XML 85 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 7 - Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2013
Disclosure Text Block Supplement [Abstract] |
Goodwill Disclosure [Text Block] | 7. Goodwill: Goodwill, by reportable segment, is as follows as of December 31, 2013 and 2012:
(in thousands) |  | Flat Products |  |  | Tubular and Pipe Products |  |  | Total |
Balance as of December 31, 2011 |  | $ | 7,083 |  |  | $ | 40,171 |  |  | $ | 47,254 |
CTI acquisition |  |  | - |  |  |  | 116 |  |  |  | 116 |
Impairment of Southern Region |  |  | (6,583 | ) |  |  | - |  |  |  | (6,583 | )
Balance as of December 31, 2012 |  | $ | 500 |  |  | $ | 40,287 |  |  | $ | 40,787 |
Acquisitions |  |  | - |  |  |  | - |  |  |  | - |
Impairments |  |  | - |  |  |  | - |  |  |  | - |
Balance as of December 31, 2013 |  | $ | 500 |  |  | $ | 40,287 |  |  | $ | 40,787 |
The goodwill is not deductible for income tax purposes. The goodwill represents the excess of cost over the fair value of net tangible and intangible assets acquired. The Company paid goodwill in conjunction with the acquisitions, as they enhance the Company’s commercial opportunities by adding new product offerings to an expanded customer base and by increasing our distribution footprint. In accordance with the Accounting Standards Codification, on an annual basis, an impairment test of goodwill is performed 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. During the fourth quarter of 2012, the Company engaged an independent third party valuation expert to assist with the completion of the annual goodwill impairment testing pursuant to Accounting Standards Codification (ASC) Topic 350-20-35, “Goodwill – Subsequent measurement.” During the step-two impairment analysis of the Flat products segment’s Southern region, the carrying value of the assets exceed the fair value of the entity which resulted in total impairment of the goodwill related to the Southern region. The deteriorating steel market conditions in the second half of 2012 resulted in the Southern region having lower cash flows in the second half of the year than previously projected, which also led to decreased cash flow projections for the next five years. As a result, the entire $6.6 million of goodwill related to the Southern region was impaired at December 31, 2012. The Company completed its annual impairment review of goodwill during the fourth quarter of 2013 and noted no impairment. The Company is not aware of any triggering events which would require a goodwill impairment test as of December 31, 2013.

X
- Details
Name: | us-gaap_DisclosureTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill. + References No definition available. + Details
Name: | us-gaap_GoodwillDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration