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Industry Segments
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Industry Segments Industry Segments
The Company's business is divided into two reportable operating segments, the Metals Segment and the Specialty Chemicals Segment. The Metals Segment operates as three reporting units that include Bristol Metals, LLC ("BRISMET") and American Stainless Tubing, LLC ("ASTI") (collectively "Welded Pipe & Tube"), Palmer of Texas Tanks, Inc. ("Palmer"), and Specialty Pipe & Tube, Inc. ("Specialty"). As discussed in Note 4, the Company permanently ceased operations at Palmer as of December 31, 2021 and have classified the remaining assets as held for sale. The results of operations for this business are included within the Metals Segment for all periods presented in this quarterly report. The Metals Segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries.
The Specialty Chemicals Segment operates as one reporting unit which includes Manufacturers Chemicals, LLC ("MC"), a wholly-owned subsidiary of Manufacturers Soap and Chemical Company ("MS&C"), CRI Tolling, LLC ("CRI") and DanChem Technologies, Inc ("DanChem"). The Specialty Chemicals Segment produces specialty products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries.
The following table summarizes certain information regarding segments of the Company's operations:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Net sales
Metals Segment$87,182 $68,097 $175,679 $123,311 
Specialty Chemicals Segment29,020 14,990 56,741 29,554 
$116,202 $83,087 $232,420 $152,865 
Operating income (loss)
Metals Segment$12,934 $7,504 $27,426 $10,081 
Specialty Chemicals Segment2,627 (414)5,014 642 
Unallocated corporate expenses3,322 1,360 6,351 3,127 
Acquisition costs and other157 — 688 — 
Proxy contest costs and recoveries— 632 — 168 
Earn-out adjustments
(109)1,044 (7)1,270 
Operating income12,191 4,054 25,408 6,158 
Interest expense407 353 810 739 
Loss on extinguishment of debt— — — 223 
Change in fair value of interest rate swap— — — (2)
Other, net(23)— (58)162 
Income before income taxes$11,807 $3,701 $24,656 $5,036 
As of
(in thousands)June 30, 2022December 31, 2021
Identifiable assets
Metals Segment$196,429 $160,625 
Specialty Chemicals Segment78,013 72,908 
Corporate31,999 32,469 
$306,441 $266,002