Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 3 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:

	March 31, 2022			December 31, 2021
Land and land improvements	$	10,271		$	10,377
Buildings		63,090			63,166
Machinery and equipment		347,068			345,118
Construction-in-process		11,414			11,019
Other		6,798			6,798
		438,641			436,478
Accumulated depreciation and amortization		(282,156	)		(277,915	)
Property, plant and equipment, net	$	156,485		$	158,563

The majority of the assets of the Corporation, except real property including the land and building of Union Electric Steel UK Limited, an indirect subsidiary of the Corporation (“UES-UK”), is pledged as collateral for the Corporation’s revolving credit facility (Note 6). Land and buildings of UES-UK, equal to $2,787 (£2,122) at March 31, 2022, are held as collateral by the trustees of the UES-UK defined benefit pension plan (Note 7). The gross value of assets under finance leases and the related accumulated amortization approximated $4,391 and $1,348, respectively, as of March 31, 2022, and $3,882 and $1,263, respectively, at December 31, 2021. Depreciation expense approximated $4,389 and $4,494, including depreciation of assets under finance leases of approximately $120 and $118, for the three months ended March 31, 2022, and 2021, respectively.