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Industry Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Industry Segments Industry Segments
The Company's business is divided into two operating segments: Metals and Specialty Chemicals. The Company identifies such segments based on products and services, long-term financial performance and end markets targeted. The Metals Segment operates as three reporting units including Welded Pipe & Tube Operations, Palmer and Specialty. The Specialty Chemicals Segment operates as one reporting unit which includes MC and CRI Tolling.
The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being operating income (loss). The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
Segment operating income is the segment's total revenue less operating expenses. Identifiable assets, all of which are located in the U.S., are those assets used in operations by each segment. Centralized data processing and accounting expenses are allocated to the two segments based upon estimates of their percentage of usage. Corporate assets consist principally of cash, certain investments and equipment.
The following table summarizes certain information regarding segments of the Company's operations:
(in thousands)20202019
Net sales   
Metals Segment$204,459 $251,078 
Specialty Chemicals Segment51,541 54,090 
 $256,000 $305,168 
Operating (loss) income  
Metals Segment$(24,599)$3,692 
Specialty Chemicals Segment4,033 2,811 
 (20,566)6,503 
Unallocated corporate expenses7,917 8,357 
Acquisition related costs845 601 
Proxy contest costs3,105 — 
Earn-out adjustments(1,195)(747)
Gain on lease modification(171)— 
Operating loss(31,067)(1,708)
Interest expense2,110 3,818 
Change in fair value of interest rate swap51 141 
Other income, net(1,255)(1,904)
Loss before income taxes$(31,973)$(3,763)
Identifiable assets  
Metals Segment$141,799 $186,758 
Specialty Chemicals Segment25,039 25,428 
Corporate40,146 45,011 
 $206,984 $257,197 
Depreciation and amortization  
Metals Segment$8,883 $9,439 
Specialty Chemicals Segment1,552 1,461 
Corporate165 164 
 $10,600 $11,064 
Capital expenditures  
Metals Segment$1,761 $2,812 
Specialty Chemicals Segment866 1,157 
Corporate1,121 568 
 $3,748 $4,537 
Sales by product group
Specialty chemicals$51,541 $54,090 
Stainless steel pipe and tube154,974 167,907 
Heavy wall seamless carbon steel pipe and tube23,670 30,607 
Fiberglass and steel liquid storage tanks and separation equipment5,503 28,722 
Galvanized pipe and tube20,312 23,842 
$256,000 $305,168 
Geographic sales  
United States$248,470 $297,808 
Elsewhere7,530 7,360 
 $256,000 $305,168