Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

INVESTMENT IN AMAK (Tables)

3 Months Ended

Mar. 31, 2018

Summarized Results of Operation and Financial Position for AMAK

The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

	Three Months Ended March 31,
	2018			2017
	(thousands of dollars)
Sales	$	14,087		$	2,256
Gross profit (loss)		1,581			(1,307	)
General, administrative and other expenses		1,900			2,589
Net Loss	$	(319	)	$	(3,896	)

Equity in Income or Loss of AMAK Reflected on Consolidated Statements

Depreciation and amortization was $7.7 million and $0.5 million for the three months ended March 31, 2018, and 2017, respectively. Therefore, net income before depreciation and amortization was as follows:

	Three Months Ended March 31,
	2018		2017
	(thousands of dollars)
Net income (loss) before depreciation and amortization	$	7,382	$	(3,369	)

Financial Position

	March 31,		December 31,
	2018		2017
	(thousands of dollars)
Current assets	$	33,273	$	23,333
Noncurrent assets		228,733		237,875
Total assets	$	262,006	$	261,208

Current liabilities	$	22,873	$	24,439
Long term liabilities		71,520		68,837
Shareholders' equity		167,613		167,932
	$	262,006	$	261,208

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three months ended March 31, 2018, and 2017, is comprised of the following:

	Three months ended March 31,
	2018			2017
	(thousands of dollars)
AMAK Net Loss	$	(319	)	$	(3,896	)

Company's share of loss reported by AMAK	$	(107	)	$	(1,303	)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK		337			337
Equity in earnings (loss) of AMAK	$	230		$	(966	)