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Note 2 - Acquisitions | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 2. Acquisitions On April 2, 2018, the Company acquired substantially all of the net assets of Berlin Metals, based in Hammond, Indiana, for $21.9 million. Berlin Metals was founded in 1967 and is one of the largest North American service centers processing and distributing prime tin mill products and stainless steel strip in slit coil form. Berlin Metals is also a supplier of galvanized, light gauge cold rolled sheet and strip and other coated metals in coil forms, to customers in the building products, automotive and specialized industrial markets. The acquisition is not considered significant and thus pro-forma information has not been provided. The acquisition was accounted for as a business combination and the assets were valued at fair market value. The table below summarizes the purchase price allocation of the fair market values of the assets acquired and liabilities assumed.
Details of Acquisition (in thousands) |  | As of April 2, 2018 |
Assets acquired |  |  |  |
Accounts receivable, net |  | $ | 6,609 |
Inventories |  |  | 14,769 |
Property and equipment |  |  | 2,898 |
Prepaid expenses and other |  |  | 345 |
Intangible assets |  |  | 5,255 |
Total assets acquired |  |  | 29,876 |
Total liabilities assumed |  |  | (7,969 | )
Cash paid |  | $ | 21,907 |
The purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not limited to, the timing and amounts of future cash flows, revenue growth rates, discount rates, and royalty rates. As of the effective date of the acquisition, Berlin Metals’ results are included in the Company’s specialty metals flat products segment in the Company’s 2018 financial results. Upon the acquisition, the Company entered into an amendment to its credit facility to include the eligible assets of Berlin Metals. On January 2, 2019, the Company acquired all of the net assets of McCullough Industries (McCullough), based in Kenton, Ohio. McCullough was founded in 1965 and manufactures and sells branded self-dumping hoppers used in a variety of industrial applications. McCullough’s products are primarily sold through industrial distributors and catalogues. The acquisition will be accounted for as a business combination and the assets valued at fair market value. The acquisition is not considered significant and McCullough’s results will be included in the Company’s carbon metals flat products segment in the Company’s first quarter of 2019 financial results. The acquisition is expected to be accretive to 2019 earnings. Upon the acquisition, the Company will be able to include the eligible assets of McCullough in its credit facility.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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