Note 4 - Revenue Recognition

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

4. Revenue Recognition

The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, and fabricated parts. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company may also have longer-term agreements with customers. Substantially all of the contracts with customers require the delivery of metals, which represent single performance obligations that are satisfied at a point in time upon transfer of control of the product to the customer.

Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 days. The Company has certain fabrication contracts in one business unit for which revenue is recognized over time as performance obligations are achieved. This fabrication business is not material to the Company's consolidated results.

Within the metals industry, revenue is frequently disaggregated by products sold. The tables below disaggregates the Company’s revenues by segment and products sold for the year ended December 31, 2022, 2021 and 2020, respectively.

	Disaggregated Revenue by Products Sold
	For the Twelve Months Ended December 31, 2022
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		29.8	%		-			-			29.8	%
Plate		13.3	%		-			-			13.3	%
Cold Rolled		4.7	%		-			-			4.7	%
Coated		4.5	%		-			-			4.5	%
Specialty		-			30.3	%		-			30.3	%
Pipe & Tube		-			-			16.7	%		16.7	%
Other		0.7	%		-			-			0.7	%
Total		53.0	%		30.3	%		16.7	%		100.0	%

	Disaggregated Revenue by Products Sold
	For the Twelve Months Ended December 31, 2021
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		31.4	%		-			-			31.4	%
Plate		10.4	%		-			-			10.4	%
Cold Rolled		7.0	%		-			-			7.0	%
Coated		7.7	%		-			-			7.7	%
Specialty		-			25.3	%		-			25.3	%
Pipe & Tube		-			-			16.5	%		16.5	%
Other		1.6	%		0.1	%		-			1.7	%
Total		58.1	%		25.4	%		16.5	%		100.0	%

	Disaggregated Revenue by Products Sold
	For the Twelve Months Ended December 31, 2020
	Carbon flat products			Specialty metals flat products			Tubular and pipe products			Total
Hot Rolled		29.7	%		-			-			29.7	%
Plate		9.6	%		-			-			9.6	%
Cold Rolled		5.9	%		-			-			5.9	%
Coated		9.6	%		-			-			9.6	%
Specialty		-			23.5	%		-			23.5	%
Pipe & Tube		-			-			18.7	%		18.7	%
Other		1.1	%		1.9	%		-			3.0	%
Total		55.9	%		25.4	%		18.7	%		100.0	%