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Related Parties | 6 Months Ended
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Jun. 30, 2025
Related Party Transactions [Abstract] |
Related Parties | Note 18 – Re lated Parties Åkers TISCO Roll Co., Ltd. (“ATR”), a 59.88% indirectly owned joint venture of UES, periodically has loans outstanding with its minority shareholder. No borrowings were outstanding as of June 30, 2025 or 2024. Loan activity for the six months ended June 30, 2025 and 2024 was as follows:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |
|  | USD |  |  | RMB |  |  | USD |  |  | RMB |
Balance at beginning of the period |  | $ | — |  |  |  | — |  |  | $ | 665 |  |  |  | 4,713 |
Borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Repayments |  |  | — |  |  |  | — |  |  |  | (664 | ) |  |  | (4,713 | )
Foreign exchange |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |
Balance at end of the period |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |
Interest on borrowings accrues at the three-to-five-year loan interest rate set by the People’s Bank of China, which approximated 4.35% for the six months ended June 30, 2024. For the six months ended June 30, 2024, ATR paid $2 (RMB 17) of interest. No interest was outstanding as of June 30, 2025 or December 31, 2024. ATR has sales to and purchases from ATR’s minority shareholder and its affiliates and sales to a shareholder of one of the Corporation’s other joint ventures in China and its affiliates. These sales and purchases, which were in the ordinary course of business, for the three and six months ended June 30, 2025 and 2024 were as follows:
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |
|  | USD |  |  | RMB |  |  | USD |  |  | RMB |
Purchases from related parties |  | $ | 1,936 |  |  |  | 13,981 |  |  | $ | 1,901 |  |  |  | 13,740 |
Sales to related parties |  | $ | 4,171 |  |  |  | 30,119 |  |  | $ | 3,935 |  |  |  | 28,505 |
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |
|  | USD |  |  | RMB |  |  | USD |  |  | RMB |
Purchases from related parties |  | $ | 4,012 |  |  |  | 29,070 |  |  | $ | 3,138 |  |  |  | 22,588 |
Sales to related parties |  | $ | 9,210 |  |  |  | 66,740 |  |  | $ | 8,173 |  |  |  | 58,824 |
Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture’s shareholder and its affiliates as of June 30, 2025 and December 31, 2024 were as follows:
|  | June 30, 2025 |  |  | June 30, 2025 |  |  | December 31, 2024 |  |  | December 31, 2024 |
|  | USD |  |  | RMB |  |  | USD |  |  | RMB |
Accounts receivable from related parties |  | $ | 1,850 |  |  |  | 13,262 |  |  | $ | 1,839 |  |  |  | 13,422 |
Accounts payable to related parties |  | $ | 622 |  |  |  | 4,457 |  |  | $ | 411 |  |  |  | 3,001 |
The manufacturing facilities of ATR are located on land leased by ATR from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. Rent paid by ATR to the other partner approximated $30 (RMB 223) for each of the three months ended June 30, 2025 and 2024 and $61 (RMB 446) for each of the six months ended June 30, 2025 and 2024, which is included in purchases from related parties.

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