Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 298

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 298
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 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  $9,431  $8,401  $52,091 
 Acquisitions   31,727   -   -   31,727 
 Impairments   -   -   -   - 
 Balance as of December 31, 2024  $65,986  $9,431  $8,401  $83,818 

     62

   Intangible assets, net, consisted of the following as of  December 31, 2024 and 2023, respectively:

       As of Balance at December 31, 2024  
 (in thousands)   Gross Carrying Amount    Accumulated Amortization    Intangible Assets, Net  
             
 Customer relationships - subject to amortization