Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 757

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 757
---
. Benefits are subject to a vesting schedule of up to seven years.
    
   The Company, through its CTI subsidiary, contributes to a multiemployer pension plan. CTI contributes to the Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires  May 31, 2025. CTI contributions to the Multiemployer Plan were immaterial for the years ended  December 31, 2024, 2023 and 2022.
    
   Retirement plan expense, which includes all Company 401(k), SERP defined contributions and the Multiemployer Plan, amounted to $4.6 million, $4.7 million and $4.1 million for the years ended  December 31, 2024, 2023 and 2022, respectively. 
    
   The fair values of the Company's SERP assets as of  December 31, 2024 and 2023 were $15.1 million and $11.6 million, respectively, and are measured at Net Asset Value (NAV). The fair value of the SERP assets are included in Other Long Term Assets on the Consolidated Balance Sheets.

    19.  Related-Party Transactions: 

   The Company’s Executive Chairman of the Board owns 50% of an entity that owns one of the Cleveland warehouses and leases it to the Company at a fair market value annual rental of $0.2 million. The lease expires on  December 31, 2028 with two five-year renewal options.

     74

   Schedule II – Valuation and Qualifying Accounts
   (in thousands)

           Additions          
 Description   Balance at Beginning of Period    Charged to Costs and Expenses    Charged to Other Accounts    Deductions    Balance at End of Period  
                     
 Year Ended December 31, 2022                     
 Allowance for credit losses  $2,502  $2,184  $-  $(855) $3,831 
 Tax valuation reserve  $1,197  $-  $-  $(278) $919 
                     
 Year Ended December 31, 2023                     
 Allowance for credit losses  $3,831  $(425) $-  $(776) $2,