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Note 7 - Investments in Joint Ventures:

Jun. 30, 2012

Investments In Joint Ventures

(7)         Investments in Joint Ventures: The Company and the United States Steel Corporation each own 50% of Olympic Laser Processing (OLP), a company that produced laser welded sheet steel blanks for the automotive industry.  OLP ceased operations in 2006.  In December 2006, the Company advanced $3.2 million to OLP to cover a loan guarantee.  As of December 31, 2011, the investment in and advance to OLP was valued at $1.6 million on the Company’s Consolidated Balance Sheet. In May 2012 the real estate associated with OLP was sold.  The sale of the OLP real estate was completed on May 18, 2012, resulting in a pre-tax loss on sale to the Company of $9 thousand.  The Company is in the process of finalizing all of the transactions related to the sale of the real estate and dissolving OLP.

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- Definition

Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.

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