Universal Stainless & Alloy Products (USAP) 10-Q31 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 22, 2024
Document Information [Line Items]
Entity Central Index Key	0000931584
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,237,953
Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	USAP
Security Exchange Name	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales	$ 82,759	$ 69,015	$ 160,396	$ 134,880
Cost of products sold	61,746	59,167	124,716	117,308
Gross margin	21,013	9,848	35,680	17,572
Selling, general and administrative expenses	8,164	6,755	15,573	13,030
Operating income	12,849	3,093	20,107	4,542
Interest expense and other financing costs	1,902	2,045	3,951	4,077
Other expense (income), net	22	5	36	(37)
Income before income taxes	10,925	1,043	16,120	502
Income taxes	2,060	148	3,118	119
Net income	$ 8,865	$ 895	$ 13,002	$ 383
Net income per common share - Basic (in dollars per share)	$ 0.96	$ 0.1	$ 1.41	$ 0.04
Net income per common share - Diluted (in dollars per share)	$ 0.9	$ 0.1	$ 1.33	$ 0.04
Weighted average shares of common stock outstanding
Basic (in shares)	9,209,721	9,066,150	9,196,556	9,061,011
Diluted (in shares)	9,843,471	9,272,660	9,754,741	9,210,841

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 8,865	$ 895	$ 13,002	$ 383
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on derivatives	16	(124)	47	(270)
Comprehensive income	$ 8,881	$ 771	$ 13,049	$ 113

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 1	$ 394
Accounts receivable (less expected credit losses of $34 in each period, respectively)	44,919	39,034
Inventory	149,093	144,700
Other current assets	13,316	11,693
Total current assets	207,329	195,821
Property, plant and equipment, net	158,882	159,636
Other long-term assets	1,825	1,233
Total assets	368,036	356,690
Current liabilities:
Accounts payable	36,916	34,855
Accrued employment costs	4,707	6,492
Current portion of long-term debt	3,810	3,733
Other current liabilities	2,096	829
Total current liabilities	47,529	45,909
Long-term debt, net	74,480	81,846
Deferred income taxes	2,675	2
Other long-term liabilities, net	2,867	2,891
Total liabilities	127,551	130,648
Commitments and contingencies (Note 9)
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,237,953 and 9,185,307 shares issued, respectively	9	9
Additional paid-in capital	100,031	98,637
Accumulated other comprehensive loss	(76)	(123)
Retained earnings	140,521	127,519
Total stockholders’ equity	240,485	226,042
Total liabilities and stockholders’ equity	$ 368,036	$ 356,690

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 34	$ 34
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,980,000	1,980,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	9,237,953	9,185,307

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income	$ 13,002	$ 383
Adjustments for non-cash items:
Depreciation and amortization	10,180	9,643
Deferred income tax	2,667	(19)
Share-based compensation expense	974	672
Changes in assets and liabilities:
Accounts receivable, net	(5,885)	(335)
Inventory, net	(5,291)	1,716
Accounts payable	3,692	(1,633)
Accrued employment costs	(1,785)	819
Other, net	(21)	(69)
Net cash provided by operating activities	17,533	11,177
Investing Activity:
Payments for property, plant and equipment	(10,926)	(6,932)
Net cash used in investing activity	(10,926)	(6,932)
Financing Activities:
Net repayment of borrowings under revolving credit facility	(5,576)	(4,542)
Proceeds from stock issued under share-based plans	420	75
Repayments of term loan facility and finance leases	(1,844)	(1,753)
Net cash used in financing activities	(7,000)	(6,220)
Net decrease in cash	(393)	(1,975)
Cash at beginning of period	394	2,019
Cash at end of period	$ 1	$ 44

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	$ 97,002	$ 122,609	$ 133	$ 219,753
Share-based compensation	0	361	0	0	361
Unrealized gain (loss) on derivatives	0	0	0	(146)	(146)
Net income	$ 0	0	(512)	0	(512)
Share-based compensation (in shares)	10,920
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)	219,456
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Unrealized gain (loss) on derivatives					(270)
Net income					383
Balance (in shares) at Jun. 30, 2023	9,087,370
Balance at Jun. 30, 2023	$ 9	97,749	122,992	(137)	220,613
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)	219,456
Exercise of stock options (in shares)	1,250
Exercise of stock options	$ 0	11	0	0	11
Share-based compensation	0	311	0	0	311
Unrealized gain (loss) on derivatives	0	0	0	(124)	(124)
Net income	$ 0	0	895	0	895
Employee Stock Purchase Plan (in shares)	10,280
Employee Stock Purchase Plan	$ 0	64	0	0	64
Share-based compensation (in shares)	15,172
Balance (in shares) at Jun. 30, 2023	9,087,370
Balance at Jun. 30, 2023	$ 9	97,749	122,992	(137)	220,613
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	98,637	127,519	(123)	226,042
Exercise of stock options (in shares)	4,500
Exercise of stock options	$ 0	66	0	0	66
Share-based compensation	0	454	0	0	454
Unrealized gain (loss) on derivatives	0	0	0	31	31
Net income	$ 0	0	4,137	0	4,137
Balance (in shares) at Mar. 31, 2024	9,189,807
Balance at Mar. 31, 2024	$ 9	99,157	131,656	(92)	230,730
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	98,637	127,519	(123)	226,042
Unrealized gain (loss) on derivatives					47
Net income					13,002
Balance (in shares) at Jun. 30, 2024	9,237,953
Balance at Jun. 30, 2024	$ 9	100,031	140,521	(76)	240,485
Balance (in shares) at Mar. 31, 2024	9,189,807
Balance at Mar. 31, 2024	$ 9	99,157	131,656	(92)	230,730
Exercise of stock options (in shares)	10,677
Exercise of stock options	$ 0	99	0	0	99
Share-based compensation	0	520	0	0	520
Unrealized gain (loss) on derivatives	0	0	0	16	16
Net income	$ 0	0	8,865	0	8,865
Employee Stock Purchase Plan (in shares)	15,572
Employee Stock Purchase Plan	$ 0	255	0	0	255
Share-based compensation (in shares)	21,897
Balance (in shares) at Jun. 30, 2024	9,237,953
Balance at Jun. 30, 2024	$ 9	$ 100,031	$ 140,521	$ (76)	$ 240,485

Note 1 - Nature of Business and

Note 1 - Nature of Business and Basis of Presentation	6 Months Ended
Note 1 - Nature of Business and Basis of Presentation	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1: Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers. The accompanying unaudited condensed consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10 10 01 X. December 31, 2023 not not 10 not may When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not not

Note 2 - Net Income Per Common

Note 2 - Net Income Per Common Share	6 Months Ended
Note 2 - Net Income Per Common Share	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2: The following table sets forth the computation of basic and diluted net income per common share: Three months ended Six months ended June 30, June 30, (dollars in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 8,865 $ 895 $ 13,002 $ 383 Denominator: Weighted average number of shares of common stock outstanding 9,209,721 9,066,150 9,196,556 9,061,011 Weighted average effect of dilutive share-based compensation 633,750 206,510 558,185 149,830 Diluted weighted average number of shares of common stock outstanding 9,843,471 9,272,660 9,754,741 9,210,841 Net income per common share: Net income per common share - Basic $ 0.96 $ 0.10 $ 1.41 $ 0.04 Net income per common share - Diluted $ 0.90 $ 0.10 $ 1.33 $ 0.04 The weighted average effect of dilutive share-based compensation was determined using the treasury stock method in all periods, and includes 349,670 shares for the effect of stock options outstanding and 284,080 shares for the effect of unvested restricted stock outstanding for the three June 30, 2024 six June 30, 2024, There were options to purchase 15,000 and 560,650 shares of common stock outstanding at a weighted average price of $31.27 and $19.74 for the three June 30, 2024 2023 six June 30, 2024 2023,

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	6 Months Ended
Note 3 - Revenue Recognition	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 3: The Company’s revenues primarily include sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not not Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue. The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment. We have determined that there are certain customer agreements involving production of specified product grades and shapes that require over-time revenue recognition, in advance of shipment, as there is no six June 30, 2024 2023 , respectively, and $1.8 million and $2.2 million during the three June 30, 2024 2023, The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed and not June 30, 2024 and December 31, 2023 , respectively. The Company recorded these contract assets within Accounts Receivable in the Condensed Consolidated Balance Sheets at each date. We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at June 30, 2024 within the next 12 The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers 606" ● Shipping of products is not ● Performance obligations are satisfied within one The following summarizes our revenue by melt type: Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Net sales: Specialty alloys $ 61,583 $ 54,947 $ 117,838 $ 102,496 Premium alloys (A) 20,715 12,866 40,808 30,522 Conversion services and other sales 461 1,202 1,750 1,862 Total net sales $ 82,759 $ 69,015 $ 160,396 $ 134,880 (A) Premium alloys represent all vacuum induction melted (VIM) products.

Note 4 - Inventory

Note 4 - Inventory	6 Months Ended
Note 4 - Inventory	Jun. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 4: Our raw material and starting stock inventory is primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chromium, molybdenum, cobalt, vanadium and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers. Operating materials are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. During the six June 30, 2024 2023 , we amortized these operating materials in the amount of $0.9 million and $0.9 million, respectively, and during the three June 30, 2024 2023, Inventory is stated at the lower of cost or net realizable value with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Typically, we reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. Inventory consisted of the following: June 30, December 31, (in thousands) 2024 2023 Raw materials and starting stock $ 18,845 $ 15,124 Semi-finished and finished steel products 114,963 117,039 Operating materials 18,747 15,967 Gross inventory 152,555 148,130 Inventory reserves (3,462 ) (3,430 ) Total inventory $ 149,093 $ 144,700

Note 5 - Leases

Note 5 - Leases	6 Months Ended
Note 5 - Leases	Jun. 30, 2024
Notes to Financial Statements
Operating And Finance Leases Disclosure [Text Block]	Note 5: The Company periodically enters into leases in its normal course of business. At June 30, 2024 December 31, 2023 not Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the condensed consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the condensed consolidated balance sheets and are depreciated over the respective lease terms which range from three six The Company did not first six months of 2024 . The Company entered into one new finance lease agreement in the first 2023. As of June 30, 2024 , future minimum lease payments applicable to operating and finance leases were as follows: (in thousands) Operating Leases Finance Leases Remainder of 2024 $ 73 $ 977 2025 36 1,841 2026 21 1,714 2027 2 1,570 2028 - 1,114 Total minimum lease payments 132 7,216 Less amounts representing interest (3 ) (1,368 ) Present value of minimum lease payments 129 5,848 Less current obligations (96 ) (1,403 ) Total long-term lease obligations, net $ 33 $ 4,445 Weighted-average remaining lease term (in years) 1.4 3.7 Right-of-use assets recorded to the condensed consolidated balance sheet at June 30, 2024 , net of accumulated amortization, were $0.1 million for operating leases and $5.8 million for finance leases. For the six June 30, 2024 , the amortization of finance lease assets was $0.4 million and was included in cost of products sold in the condensed consolidated statements of operations. For the three June 30, 2024, December 31, 2023 , net of accumulated amortization, were $0.2 million for operating leases and $6.5 million for finance leases. The unamortized portion of the $5.2 million lease component of our VAR expansion financing arrangement is included in the right-of-use asset total, while the sale and leaseback component of that agreement is excluded. The sale and leaseback component is accounted for as a loan secured by the related equipment, as it did not 842, Leases 842" December 2022 The Company applies the practical expedient allowed under ASC 842 12 In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under revolving credit facility discussed in Note 6, first

Note 6 - Long-term Debt

Note 6 - Long-term Debt	6 Months Ended
Note 6 - Long-term Debt	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 6: Long-term debt consisted of the following: June 30, December 31, (in thousands) 2024 2023 Revolving credit facility $ 63,408 $ 68,984 Term loan 8,572 9,643 Sale and leaseback financing liability 1,426 1,539 Finance leases 5,848 6,508 Total debt 79,254 86,674 Less: current portion of long-term debt (3,810 ) (3,733 ) Less: deferred financing costs (964 ) (1,095 ) Long-term debt, net $ 74,480 $ 81,846 Credit Facility On March 17, 2021, not June 30, 2024, A t June 30, 2024 , we had total Credit Agreement related net deferred financing costs of approximately $0.4 million. For the six June 30, 2024 2023 , we amortized approximately $0.1 million of deferred financing costs, and for the three June 30, 2024 2023, The Credit Agreement requires the Company to maintain compliance with all the applicable financial covenants throughout the term of the Credit Agreement. As of June 30, 2024 , we are in compliance with all applicable financial covenants. The Facilities, which expire on March 17, 2026 ( first no Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million until it maintains a fixed charge coverage ratio ("FCCR") of not 1.0 two second 1.1 December 31, 2023 The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility. With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first June 30, 2021. not A mounts outstanding under the Facilities, at the Company’s option, bear interest at the current SOFR rate plus a spread, calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the six June 30, 2024 , which approximated 7.9% for commitments under our Revolving Credit Facility and 8.4% for the Term Loan.

Note 7 - New Markets Tax Credit

Note 7 - New Markets Tax Credit Financing Transaction	6 Months Ended
Note 7 - New Markets Tax Credit Financing Transaction	Jun. 30, 2024
Notes to Financial Statements
New Market Tax Credit Financing Transaction [Text Block]	Note 7: On March 9, 2018, In connection with the NMTC financing program, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048, The NMTC is subject to 100 percent recapture for a period of seven not not As of June 30, 2024 and December 31, 2023 , the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC. This transaction also includes a put/call provision whereby the Company may second 2024, Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and amortized over the term of the loans. The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following: ● The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not ● Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE; ● PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and ● The Company is obligated to absorb losses of the VIE. Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s condensed consolidated financial statements.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurement	6 Months Ended
Note 8 - Fair Value Measurement	Jun. 30, 2024
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	Note 8: The fair value hierarchy has three Level 1 Level 2 not Level 3 The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The fair value of the Term Loan and Revolving Credit Facility at June 30, 2024 December 31, 2023 2 11, June 30, 2024 December 31, 2023 2

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
Note 9 - Commitments and Contingencies	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 9: From time to time, various lawsuits and claims have been or may one may

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
Note 10 - Income Taxes	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10: Management estimates the annual effective income tax rate quarterly based on forecasted full year results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items. For the six June 30, 2024 2023 , our estimated annual effective tax rates applied to ordinary income were 20.0% and 10.4%, respectively. In all periods, the projected annual ETR differs from the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not Discrete items during the six June 30, 2024 2023 were related to share-based compensation items and totaled approximately $0.1 million of a benefit and $0.1 million of expense, respectively. The ETR for each period was 19.3% and 23.7%, respectively. Discrete items during the three June 30, 2024 2023 not

Note 11 - Derivatives and Hedgi

Note 11 - Derivatives and Hedging	6 Months Ended
Note 11 - Derivatives and Hedging	Jun. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 11: T he Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges. The notional value of contracts was $4.0 million and $4.8 million at June 30, 2024 and December 31, 2023 , respectively. The Company recorded an unrealized loss in accumulated other comprehensive income (loss) of approximately $0.1 million at both June 30, 2024 and December 31, 2023 related to the contracts. The Company entered into a forward interest rate swap contract during 2020 January 1, 2021 June 30, 2023. first 2023 June 30, 2023.

Note 12 - Related Parties

Note 12 - Related Parties	6 Months Ended
Note 12 - Related Parties	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 12: None.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. OTHER INFORMATION Not
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not not

Note 2 - Net Income Per Commo_2

Note 2 - Net Income Per Common Share (Tables)	6 Months Ended
Note 2 - Net Income Per Common Share (Tables)	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended June 30, June 30, (dollars in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 8,865 $ 895 $ 13,002 $ 383 Denominator: Weighted average number of shares of common stock outstanding 9,209,721 9,066,150 9,196,556 9,061,011 Weighted average effect of dilutive share-based compensation 633,750 206,510 558,185 149,830 Diluted weighted average number of shares of common stock outstanding 9,843,471 9,272,660 9,754,741 9,210,841 Net income per common share: Net income per common share - Basic $ 0.96 $ 0.10 $ 1.41 $ 0.04 Net income per common share - Diluted $ 0.90 $ 0.10 $ 1.33 $ 0.04

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	6 Months Ended
Note 3 - Revenue Recognition (Tables)	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Net sales: Specialty alloys $ 61,583 $ 54,947 $ 117,838 $ 102,496 Premium alloys (A) 20,715 12,866 40,808 30,522 Conversion services and other sales 461 1,202 1,750 1,862 Total net sales $ 82,759 $ 69,015 $ 160,396 $ 134,880

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	6 Months Ended
Note 4 - Inventory (Tables)	Jun. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, (in thousands) 2024 2023 Raw materials and starting stock $ 18,845 $ 15,124 Semi-finished and finished steel products 114,963 117,039 Operating materials 18,747 15,967 Gross inventory 152,555 148,130 Inventory reserves (3,462 ) (3,430 ) Total inventory $ 149,093 $ 144,700

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	6 Months Ended
Note 5 - Leases (Tables)	Jun. 30, 2024
Notes Tables
Lease, Cost [Table Text Block]	(in thousands) Operating Leases Finance Leases Remainder of 2024 $ 73 $ 977 2025 36 1,841 2026 21 1,714 2027 2 1,570 2028 - 1,114 Total minimum lease payments 132 7,216 Less amounts representing interest (3 ) (1,368 ) Present value of minimum lease payments 129 5,848 Less current obligations (96 ) (1,403 ) Total long-term lease obligations, net $ 33 $ 4,445 Weighted-average remaining lease term (in years) 1.4 3.7

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	6 Months Ended
Note 6 - Long-term Debt (Tables)	Jun. 30, 2024
Notes Tables
Schedule of Debt [Table Text Block]	June 30, December 31, (in thousands) 2024 2023 Revolving credit facility $ 63,408 $ 68,984 Term loan 8,572 9,643 Sale and leaseback financing liability 1,426 1,539 Finance leases 5,848 6,508 Total debt 79,254 86,674 Less: current portion of long-term debt (3,810 ) (3,733 ) Less: deferred financing costs (964 ) (1,095 ) Long-term debt, net $ 74,480 $ 81,846

Note 2 - Net Income Per Commo_3

Note 2 - Net Income Per Common Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	633,750	206,510	558,185	149,830
Share-Based Payment Arrangement, Option [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	349,670		292,918
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	15,000	560,650	72,500	577,150
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Price (in dollars per share)	$ 31.27	$ 19.74	$ 27.15	$ 19.49
Restricted Stock [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	284,080		265,267

Note 2 - Net Income (Loss) Per

Note 2 - Net Income (Loss) Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 8,865	$ 4,137	$ 895	$ (512)	$ 13,002	$ 383
Basic (in shares)	9,209,721		9,066,150		9,196,556	9,061,011
Weighted average effect of dilutive share-based compensation (in shares)	633,750		206,510		558,185	149,830
Diluted weighted average number of shares of common stock outstanding (in shares)	9,843,471		9,272,660		9,754,741	9,210,841
Net income per common share:
Net income per common share - Basic (in dollars per share)	$ 0.96		$ 0.1		$ 1.41	$ 0.04
Net income per common share - Diluted (in dollars per share)	$ 0.9		$ 0.1		$ 1.33	$ 0.04

Note 3 - Revenue Recognition (D

Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2.4		$ 2.4		$ 2
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 1.8	$ 2.2	$ 4.2	$ 4

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales		$ 82,759	$ 69,015	$ 160,396	$ 134,880
Specialty Alloys [Member]
Net sales		61,583	54,947	117,838	102,496
Premium Alloys [Member]
Net sales	[1]	20,715	12,866	40,808	30,522
Conversion Services and Other Sales [Member]
Net sales		$ 461	$ 1,202	$ 1,750	$ 1,862

[1]Premium alloys represent all vacuum induction melted (VIM) products.

Note 4 - Inventory (Details Tex

Note 4 - Inventory (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Amortization Expense	$ 0.4	$ 0.5	$ 0.9	$ 0.9

Note 4 - Inventory - Schedule o

Note 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Raw materials and starting stock	$ 18,845	$ 15,124
Semi-finished and finished steel products	114,963	117,039
Operating materials	18,747	15,967
Gross inventory	152,555	148,130
Inventory reserves	(3,462)	(3,430)
Total inventory	$ 149,093	$ 144,700

Note 5 - Leases (Details Textua

Note 5 - Leases (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
Note 5 - Leases (Details Textual) $ in Thousands	Jun. 30, 2024 USD ($)	Mar. 31, 2023	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Finance Lease, Term of Contract (Year)					72 months
Number of New Operating Leases			0
Number of New Finance Leases		1
Operating Lease, Right-of-Use Asset	$ 100		$ 100	$ 200
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	5,800		5,800	$ 6,500
Finance Lease, Right-of-Use Asset, Amortization	200		400
Finance Lease, Liability, Undiscounted Excess Amount	$ 1,368		$ 1,368
Finance Lease, Original Amount					$ 7,000
Finance Lease, Implicit Interest Rate					11.20%
Finance Lease, Weighted Average Discount Rate, Percent	10%		10%
Lease Component of VAR Expansion [Member]
Finance Lease, Liability, Undiscounted Excess Amount					$ 5,200
Maximum [Member]
Lease Term (Month)			72 months
Lessee, Finance Lease, Term of Contract (Year)	6 years		6 years
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Year)	3 years		3 years

Note 5 - Leases - Future Minimu

Note 5 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Remainder of 2024, operating leases	$ 73
Remainder of 2024, finance leases	977
2025, operating leases	36
2025, finance leases	1,841
2026, operating leases	21
2026, finance leases	1,714
2027, operating leases	2
2027, finance leases	1,570
2028, operating leases	0
2028, finance leases	1,114
Total minimum lease payments, operating leases	132
Total minimum lease payments, finance leases	7,216
Less amounts representing interest, operating leases	(3)
Less amounts representing interest, finance leases	(1,368)
Present value of minimum lease payments, operating leases	129
Present value of minimum lease payments, finance leases	5,848	$ 6,508
Less current obligations, operating leases	(96)
Less current obligations, finance leases	(1,403)
Total long-term lease obligations, net, operating leases	33
Total long-term lease obligations, net, finance leases	$ 4,445
Weighted-average remaining lease term (in years), operating leases (Year)	1 year 4 months 24 days
Weighted-average remaining lease term (in years), finance leases (Year)	3 years 8 months 12 days

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) $ in Thousands		3 Months Ended		6 Months Ended
Note 6 - Long-term Debt (Details Textual) $ in Thousands	Mar. 17, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Issuance Costs, Net		$ 964		$ 964	$ 1,095
PNC Capital Markets LLC [Member]
Debt Issuance Costs, Net		400		400
Amortization of Debt Issuance Costs		$ 100	$ 100	$ 100
PNC Capital Markets LLC [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 15,000
Debt Instrument, Periodic Payment	500
Debt Instrument, Interest Rate, Effective Percentage		8.40%		8.40%
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	105,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 41,600		$ 41,600
Line of Credit Facility, Necessary Undrawn Availability	$ 11,000
Line of Credit Facility, Fixed Charge Coverage Ratio	1.1
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Interest Rate, Effective Percentage		7.90%		7.90%

Note 6 - Long-term Debt - Sched

Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Sale and leaseback financing liability	$ 1,426	$ 1,539
Present value of minimum lease payments, finance leases	5,848	6,508
Total debt	79,254	86,674
Less: current portion of long-term debt	(3,810)	(3,733)
Less: deferred financing costs	(964)	(1,095)
Long-term debt, net	74,480	81,846
Term Loan [Member]
Debt, carrying amount	8,572	9,643
Revolving Credit Facility [Member]
Debt, carrying amount	$ 63,408	$ 68,984

Note 7 - New Markets Tax Cred_2

Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) - USD ($) $ in Thousands		6 Months Ended
	Mar. 09, 2018	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities, Noncurrent			$ 2,867	$ 2,891
Debt Issuance Costs, Net			964	1,095
New Markets Tax Credit Financing Program [Member]
Financing Receivable, after Allowance for Credit Loss	$ 6,700
Recapture Percentage	100%
Recapture Period (Year)	7 years
Other Liabilities, Noncurrent			$ 2,800	$ 2,800
Debt Issuance Costs, Net	$ 700
New Markets Tax Credit Financing Program [Member] \| Forecast [Member]
Gain (Loss) on Sale of Derivatives		$ 2,800
New Markets Tax Credit Financing Program [Member] \| PNC Capital Markets LLC [Member]
Financing Receivable, after Allowance for Credit Loss	$ 3,500

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent					20%	10.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount		$ 0.1		$ 0.1
Effective Income Tax Rate Reconciliation, Percent, Discrete Items	18.90%		14.20%		19.30%	23.70%

Note 11 - Derivatives and Hed_2

Note 11 - Derivatives and Hedging (Details Textual) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2023
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 4	$ 4.8
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	$ 0.1	$ 0.1
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative, Notional Amount			$ 5