Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 389

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 389
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 31, 2023  $34,259  $9,431  $8,401  $52,091 
 Acquisitions   31,727   -   -   31,727 
 Impairments   -   -   -   - 
 Balance as of December 31, 2024  $65,986  $9,431  $8,401  $83,818 

     62

   Intangible assets, net, consisted of the following as of  December 31, 2024 and 2023, respectively:

       As of Balance at December 31, 2024  
 (in thousands)   Gross Carrying Amount    Accumulated Amortization    Intangible Assets, Net  
             
 Customer relationships - subject to amortization  $84,459  $(18,513) $65,946 
 Covenant not to compete - subject to amortization   3,229   (1,110)  2,119 
 Technology and know-how - subject to amortization   8,900   (922)  7,978 
 Trade name - not subject to amortization   42,068   -   42,068 
  $138,656  $(20,545) $118,111 

       As of December 31, 2023  
 (in thousands)   Gross Carrying Amount    Accumulated Amortization    Intangible Assets, Net  
             
 Customer relationships - subject to amortization  $62,559  $(15,084) $47,475 
 Covenant not to compete - subject to amortization   2,339   (679)  1,660 
 Technology and know-how - subject to amortization   7,000   (382)  6,618 
 Trade name - not subject to amortization   36,868   -   36,868 
  $108,766  $(16,145) $92,621 

   The useful life of the customer relationships was determined to be ten to 26 years, based primarily on the consistent and predictable revenue source associated with the existing customer base, the present value of which extends through the amortization period. The useful life of the non-compete