Joint Venture

Kreher Steel Company, LLC ("Kreher") 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 financial data for this joint venture for the three and nine months ended September 30, 2015 and 2014, respectively:



	Three months ended September 30,					Nine months ended September 30,
	2015			2014		2015			2014
Net sales	$	36,885		$	68,202	$	130,505		$	196,061
Cost of materials	31,339			56,446		110,734			162,849
Income (loss) before taxes	(3,117		)	5,921		(367		)	15,364
Net income (loss)	(2,920		)	4,426		(268		)	11,828

As of September 30, 2015, Kreher conducted the first step of its annual goodwill impairment analysis and determined that there was a potential impairment. As of the date of issuing these financial statements, Kreher has not completed step two of its impairment testing but has estimated that the entire goodwill balance of $3,525 in Kreher's financial statements was impaired and accordingly has recognized a $1,763 impairment loss in equity in earnings (losses) of joint venture in the Condensed Consolidated Statements of Operations and Comprehensive Loss during the three and nine months ended September 30, 2015.