Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000917470 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-23320 | |
Entity Registrant Name | OLYMPIC STEEL, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1245650 | |
Entity Address, Address Line One | 22901 Millcreek Boulevard, Suite 650 | |
Entity Address, City or Town | Highland Hills | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | 216 | |
Local Phone Number | 292-3800 | |
Title of 12(b) Security | Common stock, without par value | |
Trading Symbol | ZEUS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,129,932 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 10,232 | $ 9,812 |
Accounts receivable, net | 279,344 | 284,570 |
Inventories, net (includes LIFO reserves of $21,236 and $19,736 as of September 30, 2022 and December 31, 2021, respectively) | 508,103 | 485,029 |
Prepaid expenses and other | 7,447 | 9,989 |
Total current assets | 805,126 | 789,400 |
Property and equipment, at cost | 424,051 | 413,396 |
Accumulated depreciation | (276,918) | (266,340) |
Net property and equipment | 147,133 | 147,056 |
Goodwill | 10,496 | 10,496 |
Intangible assets, net | 32,439 | 33,653 |
Other long-term assets | 14,315 | 15,241 |
Right of use assets, net | 27,475 | 27,726 |
Total assets | 1,036,984 | 1,023,572 |
Liabilities | ||
Accounts payable | 167,081 | 148,649 |
Accrued payroll | 38,071 | 44,352 |
Other accrued liabilities | 19,441 | 25,395 |
Current portion of lease liabilities | 6,124 | 5,940 |
Total current liabilities | 230,717 | 224,336 |
Credit facility revolver | 244,200 | 327,764 |
Other long-term liabilities | 11,245 | 15,006 |
Deferred income taxes | 16,317 | 9,890 |
Lease liabilities | 21,850 | 22,137 |
Total liabilities | 524,329 | 599,133 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 134,423 | 133,427 |
Accumulated other comprehensive income (loss) | 1,256 | (1,996) |
Retained earnings | 376,976 | 293,008 |
Total shareholders' equity | 512,655 | 424,439 |
Total liabilities and shareholders' equity | $ 1,036,984 | $ 1,023,572 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
LIFO Debit | $ 21,236 | $ 19,736 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 634,437 | $ 668,466 | $ 2,039,946 | $ 1,687,667 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 527,466 | 520,866 | 1,643,119 | 1,304,234 |
Warehouse and processing | 27,397 | 26,208 | 79,069 | 76,153 |
Administrative and general | 26,929 | 24,811 | 88,520 | 74,328 |
Distribution | 15,131 | 14,424 | 46,613 | 42,086 |
Selling | 10,589 | 12,155 | 31,905 | 30,408 |
Occupancy | 3,173 | 3,029 | 10,053 | 8,951 |
Depreciation | 4,062 | 4,243 | 12,766 | 13,557 |
Amortization | 604 | 570 | 1,828 | 1,764 |
Total costs and expenses | 615,351 | 606,306 | 1,913,873 | 1,551,481 |
Operating income | 19,086 | 62,160 | 126,073 | 136,186 |
Other loss, net | (17) | (15) | (38) | (24) |
Income before interest and income taxes | 19,069 | 62,145 | 126,035 | 136,162 |
Interest and other expense on debt | 3,007 | 1,947 | 7,276 | 5,618 |
Income before income taxes | 16,062 | 60,198 | 118,759 | 130,544 |
Income tax provision | 4,016 | 15,665 | 31,787 | 34,354 |
Net income | 12,046 | 44,533 | 86,972 | 96,190 |
Gain on cash flow hedge | 2,291 | 434 | 4,336 | 1,851 |
Tax effect on cash flow hedge | 573 | 109 | 1,084 | 463 |
Total comprehensive income | $ 13,764 | $ 44,858 | $ 90,224 | $ 97,578 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 1.04 | $ 3.88 | $ 7.53 | $ 8.37 |
Weighted average shares outstanding - basic (in shares) | 11,548 | 11,492 | 11,543 | 11,491 |
Net income per share - diluted (in dollars per share) | $ 1.04 | $ 3.87 | $ 7.53 | $ 8.36 |
Weighted average shares outstanding - diluted (in shares) | 11,557 | 11,515 | 11,548 | 11,509 |
Dividends declared per share of common stock (in dollars per share) | $ 0.09 | $ 0.02 | $ 0.27 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from (used for) operating activities: | ||
Interest paid | $ 6,896 | $ 5,023 |
Net income | 86,972 | 96,190 |
Income taxes paid | 23,283 | 33,968 |
Adjustments to reconcile net income to net cash from (used for) operating activities - | ||
Income taxes paid | 23,283 | 33,968 |
Depreciation and amortization | 14,936 | 15,837 |
(Gain) on disposition of property and equipment | (2,184) | (48) |
Gain on disposition of Detroit operation (before expenses of $2,569) | 0 | (6,068) |
Stock-based compensation | 997 | 792 |
Other long-term assets | 863 | 5,558 |
Other long-term liabilities | 5,537 | (4,497) |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 107,121 | 107,764 |
Changes in working capital: | ||
Accounts receivable | 5,226 | (151,635) |
Inventories | (23,074) | (177,978) |
Prepaid expenses and other | 2,567 | (7,365) |
Accounts payable | 14,830 | 74,850 |
Change in outstanding checks | 3,602 | (2,107) |
Accrued payroll and other accrued liabilities | (11,972) | 29,534 |
Increase (Decrease) in Operating Capital, Total | (8,821) | (234,701) |
Net cash from (used for) operating activities | 98,300 | (126,937) |
Cash flows from (used for) investing activities: | ||
Capital expenditures | 13,963 | 7,738 |
Proceeds from disposition of property and equipment | 3,293 | 32 |
Proceeds from sale of Detroit property and equipment | 0 | 9,506 |
Net cash (used for) investing activities | (10,670) | 1,800 |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 575,336 | 546,594 |
Credit facility revolver repayments | 658,900 | 409,323 |
Principal payment under capital lease obligation | 542 | 656 |
Credit facility fees and expenses | (100) | (1,203) |
Dividends paid | 3,004 | 665 |
Net cash from (used for) financing activities | (87,210) | 134,747 |
Cash and cash equivalents: | ||
Net change | 420 | 9,610 |
Beginning balance | 9,812 | 5,533 |
Ending balance | 10,232 | 15,143 |
Interest paid | 6,896 | 5,023 |
Income taxes paid | $ 23,283 | $ 33,968 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited)-parentheticals (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Amount of operating expense attributable to sale of operations | $ 2,569 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 132,382 | $ (4,215) | $ 172,843 | $ 301,010 |
Net income | 0 | 0 | 96,190 | 96,190 |
Payment of dividends | 0 | 0 | (665) | (665) |
Stock-based compensation | 792 | 0 | 0 | 792 |
Changes in fair value of hedges, net of tax | 0 | 1,388 | 0 | 1,388 |
Other | 0 | 0 | 0 | 0 |
Balance at Sep. 30, 2021 | 133,174 | (2,827) | 268,368 | 398,715 |
Balance at Jun. 30, 2021 | 132,916 | (3,153) | 224,057 | 353,820 |
Net income | 0 | 0 | 44,533 | 44,533 |
Payment of dividends | 0 | 0 | (222) | (222) |
Stock-based compensation | 258 | 0 | 0 | 258 |
Changes in fair value of hedges, net of tax | 0 | 326 | 0 | 326 |
Other | 0 | 0 | 0 | 0 |
Balance at Sep. 30, 2021 | 133,174 | (2,827) | 268,368 | 398,715 |
Balance at Dec. 31, 2021 | 133,427 | (1,996) | 293,008 | 424,439 |
Net income | 0 | 0 | 86,972 | 86,972 |
Payment of dividends | 0 | 0 | (3,004) | (3,004) |
Stock-based compensation | 997 | 0 | 0 | 997 |
Changes in fair value of hedges, net of tax | 0 | 3,252 | 0 | 3,252 |
Other | (1) | 0 | 0 | (1) |
Balance at Sep. 30, 2022 | 134,423 | 1,256 | 376,976 | 512,655 |
Balance at Jun. 30, 2022 | 134,089 | (462) | 365,932 | 499,559 |
Net income | 0 | 0 | 12,046 | 12,046 |
Payment of dividends | 0 | 0 | (1,002) | (1,002) |
Stock-based compensation | 335 | 0 | 0 | 335 |
Changes in fair value of hedges, net of tax | 0 | 1,718 | 1,718 | |
Other | (1) | 0 | 0 | (1) |
Balance at Sep. 30, 2022 | $ 134,423 | $ 1,256 | $ 376,976 | $ 512,655 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation : The accompanying consolidated financial statements have been prepared from the financial records of Olympic Steel, Inc. and its wholly-owned subsidiaries (collectively, Olympic or the Company), without audit and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods covered by this report. Year-to-date results are not necessarily indicative of 2022 annual results and these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. All intercompany transactions and balances have been eliminated in consolidation. The Company operates in three reportable segments; specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments. Some of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments, and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. As such, total assets and capital expenditures are reported in the aggregate for the flat products segments. Due to the shared assets and resources, certain of the flat products segment expenses are allocated between the specialty metals flat products segment and the carbon flat products segment based upon an established allocation methodology. The primary focus of our specialty metals flat products segment is on the direct sale and distribution of processed stainless and aluminum flat-rolled sheet and coil products, flat bar products and fabricated parts. Through the acquisition of Shaw Stainless & Alloys, Inc. (Shaw) on October 1, 2021 and Action Stainless & Alloys, Inc. (Action Stainless) on December 14, 2020, our specialty metals flat products segment expanded its geographic footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe. Through the acquisition of Berlin Metals, LLC (Berlin Metals) on April 2, 2018, the specialty metals flat products segment expanded its product offerings to include differing types of stainless flat-rolled sheet and coil and prime tin mill products. The primary focus of our carbon flat products segment is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, and fabricated parts. We act as an intermediary between metals producers and manufacturers that require processed metal for their operations. We serve customers in most metals consuming industries, including manufacturers and fabricators of transportation and material handling equipment, construction and farm machinery, storage tanks, environmental and energy generation equipment, automobiles, military vehicles and equipment, as well as general and plate fabricators and metal service centers. We distribute these products primarily through a direct sales force. Combined, the carbon and specialty metals flat products segments have 34 strategically located processing and distribution facilities in the United States and one in Monterrey, Mexico. Our geographic footprint allows us to focus on regional customers and larger national and multi-national accounts, primarily located throughout the midwestern, eastern and southern United States. On September 17, 2021, we sold substantially all of the assets related to our Detroit, Michigan operation to Venture Steel (U.S.). The Detroit operation was primarily focused on the distribution of carbon flat-rolled steel to domestic automotive manufacturers and their suppliers. The tubular and pipe products segment consists of the Chicago Tube and Iron (CTI) business, acquired in 2011. Through our tubular and pipe products segment, we distribute metal tubing, pipe, bar, valves and fittings and fabricated pressure parts supplied to various industrial markets. Founded in 1914, CTI operates from seven locations in the Midwestern and southeastern United States. The tubular and pipe products segment distributes its products primarily through a direct sales force. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees. Impact of Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board, (FASB), issued Accounting Standards Update, (ASU), No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The objective of this ASU is to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The Company is currently evaluating the impact of the adoptions of this ASU; however, the Company does not expect the adoption to have a material impact on the Company’s Consolidated Financial Statements. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition: The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may also have longer-term agreements with customers. Substantially all of the contracts with customers require the delivery of metals, which represent single performance obligations that are satisfied at a point in time upon transfer of control of the product to the customer. Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 days. The Company has certain fabrication contracts in one business unit for which revenue is recognized over time as performance obligations are achieved. This fabrication business is not material to the Company's consolidated results. Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold. Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2022 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 28.0 % - - 28.0 % Plate 13.7 % - - 13.7 % Cold Rolled 4.5 % - - 4.5 % Coated 4.6 % - - 4.6 % Specialty - 29.7 % - 29.7 % Tube - - 17.3 % 17.3 % Other 2.2 % - - 2.2 % Total 53.0 % 29.7 % 17.3 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2022 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 29.7 % - - 29.7 % Plate 13.2 % - - 13.2 % Cold Rolled 4.8 % - - 4.8 % Coated 4.6 % - - 4.6 % Specialty - 30.1 % - 30.1 % Tube - - 16.6 % 16.6 % Other 1.0 % - - 1.0 % Total 53.3 % 30.1 % 16.6 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2021 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 31.9 % - - 31.9 % Plate 11.2 % - - 11.2 % Cold Rolled 7.8 % - - 7.8 % Coated 7.8 % - - 7.8 % Specialty - 23.3 % - 23.3 % Tube - - 14.9 % 14.9 % Other 1.8 % 1.3 % - 3.1 % Total 60.5 % 24.6 % 14.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2021 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 30.1 % - - 30.1 % Plate 10.6 % - - 10.6 % Cold Rolled 7.1 % - - 7.1 % Coated 8.3 % - - 8.3 % Specialty - 24.0 % - 24.0 % Tube - - 16.7 % 16.7 % Other 1.8 % 1.4 % - 3.2 % Total 57.9 % 25.4 % 16.7 % 100.0 % |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $5.7 million and $4.4 million as of September 30, 2022 and December 31, 2021, respectively. The allowance for credit losses is maintained at a level considered appropriate based on historical experience, specific customer collection issues that have been identified, current market conditions and estimates for supportable forecasts when appropriate. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for credit losses and unissued credits. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories: Inventories consisted of the following: Inventory as of (in thousands) September 30, 2022 December 31, 2021 Unprocessed $ 409,131 $ 417,595 Processed and finished 98,972 67,434 Totals $ 508,103 $ 485,029 The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At September 30, 2022 and December 31, 2021, approximately $53.4 million, or 10.5% of consolidated inventory, and $55.4 million, or 11.4% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. During the three and nine months ended September 30, 2022, the Company recorded $1.5 million of LIFO expense as current projections anticipate increased metals prices by December 31, 2022 compared to December 31, 2021. During the three and nine months ended September 30, 2021, the Company recorded $7.0 million and $12.0 million of LIFO expense, respectively. If the FIFO method had been in use, inventories would have been $21.2 million higher and $19.7 million higher than reported at September 30, 2022 and December 31, 2021, respectively. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Intangible Assets: The Company’s intangible assets were recorded in connection with its acquisitions that occurred between 2011 and 2021. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The useful lives of the customer relationships were determined to be between 10 and 15 years, based primarily on the consistent and predictable revenue source associated with the existing customer base, the present value of which extends through the 10- and 15-year amortization periods. The useful lives of the non-compete agreements were determined to be the length of the non-compete agreements, which range from one five Goodwill, by reportable unit, was as follows as of September 30, 2022 and December 31, 2021, respectively. The goodwill is deductible for tax purposes. Specialty Metals Carbon Flat Tubular and Pipe (in thousands) Flat Products Products Products Total Balance as of December 31, 2021 $ 9,431 $ 1,065 $ - $ 10,496 Acquisitions - - - - Impairments - - - - Balance as of September 30, 2022 $ 9,431 $ 1,065 $ - $ 10,496 Intangible assets consisted of the following as of September 30, 2022 and December 31, 2021, respectively: As of September 30, 2022 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (11,713 ) $ 10,846 Covenant not to compete - subject to amortization 509 (284 ) 225 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (11,997 ) $ 32,439 As of December 31, 2021 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (10,552 ) $ 12,007 Covenant not to compete - subject to amortization 509 (231 ) 278 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (10,783 ) $ 33,653 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $1.6 million per year for the next three years, $1.2 million the following year and then $0.7 million for the next year after. |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Leases : The components of lease expense were as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,898 $ 1,733 $ 5,484 $ 5,148 Finance lease cost: Amortization of right-of-use assets $ 180 $ 210 $ 549 $ 634 Interest on lease liabilities 16 23 44 76 Total finance lease cost $ 196 $ 233 $ 593 $ 710 Supplemental cash flow information related to leases was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,865 $ 1,704 $ 5,335 $ 5,060 Operating cash flows from finance leases 16 23 44 76 Financing cash flows from finance leases 176 202 542 607 Total cash paid for lease liabilities $ 2,057 $ 1,929 $ 5,921 $ 5,743 Supplemental balance sheet information related to leases was as follows: September 30, December 31, (in thousands) 2022 2021 Operating Leases Operating lease $ 44,402 $ 42,023 Operating lease accumulated amortization (16,927 ) (14,297 ) Operating lease right-of-use asset, net 27,475 27,726 Operating lease current liabilities 6,124 5,940 Operating lease liabilities 21,850 22,137 Total operating lease liabilities $ 27,974 $ 28,077 Finance Leases Finance lease $ 3,197 $ 2,710 Finance lease accumulated depreciation (1,464 ) (965 ) Finance lease, net 1,733 1,745 Finance lease current liabilities 633 661 Finance lease liabilities 1,158 1,115 Total finance lease liabilities $ 1,791 $ 1,776 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 3 4 Weighted Average Discount Rate Operating leases 3.37 % 3.44 % Finance leases 3.56 % 3.42 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2022 $ 1,847 $ 191 2023 6,685 637 2024 5,931 530 2025 4,705 336 2026 3,795 157 Thereafter 7,972 43 Total future minimum lease payments $ 30,935 $ 1,894 Less remaining imputed interest (2,961 ) (103 ) Total $ 27,974 $ 1,791 |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt : The Company’s debt is comprised of the following components: As of September 30, December 31, (in thousands) 2022 2021 Asset-based revolving credit facility due June 16, 2026 244,200 327,764 Total debt $ 244,200 $ 327,764 The Company’s asset-based credit facility (the ABL Credit Facility) is collateralized by the Company’s accounts receivable, inventory and personal property. The $475 million ABL Credit Facility consists of: (i) a revolving credit facility of up to $445 million, including a $20 million sub-limit for letters of credit, and (ii) a first in, last out revolving credit facility of up to $30 million. Under the terms of the ABL Credit Facility, the Company may, subject to the satisfaction of certain conditions, request additional commitments under the revolving credit facility in the aggregate principal amount of up to $200 million to the extent that existing or new lenders agree to provide such additional commitments, and add real estate as collateral at the Company’s discretion. The ABL Facility matures on June 16, 2026. The ABL Credit Facility contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of the Company’s assets; and (viii) engage in transactions with affiliates. In addition, the ABL Credit Facility contains a financial covenant which requires if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 million or 10.0% of the aggregate amount of revolver commitments ($47.5 ($47.5 The Company has the option to borrow under its revolver based on the agent’s base rate plus a premium ranging from 0.00% to 0.25% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.25% to 2.75%. On January 10, five-year As of September 30, 2022, the Company was in compliance with its covenants and had approximately $227 million of availability under the ABL Credit Facility. As of September 30, 2022, and December 31, 2021, $1.3 million and $1.6 million, respectively, of bank financing fees were included in “Prepaid expenses and other” and “Other long-term assets” on the accompanying Consolidated Balance Sheets. The financing fees are being amortized over the five-year term of the ABL Credit Facility and are included in “Interest and other expense on debt” on the accompanying Consolidated Statements of Comprehensive Income. |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Derivative Instruments : Metals swaps and embedded customer derivatives During the first nine months of 2022 and 2021, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. The nickel swaps are accounted for as derivatives for accounting purposes. The Company entered into them to mitigate its customers’ risk of volatility in the price of metals. The outstanding nickel swaps mature in 2022. The swaps are settled with the brokers at maturity. The economic benefit or loss arising from the changes in fair value of the swaps is contractually passed through to the customer. The primary risk associated with the metals swaps is the ability of customers or third-party brokers to honor their agreements with the Company related to derivative instruments. If the customer or third-party brokers are unable to honor their agreements, the Company’s risk of loss is the fair value of the metals swaps. These derivatives have not been designated as hedging instruments. The periodic changes in fair value of the metals and embedded customer derivative instruments are included in “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The Company recognizes derivative positions with both the customer and the third party for the derivatives and classifies cash settlement amounts associated with them as part of “Cost of materials sold” in the Consolidated Statements of Comprehensive Income. The cumulative change in fair value of the metals swaps that had not yet settled as of September 30, 2022 are included in “Other Accrued Liabilities,” and the embedded customer derivatives are included in “Accounts Receivable, net” on the Consolidated Balance Sheets as of September 30, 2022. Fixed rate interest rate hedge On January 10, 2019, the Company entered into a five-year The table below shows the total impact to the Company’s Consolidated Statements of Comprehensive Income through net income of the derivatives for the three and nine months ended September 30, 2022 and 2021, respectively. Net Gain (Loss) Recognized For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2022 2021 2022 2021 Fixed interest rate hedge $ (77 ) $ (475 ) $ (871 ) $ (1,406 ) Metals swaps (141 ) (92 ) 577 136 Embedded customer derivatives 141 92 (577 ) (136 ) Total loss $ (77 ) $ (475 ) $ (871 ) $ (1,406 ) |
Note 9 - Fair Value of Assets a
Note 9 - Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value of Assets and Liabilities : During the nine months ended September 30, 2022, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at September 30, 2022 since December 31, 2021. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company: Value of Items Recorded at Fair Value As of September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 1,501 $ - $ 1,501 Embedded customer derivative - 295 - 295 Fixed interest rate hedge - 1,675 - 1,675 Total assets at fair value $ - $ 3,471 $ - $ 3,471 Liabilities: Metal Swaps $ - $ 1,796 $ - $ 1,796 Total liabilities recorded at fair value $ - $ 1,796 $ - $ 1,796 Value of Items Recorded at Fair Value As of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,286 $ - $ 2,286 Total assets at fair value $ - $ 2,286 $ - $ 2,286 Liabilities: Metal swaps $ - $ 2,178 $ - $ 2,178 Embedded customer derivatives - 108 - 108 Fixed interest rate hedge - 2,661 - 2,661 Total liabilities recorded at fair value $ - $ 4,947 $ - $ 4,947 The value of the items not recorded at fair value represent the carrying value of the liabilities. The carrying value of the ABL Credit Facility was $244.2 million and $327.8 million at September 30, 2022 and December 31, 2021, respectively. Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to the variable interest rate on the ABL Credit Facility. |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Accumulated Other Comprehensive Loss : On January 10, 2019, the Company entered into a five-year |
Note 11 - Equity Plans
Note 11 - Equity Plans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Equity Plans : Restricted Stock Units and Performance Share Units Pursuant to the Amended and Restated Olympic Steel 2007 Omnibus Incentive Plan (the Incentive Plan), the Company may grant stock options, stock appreciation rights, restricted shares, restricted share units (RSUs), performance shares, and other stock- and cash-based awards to employees and directors of, and consultants to, the Company and its affiliates. Since adoption of the Incentive Plan, 1,400,000 shares of common stock have been authorized for equity grants. On an annual basis, the compensation committee of the Company’s Board of Directors awards RSUs to each non-employee director as part of their annual compensation. The annual awards for 2022 and 2021 per director were $ 80,000. one Prior to 2021, under the Incentive Plan, each eligible participant was awarded RSUs with a dollar value equal to 10% of the participant’s base salary, up to an annual maximum of $17,500. The RSUs have a five-year In January 2022, the Company adopted a new C-Suite Long-Term Incentive Plan (the C-Suite Plan) that operates under the Senior Manager Stock Incentive Plan. Under the C-Suite Plan, the Chief Executive Officer, the Chief Financial Officer and the President and Chief Operating Officer are eligible for participation. In each calendar year, eligible participants may be awarded a long-term incentive of both an RSU grant and a performance stock unit (PSU) grant. The total long-term award target is $1.1 million for the Chief Executive Officer, $0.3 million for the Chief Financial Officer and $0.6 million for the President and Chief Operating Officer. The PSUs will vest if the return on net assets, calculated as EBITDA divided by Average Accounts Receivable, Inventory and Property and Equipment, exceeds 5%. Each RSU and service-based cash incentive vests three years after the grant date. Each vested RSU will convert into the right to receive one share of common stock. During the first quarter of 2022, a total of 20,000 RSUs and 20,000 PSUs were granted to the participants under the C-Suite Plan. Stock-based compensation expense recognized on RSUs for the three and nine months ended September 30, 2022 and 2021, respectively, is summarized in the following table: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 RSU expense before taxes $ 335 $ 258 $ 997 $ 778 RSU expense after taxes $ 251 $ 191 $ 730 $ 573 All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income. The following table summarizes the activity related to RSUs for the nine months ended September 30, 2022 and 2021, respectively: As of September 30, 2022 As of September 30, 2021 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 576,867 $ 18.40 610,540 $ 18.25 Granted 35,558 26.72 20,604 23.29 Converted into shares (5,841 ) 18.16 (2,422 ) 17.09 Forfeited (6,271 ) 17.76 (5,086 ) 17.55 Outstanding at September 30 600,313 $ 18.79 623,636 $ 18.43 Vested at September 30 424,598 $ 19.26 414,090 $ 18.76 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes : For the three months ended September 30, 2022, the Company recorded an income tax provision of $4.0 million, or 25.0%, compared to an income tax provision of $15.7 million, or 26.0% 26.8% 26.3% The tax provision for the interim period is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. The quarterly tax provision and the quarterly estimate of the annual effective tax rate is subject to significant volatility due to several factors, including variability in accurately predicting the Company’s pre-tax and taxable income and the mix of jurisdictions to which they relate, changes in law and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, the effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items and non-deductible expenses on the effective tax rate is greater when the pre-tax income is lower. |
Note 13 - Shares Outstanding an
Note 13 - Shares Outstanding and Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Shares Outstanding and Earnings Per Share : Earnings per share have been calculated based on the weighted average number of shares outstanding as set forth below: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Weighted average basic shares outstanding 11,548 11,492 11,543 11,491 Assumed exercise of stock options and issuance of stock awards 9 23 5 18 Weighted average diluted shares outstanding 11,557 11,515 11,548 11,509 Net income (loss) $ 12,046 $ 44,533 $ 86,972 $ 96,190 Basic earnings per share $ 1.04 $ 3.88 $ 7.53 $ 8.37 Diluted earnings per share $ 1.04 $ 3.87 $ 7.53 $ 8.36 Unvested RSUs 176 209 176 209 |
Note 14 - Stock Repurchase Prog
Note 14 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. Stock Repurchase Program : On October 2, 2015, the Company announced that its Board of Directors authorized a stock repurchase program of up to 550,000 shares of the Company’s issued and outstanding common stock, which could include open market repurchases, negotiated block transactions, accelerated stock repurchases or open market solicitations for shares, all or some of which may be effected through Rule 10b5-1 plans. Any of the repurchased shares are held in the Company’s treasury, or canceled and retired as the Board may determine from time to time. Any repurchases of common stock are subject to the covenants contained in the ABL Credit Facility. Under the ABL Credit Facility, the Company may repurchase common stock and pay dividends up to $5.0 million in the aggregate during any trailing twelve months without restrictions. Purchases of common stock or dividend payments in excess of $5.0 million in the aggregate require the Company to (i) maintain availability in excess of 20.0% of the aggregate revolver commitments ($95.0 ($71.3 There were no On September 3, 2021, the Company commenced an at-the market (ATM) equity program under its shelf registration statement, which allows it to sell and issue up to $50 million in shares of its common stock from time to time. The Company entered into an Equity Distribution Agreement on September 3, 2021 with KeyBanc Capital Markets Inc. (KeyBanc) relating to the issuance and sale of shares of common stock pursuant to the program. KeyBanc is not required to sell any specific amount of securities but will act as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutual agreed terms between KeyBanc and the Company. KeyBanc will be entitled to compensation for shares sold pursuant to the program of 2.0% of the gross proceeds of any shares of common stock sold under the Equity Distribution Agreement. No |
Note 15 - Segment Information
Note 15 - Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information : The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting. The Company operates in three Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including compensation for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses and various other professional fees. The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three and nine months ended September 30, 2022 and 2021, respectively. For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Net sales Specialty metals flat products $ 188,301 $ 164,179 $ 614,744 $ 428,533 Carbon flat products 336,259 404,596 1,086,473 976,480 Tubular and pipe products 109,877 99,691 338,729 282,654 Total net sales $ 634,437 $ 668,466 $ 2,039,946 $ 1,687,667 Depreciation and amortization Specialty metals flat products $ 1,024 $ 858 $ 3,037 $ 2,662 Carbon flat products 2,513 2,698 7,885 8,570 Tubular and pipe products 1,112 1,239 3,620 4,035 Corporate 17 18 52 54 Total depreciation and amortization $ 4,666 $ 4,813 $ 14,594 $ 15,321 Operating income Specialty metals flat products $ 15,072 $ 24,663 $ 85,629 $ 46,387 Carbon flat products 1,732 37,164 27,225 88,797 Tubular and pipe products 7,095 2,354 28,977 11,713 Corporate expenses (4,813 ) (2,021 ) (15,758 ) (10,711 ) Total operating income $ 19,086 $ 62,160 $ 126,073 $ 136,186 Other income (loss), net (17 ) (15 ) (38 ) (24 ) Income before interest and income taxes 19,069 62,145 126,035 136,162 Interest and other expense on debt 3,007 1,947 7,276 5,618 Income before income taxes $ 16,062 $ 60,198 $ 118,759 $ 130,544 For the Nine Months Ended September 30, (in thousands) 2022 2021 Capital expenditures Flat products segments $ 11,063 $ 6,172 Tubular and pipe products 2,900 1,566 Corporate - - Total capital expenditures $ 13,963 $ 7,738 As of September 30, December 31, (in thousands) 2022 2021 Assets Flat products segments $ 774,536 $ 777,074 Tubular and pipe products 262,130 245,962 Corporate 318 536 Total assets $ 1,036,984 $ 1,023,572 There were no material revenue transactions between the specialty metals products, carbon flat products and tubular and pipe products segments. The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2022 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 28.0 % - - 28.0 % Plate 13.7 % - - 13.7 % Cold Rolled 4.5 % - - 4.5 % Coated 4.6 % - - 4.6 % Specialty - 29.7 % - 29.7 % Tube - - 17.3 % 17.3 % Other 2.2 % - - 2.2 % Total 53.0 % 29.7 % 17.3 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2022 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 29.7 % - - 29.7 % Plate 13.2 % - - 13.2 % Cold Rolled 4.8 % - - 4.8 % Coated 4.6 % - - 4.6 % Specialty - 30.1 % - 30.1 % Tube - - 16.6 % 16.6 % Other 1.0 % - - 1.0 % Total 53.3 % 30.1 % 16.6 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended September 30, 2021 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 31.9 % - - 31.9 % Plate 11.2 % - - 11.2 % Cold Rolled 7.8 % - - 7.8 % Coated 7.8 % - - 7.8 % Specialty - 23.3 % - 23.3 % Tube - - 14.9 % 14.9 % Other 1.8 % 1.3 % - 3.1 % Total 60.5 % 24.6 % 14.9 % 100.0 % Disaggregated Revenue by Products Sold For the Nine Months Ended September 30, 2021 Specialty Carbon flat metals flat Tubular and products products pipe products Total Hot Rolled 30.1 % - - 30.1 % Plate 10.6 % - - 10.6 % Cold Rolled 7.1 % - - 7.1 % Coated 8.3 % - - 8.3 % Specialty - 24.0 % - 24.0 % Tube - - 16.7 % 16.7 % Other 1.8 % 1.4 % - 3.2 % Total 57.9 % 25.4 % 16.7 % 100.0 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) September 30, 2022 December 31, 2021 Unprocessed $ 409,131 $ 417,595 Processed and finished 98,972 67,434 Totals $ 508,103 $ 485,029 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Specialty Metals Carbon Flat Tubular and Pipe (in thousands) Flat Products Products Products Total Balance as of December 31, 2021 $ 9,431 $ 1,065 $ - $ 10,496 Acquisitions - - - - Impairments - - - - Balance as of September 30, 2022 $ 9,431 $ 1,065 $ - $ 10,496 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of September 30, 2022 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (11,713 ) $ 10,846 Covenant not to compete - subject to amortization 509 (284 ) 225 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (11,997 ) $ 32,439 As of December 31, 2021 Gross Carrying Accumulated Intangible Assets, (in thousands) Amount Amortization Net Customer relationships - subject to amortization $ 22,559 $ (10,552 ) $ 12,007 Covenant not to compete - subject to amortization 509 (231 ) 278 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (10,783 ) $ 33,653 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,898 $ 1,733 $ 5,484 $ 5,148 Finance lease cost: Amortization of right-of-use assets $ 180 $ 210 $ 549 $ 634 Interest on lease liabilities 16 23 44 76 Total finance lease cost $ 196 $ 233 $ 593 $ 710 |
Lease, Payment [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Cash paid for lease liabilities: Operating cash flows from operating leases $ 1,865 $ 1,704 $ 5,335 $ 5,060 Operating cash flows from finance leases 16 23 44 76 Financing cash flows from finance leases 176 202 542 607 Total cash paid for lease liabilities $ 2,057 $ 1,929 $ 5,921 $ 5,743 |
Lease, Balance Sheet Information [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Operating Leases Operating lease $ 44,402 $ 42,023 Operating lease accumulated amortization (16,927 ) (14,297 ) Operating lease right-of-use asset, net 27,475 27,726 Operating lease current liabilities 6,124 5,940 Operating lease liabilities 21,850 22,137 Total operating lease liabilities $ 27,974 $ 28,077 Finance Leases Finance lease $ 3,197 $ 2,710 Finance lease accumulated depreciation (1,464 ) (965 ) Finance lease, net 1,733 1,745 Finance lease current liabilities 633 661 Finance lease liabilities 1,158 1,115 Total finance lease liabilities $ 1,791 $ 1,776 Weighted Average Remaining Lease Term Operating leases (in years) 6 6 Finance leases (in years) 3 4 Weighted Average Discount Rate Operating leases 3.37 % 3.44 % Finance leases 3.56 % 3.42 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2022 $ 1,847 $ 191 2023 6,685 637 2024 5,931 530 2025 4,705 336 2026 3,795 157 Thereafter 7,972 43 Total future minimum lease payments $ 30,935 $ 1,894 Less remaining imputed interest (2,961 ) (103 ) Total $ 27,974 $ 1,791 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of September 30, December 31, (in thousands) 2022 2021 Asset-based revolving credit facility due June 16, 2026 244,200 327,764 Total debt $ 244,200 $ 327,764 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months For the Nine Months Ended September 30, Ended September 30, (in thousands) 2022 2021 2022 2021 Fixed interest rate hedge $ (77 ) $ (475 ) $ (871 ) $ (1,406 ) Metals swaps (141 ) (92 ) 577 136 Embedded customer derivatives 141 92 (577 ) (136 ) Total loss $ (77 ) $ (475 ) $ (871 ) $ (1,406 ) |
Note 9 - Fair Value of Assets_2
Note 9 - Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Value of Items Recorded at Fair Value As of September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 1,501 $ - $ 1,501 Embedded customer derivative - 295 - 295 Fixed interest rate hedge - 1,675 - 1,675 Total assets at fair value $ - $ 3,471 $ - $ 3,471 Liabilities: Metal Swaps $ - $ 1,796 $ - $ 1,796 Total liabilities recorded at fair value $ - $ 1,796 $ - $ 1,796 Value of Items Recorded at Fair Value As of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal swaps $ - $ 2,286 $ - $ 2,286 Total assets at fair value $ - $ 2,286 $ - $ 2,286 Liabilities: Metal swaps $ - $ 2,178 $ - $ 2,178 Embedded customer derivatives - 108 - 108 Fixed interest rate hedge - 2,661 - 2,661 Total liabilities recorded at fair value $ - $ 4,947 $ - $ 4,947 |
Note 11 - Equity Plans (Tables)
Note 11 - Equity Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 RSU expense before taxes $ 335 $ 258 $ 997 $ 778 RSU expense after taxes $ 251 $ 191 $ 730 $ 573 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of September 30, 2022 As of September 30, 2021 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 576,867 $ 18.40 610,540 $ 18.25 Granted 35,558 26.72 20,604 23.29 Converted into shares (5,841 ) 18.16 (2,422 ) 17.09 Forfeited (6,271 ) 17.76 (5,086 ) 17.55 Outstanding at September 30 600,313 $ 18.79 623,636 $ 18.43 Vested at September 30 424,598 $ 19.26 414,090 $ 18.76 |
Note 13 - Shares Outstanding _2
Note 13 - Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Weighted average basic shares outstanding 11,548 11,492 11,543 11,491 Assumed exercise of stock options and issuance of stock awards 9 23 5 18 Weighted average diluted shares outstanding 11,557 11,515 11,548 11,509 Net income (loss) $ 12,046 $ 44,533 $ 86,972 $ 96,190 Basic earnings per share $ 1.04 $ 3.88 $ 7.53 $ 8.37 Diluted earnings per share $ 1.04 $ 3.87 $ 7.53 $ 8.36 Unvested RSUs 176 209 176 209 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Net sales Specialty metals flat products $ 188,301 $ 164,179 $ 614,744 $ 428,533 Carbon flat products 336,259 404,596 1,086,473 976,480 Tubular and pipe products 109,877 99,691 338,729 282,654 Total net sales $ 634,437 $ 668,466 $ 2,039,946 $ 1,687,667 Depreciation and amortization Specialty metals flat products $ 1,024 $ 858 $ 3,037 $ 2,662 Carbon flat products 2,513 2,698 7,885 8,570 Tubular and pipe products 1,112 1,239 3,620 4,035 Corporate 17 18 52 54 Total depreciation and amortization $ 4,666 $ 4,813 $ 14,594 $ 15,321 Operating income Specialty metals flat products $ 15,072 $ 24,663 $ 85,629 $ 46,387 Carbon flat products 1,732 37,164 27,225 88,797 Tubular and pipe products 7,095 2,354 28,977 11,713 Corporate expenses (4,813 ) (2,021 ) (15,758 ) (10,711 ) Total operating income $ 19,086 $ 62,160 $ 126,073 $ 136,186 Other income (loss), net (17 ) (15 ) (38 ) (24 ) Income before interest and income taxes 19,069 62,145 126,035 136,162 Interest and other expense on debt 3,007 1,947 7,276 5,618 Income before income taxes $ 16,062 $ 60,198 $ 118,759 $ 130,544 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Nine Months Ended September 30, (in thousands) 2022 2021 Capital expenditures Flat products segments $ 11,063 $ 6,172 Tubular and pipe products 2,900 1,566 Corporate - - Total capital expenditures $ 13,963 $ 7,738 As of September 30, December 31, (in thousands) 2022 2021 Assets Flat products segments $ 774,536 $ 777,074 Tubular and pipe products 262,130 245,962 Corporate 318 536 Total assets $ 1,036,984 $ 1,023,572 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Percentage of net sales | 100% | 100% | 100% | 100% |
Hot Rolled Products [Member] | ||||
Percentage of net sales | 28% | 31.90% | 29.70% | 30.10% |
Plate Products [Member] | ||||
Percentage of net sales | 13.70% | 11.20% | 13.20% | 10.60% |
Cold Rolled Products [Member] | ||||
Percentage of net sales | 4.50% | 7.80% | 4.80% | 7.10% |
Coated Products [Member] | ||||
Percentage of net sales | 4.60% | 7.80% | 4.60% | 8.30% |
Specialty [Member] | ||||
Percentage of net sales | 29.70% | 23.30% | 30.10% | 24% |
Tube Products [Member] | ||||
Percentage of net sales | 17.30% | 14.90% | 16.60% | 16.70% |
Product and Service, Other [Member] | ||||
Percentage of net sales | 2.20% | 3.10% | 1% | 3.20% |
Carbon Flat Products [Member] | ||||
Percentage of net sales | 53% | 60.50% | 53.30% | 57.90% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 28% | 31.90% | 29.70% | 30.10% |
Carbon Flat Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 13.70% | 11.20% | 13.20% | 10.60% |
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 4.50% | 7.80% | 4.80% | 7.10% |
Carbon Flat Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 4.60% | 7.80% | 4.60% | 8.30% |
Carbon Flat Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Carbon Flat Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 2.20% | 1.80% | 1% | 1.80% |
Specialty Metals Flat Products [Member] | ||||
Percentage of net sales | 29.70% | 24.60% | 30.10% | 25.40% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 29.70% | 23.30% | 30.10% | 24% |
Specialty Metals Flat Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 0% | 1.30% | 0% | 1.40% |
Tubular and Pipe Products [Member] | ||||
Percentage of net sales | 17.30% | 14.90% | 16.60% | 16.70% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Plate Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Coated Products [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Specialty [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Tube Products [Member] | ||||
Percentage of net sales | 17.30% | 14.90% | 16.60% | 16.70% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||||
Percentage of net sales | 0% | 0% | 0% | 0% |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 5.7 | $ 4.4 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
LIFO Inventory Amount | $ 53.4 | $ 53.4 | $ 55.4 | ||
Percentage of LIFO Inventory | 10.50% | 10.50% | 11.40% | ||
Inventory, LIFO Reserve, Period Charge | $ 1.5 | $ 7 | $ 1.5 | $ 12 | |
Inventory Difference Using FIFO Basis | $ 21.2 | $ 21.2 | $ 19.7 |
Note 4 - Inventories - Steel In
Note 4 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Unprocessed | $ 409,131 | $ 417,595 |
Processed and finished | 98,972 | 67,434 |
Totals | $ 508,103 | $ 485,029 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1.6 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1.6 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.6 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 0.7 |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Noncompete Agreements [Member] | Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Noncompete Agreements [Member] | Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance as of December 31, 2021 | $ 10,496 |
Acquisitions | 0 |
Impairments | 0 |
Balance as of June 30, 2022 | 10,496 |
Specialty Metals Flat Products [Member] | |
Balance as of December 31, 2021 | 9,431 |
Acquisitions | 0 |
Impairments | 0 |
Balance as of June 30, 2022 | 9,431 |
Carbon Flat Products [Member] | |
Balance as of December 31, 2021 | 1,065 |
Acquisitions | 0 |
Impairments | 0 |
Balance as of June 30, 2022 | 1,065 |
Tubular and Pipe Products [Member] | |
Balance as of December 31, 2021 | 0 |
Acquisitions | 0 |
Impairments | 0 |
Balance as of June 30, 2022 | $ 0 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accumulated amortization | $ (11,997) | $ (10,783) |
Intangible assets, gross | 44,436 | 44,436 |
Intangible assets, net | 32,439 | 33,653 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 21,368 | 21,368 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 22,559 | 22,559 |
Accumulated amortization | (11,713) | (10,552) |
Finite-lived intangible assets, net | 10,846 | 12,007 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 509 | 509 |
Accumulated amortization | (284) | (231) |
Finite-lived intangible assets, net | $ 225 | $ 278 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 1,898 | $ 1,733 | $ 5,484 | $ 5,148 |
Amortization of right-of-use assets | 180 | 210 | 549 | 634 |
Interest on lease liabilities | 16 | 23 | 44 | 76 |
Total finance lease cost | $ 196 | $ 233 | $ 593 | $ 710 |
Note 6 - Leases - Lease Payment
Note 6 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating cash flows from operating leases | $ 1,865 | $ 1,704 | $ 5,335 | $ 5,060 |
Operating cash flows from finance leases | 16 | 23 | 44 | 76 |
Financing cash flows from finance leases | 176 | 202 | 542 | 607 |
Total cash paid for lease liabilities | $ 2,057 | $ 1,929 | $ 5,921 | $ 5,743 |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease | $ 44,402 | $ 42,023 |
Operating lease accumulated amortization | (16,927) | (14,297) |
Operating lease right-of-use asset, net | 27,475 | 27,726 |
Current portion of lease liabilities | 6,124 | 5,940 |
Operating lease liabilities | 21,850 | 22,137 |
Total operating lease liabilities | 27,974 | 28,077 |
Property and equipment, at cost | 424,051 | 413,396 |
Accumulated depreciation | (276,918) | (266,340) |
Finance lease, net | 1,733 | 1,745 |
Finance lease current liabilities | 633 | 661 |
Finance lease liabilities | 1,158 | 1,115 |
Total finance lease liabilities | $ 1,791 | $ 1,776 |
Operating leases (in years) (Year) | 6 years | 6 years |
Finance leases (in years) (Year) | 3 years | 4 years |
Operating leases | 3.37% | 3.44% |
Finance leases | 3.56% | 3.42% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 3,197 | $ 2,710 |
Accumulated depreciation | $ (1,464) | $ (965) |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease, 2022 | $ 1,847 | |
Finance lease, 2022 | 191 | |
Operating lease, 2023 | 6,685 | |
Finance lease, 2023 | 637 | |
Operating lease, 2024 | 5,931 | |
Finance lease, 2024 | 530 | |
Operating lease, 2025 | 4,705 | |
Finance lease, 2025 | 336 | |
Operating lease, 2026 | 3,795 | |
Finance lease, 2026 | 157 | |
Operating lease, Thereafter | 7,972 | |
Finance lease, Thereafter | 43 | |
Operating lease, Total future minimum lease payments | 30,935 | |
Finance lease, Total future minimum lease payments | 1,894 | |
Operating lease, Less remaining imputed interest | (2,961) | |
Finance lease, Less remaining imputed interest | (103) | |
Operating lease, Total | 27,974 | $ 28,077 |
Finance lease, Total | 1,791 | $ 1,776 |
Current Portion and Lease Liabilities [Member] | ||
Operating lease, Total | 27,974 | |
Other Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Finance lease, Total | $ 1,791 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Millions | 9 Months Ended | ||||
Dec. 14, 2020 USD ($) | Jan. 10, 2019 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 16, 2021 USD ($) | |
Debt Issuance Costs, Net, Total | $ 1.3 | $ 1.6 | |||
Interest Rate Swap [Member] | |||||
Derivative, Term of Contract (Year) | 5 years | ||||
Derivative, Notional Amount | $ 75 | ||||
Derivative, Fixed Interest Rate | 2.57% | ||||
ABL Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 475 | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 445 | ||||
Letters of Credit, Maximum Borrowing Capacity | 20 | ||||
Maximum First In, Last Out Revolving Credit Facility | 30 | ||||
Line of Credit Facility, Additional Commitments, Maximum | $ 200 | ||||
Line Of Credit Facility Covenant Terms Monetary | $ 30 | ||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 10% | ||||
Balance Required for Compliance with Revolver Commitments | 47.5 | ||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10% | ||||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 47.5 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 227 | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Asset-based revolving credit facility | $ 244,200 | $ 327,764 | |
Total debt | $ 244,200 | 327,764 | |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | |||
Asset-based revolving credit facility | $ 244,200 | $ 327,764 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] $ in Millions | Jan. 10, 2019 USD ($) |
Derivative, Term of Contract (Year) | 5 years |
Derivative, Notional Amount | $ 75 |
Derivative, Fixed Interest Rate | 2.57% |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Gain (Loss) Recognized | $ (77) | $ (475) | $ (871) | $ (1,406) |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | (77) | (475) | (871) | (1,406) |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | (141) | (92) | 577 | 136 |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ 141 | $ 92 | $ (577) | $ (136) |
Note 9 - Fair Value of Assets_3
Note 9 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 244.2 | $ 327.8 |
Note 9 - Fair Value of Assets_4
Note 9 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total assets at fair value | $ 3,471 | $ 2,286 |
Total liabilities recorded at fair value | 1,796 | 4,947 |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets at fair value | 3,471 | 2,286 |
Total liabilities recorded at fair value | 1,796 | 4,947 |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | 0 | 0 |
Total liabilities recorded at fair value | 0 | 0 |
Metal Swaps [Member] | ||
Derivative asset | 1,501 | 2,286 |
Derivative liability | 1,796 | 2,178 |
Metal Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Metal Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 1,501 | 2,286 |
Derivative liability | 1,796 | 2,178 |
Metal Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Embedded Customer Derivatives [Member] | ||
Derivative asset | 295 | |
Derivative liability | 108 | |
Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 295 | |
Derivative liability | 108 | |
Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Interest Rate Swap [Member] | ||
Derivative asset | 1,675 | |
Derivative liability | 2,661 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 1,675 | |
Derivative liability | 2,661 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | $ 0 | |
Derivative liability | $ 0 |
Note 10 - Accumulated Other C_2
Note 10 - Accumulated Other Comprehensive Loss (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative, Term of Contract (Year) | 5 years | ||
Derivative, Notional Amount | $ 75 | ||
Derivative, Fixed Interest Rate | 2.57% | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 1.7 | $ 2.7 | |
Accumulated Other Comprehensive Income (Loss), Tax | $ 0.4 | $ 0.7 |
Note 11 - Equity Plans (Details
Note 11 - Equity Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Chief Executive Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 1,100,000 | ||||
Chief Financial Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | 300,000 | ||||
President and Chief Operating Officer [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 600,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,558 | 20,604 | |||
Restricted Stock Units (RSUs) [Member] | Senior Management Stock Incentive Program [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Participant's Base Salary | 10% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount Per Employee | $ 17,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||
Restricted Stock Units (RSUs) [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Value | $ 80,000 | $ 80,000 | |||
Restricted Stock Units (RSUs) [Member] | Non-Employee Director [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 1 year | ||||
Performance Shares [Member] | C-Suite Long-Term Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||
Minimum Percentage of EBITDA Divided by Average Accounts Receivable, Inventory and Property, Plant and Equipment to Vest | 5% | ||||
Common Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 1,400,000 |
Note 11 - Equity Plans - Stock-
Note 11 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
RSU expense before taxes | $ 335 | $ 258 | $ 997 | $ 778 |
RSU expense after taxes | $ 251 | $ 191 | $ 730 | $ 573 |
Note 11 - Equity Plans - Restri
Note 11 - Equity Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Outstanding, number of shares (in shares) | 576,867 | 610,540 | 610,540 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.40 | $ 18.25 | $ 18.25 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,558 | 20,604 | |
Granted, weighted average estimated fair value (in dollars per share) | $ 26.72 | $ 23.29 | |
Converted into shares, number of shares (in shares) | (5,841) | (2,422) | |
Converted into shares, weighted average estimated fair value (in dollars per share) | $ 18.16 | $ 17.09 | |
Forfeited, number of shares (in shares) | (6,271) | (5,086) | |
Forfeited, weighted average estimated fair value (in dollars per share) | $ 17.76 | $ 17.55 | |
Outstanding, number of shares (in shares) | 600,313 | 623,636 | 576,867 |
Outstanding, weighted average estimated fair value (in dollars per share) | $ 18.79 | $ 18.43 | $ 18.40 |
Vested, number of shares (in shares) | 424,598 | 414,090 | |
Vested, weighted average estimated fair value (in dollars per share) | $ 19.26 | $ 18.76 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 4,016 | $ 15,665 | $ 31,787 | $ 34,354 |
Effective Income Tax Rate Reconciliation, Percent, Total | 25% | 26% | 26.80% | 26.30% |
Note 13 - Shares Outstanding _3
Note 13 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average basic shares outstanding (in shares) | 11,548 | 11,492 | 11,543 | 11,491 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 9 | 23 | 5 | 18 |
Weighted average diluted shares outstanding (in shares) | 11,557 | 11,515 | 11,548 | 11,509 |
Net income | $ 12,046 | $ 44,533 | $ 86,972 | $ 96,190 |
Basic earnings per share (in dollars per share) | $ 1.04 | $ 3.88 | $ 7.53 | $ 8.37 |
Diluted earnings per share (in dollars per share) | $ 1.04 | $ 3.87 | $ 7.53 | $ 8.36 |
Unvested RSUs (in shares) | 176 | 209 | 176 | 209 |
Note 14 - Stock Repurchase Pr_2
Note 14 - Stock Repurchase Program (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2015 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 shares | Sep. 03, 2021 USD ($) | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 550,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | 0 | 0 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 360,212 | 360,212 | ||||
At-the-Market Equity Program [Member] | ||||||
Stock Issuance Program, Authorized Amount | $ | $ 50 | |||||
Stock Issuance Program, Gross Proceeds, Percent | 2% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | 0 | 0 | ||
ABL Credit Facility [Member] | ||||||
Unrestricted Common Stock Purchases, Maximum, Value | $ | $ 5 | |||||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 1 [Member] | Minimum [Member] | ||||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 20% | |||||
Balance Required for Compliance with Revolver Commitments | $ | $ 95 | $ 95 | ||||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | ||||||
Balance Required for Compliance with Revolver Commitments | $ | $ 71.3 | $ 71.3 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 634,437 | $ 668,466 | $ 2,039,946 | $ 1,687,667 |
Depreciation and amortization | 4,666 | 4,813 | 14,594 | 15,321 |
Operating income (loss) | 19,086 | 62,160 | 126,073 | 136,186 |
Other loss, net | (17) | (15) | (38) | (24) |
Income before interest and income taxes | 19,069 | 62,145 | 126,035 | 136,162 |
Interest and other expense on debt | 3,007 | 1,947 | 7,276 | 5,618 |
Income before income taxes | 16,062 | 60,198 | 118,759 | 130,544 |
Specialty Metals Flat Products [Member] | ||||
Net sales | 188,301 | 164,179 | 614,744 | 428,533 |
Depreciation and amortization | 1,024 | 858 | 3,037 | 2,662 |
Operating income (loss) | 15,072 | 24,663 | 85,629 | 46,387 |
Carbon Flat Products [Member] | ||||
Net sales | 336,259 | 404,596 | 1,086,473 | 976,480 |
Depreciation and amortization | 2,513 | 2,698 | 7,885 | 8,570 |
Operating income (loss) | 1,732 | 37,164 | 27,225 | 88,797 |
Tubular and Pipe Products [Member] | ||||
Net sales | 109,877 | 99,691 | 338,729 | 282,654 |
Depreciation and amortization | 1,112 | 1,239 | 3,620 | 4,035 |
Operating income (loss) | 7,095 | 2,354 | 28,977 | 11,713 |
Corporate Segment [Member] | ||||
Depreciation and amortization | 17 | 18 | 52 | 54 |
Operating income (loss) | $ (4,813) | $ (2,021) | $ (15,758) | $ (10,711) |
Note 15 - Segment Information_3
Note 15 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Capital expenditures | $ 13,963 | $ 7,738 | |
Assets | 1,036,984 | $ 1,023,572 | |
Flat Products Segment [Member] | |||
Capital expenditures | 11,063 | 6,172 | |
Assets | 774,536 | 777,074 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 2,900 | 1,566 | |
Assets | 262,130 | $ 245,962 | |
Corporate Segment [Member] | |||
Capital expenditures | 0 | $ 0 | |
Assets | $ 318 |