,000
Term Loan [Member] | PNC Bank [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, effective interest rate				4.37%

Long-Term Debt (Schedule of Mat

Long-Term Debt (Schedule of Maturities of Long-term Debt) (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 4,286
2,018	4,286
2,019	4,286
2,020	4,286
2,021	35,675
Total debt	$ 52,819

Long-Term Debt (Convertible Not

Long-Term Debt (Convertible Notes, Capital Leases) (Narrative) (Details)	Jan. 21, 2016USD ($)	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)	Aug. 31, 2011USD ($)
Debt Instrument [Line Items]
Aggregate principal payment required if maturity date extend to March 17, 2020		$ 4,286,000
Aggregate principal payment required if maturity date extend to March 17, 2021		$ 35,675,000
Capital lease term applicable to depreciate capital assets and obligations		5 years
Net present value of the minimum lease payments, at inception		$ 1,763,000
Capital lease obligations			$ 0
Amortization of capital lease assets		$ 300,000
Convertible Notes [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 20,000,000
Debt instrument, maturity date		Mar. 17, 2019
Aggregate principal payment required if maturity date extend to March 17, 2020	2,000,000
Aggregate principal payment required if maturity date extend to March 17, 2021	2,000,000
Debt instrument principal payment	$ 1,000,000
Convertible Notes [Member] | Gorbert Inc. [Member] | Through and Including August 17, 2016 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.00%
Convertible Notes [Member] | Gorbert Inc. [Member] | August 18, 2016 Through and Including August 17, 2017 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.00%
Convertible Notes [Member] | Gorbert Inc. [Member] | From and After August 18, 2017 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.00%
Convertible Notes [Member] | North Jackson Facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 20,000,000
Convertible Notes If Holder Elects to Convert on or Prior to August 17, 2017 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Conversion stock price | $ / shares		$ 47.1675
Debt instrument integral multiple convertible principal amount	$ 100,000
Debt instrument, initial conversion rate per $1000 principal amount	21.2
Principal amount used to convert convertible notes	$ 1,000

Long-Term Debt (Future Minimum

Long-Term Debt (Future Minimum Lease Payments for Capital Leases) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 473
2,018	473
2,019	473
2,020	473
2,021	375
Total minimum capital lease payments	2,267
Less amounts representing interest	(504)
Present value of net minimum capital lease payments	1,763
Less current obligation	(293)
Total long-term capital lease obligation	$ 1,470

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Notes payable, fair value disclosure	$ 18.4	$ 19.2

Derivatives and Hedging (Narrat

Derivatives and Hedging (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain on foreign currency contracts , net of tax	$ 21,000
Foreign Exchange Forward Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Notional value of derivative contracts	$ 2,400,000

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current provision (benefit), Federal									$ 8	$ (105)	$ 312
Current provision (benefit), State									5	56	298
Deferred (benefit) provision, Federal									(3,501)	(11,843)	1,941
Deferred (benefit) provision, State									(38)	(252)	598
(Benefit) provision for income taxes	$ (877)	$ (292)	$ (437)	$ (1,920)	$ (2,497)	$ (9,539)	$ (173)	$ 65	$ (3,526)	$ (12,144)	$ 3,149

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal statutory tax rate	35.00%	35.00%	35.00%
Research and development tax credit	4.90%	1.60%	(2.90%)
Valuation allowance, state government grants, net of federal impact			8.20%
State income taxes, net of federal impact	0.40%	0.60%	3.70%
Other, net	(0.60%)	(0.20%)	(0.30%)
Effective income tax rate	39.70%	37.00%	43.70%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Effective income tax rate continuing operations	39.70%	37.00%	43.70%
Net operating loss carryforwards	$ 53	$ 54.2
Net operating loss carryforwards expiration year	2,031
Income tax examination description	We are routinely under audit by federal or state authorities. Our federal tax returns are subject to examination by the IRS for tax years after 2012. We are subject to examination by most state tax jurisdictions for tax years after 2012.
Research Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Tax credit carryforward amount	$ 2.7	2.3
Tax credit carryforward expiration year	2,030
Alternative minimum tax credit carryforwards	$ 0.5	0.5
State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 9.2	9
Net operating loss carryforwards expiration year	2,031
Tax credit carryforward amount	$ 0.3	$ 0.3
Tax credit carryforward expiration year	2,027
Income tax examination year	2,012
State and Local Jurisdiction [Member] | NEW YORK
Income Taxes [Line Items]
Effective income tax rate continuing operations	0.00%
Federal [Member] | IRS [Member]
Income Taxes [Line Items]
Income tax examination year	2,012

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal and state tax carryforwards	$ 22,533	$ 22,495
Inventory	649	1,196
Share-based compensation	3,506	3,545
Receivables	182	76
Accrued liabilities	689	299
Other	82	65
Total deferred tax assets	27,641	27,676
Property, plant and equipment	44,498	47,899
Other	772	443
Total deferred tax liabilities	45,270	48,342
Total noncurrent deferred income taxes	$ 17,629	$ 20,666

Net (Loss) Income Per Common 55

Net (Loss) Income Per Common Share (Computation of Net (Loss) Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net (loss) income	$ (1,585)	$ (520)	$ (802)	$ (2,440)	$ (3,396)	$ (17,045)	$ (356)	$ 125	$ (5,347)	$ (20,672)	$ 4,050
Net (loss) income, as adjusted									$ (5,347)	$ (20,672)	$ 4,050
Denominator:
Weighted average number of shares of common stock outstanding									7,193,300	7,069,954	7,031,539
Weighted average effect of dilutive stock options and other stock compensation											84,892
Weighted average number of shares of common stock outstanding, as adjusted									7,193,300	7,069,954	7,116,431
Net (loss) income per common share:
Net (loss) income per common share - Basic	$ (0.22)	$ (0.07)	$ (0.11)	$ (0.34)	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ (0.74)	$ (2.92)	$ 0.58
Net (loss) income per common share - Diluted	$ (0.22)	$ (0.07)	$ (0.11)	$ (0.34)	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ (0.74)	$ (2.92)	$ 0.57

Net (Loss) Income Per Common 56

Net (Loss) Income Per Common Share (Narrative) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	844,000	635,200	440,300
Average price of anti-dilutive options outstanding	$ 27.13	$ 30.67	$ 35.20
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	408,459	428,140	428,140
Options And Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,575	21,774

Incentive Compensation Plans (S

Incentive Compensation Plans (Stock Options) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	712,318
Number of shares available for grant	162,657
Weighted-average grant-date fair value of stock options granted	$ 5.85
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award expiration period	10 years
Stock option exercises	0
Proceeds from stock option exercises		$ 300,000	$ 800,000
Closing stock price	$ 13.51
Aggregate intrinsic value of outstanding stock options	$ 700,000
Aggregate intrinsic value of exercisable stock options	100,000
Aggregate intrinsic value of stock options exercised		100,000	800,000
Total fair value of stock option awards vested	1,200,000	1,000,000	1,700,000
Share-based compensation expense	1,400,000	1,500,000	1,700,000
Unrecognized share-based compensation expense	$ 2,300,000
Unrecognized share-based compensation expense, weighted-average period of recognition	2 years 8 months 12 days
Tax benefit for exercise of stock options	$ 0	$ 0	$ 0
Weighted-average grant-date fair value of stock options granted	$ 5.85	$ 6.99	$ 14.39

Incentive Compensation Plans 58

Incentive Compensation Plans (Summary of Stock Option Activity) (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Non-vested stock options outstanding, Number of shares
Non-vested stock options outstanding, beginning balance | shares	299,200
Stock options granted | shares	140,100
Stock options vested | shares	(99,775)
Stock options forfeited | shares	(12,250)
Non-vested stock options outstanding, ending balance | shares	327,275
Non-vested stock options outstanding, Weighted-average grant-date fair value
Non-vested stock options outstanding, Weighted-average grant-date fair value, beginning balance | $ / shares	$ 10.40
Stock options granted | $ / shares	5.85
Stock options vested | $ / shares	12.11
Stock options forfeited | $ / shares	7.30
Non-vested stock options outstanding, Weighted-average grant-date fair value, ending balance | $ / shares	$ 8.05
Stock options outstanding, Number of shares
Stock options outstanding, beginning balance | shares	841,750
Stock options granted | shares	140,100
Stock options forfeited | shares	(47,250)
Stock options outstanding, ending balance | shares	934,600
Stock options outstanding, Weighted-average exercise price
Stock options outstanding, weighted-average exercise price, beginning balance | $ / shares	$ 25.71
Stock options granted | $ / shares	11.18
Stock options forfeited | $ / shares	24.05
Stock options outstanding, weighted-average exercise price, ending balance | $ / shares	$ 23.62
Stock options outstanding, weighted-average remaining contractual life	5 years 10 months 24 days
Stock options exercisable at end of period | shares	607,325
Stock options exercisable, weighted-average exercise price at end of period | $ / shares	$ 28.24
Stock options exercisable, weighted-average remaining contractual life	4 years 3 months 18 days

Incentive Compensation Plans 59

Incentive Compensation Plans (Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted) (Details) - Employee Stock Option [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.42%	1.77%	1.79%
Risk-free interest rate, maximum	2.39%	2.19%	2.13%
Dividend yield	0.00%	0.00%	0.00%
Expected market price volatility, minimum	51.00%	49.00%	49.00%
Expected market price volatility, maximum	53.00%	55.00%	57.00%
Weighted-average expected market price volatility	51.00%	52.60%	52.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 7 months 6 days	5 years 7 months 6 days	5 years 7 months 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 6 months	7 years 6 months	7 years 6 months

Incentive Compensation Plans (R

Incentive Compensation Plans (Restricted Stock and Restricted Stock Units) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, time-based shares					35,000
Market value of stock on date of issuance					$ 35.26
Forfeited, shares				3,000
Share-based compensation expense		$ 0.4	$ 0.3
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, time-based shares	95,000
Market value of stock on date of issuance	$ 14.75
Unrecognized compensation cost	$ 1.4
Unrecognized compensation cost, weighted-average period of recognition	3 years 3 months 18 days

Incentive Compensation Plans (E

Incentive Compensation Plans (Employee Stock Purchase Plan) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	712,318
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	300,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee	100
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Cumulative Shares Issued under Plan	195,904

Incentive Compensation Plans (C

Incentive Compensation Plans (Cash Incentive Plan) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Accrued employment costs	$ 3,803	$ 3,256
Cash Incentive Plans [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Other Labor-related Expenses	1,500	1,000	$ 4,400
Accrued employment costs	1,200	600
Cash Incentive Plans [Member] | Cost of Products Sold [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Other Labor-related Expenses	$ 400	$ 400	$ 1,800

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Multiemployer Plans [Line Items]
Retirement plan expense	$ 1.6	$ 1.6	$ 1.6
Steelworkers Pension Trust [Member] | Maximum [Member]
Multiemployer Plans [Line Items]
Company contributions as a percentage of all contributions		5.00%

Retirement Plans (Schedule of M

Retirement Plans (Schedule of Multiemployer Plans) (Details) - Steelworkers Pension Trust [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Multiemployer Plans [Line Items]
Plan number	499
PPA zone status	Green	Green
Funding plan pending / implemented	No
Company contributions to the Trust	$ 681	$ 737	$ 758
Surcharge imposed	No

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Purchase obligations	$ 7.5
Purchase obligations due in 2017	$ 5.9

Selected Quarterly Financial 66

Selected Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 34,159	$ 39,651	$ 41,030	$ 39,594	$ 31,696	$ 43,371	$ 49,610	$ 55,983	$ 154,434	$ 180,660	$ 205,560
Gross margin	3,099	4,734	4,339	1,341	(891)	(410)	5,186	5,710	13,513	9,595	32,022
Goodwill impairment						20,268				20,268
Operating (loss) income	(1,450)	230	(252)	(2,497)	(5,424)	(25,896)	225	1,016	(3,969)	(30,079)	10,900
Provision (benefit) for income taxes	(877)	(292)	(437)	(1,920)	(2,497)	(9,539)	(173)	65	(3,526)	(12,144)	3,149
Net income (loss)	$ (1,585)	$ (520)	$ (802)	$ (2,440)	$ (3,396)	$ (17,045)	$ (356)	$ 125	$ (5,347)	$ (20,672)	$ 4,050
Net (loss) income per common share - Basic	$ (0.22)	$ (0.07)	$ (0.11)	$ (0.34)	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ (0.74)	$ (2.92)	$ 0.58
Net (loss) income per common share - Diluted	$ (0.22)	$ (0.07)	$ (0.11)	$ (0.34)	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ (0.74)	$ (2.92)	$ 0.57

Schedule II - Valuation and Q67

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year		$ 249	$ 17	$ 84
Charged to costs and expenses		163	239	18
Deductions/ net charge-offs	[1]	(103)	(7)	(85)
Balance at end of year		309	249	17
Valuation Allowance for Deferred Income Taxes [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year		1,582	1,582	986
Charged to costs and expenses				596
Deductions/ net charge-offs	[1]	(29)
Balance at end of year		$ 1,553	$ 1,582	$ 1,582
[1]	Represents write-off of bad debts net of recoveries