v3.26.1
Related Parties (Tables)
3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

Åkers TISCO Roll Co., Ltd. (“ATR”), a 59.88% indirectly owned joint venture of UES, 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 months ended March 31, 2026 and 2025 were as follows:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

 

USD

 

 

RMB

 

 

USD

 

 

RMB

 

Purchases from related parties

 

$

2,487

 

 

 

17,232

 

 

$

2,076

 

 

 

15,089

 

Sales to related parties

 

$

5,196

 

 

 

36,001

 

 

$

5,039

 

 

 

36,621

 

Balances outstanding with ATR’s minority shareholder including its affiliates and the other joint venture’s shareholder and its affiliates as of March 31, 2026 and December 31, 2025 were as follows:

 

 

March 31, 2026

 

 

March 31, 2026

 

 

December 31, 2025

 

 

December 31, 2025

 

 

 

USD

 

 

RMB

 

 

USD

 

 

RMB

 

Accounts receivable from related parties

 

$

2,597

 

 

 

17,766

 

 

$

2,390

 

 

 

16,723

 

Accounts payable to related parties

 

$

636

 

 

 

4,394

 

 

$

69

 

 

 

481

 

For the three months ended March 31, 2026, the Corporation had purchases from UES-UK to fulfill orders on existing customer contracts. These purchases, which were in the ordinary course of business, for the three months ended March 31, 2026, were as follows:

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

Purchases from UES-UK

 

$

1,723

 

Balances outstanding with UES-UK were as follows:

 

 

March 31,
2026

 

 

December 31,
2025

 

Accounts payable to UES-UK

 

$

137

 

 

$

1,758