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Joint Venture

6 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Kreher Steel Co., LLC is a 50% owned joint venture of the Company. It is a metals distributor of bulk quantities of alloy, special bar quality and stainless steel bars, headquartered in Melrose Park, Illinois.

The following information summarizes financial data for this joint venture for the three months ended June 30, 2013 and 2012:



	June 30,
	2013		2012
Net sales	$	57,451	$	67,662
Cost of materials	48,152		56,267
Income before taxes	3,695		4,433
Net income	2,988		3,466

The following information summarizes financial data for this joint venture for the six months ended June 30, 2013 and 2012:



	June 30,
	2013		2012
Net sales	$	114,780	$	144,467
Cost of materials	96,371		119,665
Income before taxes	7,051		11,534
Net income	5,926		9,482

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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