Related Parties

6 Months Ended

Jun. 30, 2026

Related Party Transactions [Abstract]

Related Parties

Note 17 – Related Parties

Åkers TISCO Roll Co., Ltd. (“ATR”), a 59.88% indirectly owned joint venture of UES, has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation’s other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three and six months ended June 30, 2026 and 2025 were as follows:

	Three Months Ended June 30,
	2026		2026		2025		2025
	USD		RMB		USD		RMB
Purchases from related parties	$	1,557		10,554	$	1,936		13,981
Sales to related parties	$	5,014		34,153	$	4,171		30,119

	Six Months Ended June 30,
	2026		2026		2025		2025
	USD		RMB		USD		RMB
Purchases from related parties	$	4,044		27,786	$	4,012		29,070
Sales to related parties	$	10,210		70,154	$	9,210		66,740

Purchases from related parties are included in costs of products sold (excluding depreciation and amortization) and selling and administrative on the condensed consolidated statements of operations or inventories on the condensed consolidated balance sheets.

Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture’s shareholder and its affiliates as of June 30, 2026 and December 31, 2025 were as follows:

	June 30, 2026		June 30, 2026		December 31, 2025		December 31, 2025
	USD		RMB		USD		RMB
Accounts receivable from related parties	$	1,950		13,085	$	2,390		16,723
Accounts payable to related parties	$	526		3,574	$	69		481

The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payments based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $31 (RMB 223) for each of the three months ended June 30, 2026 and 2025 and $61 (RMB 446) for each of the six months ended June 30, 2026 and 2025, which is included in purchases from related parties.

For the six months ended June 30, 2026, the Corporation had purchases from UES-UK to fulfill orders on existing customer contracts. No purchases occurred during the second quarter of 2026. These purchases, which were in the ordinary course of business, for the six months ended June 30, 2026 were as follows:

	Six Months Ended June 30, 2026
Purchases from UES-UK	$	1,723

Purchases from UES-UK are included in costs of products sold (excluding depreciation and amortization) on the condensed consolidated statement of operations for the three and six months ended June 30, 2026.

Balances outstanding with UES-UK were as follows:

	June 30, 2026		December 31, 2025
Accounts payable to UES-UK	$	134	$	1,758