Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 3

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 3
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ivable: 

   Accounts receivable are presented net of allowances for credit losses and unissued credits of $3.8 million and $3.7 million as of  September 30, 2025 and  December 31, 2024, respectively. The allowance for credit losses is maintained at a level considered appropriate based on historical experience, specific customer collection issues that have been identified, current market considerations and estimates for supportable forecasts when appropriate. Estimations are based upon a calculated percentage of accounts receivable, which remains fairly level from year to year, and judgments about the probable effects of economic conditions on certain customers, which can fluctuate significantly from year to year. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for credit losses and unissued credits.

    4.  Inventories: 

   Inventories consisted of the following:

       Inventory as of  
 (in thousands)   September 30, 2025    December 31, 2024  
 Unprocessed  $277,167  $273,668 
 Processed and finished   106,755   116,958 
 Totals  $383,922  $390,626 

   The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of  September 30, 2025 and  December 31, 2024, approximately $33.2 million, or 8.7% of consolidated inventory, and $31.3 million, or 8.0% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.
    
   During the three and nine months ended  September 30, 2025, the Company recorded $0.1 million and $0.9 million of LIFO expense, respectively. During the three and nine months ended  September 30, 2024, the Company recorded $2.0 million and $2.6 million of LIFO income, respectively.
    
   If the FIFO method had been in use, inventories would have been $7.2 million higher than reported as of  September 30,