Investment in Unconsolidated 50% or Less Owned Joint Ventures

12 Months Ended

Dec. 31, 2011

Investment in Unconsolidated 50% or Less Owned Joint Ventures [Abstract]

Investment in Unconsolidated 50% or Less Owned Joint Ventures

22.	Investment in Unconsolidated 50% or Less Owned Joint Ventures

In April 2008, we entered into a joint venture agreement whereby we acquired a 40% stake in BHH, a carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China. We also have a 50% interest in Mincenco, a joint venture with Minmetals Aluminum Company to explore the potential of developing a bauxite mine and associated 1.5 million metric ton alumina refining facility in Jamaica. We account for our investments in BHH and Mincenco using the equity method and the investments are included in other assets in the Consolidated Balance Sheets. For BHH, we report our investment in its results of operations on a one-quarter lag. For each year presented in our Consolidated Statement of Operations, our equity in earnings of joint venture includes BHH results of operations for a twelve month period ended on September 30 of that year.

The summarized financial information presented below represents financial data for BHH after elimination of intercompany balances and profits. Amounts presented below include financial information for BHH as of and through September 30, 2011. The aggregate summarized financial data for these investments is as follows:

	September 30,
	2011		2010
Current assets	$	54,327	$	48,970
Non-current assets		49,040		51,571
Current liabilities		36,318		45,108
Non-current liabilities		4,696		4,420

	Twelve months ended September 30,
	2011		2010		2009
Net sales	$	105,845	$	89,430	$	63,321
Gross profit		16,577		14,688		5,844
Income from continuing operations		8,859		8,969		(1,093	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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