Business 4 Item 1A. Risk Factors 15 Item 1B. Unresolved Staff Comments 24 Item 2. Richard T. Marabito has served as our Chief Executive Officer since January 2019. Cutting-to-length involves cutting metal along the width of the coil. Our machining activities include drilling, milling, tapping, boring and sawing. Tube processing includes tube bending and end finishing. These products typically take several months to produce due to their size and complexity. We have different competitors for each of our products and within each region. xa0; Page 10 At December 31, 2020, we employed approximately 1,626 people. We have no long-term, fixed-price metals purchase contracts. Certain of these competitors have financial and operating resources in excess of ours. 8) The lease on this facility expires on July 1, 2021, with renewal options. ( He also served as Treasurer from 1994 through 2002 and again from 2010 through 2012. xa0; Page 28 ITEM 6. We distribute these products primarily through a direct sales force. During 2020, we recorded LIFO income of $1.5 million compared to $3.7 million in 2019. There were no shares repurchased during 2018. The ABL Credit Facility matures on December 8, 2022. On an on-going basis, we monitor and evaluate our estimates and assumptions. The fair value of marketable securities is based on quoted market prices. LIFO inventories are stated at the lower of cost or market. 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. 2016-02, “Leases,” which specifies the accounting for leases. See Note 8 to the Consolidated Financial Statements. xa0; We conducted our audits in accordance with the standards of the PCAOB. xa0;We believe that our audit provides a reasonable basis for our opinion. The Company has implemented actions to maintain its financial health and liquidity. Occasionally the Company may also have longer-term agreements with customers. This fabrication business is immaterial to the Company\'s consolidated results. The amendment includes the assets acquired from Action Stainless on December 14, 2020. The interest rate hedge fixed the rate at 2.57%. There have been no changes in the methodologies used at December 31, 2020. The annual awards for 2020 and 2019 per director were $80,000. The operating segments are based primarily on internal management reporting. I have reviewed this annual report on Form 10-K of Olympic Steel, Inc.; & 2. Plate Products [Member] Plate products sold by the reporting entity.