Derivative Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedges, Assets [Abstract]

Derivative Instruments

Derivative Instruments

Commodity Price Risk

In March 2015, we entered into nickel forward derivative contracts to establish a fixed margin and mitigate the risk of price volatility related to certain sales expected in 2015 and 2016 of nickel-containing finished products that were priced on a formula that included a fixed nickel price component. These forward derivative contracts have beendesignated as cash flow hedges for accounting purposes and had a fair value of$(0.3) millionat March 31, 2015.

In May 2013, we entered into nickel forward derivative contracts to establish a fixed margin and mitigate the risk of price volatility related to certain sales expected in 2013 and 2014 of nickel-containing finished products that were priced on a formula that included a fixed nickel price component. These forward derivative contracts weredesignated as cash flow hedges for accounting purposes and had a fair value of less than$0.1 millionat March 31, 2014.

There wasnohedge ineffectiveness in the three months ended March 31, 2015 or 2014 for these hedges.