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Segment Information
 12 Months Ended
Dec. 31, 2011
Segment Information [Abstract]  
Segment Information
17. Segment Information:

The Company evaluated its reportable segments in connection with its recent acquisition of CTI, and followed 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. Our CODM evaluates performance and allocates resources based primarily on operating income (loss). Our operating segments are based primarily on internal management reporting.

The Company now operates in two reportable segments: flat products and tubular and pipe products. Through its flat products segment, the Company sells and distributes large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate products. Through its tubular and pipe products segment, the Company distributes metal tubing, pipe, bar, valve and fittings and fabricates pressure parts supplied to various industrial markets.

The following table summarizes financial information regarding segments:

 

                         
    2011     2010     2009  

Net sales

                        

Flat products

   $ 1,143,708     $ 805,043     $ 523,395  

Tubular and pipe products

     118,164       —         —    
   

 

 

    

 

 

    

 

 

  

Total net sales

   $ 1,261,872     $ 805,043     $ 523,395  
   

 

 

    

 

 

    

 

 

  
       

Operating income

                        

Flat products

   $ 37,262     $ 6,102     $ (97,327 ) 

Tubular and pipe products

     7,206       —         —    
   

 

 

    

 

 

    

 

 

  

Total operating income

   $ 44,468     $ 6,102     $ (97,327 ) 
   

 

 

    

 

 

    

 

 

  
       

Interest expense

                        

Flat products

   $ 3,359     $ 2,305     $ 2,217  

Tubular and pipe products

     2,594       —         —    
   

 

 

    

 

 

    

 

 

  

Total interest expense

   $ 5,953     $ 2,305     $ 2,217  
   

 

 

    

 

 

    

 

 

  
       

Depreciation and amortization

                        

Flat products

   $ 13,800     $ 13,303     $ 11,675  

Tubular and pipe products

     2,246       —         —    
   

 

 

    

 

 

    

 

 

  

Total depreciation and amortization

   $ 16,046     $ 13,303     $ 11,675  
   

 

 

    

 

 

    

 

 

  
       

Income tax expense

                        

Flat products

   $ 10,891     $ 1,665     $ (38,316 ) 

Tubular and pipe products

     1,624       —         —    
   

 

 

    

 

 

    

 

 

  

Total income tax expense

   $ 12,515     $ 1,665     $ (38,316 ) 
   

 

 

    

 

 

    

 

 

  
       

Capital expenditures

                        

Flat products

   $ 38,849     $ 17,846     $ 11,862  

Tubular and pipe products

     638       —         —    
   

 

 

    

 

 

    

 

 

  

Total capital expenditures

   $ 39,487     $ 17,846     $ 11,862  
   

 

 

    

 

 

    

 

 

  

 

 

                 
    2011     2010  

Goodwill

                

Flat products

   $ 7,083     $ 7,083  

Tubular and pipe products

     40,171       —    
   

 

 

    

 

 

  

Total Goodwill

   $ 47,254     $ 7,083  
   

 

 

    

 

 

  
     

Total assets

                

Flat products

   $ 494,179     $ 429,438  

Tubular and pipe products

     213,320       —    
   

 

 

    

 

 

  

Total assets

   $ 707,499     $ 429,438  
   

 

 

    

 

 

  

There were no material revenue transactions between the flat products and tubular and pipe products segments.

The Company sells certain products internationally, primarily in Canada, Puerto Rico and Mexico. International sales have been immaterial to the consolidated financial results and to the individual segment’s results.