CONDENSED CONSOLIDATING BALANCE SHEET

(In millions of dollars)

March 31, 2016



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	69.1	$	1.6	$	—		$	70.7
Short-term investments	—		10.0		—		—			10.0
Receivables:
Trade receivables – net	—		134.0		4.8		—			138.8
Intercompany receivables	93.6		23.1		1.3		(118.0		)	—
Other	—		5.9		2.7		—			8.6
Inventories	—		208.3		5.8		(3.5		)	210.6
Prepaid expenses and other current assets	0.1		8.5		0.8		(0.3		)	9.1
Total current assets	93.7		458.9		17.0		(121.8		)	447.8
Investments in and advances to subsidiaries	912.8		32.0		—		(944.8		)	—
Property, plant and equipment – net	—		473.1		31.4		—			504.5
Long-term intercompany receivables	—		—		3.9		(3.9		)	—
Deferred tax assets – net	—		190.5		—		7.0			197.5
Intangible assets – net	—		30.1		—		—			30.1
Goodwill	—		37.2		—		—			37.2
Other assets	—		19.4		0.1		—			19.5
Total	$	1,006.5	$	1,241.2	$	52.4	$	(1,063.5	)	$	1,236.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	0.6	$	64.6	$	5.0	$	—		$	70.2
Intercompany payable	17.9		99.3		4.5		(121.7		)	—
Accrued salaries, wages and related expenses	—		32.4		1.5		—			33.9
Other accrued liabilities	5.4		51.3		0.2		(0.4		)	56.5
Short-term capital leases	—		0.1		—		—			0.1
Total current liabilities	23.9		247.7		11.2		(122.1		)	160.7
Net liabilities of Salaried VEBA	—		18.7		—		—			18.7
Deferred tax liabilities	—		—		2.1		—			2.1
Long-term intercompany payable	—		3.9		—		(3.9		)	—
Long-term liabilities	—		66.2		6.3		—			72.5
Long-term debt	194.8		—		—		—			194.8
Total liabilities	218.7		336.5		19.6		(126.0		)	448.8

Total stockholders' equity	787.8		904.7		32.8		(937.5		)	787.8
Total	$	1,006.5	$	1,241.2	$	52.4	$	(1,063.5	)	$	1,236.6

CONDENSED CONSOLIDATING BALANCE SHEET

(In millions of dollars)

December 31, 2015



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	72.2	$	0.3	$	—		$	72.5
Short-term investments	—		30.0		—		—			30.0
Receivables:
Trade receivables – net	—		114.0		2.7		—			116.7
Intercompany receivables	—		111.2		1.1		(112.3		)	—
Other	—		3.8		2.3		—			6.1
Inventories	—		216.3		6.6		(3.3		)	219.6
Prepaid expenses and other current assets	0.2		56.2		1.7		(1.4		)	56.7
Total current assets	0.2		603.7		14.7		(117.0		)	501.6
Investments in and advances to subsidiaries	1,077.2		31.4		—		(1,108.6		)	—
Property, plant and equipment – net	—		464.3		31.1		—			495.4
Long-term intercompany receivables	—		—		3.1		(3.1		)	—
Deferred tax assets – net	—		156.3		—		7.0			163.3
Intangible assets – net	—		30.5		—		—			30.5
Goodwill	—		37.2		—		—			37.2
Other assets	—		19.5		0.1		—			19.6
Total	$	1,077.4	$	1,342.9	$	49.0	$	(1,221.7	)	$	1,247.6
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	0.5	$	73.6	$	2.6	$	—		$	76.7
Intercompany payable	106.5		14.8		4.0		(125.3		)	—
Accrued salaries, wages and related expenses	—		38.3		1.5		—			39.8
Other accrued liabilities	1.4		52.3		0.4		(1.4		)	52.7
Short-term capital leases	—		0.1		—		—			0.1
Total current liabilities	108.4		179.1		8.5		(126.7		)	169.3
Net liabilities of Salaried VEBA	—		19.0		—		—			19.0
Deferred tax liabilities	—		—		2.1		—			2.1
Long-term intercompany payable	—		3.1		—		(3.1		)	—
Long-term liabilities	—		81.3		6.2		—			87.5
Long-term debt	194.6		—		—		—			194.6
Total liabilities	303.0		282.5		16.8		(129.8		)	472.5

Total stockholders' equity	774.4		1,060.4		32.2		(1,091.9		)	775.1
Total	$	1,077.4	$	1,342.9	$	49.0	$	(1,221.7	)	$	1,247.6

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In millions of dollars)

Quarter Ended March 31, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	335.7		$	26.4		$	(18.9	)	$	343.2
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			257.1			23.1			(18.2		)	262.0
Lower of cost or market inventory write-down	—			4.9			—			—			4.9
Unrealized gain on derivative instruments	—			(4.0		)	—			—			(4.0		)
Depreciation and amortization	—			8.2			0.5			—			8.7
Selling, general, administrative, research and development:
Selling, general, administrative, research and development	0.8			23.6			2.2			(0.5		)	26.1
Net periodic postretirement benefit cost relating to Salaried VEBA	—			0.8			—			—			0.8
Gain on removal of Union VEBA net assets	—			(0.1		)	—			—			(0.1		)
Total selling, general, administrative, research and development	0.8			24.3			2.2			(0.5		)	26.8
Total costs and expenses	0.8			290.5			25.8			(18.7		)	298.4
Operating (loss) income	(0.8		)	45.2			0.6			(0.2		)	44.8
Other (expense) income:
Interest expense	(4.3		)	0.6			—			—			(3.7		)
Other (expense) income, net	—			0.3			—			—			0.3
Income (loss) before income taxes	(5.1		)	46.1			0.6			(0.2		)	41.4
Income tax (provision) benefit	—			(16.9		)	(0.2		)	2.0			(15.1		)
Earnings (loss) in equity of subsidiaries	31.4			0.3			—			(31.7		)	—
Net income (loss)	$	26.3		$	29.5		$	0.4		$	(29.9	)	$	26.3

Comprehensive income	$	27.2		$	30.3		$	0.5		$	(30.8	)	$	27.2

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME

(In millions of dollars)

Quarter Ended March 31, 2015



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Net sales	$	—		$	363.4		$	34.7	$	(26.4	)	$	371.7
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			296.4			31.6		(25.7		)	302.3
Unrealized loss on derivative instruments	—			4.5			—		—			4.5
Depreciation and amortization	—			7.7			0.3		—			8.0
Selling, general, administrative, research and development:
Selling, general, administrative, research and development	1.0			20.7			1.6		(0.6		)	22.7
Net periodic postretirement benefit cost relating to Salaried VEBA	—			0.6			—		—			0.6
Loss on removal of Union VEBA net assets	—			492.2			—		—			492.2
Total selling, general, administrative, research and development	1.0			513.5			1.6		(0.6		)	515.5
Total costs and expenses	1.0			822.1			33.5		(26.3		)	830.3
Operating (loss) income	(1.0		)	(458.7		)	1.2		(0.1		)	(458.6		)
Other (expense) income:
Interest expense	(9.5		)	(0.5		)	—		0.2			(9.8		)
Other (expense) income, net	—			0.5			0.1		(0.2		)	0.4
(Loss) income before income taxes	(10.5		)	(458.7		)	1.3		(0.1		)	(468.0		)
Income tax benefit	—			171.9			—		3.9			175.8
(Loss) earnings in equity of subsidiaries	(281.7		)	1.1			—		280.6			—
Net (loss) income	$	(292.2	)	$	(285.7	)	$	1.3	$	284.4		$	(292.2	)

Comprehensive (loss) income	$	(225.3	)	$	(218.9	)	$	1.4	$	217.5		$	(225.3	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions of dollars)

Three Months Ended March 31, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net cash provided by operating activities¹	$	17.2		$	201.4		$	2.7		$	(200.0	)	$	21.3
Cash flows from investing activities:
Capital expenditures	—			(25.3		)	(0.6		)	—			(25.9		)
Proceeds from disposition of available for sale securities	—			20.0			—			—			20.0
Net cash used in investing activities	—			(5.3		)	(0.6		)	—			(5.9		)
Cash flows from financing activities:
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares	(2.7		)	—			—			—			(2.7		)
Repurchase of common stock	(6.3		)	—			—			—			(6.3		)
Cash dividends paid to stockholders	(8.2		)	—			—			—			(8.2		)
Cash dividends paid to Parent	—			(200.0		)	—			200.0			—
Intercompany loan	—			0.8			(0.8		)	—			—
Net cash (used in) provided by financing activities	(17.2		)	(199.2		)	(0.8		)	200.0			(17.2		)
Net (decrease) increase in cash and cash equivalents during the period	—			(3.1		)	1.3			—			(1.8		)
Cash and cash equivalents at beginning of period	—			72.2			0.3			—			72.5
Cash and cash equivalents at end of period	$	—		$	69.1		$	1.6		$	—		$	70.7

________________


¹	The Guarantor Subsidiaries’ Net cash provided by operating activities reflects a decrease in current Intercompany receivables from the Parent and an increase in current Intercompany payable to the Parent related to the $200.0 million dividend made by the Guarantor Subsidiaries to the Parent. The dividend to the Parent and intercompany activity is eliminated within the consolidating adjustments.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions of dollars)

Three Months Ended March 31, 2015



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	37.8		$	(32.7	)	$	2.3		$	—	$	7.4
Cash flows from investing activities:
Capital expenditures	—			(6.7		)	(4.6		)	—		(11.3		)
Proceeds from disposition of available for sale securities	—			84.0			—			—		84.0
Net cash provided by (used in) investing activities	—			77.3			(4.6		)	—		72.7
Cash flows from financing activities:
Payment of capital lease liability	—			(0.1		)	—			—		(0.1		)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			1.0			—			—		1.0
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares	(2.5		)	—			—			—		(2.5		)
Repurchase of common stock	(28.2		)	—			—			—		(28.2		)
Cash dividend paid to stockholders	(7.1		)	—			—			—		(7.1		)
Intercompany loan	—			(1.9		)	1.9			—		—
Net cash (used in) provided by financing activities	(37.8		)	(1.0		)	1.9			—		(36.9		)
Net increase (decrease) in cash and cash equivalents during the period	—			43.6			(0.4		)	—		43.2
Cash and cash equivalents at beginning of period	—			175.3			2.4			—		177.7
Cash and cash equivalents at end of period	$	—		$	218.9		$	2.0		$	—	$	220.9