Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 295

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 295
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850)  94,619 
                 
 Basic earnings per share   7.87   1.43   (1.11)  8.19 
 Diluted earnings per share   7.87   1.43   (1.11)  8.19 

    3.  Revenue Recognition 

   The Company provides metals processing, distribution and delivery of large volumes of processed carbon, coated flat-rolled sheet, coil and plate products, aluminum, and stainless flat-rolled products, prime tin mill products, flat bar products, metal tubing, pipe, bar, valves, fittings, fabricated parts and metal-intensive end-use products. The Company's contracts with customers are comprised of purchase orders with standard terms and conditions. Occasionally the Company  may also have longer-term agreements with customers. Substantially all of the contracts with customers require the delivery of metals, which represent single performance obligations that are satisfied at a point in time upon transfer of control of the product to the customer.

     59

   Transfer of control is assessed based on the use of the product distributed and rights to payment for performance under the contract terms. Transfer of control and revenue recognition for substantially all of the Company’s sales occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms. The shipping terms depend on the customer contract. An invoice for payment is issued at time of shipment and terms are generally net 30 days.
    
   Within the metals industry, revenue is frequently disaggregated by products sold. The tables below disaggregates the Company’s revenues by segment and products sold for the year ended  December 31, 2024, 2023 and 2022, respectively.

       Disaggregated Revenue by Products Sold  
   For the Twelve Months Ended December 31, 2024  
   Carbon flat products    Specialty metals flat products    Tubular and pipe products    Total  
 Hot Rolled   28.0%  -   -   28.0%
 Plate   11.2%  -   -   11.2%
 Cold Rolled   4.3%  -   -   4.3%
 Coated   12.4%  -   -   12.4%
 Specialty   -   25.6%  -   25