Property, Plant and Equipment

6 Months Ended

Jun. 30, 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:

	June 30, 2022			December 31, 2021
Land and land improvements	$	9,935		$	10,377
Buildings		61,807			63,166
Machinery and equipment		340,376			345,118
Construction-in-process		12,105			11,019
Other		6,812			6,798
		431,035			436,478
Accumulated depreciation and amortization		(275,972	)		(277,915	)
Property, plant and equipment, net	$	155,063		$	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 $2,577 (£2,122) at June 30, 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 $4,680 and $1,406, respectively, as of June 30, 2022, and $3,882 and $1,263, respectively, at December 31, 2021. Depreciation expense approximated $4,348 and $4,367, including depreciation of assets under finance leases of approximately $140 and $100, for the three months ended June 30, 2022, and 2021, respectively. Depreciation expense approximated $8,737 and $8,861, including depreciation of assets under finance leases of approximately $260 and $218, for the six months ended June 30, 2022, and 2021, respectively.