Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 71

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 71
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million and were included in "Other long-term liabilities" on the accompanying Consolidated Balance Sheets. 

    13.  Commitments and Contingencies: 

   The Company is party to various legal actions that it believes are ordinary in nature and incidental to the operation of its business. In the opinion of management, the outcome of the proceedings to which the Company is currently a party will not have a material adverse effect upon its results of operations, financial condition or cash flows.
    
   In the normal course of business, the Company periodically enters into agreements that incorporate indemnification provisions. While the maximum amount to which the Company  may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a material adverse effect on the Company’s results of operations or financial condition.
    
   At  December 31, 2024, approximately 229 of the hourly plant personnel are represented by seven separate collective bargaining units. The table below shows the expiration dates of the collective bargaining agreements.
    
    Facility  Expiration date 
 Locust, North Carolina   March 4, 2025 
 St. Paul, Minnesota   May 25, 2025 
 Romeoville, Illinois   May 31, 2025 
 Minneapolis (coil), Minnesota   September 30, 2025 
 Indianapolis, Indiana   January 29, 2026 
 Minneapolis (plate), Minnesota   April 1, 2027 
Hammond, Indiana November 30, 2029

     69

    14.  Income Taxes: 

   The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows:

       As of December 31,  
 (in thousands)   2024    2023    2022  
 Current:             
 Federal  $7,669  $11,574  $27,865 
 International   29   1,047   102 
 State and local   1,138   2,529   5,691 
   8,836   15,150   33,658 
 Deferred   (511)  1,908   (967)
 Income tax provision  $8,325  $17,058  $32,691 

   The components of the Company’s deferred income taxes at  December 31 are as follows: