XML 24 R13.htm IDEA: XBRL DOCUMENT

Note 5 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

5.	*Goodwill and Intangible Assets:*

The Company's intangible assets were recorded in connection with its acquisitions of MetalWorks in 2024, Central Tube and Bar, Inc. and Metal-Fab, Inc. in 2023, Shaw Stainless & Alloy, Inc. in 2021, Action Stainless & Alloys, Inc. in 2020, EZ Dumper® hydraulic dump inserts and McCullough Industries in 2019, Berlin Metals, LLC in 2018 and Chicago Tube and Iron in 2011. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology.

Goodwill, by reportable unit, was as follows as of September 30, 2025 and December 31, 2024, respectively. The goodwill is deductible for tax purposes.

	Carbon Flat		Specialty Metals		Tubular and
(in thousands)	Products		Flat Products		Pipe Products		Total
Balance as of December 31, 2024	$	65,986	$	9,431	$	8,401	$	83,818
Acquisitions		-		-		-		-
Impairments		-		-		-		-
Balance as of September 30, 2025	$	65,986	$	9,431	$	8,401	$	83,818

Intangible assets, net, consisted of the following as of September 30, 2025 and December 31, 2024, respectively:

	*As of September 30, 2025*
	Gross Carrying		Accumulated			Intangible
(in thousands)	Amount		Amortization			Assets, Net
Customer relationships - subject to amortization	$	84,459	$	(22,088	)	$	62,371
Covenant not to compete - subject to amortization		3,229		(1,555	)		1,674
Technology and know-how - subject to amortization		8,900		(1,458	)		7,442
Trade name - not subject to amortization		42,068		-			42,068
	$	138,656	$	(25,101	)	$	113,555

	*As of December 31, 2024*
	Gross Carrying		Accumulated			Intangible
(in thousands)	Amount		Amortization			Assets, Net
Customer relationships - subject to amortization	$	84,459	$	(18,513	)	$	65,946
Covenant not to compete - subject to amortization		3,229		(1,110	)		2,119
Technology and know-how - subject to amortization		8,900		(922	)		7,978
Trade name - not subject to amortization		42,068		-			42,068
	$	138,656	$	(20,545	)	$	118,111

The Company estimates that amortization expense for its intangible assets subject to amortization will be approximately $5.6 million per year for the next year, $5.1 million the following year and then $4.8 million, $4.7 million, $3.9 million and $3.9 million respectively, over the next four years. Amortization expense for intangible assets was $1.5 million and $4.6 million, respectively, for the three and nine months ended September 30, 2025. Amortization expense for intangible assets was $1.1 million and $3.3 million, respectively, for the three and nine months ended September 30, 2024.