Joint Venture

Kreher Steel Company, LLC is a 50% owned joint venture of the Company. Kreher is a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois.

The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31:



	2014		2013		2012
Equity in earnings of joint venture	$	7,691	$	6,987	$	7,224
Investment in joint venture	37,443		41,879		38,854
Sales to joint venture	188		198		455
Purchases from joint venture	224		86		695

The following information summarizes financial data for this joint venture as of and for the year ended December 31:



	2014		2013		2012
Revenues	$	259,487	$	230,351	$	257,776
Net income	15,555		13,720		14,603
Current assets	93,679		82,827		94,241
Non-current assets	26,377		25,615		26,099
Current liabilities	11,896		10,548		14,315
Non-current liabilities	35,469		16,103		27,845
Members’ equity	72,691		81,791		76,360
Capital expenditures	3,042		1,836		5,220
Depreciation and amortization	2,294		2,217		2,034