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Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets

In 2010, the Company acquired the Florence, Alabama facility, which manufactures bare mechanical alloy wire products, nails and aluminum rod for aerospace, general engineering, and automotive applications, in addition to other non-core end use applications. At September 30, 2013, the net book value of the Florence property, plant and equipment was $4.6, and the carrying value of the goodwill and intangible assets related to the Florence, Alabama facility were $3.1 and $3.2, respectively. The goodwill arising from the acquisition represents the commercial opportunity for the Company to sell small-diameter rod, bar and wire products to its core end market segments. The identifiable intangible assets acquired in the acquisition consisted of customer relationships and backlog.

The Company’s accounting policy is to perform an annual goodwill impairment test during the fourth quarter of each year or whenever events or changes in circumstances indicate that goodwill or the carrying value of intangible assets may not be recoverable. As of September 30, 2013, following a qualitative review of the Florence reporting unit, the Company performed a quantitative impairment test and determined that no impairment of its goodwill and intangible assets was required. However, given the potential for continued weakness in the current economy, customer supply chain rebalancing, changes in customer quality standards, and the resulting adverse impact  on sales volumes and product costs at the Florence, Alabama facility, it is possible that the carrying values of its related assets, including goodwill, could be impaired following the annual fourth quarter impairment test or within the next 12 months.