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Note 14 - Commitments and Contingencies

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Note 14 - Commitments and Contingencies
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
14.
Commitments and Contingencies
 
Environmental Considerations
 
We are subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. Although we believe we are in material compliance with all of the various regulations applicable to our business, there can be
no
assurance that requirements will
not
change in the future or that we will
not
incur significant costs to comply with such requirements. We are currently
not
aware of any environmental matters which
may
have a material impact on our financial position, results of operations, or liquidity.
 
On
November 
19,
2007
(the date of inception of GBC), we acquired the assets and operations relating to the worldwide metals business of Olin Corporation. Olin Corporation agreed to retain liability arising out of the existing conditions on certain of our properties for any remedial actions required by environmental laws, and agreed to indemnify us for all or part of a number of other environmental liabilities. Since
2007,
Olin Corporation has been performing remedial actions at the facilities in East Alton, Illinois and Waterbury, Connecticut related to environmental conditions at such facilities, and has been participating in remedial actions at certain other properties as well. If Olin Corporation were to stop its environmental remedial activities at our properties, we could be required to assume responsibility for these activities, the cost of which could be material.
 
Although we are
not
currently subject to any material claims with respect to clean-up or remediation under CERCLA or similar laws for contamination at our leased or owned properties or at any off-site location, it is possible that we
may
be in the future. For example, in
January 2018,
Olin Brass experienced a leak of mineral oil at its Waterbury, Connecticut facility. Our personnel, the Waterbury fire department, the U.S. EPA, the Connecticut DEEP, and remediation contractors responded immediately. We incurred approximately
$0.7
million of expenses during the 
three
months ended
March 31, 2018
associated with this incident. Although we reached a final settlement with the U.S. EPA which resulted in a
$6,000
fine, we remain in discussions with the Connecticut DEEP regarding ongoing remediation activity. We do
not
believe this incident will materially affect our long-term financial stability or cash flows.
 
Legal Considerations
 
We are party to various legal proceedings arising in the ordinary course of business. We believe that
none
of our legal proceedings are individually material or that the aggregate exposure of all of our legal proceedings, including those that are probable and those that are only reasonably possible, is material to our financial condition, results of operations or cash flows.