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Note 15 - Segment Information | 6 Months Ended
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Jun. 30, 2025
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 reporting 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 Company's Chief Executive Officer serves as the CODM and evaluates performance and allocates resources based on segment operating income. The CODM uses operating income to evaluate the income generated and overall profitability created from segment assets. These financial metrics are used to make key operating decisions, such as the determination of how capital spending is deployed between organic growth, automation and defensive projects and investment through acquisition. 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 segment, 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. The reportable segments are defined based on the products they sell as each segment requires unique purchasing and marketing strategies. In addition, capital equipment requirements differ between segments. The Company uses segment operating income as the measure of segment income or loss. The Company believes that segment operating income is most reflective of the operational profitability or loss of its reportable segments. Segment operating income excludes certain Corporate expenses. These Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including the 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 tables provide financial information frequently shared with our CODM for the Company's reportable segments for the three and six months ended June 30, 2025 and 2024, respectively.
|  | For the Three Months Ended June 30, 2025 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Other |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 134,706 |  |  | $ | 282,543 |  |  | $ | 79,234 |  |  | $ | - |  |  | $ | 496,483 |
Cost of materials sold |  |  | 110,761 |  |  |  | 209,612 |  |  |  | 54,306 |  |  |  | - |  |  |  | 374,679 |
Operating expenses |  |  | 18,063 |  |  |  | 60,386 |  |  |  | 18,974 |  |  |  | 4,793 |  |  |  | 102,216 |
Depreciation |  |  | 750 |  |  |  | 4,066 |  |  |  | 1,725 |  |  |  | 18 |  |  |  | 6,559 |
Amortization |  |  | 206 |  |  |  | 1,086 |  |  |  | 364 |  |  |  | - |  |  |  | 1,656 |
Operating income |  | $ | 4,926 |  |  | $ | 7,393 |  |  | $ | 3,865 |  |  | $ | (4,811 | ) |  | $ | 11,373 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27 |
Interest and other expense on debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,956 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,390 |
|  | For the Six Months Ended June 30, 2025 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Other |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 264,244 |  |  | $ | 568,783 |  |  | $ | 156,397 |  |  | $ | - |  |  | $ | 989,424 |
Cost of materials sold |  |  | 219,561 |  |  |  | 424,951 |  |  |  | 104,667 |  |  |  | - |  |  |  | 749,179 |
Operating expenses |  |  | 35,218 |  |  |  | 120,372 |  |  |  | 39,394 |  |  |  | 9,583 |  |  |  | 204,567 |
Depreciation |  |  | 1,486 |  |  |  | 8,074 |  |  |  | 3,446 |  |  |  | 35 |  |  |  | 13,041 |
Amortization |  |  | 423 |  |  |  | 2,168 |  |  |  | 880 |  |  |  | - |  |  |  | 3,471 |
Operating income |  | $ | 7,556 |  |  | $ | 13,218 |  |  | $ | 8,010 |  |  | $ | (9,618 | ) |  | $ | 19,166 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Interest and other expense on debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,138 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,980 |
|  | For the Three Months Ended June 30, 2024 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Other |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 130,873 |  |  | $ | 307,755 |  |  | $ | 87,622 |  |  | $ | - |  |  | $ | 526,250 |
Cost of materials sold |  |  | 104,944 |  |  |  | 243,996 |  |  |  | 57,607 |  |  |  | - |  |  |  | 406,547 |
Operating expenses |  |  | 17,151 |  |  |  | 54,286 |  |  |  | 21,350 |  |  |  | 4,579 |  |  |  | 97,366 |
Depreciation |  |  | 662 |  |  |  | 3,470 |  |  |  | 1,689 |  |  |  | 18 |  |  |  | 5,839 |
Amortization |  |  | 267 |  |  |  | 642 |  |  |  | 479 |  |  |  | - |  |  |  | 1,388 |
Operating income |  | $ | 7,849 |  |  | $ | 5,361 |  |  | $ | 6,497 |  |  | $ | (4,597 | ) |  | $ | 15,110 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21 |
Interest and other expense on debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,393 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,696 |
|  | For the Six Months Ended June 30, 2024 |
|  | Specialty metals flat products |  |  | Carbon flat products |  |  | Tubular and pipe products |  |  | Other |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 260,407 |  |  | $ | 608,730 |  |  | $ | 183,755 |  |  | $ | - |  |  | $ | 1,052,892 |
Cost of materials sold |  |  | 212,534 |  |  |  | 479,611 |  |  |  | 121,940 |  |  |  | - |  |  |  | 814,085 |
Operating expenses |  |  | 34,176 |  |  |  | 106,908 |  |  |  | 43,275 |  |  |  | 8,839 |  |  |  | 193,198 |
Depreciation |  |  | 1,384 |  |  |  | 6,911 |  |  |  | 3,515 |  |  |  | 35 |  |  |  | 11,845 |
Amortization |  |  | 533 |  |  |  | 1,282 |  |  |  | 901 |  |  |  | - |  |  |  | 2,716 |
Operating income |  | $ | 11,780 |  |  | $ | 14,018 |  |  | $ | 14,124 |  |  | $ | (8,874 | ) |  | $ | 31,048 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40 |
Interest and other expense on debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,403 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,605 |
|  | For the Six Months Ended |
|  | June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Capital expenditures |  |  |  |  |  |  |  |
Flat products segments |  | $ | 16,883 |  |  | $ | 10,159 |
Tubular and pipe products |  |  | 634 |  |  |  | 3,082 |
Total capital expenditures |  | $ | 17,517 |  |  | $ | 13,241 |
|  | As of |
|  | June 30, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |  |  |
Flat products segments |  | $ | 716,785 |  |  | $ | 695,880 |
Tubular and pipe products |  |  | 357,115 |  |  |  | 347,469 |
Corporate |  |  | 1,010 |  |  |  | 1,147 |
Total assets |  | $ | 1,074,910 |  |  | $ | 1,044,496 |
There were no material revenue transactions between the specialty metals flat 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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