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Joint Venture

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Kreher Steel Company, LLC is a 50% owned joint venture of the Company. Kreher is a national distributor and processor of carbon and alloy steel bar products, headquartered in Melrose Park, Illinois.

The following information summarizes financial data for this joint venture for the three months ended June 30, 2014 and 2013:



	Three months ended June 30,
	2014		2013
Net sales	$	62,608	$	57,451
Cost of materials	52,100		48,152
Income before taxes	4,639		3,695
Net income	3,588		2,988

The following information summarizes financial data for this joint venture for the six months ended June 30, 2014 and 2013:



	Six months ended June 30,
	2014		2013
Net sales	$	127,859	$	114,780
Cost of materials	106,403		96,371
Income before taxes	9,443		7,051
Net income	7,402		5,926

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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