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Note 15 - Segment Information
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

15.

  Segment Information:

 

The Company follows 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. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting.

 

The Company operates in three reportable segments; specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments, as certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment.

 

Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including compensation for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees.

 

The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three and six months ended June 30, 2021 and 2020, respectively.

 

  

For the Three Months Ended

  

For the Six Months Ended

 
  

June 30,

  

June 30,

 

(in thousands)

 

2021

  

2020

  

2021

  

2020

 

Net sales

                

Specialty metals flat products

 $138,035  $54,495  $264,354  $142,983 

Carbon flat products

  325,511   140,811   571,884   343,778 

Tubular and pipe products

  92,531   52,990   182,963   115,915 

Total net sales

 $556,077  $248,296  $1,019,201  $602,676 
                 

Restructuring and other charges

                

Specialty metals flat products

 $-  $27  $-  $27 

Carbon flat products

  -   3,559   -   3,559 

Tubular and pipe products

  -   -   -   - 

Corporate

  -   -   -   - 

Total restructuring and other charges

 $-  $3,586  $-  $3,586 
                 

Depreciation and amortization

                

Specialty metals flat products

 $901  $447  $1,804  $944 

Carbon flat products

  2,949   3,070   5,872   6,080 

Tubular and pipe products

  1,404   1,368   2,796   2,732 

Corporate

  18   42   36   84 

Total depreciation and amortization

 $5,272  $4,927  $10,508  $9,840 
                 

Operating income (loss)

                

Specialty metals flat products

 $13,702  $1,991  $21,724  $4,726 

Carbon flat products

  30,434   (9,428)  51,633   (10,774)

Tubular and pipe products

  3,039   2,225   9,359   6,530 

Corporate expenses

  (4,738)  (2,273)  (8,690)  (4,916)

Total operating income (loss)

 $42,437  $(7,485) $74,026  $(4,434)

Other income (loss), net

  1   (26)  (9)  (43)

Income (loss) before interest and income taxes

  42,438   (7,511)  74,017   (4,477)

Interest and other expense on debt

  2,017   1,891   3,671   4,130 

Income (loss) before income taxes

 $40,421  $(9,402) $70,346  $(8,607)

 

  

For the Six Months Ended

 
  

June 30,

 

(in thousands)

 

2021

  

2020

 

Capital expenditures

        

Flat products segments

 $3,496  $5,628 

Tubular and pipe products

  1,083   555 

Corporate

  -   - 

Total capital expenditures

 $4,579  $6,183 

 

  

As of

 
  

June 30,

  

December 31,

 

(in thouands)

 

2021

  

2020

 

Assets

        

Flat products segments

 $640,826  $404,269 

Tubular and pipe products

  246,185   235,516 

Corporate

  678   820 

Total assets

 $887,689  $640,605 

 

There were no material revenue transactions between the specialty metals products, carbon flat products and tubular and pipe products segments.

 

The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.