Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 741

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 741
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 Debt Maturities, Interest, Debt Carrying Values
    
   The Company’s principal payments over the next five years, as of  December 31, 2024, are detailed in the table below:

     (in thousands)   2025    2026    2027    2028    2029    Total  
 ABL Credit Facility  $-  $272,456  $-  $-  $-  $272,456 
 Total principal payments  $-  $272,456  $-  $-  $-  $272,456 

   The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 6.7%, 5.9% and 3.2% in 2024, 2023 and 2022, respectively. Interest paid totaled $15.3 million, $15.0 million and $9.6 million for the years ended  December 31, 2024, 2023 and 2022, respectively. Average total debt outstanding was $218.4 million, $239.4 million and $280.4 million in 2024, 2023 and 2022, respectively.

    10.  Derivative Instruments: 

   Metals swaps
    
   During 2024, 2023 and 2022, the Company entered into nickel swaps indexed to the London Metal Exchange (LME) price of nickel with third-party brokers. The nickel swaps are treated as derivatives for accounting purposes and were included in “Other accrued liabilities” and “Prepaid expenses and other” on the Consolidated Balance Sheets at  December 31, 2024. There were $3.5 million and $5.2 million of outstanding outstanding metals swaps at  December 31, 2024 and  December 31, 2023, respectively. The Company entered into the swaps to mitigate its customers’ risk of volatility in the price of metals. The swaps are settled with the brokers at maturity. The economic benefit or loss arising from the changes in fair value of the swaps is contractually passed through to the customer. The primary risk associated with the metals swaps is the ability of customers or third-party brokers to honor their agreements with the Company related to derivative instruments. If the customer or third