Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 10

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 10
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772 
                 
 Liabilities:                 
 Metal swaps  $-  $3,457  $-  $3,457 
 Total liabilities at fair value  $-  $3,457  $-  $3,457 

   The value of the items not recorded at fair value represent the carrying value of the liabilities.
    
   The carrying value of the ABL Credit Facility was $240.9 million and $272.5 million at  September 30, 2025 and  December 31, 2024, respectively.  Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to its recent refinancing and the variable interest rate on the ABL Credit Facility.

    10.  Accumulated Other Comprehensive Income: 

   On  August 15, 2024, the Company entered into a two-year forward starting fixed rate interest rate hedge in order to eliminate the variability of cash interest payments on $75 million of the outstanding SOFR based borrowings under the ABL Credit Facility. The interest rate hedge fixed the rate at 3.82%. The fair value of the interest rate hedge of $123.9 thousand, net of tax of $31.0 thousand, is included in "Accumulated other comprehensive income" on the Consolidated Balance Sheets at  September 30, 2025. 

    11.  Equity Plans: 

   Restricted Shares, Restricted Stock Units and Performance Stock Units
    
   Pursuant to the Amended and Restated Olympic Steel 2007 Omnibus Incentive Plan (the Incentive Plan), the Company  may grant stock options, stock appreciation rights, restricted shares (RS), restricted share units (RSU), performance shares, and other stock- and cash-based awards to employees and directors of, and consultants to, the Company and its affiliates. Since adoption of the Incentive Plan, 1,400,000 shares of common stock have been authorized for equity grants. On an annual basis, the compensation committee of the Company’s Board of Directors (the Committee) awards RSs or RSUs to each non-employee director as part of their annual compensation.
    
   The annual award for 2025 per director was $110,000 of RSs. Subject to the terms of the Incentive Plan and the RS agreement, one-third of the RS