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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2021
Commitment and Contingencies |
Commitments and Contingencies | Note 11. Commitments and Contingencies ​ Environmental Contingencies ​ We are currently involved with an environmental remediation project related to activities at former manufacturing operations of Earle M. Jorgensen Company (“EMJ”), our wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows. ​ Legal Matters ​ From time to time, we are named as a defendant in legal actions. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We maintain general liability insurance against risks arising in the ordinary course of business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. ​ COVID-19 Risks and Uncertainties ​ The global COVID-19 outbreak and associated actions implemented by governments around the world, as well as increased business uncertainty and economic contraction, had an adverse impact on our financial results during 2020. We took a variety of actions during 2020 to help mitigate the financial impact, including rightsizing our inventory and reducing our workforce. Activity in many of the end markets we serve sequentially improved as 2020 progressed, however we believe our financial results in the nine months ended September 30, 2021 were limited by impacts of the COVID-19 pandemic, including labor shortages, raw material and other supply chain constraints on us, our customers and suppliers. While our financial performance improved in each quarter of 2021, evolving government requirements, including vaccination mandates, along with the broader impacts of the continuing pandemic, could significantly impact our workforce and performance as well as those of our customers and suppliers, and our estimates and judgments may be subject to greater volatility than in the past. ​

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