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 March 31, 2012 and December 31, 2011, condensed consolidating statements of operations for the three months ended March 31, 2012 and March 31, 2011 and the condensed consolidating statements of cash flows for the three months ended March 31, 2012 and March 31, 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 March 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	—		$	154,506		$	28,039		$	—		$	182,545
Accounts receivable — net	36,348			14,183			—			—			50,531
Due from affiliates	615,425			8,193			2,469,467			(3,053,868		)	39,217
Inventories	103,057			67,245			—			—			170,302
Prepaid and other current assets	3,624			37,315			2,911			—			43,850
Total current assets	758,454			281,442			2,500,417			(3,053,868		)	486,445
Investment in subsidiaries	36,730			—			(998,608		)	961,878			—
Property, plant and equipment — net	332,665			872,655			1,073			(287		)	1,206,106
Other assets	21,842			43,823			39,210			—			104,875
Total	$	1,149,691		$	1,197,920		$	1,542,092		$	(2,092,277	)	$	1,797,426
Liabilities and shareholders’ equity:
Accounts payable, trade	$	32,733		$	40,566		$	1,687		$	—		$	74,986
Due to affiliates	2,107,644			77,522			202,812			(2,346,434		)	41,544
Accrued and other current liabilities	11,173			22,998			14,746			—			48,917
Accrued employee benefits costs — current portion	13,918			—			2,270			—			16,188
Industrial revenue bonds	7,815			—			—			—			7,815
Total current liabilities	2,173,283			141,086			221,515			(2,346,434		)	189,450
Senior notes payable	—			—			249,769			—			249,769
Accrued pension benefit costs — less current portion	37,395			—			30,876			—			68,271
Accrued postretirement benefit costs — less current portion	123,252			—			5,667			—			128,919
Other liabilities/intercompany loan	63,940			679,726			3,521			(707,721		)	39,466
Deferred taxes — less current portion	—			90,807			—			—			90,807
Total noncurrent liabilities	224,587			770,533			289,833			(707,721		)	577,232
Shareholders’ equity:
Preferred stock	—			—			1			—			1
Common stock	60			12			932			(72		)	932
Additional paid-in capital	297,300			144,383			2,506,987			(441,683		)	2,506,987
Treasury stock, at cost	—			—			(49,924		)	—			(49,924		)
Accumulated other comprehensive loss	(131,278		)	(1,411		)	(133,832		)	132,689			(133,832		)
Retained earnings (accumulated deficit)	(1,414,261		)	143,317			(1,293,420		)	1,270,944			(1,293,420		)
Total shareholders’ equity	(1,248,179		)	286,301			1,030,744			961,878			1,030,744
Total	$	1,149,691		$	1,197,920		$	1,542,092		$	(2,092,277	)	$	1,797,426



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 STATEMENT OF OPERATIONS
For the three months ended March 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations		Consolidated
Net sales:
Third-party customers	$	135,854		$	52,985		$	—		$	—	$	188,839
Related parties	74,530			62,821			—			—		137,351
	210,384			115,806			—			—		326,190
Cost of goods sold	206,936			98,662			—			—		305,598
Gross profit	3,448			17,144			—			—		20,592
Other operating loss - net	3,721			—			—			—		3,721
Selling, general and admin expenses	7,979			480			—			—		8,459
Operating income	(8,252		)	16,664			—			—		8,412
Interest expense – third party	(5,978		)	—			—			—		(5,978		)
Interest expense – affiliates	16,218			(16,218		)	—			—		—
Interest income – third party	11			127			—			—		138
Interest income – affiliates	—			60			—			—		60
Net loss on forward contracts	(5,159		)	—			—			—		(5,159		)
Other income (loss) - net	804			(498		)	—			—		306
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures	(2,356		)	135			—			—		(2,221		)
Income tax expense	(253		)	(2,568		)	—			—		(2,821		)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures	(2,609		)	(2,433		)	—			—		(5,042		)
Equity earnings (loss) of subsidiaries and joint ventures	(230		)	641			(4,401		)	4,631		641
Net loss	$	(2,839	)	$	(1,792	)	$	(4,401	)	$	4,631	$	(4,401	)



CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended March 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
Net sales:
Third-party customers	$	130,487		$	57,825		$	—	$	—		$	188,312
Related parties	67,312			70,713			—		—			138,025
	197,799			128,538			—		—			326,337
Cost of goods sold	187,020			97,001			—		—			284,021
Gross profit	10,779			31,537			—		—			42,316
Other operating income - net	(5,884		)	—			—		—			(5,884		)
Selling, general and admin expenses	9,100			1,509			—		—			10,609
Operating income	7,563			30,028			—		—			37,591
Interest expense – third party	(6,777		)	—			—		—			(6,777		)
Interest expense – affiliates	17,230			(17,230		)	—		—			—
Interest income – third party	30			125			—		—			155
Interest income – affiliates	—			113			—		—			113
Net loss on forward contracts	(4,809		)	—			—		—			(4,809		)
Other income - net	616			61			—		—			677
Income before taxes and equity in earnings of subsidiaries and joint ventures	13,853			13,097			—		—			26,950
Income tax benefit (expense)	1,821			(4,944		)	—		—			(3,123		)
Income before equity in earnings of subsidiaries and joint ventures	15,674			8,153			—		—			23,827
Equity earnings of subsidiaries and joint ventures	1,202			1,219			25,046		(26,248		)	1,219
Net income	$	16,876		$	9,372		$	25,046	$	(26,248	)	$	25,046



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended March 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations		Consolidated
Comprehensive income (loss)
Net loss	$	(2,839	)	$	(1,792	)	$	(4,401	)	$	4,631	$	(4,401	)
Other comprehensive income (loss) before income tax effect:
Net unrealized loss on financial instruments	(246		)	—			—			—		(246		)
Net loss reclassified to income on financial instruments	272			—			—			—		272
Net amount of foreign currency cash flow hedges reclassified as income	—			(47		)	—			—		(47		)
Defined benefit plans and other postretirement benefits:
Amortization of prior service benefit	(1,035		)	—			10			—		(1,025		)
Amortization of net loss	1,991			—			193			—		2,184
Other comprehensive income (loss) before income tax effect	982			(47		)	203			—		1,138
Income tax effect	(322		)	8			(68		)	—		(382		)
Other comprehensive income (loss)	660			(39		)	135			—		756
Total comprehensive loss	$	(2,179	)	$	(1,831	)	$	(4,266	)	$	4,631	$	(3,645	)



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended March 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company		Reclassifications and Eliminations			Consolidated
Comprehensive income (loss)
Net income	$	16,876		$	9,372		$	25,046	$	(26,248	)	$	25,046
Other comprehensive income (loss) before income tax effect:
Net unrealized loss on financial instruments	(11		)	—			—		—			(11		)
Net loss reclassified to income on financial instruments	(6		)	—			—		—			(6		)
Net amount of foreign currency cash flow hedges reclassified as income	—			(46		)	—		—			(46		)
Defined benefit plans and other postretirement benefits:
Amortization of prior service benefit	(15,122		)	—			3		—			(15,119		)
Amortization of net loss	6,125			—			160		—			6,285
Other comprehensive income (loss) before income tax effect	(9,014		)	(46		)	163		—			(8,897		)
Income tax effect	(2,514		)	8			46		—			(2,460		)
Other comprehensive income (loss)	(11,528		)	(38		)	209		—			(11,357		)
Total comprehensive income	$	5,348		$	9,334		$	25,255	$	(26,248	)	$	13,689



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	13,292		$	(8,394	)	$	—		$	4,898
Investing activities:
Purchase of property, plant and equipment	(1,649		)	(1,223		)	(27		)	(2,899		)
Nordural expansion	—			(1,946		)	—			(1,946		)
Proceeds from the sale of property, plant and equipment	—			58			—			58
Investments in and advances to joint ventures	—			—			(100		)	(100		)
Payments received on advances to joint ventures	—			—			3,166			3,166
Net cash provided by (used in) investing activities	(1,649		)	(3,111		)	3,039			(1,721		)
Financing activities:
Borrowings under revolving credit facility	—			—			18,076			18,076
Repayments under revolving credit facility	—			—			(18,076		)	(18,076		)
Intercompany transactions	(11,643		)	6,854			4,789			—
Repurchase of common stock	—			—			(4,033		)	(4,033		)
Net cash provided by (used in) financing activities	(11,643		)	6,854			756			(4,033		)
Net change in cash and cash equivalents	—			(4,651		)	3,795			(856		)
Cash and cash equivalents, beginning of the period	—			159,157			24,244			183,401
Cash and cash equivalents, end of the period	$	—		$	154,506		$	28,039		$	182,545



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	1,251		$	(4,881	)	$	—		$	(3,630	)
Investing activities:
Purchase of property, plant and equipment	(2,319		)	(793		)	(16		)	(3,128		)
Nordural expansion	—			(4,051		)	—			(4,051		)
Net cash used in investing activities	(2,319		)	(4,844		)	(16		)	(7,179		)
Financing activities:
Intercompany transactions	1,068			15,859			(16,927		)	—
Net cash provided by (used in) financing activities	1,068			15,859			(16,927		)	—
Net change in cash and cash equivalents	—			6,134			(16,943		)	(10,809		)
Cash and cash equivalents, beginning of the period	—			214,923			89,373			304,296
Cash and cash equivalents, end of the period	$	—		$	221,057		$	72,430		$	293,487