Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 56

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1C
Chunk 56
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26,770

       26,787

        Vehicles 
        
       2 - 5

       5,688

       5,112

        Financing lease 
        
       -

       4,812

       5,686

        Construction in progress 
        
       -

       12,963

       4,541

       519,702

       483,448

        Less accumulated depreciation and accumulated amortization of financing leases 

       (315,866
       )
        
       (297,340
       )

        Net property and equipment 

       $
       203,836
        
       $
       186,108

   Leasehold improvements are included with buildings and improvements and are depreciated over the life of the lease or seven years, whichever is less.
    
   Construction in progress as of  December 31, 2024 and 2023 primarily consisted of payments for additional processing equipment, equipment and building upgrades to our existing facilities that were not yet placed into service. 

    7.  Goodwill and Intangible Assets: 

   The Company’s intangible assets were recorded in connection with its acquisitions of Metal Works in 2024, CTB and Metal-Fab 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 (CTI) 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  December 31, 2024 and  December 31, 2023, respectively. The goodwill is deductible for tax purposes.

     (in thousands)   Carbon Flat Products    Specialty Metals Flat Products    Tubular and Pipe Products    Total  
 Balance as of December 31, 2022   1,065   9,431   -   10,496 
 Acquisitions   33,194   -   8,401   41,595 
 Impairments   -   -   -   - 
 Balance as of December 31, 2023  $34,259