COMMITMENTS AND CONTINGENCIES Labor Commitments We are a party to six collective bargaining agreements, each of which expires within the next five years. Our collective bargaining agreements are with the following unions: the United Steelworkers of America ("USWA"); the International Association of Machinists and Aerospace Workers; the University and Allied Workers Union ("UAWU"); the Union of Technical, Administrative and Supervisory Personnel ("UTASP"); and the Bustamante Industrial Trade Union ("BITU"). " A new agreement at our mining operations in St. Ann, Jamaica ("St. Ann") with the UTASP was signed in July 2012, which expires in December 2013. " The agreement at St. Ann with the BITU expires in December 2012. This contract covers a small portion of our St. Ann workforce. " On August 31, 2012, the Company reached an agreement with the USWA to temporarily extend the New Madrid aluminum smelter collective bargaining agreement, which had been scheduled to expire that day. A new five -year contract with the USWA, representing approximately 80% of our New Madrid workforce, was ratified on September 7, 2012. The newly ratified agreement will expire in August of 2017. " The three -year contract in place with the USWA, representing our unionized employees at the Salisbury rolling mill, will expire in November of 2012. This contract covers approximately 88% of our Salisbury workforce. Legal Contingencies We are a party to legal proceedings incidental to our business. We assess the likelihood of an unfavorable outcome of each legal proceeding based upon the available facts and our historical experience with similar matters. We do not accrue a liability when we assess the likelihood of an unfavorable outcome to be remote. Where the risk of loss is probable and the costs can be reasonably estimated, we accrue a liability based on the factors mentioned above. Where the risk of loss is considered reasonably possible, we estimate the range of reasonably possible losses and disclose any reasonably possible losses, if mater