3.	Revenue Recognition:

The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat rolled sheet, coil and plate products, aluminum, and stainless flat rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, fabricated parts and self-dumping hoppers. 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

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

not

material to the Company's consolidated results.

Within the metals industry, revenue is frequently disaggregated by products sold. The table below disaggregates the Company’s revenues by segment and products sold.

	Disaggregated Revenue by Products Sold
	For the Three Months Ended June 30, 2019
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		32.4	%		-			-			32.4	%
Plate		12.6	%		-			-			12.6	%
Cold Rolled		5.5	%		-			-			5.5	%
Coated		8.0	%		-			-			8.0	%
Specialty		-			20.3	%		-			20.3	%
Tube		-			-			18.0	%		18.0	%
Other		1.1	%		2.1	%		-			3.2	%
Total		59.6	%		22.4	%		18.0	%		100.0	%

	Disaggregated Revenue by Products Sold
	For the Six Months Ended June 30, 2019
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		33.9	%		-			-			33.9	%
Plate		12.9	%		-			-			12.9	%
Cold Rolled		5.5	%		-			-			5.5	%
Coated		7.5	%		-			-			7.5	%
Specialty		-			19.0	%		-			19.0	%
Tube		-			-			17.9	%		17.9	%
Other		1.3	%		2.0	%		-			3.3	%
Total		61.1	%		21.0	%		17.9	%		100.0	%

	Disaggregated Revenue by Products Sold
	For the Three Months Ended June 30, 2018
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		35.0	%		-			-			35.0	%
Plate		12.3	%		-			-			12.3	%
Cold Rolled		5.7	%		-			-			5.7	%
Coated		7.5	%		-			-			7.5	%
Specialty		-			19.5	%		-			19.5	%
Pipe & Tube		-			-			16.8	%		16.8	%
Other		1.2	%		2.0	%		-			3.2	%
Total		61.7	%		21.5	%		16.8	%		100.0	%

	Disaggregated Revenue by Products Sold
	For the Six Months Ended June 30, 2018
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		35.8	%		-			-			35.8	%
Plate		12.4	%		-			-			12.4	%
Cold Rolled		5.4	%		-			-			5.4	%
Coated		7.8	%		-			-			7.8	%
Specialty		-			18.6	%		-			18.6	%
Pipe & Tube		-			-			17.6	%		17.6	%
Other		1.3	%		1.1	%		-			2.4	%
Total		62.7	%		19.7	%		17.6	%		100.0	%