Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 (in shares) | 11,132,542 | |
Entity Central Index Key | 0000917470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 15,170 | $ 12,189 |
Accounts receivable, net | 227,992 | 219,789 |
Inventories, net (includes LIFO reserves of $19,301 and $20,301 as of June 30, 2023 and December 31, 2022) | 405,944 | 416,931 |
Prepaid expenses and other | 11,510 | 9,197 |
Total current assets | 660,616 | 658,106 |
Property and equipment, at cost | 463,291 | 429,810 |
Accumulated depreciation | (288,300) | (281,478) |
Net property and equipment | 174,991 | 148,332 |
Goodwill | 43,690 | 10,496 |
Intangible assets, net | 84,944 | 32,035 |
Other long-term assets | 15,958 | 14,434 |
Right of use assets, net | 33,783 | 28,224 |
Total assets | 1,013,982 | 891,627 |
Liabilities | ||
Accounts payable | 124,087 | 101,446 |
Accrued payroll | 25,180 | 40,334 |
Other accrued liabilities | 22,647 | 16,824 |
Current portion of lease liabilities | 6,878 | 6,098 |
Total current liabilities | 178,792 | 164,702 |
Credit facility revolver | 238,240 | 165,658 |
Other long-term liabilities | 17,334 | 12,619 |
Deferred income taxes | 13,611 | 10,025 |
Lease liabilities | 27,542 | 22,655 |
Total liabilities | 475,519 | 375,659 |
Shareholders' Equity | ||
Preferred stock | 0 | 0 |
Common stock | 135,566 | 134,724 |
Accumulated other comprehensive income | 856 | 1,311 |
Retained earnings | 402,041 | 379,933 |
Total shareholders' equity | 538,463 | 515,968 |
Total liabilities and shareholders' equity | $ 1,013,982 | $ 891,627 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
LIFO Debit | $ 19,301 | $ 20,301 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 569,268 | $ 709,176 | $ 1,142,344 | $ 1,405,509 |
Costs and expenses | ||||
Cost of materials sold (excludes items shown separately below) | 441,872 | 560,546 | 894,508 | 1,115,653 |
Warehouse and processing | 31,522 | 27,624 | 62,171 | 51,672 |
Administrative and general | 31,681 | 31,969 | 64,866 | 61,591 |
Distribution | 17,448 | 16,441 | 35,189 | 31,482 |
Selling | 10,389 | 10,494 | 20,786 | 21,316 |
Occupancy | 4,111 | 3,291 | 8,655 | 6,880 |
Depreciation | 5,245 | 4,354 | 10,322 | 8,704 |
Amortization | 1,228 | 592 | 2,352 | 1,224 |
Total costs and expenses | 543,496 | 655,311 | 1,098,849 | 1,298,522 |
Operating income | 25,772 | 53,865 | 43,495 | 106,987 |
Other loss, net | 28 | 15 | 39 | 21 |
Income before interest and income taxes | 25,744 | 53,850 | 43,456 | 106,966 |
Interest and other expense on debt | 4,203 | 2,271 | 8,426 | 4,269 |
Income before income taxes | 21,541 | 51,579 | 35,030 | 102,697 |
Income tax provision | 6,522 | 13,955 | 10,139 | 27,771 |
Net income | 15,019 | 37,624 | 24,891 | 74,926 |
Gain (loss) on cash flow hedge | (201) | (246) | (606) | 2,045 |
Tax effect on cash flow hedge | (50) | (62) | (151) | 511 |
Total comprehensive income | $ 14,868 | $ 37,440 | $ 24,436 | $ 76,460 |
Earnings per share: | ||||
Net income per share - basic (in dollars per share) | $ 1.30 | $ 3.26 | $ 2.15 | $ 6.49 |
Weighted average shares outstanding - basic (in shares) | 11,569 | 11,538 | 11,570 | 11,536 |
Net income per share - diluted (in dollars per share) | $ 1.30 | $ 3.26 | $ 2.15 | $ 6.49 |
Weighted average shares outstanding - diluted (in shares) | 11,572 | 11,545 | 11,572 | 11,540 |
Dividends declared per share of common stock (in dollars per share) | $ 0.125 | $ 0.090 | $ 0.250 | $ 0.180 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from (used for) operating activities: | ||
Net income | $ 24,891 | $ 74,926 |
Adjustments to reconcile net income to net cash from operating activities - | ||
Depreciation and amortization | 12,674 | 9,928 |
Amortization of deferred financing fees | 326 | 228 |
(Gain) on disposition of property and equipment | (87) | (2,183) |
Stock-based compensation | 842 | 662 |
Other long-term assets | 3,678 | 1,854 |
Other long-term liabilities | 3,519 | 8,738 |
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital | 45,843 | 94,153 |
Changes in working capital: | ||
Accounts receivable | 2,394 | (36,347) |
Inventories | 28,223 | (26,106) |
Prepaid expenses and other | (2,866) | (4,359) |
Accounts payable | 17,821 | 28,922 |
Change in outstanding checks | 1,301 | 4,839 |
Accrued payroll and other accrued liabilities | (13,520) | (13,415) |
Increase (Decrease) in Operating Capital | 33,353 | (46,466) |
Net cash from operating activities | 79,196 | 47,687 |
Cash flows from (used for) investing activities: | ||
Acquisitions | (129,476) | 0 |
Capital expenditures | (15,117) | (10,022) |
Proceeds from disposition of property and equipment | 128 | 3,292 |
Net cash used for investing activities | (144,465) | (6,730) |
Cash flows from (used for) financing activities: | ||
Credit facility revolver borrowings | 418,372 | 384,392 |
Credit facility revolver repayments | (345,789) | (424,276) |
Principal payment under capital lease obligation | (472) | (336) |
Credit facility fees and expenses | (1,078) | (100) |
Dividends paid | (2,783) | (2,003) |
Net cash from (used for) financing activities | 68,250 | (42,323) |
Cash and cash equivalents: | ||
Net change | 2,981 | (1,366) |
Beginning balance | 12,189 | 9,812 |
Ending balance | 15,170 | 8,446 |
Interest paid | 7,638 | 4,006 |
Income taxes paid | $ 3,816 | $ 18,985 |
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, 2021 | $ 133,427 | $ (1,996) | $ 293,008 | $ 424,439 |
Net income | 0 | 0 | 74,926 | 74,926 |
Payment of dividends | 0 | 0 | (2,003) | (2,003) |
Stock-based compensation | 662 | 0 | 0 | 662 |
Changes in fair value of hedges, net of tax | 0 | 1,534 | 0 | 1,534 |
Other | 0 | 0 | 1 | 1 |
Balance at Jun. 30, 2022 | 134,089 | (462) | 365,932 | 499,559 |
Balance at Mar. 31, 2022 | 133,754 | (277) | 329,309 | 462,786 |
Net income | 0 | 0 | 37,624 | 37,624 |
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 | (184) | 0 | (184) |
Other | 0 | (1) | 1 | 0 |
Balance at Jun. 30, 2022 | 134,089 | (462) | 365,932 | 499,559 |
Balance at Dec. 31, 2022 | 134,724 | 1,311 | 379,933 | 515,968 |
Net income | 0 | 0 | 24,891 | 24,891 |
Payment of dividends | 0 | 0 | (2,783) | (2,783) |
Stock-based compensation | 842 | 0 | 0 | 842 |
Changes in fair value of hedges, net of tax | 0 | (455) | 0 | (455) |
Balance at Jun. 30, 2023 | 135,566 | 856 | 402,041 | 538,463 |
Balance at Mar. 31, 2023 | 135,131 | 1,007 | 388,413 | 524,551 |
Net income | 0 | 0 | 15,019 | 15,019 |
Payment of dividends | 0 | 0 | (1,392) | (1,392) |
Stock-based compensation | 435 | 0 | 0 | 435 |
Changes in fair value of hedges, net of tax | 0 | (151) | 0 | (151) |
Other | 0 | 0 | 1 | 1 |
Balance at Jun. 30, 2023 | $ 135,566 | $ 856 | $ 402,041 | $ 538,463 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 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, 2022. 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 the 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 recent acquisitions, the specialty metals flat products segment has expanded its geographic footprint and enhanced its product offerings in stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe and prime tin mill products. The primary focus of the 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. Through recent acquisitions, the carbon flat products segment has expanded its product offerings to include self-dumping metal hoppers, and steel and stainless-steel dump inserts for pickup truck and service truck beds. Through the acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, the carbon flat products segment further expanded its product offerings to include venting, micro air and clean air products for residential, commercial and industrial applications. The flat products segment acts as an intermediary between metals producers and manufacturers that require processed metals for their operations. The flat products segment serves 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 metals service centers. These products are primarily distributed through a direct sales force. Combined, the carbon and specialty metals flat products segments have 36 strategically located processing and distribution facilities in the United States and one in Monterrey, Mexico. Many of our facilities service both the carbon and the specialty metals flat products segments, and certain assets and resources are shared by the segments. 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 Through its tubular and pipe products segment, which consists of the Chicago Tube and Iron subsidiary (CTI), the Company distributes metal tubing, pipe, bar, valves and fittings and fabricate parts supplied to various industrial markets. 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 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. 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. In December 2022, FASB issued ASU No. 2022-06, “Deferral of the Sunset Date of Topic 848”, which amends and extends the sunset date to December 31, 2024. The new standard was applied beginning in the first quarter of 2023 as the Company adjusted their ABL Credit Facility and fixed interest rate hedge. The application did not have a material impact on the Company’s Consolidated Financial Statements. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions: On January 3, 2023, the Company acquired all the outstanding shares of capital stock of Metal-Fab for a cash purchase price of $131.2 million. Metal-Fab, headquartered in Wichita, Kansas, is a manufacturer of venting, micro air and clean air products for residential, commercial and industrial applications. The Company paid total cash consideration of $131.2 million, consisting of a base purchase price of $131.0 million and a cash adjustment of $0.2 million. The acquisition was funded with borrowings under the Company’s asset-based credit facility (ABL Credit Facility). During 2023, the Company incurred $2.6 million of direct acquisition-related costs, which are included in “Administrative and general” in the Consolidated Statements of Comprehensive Income, and $2.1 million of non-recurring amortization of inventory step up to fair market value adjustments, which are included in “Costs of materials sold” in the Consolidated Statements of Comprehensive Income for the six months ended June 30, 2023. Purchase Price Allocation The acquisition of Metal-Fab was accounted for as a business combination and the assets and liabilities were valued at fair market value on January 3, 2023, the date of acquisition. The Consolidated Balance Sheet as of June 30, 2023, reflects the allocation of Metal-Fab’s purchase price. The final purchase price allocations presented below is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using Level 3 valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not limited to, the timing and amounts of future cash flows, revenue growth rates, discount rates, and royalty rates. The table below summarizes the final purchase price allocation of the fair market values of the assets acquired and liabilities assumed. Details of Acquisition (in thousands) Total Assets acquired Cash and cash equivalents $ 1,728 Accounts receivable, net 10,597 Prepaid expenses and other 740 Inventories, net 17,236 Property and equipment 20,408 Goodwill 33,194 Intangible assets 54,740 Right-of-use and other long-term assets 6,930 Total assets acquired 145,573 Total liabilities assumed (14,369 ) Cash paid $ 131,204 In connection with the acquisition of Metal-Fab, the Company identified and valued certain intangible assets, including the Metal-Fab trade name, internally developed technology and know-how, restrictive covenants and customer relationships. 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 trade name intangible asset was valued at $11.5 million, and the useful life was determined to be indefinite primarily due to their history and reputation in the marketplace, the Company’s expectation that the trade name will continue to be used, and the conclusion that there are currently no other factors identified that would limit their useful life. The internally developed technology and know-how intangible asset was valued at $5.3 million, and the useful life was determined to be 15 years. The non-compete agreements intangible asset was valued at $1.4 million, and the useful life was determined to be the length of the non-compete agreements, which range from two five twenty-six-year The accompanying Consolidated Statements of Comprehensive Income includes the revenues and expenses of Metal-Fab since the acquisition date. Metal-Fab’s operations are included within the carbon flat-rolled segment. Pro Forma Financial Information The following unaudited pro forma summary of financial results presents the consolidated results of operations as if the Metal-Fab acquisition had occurred on January 1, 2022, after the effect of certain adjustments. The historical consolidated financial information has been adjusted to give effect to the impact of the consideration issued by the Company to Metal-Fab’s stockholders in connection with the acquisition and the effect of debt refinancing necessary to complete the transaction. The unaudited pro forma summary also includes certain purchase price accounting adjustments, including the items expected to have a continuing impact on combined results, such as depreciation and amortization expense on acquired assets. The unaudited pro forma combined financial information does not reflect the cost of any integration activities or benefits that may result from synergies that may be derived from integration activities. The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the acquisition been made on January 1, 2022, or of any potential results that may occur in the future. For the three months ended June 30, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 709,176 $ 24,117 $ 184 $ 733,477 Net income (loss) $ 37,624 $ 3,803 $ (2,817 ) $ 38,610 Basic earnings per share $ 3.26 $ 0.33 $ (0.24 ) $ 3.35 Diluted earnings per share $ 3.26 $ 0.33 $ (0.24 ) $ 3.35 For the six months ended June 30, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 1,405,509 $ 46,802 $ 368 $ 1,452,679 Net income (loss) $ 74,926 $ 7,845 $ (7,218 ) $ 75,553 Basic earnings per share $ 6.49 $ 0.68 $ (0.63 ) $ 6.55 Diluted earnings per share $ 6.49 $ 0.68 $ (0.63 ) $ 6.55 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 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, fabricated parts, venting, micro air and clean air products. 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 June 30, 2023 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 25.8 % - - 25.8 % Hot Rolled - 30.6 % - 30.6 % Tube - - 16.8 % 16.8 % Plate - 12.6 % - 12.6 % Coated - 5.6 % - 5.6 % Cold Rolled - 4.1 % - 4.1 % Other - 4.5 % - 4.5 % Total 25.8 % 57.4 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2023 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 27.4 % - - 27.4 % Hot Rolled - 28.9 % - 28.9 % Tube - - 16.8 % 16.8 % Plate - 13.1 % - 13.1 % Coated - 5.0 % - 5.0 % Cold Rolled - 3.8 % - 3.8 % Other - 5.0 % - 5.0 % Total 27.4 % 55.8 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2022 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 32.0 % - - 32.0 % Hot Rolled - 30.2 % - 30.2 % Tube - - 15.7 % 15.7 % Plate - 12.8 % - 12.8 % Coated - 4.2 % - 4.2 % Cold Rolled - 5.0 % - 5.0 % Other - 0.1 % - 0.1 % Total 32.0 % 52.3 % 15.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2022 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 30.3 % - - 30.3 % Hot Rolled - 30.7 % - 30.7 % Tube - - 16.3 % 16.3 % Plate - 13.0 % - 13.0 % Coated - 4.6 % - 4.6 % Cold Rolled - 5.0 % - 5.0 % Other - 0.1 % - 0.1 % Total 30.3 % 53.4 % 16.3 % 100.0 % |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4. Accounts Receivable : Accounts receivable are presented net of allowances for credit losses and unissued credits of $4.1 million and $4.3 million as of June 30, 2023 and December 31, 2022, 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 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories: Inventories consisted of the following: Inventory as of (in thousands) June 30, 2023 December 31, 2022 Unprocessed $ 300,686 $ 356,588 Processed and finished 105,258 60,343 Totals $ 405,944 $ 416,931 The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At June 30, 2023 and December 31, 2022, approximately $41.2 million, or 10.1% of consolidated inventory, and $46.3 million, or 11.1% 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 six months ended June 30, 2023, the Company recorded $1.0 million of LIFO income. The Company did not If the FIFO method had been in use, inventories would have been $19.3 million higher than reported at June 30, 2023 and $20.3 million higher than reported at December 31, 2022. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets: The Company’s intangible assets were recorded in connection with its acquisitions of Shaw Stainless & Alloy, Inc. (Shaw) in 2021, Action Stainless & Alloys, Inc. (Action Stainless) in 2020 and Berlin Metals, LLC in 2018 for the specialty metals flat products segment and Metal-Fab in 2023 and certain assets related to the manufacturing of the EZ Dumper® hydraulic dump inserts and McCullough Industries in 2019 for the carbon flat products segment. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. Goodwill, by reportable unit, was as follows as of June 30, 2023 and December 31, 2022, respectively. The goodwill is deductible for tax purposes. (in thousands) Specialty Metals Flat Products Carbon Flat Products Total Balance as of December 31, 2022 $ 9,431 $ 1,065 $ 10,496 Acquisitions - 33,194 33,194 Impairments - - - Balance as of June 30, 2023 $ 9,431 $ 34,259 $ 43,690 Intangible assets, net, consisted of the following as of June 30, 2023 and December 31, 2022, respectively: As of June 30, 2023 (in thousands) Gross Carrying Amount Accumulated A mortization Intangible Assets, Net Customer relationships - subject to amortization $ 59,059 $ (13,575 ) $ 45,484 Covenant not to compete - subject to amortization 1,949 (480 ) 1,469 Technology and know-how - subject to amortization 5,300 (177 ) 5,123 Trade name - not subject to amortization 32,868 - 32,868 $ 99,176 $ (14,232 ) $ 84,944 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $3.7 million per year for the next two years, $3.2 million the following year and then $2.7 million and $2.4 million, respectively, for the next two years after. |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases : The components of lease expense were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,114 $ 1,801 $ 4,255 $ 3,586 Finance lease cost: Amortization of right-of-use assets $ 260 $ 186 $ 492 $ 370 Interest on lease liabilities 39 13 75 28 Total finance lease cost $ 299 $ 199 $ 567 $ 398 Supplemental cash flow information related to leases was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,083 $ 1,719 $ 4,188 $ 3,470 Operating cash flows from finance leases 39 13 75 28 Financing cash flows from finance leases 252 184 472 366 Total cash paid for lease liabilities $ 2,374 $ 1,916 $ 4,735 $ 3,864 Supplemental balance sheet information related to leases was as follows: June 30, December 31, (in thousands) 2023 2022 Operating Leases Operating lease $ 52,601 $ 45,987 Operating lease accumulated amortization (18,818 ) (17,763 ) Operating lease right-of-use asset, net 33,783 28,224 Operating lease current liabilities 6,878 6,098 Operating lease liabilities 27,542 22,655 Total operating lease liabilities $ 34,420 $ 28,753 Finance Leases Finance lease $ 5,104 $ 3,144 Finance lease accumulated depreciation (2,048 ) (1,585 ) Finance lease, net 3,056 1,559 Finance lease current liabilities 1,034 594 Finance lease liabilities 2,137 1,025 Total finance lease liabilities $ 3,171 $ 1,619 Weighted Average Remaining Lease Term Operating leases (in years) 7 6 Finance leases (in years) 4 3 Weighted Average Discount Rate Operating leases 3.91 % 3.41 % Finance leases 4.83 % 3.56 % Maturities of lease liabilities were as follows: Operating Finance (in thousands) Leases Leases Year Ending December 31, 2023 $ 4,113 $ 508 2024 7,708 1,097 2025 6,495 790 2026 5,577 506 2027 4,435 335 Thereafter 10,962 248 Total future minimum lease payments $ 39,290 $ 3,484 Less remaining imputed interest (4,870 ) (313 ) Total $ 34,420 $ 3,171 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Debt : The Company’s debt is comprised of the following components: As of June 30, December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 238,240 $ 165,658 Total debt $ 238,240 $ 165,658 On January 3, 2023, the Company entered into the Sixth Amendment to Third Amended and Restated Loan and Security Agreement, which amended the Company’s existing ABL Credit Facility. The amendment increased the borrowing capacity under the ABL Credit Facility by $150 million from $475 million to $625 million. The $625 million ABL Credit Facility consists of: (i) a revolving credit facility of up to $595 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 Credit Facility matures on June 16, 2026. The ABL Credit Facility is collateralized by the Company’s accounts receivable, inventory, personal property and certain real estate. 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 ($62.5 million at June 30, 2023) or 10.0% of the aggregate borrowing base ($58.6 million at June 30, 2023), then the Company must maintain a ratio of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.00 to 1.00 for the most recent twelve fiscal month period. 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 Secured Overnight Financing Rate (SOFR) plus a premium ranging from 1.25% to 2.75%. On January 10, 2019, the Company entered into a five As of June 30, 2023, the Company was in compliance with its covenants and had approximately $343 million of availability under the ABL Credit Facility. As of June 30, 2023 and December 31, 2022, $2.0 million and $1.2 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 |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Derivative Instruments : Metals swaps and embedded customer derivatives During 2023 and 2022, 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 2023. 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 June 30, 2023, are included in “Other accrued liabilities” and the embedded customer derivatives are included in “Accounts receivable, net” on the Consolidated Balance Sheets as of June 30, 2023. 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 six months ended June 30, 2023 and 2022, respectively. Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Fixed interest rate hedge $ 485 $ (344 ) $ 804 $ (794 ) Metals swaps (500 ) (1,445 ) (776 ) 718 Embedded customer derivatives 500 1,445 776 (718 ) Total loss $ 485 $ (344 ) $ 804 $ (794 ) |
Note 10 - Fair Value of Assets
Note 10 - Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value of Assets and Liabilities : During the six months ended June 30, 2023, 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 June 30, 2023 since December 31, 2022. 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 June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 3,317 $ - $ 3,317 Embedded customer derivative - 410 - 410 Fixed interest rate hedge 1,142 1,142 Total assets at fair value $ - $ 4,869 $ - $ 4,869 Liabilities: Metal Swaps $ - $ 3,727 $ - $ 3,727 Total liabilities recorded at fair value $ - $ 3,727 $ - $ 3,727 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Total assets at fair value $ - $ 1,748 $ - $ 1,748 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 $238.2 million and $165.7 million at June 30, 2023 and December 31, 2022, 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 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income : On January 10, 2019, the Company entered into a five-year |
Note 12 - Equity Plans
Note 12 - Equity Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. 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 2023 and 2022 per director were $ 80,000 one 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, the Committee may award eligible participants a long-term incentive of both a RSU grant and a performance stock unit (PSU) grant. Additionally, the Committee may offer a long-term cash incentive (split equally between service and performance-based portions) to supplement both the RSU and PSU grants in order to arrive at the total long-term award target. 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 five percent. 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 2023, a total of 20,000 RSUs and 20,000 PSUs were granted to the participants under the C-Suite Plan, and $0.3 million and $0.3 million, respectively, were granted in service-based and performance-based cash awards. During 2022, a total of 20,000 RSUs and 20,000 PSUs were granted to the participants under the C-Suite Plan, and $0.5 million and $0.5 million, respectively, were granted in service-based and performance-based cash awards. If the return on net assets falls below 5 percent, no performance-based incentive will be awarded. The maximum performance-based award is achieved if return on net assets exceeds ten percent, and is capped at 150% of the grant. Stock-based compensation expense recognized on RSUs for the three and six months ended June 30, 2023 and 2022, respectively, is summarized in the following table: For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 RSU expense before taxes $ 435 $ 335 $ 842 $ 662 RSU expense after taxes $ 303 $ 244 $ 598 $ 483 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 six months ended June 30, 2023 and 2022, respectively: As of June 30, 2023 As of June 30, 2022 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 617,518 $ 18.95 576,867 $ 18.40 Granted 49,768 36.63 35,558 26.72 Converted into shares (2,610 ) 18.78 (3,580 ) 18.84 Forfeited (2,573 ) 19.65 (3,351 ) 18.14 Outstanding at June 30 662,103 $ 20.28 605,494 $ 18.89 Vested at June 30 436,341 $ 24.98 409,710 $ 20.17 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes : For the three months ended June 30, 2023, the Company recorded an income tax provision of $6.5 million, or 30.3%, compared to an income tax provision of $14.0 million, or 27.1%, for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company recorded an income tax provision of $10.1 million, or 28.9%, compared to an income tax provision of $27.8 million, or 27.0%, for the six months ended June 30, 2022. 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 14 - Shares Outstanding an
Note 14 - Shares Outstanding and Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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 Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 Weighted average basic shares outstanding 11,569 11,538 11,570 11,536 Assumed exercise of stock options and issuance of stock awards 3 7 2 4 Weighted average diluted shares outstanding 11,572 11,545 11,572 11,540 Net income (loss) $ 15,019 $ 37,624 $ 24,891 $ 74,926 Basic earnings per share $ 1.30 $ 3.26 $ 2.15 $ 6.49 Diluted earnings per share $ 1.30 $ 3.26 $ 2.15 $ 6.49 Unvested RSUs 226 196 226 196 |
Note 15 - Stock Repurchase Prog
Note 15 - Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 15. 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 $15.0 million in the aggregate during any trailing twelve months without restrictions. Purchases of common stock or dividend payments in excess of $15.0 million in the aggregate require the Company to (i) maintain availability in excess of 20.0% of the aggregate revolver commitments ($125.0 million at June 30, 2023) or (ii) to maintain availability equal to or greater than 15.0% of the aggregate revolver commitments ($93.8 million at June 30, 2023) and the Company must maintain a pro-forma ratio of EBITDA minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.00 to 1.00. There were no At-the-Market Equity Program 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 mutually 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 16 - Segment Information
Note 16 - Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. 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. The operating segments are based primarily on internal management reporting. 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, as certain 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. Since the January 3, 2023 acquisition, Metal-Fab’s financial results are included in the carbon flat products segment. 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 six months ended June 30, 2023 and 2022, respectively. For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Net sales Specialty metals flat products $ 147,000 $ 226,964 $ 313,564 $ 426,443 Carbon flat products 326,629 370,665 636,447 750,214 Tubular and pipe products 95,639 111,547 192,333 228,852 Total net sales $ 569,268 $ 709,176 $ 1,142,344 $ 1,405,509 Depreciation and amortization Specialty metals flat products $ 1,023 $ 1,008 $ 2,007 $ 2,013 Carbon flat products 3,716 2,698 7,323 5,372 Tubular and pipe products 1,716 1,222 3,309 2,508 Corporate 18 18 35 35 Total depreciation and amortization $ 6,473 $ 4,946 $ 12,674 $ 9,928 Operating income Specialty metals flat products $ 6,679 $ 36,473 $ 15,938 $ 70,557 Carbon flat products 14,695 15,618 20,641 25,493 Tubular and pipe products 9,371 7,300 19,112 21,882 Corporate expenses (4,973 ) (5,526 ) (12,196 ) (10,945 ) Total operating income $ 25,772 $ 53,865 $ 43,495 $ 106,987 Other loss, net 28 15 39 21 Income before interest and income taxes 25,744 53,850 43,456 106,966 Interest and other expense on debt 4,203 2,271 8,426 4,269 Income before income taxes $ 21,541 $ 51,579 $ 35,030 $ 102,697 For the Six Months Ended June 30, (in thousands) 2023 2022 Capital expenditures Flat products segments $ 8,977 $ 8,236 Tubular and pipe products 6,083 1,786 Corporate 57 - Total capital expenditures $ 15,117 $ 10,022 As of June 30, December 31, (in thouands) 2023 2022 Assets Flat products segments $ 737,819 $ 631,607 Tubular and pipe products 274,562 258,412 Corporate 1,601 1,608 Total assets $ 1,013,982 $ 891,627 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. |
Item 5. Other Information
Item 5. Other Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | Item 5. Other Information During the quarter ended June 30, 2023, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K). |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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. In December 2022, FASB issued ASU No. 2022-06, “Deferral of the Sunset Date of Topic 848”, which amends and extends the sunset date to December 31, 2024. The new standard was applied beginning in the first quarter of 2023 as the Company adjusted their ABL Credit Facility and fixed interest rate hedge. The application did not have a material impact on the Company’s Consolidated Financial Statements. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Details of Acquisition (in thousands) Total Assets acquired Cash and cash equivalents $ 1,728 Accounts receivable, net 10,597 Prepaid expenses and other 740 Inventories, net 17,236 Property and equipment 20,408 Goodwill 33,194 Intangible assets 54,740 Right-of-use and other long-term assets 6,930 Total assets acquired 145,573 Total liabilities assumed (14,369 ) Cash paid $ 131,204 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended June 30, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 709,176 $ 24,117 $ 184 $ 733,477 Net income (loss) $ 37,624 $ 3,803 $ (2,817 ) $ 38,610 Basic earnings per share $ 3.26 $ 0.33 $ (0.24 ) $ 3.35 Diluted earnings per share $ 3.26 $ 0.33 $ (0.24 ) $ 3.35 For the six months ended June 30, 2022 Historical OSI Historical Metal-Fab Pro Forma Adjustments Pro Forma Combined (in thousands, except per share amounts) Pro forma (unaudited): Net sales $ 1,405,509 $ 46,802 $ 368 $ 1,452,679 Net income (loss) $ 74,926 $ 7,845 $ (7,218 ) $ 75,553 Basic earnings per share $ 6.49 $ 0.68 $ (0.63 ) $ 6.55 Diluted earnings per share $ 6.49 $ 0.68 $ (0.63 ) $ 6.55 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2023 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 25.8 % - - 25.8 % Hot Rolled - 30.6 % - 30.6 % Tube - - 16.8 % 16.8 % Plate - 12.6 % - 12.6 % Coated - 5.6 % - 5.6 % Cold Rolled - 4.1 % - 4.1 % Other - 4.5 % - 4.5 % Total 25.8 % 57.4 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2023 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 27.4 % - - 27.4 % Hot Rolled - 28.9 % - 28.9 % Tube - - 16.8 % 16.8 % Plate - 13.1 % - 13.1 % Coated - 5.0 % - 5.0 % Cold Rolled - 3.8 % - 3.8 % Other - 5.0 % - 5.0 % Total 27.4 % 55.8 % 16.8 % 100.0 % Disaggregated Revenue by Products Sold For the Three Months Ended June 30, 2022 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 32.0 % - - 32.0 % Hot Rolled - 30.2 % - 30.2 % Tube - - 15.7 % 15.7 % Plate - 12.8 % - 12.8 % Coated - 4.2 % - 4.2 % Cold Rolled - 5.0 % - 5.0 % Other - 0.1 % - 0.1 % Total 32.0 % 52.3 % 15.7 % 100.0 % Disaggregated Revenue by Products Sold For the Six Months Ended June 30, 2022 Specialty metals flat products Carbon flat products Tubular and pipe products Total Specialty 30.3 % - - 30.3 % Hot Rolled - 30.7 % - 30.7 % Tube - - 16.3 % 16.3 % Plate - 13.0 % - 13.0 % Coated - 4.6 % - 4.6 % Cold Rolled - 5.0 % - 5.0 % Other - 0.1 % - 0.1 % Total 30.3 % 53.4 % 16.3 % 100.0 % |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventory as of (in thousands) June 30, 2023 December 31, 2022 Unprocessed $ 300,686 $ 356,588 Processed and finished 105,258 60,343 Totals $ 405,944 $ 416,931 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Specialty Metals Flat Products Carbon Flat Products Total Balance as of December 31, 2022 $ 9,431 $ 1,065 $ 10,496 Acquisitions - 33,194 33,194 Impairments - - - Balance as of June 30, 2023 $ 9,431 $ 34,259 $ 43,690 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of June 30, 2023 (in thousands) Gross Carrying Amount Accumulated A mortization Intangible Assets, Net Customer relationships - subject to amortization $ 59,059 $ (13,575 ) $ 45,484 Covenant not to compete - subject to amortization 1,949 (480 ) 1,469 Technology and know-how - subject to amortization 5,300 (177 ) 5,123 Trade name - not subject to amortization 32,868 - 32,868 $ 99,176 $ (14,232 ) $ 84,944 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships - subject to amortization $ 22,559 $ (12,100 ) $ 10,459 Covenant not to compete - subject to amortization 509 (301 ) 208 Trade name - not subject to amortization 21,368 - 21,368 $ 44,436 $ (12,401 ) $ 32,035 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,114 $ 1,801 $ 4,255 $ 3,586 Finance lease cost: Amortization of right-of-use assets $ 260 $ 186 $ 492 $ 370 Interest on lease liabilities 39 13 75 28 Total finance lease cost $ 299 $ 199 $ 567 $ 398 |
Lease, Payment [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Cash paid for lease liabilities: Operating cash flows from operating leases $ 2,083 $ 1,719 $ 4,188 $ 3,470 Operating cash flows from finance leases 39 13 75 28 Financing cash flows from finance leases 252 184 472 366 Total cash paid for lease liabilities $ 2,374 $ 1,916 $ 4,735 $ 3,864 |
Lease, Balance Sheet Information [Table Text Block] | June 30, December 31, (in thousands) 2023 2022 Operating Leases Operating lease $ 52,601 $ 45,987 Operating lease accumulated amortization (18,818 ) (17,763 ) Operating lease right-of-use asset, net 33,783 28,224 Operating lease current liabilities 6,878 6,098 Operating lease liabilities 27,542 22,655 Total operating lease liabilities $ 34,420 $ 28,753 Finance Leases Finance lease $ 5,104 $ 3,144 Finance lease accumulated depreciation (2,048 ) (1,585 ) Finance lease, net 3,056 1,559 Finance lease current liabilities 1,034 594 Finance lease liabilities 2,137 1,025 Total finance lease liabilities $ 3,171 $ 1,619 Weighted Average Remaining Lease Term Operating leases (in years) 7 6 Finance leases (in years) 4 3 Weighted Average Discount Rate Operating leases 3.91 % 3.41 % Finance leases 4.83 % 3.56 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance (in thousands) Leases Leases Year Ending December 31, 2023 $ 4,113 $ 508 2024 7,708 1,097 2025 6,495 790 2026 5,577 506 2027 4,435 335 Thereafter 10,962 248 Total future minimum lease payments $ 39,290 $ 3,484 Less remaining imputed interest (4,870 ) (313 ) Total $ 34,420 $ 3,171 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of June 30, December 31, (in thousands) 2023 2022 Asset-based revolving credit facility due June 16, 2026 $ 238,240 $ 165,658 Total debt $ 238,240 $ 165,658 |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Net Gain (Loss) Recognized For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Fixed interest rate hedge $ 485 $ (344 ) $ 804 $ (794 ) Metals swaps (500 ) (1,445 ) (776 ) 718 Embedded customer derivatives 500 1,445 776 (718 ) Total loss $ 485 $ (344 ) $ 804 $ (794 ) |
Note 10 - Fair Value of Asset_2
Note 10 - Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Metal Swaps $ - $ 3,317 $ - $ 3,317 Embedded customer derivative - 410 - 410 Fixed interest rate hedge 1,142 1,142 Total assets at fair value $ - $ 4,869 $ - $ 4,869 Liabilities: Metal Swaps $ - $ 3,727 $ - $ 3,727 Total liabilities recorded at fair value $ - $ 3,727 $ - $ 3,727 Value of Items Recorded at Fair Value As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Fixed interest rate hedge $ - $ 1,748 $ - $ 1,748 Total assets at fair value $ - $ 1,748 $ - $ 1,748 |
Note 12 - Equity Plans (Tables)
Note 12 - Equity Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 RSU expense before taxes $ 435 $ 335 $ 842 $ 662 RSU expense after taxes $ 303 $ 244 $ 598 $ 483 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | As of June 30, 2023 As of June 30, 2022 Number of Weighted Average Number of Weighted Average Shares Granted Price Shares Granted Price Outstanding at December 31 617,518 $ 18.95 576,867 $ 18.40 Granted 49,768 36.63 35,558 26.72 Converted into shares (2,610 ) 18.78 (3,580 ) 18.84 Forfeited (2,573 ) 19.65 (3,351 ) 18.14 Outstanding at June 30 662,103 $ 20.28 605,494 $ 18.89 Vested at June 30 436,341 $ 24.98 409,710 $ 20.17 |
Note 14 - Shares Outstanding _2
Note 14 - Shares Outstanding and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands, except per share data) 2023 2022 2023 2022 Weighted average basic shares outstanding 11,569 11,538 11,570 11,536 Assumed exercise of stock options and issuance of stock awards 3 7 2 4 Weighted average diluted shares outstanding 11,572 11,545 11,572 11,540 Net income (loss) $ 15,019 $ 37,624 $ 24,891 $ 74,926 Basic earnings per share $ 1.30 $ 3.26 $ 2.15 $ 6.49 Diluted earnings per share $ 1.30 $ 3.26 $ 2.15 $ 6.49 Unvested RSUs 226 196 226 196 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the Three Months Ended For the Six Months Ended June 30, June 30, (in thousands) 2023 2022 2023 2022 Net sales Specialty metals flat products $ 147,000 $ 226,964 $ 313,564 $ 426,443 Carbon flat products 326,629 370,665 636,447 750,214 Tubular and pipe products 95,639 111,547 192,333 228,852 Total net sales $ 569,268 $ 709,176 $ 1,142,344 $ 1,405,509 Depreciation and amortization Specialty metals flat products $ 1,023 $ 1,008 $ 2,007 $ 2,013 Carbon flat products 3,716 2,698 7,323 5,372 Tubular and pipe products 1,716 1,222 3,309 2,508 Corporate 18 18 35 35 Total depreciation and amortization $ 6,473 $ 4,946 $ 12,674 $ 9,928 Operating income Specialty metals flat products $ 6,679 $ 36,473 $ 15,938 $ 70,557 Carbon flat products 14,695 15,618 20,641 25,493 Tubular and pipe products 9,371 7,300 19,112 21,882 Corporate expenses (4,973 ) (5,526 ) (12,196 ) (10,945 ) Total operating income $ 25,772 $ 53,865 $ 43,495 $ 106,987 Other loss, net 28 15 39 21 Income before interest and income taxes 25,744 53,850 43,456 106,966 Interest and other expense on debt 4,203 2,271 8,426 4,269 Income before income taxes $ 21,541 $ 51,579 $ 35,030 $ 102,697 |
Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block] | For the Six Months Ended June 30, (in thousands) 2023 2022 Capital expenditures Flat products segments $ 8,977 $ 8,236 Tubular and pipe products 6,083 1,786 Corporate 57 - Total capital expenditures $ 15,117 $ 10,022 As of June 30, December 31, (in thouands) 2023 2022 Assets Flat products segments $ 737,819 $ 631,607 Tubular and pipe products 274,562 258,412 Corporate 1,601 1,608 Total assets $ 1,013,982 $ 891,627 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jan. 03, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets, Net | $ 1,469 | $ 208 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Net | 45,484 | 10,459 | |
Trade Names [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 32,868 | $ 21,368 | |
Metal-Fab [Member] | |||
Payments to Acquire Businesses, Gross | $ 131,200 | ||
Business Combination, Consideration Transferred | 131,000 | ||
Business Combination, Consideration Cash Adjustment | 200 | ||
Business Combination, Acquisition Related Costs | 2,600 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 2,100 | ||
Metal-Fab [Member] | Internally Developed Technology [Member] | |||
Finite-Lived Intangible Assets, Net | $ 5,300 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets, Net | $ 1,400 | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Metal-Fab [Member] | Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Metal-Fab [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Net | $ 36,500 | ||
Finite-Lived Intangible Asset, Useful Life | 26 years | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 26 years | ||
Metal-Fab [Member] | Trade Names [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 11,500 |
Note 2 - Acquisitions - Purchas
Note 2 - Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 03, 2023 | Dec. 31, 2022 |
Goodwill | $ 43,690 | $ 10,496 | |
Metal-Fab [Member] | |||
Cash and cash equivalents | $ 1,728 | ||
Accounts receivable, net | 10,597 | ||
Prepaid expenses and other | 740 | ||
Inventories, net | 17,236 | ||
Property and equipment | 20,408 | ||
Goodwill | 33,194 | ||
Intangible assets | 54,740 | ||
Right-of-use and other long-term assets | 6,930 | ||
Total assets acquired | 145,573 | ||
Total liabilities assumed | (14,369) | ||
Cash paid | $ 131,204 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma (Details) - Metal-Fab [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Net sales | $ 733,477 | $ 1,452,679 |
Net income (loss) | $ 38,610 | $ 75,553 |
Basic earnings per share (in dollars per share) | $ 3.35 | $ 6.55 |
Diluted earnings per share (in dollars per share) | $ 3.35 | $ 6.55 |
Historical OSI [Member] | ||
Net sales | $ 709,176 | $ 1,405,509 |
Net income (loss) | $ 37,624 | $ 74,926 |
Basic earnings per share (in dollars per share) | $ 3.26 | $ 6.49 |
Diluted earnings per share (in dollars per share) | $ 3.26 | $ 6.49 |
Historical [Member] | ||
Net sales | $ 24,117 | $ 46,802 |
Net income (loss) | $ 3,803 | $ 7,845 |
Basic earnings per share (in dollars per share) | $ 0.33 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.68 |
Pro Forma [Member] | ||
Net sales | $ 184 | $ 368 |
Net income (loss) | $ (2,817) | $ (7,218) |
Basic earnings per share (in dollars per share) | $ (0.24) | $ (0.63) |
Diluted earnings per share (in dollars per share) | $ (0.24) | $ (0.63) |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregation of Revenues, Percentage (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue percent | 100% | 100% | 100% | 100% |
Specialty [Member] | ||||
Revenue percent | 25.80% | 32% | 27.40% | 30.30% |
Hot Rolled Products [Member] | ||||
Revenue percent | 30.60% | 30.20% | 28.90% | 30.70% |
Tube Products [Member] | ||||
Revenue percent | 16.80% | 15.70% | 16.80% | 16.30% |
Plate Products [Member] | ||||
Revenue percent | 12.60% | 12.80% | 13.10% | 13% |
Coated Products [Member] | ||||
Revenue percent | 5.60% | 4.20% | 5% | 4.60% |
Cold Rolled Products [Member] | ||||
Revenue percent | 4.10% | 5% | 3.80% | 5% |
Product and Service, Other [Member] | ||||
Revenue percent | 4.50% | 0.10% | 5% | 0.10% |
Specialty Metals Flat Products [Member] | ||||
Revenue percent | 25.80% | 32% | 27.40% | 30.30% |
Specialty Metals Flat Products [Member] | Specialty [Member] | ||||
Revenue percent | 25.80% | 32% | 27.40% | 30.30% |
Specialty Metals Flat Products [Member] | Hot Rolled Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Tube Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Plate Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Coated Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Cold Rolled Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Specialty Metals Flat Products [Member] | Product and Service, Other [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Carbon Flat Products [Member] | ||||
Revenue percent | 57.40% | 52.30% | 55.80% | 53.40% |
Carbon Flat Products [Member] | Specialty [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Carbon Flat Products [Member] | Hot Rolled Products [Member] | ||||
Revenue percent | 30.60% | 30.20% | 28.90% | 30.70% |
Carbon Flat Products [Member] | Tube Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Carbon Flat Products [Member] | Plate Products [Member] | ||||
Revenue percent | 12.60% | 12.80% | 13.10% | 13% |
Carbon Flat Products [Member] | Coated Products [Member] | ||||
Revenue percent | 5.60% | 5% | ||
Carbon Flat Products [Member] | Cold Rolled Products [Member] | ||||
Revenue percent | 5% | 5% | ||
Carbon Flat Products [Member] | Product and Service, Other [Member] | ||||
Revenue percent | 4.50% | 0.10% | 5% | 0.10% |
Tubular and Pipe Products [Member] | ||||
Revenue percent | 16.80% | 15.70% | 16.80% | 16.30% |
Tubular and Pipe Products [Member] | Specialty [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Hot Rolled Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Tube Products [Member] | ||||
Revenue percent | 16.80% | 15.70% | 16.80% | 16.30% |
Tubular and Pipe Products [Member] | Plate Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Coated Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Cold Rolled Products [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Tubular and Pipe Products [Member] | Product and Service, Other [Member] | ||||
Revenue percent | 0% | 0% | 0% | 0% |
Note 4 - Accounts Receivable (D
Note 4 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 4.1 | $ 4.3 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
LIFO Inventory Amount | $ 41,200 | $ 41,200 | $ 46,300 | ||
Percentage of LIFO Inventory | 10.10% | 10.10% | 11.10% | ||
Inventory, LIFO Reserve, Period Charge | $ 1,000 | $ 0 | $ 1,000 | $ 0 | |
Inventory Difference Using FIFO Basis | $ 19,300 | $ 19,300 | $ 20,300 |
Note 5 - Inventories - Steel In
Note 5 - Inventories - Steel Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Unprocessed | $ 300,686 | $ 356,588 |
Processed and finished | 105,258 | 60,343 |
Totals | $ 405,944 | $ 416,931 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Jun. 30, 2023 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 3.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 2.7 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 2.7 |
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | $ 2.4 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Balance | $ 10,496 |
Acquisitions | 33,194 |
Impairments | 0 |
Balance as of June 30, 2023 | 43,690 |
Specialty Metals Flat Products [Member] | |
Balance | 9,431 |
Acquisitions | 0 |
Impairments | 0 |
Balance as of June 30, 2023 | 9,431 |
Carbon Flat Products [Member] | |
Balance | 1,065 |
Acquisitions | 33,194 |
Impairments | 0 |
Balance as of June 30, 2023 | $ 34,259 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accumulated amortization | $ (14,232) | $ (12,401) |
Intangible assets, gross | 99,176 | 44,436 |
Intangible assets, net | 84,944 | 32,035 |
Trade Names [Member] | ||
Trade name - not subject to amortization | 32,868 | 21,368 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 32,868 | 21,368 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 59,059 | 22,559 |
Accumulated amortization | (13,575) | (12,100) |
Finite-lived intangible assets, net | 45,484 | 10,459 |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 1,949 | 509 |
Accumulated amortization | (480) | (301) |
Finite-lived intangible assets, net | 1,469 | $ 208 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 5,300 | |
Accumulated amortization | (177) | |
Finite-lived intangible assets, net | $ 5,123 |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease cost | $ 2,114 | $ 1,801 | $ 4,255 | $ 3,586 |
Amortization of right-of-use assets | 260 | 186 | 492 | 370 |
Interest on lease liabilities | 39 | 13 | 75 | 28 |
Total finance lease cost | $ 299 | $ 199 | $ 567 | $ 398 |
Note 7 - Leases - Lease Payment
Note 7 - Leases - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating cash flows from operating leases | $ 2,083 | $ 1,719 | $ 4,188 | $ 3,470 |
Operating cash flows from finance leases | 39 | 13 | 75 | 28 |
Financing cash flows from finance leases | 252 | 184 | 472 | 366 |
Total cash paid for lease liabilities | $ 2,374 | $ 1,916 | $ 4,735 | $ 3,864 |
Note 7 - Leases - Balance Sheet
Note 7 - Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating lease | $ 52,601 | $ 45,987 |
Operating lease accumulated amortization | (18,818) | (17,763) |
Operating lease right-of-use asset, net | 33,783 | 28,224 |
Current portion of lease liabilities | 6,878 | 6,098 |
Operating lease liabilities | 27,542 | 22,655 |
Total operating lease liabilities | 34,420 | 28,753 |
Property and equipment, at cost | 463,291 | 429,810 |
Accumulated depreciation | (288,300) | (281,478) |
Finance lease, net | 3,056 | 1,559 |
Finance lease current liabilities | 1,034 | 594 |
Finance lease liabilities | 2,137 | 1,025 |
Total finance lease liabilities | $ 3,171 | $ 1,619 |
Operating leases (in years) (Year) | 7 years | 6 years |
Finance leases (in years) (Year) | 4 years | 3 years |
Operating leases | 3.91% | 3.41% |
Finance leases | 4.83% | 3.56% |
Assets Held Under Finance Leases [Member] | ||
Property and equipment, at cost | $ 5,104 | $ 3,144 |
Accumulated depreciation | $ (2,048) | $ (1,585) |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
2023, operating lease | $ 4,113 | |
2023, finance lease | 508 | |
2024, operating lease | 7,708 | |
2024, finance lease | 1,097 | |
2025, operating lease | 6,495 | |
2025, finance lease | 790 | |
2026, operating lease | 5,577 | |
2026, finance lease | 506 | |
2027, operating lease | 4,435 | |
2027, finance lease | 335 | |
Thereafter, operating lease | 10,962 | |
Thereafter, finance lease | 248 | |
Total future minimum lease payments, operating lease | 39,290 | |
Total future minimum lease payments, finance lease | 3,484 | |
Less remaining imputed interest, operating lease | (4,870) | |
Less remaining imputed interest, finance lease | (313) | |
Total, operating lease | 34,420 | $ 28,753 |
Total, finance lease | 3,171 | $ 1,619 |
Current Portion and Lease Liabilities [Member] | ||
Total, operating lease | 34,420 | |
Other Accrued Liabilities and Other Long-term Liabilities [Member] | ||
Total, finance lease | $ 3,171 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Millions | 6 Months Ended | ||||||
Dec. 14, 2020 USD ($) | Jan. 10, 2019 USD ($) | Jun. 30, 2023 USD ($) | Jan. 19, 2023 USD ($) | Jan. 03, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 16, 2021 USD ($) | |
Debt Issuance Costs, Net, Total | $ 2 | $ 1.2 | |||||
Interest Rate Swap [Member] | |||||||
Derivative, Term of Contract (Year) | 5 years | ||||||
Derivative, Notional Amount | $ 75 | ||||||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | 2.42% | ||||
Interest Rate Swaption [Member] | |||||||
Derivative, Notional Amount | $ 75 | ||||||
ABL Credit Facility [Member] | |||||||
Line of Credit Facility, Increase (Decrease), Net | $ 150 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | 625 | $ 475 | ||||
Debt Instrument, Term | 5 years | ||||||
ABL Credit Facility [Member] | Asset Based Revolving Credit Facility Due June 16, 2026 [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 595 | ||||||
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 | $ 62.5 | ||||||
Line of Credit Facility Covenant Terms Percentage of Aggregate Borrowing Base | 10% | ||||||
Line of Credit Facility Covenant Terms Aggregate Borrowing Base | $ 58.6 | ||||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 343 | ||||||
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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Note 8 - Debt - Summary of Debt
Note 8 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Asset-based revolving credit facility due June 16, 2026 | $ 238,240 | $ 165,658 |
Total debt | 238,240 | 165,658 |
Asset Based Revolving Credit Facility Due December 8, 2022 [Member] | ||
Asset-based revolving credit facility due June 16, 2026 | $ 238,240 | $ 165,658 |
Note 9 - Derivative Instrumen_3
Note 9 - Derivative Instruments (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jun. 30, 2023 | Jan. 03, 2023 |
Derivative, Term of Contract (Year) | 5 years | ||
Derivative, Notional Amount | $ 75 | ||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | 2.42% |
Note 9 - Derivative Instrumen_4
Note 9 - Derivative Instruments - Impact from Derivatives on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Gain (Loss) Recognized | $ 485 | $ (344) | $ 804 | $ (794) |
Interest Rate Swap [Member] | ||||
Net Gain (Loss) Recognized | 485 | (344) | 804 | (794) |
Metal Swaps [Member] | ||||
Net Gain (Loss) Recognized | (500) | (1,445) | (776) | 718 |
Embedded Customer Derivatives [Member] | ||||
Net Gain (Loss) Recognized | $ 500 | $ 1,445 | $ 776 | $ (718) |
Note 10 - Fair Value of Asset_3
Note 10 - Fair Value of Assets and Liabilities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Revolving Credit Facility [Member] | ||
Long-Term Debt, Fair Value | $ 238.2 | $ 165.7 |
Note 10 - Fair Value of Asset_4
Note 10 - Fair Value of Assets and Liabilities - Fair Value Measurements, Recorded (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Metal Swaps | $ 4,869 | |
Derivative asset | $ 1,748 | |
Derivative asset | 1,748 | |
Metal Swaps | 3,727 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Metal Swaps | 0 | |
Derivative asset | 0 | |
Derivative asset | 0 | |
Metal Swaps | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Metal Swaps | 4,869 | |
Derivative asset | 1,748 | |
Derivative asset | 1,748 | |
Metal Swaps | 3,727 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Metal Swaps | 0 | |
Derivative asset | 0 | |
Derivative asset | 0 | |
Metal Swaps | 0 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative asset | 1,748 | |
Derivative asset | 1,748 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Metal Swaps | 1,142 | |
Derivative asset | 0 | |
Derivative asset | 0 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Metal Swaps | 1,142 | |
Derivative asset | 1,748 | |
Derivative asset | 1,748 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | |
Derivative asset | $ 0 | |
Fair Value, Recurring [Member] | Metal Swaps [Member] | ||
Metal Swaps | 3,317 | |
Metal Swaps | 3,727 | |
Fair Value, Recurring [Member] | Metal Swaps [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Metal Swaps | 0 | |
Metal Swaps | 0 | |
Fair Value, Recurring [Member] | Metal Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Metal Swaps | 3,317 | |
Metal Swaps | 3,727 | |
Fair Value, Recurring [Member] | Metal Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Metal Swaps | 0 | |
Metal Swaps | 0 | |
Fair Value, Recurring [Member] | Embedded Customer Derivatives [Member] | ||
Metal Swaps | 410 | |
Fair Value, Recurring [Member] | Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Metal Swaps | 0 | |
Fair Value, Recurring [Member] | Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Metal Swaps | 410 | |
Fair Value, Recurring [Member] | Embedded Customer Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Metal Swaps | $ 0 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions | Jan. 10, 2019 | Jun. 30, 2023 | Jan. 03, 2023 | Dec. 31, 2022 |
Derivative, Term of Contract (Year) | 5 years | |||
Derivative, Notional Amount | $ 75 | |||
Derivative, Fixed Interest Rate | 2.57% | 2.42% | 2.42% | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 1.1 | $ 1.7 | ||
Accumulated Other Comprehensive Income (Loss), Tax | $ 0.3 | $ 0.4 |
Note 12 - Equity Plans (Details
Note 12 - Equity Plans (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
C-Suite Long-Term Incentive Plan [Member] | |||
Minimum Return on Assets for Performance-Based Incentives | 5% | ||
Performance-Based Award Cap, Percentage of Grant | 150% | ||
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] | 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 | 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 | ||
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] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | ||
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 | 20,000 | |
Share-Based Payment Arrangement [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | ||
Service Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 500,000 | ||
Performance-Based Cash Awards [Member] | C-Suite Long-Term Incentive Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 500,000 | ||
Common Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 1,400,000 |
Note 12 - Equity Plans - Stock-
Note 12 - Equity Plans - Stock-based Compensation Expense Recognized on Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
RSU expense before taxes | $ 435 | $ 335 | $ 842 | $ 662 |
RSU expense before taxes | $ 303 | $ 244 | $ 598 | $ 483 |
Note 12 - Equity Plans - Restri
Note 12 - Equity Plans - Restricted Stock Unit Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Outstanding, number of shares (in shares) | 617,518 | 576,867 | 576,867 | |
Outstanding, weighted average granted price (in dollars per share) | $ 18.95 | $ 18.40 | $ 18.40 | |
Converted into shares, weighted average granted price (in dollars per share) | $ 18.84 | |||
Forfeited, weighted average granted price (in dollars per share) | $ 19.65 | |||
Outstanding, number of shares (in shares) | 605,494 | 662,103 | 605,494 | 617,518 |
Outstanding, weighted average granted price (in dollars per share) | $ 18.89 | $ 20.28 | $ 18.89 | $ 18.95 |
Vested, number of shares (in shares) | 409,710 | 436,341 | ||
Vested, weighted average granted price (in dollars per share) | $ 20.17 | $ 24.98 | ||
Restricted Stock Unites and Performance Stock Units [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,768 | 35,558 | ||
Granted, weighted average granted price (in dollars per share) | $ 36.63 | $ 26.72 | ||
Converted into shares, number of shares (in shares) | (2,610) | (3,580) | ||
Converted into shares, weighted average granted price (in dollars per share) | $ 18.78 | |||
Forfeited, number of shares (in shares) | (2,573) | (3,351) | ||
Forfeited, weighted average granted price (in dollars per share) | $ 18.14 | |||
Forfeited, number of shares (in shares) | (2,573) | (3,351) |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Expense (Benefit) | $ 6,522 | $ 13,955 | $ 10,139 | $ 27,771 |
Effective Income Tax Rate Reconciliation, Percent | 30.30% | 27.10% | 28.90% | 27% |
Note 14 - Shares Outstanding _3
Note 14 - Shares Outstanding and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted average basic shares outstanding (in shares) | 11,569 | 11,538 | 11,570 | 11,536 |
Assumed exercise of stock options and issuance of stock awards (in shares) | 3 | 7 | 2 | 4 |
Weighted average diluted shares outstanding (in shares) | 11,572 | 11,545 | 11,572 | 11,540 |
Net income | $ 15,019 | $ 37,624 | $ 24,891 | $ 74,926 |
Basic earnings per share (in dollars per share) | $ 1.30 | $ 3.26 | $ 2.15 | $ 6.49 |
Diluted earnings per share (in dollars per share) | $ 1.30 | $ 3.26 | $ 2.15 | $ 6.49 |
Unvested RSUs (in shares) | 226 | 196 | 226 | 196 |
Note 15 - Stock Repurchase Pr_2
Note 15 - Stock Repurchase Program (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 02, 2015 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 shares | Sep. 03, 2021 USD ($) | |
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 | $ | $ 15 | |||||
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 | $ | $ 125 | $ 125 | ||||
ABL Credit Facility [Member] | Stock Repurchases Value Exceeds 5.0 Million, Option 2 [Member] | Minimum [Member] | ||||||
Line of Credit Facility Covenant Terms Percentage of Revolver Commitments | 15% | |||||
Balance Required for Compliance with Revolver Commitments | $ | $ 93.8 | $ 93.8 | ||||
Line of Credit Facility Covenant Terms EBITDA Ratio | 1 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Reporting Information by Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 569,268 | $ 709,176 | $ 1,142,344 | $ 1,405,509 |
Specialty metals flat products | 6,473 | 4,946 | 12,674 | 9,928 |
Specialty metals flat products | 25,772 | 53,865 | 43,495 | 106,987 |
Other loss, net | 28 | 15 | 39 | 21 |
Income before interest and income taxes | 25,744 | 53,850 | 43,456 | 106,966 |
Interest and other expense on debt | 4,203 | 2,271 | 8,426 | 4,269 |
Income before income taxes | 21,541 | 51,579 | 35,030 | 102,697 |
Specialty Metals Flat Products [Member] | ||||
Net sales | 147,000 | 226,964 | 313,564 | 426,443 |
Specialty metals flat products | 1,023 | 1,008 | 2,007 | 2,013 |
Specialty metals flat products | 6,679 | 36,473 | 15,938 | 70,557 |
Carbon Flat Products [Member] | ||||
Net sales | 326,629 | 370,665 | 636,447 | 750,214 |
Specialty metals flat products | 3,716 | 2,698 | 7,323 | 5,372 |
Specialty metals flat products | 14,695 | 15,618 | 20,641 | 25,493 |
Tubular and Pipe Products [Member] | ||||
Net sales | 95,639 | 111,547 | 192,333 | 228,852 |
Specialty metals flat products | 1,716 | 1,222 | 3,309 | 2,508 |
Specialty metals flat products | 9,371 | 7,300 | 19,112 | 21,882 |
Corporate Segment [Member] | ||||
Specialty metals flat products | 18 | 18 | 35 | 35 |
Specialty metals flat products | $ (4,973) | $ (5,526) | $ (12,196) | $ (10,945) |
Note 16 - Segment Information_2
Note 16 - Segment Information - Segment Reporting Information by Capital Expenditures and Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Capital expenditures | $ 15,117 | $ 10,022 | |
Assets | 1,013,982 | $ 891,627 | |
Flat Products Segment [Member] | |||
Capital expenditures | 8,977 | 8,236 | |
Assets | 737,819 | 631,607 | |
Tubular and Pipe Products [Member] | |||
Capital expenditures | 6,083 | 1,786 | |
Assets | 274,562 | 258,412 | |
Corporate Segment [Member] | |||
Capital expenditures | 57 | $ 0 | |
Assets | $ 1,601 | $ 1,608 |