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Industry Segments
 12 Months Ended
Dec. 31, 2021
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, Palmer and Specialty. The Specialty Chemicals Segment operates as one reporting unit which includes MC, CRI and DanChem.
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 (loss) 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)20212020
Net sales   
Metals Segment$267,238 $204,459 
Specialty Chemicals Segment67,477 51,541 
 $334,715 $256,000 
Operating income (loss)  
Metals Segment$33,561 $(24,599)
Specialty Chemicals Segment3,656 4,033 
 37,217 (20,566)
Unallocated corporate expenses6,828 7,917 
Acquisition costs and other1,001 845 
Proxy contest costs and recoveries168 3,105 
Earn-out adjustments1,872 (1,195)
Gain on lease modification— (171)
Operating income (loss)27,348 (31,067)
Interest expense1,486 2,110 
Change in fair value of interest rate swap(2)51 
Loss on extinguishment of debt223 — 
Other income, net143 (1,255)
Income (loss) before income taxes$25,498 $(31,973)
Identifiable assets  
Metals Segment$160,625 $141,799 
Specialty Chemicals Segment72,908 25,039 
Corporate32,469 40,146 
 $266,002 $206,984 
Depreciation and amortization  
Metals Segment$8,206 $8,883 
Specialty Chemicals Segment2,005 1,552 
Corporate130 165 
 $10,341 $10,600 
Capital expenditures  
Metals Segment$1,011 $1,761 
Specialty Chemicals Segment486 866 
Corporate— 1,121 
 $1,497 $3,748 
Sales by product group
Fiberglass and steel liquid storage tanks and separation equipment$1,343 $5,503 
Heavy wall seamless carbon steel pipe and tube40,539 23,670 
Stainless steel pipe and tube186,651 154,974 
Galvanized pipe and tube38,705 20,312 
Specialty chemicals67,477 51,541 
$334,715 $256,000 
Geographic sales  
United States$325,335 $248,470 
Elsewhere9,380 7,530 
 $334,715 $256,000