Debt	6 Months Ended
Jun. 30, 2011
Debt
Debt	Note 5 - Debt The Company has a secured Revolving Credit Agreement (the "Revolver") with availability of up to $250.0 million. The Revolver includes an "accordion" feature under which the Company may increase the Revolver's availability by $75.0 million to a maximum of $325.0 million, subject to certain customary conditions and the agreement of current or new lenders to accept a portion of the increased commitment. To date, the Company has not sought to borrow under the accordion feature. Obligations under the Revolver are guaranteed by the Company's present and future subsidiaries (other than immaterial subsidiaries, joint ventures and certain foreign subsidiaries) and are secured by a lien on substantially all of the personal property assets of the Company and subsidiary guarantors, except that the lien on the shares of first-tier foreign subsidiaries is limited to 65% of such shares. The Revolver requires the Company to maintain a minimum consolidated interest coverage ratio of no less than 3.50 to 1.00 and a maximum consolidated leverage ratio of not more than 2.50 to 1.00. At June 30, 2011, the Company's interest coverage ratio was 23.27 to 1.00 and its leverage ratio was .68 to 1.00. Both of the financial covenants are tested quarterly for each trailing four-consecutive-quarter period. Other covenants in the Revolver limit consolidated capital expenditures to $50.0 million per year and also limit the Company's ability to incur additional indebtedness, make investments, merge with another corporation, dispose of assets and pay dividends. As of June 30, 2011, the Company was in compliance with all of the covenants under the Revolver. The Company has the option to specify that interest be calculated based either on a London interbank offered rate ("LIBOR") or on a variable base rate, plus, in each case, a calculated applicable margin. The applicable margins range from 1.25% to 2.00% for base rate loans and 2.25% to 3.00% for LIBOR loans. The Revolver also requires the payment of a fee of 0.375% to 0.5% per annum on the unused commitment and a fee on the undrawn amount of letters of credit at a rate equal to the applicable margin for LIBOR loans. The applicable margins and unused commitment fees are subject to adjustment quarterly based upon the leverage ratio. The Revolver provides for interest-only payments during its term, with all unpaid principal due at maturity on March 8, 2013. Outstanding borrowings under the Revolver totaled $120.0 million at June 30, 2011 and December 31, 2010. At June 30, 2011, the weighted average interest rate for the outstanding borrowings under the Revolver was 2.71%, and the weighted average interest rate for the outstanding borrowings under the Revolver together with the related interest rate swap agreements was 2.99%. See Note 7 for further discussion of the interest rate swap agreements. The Company incurred fees and expenses of $2.6 million related to the Revolver. These fees and expenses were deferred and are being amortized to interest expense over the three-year term of the Revolver. On August 2, 2011, in connection with the acquisition of VAC Holding GmbH ("VAC"), the Company terminated this Revolver and entered into a new long-term financing agreement. See Note 14 for complete information. The Company's Finnish subsidiary, OMG Kokkola Chemicals Oy ("OMG Kokkola"), has a €25 million credit facility agreement (the "Kokkola Credit Facility"). Under the Kokkola Credit Facility, subject to the lender's discretion, OMG Kokkola can draw short-term loans, ranging from one to six months in duration, in U.S. dollars at LIBOR plus a margin of 0.55%. The Kokkola Credit Facility has an indefinite term, and either party can immediately terminate the Kokkola Credit Facility after providing notice to the other party. The Company agreed to unconditionally guarantee all of the obligations of OMG Kokkola under the Kokkola Credit Facility. There were no borrowings outstanding under the Kokkola Credit Facility at June 30, 2011 or December 31, 2010. On August 2, 2011, in connection with the acquisition of VAC Holding GmbH ("VAC"), the Company terminated the Kokkola Credit Facility. See Note 14 for complete information.

Note 5 - Debt

The Company has a secured Revolving Credit Agreement (the "Revolver") with availability of up to $250.0 million. The Revolver includes an "accordion" feature under which the Company may increase the Revolver's availability by $75.0 million to a maximum of $325.0 million, subject to certain customary conditions and the agreement of current or new lenders to accept a portion of the increased commitment. To date, the Company has not sought to borrow under the accordion feature. Obligations under the Revolver are guaranteed by the Company's present and future subsidiaries (other than immaterial subsidiaries, joint ventures and certain foreign subsidiaries) and are secured by a lien on substantially all of the personal property assets of the Company and subsidiary guarantors, except that the lien on the shares of first-tier foreign subsidiaries is limited to 65% of such shares.

The Revolver requires the Company to maintain a minimum consolidated interest coverage ratio of no less than 3.50 to 1.00 and a maximum consolidated leverage ratio of not more than 2.50 to 1.00. At June 30, 2011, the Company's interest coverage ratio was 23.27 to 1.00 and its leverage ratio was .68 to 1.00. Both of the financial covenants are tested quarterly for each trailing four-consecutive-quarter period. Other covenants in the Revolver limit consolidated capital expenditures to $50.0 million per year and also limit the Company's ability to incur additional indebtedness, make investments, merge with another corporation, dispose of assets and pay dividends. As of June 30, 2011, the Company was in compliance with all of the covenants under the Revolver.

The Company has the option to specify that interest be calculated based either on a London interbank offered rate ("LIBOR") or on a variable base rate, plus, in each case, a calculated applicable margin. The applicable margins range from 1.25% to 2.00% for base rate loans and 2.25% to 3.00% for LIBOR loans. The Revolver also requires the payment of a fee of 0.375% to 0.5% per annum on the unused commitment and a fee on the undrawn amount of letters of credit at a rate equal to the applicable margin for LIBOR loans. The applicable margins and unused commitment fees are subject to adjustment quarterly based upon the leverage ratio. The Revolver provides for interest-only payments during its term, with all unpaid principal due at maturity on March 8, 2013. Outstanding borrowings under the Revolver totaled $120.0 million at June 30, 2011 and December 31, 2010. At June 30, 2011, the weighted average interest rate for the outstanding borrowings under the Revolver was 2.71%, and the weighted average interest rate for the outstanding borrowings under the Revolver together with the related interest rate swap agreements was 2.99%. See Note 7 for further discussion of the interest rate swap agreements.

The Company incurred fees and expenses of $2.6 million related to the Revolver. These fees and expenses were deferred and are being amortized to interest expense over the three-year term of the Revolver. On August 2, 2011, in connection with the acquisition of VAC Holding GmbH ("VAC"), the Company terminated this Revolver and entered into a new long-term financing agreement. See Note 14 for complete information.

The Company's Finnish subsidiary, OMG Kokkola Chemicals Oy ("OMG Kokkola"), has a €25 million credit facility agreement (the "Kokkola Credit Facility"). Under the Kokkola Credit Facility, subject to the lender's discretion, OMG Kokkola can draw short-term loans, ranging from one to six months in duration, in U.S. dollars at LIBOR plus a margin of 0.55%. The Kokkola Credit Facility has an indefinite term, and either party can immediately terminate the Kokkola Credit Facility after providing notice to the other party. The Company agreed to unconditionally guarantee all of the obligations of OMG Kokkola under the Kokkola Credit Facility. There were no borrowings outstanding under the Kokkola Credit Facility at June 30, 2011 or December 31, 2010. On August 2, 2011, in connection with the acquisition of VAC Holding GmbH ("VAC"), the Company terminated the Kokkola Credit Facility. See Note 14 for complete information.