Accounts Receivable and Allowance for Doubtful Accounts

12 Months Ended

Dec. 31, 2011

Accounts Receivable and Allowance for Doubtful Accounts [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts [Text Block]

Note 7 – Accounts Receivable and Allowance for Doubtful Accounts

Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses with its existing accounts receivable. Reserves for customers filing for bankruptcy protection are dependent on the Company's evaluation of the likely proceeds from the respective bankruptcy process. Large and/or financially distressed customers are generally reserved for on a specific review basis while a general reserve is established for other customers based on historical experience. The Company performs a formal review of its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance when the Company feels it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to its customers. During 2011, the Company's five largest customers accounted for approximately 20% of its consolidated net sales with the largest customer (Arcelor-Mittal Group) accounting for approximately 9% of consolidated net sales.

At December 31, 2011 and December 31,2010, the Company had gross trade accounts receivable totaling $155,245 and $120,544 with trade accounts receivable greater than 90 days past due of $6,112 and $4,924, respectively. The following are changes in the allowance for doubtful accounts during the years ended December 31, 2011, December 31,2010 and December 31,2009:

								Exchange
				Charged				Rate
		Balance at		to Costs		Write-Offs		Changes		Balance
		Beginning		and		Charged to		And Other		at End
		of Period		Expenses		Allowance		Adjustments		of Period
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Year ended December 31, 2011	$	4,278	$	855	$	(607)	$	43	$	4,569
Year ended December 31, 2010	$	4,002	$	860	$	(538)	$	(46)	$	4,278
Year ended December 31, 2009	$	3,508	$	1,389	$	(918)	$	23	$	4,002