23.	Condensed Consolidating Financial Information

Our 8.0% senior secured notes due 2014, 7.5% senior unsecured notes due 2014 and 1.75% convertible senior Notes due 2024 (which were redeemed in 2011) 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; and 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 December 31, 2011 and 2010, condensed consolidating statements of operations for the years ended December 31, 2011, 2010 and 2009 and the condensed consolidating statements of cash flows for the years ended December 31, 2011, 2010 and 2009 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 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 and shareholders' equity:
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 BALANCE SHEET
As of December 31, 2010
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	-		$	214,923		$	89,373		$	-		$	304,296
Restricted cash		3,673			-			-			-			3,673
Accounts receivable - net		31,779			12,124			-			-			43,903
Due from affiliates		636,511			7,148			2,537,945			(3,130,598	)		51,006
Inventories		97,422			58,486			-			-			155,908
Prepaid and other current assets		3,687			39,453			2,152			(27,000	)		18,292
Total current assets		773,072			332,134			2,629,470			(3,157,598	)		577,078
Investment in subsidiaries		33,186			-			(934,307	)		901,121			-
Property, plant and equipment - net		364,760			890,924			1,451			(165	)		1,256,970
Due from affiliates - less current portion		-			6,054			-			-			6,054
Other assets		22,197			36,735			24,022			-			82,954
Total	$	1,193,215		$	1,265,847		$	1,720,636		$	(2,256,642	)	$	1,923,056

Liabilities and shareholders' equity:
Accounts payable, trade	$	43,072		$	44,629		$	303		$	-		$	88,004
Due to affiliates		2,094,293			70,580			222,245			(2,341,737	)		45,381
Accrued and other current liabilities		9,187			44,932			14,376			(27,000	)		41,495
Accrued employee benefits costs - current portion		23,592			-			3,090			-			26,682
Convertible senior notes		-			-			45,483			-			45,483
Industrial revenue bonds		7,815			-			-			-			7,815
Total current liabilities		2,177,959			160,141			285,497			(2,368,737	)		254,860
Senior notes payable		-			-			248,530			-			248,530
Accrued pension benefit costs - less current portion		14,096			-			23,699			-			37,795
Accrued postretirement benefit costs - less current portion		99,469			-			4,275			-			103,744
Other liabilities/intercompany loan		61,488			756,208			4,119			(784,203	)		37,612
Deferred taxes - less current portion		-			90,822			-			(4,823	)		85,999
Total noncurrent liabilities		175,053			847,030			280,623			(789,026	)		513,680
Shareholders' equity:
Preferred stock		-			-			1			-			1
Common stock		60			12			928			(72	)		928
Additional paid-in capital		297,300			144,383			2,503,907			(441,683	)		2,503,907
Accumulated other comprehensive income (loss)		(60,220	)		(1,220	)		(49,976	)		61,440			(49,976	)
Retained earnings (accumulated deficit)		(1,396,937	)		115,501			(1,300,344	)		1,281,436			(1,300,344	)
Total shareholders' equity		(1,159,797	)		258,676			1,154,516			901,121			1,154,516
Total	$	1,193,215		$	1,265,847		$	1,720,636		$	(2,256,642	)	$	1,923,056

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the year ended December 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
Net sales:
Third-party customers	$	552,758		$	239,235		$	––	$	––		$	791,993
Related parties		283,038			281,393			––		––			564,431
		835,796			520,628			––		––			1,356,424
Cost of goods sold		866,366			400,536			––		––			1,266,902
Gross profit (loss)		(30,570	)		120,092			––		––			89,522
Other operating income - net		(3,806	)		––			––		––			(3,806	)
Selling, general and admin expenses		39,100			6,932			––		––			46,032
Operating income (loss)		(65,864	)		113,160			––		––			47,296
Interest expense – third party		(25,129	)		––			––		––			(25,129	)
Interest expense – affiliates		68,174			(68,174	)		––		––			––
Interest income – third party		54			284			––		––			338
Interest income – affiliates		-			303			––		––			303
Net gain on forward contracts		804			––			––		––			804
Other expense - net		(806	)		(567	)		––		––			(1,373	)
Income (loss) before taxes and equity in earnings of subsidiaries and joint ventures		(22,767	)		45,006			––		––			22,239
Income tax benefit (expense)		4,484			(18,843	)		––		––			(14,359	)
Income (loss) before equity in earnings of subsidiaries and joint ventures		(18,283	)		26,163			––		––			7,880
Equity in earnings of subsidiaries and joint ventures		3,798			3,445			11,325		(15,123	)		3,445
Net income (loss)	$	(14,485	)	$	29,608		$	11,325	$	(15,123	)	$	11,325

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the year ended December 31, 2010
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
Net sales:
Third-party customers	$	468,973		$	286,890		$	-	$	-		$	755,863
Related parties		247,278			166,130			-		-			413,408
		716,251			453,020			-		-			1,169,271
Cost of goods sold		708,835			348,040			-		-			1,056,875
Gross profit		7,416			104,980			-		-			112,396
Other operating income - net		(37,386	)		-			-		-			(37,386	)
Selling, general and admin expenses		38,719			8,083			-		-			46,802
Operating income		6,083			96,897			-		-			102,980
Interest expense – third party		(25,625	)		-			-		-			(25,625	)
Interest expense – affiliates		66,549			(66,549	)		-		-			-
Interest income – third party		148			467			-		-			615
Interest income – affiliates		-			448			-		-			448
Net loss on forward contracts		(10,495	)		-			-		-			(10,495	)
Other income (expense) - net		932			(1,309	)		-		-			(377	)
Income before taxes and equity in earnings of subsidiaries and joint ventures		37,592			29,954			-		-			67,546
Income tax benefit (expense)		12,670			(23,803	)		-		-			(11,133	)
Income before equity in earnings of subsidiaries and joint ventures		50,262			6,151			-		-			56,413
Equity in earnings of subsidiaries and joint ventures		1,246			3,558			59,971		(61,217	)		3,558
Net income	$	51,508		$	9,709		$	59,971	$	(61,217	)	$	59,971

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the year ended December 31, 2009
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Net sales:
Third-party customers	$	445,096		$	223,248		$	-		$	-		$	668,344
Related parties		121,230			109,679			-			-			230,909
		566,326			332,927			-			-			899,253
Cost of goods sold		663,124			302,413			-			(619	)		964,918
Gross profit (loss)		(96,798	)		30,514			-			619			(65,665	)
Other operating income - net		(16,088	)		-			-			-			(16,088	)
Selling, general and admin expenses		44,053			3,826			-			-			47,879
Operating income (loss)		(124,763	)		26,688			-			619			(97,456	)
Interest expense – third party		(30,390	)		-			-			-			(30,390	)
Interest expense – affiliates		61,578			(61,578	)		-			-			-
Interest income – third party		714			583			-			-			1,297
Interest income – affiliates		-			572			-			-			572
Net loss on forward contracts		(17,714	)		(1,701	)		-			-			(19,415	)
Other expense - net		(4,255	)		(496	)		-			-			(4,751	)
Loss before taxes and equity in losses of subsidiaries and joint ventures		(114,830	)		(35,932	)		-			619			(150,143	)
Income tax benefit (expense)		26,756			(14,399	)		-			-			12,357
Loss before equity in losses of subsidiaries and joint ventures		(88,074	)		(50,331	)		-			619			(137,786	)
Equity in losses of subsidiaries and joint ventures		(45,377	)		(19,896	)		(205,982	)		203,059			(68,196	)
Net loss	$	(133,451	)	$	(70,227	)	$	(205,982	)	$	203,678		$	(205,982	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	(10,187	)	$	7,251		$	-		$	(2,936	)
Investing activities:
Purchase of property, plant and equipment		(8,451	)		(11,199	)		(450	)		(20,100	)
Nordural expansion		-			(12,882	)		-			(12,882	)
Investments in and advances to joint ventures		-			-			(113	)		(113	)
Payment received on advances from joint ventures		––			-			3,056			3,056
Proceeds from sale of property, plant and equipment		1,415			56			-			1,471
Restricted and other cash deposits		3,673			––			––			3,673
Net cash provided by (used in) investing activities		(3,363	)		(24,025	)		2,493			(24,895	)
Financing activities:
Repayment of debt		-			-			(47,067	)		(47,067	)
Repayments on contingent obligation		(189	)		-			-			(189	)
Borrowings under revolving credit facility		-			-			15,900			15,900
Repayments under revolving credit facility		-			-			(15,900	)		(15,900	)
Intercompany transactions		13,739			(38,992	)		25,253			-
Repurchase of common stock		-			-			(45,891	)		(45,891	)
Issuance of common stock – net		-			-			83			83
Net cash provided by (used in) financing activities		13,550			(38,992	)		(67,622	)		(93,064	)
Net change in cash and cash equivalents		-			(55,766	)		(65,129	)		(120,895	)
Cash and cash equivalents, beginning of the period		––			214,923			89,373			304,296
Cash and cash equivalents, end of the period	$	-		$	159,157		$	24,244		$	183,401

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 31, 2010
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by operating activities	$	100,137		$	31,373		$	-		$	131,510
Investing activities:
Purchase of property, plant and equipment		(3,286	)		(8,767	)		(188	)		(12,241	)
Nordural expansion		-			(19,227	)		-			(19,227	)
Proceeds from sale of property, plant and equipment		808			15			-			823
Investments in and advances to joint ventures		-			-			(32	)		(32	)
Restricted and other cash deposits		5,206			-			-			5,206
Net cash provided by (used in) investing activities		2,728			(27,979	)		(220	)		(25,471	)
Financing activities:
Intercompany transactions		(102,865	)		101,731			1,134			-
Issuance of common stock – net		-			-			23			23
Net cash provided by (used in) financing activities		(102,865	)		101,731			1,157			23
Net change in cash and cash equivalents		-			105,125			937			106,062
Cash and cash equivalents, beginning of the period		-			109,798			88,436			198,234
Cash and cash equivalents, end of the period	$	-		$	214,923		$	89,373		$	304,296

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 31, 2009
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	78,476		$	(39,077	)	$	-		$	39,399
Investing activities:
Purchase of property, plant and equipment		(10,241	)		(5,389	)		(1,305	)		(16,935	)
Nordural expansion		-			(21,981	)		-			(21,981	)
Investments in and advances to joint ventures		-			-			(1,044	)		(1,044	)
Payments received on advances from joint ventures		-			-			1,761			1,761
Restricted and other cash deposits		(8,014	)		-			-			(8,014	)
Net cash used in investing activities		(18,255	)		(27,370	)		(588	)		(46,213	)
Financing activities:
Repayments under revolving credit facility		-			-			(25,000	)		(25,000	)
Financing fees		-			-			(2,429	)		(2,429	)
Intercompany transactions		(60,221	)		104,700			(44,479	)		-
Issuance of common stock – net		-			-			103,077			103,077
Net cash provided by (used in) financing activities		(60,221	)		104,700			31,169			75,648
Net change in cash and cash equivalents		-			38,253			30,581			68,834
Cash and cash equivalents, beginning of the period		-			71,545			57,855			129,400
Cash and cash equivalents, end of the period	$	-		$	109,798		$	88,436		$	198,234