Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 4

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 4
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2025 and $6.3 million higher than reported at  December 31, 2024.

    5.  Goodwill and Intangible Assets: 

   The Company's intangible assets were recorded in connection with its acquisitions of MetalWorks in 2024, Central Tube and Bar, Inc. and Metal-Fab, Inc. in 2023, Shaw Stainless & Alloy, Inc. in 2021, Action Stainless & Alloys, Inc. in 2020, EZ Dumper® hydraulic dump inserts and McCullough Industries in 2019, Berlin Metals, LLC in 2018 and Chicago Tube and Iron in 2011. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology.
    
   Goodwill, by reportable unit, was as follows as of  September 30, 2025 and  December 31, 2024, respectively. The goodwill is deductible for tax purposes.

       Carbon Flat    Specialty Metals    Tubular and      
 (in thousands)   Products    Flat Products    Pipe Products    Total  
 Balance as of December 31, 2024  $65,986  $9,431  $8,401  $83,818 
 Acquisitions   -   -   -   - 
 Impairments   -   -   -   - 
 Balance as of September 30, 2025  $65,986  $9,431  $8,401  $83,818 

       10

   Intangible assets, net, consisted of the following as of  September 30, 2025 and  December 31, 2024, respectively:

       As of September 30, 2025  
   Gross Carrying    Accumulated    Intangible  
 (in thousands)   Amount    Amortization    Assets, Net  
 Customer relationships - subject to amortization  $84,459  $(22,088) $62,371 
 Covenant not to compete - subject to amortization   3,229   (1,555)  1,674 
 Technology and know-how - subject to amortization   8,900   (1,458)  7,442 
 Trade name -