Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 733

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 6
Chunk 733
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0% of consolidated inventory, and $38.2, or 9.9% of consolidated inventory, respectively, was reported under the LIFO method of accounting.  
    
   During 2024, the Company recorded $5.7 million of LIFO income as a result of decreased metals pricing during 2024. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. During 2023, the Company recorded $8.3 million of LIFO income as a result of decreased metals pricing during 2023. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold.
    
   The Company's tubular and pipe inventory quantities were reduced during 2024 and 2023, resulting in a liquidation of LIFO inventory layers (a LIFO decrement). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the years ended  December 31, 2024 and 2023, the effect of the LIFO decrement impacted cost of materials sold by an immaterial amount.
    
   If the FIFO method had been in use, inventories would have been $6.3 million and $12.0 million higher than reported at  December 31, 2024 and 2023, respectively.

     61

       6. 
       Property and Equipment: 

   Property and equipment consists of the following:

        (in thousands) 
       Depreciable Lives
        
       December 31, 2024
        
       December 31, 2023

        Land 
        
       -
        
       $
       18,161
        
       $
       16,676

        Land improvements 
        
       5 - 10

       4,825

       4,685

        Buildings and improvements 
        
       7 - 30

       164,545

       158,335

        Machinery and equipment 
        
       2 - 15

       275,006

       254,777

        Furniture and fixtures 
        
       3 - 7

       6,932

       6,849

        Computer software and equipment 
        
       2 - 5

       26,