Investment in Joint Venture

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

Investment in Joint Venture

During the six months ended June 30, 2015, we received cash dividends from Dowa Olin Metal Corporation (the "Dowa Joint Venture") of $0.4 million, which were recorded as a reduction in our investment in the Dowa Joint Venture. No dividends were received during the six months ended June 30, 2014.

On April 3, 2015, we sold our 50% share of the Dowa Joint Venture to our joint venture partner, DOWA Metaltech Co. Ltd. for $8.0 million. Thus, we no longer own any portion of the Dowa Joint Venture. During the three months ended June 30, 2015, we recognized a gain of $6.3 million and related tax expense of $1.5 million on the sale.