Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 175

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 175
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 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 Company identified and valued certain intangible assets, including the Metal Works trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were valued on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The trade name intangible asset was valued at $5.2 million, and the useful life was determined to be indefinite primarily due to their history,