Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 5

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 5
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 finished   99,741   116,958 
 Totals  $368,024  $390,626 

   The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of  June 30, 2025 and  December 31, 2024, approximately $35.1 million, or 9.5% of consolidated inventory, and $31.3 million, or 8.0% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.
    
   During the three and six months ended  June 30, 2025, the Company recorded $0.8 million of LIFO expense. During the three and six months ended  June 30, 2024, the Company recorded $1.0 million and $0.6 million of LIFO income, respectively.
    
   If the FIFO method had been in use, inventories would have been $7.1 million higher than reported as of  June 30, 2025 and $6.3 million higher than reported at  December 31, 2024.

    5.  Goodwill and Intangible Assets: 

   The Company's intangible assets were recorded in connection with its acquisitions of MetalWorks in 2024, Central Tube and Bar, Inc. and Metal-Fab, Inc. 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 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  June 30, 2025 and  December 31, 2024, respectively. The goodwill is deductible for tax purposes.

       Carbon Flat    Specialty Metals    Tubular and      
 (in thousands)   Products    Flat Products    Pipe Products    Total  
 Balance as of December 31,