Ascent Industries (ACNT) 10-Q6 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-19687
Entity Registrant Name	Ascent Industries Co.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	57-0426694
Entity Address, Address Line One	1400 16th Street,
Entity Address, Address Line Two	Suite 270,
Entity Address, City or Town	Oak Brook,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	(630)
Local Phone Number	884-9181
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	ACNT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		10,124,737
Entity Central Index Key	0000095953
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,595	$ 1,851
Accounts receivable, net of allowance for credit losses of $808 and $463, respectively	30,154	26,604
Inventories	45,917	52,306
Prepaid expenses and other current assets	3,988	4,879
Assets held for sale	1,259	2,912
Current assets of discontinued operations	65	861
Total current assets	84,978	89,413
Property, plant and equipment, net	27,643	29,755
Right-of-use assets, operating leases, net	27,073	27,784
Intangible assets, net	7,752	8,496
Deferred income taxes	7,663	5,808
Deferred charges, net	54	104
Other non-current assets, net	3,075	1,935
Total assets	158,238	163,295
Current liabilities:
Accounts payable	16,790	16,416
Accrued expenses and other current liabilities	6,472	5,108
Current portion of note payable	914	360
Current portion of operating lease liabilities	1,194	1,140
Current portion of finance lease liabilities	286	292
Current liabilities of discontinued operations	1,213	1,473
Total current liabilities	26,869	24,789
Long-term portion of operating lease liabilities	29,110	29,729
Long-term portion of finance lease liabilities	1,163	1,307
Other long-term liabilities	54	60
Total non-current liabilities	30,327	31,096
Total liabilities	57,196	55,885
Commitments and contingencies – See Note 13
Shareholders' equity:
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,124,737 shares issued and outstanding, respectively	11,085	11,085
Capital in excess of par value	47,111	47,333
Retained earnings	52,098	58,517
Shareholders' equity before treasury stock	110,294	116,935
Less: cost of common stock in treasury - 960,366 and 990,282 shares, respectively	(9,252)	(9,525)
Total shareholders' equity	101,042	107,410
Total liabilities and shareholders' equity	$ 158,238	$ 163,295

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 808	$ 463
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	24,000,000	24,000,000
Common stock, shares issued (in shares)	11,085,103	10,124,737
Common stock, shares outstanding (in shares)	11,085,103	10,124,737
Common stock in treasury, at cost (in shares)	960,366	990,282
Current portion of note payable	$ 914	$ 360

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 50,189	$ 50,355	$ 94,300	$ 105,215
Cost of sales	44,329	51,132	85,911	104,526
Gross profit	5,860	(777)	8,389	689
Selling, general and administrative	6,056	6,156	13,825	13,744
Acquisition costs and other	67	16	79	276
Operating loss from continuing operations	(263)	(6,949)	(5,515)	(13,331)
Other expense (income)
Interest expense, net	72	1,047	199	2,154
Other, net	(93)	(154)	(212)	(247)
Loss from continuing operations before income taxes	(242)	(7,842)	(5,502)	(15,238)
Income tax benefit	(44)	(1,693)	(1,210)	(3,301)
Loss from continuing operations	(198)	(6,149)	(4,292)	(11,937)
Loss from discontinued operations, net of tax	(728)	(8,487)	(2,127)	(7,898)
Net loss	$ (926)	$ (14,636)	$ (6,419)	$ (19,835)
Net loss per common share from continuing operations:
Basic (in dollars per share)	$ (0.02)	$ (0.60)	$ (0.42)	$ (1.18)
Diluted (in dollars per share)	(0.02)	(0.60)	(0.42)	(1.18)
Net loss per common share from discontinued operations:
Basic (in dollars per share)	(0.07)	(0.84)	(0.21)	(0.77)
Diluted (in dollars per share)	(0.07)	(0.84)	(0.21)	(0.77)
Net loss per common share:
Basic (in dollars per share)	(0.09)	(1.44)	(0.63)	(1.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.44)	$ (0.63)	$ (1.95)
Weighted average shares outstanding:
Basic (in shares)	10,126	10,170	10,110	10,159
Diluted (in shares)	10,126	10,170	10,110	10,159

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (6,419)	$ (19,835)
Loss from discontinued operations, net of tax	(2,127)	(7,898)
Net loss from continuing operations	(4,292)	(11,937)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	3,051	3,112
Amortization expense	744	752
Amortization of debt issuance costs	50	50
Deferred income taxes	(1,210)	(5,515)
Provision for losses on accounts receivable	264	32
Provision for losses on inventories	906	1,194
Loss on disposal of property, plant and equipment	0	182
Non-cash lease expense	111	126
Stock-based compensation expense	368	404
Changes in operating assets and liabilities:
Accounts receivable	(3,813)	2,286
Inventories	5,483	16,086
Other assets and liabilities	(907)	(251)
Accounts payable	202	4,780
Accrued expenses	1,364	(402)
Accrued income taxes	630	(743)
Net cash provided by operating activities - continuing operations	2,951	10,156
Net cash (used in) provided by operating activities - discontinued operations	(521)	7,916
Net cash provided by operating activities	2,430	18,072
Investing activities
Purchases of property, plant and equipment	(770)	(1,235)
Net cash used in investing activities - continuing operations	(770)	(1,235)
Net cash used in investing activities - discontinued operations	0	(390)
Net cash used in investing activities	(770)	(1,625)
Financing activities
Borrowings from long-term debt	107,700	139,137
Proceeds from note payable	914	900
Payments on long-term debt	(107,700)	(156,166)
Payments on note payable	(359)	(387)
Principal payments on finance lease obligations	(151)	(151)
Repurchase of common stock	(320)	(504)
Net cash provided by (used in) financing activities	84	(17,171)
Increase (decrease) in cash and cash equivalents	1,744	(724)
Less: Cash and cash equivalents of discontinued operations	0	1
Cash and cash equivalents at beginning of period	1,851	1,440
Cash and cash equivalents at end of period	3,595	717
Supplemental Disclosure of Cash Flow Information
Interest	138	1,999
Income taxes	0	817
Noncash Investing Activities:
Capital expenditures, not yet paid	$ 172	$ 575

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		11,085,000
Beginning balance at Dec. 31, 2022	$ 134,259	$ 11,085	$ 47,021	$ 85,146	$ (8,993)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022					924,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,835)			(19,835)
Issuance of shares of common stock from treasury	$ 0		(476)		$ 476
Issuance of shares of common stock from treasury (in shares)	(48,776)				(49,000)
Stock-based compensation	$ 406		406
Repurchase of shares of common stock (in shares)					52,000
Repurchase of shares of common stock	(504)				$ (504)
Ending balance (in shares) at Jun. 30, 2023		11,085,000
Ending balance at Jun. 30, 2023	114,326	$ 11,085	46,951	65,311	$ (9,021)
Treasury stock, ending balance (in shares) at Jun. 30, 2023					927,000
Beginning balance (in shares) at Mar. 31, 2023		11,085,000
Beginning balance at Mar. 31, 2023	129,044	$ 11,085	46,903	79,947	$ (8,891)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023					913,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,636)			(14,636)
Issuance of shares of common stock from treasury	$ 0		(47)		$ 47
Issuance of shares of common stock from treasury (in shares)	(4,797)				(5,000)
Stock-based compensation	$ 95		95
Repurchase of shares of common stock (in shares)					19,000
Repurchase of shares of common stock	(177)				$ (177)
Ending balance (in shares) at Jun. 30, 2023		11,085,000
Ending balance at Jun. 30, 2023	114,326	$ 11,085	46,951	65,311	$ (9,021)
Treasury stock, ending balance (in shares) at Jun. 30, 2023					927,000
Beginning balance (in shares) at Dec. 31, 2023		11,085,000
Beginning balance at Dec. 31, 2023	$ 107,410	$ 11,085	47,333	58,517	$ (9,525)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	990,282				990,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (6,419)
Issuance of shares of common stock from treasury	$ 0		(590)		$ 590
Issuance of shares of common stock from treasury (in shares)	(61,479)				(61,000)
Stock-based compensation	$ 368		368
Repurchase of shares of common stock (in shares)					31,000
Repurchase of shares of common stock	(317)				$ (317)
Ending balance (in shares) at Jun. 30, 2024		11,085,000
Ending balance at Jun. 30, 2024	$ 101,042	$ 11,085	47,111	52,098	$ (9,252)
Treasury stock, ending balance (in shares) at Jun. 30, 2024	960,366				960,000
Beginning balance (in shares) at Mar. 31, 2024		11,085,000
Beginning balance at Mar. 31, 2024	$ 101,964	$ 11,085	47,097	53,024	$ (9,242)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024					960,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(926)
Issuance of shares of common stock from treasury	$ 0		(146)		$ 146
Issuance of shares of common stock from treasury (in shares)	(15,190)				(15,000)
Stock-based compensation	$ 160		160
Repurchase of shares of common stock (in shares)					15,000
Repurchase of shares of common stock	(156)				$ (156)
Ending balance (in shares) at Jun. 30, 2024		11,085,000
Ending balance at Jun. 30, 2024	$ 101,042	$ 11,085	$ 47,111	$ 52,098	$ (9,252)
Treasury stock, ending balance (in shares) at Jun. 30, 2024	960,366				960,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock from the treasury (in shares)	15,190	4,797	61,479	48,776
Number of shares repurchased (in shares)	15,233	18,843	31,563	51,156

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited condensed consolidated financial statements, in the opinion of management, contain all normal recurring adjustments necessary to present a fair statement of the condensed consolidated balance sheets as of June 30, 2024, the statements of income (loss) and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the statements of cash flows for the six months ended June 30, 2024 and 2023. The December 31, 2023 condensed consolidated balance sheet was derived from the audited financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"). The financial results for the interim periods may not be indicative of the financial results for the entire year as our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods. Use of Estimates The preparation of the Company's financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; and, potential litigation claims and settlements. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying value of assets and liabilities that are readily available from other sources. Actual results may differ from these estimates. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation, including the Company's Specialty Pipe and Tube operations within the Tubular Products segment to discontinued operations. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and footnote disclosures. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments also require that all entities disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and footnote disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q are either not applicable to the Company or are not expected to have a material impact on the Company.

Discontinued Operations

Discontinued Operations	6 Months Ended
Discontinued Operations	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Munhall Closure During the second quarter of 2023, the Board of Directors of the Company made the decision to permanently cease operations at Munhall effective on or around August 31, 2023. The strategic decision to cease manufacturing operations at Munhall is part of the Company’s ongoing efforts to consolidate manufacturing to drive an increased focus on its core operations and to improve profitability while driving operational efficiencies. As a result of this decision, during the second quarter ended June 30, 2023, the Company incurred asset impairment charges of $6.4 million related to the write down of inventory and long-lived assets as well as $1.4 million in increased reserves on accounts receivable at the facility. During the third quarter of 2023, the Company incurred additional asset impairment charges of $2.4 million related to the write down of inventory to net realizable value. During the first quarter of 2024, the Company incurred additional asset impairment charges of $1.1 million related to the write down of the remaining long-lived assets at the facility. Certain assets of Munhall were also classified as held for sale and the results of operations have been classified as discontinued operations for all periods presented. See Note 4 for further discussion of the assets held for sale and related fair value measurements. In May of 2023, the Company was named as a defendant in a lawsuit filed in the U.S. District Court for the Western District of Pennsylvania, asserting various claims for breach of contracts resulting in losses to the plaintiff and seeking damages in the amount of $0.8 million plus prejudgment interest and attorney's fees. Although we continue to defend ourselves against the claims, we believe we may incur a material loss in this matter and that our financial statements could be materially affected by an adverse decision regarding the assessment of damages incurred by the plaintiff. Accordingly, the Company has an estimated liability of $1.0 million for expected losses related to this lawsuit as of June 30, 2024 and December 31, 2023. Divestiture of Specialty Pipe & Tube, Inc. On December 22, 2023, the Company and its wholly-owned subsidiary Specialty Pipe & Tube, Inc. (“SPT”) entered into an Asset Purchase Agreement pursuant to which Ascent and SPT sold substantially all of the assets primarily related to SPT to Specialty Pipe & Tube Operations, LLC, a Delaware limited liability company. The consideration for the transaction was approximately $55 million of cash proceeds subject to certain closing adjustments. The transaction closed on December 22, 2023. Ascent and Purchaser also entered into a Transition Services Agreement (the “TSA”) and an Employee Leasing Agreement (the “ELA”) each dated December 22, 2023, pursuant to which Ascent has agreed to provide certain transition services and to lease certain employees to Purchaser immediately after the closing for certain agreed upon transition periods. As result of the sale, SPT results of operations are classified under discontinued operations for all periods presented. Prior to the divestiture, SPT was reported under the Company's Tubular Products segment. The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Company's discontinued operations: (in thousands) June 30, 2024 December 31, 2023 Carrying amounts of assets included as part of discontinued operations: Accounts receivable, net $ — $ 778 Prepaid expenses and other current assets 65 83 Current assets classified as discontinued operations 65 861 Carrying amounts of current liabilities included as part of discontinued operations: Accounts payable 22 107 Accrued expenses and other current liabilities 1,191 1,366 Total current liabilities classified as discontinued operations $ 1,213 $ 1,473 The financial results are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net sales $ 19 $ 17,939 $ 261 $ 45,531 Cost of sales 951 18,654 1,598 43,419 Gross profit (932) (715) (1,337) 2,112 Selling, general and administrative expense (41) 3,619 141 5,583 Acquisition costs and other 30 4 119 78 Asset impairments — 6,388 1,115 6,388 Loss from discontinued operations before income taxes (921) (10,726) (2,712) (9,937) Income tax benefit (193) (2,239) (585) (2,039) Net loss from discontinued operations $ (728) $ (8,487) $ (2,127) $ (7,898)

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue is generated primarily from contracts to produce, ship and deliver stainless steel and specialty chemical products. Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time or over-time. For certain contracts under which the Company produces product with no alternative use and for which the Company has an enforceable right to payment during the production cycle, product in which the material is customer owned or in which the customer simultaneously consumes the benefits throughout the production cycle, progress toward satisfying the performance obligation is measured using an output method of units produced. Certain customer arrangements consist of bill-and-hold characteristics under which transfer of control has been met (including the passing of title and significant risk and reward of ownership to the customers). Therefore, the customers can direct the use of the bill-and-hold inventory while we retain physical possession of the product until it is shipped to a customer at a point in time in the future. Sales tax and other taxes we collect with revenue-producing activities are excluded from revenue. Shipping costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and are expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s right to consideration is unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain material contract liability balances, as performance obligations for substantially all contracts are satisfied prior to customer payment for product. The Company offers industry standard payment terms. The following table presents the Company's revenues, disaggregated by product group from continuing operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Fiberglass and steel liquid storage tanks and separation equipment $ — $ — $ — $ 50 Stainless steel pipe and tube 28,721 28,992 52,536 60,053 Specialty chemicals 21,468 21,363 41,764 45,112 Net sales $ 50,189 $ 50,355 $ 94,300 $ 105,215 Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The following table represents the Company's revenue recognized at a point-in-time and over-time: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Point-in-time $ 46,511 $ 47,077 $ 85,689 $ 97,433 Over-time $ 3,678 $ 3,278 $ 8,611 $ 7,782

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: Level 1 - Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 - Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using model-based techniques, including option pricing models, discounted cash flow models, probability weighted models, and Monte Carlo simulations. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis During the three and six months ended June 30, 2024, the Company's only significant measurements of assets or liabilities at fair value on a non-recurring basis subsequent to their initial recognition were certain long-lived assets. Long-lived assets The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company assesses performance quarterly against historical patterns, projections of future profitability, and whether it is more likely than not that the assets will be disposed of significantly prior to the end of their estimated useful life for evidence of possible impairment. An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds fair value. The Company estimates the fair values of assets subject to long-lived asset impairment based on the Company's own judgments about the assumptions market participants would use in pricing the assets and observable market data, when available. During the second quarter of 2023, the Board of Directors of the Company made the decision to permanently cease operations at the Munhall facility effective on or around August 31, 2023. As a result of this decision, it was determined to be more likely than not that the assets of Munhall would be sold or otherwise disposed of significantly before the end of their previously estimated useful lives, and therefore, experienced a triggering event and were evaluated for recoverability. Based on this evaluation, inventory at Munhall was written down to its net realizable value of $16.0 million and certain long-lived assets, including intangible assets, were written down to their estimated fair value of $2.6 million, resulting in asset impairment charges of $6.4 million in the second quarter of 2023. During the third quarter of 2023, the remaining inventory at Munhall was written down to its net realizable value of $4.0 million resulting in asset impairment charges of $2.4 million in the third quarter of 2023. During the first quarter of 2024, the Company incurred additional asset impairment charges of $1.1 million related to the write down of the remaining long-lived assets at the facility. See Note 2 for further information on the Company's discontinued operations. Assets Held for Sale As a result of the Company's decision to cease operations and exit Munhall, during the three and six months ended June 30, 2024, certain assets of Munhall were classified as held for sale and classified as Level 2 fair value measurements. The Company remains obligated under the terms of the leases for the rent and other costs that may be associated with the lease of the Munhall facility through 2036. Munhall assets classified as held for sale as are as follows: (in thousands) June 30, 2024 December 31, 2023 Property, plant and equipment, net $ 1,259 $ 2,374 Other assets, net — 538 Assets held for sale $ 1,259 $ 2,912 Fair Value of Financial Instruments The fair values of cash and cash equivalents, accounts receivable, accounts payable and the Company's note payable approximated their carrying value because of the short-term nature of these instruments. The Company's revolving line of credit and long-term debt, which is based on a variable interest rate, are also reflected in the financial statements at carrying value which approximate fair values as of June 30, 2024. The carrying amount of cash and cash equivalents are considered Level 1 measurements. The carrying amounts of accounts receivable, accounts payable, note payable, revolving line of credit and long-term debt are considered Level 2 measurements. See Note 8 for further information on the Company's debt.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by either specific identification or weighted average methods. The components of inventories are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials $ 17,277 $ 22,321 Work-in-process 15,460 14,740 Finished goods 20,204 21,364 52,941 58,425 Less: inventory reserves (7,024) (6,119) Inventories $ 45,917 $ 52,306

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
Property, Plant and Equipment	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment from continuing operations consist of the following: (in thousands) June 30, 2024 December 31, 2023 Land $ 668 $ 723 Leasehold improvements 3,087 3,079 Buildings 1,534 1,534 Machinery, fixtures and equipment 94,107 93,758 Construction-in-progress 1,566 1,330 100,962 100,424 Less: accumulated depreciation and amortization (73,319) (70,669) Property, plant and equipment, net $ 27,643 $ 29,755 The following table sets forth depreciation expense related to property, plant and equipment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of sales $ 1,464 $ 1,446 $ 2,916 $ 2,992 Selling, general and administrative 67 88 135 120 Total depreciation $ 1,531 $ 1,534 $ 3,051 $ 3,112

Intangible Assets and Deferred

Intangible Assets and Deferred Charges	6 Months Ended
Intangible Assets and Deferred Charges	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Deferred Charges	Intangible Assets and Deferred Charges Intangible Assets Intangible assets represent the fair value of intellectual, non-physical assets resulting from business acquisitions and are amortized over their estimated useful life using either an accelerated or straight-line method over a period of 15 years. The balance of intangible assets from continuing operations subject to amortization are as follows: June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer related $ 14,604 $ (7,429) $ 14,604 $ (6,685) Trademarks and trade names 150 (17) 150 (17) Other 500 (56) 500 (56) Total definite-lived intangible assets $ 15,254 $ (7,502) $ 15,254 $ (6,758) Estimated amortization expense related to intangible assets for the next five years are as follows: (in thousands) Remainder of 2024 $ 744 2025 1,324 2026 1,102 2027 930 2028 786 2029 673 Thereafter 2,193 Deferred Charges Deferred charges represent debt issuance costs and are amortized over their estimated useful lives using the straight-line method over a period of four years. The balance of deferred charges subject to amortization are as follows: (in thousands) June 30, 2024 December 31, 2023 Deferred charges, gross $ 398 $ 398 Accumulated amortization of deferred charges (344) (294) Deferred charges, net $ 54 $ 104

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Short-term debt On June 21, 2024, the Company entered into a note payable in the amount of $0.9 million with an interest rate of 3.70% maturing April 1, 2025. The agreement is associated with the financing of a portion of the Company's insurance premiums in the current year. As of June 30, 2024, the outstanding balance was $0.9 million. Credit Facilities During the first quarter of 2023, the Company entered into an Amended and Restated Credit Agreement with BMO Harris Bank, N.A. ("BMO") to replace LIBOR with the Secured Overnight Funding Rate ("SOFR"). During the fourth quarter of 2023, the Company entered into a Limited Consent, Second Amendment to Credit Agreement and Omnibus Amendment to Loan Documents with BMO Bank N.A. and the other lenders under the Company’s credit facility (the “Credit Facility Amendment”). The Credit Facility Amendment contains a consent for the SPT divestiture, released the lien on the assets of SPT and removed SPT as a loan party. The Credit Facility Amendment also reduced the maximum revolving loan commitment under the credit facility from $105 million to $80 million, and increased the interest rate for the credit facility from SOFR plus an interest rate margin of between 1.60% and 1.70% to SOFR plus an interest rate margin of between 1.85% and 2.10%, depending on average availability under the credit facility and the Company’s consolidated fixed charge coverage ratio. As required by the Credit Facility Amendment, the Company used the proceeds from the SPT divestiture to prepay in full the term loan in the original principal amount of $5 million under the credit facility and used the remaining proceeds to prepay in part the revolving loans under the credit facility. The borrowing capacity under the credit facility totals $80.0 million consisting of a $80.0 million revolving line of credit which includes a $17.5 million machinery and equipment sub-limit. The Company had no debt outstanding under its credit facilities as of June 30, 2024 and December 31, 2023. We have pledged all of our accounts receivable, inventory, and certain machinery and equipment as collateral for the Credit Agreement. Availability under the Credit Agreement is subject to the amount of eligible collateral as determined by the lenders' borrowing base calculations. Amounts outstanding under the revolving line of credit currently bear interest at (a) the Base Rate (as defined in the Credit Agreement) plus 0.75%, or (b) SOFR plus 1.85%. The Credit Agreement also provides an unused commitment fee based on the daily used portion of the credit facility. Pursuant to the Credit Agreement, the Company was required to pledge all of its tangible and intangible properties, including the stock and membership interests of its subsidiaries. The Credit Agreement contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $7.5 million and (ii) 10% of the revolving credit facility (currently $8.0 million). As of June 30, 2024, the Company was in compliance with all financial debt covenants. As of June 30, 2024, the Company had $62.7 million of remaining availability under it credit facility.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of June 30, 2024, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.1 million, or 95% of the total lease liabilities on the consolidated balance sheet. During the three months and six months ended June 30, 2024, the Company did not enter into any new finance lease agreements. Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands): Classification Financial Statement Line Item June 30, 2024 December 31, 2023 Long-term Assets Right-of-use assets, operating leases $ 27,073 $ 27,784 Long-term Assets Property, plant and equipment 1,378 1,543 Current liabilities Current portion of lease liabilities, operating leases 1,194 1,140 Current liabilities Current portion of lease liabilities, finance leases 286 292 Non-current liabilities Non-current portion of lease liabilities, operating leases 29,110 29,729 Non-current liabilities Non-current portion of lease liabilities, finance leases 1,163 1,307 Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost 1 $ 985 $ 985 $ 1,971 $ 1,974 Finance lease cost: Amortization of right-of-use assets 79 86 162 164 Interest on finance lease liabilities 22 24 45 38 Sublease income (92) (91) (184) (182) Total lease cost $ 994 $ 1,004 $ 1,994 $ 1,994 1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of June 30, 2024 are as follows: (in thousands) Operating Finance Remainder of 2024 $ 1,826 $ 246 2025 3,671 361 2026 3,691 361 2027 3,765 361 2028 3,840 303 Thereafter 32,312 85 Total undiscounted minimum future lease payments 49,105 1,717 Imputed interest (18,801) (268) Present value of lease liabilities $ 30,304 $ 1,449 Lease Term and Discount Rate Weighted-average remaining lease term June 30, 2024 December 31, 2023 Operating leases 12.19 years 12.67 years Finance leases 4.62 years 5.07 years Weighted-average discount rate Operating leases 8.34 % 8.33 % Finance leases 5.93 % 5.92 % Subleases During the second quarter of 2024, the Company entered into a sublease agreement with a third party to sublease the former Specialty Pipe and Tube, Inc. facilities in Mineral Ridge, Ohio and Houston, Texas. The sublease agreement continues through the remaining term of the Master Lease Agreement and will expire on September 30, 2036, unless terminated in accordance with the sublease agreement. The sublease provides for an annual base rent of approximately $0.1 million in the first year, which increases on an annual basis by 2.0%. The sublessee is responsible for taxes and all operating expenses related to the subleased space. The Company also currently subleases the former Palmer facility and records cash receipts related to the subleases in other expense (income) on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's subleases as of June 30, 2024 are as follows: (in thousands) Sublease Receipts Remainder of 2024 $ 287 2025 582 2026 594 2027 606 2028 618 Thereafter 5,229 Total sublease receipts $ 7,916
Leases	Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of June 30, 2024, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.1 million, or 95% of the total lease liabilities on the consolidated balance sheet. During the three months and six months ended June 30, 2024, the Company did not enter into any new finance lease agreements. Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands): Classification Financial Statement Line Item June 30, 2024 December 31, 2023 Long-term Assets Right-of-use assets, operating leases $ 27,073 $ 27,784 Long-term Assets Property, plant and equipment 1,378 1,543 Current liabilities Current portion of lease liabilities, operating leases 1,194 1,140 Current liabilities Current portion of lease liabilities, finance leases 286 292 Non-current liabilities Non-current portion of lease liabilities, operating leases 29,110 29,729 Non-current liabilities Non-current portion of lease liabilities, finance leases 1,163 1,307 Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost 1 $ 985 $ 985 $ 1,971 $ 1,974 Finance lease cost: Amortization of right-of-use assets 79 86 162 164 Interest on finance lease liabilities 22 24 45 38 Sublease income (92) (91) (184) (182) Total lease cost $ 994 $ 1,004 $ 1,994 $ 1,994 1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of June 30, 2024 are as follows: (in thousands) Operating Finance Remainder of 2024 $ 1,826 $ 246 2025 3,671 361 2026 3,691 361 2027 3,765 361 2028 3,840 303 Thereafter 32,312 85 Total undiscounted minimum future lease payments 49,105 1,717 Imputed interest (18,801) (268) Present value of lease liabilities $ 30,304 $ 1,449 Lease Term and Discount Rate Weighted-average remaining lease term June 30, 2024 December 31, 2023 Operating leases 12.19 years 12.67 years Finance leases 4.62 years 5.07 years Weighted-average discount rate Operating leases 8.34 % 8.33 % Finance leases 5.93 % 5.92 % Subleases During the second quarter of 2024, the Company entered into a sublease agreement with a third party to sublease the former Specialty Pipe and Tube, Inc. facilities in Mineral Ridge, Ohio and Houston, Texas. The sublease agreement continues through the remaining term of the Master Lease Agreement and will expire on September 30, 2036, unless terminated in accordance with the sublease agreement. The sublease provides for an annual base rent of approximately $0.1 million in the first year, which increases on an annual basis by 2.0%. The sublessee is responsible for taxes and all operating expenses related to the subleased space. The Company also currently subleases the former Palmer facility and records cash receipts related to the subleases in other expense (income) on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's subleases as of June 30, 2024 are as follows: (in thousands) Sublease Receipts Remainder of 2024 $ 287 2025 582 2026 594 2027 606 2028 618 Thereafter 5,229 Total sublease receipts $ 7,916
Leases	Leases The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of June 30, 2024, operating lease liabilities related to the master lease agreement with Store Capital totaled $30.1 million, or 95% of the total lease liabilities on the consolidated balance sheet. During the three months and six months ended June 30, 2024, the Company did not enter into any new finance lease agreements. Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands): Classification Financial Statement Line Item June 30, 2024 December 31, 2023 Long-term Assets Right-of-use assets, operating leases $ 27,073 $ 27,784 Long-term Assets Property, plant and equipment 1,378 1,543 Current liabilities Current portion of lease liabilities, operating leases 1,194 1,140 Current liabilities Current portion of lease liabilities, finance leases 286 292 Non-current liabilities Non-current portion of lease liabilities, operating leases 29,110 29,729 Non-current liabilities Non-current portion of lease liabilities, finance leases 1,163 1,307 Total Lease Cost Individual components of the total lease cost incurred by the Company are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost 1 $ 985 $ 985 $ 1,971 $ 1,974 Finance lease cost: Amortization of right-of-use assets 79 86 162 164 Interest on finance lease liabilities 22 24 45 38 Sublease income (92) (91) (184) (182) Total lease cost $ 994 $ 1,004 $ 1,994 $ 1,994 1 Includes short term leases, which are immaterial Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statements of income (loss). Maturity of Leases The amounts of undiscounted future minimum lease payments under leases in continuing operations as of June 30, 2024 are as follows: (in thousands) Operating Finance Remainder of 2024 $ 1,826 $ 246 2025 3,671 361 2026 3,691 361 2027 3,765 361 2028 3,840 303 Thereafter 32,312 85 Total undiscounted minimum future lease payments 49,105 1,717 Imputed interest (18,801) (268) Present value of lease liabilities $ 30,304 $ 1,449 Lease Term and Discount Rate Weighted-average remaining lease term June 30, 2024 December 31, 2023 Operating leases 12.19 years 12.67 years Finance leases 4.62 years 5.07 years Weighted-average discount rate Operating leases 8.34 % 8.33 % Finance leases 5.93 % 5.92 % Subleases During the second quarter of 2024, the Company entered into a sublease agreement with a third party to sublease the former Specialty Pipe and Tube, Inc. facilities in Mineral Ridge, Ohio and Houston, Texas. The sublease agreement continues through the remaining term of the Master Lease Agreement and will expire on September 30, 2036, unless terminated in accordance with the sublease agreement. The sublease provides for an annual base rent of approximately $0.1 million in the first year, which increases on an annual basis by 2.0%. The sublessee is responsible for taxes and all operating expenses related to the subleased space. The Company also currently subleases the former Palmer facility and records cash receipts related to the subleases in other expense (income) on the unaudited condensed consolidated statements of income (loss). Future expected cash receipts from the Company's subleases as of June 30, 2024 are as follows: (in thousands) Sublease Receipts Remainder of 2024 $ 287 2025 582 2026 594 2027 606 2028 618 Thereafter 5,229 Total sublease receipts $ 7,916

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchase Program On December 20, 2022, the Board of Directors re-authorized the Company's share repurchase program. The previous share repurchase program had a term of 24 months and was set to expire on February 17, 2023. The share repurchase program allows for repurchase of up to 790,383 shares of the Company's outstanding common stock and extends to February 17, 2025. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be returned to the status of authorized, but unissued shares of common stock or held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company and the Company may discontinue purchases at any time that management determines additional purchases are not warranted. As of June 30, 2024, the Company has 505,308 shares of its share repurchase authorization remaining. Shares repurchased for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number of shares repurchased 15,233 18,843 31,563 51,156 Average price per share $ 10.25 $ 9.34 $ 10.10 $ 9.83 Total cost of shares repurchased 1 $ 156,577 $ 176,630 $ 319,798 $ 504,151 1 Includes broker commissions paid as part of repurchase transactions

Loss Per Share

Loss Per Share	6 Months Ended
Loss Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following table sets forth the computation of basic and diluted loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss from continuing operations $ (198) $ (6,149) $ (4,292) $ (11,937) Net loss from discontinued operations (728) (8,487) (2,127) (7,898) Net loss $ (926) $ (14,636) $ (6,419) $ (19,835) Denominator: Weighted-average common shares outstanding 10,126 10,170 10,110 10,159 Effect of dilutive securities: Employee stock options and stock grants — — — — Weighted-average common shares, as adjusted 10,126 10,170 10,110 10,159 Net loss per share from continuing operations: Basic $ (0.02) $ (0.60) $ (0.42) $ (1.18) Diluted $ (0.02) $ (0.60) $ (0.42) $ (1.18) Net loss per share from discontinued operations: Basic $ (0.07) $ (0.84) $ (0.21) $ (0.77) Diluted $ (0.07) $ (0.84) $ (0.21) $ (0.77) Net loss per share: Basic $ (0.09) $ (1.44) $ (0.63) $ (1.95) Diluted $ (0.09) $ (1.44) $ (0.63) $ (1.95) The diluted loss per share calculations exclude the effect of potentially dilutive shares when the inclusion of those shares in the calculation would have an anti-dilutive effect. The Company had $0.1 million shares that were anti-dilutive for the three and six months ended June 30, 2024 and 2023, respectively.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal examinations for years before 2020 or state examinations for years before 2019. During the six months ended June 30, 2024 and 2023, the Company did not identify nor reserve for any unrecognized tax benefits. Our income tax benefit and overall effective tax rates for continuing operations for the periods presented are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income tax benefit $ (44) $ (1,693) $ (1,210) $ (3,301) Effective income tax rate 18.0 % 21.6 % 22.0 % 21.7 % The effective tax rate for continuing operations was 18.0% and 22.0% for the three and six months ended June 30, 2024. The three months ended June 30, 2024 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to permanent items and state tax benefits relative to pretax losses, partially offset with discrete tax charges related to stock based compensation. The six months ended June 30, 2024 effective tax rate was higher than the U.S. statutory rate of 21.0% primarily due to the amount of state tax benefit relative to pretax losses. The effective tax rate for continuing operation was 21.6% and 21.7% for the three and six months ended June 30, 2023. The three and six months ended June 30, 2023, effective tax rate was higher than the U.S. statutory rate 21.0% primarily due to the amount of state tax benefit relative to pretax losses.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any other such litigation the outcome of which, we believe, if determined adversely to us, would individually, or taken together, have a material adverse effect on our business, operating results, cash flows, or financial condition. Defending such proceedings is costly and can impose a significant burden on management and employees. We may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained.

Industry Segments

Industry Segments	6 Months Ended
Industry Segments	Jun. 30, 2024
Segment Reporting [Abstract]
Industry Segments	Industry Segments Ascent Industries Co. has two reportable segments: Specialty Chemicals and Tubular Products. The Specialty Chemicals segment includes the operating results of the Company’s plants involved in the production of specialty chemicals. The Specialty Chemicals segment produces products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries. The Tubular Products segment includes the operating results of the Company’s plants involved in the production of stainless steel pipe and tube. The Tubular Products segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries. On December 22, 2023, the Company announced the sale of substantially all of the assets of Specialty Pipe & Tube (“SPT”). As a result, certain prior period Tubular Products segment results have been reclassified to remove SPT’s results from continuing operations to discontinued operations. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measures being operating income and adjusted earnings (loss) before interest, income taxes, depreciation and amortization. Adjusted earnings (loss) before interest, income taxes, depreciation and amortization excludes certain items that management believes are not indicative of future results. The accounting principles applied at the operating segment level are the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are eliminated at the corporate consolidation level. The following table summarizes certain information regarding segments of the Company's continuing operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net sales Tubular Products $ 28,721 $ 28,992 $ 52,536 $ 60,053 Specialty Chemicals 21,468 21,363 41,764 45,112 All Other — — — 50 $ 50,189 $ 50,355 $ 94,300 $ 105,215 Operating income (loss) Tubular Products $ 889 $ (3,302) $ (613) $ (6,596) Specialty Chemicals 429 (806) (1,010) 546 All Other (100) (74) (261) (552) Corporate Unallocated corporate expenses (1,429) (2,750) (3,579) (6,455) Acquisition costs and other (52) (17) (52) (274) Total Corporate (1,481) (2,767) (3,631) (6,729) Operating loss (263) (6,949) (5,515) (13,331) Interest expense, net 72 1,047 199 2,154 Other, net (93) (154) (212) (247) Loss from continuing operations before income taxes $ (242) $ (7,842) $ (5,502) $ (15,238) As of (in thousands) June 30, 2024 December 31, 2023 Identifiable assets Tubular Products $ 70,173 $ 70,548 Specialty Chemicals 45,469 49,547 Corporate and other 42,531 42,339 $ 158,173 $ 162,434

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 16, 2024, the Company entered into a sixty-five On July 25, 2024, the Company entered into a purchase agreement to sell the remaining assets at the Munhall facility for approximately $2.8 million. The gain recognized upon the sale will be recorded in the third quarter in fiscal 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (926)	$ (14,636)	$ (6,419)	$ (19,835)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited condensed consolidated financial statements, in the opinion of management, contain all normal recurring adjustments necessary to present a fair statement of the condensed consolidated balance sheets as of June 30, 2024, the statements of income (loss) and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the statements of cash flows for the six months ended June 30, 2024 and 2023. The December 31, 2023 condensed consolidated balance sheet was derived from the audited financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"). The financial results for the interim periods may not be indicative of the financial results for the entire year as our future assessment of our current expectations could result in material impacts to our consolidated financial statements in future reporting periods.
Use of Estimates	Use of Estimates The preparation of the Company's financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; and, potential litigation claims and settlements. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying value of assets and liabilities that are readily available from other sources. Actual results may differ from these estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation, including the Company's Specialty Pipe and Tube operations within the Tubular Products segment to discontinued operations.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and footnote disclosures. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments also require that all entities disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and footnote disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q are either not applicable to the Company or are not expected to have a material impact on the Company.
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: Level 1 - Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 - Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using model-based techniques, including option pricing models, discounted cash flow models, probability weighted models, and Monte Carlo simulations.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
Discontinued Operations (Tables)	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Company's discontinued operations: (in thousands) June 30, 2024 December 31, 2023 Carrying amounts of assets included as part of discontinued operations: Accounts receivable, net $ — $ 778 Prepaid expenses and other current assets 65 83 Current assets classified as discontinued operations 65 861 Carrying amounts of current liabilities included as part of discontinued operations: Accounts payable 22 107 Accrued expenses and other current liabilities 1,191 1,366 Total current liabilities classified as discontinued operations $ 1,213 $ 1,473 The financial results are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net sales $ 19 $ 17,939 $ 261 $ 45,531 Cost of sales 951 18,654 1,598 43,419 Gross profit (932) (715) (1,337) 2,112 Selling, general and administrative expense (41) 3,619 141 5,583 Acquisition costs and other 30 4 119 78 Asset impairments — 6,388 1,115 6,388 Loss from discontinued operations before income taxes (921) (10,726) (2,712) (9,937) Income tax benefit (193) (2,239) (585) (2,039) Net loss from discontinued operations $ (728) $ (8,487) $ (2,127) $ (7,898) Munhall assets classified as held for sale as are as follows: (in thousands) June 30, 2024 December 31, 2023 Property, plant and equipment, net $ 1,259 $ 2,374 Other assets, net — 538 Assets held for sale $ 1,259 $ 2,912

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Product Group	The following table presents the Company's revenues, disaggregated by product group from continuing operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Fiberglass and steel liquid storage tanks and separation equipment $ — $ — $ — $ 50 Stainless steel pipe and tube 28,721 28,992 52,536 60,053 Specialty chemicals 21,468 21,363 41,764 45,112 Net sales $ 50,189 $ 50,355 $ 94,300 $ 105,215
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table represents the Company's revenue recognized at a point-in-time and over-time: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Point-in-time $ 46,511 $ 47,077 $ 85,689 $ 97,433 Over-time $ 3,678 $ 3,278 $ 8,611 $ 7,782

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Held for Sale	The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Company's discontinued operations: (in thousands) June 30, 2024 December 31, 2023 Carrying amounts of assets included as part of discontinued operations: Accounts receivable, net $ — $ 778 Prepaid expenses and other current assets 65 83 Current assets classified as discontinued operations 65 861 Carrying amounts of current liabilities included as part of discontinued operations: Accounts payable 22 107 Accrued expenses and other current liabilities 1,191 1,366 Total current liabilities classified as discontinued operations $ 1,213 $ 1,473 The financial results are presented as loss from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net sales $ 19 $ 17,939 $ 261 $ 45,531 Cost of sales 951 18,654 1,598 43,419 Gross profit (932) (715) (1,337) 2,112 Selling, general and administrative expense (41) 3,619 141 5,583 Acquisition costs and other 30 4 119 78 Asset impairments — 6,388 1,115 6,388 Loss from discontinued operations before income taxes (921) (10,726) (2,712) (9,937) Income tax benefit (193) (2,239) (585) (2,039) Net loss from discontinued operations $ (728) $ (8,487) $ (2,127) $ (7,898) Munhall assets classified as held for sale as are as follows: (in thousands) June 30, 2024 December 31, 2023 Property, plant and equipment, net $ 1,259 $ 2,374 Other assets, net — 538 Assets held for sale $ 1,259 $ 2,912

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories are as follows: (in thousands) June 30, 2024 December 31, 2023 Raw materials $ 17,277 $ 22,321 Work-in-process 15,460 14,740 Finished goods 20,204 21,364 52,941 58,425 Less: inventory reserves (7,024) (6,119) Inventories $ 45,917 $ 52,306

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
Property, Plant and Equipment (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment from continuing operations consist of the following: (in thousands) June 30, 2024 December 31, 2023 Land $ 668 $ 723 Leasehold improvements 3,087 3,079 Buildings 1,534 1,534 Machinery, fixtures and equipment 94,107 93,758 Construction-in-progress 1,566 1,330 100,962 100,424 Less: accumulated depreciation and amortization (73,319) (70,669) Property, plant and equipment, net $ 27,643 $ 29,755 The following table sets forth depreciation expense related to property, plant and equipment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of sales $ 1,464 $ 1,446 $ 2,916 $ 2,992 Selling, general and administrative 67 88 135 120 Total depreciation $ 1,531 $ 1,534 $ 3,051 $ 3,112

Intangible Assets and Deferre_2

Intangible Assets and Deferred Charges (Tables)	6 Months Ended
Intangible Assets and Deferred Charges (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Subject to Amortization	The balance of intangible assets from continuing operations subject to amortization are as follows: June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer related $ 14,604 $ (7,429) $ 14,604 $ (6,685) Trademarks and trade names 150 (17) 150 (17) Other 500 (56) 500 (56) Total definite-lived intangible assets $ 15,254 $ (7,502) $ 15,254 $ (6,758)
Schedule of Estimated Amortization Expense	Estimated amortization expense related to intangible assets for the next five years are as follows: (in thousands) Remainder of 2024 $ 744 2025 1,324 2026 1,102 2027 930 2028 786 2029 673 Thereafter 2,193
Schedule of Deferred Charges	The balance of deferred charges subject to amortization are as follows: (in thousands) June 30, 2024 December 31, 2023 Deferred charges, gross $ 398 $ 398 Accumulated amortization of deferred charges (344) (294) Deferred charges, net $ 54 $ 104

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Schedule of Operating and Finance Leases Recorded in Consolidated Balance Sheet	Operating and finance lease amounts from continuing operations included in the unaudited condensed consolidated balance sheet are as follows (in thousands): Classification Financial Statement Line Item June 30, 2024 December 31, 2023 Long-term Assets Right-of-use assets, operating leases $ 27,073 $ 27,784 Long-term Assets Property, plant and equipment 1,378 1,543 Current liabilities Current portion of lease liabilities, operating leases 1,194 1,140 Current liabilities Current portion of lease liabilities, finance leases 286 292 Non-current liabilities Non-current portion of lease liabilities, operating leases 29,110 29,729 Non-current liabilities Non-current portion of lease liabilities, finance leases 1,163 1,307
Schedule of Operating and Finance Leases Discount Rates, Total Lease Cost and Weighted Average Remaining Leases	Individual components of the total lease cost incurred by the Company are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost 1 $ 985 $ 985 $ 1,971 $ 1,974 Finance lease cost: Amortization of right-of-use assets 79 86 162 164 Interest on finance lease liabilities 22 24 45 38 Sublease income (92) (91) (184) (182) Total lease cost $ 994 $ 1,004 $ 1,994 $ 1,994 1 Includes short term leases, which are immaterial Weighted-average remaining lease term June 30, 2024 December 31, 2023 Operating leases 12.19 years 12.67 years Finance leases 4.62 years 5.07 years Weighted-average discount rate Operating leases 8.34 % 8.33 % Finance leases 5.93 % 5.92 %
Schedule of Maturities For Operating Leases After Adoption of 842	The amounts of undiscounted future minimum lease payments under leases in continuing operations as of June 30, 2024 are as follows: (in thousands) Operating Finance Remainder of 2024 $ 1,826 $ 246 2025 3,671 361 2026 3,691 361 2027 3,765 361 2028 3,840 303 Thereafter 32,312 85 Total undiscounted minimum future lease payments 49,105 1,717 Imputed interest (18,801) (268) Present value of lease liabilities $ 30,304 $ 1,449
Schedule of Maturities For Finance Leases After Adoption of 842	The amounts of undiscounted future minimum lease payments under leases in continuing operations as of June 30, 2024 are as follows: (in thousands) Operating Finance Remainder of 2024 $ 1,826 $ 246 2025 3,671 361 2026 3,691 361 2027 3,765 361 2028 3,840 303 Thereafter 32,312 85 Total undiscounted minimum future lease payments 49,105 1,717 Imputed interest (18,801) (268) Present value of lease liabilities $ 30,304 $ 1,449
Schedule of Maturities for Sub Leases	Future expected cash receipts from the Company's subleases as of June 30, 2024 are as follows: (in thousands) Sublease Receipts Remainder of 2024 $ 287 2025 582 2026 594 2027 606 2028 618 Thereafter 5,229 Total sublease receipts $ 7,916

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Shares Repurchased	Shares repurchased for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number of shares repurchased 15,233 18,843 31,563 51,156 Average price per share $ 10.25 $ 9.34 $ 10.10 $ 9.83 Total cost of shares repurchased 1 $ 156,577 $ 176,630 $ 319,798 $ 504,151 1 Includes broker commissions paid as part of repurchase transactions

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
Loss Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss from continuing operations $ (198) $ (6,149) $ (4,292) $ (11,937) Net loss from discontinued operations (728) (8,487) (2,127) (7,898) Net loss $ (926) $ (14,636) $ (6,419) $ (19,835) Denominator: Weighted-average common shares outstanding 10,126 10,170 10,110 10,159 Effect of dilutive securities: Employee stock options and stock grants — — — — Weighted-average common shares, as adjusted 10,126 10,170 10,110 10,159 Net loss per share from continuing operations: Basic $ (0.02) $ (0.60) $ (0.42) $ (1.18) Diluted $ (0.02) $ (0.60) $ (0.42) $ (1.18) Net loss per share from discontinued operations: Basic $ (0.07) $ (0.84) $ (0.21) $ (0.77) Diluted $ (0.07) $ (0.84) $ (0.21) $ (0.77) Net loss per share: Basic $ (0.09) $ (1.44) $ (0.63) $ (1.95) Diluted $ (0.09) $ (1.44) $ (0.63) $ (1.95)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for Income Taxes and Effective Tax Rates	Our income tax benefit and overall effective tax rates for continuing operations for the periods presented are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income tax benefit $ (44) $ (1,693) $ (1,210) $ (3,301) Effective income tax rate 18.0 % 21.6 % 22.0 % 21.7 %

Industry Segments (Tables)

Industry Segments (Tables)	6 Months Ended
Industry Segments (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The following table summarizes certain information regarding segments of the Company's continuing operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Net sales Tubular Products $ 28,721 $ 28,992 $ 52,536 $ 60,053 Specialty Chemicals 21,468 21,363 41,764 45,112 All Other — — — 50 $ 50,189 $ 50,355 $ 94,300 $ 105,215 Operating income (loss) Tubular Products $ 889 $ (3,302) $ (613) $ (6,596) Specialty Chemicals 429 (806) (1,010) 546 All Other (100) (74) (261) (552) Corporate Unallocated corporate expenses (1,429) (2,750) (3,579) (6,455) Acquisition costs and other (52) (17) (52) (274) Total Corporate (1,481) (2,767) (3,631) (6,729) Operating loss (263) (6,949) (5,515) (13,331) Interest expense, net 72 1,047 199 2,154 Other, net (93) (154) (212) (247) Loss from continuing operations before income taxes $ (242) $ (7,842) $ (5,502) $ (15,238) As of (in thousands) June 30, 2024 December 31, 2023 Identifiable assets Tubular Products $ 70,173 $ 70,548 Specialty Chemicals 45,469 49,547 Corporate and other 42,531 42,339 $ 158,173 $ 162,434

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 22, 2023	May 31, 2023	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increased reserves on accounts receivable							$ 264	$ 32
Damages sought value		$ 800
Estimated litigation liability			$ 1,000				1,000		$ 1,000
Specialty Pipe and Tube, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of productive assets	$ 55,000
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairments			$ 0			$ 6,388	$ 1,115	$ 6,388
Discontinued Operations, Held-for-sale \| Munhall Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairments				$ 1,100	$ 2,400	6,400
Increased reserves on accounts receivable						$ 1,400

Discontinued Operations - Sched

Discontinued Operations - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying amounts of assets included as part of discontinued operations:
Current assets classified as discontinued operations	$ 65	$ 861
Discontinued Operations, Held-for-sale
Carrying amounts of assets included as part of discontinued operations:
Accounts receivable, net	0	778
Prepaid expenses and other current assets	65	83
Current assets classified as discontinued operations	65	861
Carrying amounts of current liabilities included as part of discontinued operations:
Accounts payable	22	107
Accrued expenses and other current liabilities	1,191	1,366
Total current liabilities classified as discontinued operations	$ 1,213	$ 1,473

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ (728)	$ (8,487)	$ (2,127)	$ (7,898)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	19	17,939	261	45,531
Cost of sales	951	18,654	1,598	43,419
Gross profit	(932)	(715)	(1,337)	2,112
Selling, general and administrative expense	(41)	3,619	141	5,583
Acquisition costs and other	30	4	119	78
Asset impairments	0	6,388	1,115	6,388
Loss from discontinued operations before income taxes	(921)	(10,726)	(2,712)	(9,937)
Income tax benefit	(193)	(2,239)	(585)	(2,039)
Net loss from discontinued operations	$ (728)	$ (8,487)	$ (2,127)	$ (7,898)

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregated Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 50,189	$ 50,355	$ 94,300	$ 105,215
Fiberglass and steel liquid storage tanks and separation equipment
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	50
Stainless steel pipe and tube
Disaggregation of Revenue [Line Items]
Net sales	28,721	28,992	52,536	60,053
Specialty chemicals
Disaggregation of Revenue [Line Items]
Net sales	$ 21,468	$ 21,363	$ 41,764	$ 45,112

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 50,189	$ 50,355	$ 94,300	$ 105,215
Point-in-time
Disaggregation of Revenue [Line Items]
Net sales	46,511	47,077	85,689	97,433
Over-time
Disaggregation of Revenue [Line Items]
Net sales	$ 3,678	$ 3,278	$ 8,611	$ 7,782

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairments	$ 0			$ 6,388	$ 1,115	$ 6,388
Munhall Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories			$ 4,000	16,000		16,000
Certain long-lived assets, including intangible assets				2,600		$ 2,600
Impairment of long-lived assets			2,400	6,400
Asset impairments		$ 1,100	$ 2,400	$ 6,400

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Assets Held For Sale (Details) - Discontinued Operations, Held-for-sale - Munhall Facility - Level 2 Inputs - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment, net	$ 1,259	$ 2,374
Other assets, net	0	538
Assets held for sale	$ 1,259	$ 2,912

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 17,277	$ 22,321
Work-in-process	15,460	14,740
Finished goods	20,204	21,364
Inventory, gross	52,941	58,425
Less: inventory reserves	(7,024)	(6,119)
Inventories	$ 45,917	$ 52,306

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 100,962		$ 100,962		$ 100,424
Less: accumulated depreciation and amortization	(73,319)		(73,319)		(70,669)
Property, plant and equipment, net	27,643		27,643		29,755
Total depreciation	1,531	$ 1,534	3,051	$ 3,112
Cost of sales
Property, Plant and Equipment [Line Items]
Total depreciation	1,464	1,446	2,916	2,992
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Total depreciation	67	$ 88	135	$ 120
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	668		668		723
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,087		3,087		3,079
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	1,534		1,534		1,534
Machinery, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	94,107		94,107		93,758
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 1,566		$ 1,566		$ 1,330

Intangible Assets and Deferre_3

Intangible Assets and Deferred Charges - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated useful life (in years)	15 years
Deferred charges, amortization period (in years)	4 years

Intangible Assets and Deferre_4

Intangible Assets and Deferred Charges - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,254	$ 15,254
Accumulated Amortization	(7,502)	(6,758)
Customer related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,604	14,604
Accumulated Amortization	(7,429)	(6,685)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	150	150
Accumulated Amortization	(17)	(17)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	500	500
Accumulated Amortization	$ (56)	$ (56)

Intangible Assets and Deferre_5

Intangible Assets and Deferred Charges - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 744
2025	1,324
2026	1,102
2027	930
2028	786
2029	673
Thereafter	$ 2,193

Intangible Assets and Deferre_6

Intangible Assets and Deferred Charges - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Deferred charges, gross	$ 398	$ 398
Accumulated amortization of deferred charges	(344)	(294)
Deferred charges, net	$ 54	$ 104

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 21, 2024
Line of Credit Facility [Line Items]
Current portion of note payable	$ 914	$ 360
Minimum amount of availability required to be had under facility	$ 7,500
Covenant required percentage	10%
10% of the revolving credit facility	$ 8,000
ABL Line Of Credit, Due January 15, 2025 \| Line of Credit
Line of Credit Facility [Line Items]
Initial borrowing capacity	80,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt outstanding credit facilities	0	0
Revolving Credit Facility \| The Facility
Line of Credit Facility [Line Items]
Initial borrowing capacity		5,000
Revolving Credit Facility \| The Facility \| Line of Credit
Line of Credit Facility [Line Items]
Initial borrowing capacity	$ 80,000	$ 105,000
Revolving Credit Facility \| The Facility \| Line of Credit \| Base Rate
Line of Credit Facility [Line Items]
Basis spread (as a percent)	0.75%
Revolving Credit Facility \| The Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread (as a percent)	1.85%
Revolving Credit Facility \| The Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread (as a percent)	1.85%	1.60%
Revolving Credit Facility \| The Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread (as a percent)	2.10%	1.70%
Revolving Credit Facility \| ABL Line Of Credit, Due January 15, 2025 \| Line of Credit
Line of Credit Facility [Line Items]
Initial borrowing capacity	$ 80,000
Line of credit, remaining availability	62,700
Machinery and Equipment Sub Limit \| ABL Line Of Credit, Due January 15, 2025 \| Line of Credit
Line of Credit Facility [Line Items]
Initial borrowing capacity	$ 17,500
Notes Payable to Banks
Line of Credit Facility [Line Items]
Principal amount of debt			$ 900
Interest rate (as a percent)			3.70%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
Operating lease liability related to sale leaseback transactions	$ 30.1
Sale leaseback liabilities as a percentage of total operating lease liabilities	95%
Sublease annual base rent	$ 0.1
Basis spread (as a percent)	2%

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Leases Recorded in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets, operating leases	$ 27,073	$ 27,784
Property, plant and equipment	1,378	1,543
Current portion of lease liabilities, operating leases	1,194	1,140
Current portion of lease liabilities, finance leases	286	292
Non-current portion of lease liabilities, operating leases	29,110	29,729
Non-current portion of lease liabilities, finance leases	$ 1,163	$ 1,307

Leases - Schedule of Total Leas

Leases - Schedule of Total Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 985	$ 985	$ 1,971	$ 1,974
Finance lease cost:
Amortization of right-of-use assets	79	86	162	164
Interest on finance lease liabilities	22	24	45	38
Sublease income	(92)	(91)	(184)	(182)
Total lease cost	$ 994	$ 1,004	$ 1,994	$ 1,994

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities After Adoption of 842 (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating
Remainder of 2024	$ 1,826
2025	3,671
2026	3,691
2027	3,765
2028	3,840
Thereafter	32,312
Total undiscounted minimum future lease payments	49,105
Imputed interest	(18,801)
Present value of lease liabilities	30,304
Finance
Remainder of 2024	246
2025	361
2026	361
2027	361
2028	303
Thereafter	85
Total undiscounted minimum future lease payments	1,717
Imputed interest	(268)
Present value of lease liabilities	$ 1,449

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term (Details)	Jun. 30, 2024	Dec. 31, 2023
Weighted-average remaining lease term
Operating leases	12 years 2 months 8 days	12 years 8 months 1 day
Finance leases	4 years 7 months 13 days	5 years 25 days
Weighted-average discount rate
Operating leases	8.34%	8.33%
Finance leases	5.93%	5.92%

Leases - Schedule of Future Exp

Leases - Schedule of Future Expected Cash Receipts From Sublease (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Sublease Receipts
Remainder of 2024	$ 287
2025	582
2026	594
2027	606
2028	618
Thereafter	5,229
Total sublease receipts	$ 7,916

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)		3 Months Ended		6 Months Ended
Shareholders' Equity (Details) - USD ($)	Dec. 20, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)		15,233	18,843	31,563	51,156
Average price per share (in dollars per share)		$ 10.25	$ 9.34	$ 10.10	$ 9.83
Total cost of shares repurchased		$ 156,577	$ 176,630	$ 319,798	$ 504,151
First Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Period for shares to be repurchased (in months)	24 months
Amended Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased (in shares)		790,383		790,383
Stock repurchase program, number of remaining shares authorized to be repurchased (in shares)		505,308		505,308

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss from continuing operations	$ (198)	$ (6,149)	$ (4,292)	$ (11,937)
Net loss from discontinued operations	(728)	(8,487)	(2,127)	(7,898)
Net loss	$ (926)	$ (14,636)	$ (6,419)	$ (19,835)
Denominator:
Weighted-average common shares outstanding (in shares)	10,126	10,170	10,110	10,159
Employee stock options and stock grants (in shares)	0	0	0	0
Weighted-average common shares, as adjusted (in shares)	10,126	10,170	10,110	10,159
Net loss per share from continuing operations:
Basic (in dollars per share)	$ (0.02)	$ (0.60)	$ (0.42)	$ (1.18)
Diluted (in dollars per share)	(0.02)	(0.60)	(0.42)	(1.18)
Net loss per share from discontinued operations:
Basic (in dollars per share)	(0.07)	(0.84)	(0.21)	(0.77)
Diluted (in dollars per share)	(0.07)	(0.84)	(0.21)	(0.77)
Net loss per share:
Basic (in dollars per share)	(0.09)	(1.44)	(0.63)	(1.95)
Diluted (in dollars per share)	$ (0.09)	$ (1.44)	$ (0.63)	$ (1.95)
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	100	100	100	100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ (44)	$ (1,693)	$ (1,210)	$ (3,301)
Effective income tax rate	18%	21.60%	22%	21.70%

Industry Segments - Narrative (

Industry Segments - Narrative (Details)	3 Months Ended
Industry Segments - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Industry Segments - Schedule of

Industry Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 50,189	$ 50,355	$ 94,300	$ 105,215
Operating income (loss)	(263)	(6,949)	(5,515)	(13,331)
Unallocated corporate expenses	6,056	6,156	13,825	13,744
Acquisition costs and other	67	16	79	276
Interest expense, net	72	1,047	199	2,154
Other, net	(93)	(154)	(212)	(247)
Loss from continuing operations before income taxes	(242)	(7,842)	(5,502)	(15,238)
Identifiable assets	158,238		158,238		$ 163,295
Continuing Operations
Segment Reporting Information [Line Items]
Identifiable assets	158,173		158,173		162,434
Tubular Products
Segment Reporting Information [Line Items]
Net sales	28,721	28,992	52,536	60,053
Specialty Chemicals
Segment Reporting Information [Line Items]
Net sales	21,468	21,363	41,764	45,112
Other Segments
Segment Reporting Information [Line Items]
Net sales	0	0	0	50
Operating segment \| Tubular Products
Segment Reporting Information [Line Items]
Operating income (loss)	889	(3,302)	(613)	(6,596)
Operating segment \| Tubular Products \| Continuing Operations
Segment Reporting Information [Line Items]
Identifiable assets	70,173		70,173		70,548
Operating segment \| Specialty Chemicals
Segment Reporting Information [Line Items]
Operating income (loss)	429	(806)	(1,010)	546
Operating segment \| Specialty Chemicals \| Continuing Operations
Segment Reporting Information [Line Items]
Identifiable assets	45,469		45,469		49,547
Operating segment \| Other Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(100)	(74)	(261)	(552)
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(1,481)	(2,767)	(3,631)	(6,729)
Unallocated corporate expenses	(1,429)	(2,750)	(3,579)	(6,455)
Acquisition costs and other	(52)	$ (17)	(52)	$ (274)
Corporate \| Continuing Operations
Segment Reporting Information [Line Items]
Identifiable assets	$ 42,531		$ 42,531		$ 42,339

Subsequent Events (Details)

Subsequent Events (Details)		2 Months Ended
Subsequent Events (Details)	Jul. 16, 2024 USD ($) renewal_options	Sep. 30, 2024 USD ($)
Forecast
Subsequent Event [Line Items]
Proceeds from sale of productive assets		$ 2,800,000
Subsequent Event
Subsequent Event [Line Items]
Operating lease agreement	65 months
Lease extended options \| renewal_options	1
Lease term extended	60 months
Annual base rent	$ 9,606
Percentage annual increase in base rent	3%
Lease period of rent adjustments abated	5 months
Security deposit	$ 52,353