Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Note 4 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:


	September 30, 2023			December 31, 2022
Land and land improvements	$	9,711		$	9,887
Buildings and leasehold improvements		64,346			62,102
Machinery and equipment		351,480			339,134
Construction-in-process		23,350			16,005
Other		6,840			6,706
		455,727			433,834
Accumulated depreciation and amortization		(299,639	)		(278,836	)
Property, plant and equipment, net	$	156,088		$	154,998

The land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), with a book value equal to $2,589 (£2,122) at September 30, 2023, are held as collateral by the trustees of the UES-UK defined benefit pension plan (Note 8). Machinery and equipment purchased with proceeds from the equipment finance facility, with a book value equal to $13,210 at September 30, 2023, are included in construction-in-process and pledged as collateral for the facility (Note 7). The remaining assets, other than real property, of the Corporation are pledged as collateral for the Corporation’s revolving credit facility (Note 7).

Certain land and land improvements and buildings and leasehold improvements are included in the sale and leaseback financing transactions and disbursement agreement (Note 7). Title to these assets lies with the lender; however, since the transactions qualified as financing transactions, versus sales, the assets remain recorded on the Corporation’s condensed consolidated balance sheet.

The gross value of assets under finance leases and the related accumulated amortization approximated $3,953 and $1,777, respectively, as of September 30, 2023 and $3,917 and $1,577, respectively, at December 31, 2022. Depreciation expense approximated $4,295 and $4,117, including depreciation of assets under finance leases of approximately $115 and $77, for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense approximated $12,844 and $12,854, including depreciation of assets under finance leases of approximately $252 and $337, for the nine months ended September 30, 2023 and 2022, respectively.