Joint Venture

Kreher Steel Co., LLC is a 50% owned joint venture of the Company. It is a metals distributor of bulk quantities of alloy, special bar quality and stainless steel bars, headquartered in Melrose Park, Illinois.

The following information summarizes the Company’s participation in the joint venture as of and for the year ended December 31:



	2012		2011		2010
Equity in earnings of joint venture	$	7,224	$	11,727	$	5,585
Investment in joint venture	38,854		36,460		27,879
Sales to joint venture	455		362		973
Purchases from joint venture	695		884		223

The following information summarizes financial data for this joint venture as of and for the year ended December 31:



	2012		2011		2010
Revenues	$	257,776	$	269,657	$	188,107
Net income	14,603		23,643		11,035
Current assets	92,421		111,263		71,611
Non-current assets	26,099		22,979		17,880
Current liabilities	14,315		59,952		32,828
Non-current liabilities	27,845		3,089		2,872
Members’ equity	76,360		71,199		53,791
Capital expenditures	5,259		6,736		2,271
Depreciation and amortization	2,034		1,603		1,720