Condensed consolidating financial information

Our 8.0% senior secured notes due 2014 and 7.5% senior unsecured notes due 2014 are guaranteed by each of our material existing and future domestic subsidiaries, except for Nordural US LLC. Each subsidiary guarantor is 100% owned by Century. All guarantees are full and unconditional; all guarantees are joint and several. These notes are not guaranteed by our foreign subsidiaries (such subsidiaries and Nordural US LLC, collectively the “Non-Guarantor Subsidiaries”). We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized condensed consolidating balance sheets as of June 30, 2012 and December 31, 2011, condensed consolidating statements of operations for the three and six months ended June 30, 2012 and June 30, 2011, condensed consolidating statement of comprehensive income for the three and six months ended June 30, 2012 and June 30, 2011 and the condensed consolidating statements of cash flows for the six months ended June 30, 2012 and June 30, 2011 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts.

This summarized condensed consolidating financial information may not necessarily be indicative of the results of operations or financial position had Century, the guarantor subsidiaries or the non-guarantor subsidiaries operated as independent entities.



CONDENSED CONSOLIDATING BALANCE SHEET
As of June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	—		$	138,699		$	17,813		$	—		$	156,512
Accounts receivable — net	58,909			13,027			—			—			71,936
Due from affiliates	592,844			7,753			2,447,116			(3,013,042		)	34,671
Inventories	92,417			66,121			—			—			158,538
Prepaid and other current assets	2,396			36,760			3,975			—			43,131
Total current assets	746,566			262,360			2,468,904			(3,013,042		)	464,788
Investment in subsidiaries	42,471			—			(1,004,314		)	961,843			—
Property, plant and equipment — net	326,414			880,945			980			(310		)	1,208,029
Other assets	21,840			58,061			38,883			(12,500		)	106,284
Total	$	1,137,291		$	1,201,366		$	1,504,453		$	(2,064,009	)	$	1,779,101
Liabilities:
Accounts payable, trade	$	30,380		$	39,220		$	760		$	—		$	70,360
Due to affiliates	2,105,339			101,135			181,868			(2,345,287		)	43,055
Accrued and other current liabilities	12,239			34,699			10,278			(12,500		)	44,716
Accrued employee benefits costs — current portion	13,840			—			2,267			—			16,107
Industrial revenue bonds	7,815			—			—			—			7,815
Total current liabilities	2,169,613			175,054			195,173			(2,357,787		)	182,053
Senior notes payable	—			—			250,036			—			250,036
Accrued pension benefit costs — less current portion	37,462			—			30,300			—			67,762
Accrued postretirement benefit costs — less current portion	122,995			—			5,434			—			128,429
Other liabilities/intercompany loan	64,474			640,070			3,211			(668,065		)	39,690
Deferred taxes — less current portion	—			90,832			—			—			90,832
Total noncurrent liabilities	224,931			730,902			288,981			(668,065		)	576,749
Shareholders’ equity:
Preferred stock	—			—			1			—			1
Common stock	60			12			933			(72		)	933
Additional paid-in capital	302,659			149,743			2,507,053			(452,402		)	2,507,053
Treasury stock, at cost	—			—			(49,924		)	—			(49,924		)
Accumulated other comprehensive loss	(130,034		)	(1,449		)	(132,067		)	131,483			(132,067		)
Retained earnings (accumulated deficit)	(1,429,938		)	147,104			(1,305,697		)	1,282,834			(1,305,697		)
Total shareholders’ equity	(1,257,253		)	295,410			1,020,299			961,843			1,020,299
Total	$	1,137,291		$	1,201,366		$	1,504,453		$	(2,064,009	)	$	1,779,101



CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	—		$	159,157		$	24,244		$	—		$	183,401
Accounts receivable — net	40,062			7,585			—			—			47,647
Due from affiliates	616,830			13,517			2,474,727			(3,060,409		)	44,665
Inventories	96,197			75,764			—			—			171,961
Prepaid and other current assets	8,668			38,809			3,169			(10,000		)	40,646
Total current assets	761,757			294,832			2,502,140			(3,070,409		)	488,320
Investment in subsidiaries	36,965			—			(995,131		)	958,166			—
Property, plant and equipment — net	338,946			878,333			1,211			(265		)	1,218,225
Other assets	21,870			43,269			39,410			—			104,549
Total	$	1,159,538		$	1,216,434		$	1,547,630		$	(2,112,508	)	$	1,811,094
Liabilities:
Accounts payable, trade	$	43,215		$	42,278		$	679		$	—		$	86,172
Due to affiliates	2,103,687			78,411			205,651			(2,345,845		)	41,904
Accrued and other current liabilities	10,596			29,822			10,358			(10,000		)	40,776
Accrued employee benefits costs — current portion	14,267			—			2,431			—			16,698
Industrial revenue bonds	7,815			—			—			—			7,815
Total current liabilities	2,179,580			150,511			219,119			(2,355,845		)	193,365
Senior notes payable	—			—			249,512			—			249,512
Accrued pension benefit costs — less current portion	40,277			—			30,622			—			70,899
Accrued postretirement benefit costs — less current portion	122,609			—			5,469			—			128,078
Other liabilities/intercompany loan	63,369			686,834			4,631			(714,829		)	40,005
Deferred taxes — less current portion	—			90,958			—			—			90,958
Total noncurrent liabilities	226,255			777,792			290,234			(714,829		)	579,452
Shareholders’ equity:
Preferred stock	—			—			1			—			1
Common stock	60			12			932			(72		)	932
Additional paid-in capital	297,300			144,383			2,506,842			(441,683		)	2,506,842
Treasury stock, at cost	—			—			(45,891		)	—			(45,891		)
Accumulated other comprehensive income (loss)	(132,235		)	(1,373		)	(134,588		)	133,608			(134,588		)
Retained earnings (accumulated deficit)	(1,411,422		)	145,109			(1,289,019		)	1,266,313			(1,289,019		)
Total shareholders’ equity	(1,246,297		)	288,131			1,038,277			958,166			1,038,277
Total	$	1,159,538		$	1,216,434		$	1,547,630		$	(2,112,508	)	$	1,811,094



CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations		Consolidated
NET SALES:
Third-party customers	$	131,721		$	52,301		$	—		$	—	$	184,022
Related parties	76,469			63,128			—			—		139,597
	208,190			115,429			—			—		323,619
Cost of goods sold	223,297			94,365			—			—		317,662
Gross profit (loss)	(15,107		)	21,064			—			—		5,957
Other operating expenses – net	3,817			—			—			—		3,817
Selling, general and administrative expenses (income)	8,238			(1,087		)	—			—		7,151
Operating income (loss)	(27,162		)	22,151			—			—		(5,011		)
Interest expense – third party	(5,946		)	—			—			—		(5,946		)
Interest expense – affiliates	16,030			(16,030		)	—			—		—
Interest income – third party	3			110			—			—		113
Interest income – affiliates	—			2			—			—		2
Net gain on forward contracts	1,450			—			—			—		1,450
Other income (expense) - net	(6		)	167			—			—		161
Income (loss) before income taxes and equity in earnings of joint ventures	(15,631		)	6,400			—			—		(9,231		)
Income tax expense	(432		)	(2,963		)	—			—		(3,395		)
Income (loss) before equity in earnings of joint ventures	(16,063		)	3,437			—			—		(12,626		)
Equity in earnings (loss) of joint ventures	386			349			(12,277		)	11,891		349
Net income (loss)	$	(15,677	)	$	3,786		$	(12,277	)	$	11,891	$	(12,277	)



CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended June 30, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
NET SALES:
Third-party customers	$	143,052		$	64,039		$	—	$	—		$	207,091
Related parties	83,751			75,435			—		—			159,186
	226,803			139,474			—		—			366,277
Cost of goods sold	212,685			104,078			—		—			316,763
Gross profit	14,118			35,396			—		—			49,514
Other operating income – net	(5,205		)	—			—		—			(5,205		)
Selling, general and administrative expenses	16,614			1,943			—		—			18,557
Operating income	2,709			33,453			—		—			36,162
Interest expense – third party	(6,386		)	—			—		—			(6,386		)
Interest expense – affiliates	17,442			(17,442		)	—		—			—
Interest income – third party	13			52			—		—			65
Interest income – affiliates	—			70			—		—			70
Net gain loss on forward contracts	(1,617		)	—			—		—			(1,617		)
Other expense - net	(900		)	(232		)	—		—			(1,132		)
Income before income taxes and equity in earnings of joint ventures	11,261			15,901			—		—			27,162
Income tax expense (benefit)	1,769			(5,405		)	—		—			(3,636		)
Income before equity in earnings of joint ventures	13,030			10,496			—		—			23,526
Equity in earnings of joint ventures	1,406			460			23,986		(25,392		)	460
Net income	$	14,436		$	10,956		$	23,986	$	(25,392	)	$	23,986



CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the six months ended June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations		Consolidated
NET SALES:
Third-party customers	$	267,575		$	105,286		$	—		$	—	$	372,861
Related parties	150,999			125,949			—			—		276,948
	418,574			231,235			—			—		649,809
Cost of goods sold	430,233			193,027			—			—		623,260
Gross profit (loss)	(11,659		)	38,208			—			—		26,549
Other operating expenses – net	7,538			—			—			—		7,538
Selling, general and administrative expenses (income)	16,217			(607		)	—			—		15,610
Operating income (loss)	(35,414		)	38,815			—			—		3,401
Interest expense – third party	(11,924		)	—			—			—		(11,924		)
Interest expense – affiliates	32,248			(32,248		)	—			—		—
Interest income – third party	14			237			—			—		251
Interest income – affiliates	—			62			—			—		62
Net loss on forward contracts	(3,709		)	—			—			—		(3,709		)
Other income (expense) - net	798			(331		)	—			—		467
Income (loss) before income taxes and equity in earnings of joint ventures	(17,987		)	6,535			—			—		(11,452		)
Income tax expense	(685		)	(5,531		)	—			—		(6,216		)
Income (loss) before equity in earnings of joint ventures	(18,672		)	1,004			—			—		(17,668		)
Equity in earnings (loss) of joint ventures	156			990			(16,678		)	16,522		990
Net income (loss)	$	(18,516	)	$	1,994		$	(16,678	)	$	16,522	$	(16,678	)



CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the six months ended June 30, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
NET SALES:
Third-party customers	$	273,539		$	121,864		$	—	$	—		$	395,403
Related parties	151,063			146,148			—		—			297,211
	424,602			268,012			—		—			692,614
Cost of goods sold	399,705			201,079			—		—			600,784
Gross profit	24,897			66,933			—		—			91,830
Other operating income – net	(11,089		)	—			—		—			(11,089		)
Selling, general and administrative expenses	25,714			3,452			—		—			29,166
Operating income	10,272			63,481			—		—			73,753
Interest expense – third party	(13,163		)	—			—		—			(13,163		)
Interest expense – affiliates	34,672			(34,672		)	—		—			—
Interest income – third party	43			177			—		—			220
Interest income – affiliates	—			183			—		—			183
Net loss on forward contracts	(6,426		)	—			—		—			(6,426		)
Other expense - net	(284		)	(171		)	—		—			(455		)
Income before income taxes and equity in earnings of joint ventures	25,114			28,998			—		—			54,112
Income tax expense (benefit)	3,590			(10,349		)	—		—			(6,759		)
Income before equity in earnings of joint ventures	28,704			18,649			—		—			47,353
Equity in earnings of joint ventures	2,608			1,679			49,032		(51,640		)	1,679
Net income	$	31,312		$	20,328		$	49,032	$	(51,640	)	$	49,032



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Comprehensive income (loss)
Net income (loss)	$	(15,677	)	$	3,786		$	(12,277	)	$	11,891		$	(12,277	)
Other comprehensive income (loss) before income tax effect:
Net unrealized gain (loss) on financial instruments	26			—			26			(26		)	26
Net loss (gain) reclassified to income on financial instruments	209			—			209			(209		)	209
Net gain on foreign currency cash flow hedges reclassified to income	—			(46		)	(46		)	46			(46		)
Defined benefit plans and other postretirement benefits:
Net gain (loss) arising during the period	—			—			49			—			49
Amortization of prior service benefit	(1,047		)	—			(1,031		)	1,047			(1,031		)
Amortization of net loss	2,429			—			2,941			(2,429		)	2,941
Other comprehensive income (loss) before income tax effect	1,617			(46		)	2,148			(1,571		)	2,148
Income tax effect	(373		)	8			(383		)	365			(383		)
Other comprehensive income (loss)	1,244			(38		)	1,765			(1,206		)	1,765
Comprehensive income (loss)	$	(14,433	)	$	3,748		$	(10,512	)	$	10,685		$	(10,512	)



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended June 30, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Comprehensive income (loss)
Net income (loss)	$	14,436		$	10,956		$	23,986		$	(25,392	)	$	23,986
Other comprehensive income (loss) before income tax effect:
Net unrealized gain (loss) on financial instruments	(27		)	—			(27		)	27			(27		)
Net loss (gain) reclassified to income on financial instruments	(39		)	—			(39		)	39			(39		)
Net gain on foreign currency cash flow hedges reclassified to income	—			(47		)	(47		)	47			(47		)
Defined benefit plans and other postretirement benefits:
Net gain (loss) arising during the period	—			—			(5,769		)	—			(5,769		)
Amortization of prior service benefit	(15,517		)	—			(15,501		)	15,517			(15,501		)
Amortization of net loss	6,723			—			6,995			(6,723		)	6,995
Other comprehensive income (loss) before income tax effect	(8,860		)	(47		)	(14,388		)	8,907			(14,388		)
Income tax effect	(7,251		)	8			(2,513		)	7,243			(2,513		)
Other comprehensive income (loss)	(16,111		)	(39		)	(16,901		)	16,150			(16,901		)
Comprehensive income (loss)	$	(1,675	)	$	10,917		$	7,085		$	(9,242	)	$	7,085



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the six months ended June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Comprehensive income (loss)
Net income (loss)	$	(18,516	)	$	1,994		$	(16,678	)	$	16,522		$	(16,678	)
Other comprehensive income (loss) before income tax effect:
Net unrealized gain (loss) on financial instruments	(220		)	—			(220		)	220			(220		)
Net loss (gain) reclassified to income on financial instruments	481			—			481			(481		)	481
Net gain on foreign currency cash flow hedges reclassified to income	—			(93		)	(93		)	93			(93		)
Defined benefit plans and other postretirement benefits:
Net gain (loss) arising during the period	—			—			49			—			49
Amortization of prior service benefit	(2,088		)	—			(2,056		)	2,088			(2,056		)
Amortization of net loss	4,102			—			5,125			(4,102		)	5,125
Other comprehensive income (loss) before income tax effect	2,275			(93		)	3,286			(2,182		)	3,286
Income tax effect	(74		)	17			(765		)	57			(765		)
Other comprehensive income (loss)	2,201			(76		)	2,521			(2,125		)	2,521
Comprehensive income (loss)	$	(16,315	)	$	1,918		$	(14,157	)	$	14,397		$	(14,157	)



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the six months ended June 30, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Comprehensive income (loss)
Net income (loss)	$	31,312		$	20,328		$	49,032		$	(51,640	)	$	49,032
Other comprehensive income (loss) before income tax effect:
Net unrealized gain (loss) on financial instruments	(33		)	—			(50		)	50			(33		)
Net loss (gain) reclassified to income on financial instruments	(50		)	—			(33		)	33			(50		)
Net gain on foreign currency cash flow hedges reclassified to income	—			(93		)	(93		)	93			(93		)
Defined benefit plans and other postretirement benefits:
Net gain (loss) arising during the period	—			—			(5,769		)	—			(5,769		)
Amortization of prior service benefit	(30,652		)	—			(30,620		)	30,652			(30,620		)
Amortization of net loss	12,737			—			13,280			(12,737		)	13,280
Other comprehensive income (loss) before income tax effect	(17,998		)	(93		)	(23,285		)	18,091			(23,285		)
Income tax effect	(7,131		)	16			(4,973		)	7,115			(4,973		)
Other comprehensive income (loss)	(25,129		)	(77		)	(28,258		)	25,206			(28,258		)
Comprehensive income (loss)	$	6,183		$	20,251		$	20,774		$	(26,434	)	$	20,774



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	(19,534	)	$	17,919		$	—		$	(1,615	)
Investing activities:
Purchase of property, plant and equipment	(3,231		)	(2,879		)	(55		)	(6,165		)
Nordural expansion	—			(3,586		)	—			(3,586		)
Purchase of carbon anode assets	(14,524		)	—			—			(14,524		)
Investments in and advances to joint ventures	—			—			(200		)	(200		)
Payments received on advances to joint ventures	—			—			3,166			3,166
Proceeds from the sale of property, plant and equipment	10			58			—			68
Net cash provided by (used in) investing activities	(17,745		)	(6,407		)	2,911			(21,241		)
Financing activities:
Borrowings under revolving credit facility	—			—			18,076			18,076
Repayments under revolving credit facility	—			—			(18,076		)	(18,076		)
Intercompany transactions	37,279			(31,970		)	(5,309		)	—
Repurchase of common stock	—			—			(4,033		)	(4,033		)
Net cash provided by (used in) financing activities	37,279			(31,970		)	(9,342		)	(4,033		)
Net change in cash and cash equivalents	—			(20,458		)	(6,431		)	(26,889		)
Cash and cash equivalents, beginning of the period	—			159,157			24,244			183,401
Cash and cash equivalents, end of the period	$	—		$	138,699		$	17,813		$	156,512



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	(20,260	)	$	4,125		$	—		$	(16,135	)
Investing activities:
Purchase of property, plant and equipment	(2,860		)	(4,164		)	(329		)	(7,353		)
Nordural expansion	—			(7,968		)	—			(7,968		)
Proceeds from the sale of property, plant and equipment	—			56			—			56
Payments received on advances to joint ventures	—			—			3,056			3,056
Restricted and other cash deposits	3,673			—			—			3,673
Net cash provided by (used in) investing activities	813			(12,076		)	2,727			(8,536		)
Financing activities:
Repayments of long-term debt	—			—			(47,067		)	(47,067		)
Repayment of contingent obligation	(189		)	—			—			(189		)
Intercompany transactions	20,209			(13,314		)	(6,895		)	—
Issuance of common stock - net	—			—			32			32
Net cash provided by (used in) financing activities	20,020			(13,314		)	(53,930		)	(47,224		)
Net change in cash and cash equivalents	573			(21,265		)	(51,203		)	(71,895		)
Cash and cash equivalents, beginning of the period	—			214,923			89,373			304,296
Cash and cash equivalents, end of the period	$	573		$	193,658		$	38,170		$	232,401