Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 727

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 727
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 allocations presented below are based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using Level 3 valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not limited to, the timing and amounts of future cash flows, revenue growth rates, discount rates, and royalty rates. The table below summarizes the final purchase price allocations of the fair market values of the assets acquired and the liabilities assumed.  

     Details of Acquisition (in thousands)  Metal Works As of November 11, 2024  CTB As of October 2, 2023  Metal-Fab As of January 3, 2023 
 Assets acquired             
 Cash and cash equivalents  $-  $-  $1,728 
 Accounts receivable, net   2,166   5,339   10,597 
 Prepaid expenses and other   2   -   740 
 Inventories, net   3,451   3,906   17,236 
 Property and equipment   13,662   16,193   20,408 
 Goodwill   31,727   8,401   33,194 
 Intangible assets   29,890   9,590   54,740 
 Right-of-use and other long-term assets   -   917   6,930 
 Total assets acquired   80,898   44,346   145,573 
 Total liabilities assumed   (898)  (4,054)  (14,369)
 Cash paid  $80,000  $40,292  $131,204 

   The accompanying Consolidated Statements of Comprehensive Income include the revenues and expenses of Metal Works, CTB and Metal-Fab since  November 11, 2024,  October 2, 2023 and  January 3, 2023, respectively.  Metal Work's and Metal-Fab's operations are included within the carbon flat-rolled segment and CTB's operations are included within the tubular and pipe segment. The combined net sales for the 2024 and 2023 acquisitions totaled $4.7 million and $110.3 million, respectively. 

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   In connection with the acquisition of Metal Works, the