ZEUS Olympic Steel Inc

Exhibit 24

POWERS OF ATTORNEY

OLYMPIC STEEL, INC.

KNOW ALL MEN BY THESE PRESENTS, that OLYMPIC STEEL, INC., an Ohio corporation, and each person whose name is signed below hereby constitute and appoint Richard T. Marabito and Richard A. Manson their attorneys-in-fact and agents, with full power of substitution and resubstitution, for and on behalf of Olympic Steel, Inc. and the undersigned directors and officers of Olympic Steel, Inc., and each of such directors and officers, to sign Olympic Steel, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023, any or all amendments thereto, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary in connection with such matters and hereby ratifying and confirming all that such attorneys-in-fact and agents or their substitute or substitutes may do or cause to be done by virtue hereof.

This Power of Attorney of Olympic Steel, Inc., and the directors and officers of Olympic Steel, Inc. may be executed in multiple counterparts, each of which shall be deemed an original with respect to the person executing it.

IN WITNESS WHEREOF, this Power of Attorney has been signed at Cleveland, Ohio this 23rd day of February 2024.

		OLYMPIC STEEL, INC.

	By:	/s/ Richard A. Manson
	Richard A. Manson, Chief Financial Officer

Directors and Officers:

/s/ Richard T. Marabito		/s/ Idalene F. Kesner
Richard T. Marabito, Chief Executive Officer		Idalene F. Kesner, Director
and Director


/s/ Richard A. Manson		/s/ Michael G. Rippey
Richard A. Manson, Chief Financial Officer		Michael G. Rippey, Director
(Principal Financial and Accounting Officer)


/s/ Michael D. Siegal		/s/ Richard P. Stovsky
Michael D. Siegal, Executive Chairman of the Board		Richard P. Stovsky, Director


/s/ Arthur F. Anton		/s/ David A. Wolfort
Arthur F. Anton, Lead Director		David A. Wolfort, Director


/s/ Dirk A. Kempthorne		/s/ Vanessa Whiting
Dirk A. Kempthorne, Director		Vanessa Whiting, Director

Exhibit 31.1

Certification of the Principal Executive Officer

Pursuant to 15 U.S.C. 78m(a) or 78o(d)

(Section 302 of the Sarbanes-Oxley Act of 2002)

I, Richard T. Marabito, certify that:

1. I have reviewed this annual report on Form 10-K of Olympic Steel, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Richard T. Marabito

Richard T. Marabito
Olympic Steel, Inc.
Chief Executive Officer

Exhibit 31.2

Certification of the Principal Financial Officer

Pursuant to 15 U.S.C. 78m(a) or 78o(d)

(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, Richard A. Manson, certify that:

1. I have reviewed this annual report on Form 10-K of Olympic Steel, Inc.;

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which, are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Richard A. Manson

Richard A. Manson
Olympic Steel, Inc.
Chief Financial Officer

Exhibit 32.1

Certification of the Principal Executive Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

I, Richard T. Marabito, the Chief Executive Officer of Olympic Steel, Inc. (the "Company"), certify that to the best of my knowledge, based upon a review of this annual report on Form 10-K for the period ended December 31, 2023 of the Company (the “Report”):

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

By: /s/ Richard T. Marabito

Richard T. Marabito
Olympic Steel, Inc.
Chief Executive Officer

Exhibit 32.2

Certification of the Principal Financial Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

I, Richard A. Manson, the Chief Financial Officer of Olympic Steel, Inc. (the "Company"), certify that to the best of my knowledge, based upon a review of this annual report on Form 10-K for the period ended December 31, 2023 of the Company (the “Report”):

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

By: /s/ Richard A. Manson

Richard A. Manson
Olympic Steel, Inc.
Chief Financial Officer

EXHIBIT 97

OLYMPIC STEEL, INC.

Compensation Recoupment Policy Effective November 2, 2023

Purpose

As required pursuant to the listing standards of the Nasdaq Stock Market LLC (the “Stock Exchange”), Section 10D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10D-1 under the Exchange Act, the Board of Directors (the “Board”) of Olympic Steel, Inc. (the “Company”) has adopted this Compensation Recoupment Policy (the “Policy”) to empower the Company to recover Covered Compensation (as defined below) erroneously awarded to a Covered Officer (as defined below) in the event of an Accounting Restatement (as defined below).

Notwithstanding anything in this Policy to the contrary, at all times, this Policy remains subject to interpretation and operation in accordance with the final rules and regulations promulgated by the U.S. Securities and Exchange Commission (the “SEC”), the final listing standards adopted by the Stock Exchange, and any applicable SEC or Stock Exchange guidance or interpretations issued from time to time regarding such Covered Compensation recovery requirements (collectively, the “Final Guidance”). Questions regarding this Policy should be directed to the Company’s Chief Financial Officer.

Policy Statement

Unless a Clawback Exception (as defined below) applies, the Company will recover reasonably promptly from each Covered Officer the Covered Compensation Received (as defined below) by such Covered Officer in the event that the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (each, an “Accounting Restatement”). If a Clawback Exception applies with respect to a Covered Officer, the Company may forgo such recovery under this Policy from any such Covered Officer.

Covered Officers

For purposes of this Policy, “Covered Officer” is defined as any current or former “Section 16 officer” of the Company within the meaning of Rule 16a-1(f) under the Exchange Act, as determined by the Board or the Compensation Committee of the Board (the “Committee”). Covered Officers include, at a minimum, “executive officers” as defined in Rule 3b-7 under the Exchange Act and identified under Item 401(b) of Regulation S-K.

For purposes of this Policy:

●

“Covered Compensation” is defined as the amount of Incentive-Based Compensation (as defined below) Received during the applicable Recovery Period (as defined below) that exceeds the amount of Incentive-Based Compensation that otherwise would have been Received during such Recovery Period had it been determined based on the relevant restated amounts, and computed without regard to any taxes paid.

Incentive-Based Compensation Received by a Covered Officer will only qualify as Covered Compensation if: (i) it is Received on or after October 2, 2023; (ii) it is Received after such Covered Officer begins service as a Covered Officer; (iii) such Covered Officer served as a Covered Officer at any time during the performance period for such Incentive-Based Compensation; and (iv) it is

Received while the Company has a class of securities listed on a national securities exchange or a national securities association.

For Incentive-Based Compensation based on stock price or total shareholder return, where the amount of erroneously awarded Covered Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the amount of such Incentive-Based Compensation that is deemed to be Covered Compensation will be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received, and the Company will maintain and provide to the Stock Exchange documentation of the determination of such reasonable estimate.

●

“Incentive-Based Compensation” is defined as any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure (as defined below). For purposes of clarity, Incentive-Based Compensation includes compensation that is in any plan, other than tax-qualified retirement plans, including long term disability, life insurance, and supplemental executive retirement plans, and any other compensation that is based on such Incentive-Based Compensation, such as earnings accrued on notional amounts of Incentive-Based Compensation contributed to such plans.

●

“Financial Reporting Measure” is defined as a measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also Financial Reporting Measures.

●

Incentive-Based Compensation is deemed “Received” in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period.

Recovery Period

For purposes of this Policy, the applicable “Recovery Period” is defined as the three completed fiscal years immediately preceding the Trigger Date (as defined below) and, if applicable, any transition period resulting from a change in the Company’s fiscal year within or immediately following those three completed fiscal years (provided, however, that if a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year comprises a period of nine to 12 months, such period would be deemed to be a completed fiscal year).

For purposes of this Policy, the “Trigger Date” as of which the Company is required to prepare an Accounting Restatement is the earlier to occur of: (i) the date that the Board, applicable Board committee, or officers authorized to take action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare the Accounting Restatement or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare the Accounting Restatement.

Clawback Exceptions

The Company is required to recover all Covered Compensation Received by a Covered Officer in the event of an Accounting Restatement unless (i) one of the following conditions are met and (ii) the Committee has made a determination that recovery would be impracticable in accordance with Rule 10D-1 under the Exchange Act (under such circumstances, a “Clawback Exception” applies):

●

the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered (and the Company has already made a reasonable attempt to recover such erroneously awarded Covered Compensation from such Covered Officer, has documented such reasonable attempt(s) to recover, and has provided such documentation to the Stock Exchange);

●

recovery would violate home country law that was adopted prior to November 28, 2022 (and the

● Company has already obtained an opinion of home country counsel, acceptable to the Stock Exchange, that recovery would result in such a violation, and provided such opinion to the Stock Exchange); or

●

recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code and regulations thereunder. For purposes of clarity, this Clawback Exception only applies to tax-qualified retirement plans and does not apply to other plans, including long term disability, life insurance, and supplemental executive retirement plans, or any other compensation that is based on Incentive-Based Compensation in such plans, such as earnings accrued on notional amounts of Incentive-Based Compensation contributed to such plans.

Prohibitions

The Company is prohibited from paying or reimbursing the cost of insurance for, or indemnifying, any Covered Officer against the loss of erroneously awarded Covered Compensation.

Administration and Interpretation

The Committee will administer this Policy in accordance with the Final Guidance, and will have full and exclusive authority and discretion to supplement, amend, repeal, interpret, terminate, construe, modify, replace and/or enforce (in whole or in part) this Policy, including the authority to correct any defect, supply any omission or reconcile any ambiguity, inconsistency or conflict in the Policy, subject to the Final Guidance. The Committee will review the Policy from time to time and will have full and exclusive authority to take any action it deems appropriate.

The Committee will have the authority to offset any compensation or benefit amounts that become due to the applicable Covered Officers to the extent permissible under Section 409A of the Internal Revenue Code of 1986, as amended, and as it deems necessary or desirable to recover any Covered Compensation.

Each Covered Officer, upon being so designated or assuming such position, is required to execute and deliver to the Chief Financial Officer an acknowledgment of and consent to this Policy, in a form reasonably acceptable to and provided by the Company from time to time, (i) acknowledging and consenting to be bound by the terms of this Policy, (ii) agreeing to fully cooperate with the Company in connection with any of such Covered Officer’s obligations to the Company pursuant to this Policy, and (iii) agreeing that the Company may enforce its rights under this Policy through any and all reasonable means permitted under applicable law as it deems necessary or desirable under this Policy.

Disclosure

This Policy, and any recovery of Covered Compensation by the Company pursuant to this Policy that is required to be disclosed in the Company’s filings with the SEC, will be disclosed as required by the Securities Act of 1933, as amended, the Exchange Act, and related rules and regulations, including the Final Guidance.

OLYMPIC STEEL, INC.

Form of Compensation Recoupment Policy Acknowledgment and Consent

The undersigned hereby acknowledges that he or she has received and reviewed a copy of the Compensation Recoupment Policy (the “Policy”) of Olympic Steel, Inc. (the “Company”), effective as of November 2, 2023, as adopted by the Company’s Board of Directors.

Pursuant to such Policy, the undersigned hereby:

●

acknowledges that he or she has been designated as (or assumed the position of) a Covered Officer (as defined in the Policy);

●

acknowledges and consents to the Policy;

●

acknowledges and consents to be bound by the terms of the Policy;

●

agrees to fully cooperate with the Company in connection with any of the undersigned’s obligations to the Company pursuant to the Policy, including, without limitation, the repayment by or recovery from the undersigned of Covered Compensation (as defined in the Policy); and

●

agrees that the Company may enforce its rights under the Policy through any and all reasonable means permitted under applicable law as the Company deems necessary or desirable under the Policy.

ACKNOWLEDGED AND AGREED:

________________________________________________________

Name:

Date:

Olympic Steel, Inc. Compensation Recoupment Policy Acknowledgement and Consent

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023	Feb. 23, 2024 shares	Jun. 30, 2023 USD ($)
Document Information [Line Items]
Entity Central Index Key	0000917470
Entity Registrant Name	OLYMPIC STEEL INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	0-23320
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float \| $			$ 478,445,784
Entity Common Stock, Shares Outstanding \| shares		11,132,542
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Cleveland, Ohio
Entity Number of Employees	244

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 2,158,163	$ 2,559,990	$ 2,312,253
Costs and expenses
Cost of materials sold (excludes items shown separately below)	1,684,663	2,073,930	1,802,052
Warehouse and processing	122,212	104,668	103,017
Administrative and general	122,239	114,004	104,617
Distribution	66,979	60,529	55,404
Selling	41,436	40,174	41,881
Occupancy	16,520	13,200	12,500
Depreciation	21,545	17,285	17,952
Amortization	4,898	2,453	2,364
Total costs and expenses	2,080,492	2,426,243	2,139,787
Operating income	77,671	133,747	172,466
Other loss, net	78	45	36
Income before interest and income taxes	77,593	133,702	172,430
Interest and other expense on debt	16,006	10,080	7,631
Income before income taxes	61,587	123,622	164,799
Income tax provision	17,058	32,691	43,748
Net income	44,529	90,931	121,051
Gain (loss) on cash flow hedges	(1,693)	4,409	2,960
Tax effect of hedges	423	(1,102)	(740)
Total comprehensive income	$ 43,259	$ 94,238	$ 123,271
Net income per share - basic (in dollars per share)	$ 3.85	$ 7.87	$ 10.53
Weighted average shares outstanding - basic (in shares)	11,573	11,551	11,492
Net income per share - diluted (in dollars per share)	$ 3.85	$ 7.87	$ 10.52
Weighted average shares outstanding - diluted (in shares)	11,578	11,559	11,503
Dividends declared per share of common stock (in dollars per share)	$ 0.5	$ 0.36	$ 0.08

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 13,224	$ 12,189
Accounts receivable, net	191,149	219,789
Inventories, net	386,535	416,931
Prepaid expenses and other	12,261	9,197
Total current assets	603,169	658,106
Property and equipment, at cost	483,448	429,810
Accumulated depreciation	(297,340)	(281,478)
Net property and equipment	186,108	148,332
Goodwill	52,091	10,496
Intangible assets, net	92,621	32,035
Other long-term assets	16,466	14,434
Right-of use assets, net	34,380	28,224
Total assets	984,835	891,627
Liabilities
Accounts payable	119,718	101,446
Accrued payroll	30,113	40,334
Other accrued liabilities	22,593	16,824
Current portion of lease liabilities	7,813	6,098
Total current liabilities	180,237	164,702
Credit facility revolver	190,198	165,658
Other long-term liabilities	20,151	12,619
Deferred income taxes	11,510	10,025
Lease liabilities	27,261	22,655
Total liabilities	429,357	375,659
Commitments and contingencies (Note 14)
Shareholders' Equity
Preferred stock, without par value, 5,000 shares authorized, no shares issued or outstanding	0	0
Common stock, without par value, 20,000 shares authorized; 11,133 and 11,130 issued; 11,133 and 11,130 shares outstanding	136,541	134,724
Accumulated other comprehensive income	41	1,311
Retained earnings	418,896	379,933
Total shareholders' equity	555,478	515,968
Total liabilities and shareholders' equity	$ 984,835	$ 891,627

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories, LIFO reserves	$ 12,043	$ 20,301
Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Preferred Stock, shares authorized (in shares)	5,000	5,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000	20,000
Common stock, shares issued (in shares)	11,133	11,130
Common stock, shares outstanding (in shares)	11,133	11,130

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 44,529	$ 90,931	$ 121,051
Adjustments to reconcile net income to net cash from (used for) operating activities -
Depreciation and amortization	27,176	20,206	20,954
Gain on disposition of property and equipment	(133)	(2,185)	(22)
Gain on disposition of Detroit operation (before expenses of $2,569)	0	0	(6,068)
Stock-based compensation	1,817	1,297	1,045
Intangibles and other long-term assets	(1,257)	1,304	6,796
Deferred income taxes and other long-term liabilities	8,950	235	(6,231)
Net Cash Provided by (Used in) Operating Activities, Excluding Changes in Working Capital	81,082	111,788	137,525
Changes in working capital:
Accounts receivable	44,576	64,781	(131,459)
Inventories	51,538	68,098	(241,899)
Prepaid expenses and other	(2,324)	792	(4,850)
Accounts payable	10,568	(52,274)	60,538
Change in outstanding checks	1,576	5,071	(1,189)
Accrued payroll and other accrued liabilities	(11,857)	(12,403)	34,960
Increase (Decrease) in Operating Capital	94,077	74,065	(283,899)
Net cash from (used for) operating activities	175,159	185,853	(146,374)
Cash flows from (used for) investing activities:
Acquisitions	(169,768)	0	(12,105)
Capital expenditures	(21,326)	(19,854)	(11,011)
Proceeds from sale of Detroit property and equipment	0	0	9,506
Proceeds from disposition of property and equipment	251	3,293	146
Net cash used for investing activities	(190,843)	(16,561)	(13,464)
Cash flows from (used for) financing activities:
Credit facility revolver borrowings	743,030	685,269	757,788
Credit facility revolver repayments	(718,490)	(847,375)	(590,632)
Principal payments under finance lease obligation	(1,039)	(703)	(828)
Credit facility fees and expenses	(1,216)	(100)	(1,325)
Dividends paid	(5,566)	(4,006)	(886)
Net cash from (used for) financing activities	16,719	(166,915)	164,117
Cash and cash equivalents:
Net change	1,035	2,377	4,279
Beginning balance	12,189	9,812	5,533
Ending balance	13,224	12,189	9,812
Interest paid	14,965	9,635	6,843
Income taxes paid	$ 13,603	$ 33,404	$ 46,548

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount of operating expense attributable to sale of operations			$ 2,569
Finance lease obligations incurred	$ 15,000	$ 5,500	$ 9,800

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance	$ 132,382	$ (4,215)	$ 172,843	$ 301,010
Balance at Dec. 31, 2020	132,382	(4,215)	172,843	301,010
Net income	0	0	121,051	121,051
Payment of dividends	0	0	(886)	(886)
Stock-based compensation	1,045	0	0	1,045
Change in fair value of hedges	0	2,220	0	2,220
Other	0	(1)	0	(1)
Change in fair value of hedges	0	(2,220)	0	(2,220)
Balance at Dec. 31, 2021	133,427	(1,996)	293,008	424,439
Balance	133,427	(1,996)	293,008	424,439
Net income	0	0	90,931	90,931
Payment of dividends	0	0	(4,006)	(4,006)
Stock-based compensation	1,297	0	0	1,297
Change in fair value of hedges	0	3,307	0	3,307
Change in fair value of hedges	0	(3,307)	0	(3,307)
Balance at Dec. 31, 2022	134,724	1,311	379,933	515,968
Balance	134,724	1,311	379,933	515,968
Net income	0	0	44,529	44,529
Payment of dividends	0	0	(5,566)	(5,566)
Stock-based compensation	1,817	0	0	1,817
Change in fair value of hedges	(0)	1,270	(0)	1,270
Change in fair value of hedges	0	(1,270)	0	(1,270)
Balance at Dec. 31, 2023	136,541	41	418,896	555,478
Balance	$ 136,541	$ 41	$ 418,896	$ 555,478

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Text Block]

1.	*Summary of Significant Accounting Policies*:

Nature of Business

Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees.

Principles of Consolidation and Basis of Presentation

Accounting Estimates

Concentration Risks

Cash and Cash Equivalents

Fair Market Value

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Allowance for Credit Losses

Inventory Valuation

Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs.

Property and Equipment, and Depreciation

Intangible Assets and Recoverability of Long-lived Assets

Income Taxes

Revenue Recognition

Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements.

Shipping and Handling Fees and Costs

Stock-Based Compensation

The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13, Equity Plans.

Impact of Recently Issued Accounting Pronouncements

Note 2 - Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination Disclosure [Text Block]

2.	*Acquisitions*

Each acquisition was funded with borrowings under the Company's asset-based credit facility (ABL Credit Facility).

Purchase Price Allocation

The acquisitions were accounted for as business combinations and the assets and liabilities were valued at fair market value on the date of acquisition.

Details of Acquisition (in thousands)	*Metal-Fab As of January 3, 2023*	*CTB As of October 2, 2023*
Assets acquired
Cash and cash equivalents	$ 1,728	$ -
Accounts receivable, net	10,597	5,339
Prepaid expenses and other	740	-
Inventories, net	17,236	3,906
Property and equipment	20,408	16,193
Goodwill	33,194	8,401
Intangible assets	54,740	9,590
Right-of-use and other long-term assets	6,930	917
Total assets acquired	145,573	44,346
Total liabilities assumed	(14,369)	(4,054)
Cash paid	$ 131,204	$ 40,292

Pro Forma Financial Information

	*For the twelve months ended December 31, 2022*

	*Historical OSI*	*Historical Metal-Fab*	*Pro Forma Adjustments*	*Pro Forma Combined*
(in thousands, except per share amounts)
Pro forma:
Net sales	$ 2,559,990	$ 95,528	$ 736	$ 2,656,254
Net income (loss)	90,931	16,538	(12,850)	94,619

Basic earnings per share	7.87	1.43	(1.11)	8.19
Diluted earnings per share	7.87	1.43	(1.11)	8.19

Note 3 - Disposition of Assets

12 Months Ended

Dec. 31, 2023

Sale of Operation, Disclosure [Text Block]

3.	*Disposition of Assets*

Note 4 - Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Text Block]

4.	*Revenue Recognition*

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2023*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		28.8	%		-			-			28.8	%
Plate		12.9	%		-			-			12.9	%
Cold Rolled		4.0	%		-			-			4.0	%
Coated		10.3	%		-			-			10.3	%
Specialty		-			26.3	%		-			26.3	%
Pipe & Tube		-			-			17.1	%		17.1	%
Other		0.6	%		-			-			0.6	%
Total		56.6	%		26.3	%		17.1	%		100.0	%

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2022*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		29.8	%		-			-			29.8	%
Plate		13.3	%		-			-			13.3	%
Cold Rolled		4.7	%		-			-			4.7	%
Coated		4.5	%		-			-			4.5	%
Specialty		-			30.3	%		-			30.3	%
Pipe & Tube		-			-			16.7	%		16.7	%
Other		0.7	%		-			-			0.7	%
Total		53.0	%		30.3	%		16.7	%		100.0	%

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2021*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		31.4	%		-			-			31.4	%
Plate		10.4	%		-			-			10.4	%
Cold Rolled		7.0	%		-			-			7.0	%
Coated		7.7	%		-			-			7.7	%
Specialty		-			25.3	%		-			25.3	%
Pipe & Tube		-			-			16.5	%		16.5	%
Other		1.6	%		0.1	%		-			1.7	%
Total		58.1	%		25.4	%		16.5	%		100.0	%

Note 5 - Accounts Receivable

12 Months Ended

Dec. 31, 2023

Financing Receivables [Text Block]

5.	*Accounts Receivable:*

Note 6 - Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Text Block]

6.	*Inventories*:

Inventories consisted of the following:

	*As of December 31,*
(in thousands)	*2023*		*2022*
Unprocessed	$	282,565	$	356,588
Processed and finished		103,970		60,343
Total	$	386,535	$	416,931

If the FIFO method had been in use, inventories would have been $12.0 million and $20.3 million higher than reported at December 31, 2023 and 2022, respectively.

Note 7 - Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

7.	*Property and Equipment:*

Property and equipment consists of the following:

(in thousands)	*Depreciable Lives*		*December 31, 2023*			*December 31, 2022*

Land		-	$	16,676		$	15,058
Land improvements		5 - 10		4,685			4,160
Buildings and improvements		7 - 30		158,335			141,585
Machinery and equipment		2 - 15		254,777			221,375
Furniture and fixtures		3 - 7		6,849			6,829
Computer software and equipment		2 - 5		26,787			25,338
Vehicles		2 - 5		5,112			4,049
Financing lease		-		5,686			3,144
Construction in progress		-		4,541			8,272
				483,448			429,810
Less accumulated depreciation				(297,340	)		(281,478	)
Net property and equipment			$	186,108		$	148,332

Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven years, whichever is less.

Note 8 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

8.	*Goodwill and Intangible Assets*:

Goodwill, by reportable unit, was as follows as of December 31, 2023 and December 31, 2022, respectively. The goodwill is deductible for tax purposes.

(in thousands)	*Carbon Flat Products*		*Specialty Metals Flat Products*		*Tubular and Pipe Products*		*Total*
Balance as of December 31, 2021		1,065		9,431		-		10,496
Acquisitions		-		-		-		-
Impairments		-		-		-		-
Balance as of December 31, 2022	$	1,065	$	9,431	$	-	$	10,496
Acquisitions		33,194		-		8,401		41,595
Impairments		-		-		-		-
Balance as of December 31, 2023	$	34,259	$	9,431	$	8,401	$	52,091

Intangible assets, net, consisted of the following as of December 31, 2023 and 2022, respectively:

	*As of Balance at December 31, 2023*
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net

Customer relationships - subject to amortization	$	62,559	$	(15,084	)	$	47,475
Covenant not to compete - subject to amortization		2,339		(679	)		1,660
Technology and know-how - subject to amortization		7,000		(382	)		6,618
Trade name - not subject to amortization		36,868		-			36,868
	$	108,766	$	(16,145	)	$	92,621

	*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 9 - Leases

12 Months Ended

Dec. 31, 2023

Lessee, Operating Leases [Text Block]

9.	*Leases*:

The components of lease expense were as follows for the years ended December 31, 2023, 2022 and 2021:

(in thousands)	*2023*		*2022*		*2021*
Operating lease cost	$	9,008	$	7,446	$	6,952
Finance lease cost
Amortization		1,056		720		721
Interest on lease liabilities		157		67		71
	$	1,213	$	787	$	792

Supplemental cash flow information related to leases was as follows for the years ended December 31, 2023, 2022 and 2021:

(in thousands)	*2023*		*2022*		*2021*

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,901	$	7,268	$	6,830
Operating cash flows from finance leases		157		67		71
Financing cash flows from finance leases		1,039		703		828
Total cash paid for amounts included in the measurement of lease liabilities	$	10,097	$	8,038	$	7,729

Supplemental balance sheet information related to leases was as follows:

(in thousands)	*2023*			*2022*

Operating leases
Operating lease	$	56,117		$	45,987
Operating lease accumulated amortization		(21,737	)		(17,763	)
Operating lease right of use asset, net	$	34,380		$	28,224

Operating lease current liabilities		7,813			6,098
Operating lease liabilities		27,261			22,655
	$	35,074		$	28,753

(in thousands)	*2023*			*2022*
Finance leases
Finance lease	$	5,686		$	3,144
Finance lease accumulated depreciation		(2,615	)		(1,585	)
Finance lease, net	$	3,071		$	1,559

Finance lease current liabilities		1,087			594
Finance lease liabilities		2,106			1,025
	$	3,193		$	1,619

Weighted average remaining lease term (in years)	*2023*			*2022*
Operating leases		6			6
Finance leases		4			3

Weighted average discount rate
Operating leases		4.07	%		3.41	%
Finance leases		5.06	%		3.56	%

Maturities of lease liabilities were as follows:

(in thousands)	*Operating Lease*			*Finance Lease*
Year Ending December 31,
2024	$	9,040		$	1,218
2025		7,482			910
2026		6,307			618
2027		5,049			417
2028		3,782			300
Thereafter		8,139			39
Total future minimum lease payments	$	39,799		$	3,502
Less remaining imputed interest		(4,725	)		(309	)
Total	$	35,074		$	3,193

Note 10 - Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Text Block]

10.

Debt:

The Company’s debt is comprised of the following components:

	*As of December 31,*
(in thousands)	*2023*		*2022*
Asset-based revolving credit facility due June 16, 2026	$	190,198	$	165,658
Total debt		190,198		165,658
Less current amount		-		-
Total long-term debt	$	190,198	$	165,658

As of December 31, 2023, the Company was in compliance with its covenants and had approximately $339.4 million of availability under the ABL Credit Facility.

Scheduled Debt Maturities, Interest, Debt Carrying Values

The Company’s principal payments over the next five years, as of December 31, 2023, are detailed in the table below:

(in thousands)	*2024*		*2025*		*2026*		*2027*		*2028*		*Total*
ABL Credit Facility	$	-	$	-	$	190,198	$	-	$	-	$	190,198
Total principal payments	$	-	$	-	$	190,198	$	-	$	-	$	190,198

Note 11 - Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Text Block]

11.

Derivative Instruments:

Metals swaps

Fixed rate interest rate hedge

	*Net Gain (Loss) Recognized*
(in thousands)	*2023*			*2022*			*2021*
Fixed interest rate hedge	$	1,906		$	(664	)	$	(1,880	)
Metals swaps		(1,903	)		633			418
Embedded customer derivatives		1,903			(633	)		(418	)
Total income (loss)	$	1,906		$	(664	)	$	(1,880	)

Note 12 - Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Text Block]

12.

Fair Value of Assets and Liabilities:

Supplemental executive retirement plan - Determined by the Level 1 inputs that include the readily determinable and available fair value of the mutual funds that comprise the plan assets.

	*Value of Items Recorded at Fair Value*
	*As of December 31, 2023*
(in thousands)	*Level 1*		*Level 2*		*Level 3*		*Total*
Assets:
Metal swaps	$	-	$	4,458	$	-	$	4,458
Embedded customer derivatives	$	-	$	766	$	-	$	766
Fixed interest rate hedge	$	-	$	55	$	-	$	55
Supplemental executive retirement plan	$	11,617	$	-	$	-	$	11,617
Total assets at fair value	$	11,617	$	5,279	$	-	$	16,896

Liabilities:
Metal swaps	$	-	$	5,224	$	-	$	5,224
Total liabilities recorded at fair value	$	-	$	5,224	$	-	$	5,224

	*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
Supplemental executive retirement plan	$	7,676	$	-	$	-	$	7,676
Total assets at fair value	$	7,676	$	1,748	$	-	$	9,424

The value of the items not recorded at fair value represent the carrying value of the liabilities.

Note 13 - Equity Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Text Block]

13.

Equity Plans:

Restricted Stock Units and Performance Share Units

Stock-based compensation expense recognized on RSUs for the years ended December 31, 2023, 2022 and 2021, respectively, is summarized in the following table:

	*For the years ended December 31,*
(in thousands)	*2023*		*2022*		*2021*
RSU expense before taxes of the Plan	$	1,817	$	1,297	$	1,045
RSU expense after taxes		1,314		954		767

The following table summarizes the activity related to RSUs and PSUs for the year ended December 31, 2023, 2022 and 2021:

	*2023*					*2022*					*2021*
	*Number of Shares*			*Weighted Average Estimated Fair Value*		*Number of Shares*			*Weighted Average Estimated Fair Value*		*Number of Shares*			*Weighted Average Estimated Fair Value*
Beginning balance		617,518		$	18.95		576,867		$	18.29		610,540		$	18.14
Granted		49,768			36.63		55,558			25.56		20,604			23.29
Converted into shares		(2,610	)		18.78		(5,841	)		18.16		(49,191	)		18.67
Forfeited		(2,573	)		19.65		(9,066	)		17.52		(5,086	)		17.55
Outstanding at December 31		662,103		$	20.28		617,518		$	18.95		576,867		$	18.29
Vested at December 31		454,939		$	19.71		423,941		$	19.24		370,771		$	18.78

Phantom Stock Units

Note 14 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

14.

Commitments and Contingencies:

Facility	Expiration date
Hammond, Indiana	November 30, 2024
Locust, North Carolina	March 4, 2025
St. Paul, Minnesota	May 25, 2025
Romeoville, Illinois	May 31, 2025
Minneapolis (coil), Minnesota	September 30, 2025
Indianapolis, Indiana	January 29, 2026
Minneapolis (plate), Minnesota	April 1, 2027

Note 15 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

15.

Income Taxes:

The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows:

	*As of December 31,*
(in thousands)	*2023*		*2022*			*2021*
Current:
Federal	$	11,574	$	27,865		$	36,592
International		1,047		102			85
State and local		2,529		5,691			7,739
		15,150		33,658			44,416
Deferred		1,908		(967	)		(668	)
Income tax provision	$	17,058	$	32,691		$	43,748

The components of the Company’s deferred income taxes at December 31 are as follows:

(in thousands)	*2023*			*2022*
Deferred tax assets:
Inventory (excluding LIFO reserve)	$	3,340		$	2,176
Net operating loss and tax credit carryforwards		803			1,029
Allowance for credit losses		657			833
Accrued expenses		7,543			6,114
Lease liabilities		9,567			7,916
Other		379			214
Deferred tax assets before valuation allowance		22,289			18,282
Valuation allowance		(489	)		(919	)
Total deferred tax assets		21,800			17,363

Deferred tax liabilities:
LIFO reserve		(3,820	)		(3,451	)
Property and equipment		(16,223	)		(12,194	)
Lease right of use assets		(9,363	)		(7,769	)
Interest rate hedge		(14	)		(437	)
Intangibles		(3,890	)		(3,537	)
Total deferred tax liabilities		(33,310	)		(27,388	)
Deferred tax liabilities, net	$	(11,510	)	$	(10,025	)

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:

(in thousands)	*2023*			*2022*			*2021*
Balance as of January 1	$	220		$	228		$	28
Increases related to current year tax positions		-			-			8
Increase (Decrease) related to prior year tax positions		8			(8	)		200
Decreases related to lapsing of statute of limitations		(8	)		-			(8	)
Settlements		(46	)		-			-
Balance as of December 31	$	174		$	220		$	228

The Company recognized interest related to uncertain tax positions in the income tax provision.

The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:

	*2023*			*2022*			*2021*
U.S. federal statutory rate in effect		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		4.4	%		4.5	%		4.5	%
Foreign		1.7	%		0.1	%		0.1	%
Meals and entertainment		0.7	%		0.2	%		0.1	%
Tax credits		(0.4	)%		(0.1	)%		(0.1	)%
All other, net		0.3	%		0.7	%		0.9	%
Effective income tax rate		27.7	%		26.4	%		26.5	%

Note 16 - Shares Outstanding and Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Text Block]

16.

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 years ended December 31,*
(in thousands, except per share data)	*2023*		*2022*		*2021*

Weighted average basic shares outstanding		11,573		11,551		11,492
Assumed exercise of stock options and issuance of stock awards		5		8		11
Weighted average diluted shares outstanding		11,578		11,559		11,503

Net income	$	44,529	$	90,931	$	121,051

Basic earnings per share	$	3.85	$	7.87	$	10.53
Diluted earnings per share	$	3.85	$	7.87	$	10.52

Unvested RSUs and PSUs		207		194		206

Note 17 - Equity Programs

12 Months Ended

Dec. 31, 2023

Treasury Stock [Text Block]

17.

Equity Programs:

Stock Repurchase Program

As of December 31, 2023, 360,212 shares remain authorized for repurchase under the program.

There were no shares repurchased during 2023 or 2022.

At-the-Market Equity Program

Note 18 - Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting Disclosure [Text Block]

18.

Segment Information:

	*For the Year Ended December 31,*
(in thousands)	*2023*			*2022*			*2021*
Net sales
Specialty metals flat products	$	567,728		$	776,022		$	585,751
Carbon flat products		1,221,093			1,356,605			1,344,150
Tubular and pipe products		369,342			427,363			382,352
Total net sales	$	2,158,163		$	2,559,990		$	2,312,253

Depreciation and amortization
Specialty metals flat products	$	3,929		$	4,060		$	3,692
Carbon flat products		14,762			10,695			11,286
Tubular and pipe products		7,682			4,913			5,267
Corporate		70			70			71
Total depreciation and amortization	$	26,443		$	19,738		$	20,316

Operating income
Specialty metals flat products	$	22,884		$	93,662		$	70,544
Carbon flat products		34,582			25,015			110,074
Tubular and pipe products		40,692			34,856			7,353
Corporate		(20,487	)		(19,786	)		(15,505	)
Total operating income	$	77,671		$	133,747		$	172,466
Other loss, net		78			45			36
Income before interest and income taxes		77,593			133,702			172,430
Interest and other expense on debt		16,006			10,080			7,631
Income before income taxes	$	61,587		$	123,622		$	164,799

	*For the Year Ended December 31,*
(in thousands)	*2023*		*2022*		*2021*
Capital expenditures
Flat products	$	14,306	$	15,299	$	8,797
Tubular and pipe products		7,020		4,555		2,214
Total capital expenditures	$	21,326	$	19,854	$	11,011

Assets
Flat products	$	649,744	$	631,607	$	777,074
Tubular and pipe products		333,677		258,412		245,962
Corporate		1,414		1,608		536
Total assets	$	984,835	$	891,627	$	1,023,572

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.

Note 19 - Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Text Block]

19.

Retirement Plans:

Note 20 - Related-party Transactions

12 Months Ended

Dec. 31, 2023

20.

Related-Party Transactions:

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Schedule II – Valuation and Qualifying Accounts

(in thousands)

			*Additions*
Description	*Balance at Beginning of Period*		*Charged to Costs and Expenses*			*Charged to Other Accounts*		*Deductions*			*Balance at End of Period*
Year Ended December 31, 2021
Allowance for credit losses	$	1,726	$	1,250		$	-	$	(474	)	$	2,502
Tax valuation reserve	$	2,302	$	236		$	-	$	(1,341	)	$	1,197

Year Ended December 31, 2022
Allowance for credit losses	$	2,502	$	2,184		$	-	$	(855	)	$	3,831
Tax valuation reserve	$	1,197	$	-		$	-	$	(278	)	$	919

Year Ended December 31, 2023
Allowance for credit losses	$	3,831	$	(425	)	$	-	$	(776	)	$	2,630
Tax valuation reserve	$	919	$	-		$	-	$	(430	)	$	489

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	*ITEM 9B.* OTHER INFORMATION** Trading Arrangement During the quarter ended December 31, 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).
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Business, Policy [Policy Text Block]	Nature of Business 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. 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. As such, total assets and capital expenditures are reported in the aggregate for the flat products segment. 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 Company is a leading metals service center focused on the direct sale and value-added processing of carbon and coated steel, plate and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube bar, valves and fittings, tin plate and metal-intensive end-use products. The specialty metals flat products segment sells and distributes processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Through 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, stainless steel bollards and water treatment systems. The carbon flat products segment sells and distributes large volumes of processed carbon and coated flat-rolled sheet, coil and plate products, fabricated parts and fabricated products, including self-dumping metal hoppers and steel and stainless-steel dump inserts for pickup truck and service truck beds. With the recent acquisition of Metal-Fab, Inc. (Metal-Fab) on January 3, 2023, the carbon flat products segment further expanded its product offerings to include the manufacture of venting, micro air and clean air products for residential, commercial and industrial applications. The tubular and pipe product segment distributes metal tubing, pipe, bar, valves and fittings and the fabrication of parts supplied to various industrial markets. With the recent acquisition of Central Tube and Bar (CTB) on October 2, 2023, the tubular and pipe products segment expanded its product offerings to include fabricated tube and bar products, including round, square, rectangular and special shaped tubes. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including payroll expenses for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation and 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), after elimination of intercompany accounts and transactions.
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risks The Company is a major customer of flat-rolled coil and plate and tubular and pipe steel for many of its principal suppliers, but is not dependent on any one supplier. The Company purchased approximately 40%, 39% and 51% of its total steel tonnage requirements from its three largest suppliers in 2023, 2022 and 2021, respectively. The Company has a diversified customer and geographic base, which reduces the inherent risk and cyclicality of its business. The concentration of net sales to the Company’s top 20 customers approximated 29%, 26% and 23% of consolidated net sales in 2023, 2022 and 2021, respectively. In addition, the Company’s largest customer accounted for approximately 3%, 3% and 2% of consolidated net sales in 2023, 2022 and 2021, respectively. Sales to industrial machinery and equipment manufacturers and their fabricators accounted for 48%, 52% and 47% of consolidated net sales in 2023, 2022 and 2021, respectively.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash equivalents consist of short-term highly liquid investments, with a three month or less maturity, which are readily convertible into cash. The Company maintains cash levels in bank accounts that, at times, may exceed federally-insured limits. The Company has not experienced significant loss, and believe we are not exposed to significant risk of loss, in these accounts.
Fair Value Measurement, Policy [Policy Text Block]	Fair Market Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the liability in an orderly transaction between market participants on the measurement date. Valuation techniques must maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company applies a fair value hierarchy that is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and the credit facility, are stated at their carrying value, which is a reasonable estimate of fair value. The fair value of marketable securities is based on quoted market prices.
Accounts Receivable [Policy Text Block]	Allowance for Credit Losses The Company’s allowance for credit losses is maintained at a level considered appropriate based on historical experience and specific customer collection issues that the Company has identified. Estimations are based upon the application of a historical collection rate to the outstanding accounts receivable balance, 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 the allowance for credit losses each quarter.
Inventory, Policy [Policy Text Block]	Inventory Valuation Non-LIFO inventories are stated at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. LIFO inventories are stated at the lower of cost or market. Market is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion. Inventory costs include the costs of the purchased metals, inbound freight, external and internal processing and applicable labor and overhead costs. Substantially all of the costs of the Company’s specialty metals and carbon flat products segments’ inventories, including flat-rolled sheet, coil and plate products are determined using the specific identification method. Certain of the Company’s tubular and pipe products inventory is stated under the LIFO method. At December 31, 2023 and December 31, 2022, approximately $38.2 million, or 9.9% 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 tubular and pipe product segment’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. On the Consolidated Statements of Comprehensive Income, “Cost of materials sold (exclusive of items shown separately below)” consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the assets ranging from two to 30 years. The Company capitalizes the costs of obtaining or developing internal-use software, including directly related payroll costs. The Company amortizes those costs over five years, beginning when the software is ready for its intended use.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Recoverability of Long-lived Assets The Company performs an annual impairment test of indefinite-lived intangible assets in the fourth quarter, or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. Events or changes in circumstances that could trigger an impairment review include significant nonperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. Management uses judgment to determine whether to use a qualitative analysis or a quantitative fair value measurement for each of the Company’s reporting units that carry intangible assets. If a quantitative fair value measurement is used, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. The Company estimates the fair value of indefinite-lived intangible assets using a discounted cash flow methodology. Management’s assumptions used for the calculations are based on historical results, projected financial information and recent economic events. Actual results could differ from these estimates under different assumptions or conditions, which could adversely affect the reported value of intangible assets. The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include significant underperformance relative to the expected historical or projected future operating results, significant changes in the manner of the use of the acquired assets or the strategy for the overall business or significant negative industry or economic trends. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company records, as an offset to the estimated effect of temporary differences between the tax basis of assets and liabilities and the reported amounts in its consolidated balance sheets, the tax effect of operating loss and tax credit carryforwards. If the Company determines that it will not be able to fully realize a deferred tax asset, it will record a valuation allowance to reduce such deferred tax asset to its realizable value. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of administrative and general expense. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company had no material unrecognized tax benefits as of or during the year ended December 31, 2023. The Company expects no significant increases or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition 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 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 immaterial to the Company's consolidated results. Sales returns and allowances are treated as reductions to sales and are provided for based on historical experience and current estimates and are immaterial to the consolidated financial statements.
Contract with Customer Liabilities, Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Fees and Costs Amounts charged to customers for shipping and other transportation services are included in net sales. The distribution expense line on the accompanying Consolidated Statements of Comprehensive Income is entirely comprised of all shipping and other transportation costs incurred by the Company in shipping goods to its customers.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company records compensation expense for stock awards issued to employees and directors. For additional information, see Note 13, Equity Plans.
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update (ASU) No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure". The objective of this ASU is to enhance the disclosures a public entity provides about their reportable segments. The ASU does not amend any of the existing guidance or requirements in Topic 280, Segment Reporting. Under the ASU, public entities must disclose incremental segment information on both an annual and interim basis. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, applied retroactively. The adoption of this ASU is not anticipated to have a material impact on our Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The objective of this ASU is to improve the information a reporting entity provides to users of financials statements about the entity's operations and the effects of related tax risks and tax planning on the entity's tax rate and potential future cash flows. The ASU enhances disclosures regarding the rate reconciliation, income taxes paid and other items. The ASU is effective for annual periods beginning after December 15, 2024 for public business entities. The Company is not an early adopter of this guidance and its impacts are not included prospectively or retrospectively in our Consolidated Financial Statements included in this Annual Report on Form 10-K. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The objective of this ASU is to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Then in December 2022, the 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. We adopted this ASU in the first quarter of 2023 for the modification of the asset-based credit facility (the ABL Credit Facility) and the interest rate hedge. The adoption of the standard did not have a material impact on our Consolidated Financial Statements.

Note 2 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Details of Acquisition (in thousands)	*Metal-Fab As of January 3, 2023*	*CTB As of October 2, 2023*
Assets acquired
Cash and cash equivalents	$ 1,728	$ -
Accounts receivable, net	10,597	5,339
Prepaid expenses and other	740	-
Inventories, net	17,236	3,906
Property and equipment	20,408	16,193
Goodwill	33,194	8,401
Intangible assets	54,740	9,590
Right-of-use and other long-term assets	6,930	917
Total assets acquired	145,573	44,346
Total liabilities assumed	(14,369)	(4,054)
Cash paid	$ 131,204	$ 40,292

Business Acquisition, Pro Forma Information [Table Text Block]

	*For the twelve months ended December 31, 2022*

	*Historical OSI*	*Historical Metal-Fab*	*Pro Forma Adjustments*	*Pro Forma Combined*
(in thousands, except per share amounts)
Pro forma:
Net sales	$ 2,559,990	$ 95,528	$ 736	$ 2,656,254
Net income (loss)	90,931	16,538	(12,850)	94,619

Basic earnings per share	7.87	1.43	(1.11)	8.19
Diluted earnings per share	7.87	1.43	(1.11)	8.19

Note 4 - Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Table Text Block]

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2023*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		28.8	%		-			-			28.8	%
Plate		12.9	%		-			-			12.9	%
Cold Rolled		4.0	%		-			-			4.0	%
Coated		10.3	%		-			-			10.3	%
Specialty		-			26.3	%		-			26.3	%
Pipe & Tube		-			-			17.1	%		17.1	%
Other		0.6	%		-			-			0.6	%
Total		56.6	%		26.3	%		17.1	%		100.0	%

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2022*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		29.8	%		-			-			29.8	%
Plate		13.3	%		-			-			13.3	%
Cold Rolled		4.7	%		-			-			4.7	%
Coated		4.5	%		-			-			4.5	%
Specialty		-			30.3	%		-			30.3	%
Pipe & Tube		-			-			16.7	%		16.7	%
Other		0.7	%		-			-			0.7	%
Total		53.0	%		30.3	%		16.7	%		100.0	%

	*Disaggregated Revenue by Products Sold*
	*For the Twelve Months Ended December 31, 2021*
	*Carbon flat products*			*Specialty metals flat products*			*Tubular and pipe products*			*Total*
Hot Rolled		31.4	%		-			-			31.4	%
Plate		10.4	%		-			-			10.4	%
Cold Rolled		7.0	%		-			-			7.0	%
Coated		7.7	%		-			-			7.7	%
Specialty		-			25.3	%		-			25.3	%
Pipe & Tube		-			-			16.5	%		16.5	%
Other		1.6	%		0.1	%		-			1.7	%
Total		58.1	%		25.4	%		16.5	%		100.0	%

Note 6 - Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Inventory, Current [Table Text Block]

	*As of December 31,*
(in thousands)	*2023*		*2022*
Unprocessed	$	282,565	$	356,588
Processed and finished		103,970		60,343
Total	$	386,535	$	416,931

Note 7 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Table Text Block]

(in thousands)	*Depreciable Lives*		*December 31, 2023*			*December 31, 2022*

Land		-	$	16,676		$	15,058
Land improvements		5 - 10		4,685			4,160
Buildings and improvements		7 - 30		158,335			141,585
Machinery and equipment		2 - 15		254,777			221,375
Furniture and fixtures		3 - 7		6,849			6,829
Computer software and equipment		2 - 5		26,787			25,338
Vehicles		2 - 5		5,112			4,049
Financing lease		-		5,686			3,144
Construction in progress		-		4,541			8,272
				483,448			429,810
Less accumulated depreciation				(297,340	)		(281,478	)
Net property and equipment			$	186,108		$	148,332

Note 8 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Goodwill [Table Text Block]

(in thousands)	*Carbon Flat Products*		*Specialty Metals Flat Products*		*Tubular and Pipe Products*		*Total*
Balance as of December 31, 2021		1,065		9,431		-		10,496
Acquisitions		-		-		-		-
Impairments		-		-		-		-
Balance as of December 31, 2022	$	1,065	$	9,431	$	-	$	10,496
Acquisitions		33,194		-		8,401		41,595
Impairments		-		-		-		-
Balance as of December 31, 2023	$	34,259	$	9,431	$	8,401	$	52,091

Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block]

	*As of Balance at December 31, 2023*
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net

Customer relationships - subject to amortization	$	62,559	$	(15,084	)	$	47,475
Covenant not to compete - subject to amortization		2,339		(679	)		1,660
Technology and know-how - subject to amortization		7,000		(382	)		6,618
Trade name - not subject to amortization		36,868		-			36,868
	$	108,766	$	(16,145	)	$	92,621

	*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 9 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

(in thousands)	*2023*		*2022*		*2021*
Operating lease cost	$	9,008	$	7,446	$	6,952
Finance lease cost
Amortization		1,056		720		721
Interest on lease liabilities		157		67		71
	$	1,213	$	787	$	792

Lease, Payment [Table Text Block]

(in thousands)	*2023*		*2022*		*2021*

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,901	$	7,268	$	6,830
Operating cash flows from finance leases		157		67		71
Financing cash flows from finance leases		1,039		703		828
Total cash paid for amounts included in the measurement of lease liabilities	$	10,097	$	8,038	$	7,729

Lease, Balance Sheet Information [Table Text Block]

(in thousands)	*2023*			*2022*

Operating leases
Operating lease	$	56,117		$	45,987
Operating lease accumulated amortization		(21,737	)		(17,763	)
Operating lease right of use asset, net	$	34,380		$	28,224

Operating lease current liabilities		7,813			6,098
Operating lease liabilities		27,261			22,655
	$	35,074		$	28,753

(in thousands)	*2023*			*2022*
Finance leases
Finance lease	$	5,686		$	3,144
Finance lease accumulated depreciation		(2,615	)		(1,585	)
Finance lease, net	$	3,071		$	1,559

Finance lease current liabilities		1,087			594
Finance lease liabilities		2,106			1,025
	$	3,193		$	1,619

Weighted average remaining lease term (in years)	*2023*			*2022*
Operating leases		6			6
Finance leases		4			3

Weighted average discount rate
Operating leases		4.07	%		3.41	%
Finance leases		5.06	%		3.56	%

Operating and Finance Lease, Liability, Maturity [Table Text Block]

(in thousands)	*Operating Lease*			*Finance Lease*
Year Ending December 31,
2024	$	9,040		$	1,218
2025		7,482			910
2026		6,307			618
2027		5,049			417
2028		3,782			300
Thereafter		8,139			39
Total future minimum lease payments	$	39,799		$	3,502
Less remaining imputed interest		(4,725	)		(309	)
Total	$	35,074		$	3,193

Note 10 - Debt (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Debt [Table Text Block]

	*As of December 31,*
(in thousands)	*2023*		*2022*
Asset-based revolving credit facility due June 16, 2026	$	190,198	$	165,658
Total debt		190,198		165,658
Less current amount		-		-
Total long-term debt	$	190,198	$	165,658

Schedule of Maturities of Long-Term Debt [Table Text Block]

(in thousands)	*2024*		*2025*		*2026*		*2027*		*2028*		*Total*
ABL Credit Facility	$	-	$	-	$	190,198	$	-	$	-	$	190,198
Total principal payments	$	-	$	-	$	190,198	$	-	$	-	$	190,198

Note 11 - Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

	*Net Gain (Loss) Recognized*
(in thousands)	*2023*			*2022*			*2021*
Fixed interest rate hedge	$	1,906		$	(664	)	$	(1,880	)
Metals swaps		(1,903	)		633			418
Embedded customer derivatives		1,903			(633	)		(418	)
Total income (loss)	$	1,906		$	(664	)	$	(1,880	)

Note 12 - Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	*Value of Items Recorded at Fair Value*
	*As of December 31, 2023*
(in thousands)	*Level 1*		*Level 2*		*Level 3*		*Total*
Assets:
Metal swaps	$	-	$	4,458	$	-	$	4,458
Embedded customer derivatives	$	-	$	766	$	-	$	766
Fixed interest rate hedge	$	-	$	55	$	-	$	55
Supplemental executive retirement plan	$	11,617	$	-	$	-	$	11,617
Total assets at fair value	$	11,617	$	5,279	$	-	$	16,896

Liabilities:
Metal swaps	$	-	$	5,224	$	-	$	5,224
Total liabilities recorded at fair value	$	-	$	5,224	$	-	$	5,224

	*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
Supplemental executive retirement plan	$	7,676	$	-	$	-	$	7,676
Total assets at fair value	$	7,676	$	1,748	$	-	$	9,424

Note 13 - Equity Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*For the years ended December 31,*
(in thousands)	*2023*		*2022*		*2021*
RSU expense before taxes of the Plan	$	1,817	$	1,297	$	1,045
RSU expense after taxes		1,314		954		767

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*2023*					*2022*					*2021*
	*Number of Shares*			*Weighted Average Estimated Fair Value*		*Number of Shares*			*Weighted Average Estimated Fair Value*		*Number of Shares*			*Weighted Average Estimated Fair Value*
Beginning balance		617,518		$	18.95		576,867		$	18.29		610,540		$	18.14
Granted		49,768			36.63		55,558			25.56		20,604			23.29
Converted into shares		(2,610	)		18.78		(5,841	)		18.16		(49,191	)		18.67
Forfeited		(2,573	)		19.65		(9,066	)		17.52		(5,086	)		17.55
Outstanding at December 31		662,103		$	20.28		617,518		$	18.95		576,867		$	18.29
Vested at December 31		454,939		$	19.71		423,941		$	19.24		370,771		$	18.78

Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*As of December 31,*
(in thousands)	*2023*		*2022*			*2021*
Current:
Federal	$	11,574	$	27,865		$	36,592
International		1,047		102			85
State and local		2,529		5,691			7,739
		15,150		33,658			44,416
Deferred		1,908		(967	)		(668	)
Income tax provision	$	17,058	$	32,691		$	43,748

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(in thousands)	*2023*			*2022*
Deferred tax assets:
Inventory (excluding LIFO reserve)	$	3,340		$	2,176
Net operating loss and tax credit carryforwards		803			1,029
Allowance for credit losses		657			833
Accrued expenses		7,543			6,114
Lease liabilities		9,567			7,916
Other		379			214
Deferred tax assets before valuation allowance		22,289			18,282
Valuation allowance		(489	)		(919	)
Total deferred tax assets		21,800			17,363

Deferred tax liabilities:
LIFO reserve		(3,820	)		(3,451	)
Property and equipment		(16,223	)		(12,194	)
Lease right of use assets		(9,363	)		(7,769	)
Interest rate hedge		(14	)		(437	)
Intangibles		(3,890	)		(3,537	)
Total deferred tax liabilities		(33,310	)		(27,388	)
Deferred tax liabilities, net	$	(11,510	)	$	(10,025	)

Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block]

(in thousands)	*2023*			*2022*			*2021*
Balance as of January 1	$	220		$	228		$	28
Increases related to current year tax positions		-			-			8
Increase (Decrease) related to prior year tax positions		8			(8	)		200
Decreases related to lapsing of statute of limitations		(8	)		-			(8	)
Settlements		(46	)		-			-
Balance as of December 31	$	174		$	220		$	228

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*2023*			*2022*			*2021*
U.S. federal statutory rate in effect		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		4.4	%		4.5	%		4.5	%
Foreign		1.7	%		0.1	%		0.1	%
Meals and entertainment		0.7	%		0.2	%		0.1	%
Tax credits		(0.4	)%		(0.1	)%		(0.1	)%
All other, net		0.3	%		0.7	%		0.9	%
Effective income tax rate		27.7	%		26.4	%		26.5	%

Note 16 - Shares Outstanding and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*For the years ended December 31,*
(in thousands, except per share data)	*2023*		*2022*		*2021*

Weighted average basic shares outstanding		11,573		11,551		11,492
Assumed exercise of stock options and issuance of stock awards		5		8		11
Weighted average diluted shares outstanding		11,578		11,559		11,503

Net income	$	44,529	$	90,931	$	121,051

Basic earnings per share	$	3.85	$	7.87	$	10.53
Diluted earnings per share	$	3.85	$	7.87	$	10.52

Unvested RSUs and PSUs		207		194		206

Note 18 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	*For the Year Ended December 31,*
(in thousands)	*2023*			*2022*			*2021*
Net sales
Specialty metals flat products	$	567,728		$	776,022		$	585,751
Carbon flat products		1,221,093			1,356,605			1,344,150
Tubular and pipe products		369,342			427,363			382,352
Total net sales	$	2,158,163		$	2,559,990		$	2,312,253

Depreciation and amortization
Specialty metals flat products	$	3,929		$	4,060		$	3,692
Carbon flat products		14,762			10,695			11,286
Tubular and pipe products		7,682			4,913			5,267
Corporate		70			70			71
Total depreciation and amortization	$	26,443		$	19,738		$	20,316

Operating income
Specialty metals flat products	$	22,884		$	93,662		$	70,544
Carbon flat products		34,582			25,015			110,074
Tubular and pipe products		40,692			34,856			7,353
Corporate		(20,487	)		(19,786	)		(15,505	)
Total operating income	$	77,671		$	133,747		$	172,466
Other loss, net		78			45			36
Income before interest and income taxes		77,593			133,702			172,430
Interest and other expense on debt		16,006			10,080			7,631
Income before income taxes	$	61,587		$	123,622		$	164,799

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

	*For the Year Ended December 31,*
(in thousands)	*2023*		*2022*		*2021*
Capital expenditures
Flat products	$	14,306	$	15,299	$	8,797
Tubular and pipe products		7,020		4,555		2,214
Total capital expenditures	$	21,326	$	19,854	$	11,011

Assets
Flat products	$	649,744	$	631,607	$	777,074
Tubular and pipe products		333,677		258,412		245,962
Corporate		1,414		1,608		536
Total assets	$	984,835	$	891,627	$	1,023,572

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2023