Business Segments

3 Months Ended

Mar. 31, 2013

Segment Reporting Disclosure [Abstract]

Business Segments

Note 9. Business Segments

Following is certain financial information with respect to the Company's business segments for the periods indicated (in millions):

	Three Months Ended
	March 31,
	2013		2012
Total sales:
High Performance Metals	$	538.3	$	607.7
Flat-Rolled Products		562.6		643.2
Engineered Products		113.8		143.8
		1,214.7		1,394.7
Intersegment sales:
High Performance Metals		19.9		26.4
Flat-Rolled Products		4.5		7.2
Engineered Products		10.9		8.6
		35.3		42.2
Sales to external customers:
High Performance Metals		518.4		581.3
Flat-Rolled Products		558.1		636.0
Engineered Products		102.9		135.2
	$	1,179.4	$	1,352.5
Operating profit:
High Performance Metals	$	75.3	$	104.1
Flat-Rolled Products		2.4		46.8
Engineered Products		0.6		12.3
Total operating profit		78.3		163.2
Corporate expenses		(12.4)		(21.7)
Interest expense, net		(14.4)		(19.9)
Closed company and other expenses		(3.7)		(6.9)
Retirement benefit expense		(32.5)		(30.6)
Income before income taxes	$	15.3	$	84.1

Retirement benefit expense represents defined benefit plan pension expense, and other postretirement benefit expense for both defined benefit and defined contribution plans. Operating profit with respect to the Company's business segments excludes any retirement benefit expense.Costs associated with multiemployer pension plans are included in segment operating profit, and costs associated with defined contribution pension plans are included in segment operating profit or corporate expenses, as applicable.

       Corporate expenses for the three months ended March 31, 2013 were $12.4 million compared to $21.7 million for the three months ended March 31, 2012. The decrease in corporate expenses was primarily related to lower incentive compensation expenses associated with annual and long-term performance plans.

       Closed company and other expenses primarily includes charges incurred in connection with closed operations and other non-operating income or expense. These items are presented primarily in selling and administrative expenses and in other expense in the statement of operations. These items resulted in net charges of $3.7 million for the three months ended March 31, 2013 and $6.9 million for the three months ended March 31, 2012. The decrease over the prior year quarter was primarily related to a decrease in environmental and legal expenses associated with closed operations.