0001437749-24-010032 | 10-K | XBRL Viewer | Universal Stainless Alloy Products INC

Multiemployer Plan [Table Text Block]

Trusts employer

identification

Funding plan

Company contributions to the Trust

Pension

number /

PPA zone status

pending /

(dollars in thousands)

Surcharge

fund

plan number

2023

2022

implemented

2023

2022

2021

imposed

Trust

23-6648508 / 499

Green

876

691

647

Tabular disclosure of information about multiemployer plan.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480547/715-80-55-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 285,943	$ 202,114	$ 155,934
Cost of products sold	244,404	187,927	147,963
Gross margin	41,539	14,187	7,971
Selling, general and administrative expenses	27,783	21,180	20,243
Operating income (loss)	13,756	(6,993)	(12,272)
Interest expense	8,414	4,388	2,214
Gain on extinguishment of debt	0	0	(10,000)
Other expense (income), net	34	(684)	(445)
Income (loss) before income taxes	5,308	(10,697)	(4,041)
Provision (benefit) for income taxes	398	(2,624)	(3,283)
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Basic income (loss) per share (in dollars per share)	$ 0.54	$ (0.9)	$ (0.09)
Diluted income (loss) per share (in dollars per share)	$ 0.53	$ (0.9)	$ (0.09)
Weighted average shares of common stock outstanding:
Basic (in shares)	9,086,004	8,972,468	8,907,908
Diluted (in shares)	9,278,569	8,972,468	8,907,908

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Adjustments for non-cash items:
Depreciation and amortization	19,433	19,378	19,300
Deferred income tax	215	(2,695)	(3,288)
Gain on extinguishment of debt	0	0	(10,000)
Share-based compensation expense	1,336	1,289	1,121
Changes in assets and liabilities:
Accounts receivable, net	(8,074)	(9,768)	(3,091)
Inventory, net	7,785	(15,078)	(30,986)
Accounts payable	(2,900)	10,507	10,986
Accrued employment costs	3,702	(1,513)	2,477
Other, net	(1,176)	(2,983)	(3,730)
Net cash provided by (used in) operating activities	25,231	(8,936)	(17,969)
Investing Activity:
Capital expenditures	(13,026)	(12,096)	(11,105)
Net cash used in investing activity	(13,026)	(12,096)	(11,105)
Financing Activities:
Net (payments on) borrowings under revolving credit facility	(10,561)	23,548	37,518
Proceeds from term loan facility	0	0	8,571
Proceeds from other financing transactions, net	0	1,804	0
Payments on term loan facility, finance leases, and notes	(3,568)	(2,412)	(16,715)
Payments of financing costs	0	(130)	(539)
Issuance of common stock under share-based plans	299	123	193
Net cash (used in) provided by financing activities	(13,830)	22,933	29,028
Net (decrease) increase in cash	(1,625)	1,901	(46)
Cash at beginning of period	2,019	118	164
Cash at end of period	394	2,019	118
Supplemental Non-Cash Financing Activity:
New financing lease liability during period (Note 6)	1,005	5,196	0
Supplemental Disclosure of Cash Flow Information:
Interest paid	8,223	3,985	1,980
Income taxes paid	$ 5	$ 2	$ 7

Note 10 - Income Taxes - Significant Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal and state tax carryforwards	$ 9,257	$ 12,863
Inventory	1,611	960
Share-based compensation	1,720	1,592
Receivables	14	43
Accrued liabilities	762	147
Other	3,744	1,930
Total deferred tax assets	17,108	17,535
Deferred tax liabilities:
Property, plant and equipment	15,834	16,852
Other	1,276	540
Total deferred tax liabilities	17,110	17,392
Total noncurrent deferred tax liabilities	$ (2)
Total noncurrent deferred tax assets		$ 143

Note 12 - Share-based Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Text Block]

Note 12: Share-Based Plans

At December 31, 2023, we had the following share-based compensation plans:

Universal Stainless & Alloy Products, Inc. Amended and Restated 2017 Equity Incentive Plan

We maintain the Universal Stainless & Alloy Products, Inc. amended and restated 2017 Equity Incentive Plan (the “2017 Plan”), which was approved by our stockholders in May 2017 and subsequently amended and restated and approved by our stockholders in May 2021 (the “Amended and Restated 2017 Plan”). The Amended and Restated 2017 Plan permits the issuance of stock options, restricted stock, restricted stock units, other share-based awards and performance awards to officers, employees, non-employee directors, and consultants and advisors to the Company. At its May 2017 inception, there were 568,357 shares authorized for issuance under the 2017 Plan.

When initially adopted in May 2017, the 2017 Plan replaced the Omnibus Incentive Plan (“OIP”) which in turn replaced the 1994 Stock Incentive Plan (“SIP”). Any awards outstanding under the SIP and OIP will remain subject to and be paid under the SIP and OIP, respectively. No new awards will be granted under either the SIP or OIP. Any shares subject to outstanding awards under the OIP that cease to be subject to such issuance of stock after the adoption of the Amended and Restated 2017 Plan will increase the shares authorized under the Amended and Restated 2017 Plan. As of the adoption of the Amended and Restated 2017 Plan, any shares subject to outstanding award under the SIP that cease to be subject to such issuance of stock will increase the shares authorized under the Amended and Restated 2017 Plan.

As of May 5, 2021, 400,000 additional shares were approved and authorized for issuance under the Amended and Restated 2017 Plan. As of May 4, 2022, 500,000 additional shares were approved and authorized for issuance under the Amended and Restated 2017 Plan. At December 31, 2023, there were 629,796 shares available for grant under the Amended and Restated 2017 Plan.

Omnibus Incentive Plan

We maintain the OIP which was approved by our stockholders in May 2012. The OIP permitted the issuance of stock options, restricted stock, restricted stock units and other share-based awards to non-employee directors, other than those directors owning more than 5% of our outstanding common stock, consultants, officers and other key employees who were expected to contribute to our future growth and success. With the adoption of the 2017 Plan, no shares of common stock were available for grant at December 31, 2023 under the OIP.

Stock Options

The price for options granted under the both the 2017 Plan and OIP is equal to the fair market value of the common stock at the date of grant. Options granted to non-employee directors vest over a three-year period, and options granted to employees' vest over a four-year period. All options under both the 2017 Plan and OIP will expire no later than ten years after the grant date. Forfeited options may be reissued and are included in the amount available for grants.

A summary of stock option activity as of and for the year ended December 31, 2023 is presented below:

	Non-vested stock					Stock options
	options outstanding					outstanding
				Weighted-					Weighted-		Weighted-
				average					average		average
	Number			grant-date		Number			exercise		contractual
	of shares			fair value		of shares			price		term (years)
Outstanding at December 31, 2022		141,209		$	4.17		815,725		$	16.78
Stock options exercised		-			-		(3,250	)		8.48
Stock options vested		(73,021	)		4.37		-			-
Stock options forfeited		-			-		(82,000	)		32.87
Outstanding at December 31, 2023		68,188		$	4.05		730,475		$	16.78		4.3
Exercisable at December 31, 2023							659,112		$	15.69		3.9

Shares issued in connection with stock option exercises are issued from available authorized shares. There were no stock option exercises during 2022 or 2021.

Based upon the closing stock price of $20.08 at December 31, 2023, the aggregate intrinsic value of outstanding stock options was $4.5 million, of which $3.7 million was related to options that were exercisable. Intrinsic value of stock options is calculated as the amount by which the market price of our common stock exceeds the exercise price of the options.

The total fair value of stock options awards vested during the years ended December 31, 2023, 2022 and 2021, respectively, was approximately $0.3 million, $0.2 million and $0.7 million. There were no stock options awarded during the year ended December 31, 2023.

Share-based compensation to employees and directors is recognized as compensation expense in the consolidated statements of operations based on the stock options fair value on the measurement date, which is the date of the grant. The fair value of the award is recognized as expense over the requisite service periods. The compensation expense recognized, and its related tax effects, are included in additional paid-in capital.

Share-based compensation expense related to stock options totaled $0.3 million for the year ended December 31, 2023 and $0.5 million for the year ended December 31, 2022. Share-based compensation expense is recognized ratably over the requisite service period for all stock option awards. Unrecognized share-based compensation expense related to non-vested stock option awards totaled $0.2 million at December 31, 2023, and the weighted-average period over which this unrecognized expense was expected to be recognized was 1.4 years.

The fair value of our stock options granted is estimated on the measurement date, which is the date of grant. We use the Black-Scholes option-pricing model. Our determination of fair value of stock option awards on the date of grant is affected by our stock price as well as assumptions regarding our expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2022 and 2021 was $4.60 and $4.27, respectively.

The assumptions used to determine the fair value of stock options granted in 2021 and 2022 are detailed in the table below. There were no stock options granted in 2023.

	2022			2021
Risk-free interest rate		1.75	%		0.89% to 1.40	%
Dividend yield		0.0	%		0.0	%
Expected market price volatility		46.8	%		47% to 52	%
Weighted-average expected market price volatility		46.8	%		49.0	%
Expected term (years)		5.8			4.6 to 6.5

The risk-free interest rate was developed using the U.S. Treasury yield curve for periods equal to the expected life of the stock options at the grant date. No dividend yield was assumed because we do not pay cash dividends on common stock and currently have no plans to pay a dividend. Expected volatility is based on the long-term historical volatility (estimated over a period equal to the expected term of the stock options) of our common stock. In estimating the fair value of stock options under the Black-Scholes option-pricing model, separate groups of employees that have similar historical exercise behavior are considered separately. The expected term of options granted represents the period of time that options granted are expected to be outstanding.

Restricted Stock and Restricted Stock Units

A summary of restricted stock activity for the years ended December 31, 2023 and 2022 is presented below:

				Weighted-average
	Number			grant-date
	of shares			fair value
Balance, December 31, 2021		332,211		$	9.06
Restricted stock granted		37,720			8.12
Restricted stock vested		(80,290	)		10.12
Restricted stock forfeited		(10,500	)		9.35
Balance, December 31, 2022		279,141		$	8.50
Restricted stock granted		117,680			9.57
Restricted stock vested		(95,544	)		9.84
Restricted stock forfeited		(1,455	)		8.09
Balance, December 31, 2023		299,822		$	8.55

Share-based compensation expense related to restricted stock totaled $0.9 million, $0.7 million and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

During the years ended December 31, 2023 and 2022, we granted 117,680 and 37,720 time-based restricted stock units, respectively, to certain employees and directors. The restricted stock units typically vest over four years for employees and three years for directors. The fair value of the non-vested time-based restricted common stock awards was calculated using the market value of the stock on the date of issuance.

As of December 31, 2023, total unrecognized compensation cost related to non-vested time-based restricted stock units was $1.9 million. That cost is expected to be recognized over a weighted-average period of 2.3 years.

Employee Amended and Restated Stock Purchase Plan

Under the Amended and Restated 1996 Employee Stock Purchase Plan, as amended (the “Plan”), the Company is authorized to issue up to 400,000 shares of common stock to its full-time employees, nearly all of whom are eligible to participate. Under the terms of the Plan, employees can choose as of January 1 and July 1 of each year to have up to 10% of their total earnings withheld to purchase up to 100 shares of our common stock each six-month period. The purchase price of the stock is 85% of the lower of its beginning-of-the-period or end-of-the-period market prices. At December 31, 2023, we have issued 341,469 shares of common stock since the Plan’s inception.

Note 2 - Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Text Block]

Note 2: Revenue Recognition

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 separately identifiable from other promises in the contract and, therefore, not distinct.

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 revenue to be recognized over time, in advance of shipment, due to there being no alternative use for these grades and shapes without significant economic loss, and the Company maintains an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. The revenue is measured based on inputs expended in proportion to the total inputs the entity expects to expend to completely satisfy the performance obligation. The Company had revenue subject to over-time recognition of approximately $8.7 million and $5.3 million during the years ended December 31, 2023 and 2022, respectively.

The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed, not yet billed of $2.0 million and $1.6 million at December 31, 2023 and 2022, respectively. The Company recorded these contract assets within Accounts receivable in the Consolidated Balance Sheets at each date. We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at December 31, 2023 within the next 12 months.

The Company has elected the following practical expedients allowed under ASC Topic 606:

•

Shipping activities are not considered to be separate performance obligations.

•

Performance obligations are satisfied within one year from a given reporting date, and consequently we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders.

The following summarizes our revenue by melt type:

	*Twelve Months Ended*
	*December 31,*
	*2023*		*2022*
Net sales:
Specialty alloys	$	213,077		160,352
Premium alloys (A)		68,104		39,225
Conversion services and other sales		4,762		2,537

Total net sales	$	285,943	$	202,114

(A) Premium alloys represent all vacuum induction melted (VIM) products.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Note 12 - Share-based Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	May 04, 2022	May 05, 2021	May 31, 2012	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)				3,250	0	0
Share Price (in dollars per share)				$ 20.08
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value				$ 4.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value				3.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value				$ 0.3	$ 0.2	$ 0.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 4.6	$ 4.27
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)				10 years
Share-Based Payment Arrangement, Expense				$ 0.3	$ 0.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 0.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0.00%	0.00%
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense				$ 0.9	$ 0.7	$ 0.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				117,680	37,720
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 1.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				2 years 3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				117,680	37,720
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
The 2017 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)							568,357
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	500,000	400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				629,796
The Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					0
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum			5.00%
Amended and Restated 1996 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)				400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate				10.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee (in shares)				100
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent				85.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)				341,469

Note 13 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Other Postretirement Benefits Cost (Reversal of Cost)	$ 1.9	$ 1.6	$ 1.5

Note 3 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Raw materials and starting stock	$ 15,124	$ 14,890
Semi-finished and finished steel products	117,039	129,534
Operating materials	15,967	13,220
Gross inventory	148,130	157,644
Inventory reserves	(3,430)	(3,451)
Total inventory	$ 144,700	$ 154,193

Note 5 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Debt [Table Text Block]

December 31,	*2023*			*2022*
*(dollars in thousands)*
Term loan	$	9,643		$	11,786
Revolving credit facility		68,984			79,545
Sale and leaseback financing liability		1,539			1,804
Finance leases		6,508			6,663
		86,674			99,798
Less: current portion of long-term debt		(3,733	)		(3,419	)
Less: deferred financing costs		(1,095	)		(1,364	)

Long-term debt	$	81,846		$	95,015

Schedule of Maturities of Long-Term Debt [Table Text Block]

(dollars in thousands)
2024	$	2,144
2025		2,144
2026		74,339
	$	78,627

Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) - USD ($) $ in Thousands		1 Months Ended
	Mar. 09, 2018	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent			$ 2,891	$ 3,066
Debt Issuance Costs, Net			1,095	1,364
New Markets Tax Credit Financing Program [Member]
Financing Receivable, after Allowance for Credit Loss	$ 6,700
Recapture Percentage	100.00%
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 2 - Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Table Text Block]

	*Twelve Months Ended*
	*December 31,*
	*2023*		*2022*
Net sales:
Specialty alloys	$	213,077		160,352
Premium alloys (A)		68,104		39,225
Conversion services and other sales		4,762		2,537

Total net sales	$	285,943	$	202,114

Note 3 - Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Text Block]

Note 3: Inventory

The major classes of inventory are as follows:

December 31,	*2023*			*2022*
*(dollars in thousands)*
Raw materials and starting stock	$	15,124		$	14,890
Semi-finished and finished steel products		117,039			129,534
Operating materials		15,967			13,220
Gross inventory		148,130			157,644
Inventory reserves		(3,430	)		(3,451	)
Total inventory	$	144,700		$	154,193

Note 5 - Long-term Debt - Annual Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 2,144
2025	2,144
2026	74,339
Long-Term Debt	$ 78,627

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 12 - Share-based Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance (in shares)	279,141	332,211
Balance, weighted average grant-date fair value (in dollars per share)	$ 8.5	$ 9.06
Restricted stock granted (in shares)	117,680	37,720
Restricted stock granted, weighted average grant-date fair value (in dollars per share)	$ 9.57	$ 8.12
Restricted stock vested (in shares)	(95,544)	(80,290)
Restricted stock vested, weighted average grant-date fair value (in dollars per share)	$ 9.84	$ 10.12
Restricted stock forfeited (in shares)	(1,455)	(10,500)
Restricted stock forfeited, weighted average grant-date fair value (in dollars per share)	$ 8.09	$ 9.35
Balance (in shares)	299,822	279,141
Balance, weighted average grant-date fair value (in dollars per share)	$ 8.55	$ 8.5

Note 10 - Income Taxes - Components of the Benefit From Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision (benefit)
Federal	$ 177	$ (1)	$ 0
State	8	5	5
Deferred provision (benefit)
Federal	309	(2,566)	(3,376)
State	(96)	(62)	88
Provision (benefit) for income taxes	$ 398	$ (2,624)	$ (3,283)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 12 - Share-based Plans - Fair Value Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk-free interest rate	1.75%
Dividend yield	0.00%	0.00%
Expected market price volatility	46.80%
Weighted-average expected market price volatility	46.80%	49.00%
Expected term (years) (Year)	5 years 9 months 18 days
Minimum [Member]
Risk-free interest rate		0.89%
Expected market price volatility		47.00%
Expected term (years) (Year)		4 years 7 months 6 days
Maximum [Member]
Risk-free interest rate		1.40%
Expected market price volatility		52.00%
Expected term (years) (Year)		6 years 6 months

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Consolidation. The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly owned subsidiaries and variable interest entities (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk. We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when necessary, require letters of credit, guarantees or cash collateral. Our largest customer accounted for approximately 31%, 21% and 19% of our net sales for the years ended December 31, 2023, 2022 and 2021, respectively, and 21%, 12% and 7% of our total accounts receivable balance at December 31, 2023, 2022 and 2021, respectively. Our second largest customer in each year accounted for approximately 14%, 18% and 10% of our net sales for the years ended December 31, 2023, 2022 and 2021, respectively, and 18%, 25% and 6% of our total accounts receivable balance at December 31, 2023, 2022 and 2021, respectively.
Accounts Receivable [Policy Text Block]	Accounts Receivable and Provision for Expected Credit Losses. Accounts receivable are presented net of the provision for expected credit losses on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. International sales approximated 5% of total net sales in 2023 and 2022 and 7% in 2021. The provision for expected credit losses includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are written-off when they are deemed uncollectible. There was no bad debt expense recorded for the years ended December 31, 2023, 2022 and 2021. Accounts receivable as of January 1, 2022 was approximately $21.2 million.
Inventory, Policy [Policy Text Block]	Inventories. Inventories are stated at the lower of cost or net realizable value with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and operating supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. 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. The net change in inventory reserves for the year ended December 31, 2023 was a decrease of less than $0.1 million. The net change for the year ended December 31, 2022 was a decrease of $1.1 million, and the net change for the year ended December 31, 2021 was an increase of $0.3 million. Included in inventory are operating materials consisting of forge dies and production molds and rolls that are consumed over their useful lives. During the years ended December 31, 2023, 2022 and 2021, we amortized these operating materials in the amount of $1.7 million, $1.6 million, and $1.7 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows. We experienced low activity levels at our production facilities during 2021 primarily by the impacts of the COVID-19 pandemic. As a result, $6.1 million of fixed overhead costs were not absorbed into inventory and charged directly to expense during 2021.
Government Assistance [Policy Text Block]	Government Assistance. We received an award under the Aviation Manufacturing Jobs Program during 2022 totaling approximately $3.6 million. The entire amount of the award was earned during 2022 and recorded as a reduction to costs of goods sold in the consolidated statement of operations. Approximately $1.8 million of cash was received during 2022 and the remaining cash was received in 2023. Accordingly, a receivable of $1.8 million was recorded within Other current assets on the consolidated balance sheet at December 31, 2022.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment. Property, plant and equipment is recorded at cost or its fair value at acquisition date. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss generally reflected in cost of goods sold on the consolidated statements of operations. Major equipment maintenance costs are capitalized as incurred and included in other current assets and other long-term assets, as appropriate. These costs are amortized to cost of products sold within a 12 to 36 month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2023, 2022 and 2021 was $23.5 million, 21.6 million and $16.7 million, respectively, which is included as a component of cost of products sold. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 40 years, and the estimated useful lives of machinery and equipment are between five and 39 years. Our total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $17.3 million, $17.4 million and $17.3 million, respectively, of which $16.6 million, $16.8 million and $16.8 million, respectively, was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Asset Impairment. Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment was recorded as of December 31, 2023, 2022 and 2021.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs. Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for each of the years ended December 31, 2023, 2022 and 2021 was $0.2 million and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. At December 31, 2023 and 2022, we had $1.1 million and $1.4 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a reduction of debt.
Revenue [Policy Text Block]	Revenue Recognition. The Company’s revenues are primarily composed of sales of products. Revenue from the sale of products is recognized when the Company satisfies its performance obligations under a contract by transferring control of the promised product to its customer (“point-in-time”). Sales of certain specified product grades and shapes, and sales from conversion services, are recognized over-time. These sales qualify for over-time revenue recognition as the Company does not produce an asset with alternative use when completing its performance obligations regarding these items and maintains an enforceable right to payment in the event of contract termination. Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached.
Income Tax, Policy [Policy Text Block]	Income Taxes. Deferred income taxes are provided for net operating losses, unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense. We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than-not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2023, 2022 and 2021. We recognize excess tax impacts upon the exercise of employee stock options within the consolidated statements of operations.
Share-Based Payment Arrangement [Policy Text Block]	Share-based Compensation Plans. We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants and restricted stock units is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award.
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) per Common Share. Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments. Financial instruments held by us include cash, accounts receivable, and accounts payable and current and long-term debt. The carrying value of cash, accounts receivable and accounts payable is representative of fair value because of the short maturity of these instruments. Refer to Note 8 for fair value disclosures of our financial instruments.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting. Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss model. Under the new guidance, an entity recognizes its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not listed were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

Consolidated Statements of Shareholders' Equity - 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, 2020	8,883,788
Balance at Dec. 31, 2020	$ 9	$ 94,276	$ 131,440	$ (45)	$ 225,680
Employee Stock Purchase Plan (in shares)	22,382
Employee Stock Purchase Plan	$ 0	146	0	0	146
Share-based compensation (in shares)	5,272
Share-based compensation	$ 0	47	0	0	47
Net loss on derivative instruments (in shares)	26,649
Net loss on derivative instruments	$ 0	1,121	0	0	1,121
Treasury Stock retirement, accumulated other comprehensive income (loss)				85
Treasury Stock retirement					85
Net income (loss)	$ 0	0	(758)	0	(758)
Unrealized (loss) gain on derivatives, net of tax					85
Balance (in shares) at Dec. 31, 2021	8,938,091
Balance at Dec. 31, 2021	$ 9	95,590	130,682	40	226,321
Employee Stock Purchase Plan (in shares)	19,915
Employee Stock Purchase Plan	$ 0	123	0	0	123
Share-based compensation (in shares)	80,290
Share-based compensation	$ 0	1,188	0	0	1,188
Net income (loss)	$ 0	0	(8,073)	0	(8,073)
Other Share-based plans (in shares)	11,452
Other Share-based plans	$ 0	101	0	0	101
Unrealized (loss) gain on derivatives, net of tax	$ 0	0	0	93	93
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Employee Stock Purchase Plan (in shares)	25,845
Employee Stock Purchase Plan	$ 0	266	0	0	266
Share-based compensation (in shares)	106,464
Share-based compensation	$ 0	1,336	0	0	1,336
Net income (loss)	$ 0	0	4,910	0	4,910
Other Share-based plans (in shares)	3,250
Other Share-based plans	$ 0	33	0	0	33
Unrealized (loss) gain on derivatives, net of tax	$ 0	0	0	(256)	(256)
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	$ 98,637	$ 127,519	$ (123)	$ 226,042

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	$ 7.1	$ 25.8
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	7.3	7.0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	10.5	11.0
Tax Credit Carryforward, Amount	$ 0.3	0.4
Operating Loss Carryforwards, Valuation Allowance		$ 0.2

Note 13 - Retirement Plans - Schedule of Retirement Plans (Details) - Steelworkers Pension Trust [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PPA zone status	Green	Green
Funding plan pending/implemented	No
Contributions	$ 876	$ 691	$ 647
Surcharge imposed	No

Note 4 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

Note 4: Property, Plant and Equipment

Property, plant and equipment consists of the following:

December 31,	*2023*			*2022*
*(dollars in thousands)*
Land and land improvements	$	8,130		$	8,090
Buildings		53,807			53,334
Machinery and equipment		325,023			315,165
Construction in progress		15,649			12,602
Gross property, plant and equipment		402,609			389,191
Accumulated depreciation		(242,973	)		(225,701	)
Property, plant and equipment, net	$	159,636		$	163,490

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue, Revenue Recognized	$ 8.7	$ 5.3
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2.0	$ 1.6

Note 12 - Share-based Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Non-vested stock					Stock options
	options outstanding					outstanding
				Weighted-					Weighted-		Weighted-
				average					average		average
	Number			grant-date		Number			exercise		contractual
	of shares			fair value		of shares			price		term (years)
Outstanding at December 31, 2022		141,209		$	4.17		815,725		$	16.78
Stock options exercised		-			-		(3,250	)		8.48
Stock options vested		(73,021	)		4.37		-			-
Stock options forfeited		-			-		(82,000	)		32.87
Outstanding at December 31, 2023		68,188		$	4.05		730,475		$	16.78		4.3
Exercisable at December 31, 2023							659,112		$	15.69		3.9

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	2022			2021
Risk-free interest rate		1.75	%		0.89% to 1.40	%
Dividend yield		0.0	%		0.0	%
Expected market price volatility		46.8	%		47% to 52	%
Weighted-average expected market price volatility		46.8	%		49.0	%
Expected term (years)		5.8			4.6 to 6.5

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

				Weighted-average
	Number			grant-date
	of shares			fair value
Balance, December 31, 2021		332,211		$	9.06
Restricted stock granted		37,720			8.12
Restricted stock vested		(80,290	)		10.12
Restricted stock forfeited		(10,500	)		9.35
Balance, December 31, 2022		279,141		$	8.50
Restricted stock granted		117,680			9.57
Restricted stock vested		(95,544	)		9.84
Restricted stock forfeited		(1,455	)		8.09
Balance, December 31, 2023		299,822		$	8.55

Note 10 - Income Taxes - Income Tax Benefit Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax at statutory tax rate	$ 1,113	$ (2,246)	$ (848)
State income taxes, net of federal tax benefit	(90)	(53)	(153)
Research and development tax credit	(869)	(557)	(814)
Valuation allowance	0	(19)	0
PPP loan forgiveness	0	0	(2,100)
Deferred tax adjustment for stock option forfeitures	0	0	371
Other adjustments to deferred taxes	315	213	230
Other	(71)	38	31
Provision (benefit) for income taxes	$ 398	$ (2,624)	$ (3,283)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss	$ 0	$ 0	$ 0
Accounts Receivable, after Allowance for Credit Loss		21,200
Increase (Decrease) in Inventory Reserve	(100)	(1,100)	300
Cost, Amortization	1,700	1,600	1,700
Cost, Overhead			6,100
Cost, Maintenance	23,500	21,600	16,700
Depreciation	17,300	17,400	17,300
Cost, Depreciation	16,600	16,800	16,800
Long-lived Assets, Impairment Reserve	0	0	0
Amortization of Debt Issuance Costs	200	200	200
Unamortized Debt Issuance Expense	1,100	1,400
Unrecognized Tax Benefits	$ 0	0	$ 0
Equipment Maintenance Costs [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	12 months
Equipment Maintenance Costs [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	36 months
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	10 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Month)	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Month)	39 years
Cost of Sales [Member]
Government Assistance, Amount		1,800
Other Current Assets [Member]
Government Assistance, Amount, Cumulative		3,600
Government Assistance Receivable		$ 1,800
Customer Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| Largest Customer [Member]
Concentration Risk, Percentage	31.00%	21.00%	19.00%
Customer Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| Second Largest Customer [Member]
Concentration Risk, Percentage	14.00%	18.00%	10.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Largest Customer [Member]
Concentration Risk, Percentage	21.00%	12.00%	7.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Second Largest Customer [Member]
Concentration Risk, Percentage	18.00%	25.00%	6.00%
Geographic Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| Non-US [Member]
Concentration Risk, Percentage	5.00%	5.00%	7.00%

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

Note 10: Income Taxes

The income tax benefit attributable to continuing operations during the years ended December 31, 2023, 2022 and 2021 is as follows:

Components of the benefit from income taxes are as follows:

For the years ended December 31,	*2023*			*2022*			*2021*
*(dollars in thousands)*
Current provision (benefit)
Federal	$	177		$	(1	)	$	-
State		8			5			5
Deferred provision (benefit)
Federal		309			(2,566	)		(3,376	)
State		(96	)		(62	)		88
Provision (benefit) for income taxes	$	398		$	(2,624	)	$	(3,283	)

The income tax benefit reconciled to taxes computed at the statutory federal rate is as follows:

For the years ended December 31,	*2023*			*2022*			*2021*
Tax at statutory tax rate	$	1,113		$	(2,246	)	$	(848	)
State income taxes, net of federal tax benefit		(90	)		(53	)		(153	)
Research and development tax credit		(869	)		(557	)		(814	)
Valuation allowance		-			(19	)		-
PPP loan forgiveness		-			-			(2,100	)
Deferred tax adjustment for stock option forfeitures		-			-			371
Other adjustments to deferred taxes		315			213			230
Other		(71	)		38			31
Provision (benefit) for income taxes	$	398		$	(2,624	)	$	(3,283	)

We continue to record a full valuation allowance against our New York deferred tax assets due to the zero percent state income tax rate for qualified manufacturers. We continue to record a partial valuation allowance against our Pennsylvania net operating loss deferred tax asset due to annual usage limitations. We have determined that federal and other state deferred tax assets are expected to be realized and have not recorded any additional valuation allowances.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our net deferred taxes related to continuing operations are as follows:

December 31,	*2023*			*2022*
*(dollars in thousands)*
Deferred tax assets:
Federal and state tax carryforwards	$	9,257		$	12,863
Inventory		1,611			960
Share-based compensation		1,720			1,592
Receivables		14			43
Accrued liabilities		762			147
Other		3,744			1,930
Total deferred tax assets	$	17,108		$	17,535
Deferred tax liabilities:
Property, plant and equipment	$	15,834		$	16,852
Other		1,276			540
Total deferred tax liabilities	$	17,110		$	17,392
Total deferred tax (liabilities) assets	$	(2	)	$	143

We file a U.S. federal income tax return and various state income tax returns. For federal income tax purposes, we had $7.1 million and $25.8 million of net operating loss carryforwards at December 31, 2023 and 2022, respectively. The net operating loss carryforwards begin to expire in 2041. In addition, we have credit carryforwards associated with our research and development activities of $7.3 million and $7.0 million as of December 31, 2023 and 2022, respectively. The research and development credit carryforwards begin to expire in 2030.

We have state net operating loss carryforwards of $10.5 million at December 31, 2023 and $11.0 million at December 31, 2022, and the related valuation allowances were approximately $0.2 million at each date. We also have state credit carryforwards of $0.3 million at December 31, 2023 and $0.4 million at December 31, 2022. The state net operating loss carryforwards begin to expire in 2031. The state credit carryforwards begin to expire in 2027.

We may be subject to routine audit by federal or state authorities. Our federal tax returns remain subject to examination by the IRS for tax years after 2019. We are subject to examination by most state tax jurisdictions for tax years after 2019.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 34	$ 201
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)	9,185,307	9,049,748

Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024, operating leases	$ 170
2024, finance lease	1,953
2025, operating leases	36
2025, finance lease	1,841
2026, operating leases	21
2026, finance lease	1,714
2027, operating leases	2
2027, finance lease	1,570
2028, operating leases	0
2028, finance lease	1,115
Total minimum lease payments, operating leases	229
Total minimum lease payments, finance lease	8,193
Less amounts representing interest, operating leases	(5)
Less amounts representing interest, finance lease	$ (1,685)
Weighted-average remaining lease term (in years), operating leases (Year)	1 year 7 months 6 days
Weighted-average remaining lease term (in years), finance lease (Year)	4 years 6 months
Other Liabilities [Member]
Present value of minimum lease payments, operating leases	$ 224
Present value of minimum lease payments, finance lease	6,508
Other Current Liabilities [Member]
Less current obligations, operating leases	(168)
Less current obligations, finance lease	(1,347)
Other Noncurrent Liabilities [Member]
Total long-term lease obligations, net, operating leases	56
Total long-term lease obligations, net, finance lease	$ 5,161

Note 11 - Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

For the years ended December 31,	*2023*		*2022*			*2021*
(dollars in thousands, except per share amounts)
Numerator:
Net income (loss)	$	4,910	$	(8,073	)	$	(758	)

Denominator:
Weighted average number of shares of common stock outstanding		9,086,004		8,972,468			8,907,908
Weighted average effect of dilutive share-based compensation		192,565		-			-
Diluted weighted average number of shares of common stock outstanding		9,278,569		8,972,468			8,907,908

Net income (loss) per common share:
Basic earnings per share	$	0.54	$	(0.90	)	$	(0.09	)
Diluted earnings per share	$	0.53	$	(0.90	)	$	(0.09	)

Note 6 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

	*Operating*			*Financing*
2024	$	170		$	1,953
2025		36			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,115
Total minimum lease payments	$	229		$	8,193
Less amounts representing interest		(5	)		(1,685	)
Present value of minimum lease payments	$	224		$	6,508
Less current obligations		(168	)		(1,347	)
Total long-term lease obligations, net	$	56		$	5,161
Weighted-average remaining lease term (years)		1.6			4.5

Note 1 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Text Block]

Note 1: Significant Accounting Policies

Basis of Consolidation. The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly owned subsidiaries and variable interest entities (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity.

Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates.

Concentration of Credit Risk. We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when necessary, require letters of credit, guarantees or cash collateral. Our largest customer accounted for approximately 31%, 21% and 19% of our net sales for the years ended December 31, 2023, 2022 and 2021, respectively, and 21%, 12% and 7% of our total accounts receivable balance at December 31, 2023, 2022 and 2021, respectively. Our second largest customer in each year accounted for approximately 14%, 18% and 10% of our net sales for the years ended December 31, 2023, 2022 and 2021, respectively, and 18%, 25% and 6% of our total accounts receivable balance at December 31, 2023, 2022 and 2021, respectively.

Accounts Receivable and Provision for Expected Credit Losses. Accounts receivable are presented net of the provision for expected credit losses on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. International sales approximated 5% of total net sales in 2023 and 2022 and 7% in 2021. The provision for expected credit losses includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are written-off when they are deemed uncollectible. There was no bad debt expense recorded for the years ended December 31, 2023, 2022 and 2021. Accounts receivable as of January 1, 2022 was approximately $21.2 million.

Inventories. Inventories are stated at the lower of cost or net realizable value with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and operating supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. 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. The net change in inventory reserves for the year ended December 31, 2023 was a decrease of less than $0.1 million. The net change for the year ended December 31, 2022 was a decrease of $1.1 million, and the net change for the year ended December 31, 2021 was an increase of $0.3 million.

Included in inventory are operating materials consisting of forge dies and production molds and rolls that are consumed over their useful lives. During the years ended December 31, 2023, 2022 and 2021, we amortized these operating materials in the amount of $1.7 million, $1.6 million, and $1.7 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows.

We experienced low activity levels at our production facilities during 2021 primarily by the impacts of the COVID-19 pandemic. As a result, $6.1 million of fixed overhead costs were not absorbed into inventory and charged directly to expense during 2021.

Government Assistance. We received an award under the Aviation Manufacturing Jobs Program during 2022 totaling approximately $3.6 million. The entire amount of the award was earned during 2022 and recorded as a reduction to costs of goods sold in the consolidated statement of operations. Approximately $1.8 million of cash was received during 2022 and the remaining cash was received in 2023. Accordingly, a receivable of $1.8 million was recorded within Other current assets on the consolidated balance sheet at December 31, 2022.

Property, Plant and Equipment. Property, plant and equipment is recorded at cost or its fair value at acquisition date. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss generally reflected in cost of goods sold on the consolidated statements of operations.

Major equipment maintenance costs are capitalized as incurred and included in other current assets and other long-term assets, as appropriate. These costs are amortized to cost of products sold within a 12 to 36 month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2023, 2022 and 2021 was $23.5 million, 21.6 million and $16.7 million, respectively, which is included as a component of cost of products sold.

Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 40 years, and the estimated useful lives of machinery and equipment are between five and 39 years. Our total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $17.3 million, $17.4 million and $17.3 million, respectively, of which $16.6 million, $16.8 million and $16.8 million, respectively, was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense.

Long-Lived Asset Impairment. Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment was recorded as of December 31, 2023, 2022 and 2021.

Deferred Financing Costs. Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for each of the years ended December 31, 2023, 2022 and 2021 was $0.2 million and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. At December 31, 2023 and 2022, we had $1.1 million and $1.4 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a reduction of debt.

Revenue Recognition. The Company’s revenues are primarily composed of sales of products. Revenue from the sale of products is recognized when the Company satisfies its performance obligations under a contract by transferring control of the promised product to its customer (“point-in-time”). Sales of certain specified product grades and shapes, and sales from conversion services, are recognized over-time. These sales qualify for over-time revenue recognition as the Company does not produce an asset with alternative use when completing its performance obligations regarding these items and maintains an enforceable right to payment in the event of contract termination.

Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached.

Income Taxes. Deferred income taxes are provided for net operating losses, unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense.

We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than-not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2023, 2022 and 2021.

We recognize excess tax impacts upon the exercise of employee stock options within the consolidated statements of operations.

Share-based Compensation Plans. We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants and restricted stock units is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award.

Net Income (Loss) per Common Share. Net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period.

Financial Instruments. Financial instruments held by us include cash, accounts receivable, and accounts payable and current and long-term debt. The carrying value of cash, accounts receivable and accounts payable is representative of fair value because of the short maturity of these instruments. Refer to Note 8 for fair value disclosures of our financial instruments.

Segment Reporting. Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss model. Under the new guidance, an entity recognizes its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not listed were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

For the years ended December 31,	*2023*			*2022*			*2021*
*(dollars in thousands)*
Current provision (benefit)
Federal	$	177		$	(1	)	$	-
State		8			5			5
Deferred provision (benefit)
Federal		309			(2,566	)		(3,376	)
State		(96	)		(62	)		88
Provision (benefit) for income taxes	$	398		$	(2,624	)	$	(3,283	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

For the years ended December 31,	*2023*			*2022*			*2021*
Tax at statutory tax rate	$	1,113		$	(2,246	)	$	(848	)
State income taxes, net of federal tax benefit		(90	)		(53	)		(153	)
Research and development tax credit		(869	)		(557	)		(814	)
Valuation allowance		-			(19	)		-
PPP loan forgiveness		-			-			(2,100	)
Deferred tax adjustment for stock option forfeitures		-			-			371
Other adjustments to deferred taxes		315			213			230
Other		(71	)		38			31
Provision (benefit) for income taxes	$	398		$	(2,624	)	$	(3,283	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

December 31,	*2023*			*2022*
*(dollars in thousands)*
Deferred tax assets:
Federal and state tax carryforwards	$	9,257		$	12,863
Inventory		1,611			960
Share-based compensation		1,720			1,592
Receivables		14			43
Accrued liabilities		762			147
Other		3,744			1,930
Total deferred tax assets	$	17,108		$	17,535
Deferred tax liabilities:
Property, plant and equipment	$	15,834		$	16,852
Other		1,276			540
Total deferred tax liabilities	$	17,110		$	17,392
Total deferred tax (liabilities) assets	$	(2	)	$	143

Note 14 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

Note 14: Commitments and Contingencies

From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact to our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

We, as well as other specialty metal manufacturers, are subject to demanding environmental standards imposed by federal, state and local environmental laws and regulations. We are not aware of any environmental condition that currently exists at any of our facilities that would cause a material adverse effect on our financial condition, results of operations or liquidity in a particular future quarter or year.

Our purchase obligations include the value of all open purchase orders with established quantities and purchase prices, as well as minimum purchase commitments, all made in the normal course of business. At December 31, 2023, our total purchase obligations were approximately $35.5 million, of which approximately $33.7 million will be due in 2024.

Note 13 - Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Text Block]

Note 13: Retirement Plans

We have a defined contribution retirement plan (“401(k) plan”) that covers substantially all employees. Pursuant to the 401(k) plan, participants may elect to make pre-tax and after-tax contributions, subject to certain limitations imposed under the Internal Revenue Code of 1986, as amended. In addition, we make periodic contributions to the 401(k) plan based on service for the North Jackson, Titusville and Dunkirk hourly employees. We make periodic contributions for the salaried employees at all locations based upon their service and their individual contribution to the 401(k) plan.

We also participate in the Steelworkers Pension Trust (the “Trust”), a multi-employer defined-benefit pension plan that is open to all hourly and salary employees associated with the Bridgeville facility. We make periodic contributions to the Trust based on hours worked at a fixed rate for each hourly employee, as determined by the collective bargaining agreement, and a fixed monthly contribution on behalf of each salary employee. The trustees of the Trust have provided us with the latest data available for the Trust year ended December 31, 2023. As of that date, the Trust is not fully funded. We could be held liable to the Trust for our own obligations, as well as those of other employers, due to our participation in the Trust. Contribution rates could increase if the Trust is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of the Trust assets do not meet expectations, or as a result of future collectively-bargained wage and benefit agreements. If we choose to stop participating in the Trust, we may be required to pay the Trust an amount based on the underfunded status of the Trust, referred to as a withdrawal liability.

The Pension Protection Act (PPA) defines a zone status for each trust. Trusts in the green zone are at least 80% funded, trusts in the yellow zone are at least 65% funded, and trusts in the red zone are generally less than 65% funded. The Trust recertified its zone status after using the extended amortization provisions as allowed by law. The Trust has not implemented a funding improvement or rehabilitation plan, nor are such plans pending. Our contributions to the Trust have not exceeded more than 5% of the total contributions to the Trust.

Trusts employer

identification

Funding plan

Company contributions to the Trust

Pension

number /

PPA zone status

pending /

(dollars in thousands)

Surcharge

fund

plan number

2023

2022

implemented

2023

2022

2021

imposed

Trust

23-6648508 / 499

Green

876

691

647

The total expense of all retirement plans for the years ended December 31, 2023, 2022 and 2021 was $1.9 million, $1.6 million and $1.5 million, respectively. The Company does not sponsor or participate in any other post-retirement benefit plans.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
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	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 121,000,000
Entity Common Stock, Shares Outstanding		9,189,807
Auditor Firm ID	274
Auditor Name	EISNERAMPER LLP
Auditor Location	Philadelphia, Pennsylvania
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

Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sale and leaseback financing liability	$ 1,539	$ 1,804
Long-Term Debt and Lease Obligation, Including Current Maturities	86,674	99,798
Less: current portion of long-term debt	(3,733)	(3,419)
Less: deferred financing costs	(1,095)	(1,364)
Long-term debt	81,846	95,015
Long-Term Debt [Member]
Present value of minimum lease payments, finance lease	6,508	6,663
Revolving Credit Facility [Member]
Debt, carrying amount	68,984	79,545
Term Loan [Member]
Debt, carrying amount	$ 9,643	$ 11,786

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 4,910	$ (8,073)	$ (758)
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on derivatives, net of tax	(256)	93	85
Comprehensive income (loss)	$ 4,654	$ (7,980)	$ (673)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Note 9 - Derivatives and Hedging (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 4,800	$ 4,300
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	(300)	100
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative, Notional Amount	$ 0	10,000	$ 16,000
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax		$ 100

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 394	$ 2,019
Accounts receivable (less expected credit losses of $34 and $201, respectively)	39,034	30,960
Inventory	144,700	154,193
Other current assets	11,693	10,392
Total current assets	195,821	197,564
Property, plant and equipment, net	159,636	163,490
Deferred income tax assets	0	143
Other long-term assets	1,233	2,137
Total assets	356,690	363,334
Current liabilities:
Accounts payable	34,855	38,179
Accrued employment costs	6,492	2,790
Current portion of long-term debt	3,733	3,419
Other current liabilities	829	1,112
Total current liabilities	45,909	45,500
Long-term debt	81,846	95,015
Deferred income tax liabilities	2	0
Other long-term liabilities	2,891	3,066
Total liabilities	130,648	143,581
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; 9,185,307 and 9,049,748 shares issued, respectively	9	9
Additional paid-in capital	98,637	97,002
Accumulated other comprehensive (loss) income	(123)	133
Retained earnings	127,519	122,609
Total stockholders’ equity	226,042	219,753
Total liabilities and stockholders’ equity	$ 356,690	$ 363,334

Note 11 - Net Loss Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 4,910	$ 4,910	$ (8,073)	$ (758)
Basic (in shares)		9,086,004	8,972,468	8,907,908
Weighted average effect of dilutive share-based compensation (in shares)		192,565	0	0
Diluted weighted average number of shares of common stock outstanding (in shares)		9,278,569	8,972,468	8,907,908
Net income (loss) per common share:
Basic income (loss) per share (in dollars per share)		$ 0.54	$ (0.9)	$ (0.09)
Diluted income (loss) per share (in dollars per share)		$ 0.53	$ (0.9)	$ (0.09)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 5 - Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Text Block]

Note 5: Long-Term Debt

Long-term debt consists of the following:

December 31,	*2023*			*2022*
*(dollars in thousands)*
Term loan	$	9,643		$	11,786
Revolving credit facility		68,984			79,545
Sale and leaseback financing liability		1,539			1,804
Finance leases		6,508			6,663
		86,674			99,798
Less: current portion of long-term debt		(3,733	)		(3,419	)
Less: deferred financing costs		(1,095	)		(1,364	)

Long-term debt	$	81,846		$	95,015

Credit Facility

On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association (“PNC Bank”), as administrative agent and co-collateral agent, Bank of America, N.A., as co-collateral agent, the Lenders (as defined in the Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”).

The Company maintained compliance with all applicable covenants at December 31, 2023 and 2022.

The Facilities, which expire on March 17, 2026 (the “Expiration Date”), are collateralized by a first lien on substantially all the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio.

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. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement.

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 must pay quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning on June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date.

Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate or a SOFR based rate, in either case 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 most of the debt outstanding under the Facilities during 2023. At December 31, 2023, the SOFR based rate was approximately 8.0% on our Revolving Credit Facility and 8.5% for the Term Loan.

At December 31, 2023 and 2022, we had net deferred financing costs related to the Credit Agreement of approximately $0.5 million and $0.7 million recorded to the consolidated balance sheet, respectively. We amortized $0.2 million of those costs during each of the years ended December 31, 2023 and 2022.

The aggregate annual principal payments due under our Credit Agreement at December 31, 2023, are as follows:

(dollars in thousands)
2024	$	2,144
2025		2,144
2026		74,339
	$	78,627

Paycheck Protection Program Term Note

On April 16, 2020, the Company entered into a promissory note, dated April 15, 2020, with PNC Bank, National Association, evidencing an unsecured loan with a principal amount of $10.0 million made to the Company pursuant to the Paycheck Protection Program (the “PPP Term Note”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Term Note was guaranteed by the United States Small Business Administration.

Under the terms of the CARES Act, the Company was eligible for forgiveness for all or a portion of the PPP Term Note, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of certain covered interest, lease and utility payments.

The Company applied for forgiveness of the PPP Term Note during the third quarter of 2020. In July 2021, PNC Bank notified the Company that forgiveness of the note was granted by the United States Small Business Administration. Accordingly, the PPP Term Note was forgiven in its entirety, including all related accrued interest. In the third quarter of 2021, we recognized forgiveness of the PPP Term Note and recorded a corresponding gain on extinguishment of debt in the Consolidated Statement of Operations for the period.

The PPP Term Note incurred interest at a fixed annual rate of 1.00%, with the first six months of interest deferred. The Company did not make any principal or interest payments related to the PPP Term Note.

Notes

In connection with the acquisition of the North Jackson facility in 2011, we issued $20.0 million in Notes to the sellers of the facility as partial consideration in the transaction.

On January 21, 2016, the Company entered into Amended and Restated Notes in the aggregate principal amount of $20.0 million (the “Notes”), each in favor of Gorbert Inc. (“Holder”). The Company’s obligations under the Notes were collateralized by a second lien on the same assets of the Company that collateralize the obligations of the Company under the Facilities. The Holder had the right to elect at any time on or prior to August 17, 2017 to convert all or any portion of the outstanding principal amount of the Notes.

The Notes were originally scheduled to mature on March 17, 2019. In 2019, the Company extended the maturity date to March 17, 2020 in accordance with the terms of the Notes. In 2020, the Company extended the maturity date to March 17, 2021 in accordance with the terms of the Notes. The Company made partial principal payments on the notes upon extension, and an aggregate principal amount of $15.0 million remained outstanding at the 2021 maturity date. On March 17, 2021, the Company paid the remaining principal balance and all applicable interest to settle the notes obligation.

The Notes had an applicable interest at a rate of 6.0% per year from August 17, 2017 until the time they were paid off. All accrued and unpaid interest was payable quarterly in arrears on September 18, December 18, March 18 and June 18 of each year.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Note 12 - Share-based Plans - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Outstanding, nonvested (in shares)	141,209
Outstanding, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.17
Outstanding, shares (in shares)	815,725
Outstanding, weighted average exercise price (in dollars per share)	$ 16.78
Stock options exercised (in shares)	(3,250)	0	0
Stock options exercised (in dollars per share)	$ 8.48
Stock options vested, nonvested (in shares)	(73,021)
Stock options vested, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.37
Stock options forfeited, nonvested (in shares)	0
Stock options forfeited, nonvested, weighted average grant-date fair value (in dollars per share)	$ 0
Stock options forfeited, shares (in shares)	(82,000)
Stock options forfeited, weighted average exercise price (in dollars per share)	$ 32.87
Outstanding, nonvested (in shares)	68,188	141,209
Outstanding, nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.05	$ 4.17
Outstanding, shares (in shares)	730,475	815,725
Outstanding, weighted average exercise price (in dollars per share)	$ 16.78	$ 16.78
Outstanding, weighted average contractual term (Year)	4 years 3 months 18 days
Exercisable, shares (in shares)	659,112
Exercisable, weighted average exercise price (in dollars per share)	$ 15.69
Exercisable, weighted average contractual term (Year)	3 years 10 months 24 days

Note 9 - Derivatives and Hedging

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 9: Derivatives and Hedging

The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the US Dollar, the Company enters into foreign exchange forward contracts for a portion of these sales and has designated these contracts as cash flow hedges.

The notional value of these contracts was $4.8 million at December 31, 2023 and $4.3 million at December 31, 2022. The Company recorded an unrealized loss in accumulated other comprehensive income of $0.3 million at December 31, 2023 and an unrealized gain in accumulated other comprehensive income of less than $0.1 million at December 31, 2022 related to the contracts.

Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The interest rate swap was designated as a cash flow hedge. The notional amount of the contract was $16 million at its inception and reduces throughout the term. The notional amount was $10 million at December 31, 2022 and zero at December 31, 2023. The Company recorded a related unrealized gain in accumulated other comprehensive income of $0.1 million at December 31, 2022.

Note 14 - Commitments and Contingencies (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Purchase Obligation	$ 35.5
Purchase Obligation, to be Paid, Year One	$ 33.7

Note 4 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Table Text Block]

December 31,	*2023*			*2022*
*(dollars in thousands)*
Land and land improvements	$	8,130		$	8,090
Buildings		53,807			53,334
Machinery and equipment		325,023			315,165
Construction in progress		15,649			12,602
Gross property, plant and equipment		402,609			389,191
Accumulated depreciation		(242,973	)		(225,701	)
Property, plant and equipment, net	$	159,636		$	163,490

Note 4 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross property, plant and equipment	$ 402,609	$ 389,191
Accumulated depreciation	(242,973)	(225,701)
Property, plant and equipment, net	159,636	163,490
Land and Land Improvements [Member]
Gross property, plant and equipment	8,130	8,090
Building [Member]
Gross property, plant and equipment	53,807	53,334
Machinery and Equipment [Member]
Gross property, plant and equipment	325,023	315,165
Construction in Progress [Member]
Gross property, plant and equipment	$ 15,649	$ 12,602

Note 6 - Leases

12 Months Ended

Dec. 31, 2023

Operating And Finance Leases Disclosure [Text Block]

Note 6: Leases

The Company periodically enters into leases in its normal course of business. At December 31, 2023, the leases in effect were primarily related to mobile equipment and other production equipment. The term of our leases is generally 72 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms.

The Company entered into four new finance lease agreements during 2023.

The Company entered into three new operating lease agreements and four new finance lease agreements during 2022. This includes the $5.2 million lease component of our new vacuum arc remelt ("VAR") expansion financing arrangement, but excludes the $1.8 million sale and leaseback component of that agreement. The $1.8 million is accounted for as a loan secured by the related equipment, as it did not meet the criteria for sale accounting under Accounting Standards Codification section 842. The $1.8 million is excluded from the tables below, the current portion of which is approximately $0.2 million. The total $7.0 million principal amount of that financing arrangement has a term of 72 months and an implicit interest rate of approximately 11.2%.

The weighted average interest rate on all our financing leases is approximately 10.0%.

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 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 consolidated balance sheets and are depreciated over the respective lease terms which range from three to six years. The long-term component of the lease liability is included in Long-term debt and the current component is included in Current portion of long-term debt.

As of December 31, 2023, future minimum lease payments applicable to operating and finance leases were as follows:

	*Operating*			*Financing*
2024	$	170		$	1,953
2025		36			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,115
Total minimum lease payments	$	229		$	8,193
Less amounts representing interest		(5	)		(1,685	)
Present value of minimum lease payments	$	224		$	6,508
Less current obligations		(168	)		(1,347	)
Total long-term lease obligations, net	$	56		$	5,161
Weighted-average remaining lease term (years)		1.6			4.5

Right-of-use assets recorded to the consolidated balance sheet at December 31, 2023 were $0.2 million for operating leases and $6.5 million for finance leases. For the twelve months ended December 31, 2023, the amortization of finance lease assets was $0.5 million and was included in cost of products sold in the Consolidated Statements of Operations.

Right-of-use assets recorded to the consolidated balance sheet at December 31, 2022 were $0.5 million for operating leases and $9.2 million for finance leases. For the twelve months ended December 31, 2022, the amortization of finance lease assets was $0.2 million and was included in cost of products sold in the Consolidated Statements of Operations.

The Company elected the practical expedient allowed under Leases (Topic 842) to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets.

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 our senior secured revolving credit facility discussed in Note 5, as this facility is collateralized by a first lien on substantially all of the assets of the Company and its term is similar to the term of our leases.

Note 7 - New Markets Tax Credit Financing Transaction

12 Months Ended

Dec. 31, 2023

New Market Tax Credit Financing Transaction [Text Block]

Note 7: New Markets Tax Credit Financing Transaction

On March 9, 2018, the Company entered into a New Markets Tax Credit financing program with PNC New Markets Investment Partners, LLC and Boston Community Capital, Inc. related to a new mid-size bar cell capital project at the Company’s Dunkirk, NY facility. PNC New Markets Investment Partners, LLC made a capital contribution and the Company made a loan to Dunkirk Investment Fund, LLC (“Investment Fund”) under the qualified NMTC financing program. Through this financing transaction, the Company secured low interest financing and the potential for other future benefits related to its mid-size bar cell capital project.

In connection with the financing transaction, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048 to the Investment Fund. Additionally, PNC New Markets Investment Partners, LLC contributed $3.5 million to the Investment Fund, and as such, PNC New Markets Investment Partners, LLC is entitled to substantially all tax and other benefits derived from the NMTC. The Investment Fund then contributed the proceeds to a community development entity (“CDE”). The CDE then loaned the funds, on similar terms, as the Leverage Loan to Dunkirk Specialty Steel, LLC, a wholly owned subsidiary of the Company. The CDE loan proceeds are restricted for use on the mid-size bar cell capital project.

The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify PNC New Markets Investment Partners, LLC for any loss or recapture of NMTCs related to the financing until the Company’s obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement.

As of December 31, 2023 and 2022, 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 be obligated or entitled to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund. The Company believes that PNC New Markets Investment Partners, LLC will exercise the put option in March 2025, at the end of the recapture period, resulting in a gain of $2.8 million at that time. The value attributed to the put/call is negligible.

Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and are amortized over the term of the loans.

The Company has determined that the Investment Fund and CDE are each a variable interest entity ("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 expected to significantly affect economic performance throughout the life of the VIE;

•

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 consolidated in the Company’s Consolidated Financial Statements.

Insider Trading Arrangements

12 Months Ended

Dec. 31, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 9B.

OTHER INFORMATION

None.

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

Note 11 - Net Loss Per Common Share (Details Textual) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 16.78	$ 16.78
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	399,050	711,375	645,050
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 19.91	$ 18.25	$ 21
Assumed Exercise of Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		17,143	39,036

Note 3 - Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Inventory, Current [Table Text Block]

December 31,	*2023*			*2022*
*(dollars in thousands)*
Raw materials and starting stock	$	15,124		$	14,890
Semi-finished and finished steel products		117,039			129,534
Operating materials		15,967			13,220
Gross inventory		148,130			157,644
Inventory reserves		(3,430	)		(3,451	)
Total inventory	$	144,700		$	154,193

Note 6 - Leases (Details Textual) $ in Thousands	12 Months Ended
Note 6 - Leases (Details Textual) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of New Finance Leases	4	4
Number of New Operating Leases		3
Finance Lease, Liability, Undiscounted Excess Amount	$ 1,685
Sale Leaseback Transaction, Net Book Value		$ 1,800
Sale Leaseback Transaction, Net Book Value, Current		200
Finance Lease, Original Amount		$ 7,000
Lessee, Finance Lease, Term of Contract (Month)		72 months
Finance Lease, Implicit Interest Rate		11.20%
Finance Lease, Weighted Average Discount Rate, Percent	10.00%
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 500	$ 200
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	200	500
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 6,500	9,200
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 (Month)	6 years
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Month)	3 years

Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Specialty Alloys [Member]

$ 285,943

$ 202,114

$ 155,934

213,077

160,352

Premium Alloys [Member]

Conversion Services and Other Sales [Member]

^[1]

68,104

39,225

$ 4,762

$ 2,537

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

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Note 5 - Long-term Debt (Details Textual) $ in Thousands		12 Months Ended
Note 5 - Long-term Debt (Details Textual) $ in Thousands	Mar. 17, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 15, 2020 USD ($)	Aug. 17, 2017	Jan. 21, 2016 USD ($)	Dec. 31, 2011 USD ($)
Debt Issuance Costs, Net		$ 1,095	$ 1,364
Amortization of Debt Issuance Costs		200	200	$ 200
Notes Payable, Other Payables [Member] \| North Jackson Facility [Member]
Debt Instrument, Face Amount								$ 20,000
Term Loan [Member]
Long-Term Debt, Gross		9,643	11,786
Paycheck Protection Program Term Note [Member]
Debt Instrument, Face Amount					$ 10,000
PNC Capital Markets LLC [Member]
Debt Issuance Costs, Net		500	700
Amortization of Debt Issuance Costs		200	200
PNC Capital Markets LLC [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 15,000
Debt Instrument, Periodic Payment	500
Gorbert Inc. [Member] \| Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount							$ 20,000
Long-Term Debt, Gross	15,000
Debt Instrument, Interest Rate, Stated Percentage						6.00%
Revolving Credit Facility [Member]
Long-Term Debt, Gross		$ 68,984	$ 79,545
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	105,000
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%
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.00%
Term Loan [Member] \| PNC Capital Markets LLC [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.50%

Note 8 - Fair Value Measurements

12 Months Ended

Dec. 31, 2023