AK Steel Holding Corporation (AKS) and ZK International Group Co. Ltd. (NASDAQ:ZKIN) Comparing side by side | Galvanized Round Steel Pipe

Where the 3-4-versus-4-3 choice does hold the most weight is on the edge, where 3-4 outside linebackers play in a two-point stance and are usually smaller, quicker athletes versus 4-3 defensive ends, who operate out of a three-point stance and are bigger.

Income tax amounted to (€5) million compared to a gain of €100 million, due to the recognition of deferred tax assets notably in Brazil in Q4 2017, combined with an income tax accounted in 2018 in North America reflecting the recovery of our business in the region.

11. Pension Plan and Other Postretirement Benefits Pension Plan The Company’s noncontributory funded pension plan covers substantially all corporate employees and OTP nonunion employees hired prior to September 1, 2006, and all union employees of OTP hired prior to November 1, 2013, excluding Coyote Station employees. Coyote Station employees hired before January 1, 2009 are covered under the plan. The plan provides 100% vesting after five vesting years of service and for retirement compensation at age 65, with reduced compensation in cases of retirement prior to age 62. The Company reserves the right to discontinue the plan, but no change or discontinuance may affect the pensions theretofore vested. The pension plan has a trustee who is responsible for pension payments to retirees and a separate pension fund manager responsible for managing the plan’s assets. An independent actuary assists the Company in performing the necessary actuarial valuations for the plan. The plan assets consist of common stock and bonds of public companies, U.S. government securities, cash and cash equivalents and alternative investments. None of the plan assets are invested in common stock or debt securities of the Company. 103 Table of Contents The following table lists components of net periodic pension benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic pension cost for the year ended December 31: The following table presents amounts recognized in the consolidated balance sheets as of December 31: Funded status as of December 31: 104 Table of Contents The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s benefit obligations over the two-year period ended December 31, 2018: Weighted average assumptions used to determine benefit obligations at December 31: The assumed rate of return on pension fund assets used for the determination of 2019 net periodic pension cost is 7.25%. The assumed long-term rate of return on plan assets is based primarily on asset category studies using historical market return and volatility data with forward looking estimates based on existing financial market conditions and forecasts of capital markets. Modest excess return expectations versus some market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically. The Company reviews its rate of return on plan asset assumptions annually. The assumptions are largely based on the asset category rate-of-return assumptions developed annually with the Company’s pension plan investment advisors, as well as input from actuaries who work with the pension plan and benchmarking to peer companies with similar asset allocation strategies. Market-related value of plan assets—The Company’s expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The Company bases actuarial determination of pension plan expense or income on a market-related valuation of assets, which reduces year-to-year volatility. This market-related valuation calculation recognizes investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the fair value of assets. Since the market-related valuation calculation recognizes gains or losses over a five-year period, the future value of the market-related assets will be impacted as previously deferred gains or losses are recognized. 105 Table of Contents The estimated amounts of unrecognized net actuarial losses and prior service costs to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic pension cost in 2019 are: Cash flows—The Company had no minimum funding requirement as of December 31, 2018 but made discretionary plan contributions of $10 million as of February 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out from plan assets: The following objectives guide the investment strategy of the Company’s pension plan (the Plan): The asset allocation strategy developed by the Company’s Retirement Plans Administration Committee (the Committee) is based on the current needs of the Plan and the objectives listed above. An asset/liability review is conducted annually or as often as necessary to assess the impact of various asset allocations on funded status and other financial variables. The current needs of the Plan, the overall investment objectives above, the investment preferences and risk tolerance of the Committee and the desired degree of diversification suggest the need for an investment allocation including multiple asset classes. The asset allocation in the table below contains guideline percentages, at market value, of the total Plan invested in various asset classes. The Permitted Range is a guide and will at times not reflect the actual asset allocation as this will be dictated by market conditions, the independent actions of the Committee and/or Investment Managers and required cash flows to and from the Plan. The Permitted Range anticipates this fluctuation and provides flexibility for the Investment Managers’ portfolios to vary around the target without the need for immediate rebalancing. The Investment Manager will proactively monitor the asset allocation and will direct the purchases and sales to remain within the stated ranges. The policy of the Plan is to invest assets in accordance with the allocations shown below: 106 Table of Contents The Company’s pension plan asset allocations at December 31, 2018 and 2017, by asset category are as follows: The following table presents the Company’s pension fund assets measured at fair value and included in Level 1 of the fair value hierarchy and assets measured using the NAV practical expedient to fair valuation as of December 31: Fair Value Measurements of Pension Fund Assets ASC 715, Compensation – Retirement Benefits, requires disclosures about pension plan assets identified by the three levels of the fair value hierarchy established by ASC 820-10-35. The following table presents, the Company’s pension fund assets measured at fair value and included in Level 1 of the fair value hierarchy as of December 31: The investments held by the SEI Energy Debt Collective Fund on December 31, 2018 and 2017 consist mainly of below investment grade high yielding bonds and loans of U.S. energy companies which trade at a discount to fair value. Redemptions are allowed semi-annually with a 95-day notice period, subject to fund director consent and certain gate, holdback and suspension restrictions. Subscriptions are allowed monthly with a three-year lock up on subscriptions. The Company invested $10.0 million in the SEI Energy Debt Fund in July 2015. The fund’s assets are valued in accordance with valuations reported by the fund’s sub-advisor or the fund’s underlying investments or other independent third-party sources, although SEI in its discretion may use other valuation methods, subject to compliance with ERISA (as applicable). The fund’s assets are valued as of the close of business on the last business day of each calendar month and are available 30 days after the end of a calendar quarter. On an annual basis, as determined by the investment manager in its sole discretion, an independent valuation agent is retained to provide a valuation of the illiquid assets of the fund and of any other asset of the fund, as determined by the investment manager in its sole discretion. The Company reviews and verifies the reasonableness of the year-end valuations. Executive Survivor and Supplemental Retirement Plan (ESSRP) The ESSRP is an unfunded, nonqualified benefit plan for executive officers and certain key management employees. The ESSRP provides defined benefit payments to these employees on their retirements for life or to their beneficiaries on their deaths for a 15-year postretirement period. Life insurance carried on certain plan participants is payable to the Company on the employee’s death. There are no plan assets in this nonqualified benefit plan due to the nature of the plan. 107 Table of Contents The following table lists components of net periodic pension benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic pension cost for the year ended December 31: The following table presents amounts recognized in the consolidated balance sheets as of December 31: The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s projected benefit obligations over the two-year period ended December 31, 2018 and a statement of the funded status as of December 31 of both years: 108 Table of Contents Weighted average assumptions used to determine benefit obligations at December 31: The estimated amounts of unrecognized net actuarial losses and prior service costs to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic pension cost for the ESSRP in 2019 are: Cash flows—The ESSRP is unfunded and has no assets; contributions are equal to the benefits paid to plan participants. The following benefit payments, which reflect future service, as appropriate, are expected to be paid: Other Postretirement Benefits The Company provides a portion of health insurance benefits for retired OTP and corporate employees. The retiree health insurance benefits will be available for all corporate employees and OTP nonunion employees hired prior to September 1, 2006, and all union employees of OTP hired prior to November 1, 2010, excluding Coyote Station employees. Coyote Station employees hired before January 1, 2009 are covered under the plan. To be eligible for retiree health insurance benefits the employee must be 55 years of age with a minimum of 10 years of service. There are no plan assets. The following table lists components of net periodic postretirement benefit cost for the year ended December 31: Weighted average assumptions used to determine net periodic postretirement benefit cost for the year ended December 31: 109 Table of Contents The following table presents amounts recognized in the consolidated balance sheets as of December 31: The following tables provide a reconciliation of the changes in the fair value of plan assets and the plan’s projected benefit obligations and accrued postretirement benefit cost over the two-year period ended December 31, 2018: Weighted average assumptions used to determine benefit obligations at December 31: Assumed healthcare cost-trend rates as of December 31: Assumed healthcare cost-trend rates have a significant effect on the amounts reported for healthcare plans. A one-percentage-point change in assumed healthcare cost-trend rates for 2018 would have the following effects: 110 Table of Contents The estimated net amounts of unrecognized prior service cost to be amortized from regulatory assets and accumulated other comprehensive loss into the net periodic postretirement benefit cost in 2019 are: Cash flows—The Company expects to contribute $4.2 million net of expected employee contributions for the payment of retiree medical benefits and Medicare Part D subsidy receipts in 2019. The Company expects to receive a Medicare Part D subsidy from the Federal government of approximately $0.4 million in 2019. The following benefit payments, which reflect expected future service, as appropriate, net of expected Medicare Part D subsidy receipts and participant premium payments, are expected to be paid: 401K Plan The Company sponsors a 401K plan for the benefit of all corporate and subsidiary company employees. Contributions made to these plans by the Company and its subsidiary companies totaled $4,532,000 for 2018, $4,211,000 for 2017 and $3,877,000 for 2016. Employee Stock Ownership Plan The Company has a stock ownership plan for the benefit of all its electric utility employees. Contributions made by the Company were $398,000 for 2018, $612,000 for 2017 and $647,000 for 2016.

The old Model S still has a few benefits over the newer Model 3. First: Size. The frunk is bigger, and the back/trunk is as well. This comes in handy for luggage/supplies as well as sleeping in the car.

Plastics segment revenues increased $12.7 million due to a 9.4% increase in PVC pipe prices on a 2.3% decrease in pounds of pipe sold. Cost of products sold increased $8.8 million, despite the 2.3% decrease in sales volume, due to an 8.8% increase in the cost per pound of pipe sold. The increase in pipe prices in excess of the increase in cost per pound of pipe sold resulted in an 11.3% increase in gross margin per pound of PVC pipe sold. Plastics segment operating expenses increased by $0.8 million mainly due to an increase in property maintenance costs, sales commissions and other selling and administrative costs.

Well PGPW17-04 was drilled using the mud rotary method to a total depth of 475m using 15″ and 13.5″ diameter drill bits. The well was completed with 10″ and 6″ diameter steel pipe with 10″ blank pipe for the section from 0m to 113.4m, with 6″ slotted pipe for the section from 113.4m to 464.3m and 6″ blank casing from 464.3m to 470.4m with an end cap. The annular space between the borehole and the casing were filled with gravel pack.

On January 8, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) added approximately 30 individuals and entities to its Specially Designated Nationals and Blocked Persons List (the “SDN List”) due to their engagement in corrupt currency exchange transactions which enriched themselves by at least $2.4 billion at the expense of Venezuela’s citizens.  These sanctioned persons include two former Venezuelan National Treasurers – Claudia Patricia Diaz Guillen (“Diaz”) and Alejandro Jose Andrade Cedeno (“Andrade”) – who authorized a Venezuelan businessman named Raul Antonio Gorrin Belisario (“Gorrin”) to convert Venezuelan bolivars into U.S. dollars at highly favorable exchange rates at currency exchange houses under his control.  Gorrin then shared the resulting excess currency conversion profits with Diaz and Andrade by engaging in deceptive practices to purchase a wide variety of properties, aircraft and other luxury assets on behalf of Diaz, Andrade, their family members and their other business associates.  The Treasury Department published a diagram which explains the scheme in further detail.

General Rates—On April 20, 2018 OTP filed a request with the SDPUC to increase non-fuel rates in South Dakota by approximately $3.3 million annually, or 10.1%, as the first step in a two-step request. Interim rates went into effect October 18, 2018. On February 5, 2019 SDPUC staff and OTP requested that the SDPUC issue a procedural schedule setting evidentiary hearings for March 26-28, 2019. The full effects of the TCJA on South Dakota revenue requirements will be addressed in the rate case and incorporated into final rates at the conclusion of that case. The second step in the request is an additional 1.7% increase to recover costs for the proposed Merricourt wind generation facility when the facility goes into service. On February 15, 2019 the Company reached a partial settlement with SDPUC staff which requires SDPUC approval.

1. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONSLarge Diameter Steel PipesLongitudinal Submerged Arc Weld (LSAW)Helical/Spiral Submerged Arc Welded (HSAW)2. INDUSTRY OVERVIEWLarge Diameter Steel Pipes (LDSPs) – An Important Medium for Energy TransportationNear-to Mid-Term Prospects Remain Favorable for LDSPsKey Benefits Offered Drive Widespread DeploymentsRobust Growth Momentum in Asia-Pacific & Other Developing RegionsStable Economic Scenario to Augment Market Prospects3. MARKET TRENDS, GROWTH DRIVERS & ISSUESCapital Expenditure on Pipeline Infrastructure Worldwide: Strong Growth DriverSelect Proposed, Under Construction & Recently Launched Pipeline ProjectsInter-Regional Supply of Oil & Gas to Boost Demand for Large OD PipesChanging Energy Mix & Increase in Natural Gas Share – Emerging OpportunitiesHelical SAW Pipes Finding Favor over Longitudinal Weld PipesWelded Line Pipe Makes InroadsCarbon Capture & Storage – Potential for GrowthPiling Applications – An Opportunity MarketRise in Infrastructure Spending to Drive GainsWater Infrastructure Replacement & Upgrades Open Growth OpportunitiesSteel Reinforced Corrugated Pipes Gain Popularity in Sewerage ApplicationsCorrosion Protection Gains Importance to Address Challenging EnvironmentsMonitoring & Surveillance Solutions Gain Precedence in Securing Pipeline OperationsAging Pipelines Trigger Replacement DemandIssues & ChallengesGrowing Competition from Plastic & Concrete PipesAlternate Means for Oil & Gas Transport4. WORLD OIL & GAS INDUSTRY: A MACRO PERSPECTIVEOilRise in E&P Spending Remains a Strong Growth DriverVolatility in Oil Prices and its ImpactVariations in Drilling Activity – A ReviewNatural GasClassification of Natural Gas PipelinesFlowlinesGathering LinesTransmission PipelinesDistribution PipelinesService PipelinesGlobal Shale Gas Landscape – A Brief Note5. PRODUCT OVERVIEWLarge Diameter PipesLarge Diameter Steel PipesManufacturing ProcessElectric Resistance Weld (ERW)Submerged Arc Welding (SAW)Types of WeldsLongitudinal Submerged Arc Weld (LSAW)Spiral Welded PipesDouble Submerged Arc Weld (DSAW)Classification of Large Diameter Steel PipesLongitudinal Submerged Arc Weld (LSAW)Helical /Spiral Submerged Arc Welded (HSAW)6. COMPETITIVE LANDSCAPE6.1 Focus on Select Global Players6.2 Recent Industry ActivityCCI Approves ArcelorMittal’s Acquisition of Essar SteelArabian Pipes Bags Supply Order from Saudi AramcoTata Steel and thyssenkrupp to Establish thyssenkrupp Tata Steel B.V.ChelPipe Inks New Agreement with GazpromArcelorMittal Snaps Up Ilva S.p.AChelPipe Group to Supply Large Diameter Pipes to OMV PetromChelPipe Delivers First Batch of CWC Pipes for Nord Stream 2 ProjectEVRAZ North America Bags Pipe Supply Deal from Trans MountainTenaris Inaugurates Seamless Pipe Mill in TexasJSC Arcelor Mittal Temirtau to Expand Kazakhstan Steel Production PlantEUROPIPE to Supply Large Diameter Pipes to EUGALPSL Files for InsolvencyAdvanced Drainage Systems Rolls Out HPXTM 75 Large Diameter Storm Water Pipe7. GLOBAL MARKET PERSPECTIVE8. REGIONAL MARKET PERSPECTIVE9. COMPANY PROFILES

Both Jordan Jenkins and Henry Anderson will be able to play the roles they thrived in in 2018 when each posted a career-high seven sacks.

Leandro Gonzalez Pirez once again had a shocker of a season debut. He’s making a habit of that after Houston last season. His defensive mates weren’t much better. Two poor touches when there was plenty of time to settle the ball down gifted Herediano the first goal of the game. Atrocious overall play and a comedy of errors at the back led to the embarrassing two-on-zero breakaway for the second. Poor marking on a set piece gave them the third.

The assumed rate of return on pension fund assets used for the determination of 2019 net periodic pension cost is 7.25%. The assumed long-term rate of return on plan assets is based primarily on asset category studies using historical market return and volatility data with forward looking estimates based on existing financial market conditions and forecasts of capital markets. Modest excess return expectations versus some market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically. The Company reviews its rate of return on plan asset assumptions annually. The assumptions are largely based on the asset category rate-of-return assumptions developed annually with the Company’s pension plan investment advisors, as well as input from actuaries who work with the pension plan and benchmarking to peer companies with similar asset allocation strategies.