0001437749-24-032576 | 10-Q | XBRL Viewer | Universal Stainless Alloy Products INC

Disaggregation of Revenue [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
*(in thousands)*	*2024*		*2023*		*2024*		*2023*
Net sales:
Specialty alloys	$	63,165	$	53,092	$	181,003	$	155,588
Premium alloys (A)		23,682		16,476		64,490		46,998
Conversion services and other sales		403		1,715		2,153		3,577

Total net sales	$	87,250	$	71,283	$	247,646	$	206,163

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 24,054	$ 2,313
Adjustments for non-cash items:
Depreciation and amortization	15,445	14,331
New Markets Tax Credit gain, net	(2,292)	0
Deferred income tax	4,331	564
Share-based compensation expense	1,551	1,008
Changes in assets and liabilities:
Accounts receivable, net	(14,267)	(6,024)
Inventory, net	(3,673)	2,159
Accounts payable	1,906	(743)
Accrued employment costs	1,371	2,329
Other, net	979	1,909
Net cash provided by operating activities	29,405	17,846
Investing Activity:
Payments for property, plant and equipment	(14,410)	(9,656)
Net cash used in investing activity	(14,410)	(9,656)
Financing Activities:
Net repayment of borrowings under revolving credit facility	(14,275)	(7,454)
Proceeds from stock issued under share-based plans	1,668	82
Repayments of term loan facility and finance leases	(2,781)	(2,660)
Net cash used in financing activities	(15,388)	(10,032)
Net decrease in cash	(393)	(1,842)
Cash at beginning of period	394	2,019
Cash at end of period	$ 1	$ 177

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. OTHER INFORMATION Not Applicable.
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 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials and starting stock	$ 18,876	$ 15,124
Semi-finished and finished steel products	109,034	117,039
Operating materials	21,284	15,967
Gross inventory	149,194	148,130
Inventory reserves	(2,265)	(3,430)
Total inventory	$ 146,929	$ 144,700

Note 11 - Derivatives and Hedging

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 11: 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 U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges.

The notional value of contracts was $4.7 million and $4.8 million at September 30, 2024 and December 31, 2023, respectively.

The Company recorded an unrealized loss in accumulated other comprehensive income (loss) of approximately $0.2 million and $0.1 million at September 30, 2024 and December 31, 2023 respectively related to the contracts.

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 $5 million during the first half of 2023 until it matured on June 30, 2023.

Note 11 - Derivatives and Hedging (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2023
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 4.7	$ 4.8
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	$ 0.2	$ 0.1
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative, Notional Amount			$ 5.0

Note 7 - New Markets Tax Credit Financing Transaction

9 Months Ended

Sep. 30, 2024

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 qualified New Markets Tax Credit (“NMTC”) 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 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 NMTC financing program, 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.

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

As of December 31, 2023, the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC. The transaction included a put provision whereby the Company could be obligated to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund for $1,000. PNC New Markets Investment Partners, LLC exercised the put option in September 2024, and as such sold its interest in the Investment Fund to the Company. Therefore the $2.8 million liability was extinguished, and the Company recorded a corresponding gain through other (income) expense, net on the Consolidated Statement of Operations in the third quarter. The gain was partly offset by the write-off of the unamortized portion of the deferred costs originally incurred to structure the transaction.

From inception of the NMTC until the exercise of the put option on September 30, 2024, the Company determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following:

●

The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not 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.

Upon exercise of the put option, the Company gained control of both the Investment Fund and CDE and they ceased to be VIEs. Because the Company was the primary beneficiary of each entity, and as of September 30, 2024 controls each entity, the entities have been included in the Company’s condensed consolidated financial statements in all periods and there is no change in consolidated financial statement presentation.

Note 2 - Net Income (Loss) Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 11,052	$ 8,865	$ 4,137	$ 1,930	$ 895	$ (512)	$ 24,054	$ 2,313
Basic (in shares)	9,269,811			9,087,465			9,224,176	9,069,926
Weighted average effect of dilutive share-based compensation (in shares)	672,791			340,044			584,250	221,056
Diluted weighted average number of shares of common stock outstanding (in shares)	9,942,602			9,427,509			9,808,426	9,290,982
Net income per common share:
Net income per common share - Basic (in dollars per share)	$ 1.19			$ 0.21			$ 2.61	$ 0.26
Net income per common share - Diluted (in dollars per share)	$ 1.11			$ 0.2			$ 2.45	$ 0.25

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

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.

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

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Note 6 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Debt [Table Text Block]

	*September 30,*			*December 31,*
*(in thousands)*	*2024*			*2023*

Revolving credit facility	$	54,709		$	68,984
Term loan		8,036			9,643
Sale and leaseback financing liability		1,362			1,539
Finance leases		5,511			6,508

Total debt		69,618			86,674
Less: current portion of long-term debt		(3,795	)		(3,733	)
Less: deferred financing costs		(356	)		(1,095	)

Long-term debt, net	$	65,467		$	81,846

Note 2 - Net Income Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Text Block]

Note 2: Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share:

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
*(dollars in thousands, except per share amounts)*	*2024*		*2023*		*2024*		*2023*

Numerator:
Net income	$	11,052	$	1,930	$	24,054	$	2,313

Denominator:
Weighted average number of shares of common stock outstanding		9,269,811		9,087,465		9,224,176		9,069,926
Weighted average effect of dilutive share-based compensation		672,791		340,044		584,250		221,056
Diluted weighted average number of shares of common stock outstanding		9,942,602		9,427,509		9,808,426		9,290,982

Net income per common share:
Net income per common share - Basic	$	1.19	$	0.21	$	2.61	$	0.26
Net income per common share - Diluted	$	1.11	$	0.20	$	2.45	$	0.25

The weighted average effect of dilutive share-based compensation was determined using the treasury stock method in all periods, and includes 364,215 shares for the effect of stock options outstanding and 308,576 shares for the effect of unvested restricted stock outstanding for the three month period ended September 30, 2024. For the nine month period ended September 30, 2024, the calculation includes 305,080 shares for the effect of stock options outstanding and 279,170 shares for the effect of unvested restricted stock outstanding.

The three month period ended September 30, 2023 included 118,370 shares for the effect of stock options outstanding and 221,674 shares for the effect of unvested restricted stock outstanding. The nine month period ended September 30, 2024 included 58,986 shares for the effect of stock options outstanding and 162,070 shares for the effect of unvested restricted stock outstanding.

There were options outstanding to purchase 5,000 and 532,150 shares of common stock at a weighted average price of $29.74 and $19.92, respectively, which were excluded from the computation of diluted net income per common share for the nine months ended September 30, 2024 and 2023, respectively. There were options outstanding to purchase 419,550 shares of common stock at a weighted average price of $22.11 which were excluded from the computation of diluted net income per common share for the three months ended September 30, 2023. These options were excluded because their exercise prices were greater than the average market price of our common stock during each period.

Note 5 - Leases (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
Note 5 - Leases (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Finance Lease, Term of Contract (Year)						72 months
Number of New Finance Leases		1	1
Operating Lease, Right-of-Use Asset	$ 100	$ 100			$ 200
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	5,500	5,500			$ 6,500
Finance Lease, Right-of-Use Asset, Amortization	200	600
Finance Lease, Liability, Undiscounted Excess Amount	$ 1,216	$ 1,216
Finance Lease, Original Amount						$ 7,000
Finance Lease, Implicit Interest Rate						11.20%
Finance Lease, Weighted Average Discount Rate, Percent				10.00%
Lease Component of VAR Expansion [Member]
Finance Lease, Liability, Undiscounted Excess Amount						$ 5,200
Maximum [Member]
Lease Term (Month)		72 months
Lessee, Finance Lease, Term of Contract (Year)	6 years	6 years
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Year)	3 years	3 years

Note 13 - Subsequent Events (Details Textual) $ in Millions	Oct. 17, 2024 USD ($)
Merger Agreement [Member] \| Subsequent Event [Member]
Business Acquisition, Transaction Costs	$ 0.6

Note 1 - Nature of Business and Basis of Presentation (Details Textual) $ in Millions	Oct. 17, 2024 USD ($)
Merger Agreement [Member] \| Subsequent Event [Member]
Business Acquisition, Transaction Costs	$ 0.6

Note 5 - Leases

9 Months Ended

Sep. 30, 2024

Operating And Finance Leases Disclosure [Text Block]

Note 5: Leases

The Company periodically enters into leases in its normal course of business. At September 30, 2024 and 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.

Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the condensed consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the condensed consolidated balance sheets and are depreciated as a component of cost of goods sold 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.

The Company entered into one new operating lease agreement during the first nine months of 2024 and one new finance lease agreement during the first nine months of 2023.

As of September 30, 2024, future minimum lease payments applicable to operating and finance leases were as follows:

*(in thousands)*	*Operating Leases*			*Finance Leases*
Remainder of 2024	$	19		$	488
2025		29			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,114
Total minimum lease payments		71			6,727
Less amounts representing interest		(1	)		(1,216	)
Present value of minimum lease payments		70			5,511
Less current obligations		(41	)		(1,385	)
Total long-term lease obligations, net	$	29		$	4,126
Weighted-average remaining lease term (in years)		1.8			3.5

Right-of-use assets recorded to the condensed consolidated balance sheet at September 30, 2024, net of accumulated amortization, were $0.1 million for operating leases and $5.5 million for finance leases. For the three and nine months ended September 30, 2024, the amortization of finance lease assets was $0.2 million and $0.6 million respectively. Right-of-use assets recorded to the condensed consolidated balance sheet at December 31, 2023, net of accumulated amortization, were $0.2 million for operating leases and $6.5 million for finance leases.

The unamortized portion of the $5.2 million lease component of our VAR expansion financing arrangement is included in the right-of-use asset total, while the sale and leaseback component of that agreement is excluded. The sale and leaseback component is accounted for as a loan secured by the related equipment, as it did not meet the criteria for sale accounting under ASC 842, Leases ("ASC 842"). This financing agreement was executed in December 2022 and had a $7.0 million total original principal amount, original term of 72 months, and implicit interest rate of approximately 11.2%. The weighted average interest rate on all our financing leases is approximately 10.0%.

The Company applies the practical expedient allowed under ASC 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 revolving credit facility discussed in Note 6, Long-Term Debt, 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 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 3.8		$ 3.8		$ 2.0
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 3.4	$ 3.2	$ 8.5	$ 7.3

Amount, including 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.

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New Accounting Pronouncements, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

None.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Segment Reporting—Improvements to Reportable Segment Disclosures,” which updates segment reporting guidance including establishing a requirement for a public entity to disclose its significant segment expense categories and amounts for each reportable segment, among other updates. The amendments in the ASU and are effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt the ASU on or before the effective date, and does not expect the ASU to have a material impact on our consolidated financial statements or disclosures.

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

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 11,052	$ 1,930	$ 24,054	$ 2,313
Other comprehensive income (loss), net of tax
Unrealized (loss) gain on derivatives	(109)	109	(62)	(161)
Comprehensive income	$ 10,943	$ 2,039	$ 23,992	$ 2,152

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 1	$ 394
Accounts receivable (less expected credit losses of $34 as of the end of the period)	53,301	39,034
Inventory	146,929	144,700
Other current assets	11,893	11,693
Total current assets	212,124	195,821
Property, plant and equipment, net	157,548	159,636
Other long-term assets	1,836	1,233
Total assets	371,508	356,690
Current liabilities:
Accounts payable	35,038	34,855
Accrued employment costs	7,863	6,492
Current portion of long-term debt	3,795	3,733
Other current liabilities	1,755	829
Total current liabilities	48,451	45,909
Long-term debt, net	65,467	81,846
Deferred income taxes	4,309	2
Other long-term liabilities, net	28	2,891
Total liabilities	118,255	130,648
Commitments and contingencies (Note 9)
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,307,550 and 9,185,307 shares issued, respectively	9	9
Additional paid-in capital	101,856	98,637
Accumulated other comprehensive loss	(185)	(123)
Retained earnings	151,573	127,519
Total stockholders’ equity	253,253	226,042
Total liabilities and stockholders’ equity	$ 371,508	$ 356,690

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Specialty Alloys [Member]

$ 87,250

$ 71,283

$ 247,646

$ 206,163

63,165

53,092

181,003

155,588

Premium Alloys [Member]

Conversion Services and Other Sales [Member]

^[1]

23,682

16,476

64,490

46,998

$ 403

$ 1,715

$ 2,153

$ 3,577

[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.

Note 6 - Long-term Debt (Details Textual) $ in Thousands		3 Months Ended	9 Months Ended
Note 6 - Long-term Debt (Details Textual) $ in Thousands	Mar. 17, 2021 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Issuance Costs, Net			$ 356		$ 1,095
PNC Capital Markets LLC [Member]
Debt Issuance Costs, Net			400
Amortization of Debt Issuance Costs		$ 100	$ 200	$ 200
PNC Capital Markets LLC [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 15,000
Debt Instrument, Periodic Payment	500
Debt Instrument, Interest Rate, Effective Percentage			7.50%
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	105,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 50,300
Line of Credit Facility, Necessary Undrawn Availability	$ 11,000
Line of Credit Facility, Fixed Charge Coverage Ratio	1.1
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Interest Rate, Effective Percentage			7.00%

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
Document Information [Line Items]
Entity Central Index Key	0000931584
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,310,069
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 13 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Text Block]

Note 13: Subsequent Events

On October 17, 2024 the Company announced that it entered into the Merger Agreement and the Guarantee Agreement, pursuant to which the Company will be acquired by Aperam S.A., a leader in stainless steel, specialty steel solutions and recycling headquartered in Luxembourg. The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2025, subject to satisfaction of customary closing conditions, including receipt of regulatory approval and adoption of the Merger Agreement by a majority of all outstanding shares of Universal common stock held by Universal stockholders at a Special Meeting to be scheduled in due course. Costs incurred related to the transaction were expensed as incurred, and the Consolidated Statements of Operations for the three months ended September 30, 2024 included $0.6 million of such costs within Selling, general and administrative expenses.

Note 9 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

Note 9: 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 on 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.

Note 2 - Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
*(dollars in thousands, except per share amounts)*	*2024*		*2023*		*2024*		*2023*

Numerator:
Net income	$	11,052	$	1,930	$	24,054	$	2,313

Denominator:
Weighted average number of shares of common stock outstanding		9,269,811		9,087,465		9,224,176		9,069,926
Weighted average effect of dilutive share-based compensation		672,791		340,044		584,250		221,056
Diluted weighted average number of shares of common stock outstanding		9,942,602		9,427,509		9,808,426		9,290,982

Net income per common share:
Net income per common share - Basic	$	1.19	$	0.21	$	2.61	$	0.26
Net income per common share - Diluted	$	1.11	$	0.20	$	2.45	$	0.25

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	$ 97,002	$ 122,609	$ 133	$ 219,753
Share-based compensation	0	361	0	0	361
Unrealized (loss) gain on derivatives	0	0	0	(146)	(146)
Net income	$ 0	0	(512)	0	(512)
Share-based compensation (in shares)	10,920
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)	219,456
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Unrealized (loss) gain on derivatives					(161)
Net income					2,313
Balance (in shares) at Sep. 30, 2023	9,088,245
Balance at Sep. 30, 2023	$ 9	98,092	124,922	(28)	222,995
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)	219,456
Exercise of stock options (in shares)	1,250
Exercise of stock options	$ 0	11	0	0	11
Share-based compensation	0	311	0	0	311
Unrealized (loss) gain on derivatives	0	0	0	(124)	(124)
Net income	$ 0	0	895	0	895
Employee Stock Purchase Plan (in shares)	10,280
Employee Stock Purchase Plan	$ 0	64	0	0	64
Share-based compensation (in shares)	15,172
Balance (in shares) at Jun. 30, 2023	9,087,370
Balance at Jun. 30, 2023	$ 9	97,749	122,992	(137)	220,613
Exercise of stock options (in shares)	875
Exercise of stock options	$ 0	7	0	0	7
Share-based compensation	0	336	0	0	336
Unrealized (loss) gain on derivatives	0	0	0	109	109
Net income	$ 0	0	1,930	0	1,930
Balance (in shares) at Sep. 30, 2023	9,088,245
Balance at Sep. 30, 2023	$ 9	98,092	124,922	(28)	222,995
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	98,637	127,519	(123)	226,042
Exercise of stock options (in shares)	4,500
Exercise of stock options	$ 0	66	0	0	66
Share-based compensation	0	454	0	0	454
Unrealized (loss) gain on derivatives	0	0	0	31	31
Net income	$ 0	0	4,137	0	4,137
Balance (in shares) at Mar. 31, 2024	9,189,807
Balance at Mar. 31, 2024	$ 9	99,157	131,656	(92)	230,730
Balance (in shares) at Dec. 31, 2023	9,185,307
Balance at Dec. 31, 2023	$ 9	98,637	127,519	(123)	226,042
Unrealized (loss) gain on derivatives					(62)
Net income					24,054
Balance (in shares) at Sep. 30, 2024	9,307,550
Balance at Sep. 30, 2024	$ 9	101,856	151,573	(185)	253,253
Balance (in shares) at Mar. 31, 2024	9,189,807
Balance at Mar. 31, 2024	$ 9	99,157	131,656	(92)	230,730
Exercise of stock options (in shares)	10,677
Exercise of stock options	$ 0	99	0	0	99
Share-based compensation	0	520	0	0	520
Unrealized (loss) gain on derivatives	0	0	0	16	16
Net income	$ 0	0	8,865	0	8,865
Employee Stock Purchase Plan (in shares)	15,572
Employee Stock Purchase Plan	$ 0	255	0	0	255
Share-based compensation (in shares)	21,897
Balance (in shares) at Jun. 30, 2024	9,237,953
Balance at Jun. 30, 2024	$ 9	100,031	140,521	(76)	240,485
Exercise of stock options (in shares)	69,597
Exercise of stock options	$ 0	1,248	0	0	1,248
Share-based compensation	0	577	0	0	577
Unrealized (loss) gain on derivatives	0	0	0	(109)	(109)
Net income	$ 0	0	11,052	0	11,052
Share-based compensation (in shares)	0
Balance (in shares) at Sep. 30, 2024	9,307,550
Balance at Sep. 30, 2024	$ 9	$ 101,856	$ 151,573	$ (185)	$ 253,253

Note 5 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Remainder of 2024, operating leases	$ 19
Remainder of 2024, finance leases	488
2025, operating leases	29
2025, finance leases	1,841
2026, operating leases	21
2026, finance leases	1,714
2027, operating leases	2
2027, finance leases	1,570
2028, operating leases	0
2028, finance leases	1,114
Total minimum lease payments, operating leases	71
Total minimum lease payments, finance leases	6,727
Less amounts representing interest, operating leases	(1)
Less amounts representing interest, finance leases	(1,216)
Present value of minimum lease payments, operating leases	70
Present value of minimum lease payments, finance leases	5,511	$ 6,508
Less current obligations, operating leases	(41)
Less current obligations, finance leases	(1,385)
Total long-term lease obligations, net, operating leases	29
Total long-term lease obligations, net, finance leases	$ 4,126
Weighted-average remaining lease term (in years), operating leases (Year)	1 year 9 months 18 days
Weighted-average remaining lease term (in years), finance leases (Year)	3 years 6 months

Note 4 - Inventory (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Amortization Expense	$ 0.5	$ 0.4	$ 1.4	$ 1.3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales	$ 87,250	$ 71,283	$ 247,646	$ 206,163
Cost of products sold	65,258	60,424	189,974	177,732
Gross margin	21,992	10,859	57,672	28,431
Selling, general and administrative expenses	8,967	6,449	24,540	19,479
Operating income	13,025	4,410	33,132	8,952
Interest expense and other financing costs	1,789	2,138	5,740	6,215
Other (income) expense, net	(2,242)	42	(2,206)	5
Income before income taxes	13,478	2,230	29,598	2,732
Income taxes	2,426	300	5,544	419
Net income	$ 11,052	$ 1,930	$ 24,054	$ 2,313
Net income per common share - Basic (in dollars per share)	$ 1.19	$ 0.21	$ 2.61	$ 0.26
Net income per common share - Diluted (in dollars per share)	$ 1.11	$ 0.2	$ 2.45	$ 0.25
Weighted average shares of common stock outstanding
Basic (in shares)	9,269,811	9,087,465	9,224,176	9,069,926
Diluted (in shares)	9,942,602	9,427,509	9,808,426	9,290,982

Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Sale and leaseback financing liability	$ 1,362	$ 1,539
Present value of minimum lease payments, finance leases	5,511	6,508
Total debt	69,618	86,674
Less: current portion of long-term debt	(3,795)	(3,733)
Less: deferred financing costs	(356)	(1,095)
Long-term debt, net	65,467	81,846
Term Loan [Member]
Debt, carrying amount	8,036	9,643
Revolving Credit Facility [Member]
Debt, carrying amount	$ 54,709	$ 68,984

Note 6 - Long-term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

Note 6: Long-Term Debt

Long-term debt consisted of the following:

	*September 30,*			*December 31,*
*(in thousands)*	*2024*			*2023*

Revolving credit facility	$	54,709		$	68,984
Term loan		8,036			9,643
Sale and leaseback financing liability		1,362			1,539
Finance leases		5,511			6,508

Total debt		69,618			86,674
Less: current portion of long-term debt		(3,795	)		(3,733	)
Less: deferred financing costs		(356	)		(1,095	)

Long-term debt, net	$	65,467		$	81,846

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, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), 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”). At September 30, 2024, we maintained approximately, $50.3 million of remaining availability under the Revolving Credit Facility.

At September 30, 2024, we had total Credit Agreement related net deferred financing costs of approximately $0.4 million. For the nine months ended September 30, 2024 and 2023, we amortized approximately $0.2 million of deferred financing costs, and for the three months ended September 30, 2024 and 2023, we amortized approximately $0.1 million.

The Credit Agreement requires the Company to maintain compliance with all the applicable financial covenants throughout the term of the Credit Agreement. As of September 30, 2024, we are in compliance with all applicable financial covenants.

The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of 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 until it maintains a fixed charge coverage ratio ("FCCR") of not less than 1.1 to 1.0 measured on a rolling two-quarter basis, calculated in accordance with the terms of the Credit Agreement. The Company achieved its second consecutive quarter of its FCCR greater than 1.1 for the period December 31, 2023 and has since maintained the ratio above the required level.

The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility.

With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after 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, bear interest at the current SOFR rate plus a spread, calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the nine months ended September 30, 2024, which approximated 7.0% for commitments under our Revolving Credit Facility and 7.5% for the Term Loan.

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.

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Note 5 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lease, Cost [Table Text Block]

*(in thousands)*	*Operating Leases*			*Finance Leases*
Remainder of 2024	$	19		$	488
2025		29			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,114
Total minimum lease payments		71			6,727
Less amounts representing interest		(1	)		(1,216	)
Present value of minimum lease payments		70			5,511
Less current obligations		(41	)		(1,385	)
Total long-term lease obligations, net	$	29		$	4,126
Weighted-average remaining lease term (in years)		1.8			3.5

Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) - USD ($)		1 Months Ended
	Mar. 09, 2018	Sep. 30, 2024	Dec. 31, 2023
Debt Issuance Costs, Net		$ 356,000	$ 1,095,000
Other Liabilities, Noncurrent		28,000	$ 2,891,000
New Markets Tax Credit Financing Program [Member]
Financing Receivable, after Allowance for Credit Loss	$ 6,700,000
Recapture Percentage	100.00%
Recapture Period (Year)	7 years
Debt Issuance Costs, Net		700,000
Other Liabilities, Noncurrent		2,800,000
Repurchase of Interest		1,000
Gain (Loss) on Extinguishment of Debt		$ 2,800,000
New Markets Tax Credit Financing Program [Member] \| PNC Capital Markets LLC [Member]
Financing Receivable, after Allowance for Credit Loss	$ 3,500,000

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent			19.90%	11.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount	$ 0.2		$ 0.3	$ 0.1
Effective Income Tax Rate Reconciliation, Percent, Discrete Items	18.00%	13.50%	18.70%	15.30%

Note 1 - Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1: Nature of Business and Basis of Presentation

Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers.

The accompanying unaudited condensed consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2023 condensed consolidated balance sheet data was derived from the audited consolidated financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with our most recently audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary to present a fair presentation of the condensed consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our condensed consolidated financial statements.

On October 17, 2024 the Company announced that it entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") and Guarantee by Aperam S.A. in favor of Universal (the "Guarantee Agreement"), pursuant to which the Company will be acquired by Aperam S.A., a leader in stainless steel, specialty steel solutions and recycling headquartered in Luxembourg. This transaction was unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2025, subject to satisfaction of customary closing conditions, including receipt of regulatory approval and adoption of the Merger Agreement by a majority of all outstanding share of Universal common stock held by Universal stockholders at a Special Meeting to be scheduled in due course. Costs incurred related to the transaction were expensed as incurred, and the Consolidated Statement of Operations for the three months ended September 30, 2024 included $0.6 million of such costs within Selling, general and administrative expenses.

Recently Adopted Accounting Pronouncements

None.

Recently Issued Accounting Pronouncements

Note 4 - Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Inventory, Current [Table Text Block]

	*September 30,*			*December 31,*
*(in thousands)*	*2024*			*2023*

Raw materials and starting stock	$	18,876		$	15,124
Semi-finished and finished steel products		109,034			117,039
Operating materials		21,284			15,967

Gross inventory		149,194			148,130
Inventory reserves		(2,265	)		(3,430	)

Total inventory	$	146,929		$	144,700

Note 12 - Related Parties

9 Months Ended

Sep. 30, 2024

Note 12: Related Parties

None.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 2 - Net Income Per Common Share (Details Textual) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	672,791	340,044	584,250	221,056
Share-Based Payment Arrangement, Option [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	364,215	118,370	305,080	58,986
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		419,550	5,000	532,150
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Price (in dollars per share)		$ 22.11	$ 29.74	$ 19.92
Restricted Stock [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	308,576	221,674	279,170	162,070

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 34	$ 34
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,980,000	1,980,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	9,307,550	9,185,307

Note 3 - Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Text Block]

Note 3: 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 over-time revenue recognition, in advance of shipment, as there is no alternative use for the product 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 $8.5 million and $7.3 million during the nine months ended September 30, 2024 and 2023, respectively, and $3.4 million and $3.2 million during the three months ended September 30, 2024 and 2023, respectively.

The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed and not yet billed of $3.8 million and $2.0 million at September 30, 2024 and December 31, 2023, respectively. The Company recorded these contract assets within Accounts Receivable in the Condensed Consolidated Balance Sheets at each date.

We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at September 30, 2024 within the next 12 months.

The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers ("ASC 606"):

●

Shipping of products is not considered a separate performance obligation.

●

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

The following summarizes our revenue by melt type:

	*Three months ended September 30,*				*Nine months ended September 30,*
*(in thousands)*	*2024*		*2023*		*2024*		*2023*
Net sales:
Specialty alloys	$	63,165	$	53,092	$	181,003	$	155,588
Premium alloys (A)		23,682		16,476		64,490		46,998
Conversion services and other sales		403		1,715		2,153		3,577

Total net sales	$	87,250	$	71,283	$	247,646	$	206,163

(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
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-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)
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-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
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-URI https://asc.fasb.org/606/tableOfContent

Note 10 - Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

Note 10: Income Taxes

Management estimates the annual effective income tax rate quarterly based on forecasted full year results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items.

For the nine months ended September 30, 2024 and 2023, our estimated annual effective tax rates applied to ordinary income were 19.9% and 11.9%, respectively. In each period, the projected annual ETR differs from the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not a significant component of the rate.

Discrete items during the nine months ended September 30, 2024 and 2023 were related to share-based compensation items and totaled approximately $0.3 million of a benefit and $0.1 million of expense, respectively. The ETR for each period was 18.7% and 15.3%, respectively.

Discrete items during the three months ended September 30, 2024 were approximately $0.2 million of a benefit and were not significant during the three months ended September 30, 2023, and the ETR for each period was 18.0% and 13.5% respectively.

The entire disclosure for income tax.

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Note 4 - Inventory

9 Months Ended

Sep. 30, 2024