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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Aug. 03, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	MRC GLOBAL INC.
Entity Central Index Key	0001439095
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		101,489,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash	$ 39,995	$ 46,127
Accounts receivable, net	879,277	791,280
Inventories, net	1,070,837	899,064
Other current assets	17,532	11,437
Total current assets	2,007,641	1,747,908
Other assets	40,709	39,212
Property, plant and equipment, net	117,942	107,430
Intangible assets:
Goodwill, net	576,822	561,270
Other intangible assets, net	754,038	771,867
Total intangible assets	1,330,860	1,333,137
Total assets	3,497,152	3,227,687
Current liabilities:
Trade accounts payable	547,083	479,584
Accrued expenses and other current liabilities	100,298	108,973
Income taxes payable	7,091	11,950
Deferred revenue	4,288	4,450
Deferred income taxes	65,787	68,210
Total current liabilities	724,547	673,167
Long-term obligations:
Long-term debt, net	1,355,122	1,526,740
Deferred income taxes	282,321	288,985
Other liabilities	17,204	17,933
Total noncurrent liabilities	1,654,647	1,833,658
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value per share; June 2012, 500,000 shares authorized,101,489 issued and outstanding December 2011 - 400,000 Shares authorized,84,427 issued and outstanding	1,015	844
Preferred stock, $0.01 par value per share; June 2012,100,000 shares authorized, no shares issued and outstanding, December 2011 - 150,000 shares authorized, no shares issued and outstanding
Additional paid-in capital	1,620,271	1,282,949
Retained (deficit)	(467,932)	(536,791)
Accumulated other comprehensive loss	(35,396)	(26,140)
Stockholders' equity	1,117,958	720,862
Total Liabilities and Stockholders' Equity	$ 3,497,152	$ 3,227,687

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	400,000,000
Common stock, shares issued	101,489,000	84,427,000
Common stock, shares outstanding	101,489,000	84,427,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	150,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Operations [Abstract]
Sales	$ 1,430,379	$ 1,168,039	$ 2,813,011	$ 2,159,852
Cost of sales	1,188,699	995,341	2,334,770	1,840,188
Gross profit	241,680	172,698	478,241	319,664
Selling, general and administrative expenses	151,189	124,052	297,573	241,409
Operating income	90,491	48,646	180,668	78,255
Other income (expense):
Interest expense	(30,727)	(34,524)	(64,444)	(68,024)
Loss on early extinguishment of debt	(11,424)		(11,424)
Write off of debt issuance costs		(9,450)	(1,685)	(9,450)
Change in fair value of derivative instruments	(1,200)	1,624	925	3,492
Other, net	575	857	2,322	1,062
Total other income (expense)	(42,776)	(41,493)	(74,306)	(72,920)
Income before income taxes	47,715	7,153	106,362	5,335
Income tax expense	16,390	2,475	37,503	1,785
Net income	$ 31,325	$ 4,678	$ 68,859	$ 3,550
Basic earnings per common share	$ 0.32	$ 0.06	$ 0.75	$ 0.04
Diluted earnings per common share	$ 0.32	$ 0.06	$ 0.75	$ 0.04
Weighted-average common shares, basic	98,303	84,418	91,370	84,416
Weighted-average common shares, diluted	98,726	84,605	91,743	84,602

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 31,325	$ 4,678	$ 68,859	$ 3,550
Other comprehensive (loss) income	(14,040)	2,763	(9,256)	13,230
Comprehensive income	$ 17,285	$ 7,441	$ 59,603	$ 16,780

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating activities
Net income	$ 68,859	$ 3,550
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	8,550	8,165
Amortization of intangibles	24,756	25,068
Equity-based compensation expense	3,658	2,442
Deferred income tax benefit	(9,523)	(5,325)
Amortization of debt issuance costs	4,805	5,373
Write off of debt issuance costs	1,685	9,450
Loss on early extinguishment of debt	11,424
Increase in LIFO reserve	18,500	27,700
Change in fair value of derivative instruments	(925)	(3,492)
Provision for uncollectible accounts	2,544	315
Other non-cash items	1,573	1,148
Changes in operating assets and liabilities:
Accounts receivable	(63,523)	(79,305)
Inventories	(138,161)	(73,137)
Income taxes payable	(4,887)	2,834
Other current assets	(6,208)	(1,511)
Accounts payable	40,784	39,654
Deferred revenue	(161)	(13,101)
Accrued expenses and other current liabilities	(10,364)	(7,184)
Net cash used in operations	(46,614)	(57,356)
Investing activities
Purchases of property, plant and equipment	(14,857)	(5,318)
Proceeds from the disposition of property, plant and equipment	1,910	612
Acquisitions, net of cash acquired of $0 and $1,900 for 2012 and 2011, respectively	(89,893)	(35,305)
Proceeds from the sale of assets held for sale		10,594
Other investment and notes receivable transactions	(2,988)	961
Net cash used in investing activities	(105,828)	(28,456)
Financing activities
Proceeds from the sale of common stock	333,422
Net proceeds (payments) from/on revolving credit facilities	(40,532)	77,676
Purchase of senior secured notes	(110,442)
Payments on long-term obligations	(31,456)
Debt issuance costs paid	(7,722)	(9,131)
Proceeds from exercise of stock options	20	3
Tax benefit of stock options	422
Net cash provided by financing activities	143,712	68,548
Decrease in cash	(8,730)	(17,264)
Effect of foreign exchange rate on cash	2,598	499
Cash - beginning of period	46,127	56,202
Cash - end of period	39,995	39,437
Supplemental disclosures of cash flow information:
Cash paid for interest	58,959	62,119
Cash paid for income taxes	$ 51,408	$ 2,908

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Cash Flows [Abstract]
Acquisitions, net of cash acquired	$ 0	$ 1,900

Background and Basis of Presentation

6 Months Ended

Jun. 30, 2012

Background and Basis of Presentation [Abstract]

BACKGROUND AND BASIS OF PRESENTATION

NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION

Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. We are a majority owned subsidiary of PVF Holdings LLC. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings (“PVF”) and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.

Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2012. We have derived our condensed consolidated balance sheet as of December 31, 2011 from the audited financial statements for the year ended December 31, 2011. You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2011.

The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. Investments in our unconsolidated joint ventures, over which we exercise significant influence, but do not control, are accounted for by the equity method.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Transactions

6 Months Ended

Jun. 30, 2012

Transactions [Abstract]

TRANSACTIONS

NOTE 2 – TRANSACTIONS

Acquisitions

In March 2012, we acquired the operations and assets of OneSteel Piping Systems, now known as MRC Piping Systems Australia (“MRC PSA”). MRC PSA is a leading PVF distributor supplying the oil and gas, mining and mineral processing industries in Australia. The purchase price for this acquisition was $87.9 million, including a payment of $15.1 million in May 2012 related to the working capital level of MRC PSA at closing. Because we recently consummated the acquisition, we have not yet completed the determination of the fair values of certain tangible and intangible assets acquired or liabilities assumed. The impact of this acquisition is not material to our financial statements.

In June 2012, we acquired the operations and assets of Chaparral Supply of Cherokee, Oklahoma. Chaparral Supply provides us support in the rapidly growing Mississippian Lime formation in Oklahoma and Kansas. The impact of this acquisition is not material to our financial statements.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Inventories

6 Months Ended

Jun. 30, 2012

Inventories [Abstract]

INVENTORIES

NOTE 3 – INVENTORIES

The composition of our inventory is as follows (in thousands):


	June 30, 2012			December 31, 2011
Finished goods inventory at average cost:
Energy carbon steel tubular products⁽¹⁾	$	534,832		$	488,938
Valves, fittings, flanges and all other products		748,040			601,706

		1,282,872			1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)		(193,622	)		(175,122	)
Less: Other inventory reserves		(18,413	)		(16,458	)

	$	1,070,837		$	899,064

(1)	Oil country tubular goods (OCTG) was $158.9 and $161.9 million at June 30, 2012 and December 31, 2011, respectively.

Long-Term Debt

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 4 – LONG-TERM DEBT

The significant components of our long-term debt are as follows (in thousands):


	June 30, 2012		December 31, 2011
9.50% senior secured notes due 2016, net of discount of $14,903 and $18,358	$	933,097	$	1,031,642
Global ABL Facility		412,210		—
ABL Credit Facility		—		456,411
MRC Transmark term loan facility		—		30,824
MRC Transmark factoring facility		9,475		7,189
Other		340		674

		1,355,122		1,526,740
Less current portion		—		—

	$	1,355,122	$	1,526,740

In March 2012, we entered into a new multi-currency global asset-based revolving credit facility (the “Global ABL Facility”), which replaced our then existing asset-based revolving credit facility (“ABL Credit Facility”), our MRC Transmark term loan and revolving credit facility and our MRC Transmark overdraft facility. The five-year Global ABL Facility is comprised of $1.25 billion of total revolving credit facilities, including $1.025 billion in the United States, $145 million in Canada, $12 million in the United Kingdom, $52 million in Australia, $9 million in the Netherlands and $7 million in Belgium. The facility contains an accordion feature that allows us to increase the principal amount of the facility by up to $300 million.

Each of our wholly owned material U.S. subsidiaries guarantees the obligations of our borrower subsidiaries under the Global ABL Facility. Obligations under the U.S. tranche are primarily secured, subject to certain exceptions, by a first-priority security interest in the accounts receivable, inventory and related assets of our wholly owned, material U.S. subsidiaries. The obligations of any of our foreign borrower subsidiaries are primarily secured, subject to certain exceptions, by:

•

a first-priority security interest in the accounts receivable, inventory and related assets of the foreign subsidiary and our wholly owned material U.S. subsidiaries; and

•

a first-priority pledge by the foreign borrower subsidiary of the equity interests of its direct wholly owned restricted subsidiaries incorporated in the relevant borrower jurisdictions and intercompany debt instruments held by the foreign borrower subsidiary.

No property of our foreign subsidiaries secures the U.S. tranche. The security interest in accounts receivable, inventory and related assets of the U.S. borrower subsidiaries ranks prior to the security interest in this collateral which secures our 9.50% senior secured notes.

Each of our foreign borrower subsidiaries has a separate stand alone borrowing base that limits the foreign subsidiary’s ability to borrow under its respective tranche, provided that the foreign subsidiaries may utilize excess availability under the U.S. tranche to borrow amounts in excess of their respective borrowing bases (but not to exceed the applicable commitment amount for the foreign subsidiary’s jurisdiction), which utilization will reduce availability under the U.S. tranche dollar for dollar.

Our ability to borrow in each jurisdiction, other than Belgium, under the facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory. In Belgium, our borrowing is limited by a borrowing base determined under Belgium law.

The facility initially bears interest at LIBOR plus a margin of 1.75%; from and after Sepember 1, 2012 the margin will vary between 1.50% and 2.00% based on our fixed charge coverge ratio.

Senior Secured Notes Purchase: In June 2012, we purchased in the open market $102 million in principal amount of the Company’s 9.50% senior secured notes due 2016 for $110.4 million. The purchases were funded with borrowings under the Company’s Global ABL Facility, and the weighted average price of these purchases was $108.28 per $100 of principal amount. We incurred a pre-tax loss on the purchase of the senior secured notes of $11.4 million related to the purchase premium, the write off of unamortized deferred financing costs and the write off of original issue discount.

Interest Rate Swaps and Forward Foreign Exchange Contracts: We use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies.

All of our derivative instruments are freestanding and, accordingly, changes in their fair market value are recorded in earnings. All of the interest rate swaps have expired as of June 30, 2012.

The table below provides data about the fair value of the derivative instruments that are recorded in our consolidated balance sheets (in thousands):


	June 30, 2012				December 31, 2011
	Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts⁽¹⁾	$	—	$	1,228	$	—	$	144
Interest rate contracts⁽¹⁾		—		—		—		2,010

(1)

Included in “Accrued expenses and other current liabilities” in our consolidated balance sheets. The total notional amount of our interest rate swaps was $0 million and approximately $519 million at June 30, 2012 and December 31, 2011, respectively. The total notional amount of our forward foreign exchange contracts was approximately $70 million and $39 million at June 30, 2012 and December 31, 2011, respectively.

The table below provides data about the amount of net gains (losses) recognized in our consolidated statements of operations related to our derivative instruments (in thousands):


	Three Months Ended					Six Months Ended
	June 30, 2012			June 30, 2011		June 30, 2012			June 30, 2011
Derivatives not designated as hedging instruments:
Interest rate contracts	$	86		$	1,424	$	2,009		$	3,015
Foreign exchange forward contracts		(1,286	)		200		(1,084	)		477

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock

In April 2012, we completed the initial public offering of 22,727,273 shares of common stock at a public offering price of $21.00 per share. In connection with the offering, MRC Global Inc. sold 17,045,455 shares resulting in aggregate net proceeds to us of approximately $333.4 million after underwriting discounts and offering expenses. A selling stockholder sold the remaining 5,681,818 shares. The $333.4 million of proceeds were used to repay amounts outstanding under the Global ABL Facility.

Stock Options and Restricted Stock

Our 2007 Stock Option Plan permitted the grant of stock options to our employees, directors and consultants for up to 3.8 million shares of new common stock. The options were not to be granted with an exercise price less than the fair market value of the Company’s common stock on the date of the grant, nor for a term exceeding ten years. Vesting generally occured over a five year period on the anniversaries of the date specified in the employees’ respective option agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements. We expense the fair value of the stock option grants on a straight-line basis over the vesting period. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options.

Under the terms of our 2007 Restricted Stock Plan, up to 500,000 shares of restricted stock could have been granted at the direction of the Board of Directors and vesting generally occured in one-fourth increments on the second, third, fourth and fifth anniversaries of the date specified in the employees’ respective restricted stock agreements, subject to accelerated vesting under certain circumstances set forth in the restricted stock agreements. Fair value is based on the fair value of our stock on the date of issuance. We expense the fair value of the restricted stock grants on a straight-line basis over the vesting period.

Under the 2007 Stock Option Plan, 381,698 stock options with exercise prices ranging from $22.10 to $24.96 were modified in May 2012. The exercise price of these options was changed to $21.05. Because none of these shares were vested, the impact of the modification will be to increase stock based compensation expense over the remaining vesting period of the modified options. In January 2012, 14,451 shares of restricted stock vested. In February 2012, 15,561 shares of restricted stock were granted to two members of our Board of Directors. During the first six months of 2012, 2,436 stock options were exercised and no stock options were granted under this plan.

In April 2012, we replaced the 2007 Stock Option Plan and the 2007 Restricted Stock Plan with the 2011 Omnibus Incentive plan. No additional shares or other equity interests will be awarded under the prior plans. The 2011 Omnibus Incentive Plan has 3,250,000 shares reserved for issuance pursuant to the plan. The plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. In May 2012, 930,633 stock options were granted under this plan.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in thousands):


	June 30, 2012			December 31, 2011
Currency translation adjustments	$	(34,878	)	$	(25,622	)
Pension related adjustments		(518	)		(518	)

Accumulated other comprehensive loss	$	(35,396	)	$	(26,140	)

Earnings per Share

Earnings per share are calculated in the table below (in thousands, except per share amounts).


	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Net income	$	31,325	$	4,678	$	68,859	$	3,550

Average basic shares outstanding		98,303		84,418		91,370		84,416
Effect of dilutive securities		423		187		373		186

Average diluted shares outstanding		98,726		84,605		91,743		84,602

Net income per share:
Basic	$	0.32	$	0.06	$	0.75	$	0.04
Diluted	$	0.32	$	0.06	$	0.75	$	0.04

Stock options and shares of restricted stock are disregarded in this calculation if they are determined to be anti-dilutive. For the three and six months ended June 30, 2012 and 2011, our anti-dilutive stock options approximated 2.2 million and 1.5 million, respectively. There was no anti-dilutive restricted stock for the three and six months ended June 30, 2012 and 2011.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
-Number 43
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-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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+ Details

Segment Information

6 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 6 – SEGMENT INFORMATION

We operate as two business segments, North America and International. Our North American segment consists of our operations in the United States and Canada. Our International segment consists of our operations outside of North America, principally Europe, Asia and Australasia. These segments represent our business of selling pipe, valves and fittings to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors.

The following table presents financial information for each segment (in millions):


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Sales
North America	$	1,279.1		$	1,093.0		$	2,540.0		$	2,025.5
International		151.3			75.0			273.0			134.4

Consolidated revenues	$	1,430.4		$	1,168.0		$	2,813.0		$	2,159.9

Depreciation and amortization
North America	$	3.3		$	3.6		$	6.4		$	7.1
International		1.2			0.6			2.2			1.1

Total depreciation and amortization expense	$	4.5		$	4.2		$	8.6		$	8.2

Amortization of intangibles
North America	$	10.7		$	11.3		$	21.3		$	22.3
International		1.8			1.4			3.5			2.8

Total amortization of intangibles expense	$	12.5		$	12.7		$	24.8		$	25.1

Operating income
North America	$	83.6		$	44.6		$	168.4		$	72.6
International		6.9			4.0			12.3			5.7

Total operating income		90.5			48.6			180.7			78.3
Interest expense		(30.7	)		(34.5	)		(64.4	)		(68.0	)
Other expense, net		(12.1	)		(6.9	)		(9.9	)		(4.9	)

Income before income taxes	$	47.7		$	7.2		$	106.4		$	5.4


	June 30, 2012		December 31, 2011
Total assets
North America	$	3,109.7	$	2,923.3
International		387.4		304.4

Total assets	$	3,497.1	$	3,227.7

Our net sales by product line are as follows (in thousands):


	Three Months Ended				Six Months Ended
Type	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Energy carbon steel tubular products:
Line pipe	$	294,353	$	256,059	$	584,705	$	430,552
Oil country tubular goods		193,367		203,251		414,589		361,084

	$	487,720	$	459,310	$	999,294	$	791,636

Valves, fittings, flanges and other products:
Valves, specialty products, and automation	$	368,091	$	282,003	$	699,923	$	544,116
Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		299,990		199,612		576,515		388,955
Other		274,578		227,114		537,279		435,145

	$	942,659	$	708,729	$	1,813,717	$	1,368,216

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7 – FAIR VALUE MEASUREMENTS

We used the following methods and significant assumptions to estimate fair value for assets and liabilities recorded at fair value.

Interest Rate Contracts: Interest rate contracts are reported at fair value utilizing Level 2 inputs. We obtain dealer quotations to value our interest rate swap agreements. These quotations rely on observable market inputs such as yield curves and other market-based factors.

Foreign Exchange Forward Contracts: Foreign exchange forward contracts are reported at fair value utilizing Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments.

The following table presents assets and liabilities measured at fair value on a recurring basis, and the basis for that measurement (in thousands):


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2012
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts	$	1,228	$	—	$	1,228	$	—

December 31, 2011
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts	$	144	$	—	$	144	$	—
Interest rate swap agreements		2,010		—		2,010		—

With the exception of long-term debt, the fair values of our financial instruments, including cash and cash equivalents, accounts receivable, trade accounts payable and accrued liabilities, approximate carrying value. The fair value of our debt was $1.431 billion and $1.542 billion at June 30, 2012 and December 31, 2011, respectively. We estimated the fair value of the senior secured notes using quoted market prices as of June 30, 2012 and December 31, 2011. The carrying values of our Global ABL Facility and remaining portions of our long-term debt approximate their fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

Litigation

Asbestos Claims. We are involved in various legal proceedings and claims, both as a plaintiff and a defendant, which arise in the ordinary course of business. These legal proceedings include claims that individuals brought against a large number of defendant entities, including us, seeking damages for injuries that certain products containing asbestos allegedly caused. As of June 30, 2012, we are a defendant in lawsuits involving approximately 1,036 of these claims. Each claim involves allegations of exposure to asbestos-containing materials by an individual or his or her family members. The complaints typically name many defendants. In a majority of these lawsuits, little or no information is known regarding the nature of the plaintiff’s alleged injuries or their connection with products that we distributed. Through June 30, 2012, lawsuits involving 11,913 claims have been brought against us. No asbestos lawsuit has resulted in a judgment against us to date, with the majority being settled, dismissed or otherwise resolved. In total, since the first asbestos claim brought against us in 1984 through December 31, 2011, approximately $1.8 million has been paid to asbestos claimants in connection with settlements of claims against us without regard to insurance recoveries.

There has been an increase in the number of claims filed since the fiscal year ending December 31, 2007. We believe that this increase is primarily due to an increase in the marketing efforts by personal injury law firms in West Virginia and Pennsylvania. Although we do not know whether this is a trend that will continue in the near term, in the long term, we anticipate that asbestos-related litigation against us will decrease as the incidence of asbestos-related disease in the general U.S. population decreases.

We annually conduct analyses of our asbestos-related litigation to estimate the adequacy of the reserve for pending and probable asbestos-related claims. These analyses consist of separately estimating our reserve with respect to pending claims (both those scheduled for trial and those for which a trial date had not been scheduled), mass filings (including lawsuits brought in West Virginia each involving many, in some cases over a hundred, plaintiffs, which include little information regarding the nature of each plaintiff’s claim and historically have rarely resulted in any payments to plaintiff) and probable future claims. A key element of the analysis is categorizing our claims by the type of disease the plaintiffs allege and developing “benchmark” estimated settlement values for each claim category based on our historical settlement experience. These estimated settlement values are applied to each of our pending individual claims. With respect to pending claims where the disease type is unknown, the outcome is projected based on historic experience. The reserve with respect to mass filings is estimated by determining the number of individual plaintiffs included in the mass filings likely to have claims resulting in settlements based on our historical experience with mass filings. Finally, we estimate the value of probable claims that plaintiffs may assert against us over the next 15 years based on public health estimates of future incidences of certain asbestos-related diseases in the general U.S. population. Estimated settlement values are applied to those projected claims. Our annual assessment, dated September 30, 2011, projected that our payments to asbestos claimants over the next 15 years are estimated to range from $5 million to $11 million. Given these estimates and existing insurance coverage that historically has been available to cover substantial portions of our past payments to claimants and defense costs, we believe that our current accruals and associated estimates relating to pending and probable asbestos-related litigation likely to be asserted over the next 15 years are currently adequate. Our belief that our accruals and associated estimates are currently adequate, however, relies on a number of significant assumptions, including:

•

That our future settlement payments, disease mix and dismissal rates will be materially consistent with historic experience;

•

That future incidences of asbestos-related diseases in the U.S. will be materially consistent with current public health estimates;

•

That the rates at which future asbestos-related mesothelioma incidences result in compensable claims filings against us will be materially consistent with its historic experience;

•

That insurance recoveries for settlement payments and defense costs will be materially consistent with historic experience;

•

That legal standards (and the interpretation of these standards) applicable to asbestos litigation will not change in material respects;

•

That there are no materially negative developments in the claims pending against us; and

•

That key co-defendants in current and future claims remain solvent.

If any of these assumptions prove to be materially different in light of future developments, liabilities related to asbestos-related litigation may be materially different than amounts accrued or estimated. Further, while we anticipate that additional claims will be filed in the future, we are unable to predict with any certainty the number, timing and magnitude of such future claims.

Other Legal Claims and Proceedings. From time to time, we have been subject to various claims and involved in legal proceedings incidental to the nature of our businesses. We maintain insurance coverage to reduce financial risk associated with certain of these claims and proceedings. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, there are no material pending legal proceedings that are likely to have a material effect on our business, financial condition or results of operations.

Product Claims. From time to time, in the ordinary course of our business, our customers may claim that the products that we distribute are either defective or require repair or replacement under warranties that either we or the manufacturer may provide to the customer. These proceedings are, in the opinion of management, ordinary and routine matters incidental to our normal business. Our purchase orders with our suppliers generally require the manufacturer to indemnify us against any product liability claims, leaving the manufacturer ultimately responsible for these claims. In many cases, state, provincial or foreign law provides protection to distributors for these sorts of claims, shifting the responsibility to the manufacturer. In some cases, we could be required to repair or replace the products for the benefit of our customer and seek our recovery from the manufacturer for our expense. In the opinion of management, the ultimate disposition of these claims and proceedings is not expected to have a material adverse effect on our business, financial condition or results of operations.

NiSource Claim. In the summer of 2010, our customer NiSource, Inc. notified us that certain polyethylene pipe that PolyPipe, Inc. manufactured may be defective. NiSource requested that the Company and PolyPipe repair and replace the allegedly defective pipe and reimburse NiSource for the costs of locating and removing the pipe. When installing the pipe, NiSource did not track where the pipe was installed, so to locate the allegedly defective pipe, NiSource has embarked on a program of “potholing” or digging holes by possible sites where the pipe was used to locate the serial numbers of the pipe that may be defective. This has caused NiSource to test locations far in excess of the locations where the allegedly defective pipe may have been used.

On April 28, 2011, PolyPipe filed a petition in the District Court in Cooke County, Texas against the Company and NiSource seeking, among other things, a declaratory judgment that PolyPipe was not responsible for the costs relating to the NiSource’s alleged failure to track and record the installation locations of the pipe and NiSource’s expenditures to implement a potential remediation plan including finding the pipe and removing the pipe. On June 1, 2011, the Court entered an order of non-suit, dismissing PolyPipe’s claims without prejudice to their re-filing the same claims.

NiSource is in the process of locating where the allegedly defective pipe was used while the parties discuss a possible resolution of their respective claims. NiSource has asserted that the Company and PolyPipe are liable for the costs of finding the allegedly defective pipe. Under its contract with NiSource, the Company is not liable for consequential damages. The Company believes that this applies to damages such as finding the allegedly defective pipe. To the extent that pipe is actually defective, the Company may be liable under its warranty to replace the defective pipe. The Company believes that PolyPipe, as the manufacturer of the pipe, is ultimately liable for any manufacturing defects. The Company believes that the ultimate outcome of NiSource’s claim will not be material.

Customer Contracts

We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc.). While we make every effort to abide by the terms of these contracts, certain provisions are complex and often subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have been immaterial to our consolidated financial statements.

Purchase Commitments

We have purchase obligations consisting primarily of inventory purchases made in the normal course of business to meet operating needs. While our vendors often allow us to cancel these purchase orders without penalty, in certain cases, cancellations may subject us to cancellation fees or penalties depending on the terms of the contract.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Guarantor and Non-Guarantor Financial Statements

6 Months Ended

Jun. 30, 2012

Guarantor and Non-Guarantor Financial Statements [Abstract]

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

NOTE 9 – GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

In December 2009 and February 2010, McJunkin Red Man Corporation (presented as Issuer in the following tables), a wholly owned subsidiary of MRC Global Inc. (presented as Parent in the following tables), issued senior secured notes due December 15, 2016. The senior secured notes are fully and unconditionally, and jointly and severally, guaranteed on a senior basis by MRC Global Inc. and substantially all existing and future 100%-owned domestic restricted subsidiaries of McJunkin Red Man Corporation (collectively, the “Guarantors”). All other subsidiaries of McJunkin Red Man Corporation, whether direct or indirect, do not guarantee the senior secured notes (the “Non-Guarantors”).

The following condensed consolidating financial statements present the results of operations, comprehensive income, financial position and cash flows of (1) the Parent, (2) the Issuer, (3) the Guarantors, (4) the Non-Guarantors, and (5) eliminations to arrive at the information for MRC Global Inc. on a consolidated basis. Separate financial statements and other disclosures concerning the Guarantors are not presented because management does not believe such information is material to investors. Therefore, each of the Guarantors is combined in the presentation below.

Condensed Consolidated Balance Sheets

(in millions)

June 30, 2012

Parent

Issuer

Guarantors

Non-
Guarantors

Elim

Total

Cash

—

9.3

—

30.7

—

40.0

Accounts receivable, net

0.7

633.7

—

244.9

—

879.3

Inventory, net

—

758.2

—

312.6

—

1,070.8

Income taxes receivable

0.2

13.5

—

(13.7

)

—

Other current assets

0.1

4.3

1.9

11.2

—

17.5

Total current assets

1.0

1,419.0

1.9

599.4

(13.7

)

2,007.6

Investment in subsidiaries

782.0

780.0

—

(1,562.0

)

—

Intercompany receivable

341.0

307.7

637.4

—

(1,286.1

)

—

Other assets

—

34.7

0.1

5.9

—

40.7

Property, plant and equipment, net

—

44.3

24.4

49.3

—

118.0

Goodwill

—

512.0

—

64.8

—

576.8

Other intangible assets, net

—

687.2

—

66.8

—

754.0

1,124.0

3,784.9

663.8

786.2

(2,861.8

)

3,497.1

Trade accounts payable

0.1

385.3

2.6

159.0

—

547.0

Accrued expenses

0.1

56.3

9.5

34.4

—

100.3

Income taxes payable

—

19.2

1.6

(13.7

)

7.1

Deferred revenue

—

2.8

—

1.5

—

4.3

Deferred income taxes

—

68.6

(0.6

)

(2.2

)

—

65.8

Total current liabilities

0.2

513.0

30.7

194.3

(13.7

)

724.5

Long-term debt, net

—

1,285.5

—

69.6

—

1,355.1

Intercompany payable

—

930.1

—

356.0

(1,286.1

)

—

Deferred income taxes

5.7

263.5

0.8

12.3

—

282.3

Other liabilities

0.1

10.8

0.1

6.2

—

17.2

Stockholders’ equity

1,118.0

782.0

632.2

147.8

(1,562.0

)

1,118.0

1,124.0

3,784.9

663.8

786.2

(2,861.8

)

3,497.1


	December 31, 2011
	Parent		Issuer		Guarantors			Non- Guarantors			Elim			Total
Cash	$	0.1	$	4.8	$	0.2		$	41.0		$	—		$	46.1
Accounts receivable, net		0.7		585.9		—			204.7			—			791.3
Inventory, net		—		682.1		—			217.0			—			899.1
Income taxes receivable		0.8		28.5		—			—			(29.3	)		—
Other current assets		—		2.2		2.1			7.1			—			11.4

Total current assets		1.6		1,303.5		2.3			469.8			(29.3	)		1,747.9

Investment in subsidiaries		718.0		607.1		—			—			(1,325.1	)		—
Intercompany receivable		7.3		258.3		561.3			—			(826.9	)		—
Other assets		—		31.8		0.1			7.3			—			39.2
Property, plant and equipment, net		—		45.2		19.6			42.6			—			107.4
Goodwill		—		512.0		—			49.3			—			561.3
Other intangible assets, net		—		707.2		—			64.7			—			771.9

	$	726.9	$	3,465.1	$	583.3		$	633.7		$	(2,181.3	)	$	3,227.7

Trade accounts payable	$	—	$	328.1	$	2.5		$	149.0		$	—		$	479.6
Accrued expenses		0.2		63.1		12.4			33.3			—			109.0
Income taxes payable		—		—		37.1			4.2			(29.3	)		12.0
Deferred revenue		—		3.7		—			0.7			—			4.4
Deferred income taxes		—		71.0		(0.6	)		(2.2	)		—			68.2

Total current liabilities		0.2		465.9		51.4			185.0			(29.3	)		673.2

Long-term debt, net		—		1,469.8		—			56.9			—			1,526.7
Intercompany payable		—		530.2		—			296.7			(826.9	)		—
Deferred taxes		5.7		269.7		1.0			12.6			—			289.0
Other liabilities		0.1		11.5		0.2			6.1			—			17.9
Stockholders’ equity		720.9		718.0		530.7			76.4			(1,325.1	)		720.9

	$	726.9	$	3,465.1	$	583.3		$	633.7		$	(2,181.3	)	$	3,227.7

Condensed Consolidated Statements of Operations

(in millions)


	Three Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	1,119.6		$	—		$	310.8		$	—		$	1,430.4
Cost of sales		—			945.5			1.1			242.1			—			1,188.7

Gross profit		—			174.1			(1.1	)		68.7			—			241.7

Operating expenses		0.2			69.1			26.2			55.7			—			151.2

Operating (loss) income		(0.2	)		105.0			(27.3	)		13.0			—			90.5

Other (expense) income		—			(140.6	)		106.5			(8.7	)		—			(42.8	)

(Loss) income before taxes		(0.2	)		(35.6	)		79.2			4.3			—			47.7
Equity in earnings of subsidiary		31.4			54.6			—			—			(86.0	)		—
Income tax (benefit)		(0.1	)		(12.4	)		27.4			1.5			—			16.4

Net income (loss)	$	31.3		$	31.4		$	51.8		$	2.8		$	(86.0	)	$	31.3


	Three Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	943.9		$	—		$	224.1		$	—		$	1,168.0
Cost of sales		—			817.0			1.0			177.3			—			995.3

Gross profit		—			126.9			(1.0	)		46.8			—			172.7

Operating expenses		0.3			66.2			18.8			38.8			—			124.1

Operating (loss) income		(0.3	)		60.7			(19.8	)		8.0			—			48.6

Other (expense) income		—			(69.5	)		35.7			(7.6	)		—			(41.4	)

(Loss) income before taxes		(0.3	)		(8.8	)		15.9			0.4			—			7.2
Equity in earnings of subsidiary		4.9			8.9			—			—			(13.8	)		—
Income tax (benefit)		(0.1	)		(4.8	)		5.9			1.5			—			2.5

Net (loss) income	$	4.7		$	4.9		$	10.0		$	(1.1	)	$	(13.8	)	$	4.7


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	2,172.3		$	—		$	640.7		$	—		$	2,813.0
Cost of sales		—			1,829.0			2.1			503.7			—			2,334.8

Gross profit		—			343.3			(2.1	)		137.0			—			478.2

Operating expenses		0.5			138.7			52.1			106.2			—			297.5

Operating (loss) income		(0.5	)		204.6			(54.2	)		30.8			—			180.7

Other (expense) income		—			(268.6	)		210.9			(16.6	)		—			(74.3	)

(Loss) income before taxes		(0.5	)		(64.0	)		156.7			14.2			—			106.4
Equity in earnings of subsidiary		69.2			110.6			—			—			(179.8	)		—
Income tax (benefit)		(0.2	)		(22.6	)		55.3			5.0			—			37.5

Net income (loss)	$	68.9		$	69.2		$	101.4		$	9.2		$	(179.8	)	$	68.9


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	1,715.4		$	—		$	444.5		$	—		$	2,159.9
Cost of sales		—			1,484.1			1.9			354.2			—			1,840.2

Gross profit		—			231.3			(1.9	)		90.3			—			319.7

Operating expenses		0.5			127.4			39.3			74.2			—			241.4

Operating (loss) income		(0.5	)		103.9			(41.2	)		16.1			—			78.3

Other (expense) income		—			(163.6	)		104.6			(13.9	)		—			(72.9	)

(Loss) income before taxes		(0.5	)		(59.7	)		63.4			2.2			—			5.4
Equity in earnings of subsidiary		3.9			38.9			—			—			(42.8	)		—
Income tax (benefit)		(0.2	)		(24.7	)		23.5			3.2			—			1.8

Net (loss) income	$	3.6		$	3.9		$	39.9		$	(1.0	)	$	(42.8	)	$	3.6

Condensed Consolidated Statements of Comprehensive Income

(in millions)


	Three Months Ended June 30, 2012
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	31.3		$	31.4		$	51.8	$	2.8		$	(86.0	)	$	31.3
Other comprehensive income		(14.0	)		(14.0	)		—		(9.2	)		23.2			(14.0	)

Comprehensive income	$	17.3		$	17.4		$	51.8	$	(6.4	)	$	(62.8	)	$	17.3


	Three Months Ended June 30, 2011
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	4.7		$	4.9		$	10.0	$	(1.1	)	$	(13.8	)	$	4.7
Other comprehensive income		2.7			2.7			—		3.2			(5.9	)		2.7

Comprehensive income	$	7.4		$	7.6		$	10.0	$	2.1		$	(19.7	)	$	7.4


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	68.9		$	69.2		$	101.4	$	9.2		$	(179.8	)	$	68.9
Other comprehensive income		(9.3	)		(9.3	)		—		(10.4	)		19.7			(9.3	)

Comprehensive income	$	59.6		$	59.9		$	101.4	$	(1.2	)	$	(160.1	)	$	59.6


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	3.5		$	3.8		$	39.9	$	(1.0	)	$	(42.7	)	$	3.5
Other comprehensive income		13.2			13.2			—		7.0			(20.2	)		13.2

Comprehensive income	$	16.7		$	17.0		$	39.9	$	6.0		$	(62.9	)	$	16.7

Condensed Consolidated Statements of Cash Flows

(in millions)


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Cash flows provided by (used in):
Operating activities	$	—		$	(78.0	)	$	6.6		$	24.8		$	—		$	(46.6	)
Investing activities		(0.1	)		(50.7	)		(6.8	)		(93.7	)		45.5			(105.8	)
Financing activities		—			130.3			—			58.9			(45.5	)		143.7

Increase (decrease) in cash		(0.1	)		1.6			(0.2	)		(10.0	)		—			(8.7	)

Effect of exchange rate on cash		—			2.9			—			(0.3	)		—			2.6

Cash – beginning of period		0.1			4.8			0.2			41.0			—			46.1

Cash – end of period	$	—		$	9.3		$	—		$	30.7		$	—		$	40.0


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Cash flows provided by (used in):
Operating activities	$	(0.9	)	$	(31.7	)	$	4.6		$	(29.3	)	$	—		$	(57.3	)
Investing activities		(0.1	)		10.9			(4.6	)		(34.7	)		—			(28.5	)
Financing activities		—			22.1			—			46.4			—			68.5

Increase (decrease) in cash		(1.0	)		1.3			—			(17.6	)		—			(17.3	)

Effect of exchange rate on cash		—			(1.1	)		—			1.6			—			0.5

Cash – beginning of period		1.1			4.4			—			50.7			—			56.2

Cash – end of period	$	0.1		$	4.6		$	—		$	34.7		$	—		$	39.4

Inventories (Tables)

6 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Composition of inventory


	June 30, 2012			December 31, 2011
Finished goods inventory at average cost:
Energy carbon steel tubular products⁽¹⁾	$	534,832		$	488,938
Valves, fittings, flanges and all other products		748,040			601,706

		1,282,872			1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)		(193,622	)		(175,122	)
Less: Other inventory reserves		(18,413	)		(16,458	)

	$	1,070,837		$	899,064

(1)	Oil country tubular goods (OCTG) was $158.9 and $161.9 million at June 30, 2012 and December 31, 2011, respectively.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

Significant components of long-term debt


	June 30, 2012		December 31, 2011
9.50% senior secured notes due 2016, net of discount of $14,903 and $18,358	$	933,097	$	1,031,642
Global ABL Facility		412,210		—
ABL Credit Facility		—		456,411
MRC Transmark term loan facility		—		30,824
MRC Transmark factoring facility		9,475		7,189
Other		340		674

		1,355,122		1,526,740
Less current portion		—		—

	$	1,355,122	$	1,526,740

Fair value of the derivative instruments that are recorded in our consolidated balance sheets


	June 30, 2012				December 31, 2011
	Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts⁽¹⁾	$	—	$	1,228	$	—	$	144
Interest rate contracts⁽¹⁾		—		—		—		2,010

(1)

Amount of net gains (losses) recognized in our consolidated statements of operations


	Three Months Ended					Six Months Ended
	June 30, 2012			June 30, 2011		June 30, 2012			June 30, 2011
Derivatives not designated as hedging instruments:
Interest rate contracts	$	86		$	1,424	$	2,009		$	3,015
Foreign exchange forward contracts		(1,286	)		200		(1,084	)		477

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2012

Stockholders' Equity [Abstract]

Accumulated other comprehensive loss in the accompanying consolidated balance sheets


	June 30, 2012			December 31, 2011
Currency translation adjustments	$	(34,878	)	$	(25,622	)
Pension related adjustments		(518	)		(518	)

Accumulated other comprehensive loss	$	(35,396	)	$	(26,140	)

Earnings per share


	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Net income	$	31,325	$	4,678	$	68,859	$	3,550

Average basic shares outstanding		98,303		84,418		91,370		84,416
Effect of dilutive securities		423		187		373		186

Average diluted shares outstanding		98,726		84,605		91,743		84,602

Net income per share:
Basic	$	0.32	$	0.06	$	0.75	$	0.04
Diluted	$	0.32	$	0.06	$	0.75	$	0.04

Segment Information (Tables)

6 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

Schedule of financial information for each segment


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Sales
North America	$	1,279.1		$	1,093.0		$	2,540.0		$	2,025.5
International		151.3			75.0			273.0			134.4

Consolidated revenues	$	1,430.4		$	1,168.0		$	2,813.0		$	2,159.9

Depreciation and amortization
North America	$	3.3		$	3.6		$	6.4		$	7.1
International		1.2			0.6			2.2			1.1

Total depreciation and amortization expense	$	4.5		$	4.2		$	8.6		$	8.2

Amortization of intangibles
North America	$	10.7		$	11.3		$	21.3		$	22.3
International		1.8			1.4			3.5			2.8

Total amortization of intangibles expense	$	12.5		$	12.7		$	24.8		$	25.1

Operating income
North America	$	83.6		$	44.6		$	168.4		$	72.6
International		6.9			4.0			12.3			5.7

Total operating income		90.5			48.6			180.7			78.3
Interest expense		(30.7	)		(34.5	)		(64.4	)		(68.0	)
Other expense, net		(12.1	)		(6.9	)		(9.9	)		(4.9	)

Income before income taxes	$	47.7		$	7.2		$	106.4		$	5.4


	June 30, 2012		December 31, 2011
Total assets
North America	$	3,109.7	$	2,923.3
International		387.4		304.4

Total assets	$	3,497.1	$	3,227.7

Schedule of net sales by product line


	Three Months Ended				Six Months Ended
Type	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Energy carbon steel tubular products:
Line pipe	$	294,353	$	256,059	$	584,705	$	430,552
Oil country tubular goods		193,367		203,251		414,589		361,084

	$	487,720	$	459,310	$	999,294	$	791,636

Valves, fittings, flanges and other products:
Valves, specialty products, and automation	$	368,091	$	282,003	$	699,923	$	544,116
Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		299,990		199,612		576,515		388,955
Other		274,578		227,114		537,279		435,145

	$	942,659	$	708,729	$	1,813,717	$	1,368,216

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis


			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2012
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts	$	1,228	$	—	$	1,228	$	—

December 31, 2011
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts	$	144	$	—	$	144	$	—
Interest rate swap agreements		2,010		—		2,010		—

Guarantor and Non-Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Guarantor and Non-Guarantor Financial Statements [Abstract]

Condensed Consolidated Balance Sheets

June 30, 2012

Parent

Issuer

Guarantors

Non-
Guarantors

Elim

Total

Cash

—

9.3

—

30.7

—

40.0

Accounts receivable, net

0.7

633.7

—

244.9

—

879.3

Inventory, net

—

758.2

—

312.6

—

1,070.8

Income taxes receivable

0.2

13.5

—

(13.7

)

—

Other current assets

0.1

4.3

1.9

11.2

—

17.5

Total current assets

1.0

1,419.0

1.9

599.4

(13.7

)

2,007.6

Investment in subsidiaries

782.0

780.0

—

(1,562.0

)

—

Intercompany receivable

341.0

307.7

637.4

—

(1,286.1

)

—

Other assets

—

34.7

0.1

5.9

—

40.7

Property, plant and equipment, net

—

44.3

24.4

49.3

—

118.0

Goodwill

—

512.0

—

64.8

—

576.8

Other intangible assets, net

—

687.2

—

66.8

—

754.0

1,124.0

3,784.9

663.8

786.2

(2,861.8

)

3,497.1

Trade accounts payable

0.1

385.3

2.6

159.0

—

547.0

Accrued expenses

0.1

56.3

9.5

34.4

—

100.3

Income taxes payable

—

19.2

1.6

(13.7

)

7.1

Deferred revenue

—

2.8

—

1.5

—

4.3

Deferred income taxes

—

68.6

(0.6

)

(2.2

)

—

65.8

Total current liabilities

0.2

513.0

30.7

194.3

(13.7

)

724.5

Long-term debt, net

—

1,285.5

—

69.6

—

1,355.1

Intercompany payable

—

930.1

—

356.0

(1,286.1

)

—

Deferred income taxes

5.7

263.5

0.8

12.3

—

282.3

Other liabilities

0.1

10.8

0.1

6.2

—

17.2

Stockholders’ equity

1,118.0

782.0

632.2

147.8

(1,562.0

)

1,118.0

1,124.0

3,784.9

663.8

786.2

(2,861.8

)

3,497.1


	December 31, 2011
	Parent		Issuer		Guarantors			Non- Guarantors			Elim			Total
Cash	$	0.1	$	4.8	$	0.2		$	41.0		$	—		$	46.1
Accounts receivable, net		0.7		585.9		—			204.7			—			791.3
Inventory, net		—		682.1		—			217.0			—			899.1
Income taxes receivable		0.8		28.5		—			—			(29.3	)		—
Other current assets		—		2.2		2.1			7.1			—			11.4

Total current assets		1.6		1,303.5		2.3			469.8			(29.3	)		1,747.9

Investment in subsidiaries		718.0		607.1		—			—			(1,325.1	)		—
Intercompany receivable		7.3		258.3		561.3			—			(826.9	)		—
Other assets		—		31.8		0.1			7.3			—			39.2
Property, plant and equipment, net		—		45.2		19.6			42.6			—			107.4
Goodwill		—		512.0		—			49.3			—			561.3
Other intangible assets, net		—		707.2		—			64.7			—			771.9

	$	726.9	$	3,465.1	$	583.3		$	633.7		$	(2,181.3	)	$	3,227.7

Trade accounts payable	$	—	$	328.1	$	2.5		$	149.0		$	—		$	479.6
Accrued expenses		0.2		63.1		12.4			33.3			—			109.0
Income taxes payable		—		—		37.1			4.2			(29.3	)		12.0
Deferred revenue		—		3.7		—			0.7			—			4.4
Deferred income taxes		—		71.0		(0.6	)		(2.2	)		—			68.2

Total current liabilities		0.2		465.9		51.4			185.0			(29.3	)		673.2

Long-term debt, net		—		1,469.8		—			56.9			—			1,526.7
Intercompany payable		—		530.2		—			296.7			(826.9	)		—
Deferred taxes		5.7		269.7		1.0			12.6			—			289.0
Other liabilities		0.1		11.5		0.2			6.1			—			17.9
Stockholders’ equity		720.9		718.0		530.7			76.4			(1,325.1	)		720.9

	$	726.9	$	3,465.1	$	583.3		$	633.7		$	(2,181.3	)	$	3,227.7

Condensed Consolidated Statements of Operations


	Three Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	1,119.6		$	—		$	310.8		$	—		$	1,430.4
Cost of sales		—			945.5			1.1			242.1			—			1,188.7

Gross profit		—			174.1			(1.1	)		68.7			—			241.7

Operating expenses		0.2			69.1			26.2			55.7			—			151.2

Operating (loss) income		(0.2	)		105.0			(27.3	)		13.0			—			90.5

Other (expense) income		—			(140.6	)		106.5			(8.7	)		—			(42.8	)

(Loss) income before taxes		(0.2	)		(35.6	)		79.2			4.3			—			47.7
Equity in earnings of subsidiary		31.4			54.6			—			—			(86.0	)		—
Income tax (benefit)		(0.1	)		(12.4	)		27.4			1.5			—			16.4

Net income (loss)	$	31.3		$	31.4		$	51.8		$	2.8		$	(86.0	)	$	31.3


	Three Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	943.9		$	—		$	224.1		$	—		$	1,168.0
Cost of sales		—			817.0			1.0			177.3			—			995.3

Gross profit		—			126.9			(1.0	)		46.8			—			172.7

Operating expenses		0.3			66.2			18.8			38.8			—			124.1

Operating (loss) income		(0.3	)		60.7			(19.8	)		8.0			—			48.6

Other (expense) income		—			(69.5	)		35.7			(7.6	)		—			(41.4	)

(Loss) income before taxes		(0.3	)		(8.8	)		15.9			0.4			—			7.2
Equity in earnings of subsidiary		4.9			8.9			—			—			(13.8	)		—
Income tax (benefit)		(0.1	)		(4.8	)		5.9			1.5			—			2.5

Net (loss) income	$	4.7		$	4.9		$	10.0		$	(1.1	)	$	(13.8	)	$	4.7


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	2,172.3		$	—		$	640.7		$	—		$	2,813.0
Cost of sales		—			1,829.0			2.1			503.7			—			2,334.8

Gross profit		—			343.3			(2.1	)		137.0			—			478.2

Operating expenses		0.5			138.7			52.1			106.2			—			297.5

Operating (loss) income		(0.5	)		204.6			(54.2	)		30.8			—			180.7

Other (expense) income		—			(268.6	)		210.9			(16.6	)		—			(74.3	)

(Loss) income before taxes		(0.5	)		(64.0	)		156.7			14.2			—			106.4
Equity in earnings of subsidiary		69.2			110.6			—			—			(179.8	)		—
Income tax (benefit)		(0.2	)		(22.6	)		55.3			5.0			—			37.5

Net income (loss)	$	68.9		$	69.2		$	101.4		$	9.2		$	(179.8	)	$	68.9


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Sales	$	—		$	1,715.4		$	—		$	444.5		$	—		$	2,159.9
Cost of sales		—			1,484.1			1.9			354.2			—			1,840.2

Gross profit		—			231.3			(1.9	)		90.3			—			319.7

Operating expenses		0.5			127.4			39.3			74.2			—			241.4

Operating (loss) income		(0.5	)		103.9			(41.2	)		16.1			—			78.3

Other (expense) income		—			(163.6	)		104.6			(13.9	)		—			(72.9	)

(Loss) income before taxes		(0.5	)		(59.7	)		63.4			2.2			—			5.4
Equity in earnings of subsidiary		3.9			38.9			—			—			(42.8	)		—
Income tax (benefit)		(0.2	)		(24.7	)		23.5			3.2			—			1.8

Net (loss) income	$	3.6		$	3.9		$	39.9		$	(1.0	)	$	(42.8	)	$	3.6

Condensed Consolidated Statements of Comprehensive Income


	Three Months Ended June 30, 2012
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	31.3		$	31.4		$	51.8	$	2.8		$	(86.0	)	$	31.3
Other comprehensive income		(14.0	)		(14.0	)		—		(9.2	)		23.2			(14.0	)

Comprehensive income	$	17.3		$	17.4		$	51.8	$	(6.4	)	$	(62.8	)	$	17.3


	Three Months Ended June 30, 2011
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	4.7		$	4.9		$	10.0	$	(1.1	)	$	(13.8	)	$	4.7
Other comprehensive income		2.7			2.7			—		3.2			(5.9	)		2.7

Comprehensive income	$	7.4		$	7.6		$	10.0	$	2.1		$	(19.7	)	$	7.4


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	68.9		$	69.2		$	101.4	$	9.2		$	(179.8	)	$	68.9
Other comprehensive income		(9.3	)		(9.3	)		—		(10.4	)		19.7			(9.3	)

Comprehensive income	$	59.6		$	59.9		$	101.4	$	(1.2	)	$	(160.1	)	$	59.6


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors		Non- Guarantors			Elim			Total
Net income	$	3.5		$	3.8		$	39.9	$	(1.0	)	$	(42.7	)	$	3.5
Other comprehensive income		13.2			13.2			—		7.0			(20.2	)		13.2

Comprehensive income	$	16.7		$	17.0		$	39.9	$	6.0		$	(62.9	)	$	16.7

Condensed Consolidated Statements of Cash Flows


	Six Months Ended June 30, 2012
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Cash flows provided by (used in):
Operating activities	$	—		$	(78.0	)	$	6.6		$	24.8		$	—		$	(46.6	)
Investing activities		(0.1	)		(50.7	)		(6.8	)		(93.7	)		45.5			(105.8	)
Financing activities		—			130.3			—			58.9			(45.5	)		143.7

Increase (decrease) in cash		(0.1	)		1.6			(0.2	)		(10.0	)		—			(8.7	)

Effect of exchange rate on cash		—			2.9			—			(0.3	)		—			2.6

Cash – beginning of period		0.1			4.8			0.2			41.0			—			46.1

Cash – end of period	$	—		$	9.3		$	—		$	30.7		$	—		$	40.0


	Six Months Ended June 30, 2011
	Parent			Issuer			Guarantors			Non- Guarantors			Elim			Total
Cash flows provided by (used in):
Operating activities	$	(0.9	)	$	(31.7	)	$	4.6		$	(29.3	)	$	—		$	(57.3	)
Investing activities		(0.1	)		10.9			(4.6	)		(34.7	)		—			(28.5	)
Financing activities		—			22.1			—			46.4			—			68.5

Increase (decrease) in cash		(1.0	)		1.3			—			(17.6	)		—			(17.3	)

Effect of exchange rate on cash		—			(1.1	)		—			1.6			—			0.5

Cash – beginning of period		1.1			4.4			—			50.7			—			56.2

Cash – end of period	$	0.1		$	4.6		$	—		$	34.7		$	—		$	39.4

Transactions (Details) - USD ($) $ in Millions	1 Months Ended
Transactions (Details) - USD ($) $ in Millions	May 31, 2012	Mar. 31, 2012
Transactions (Textual) [Abstract]
Purchase price for acquisition of OneSteel Piping Systems		$ 87.9
Payment related to the working capital	$ 15.1

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Composition of inventory
Finished goods inventory at average cost	$ 1,282,872	$ 1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)	(193,622)	(175,122)
Less: Other inventory reserves	(18,413)	(16,458)
Inventories, net	1,070,837	899,064
Energy carbon steel tubular products [Member]
Composition of inventory
Finished goods inventory at average cost	534,832	488,938
Valves, fittings, flanges and all other products [Member]
Composition of inventory
Finished goods inventory at average cost	$ 748,040	$ 601,706

Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Inventories (Textual) [Abstract]
Oil country tubular goods (OCTG)	$ 158.9	$ 161.9

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Significant components of long-term debt
Long-term debt	$ 1,355,122	$ 1,526,740
Less current portion
Long-term debt, net	1,355,122	1,526,740
9.50% senior secured notes due 2016 [Member]
Significant components of long-term debt
Long-term debt	933,097	1,031,642
Global ABL Facility [Member]
Significant components of long-term debt
Long-term debt	412,210
ABL Credit Facility [Member]
Significant components of long-term debt
Long-term debt		456,411
MRC Transmark term loan facility [Member]
Significant components of long-term debt
Long-term debt		30,824
MRC Transmark factoring facility [Member]
Significant components of long-term debt
Long-term debt	9,475	7,189
Other [Member]
Significant components of long-term debt
Long-term debt	$ 340	$ 674

Long-Term Debt (Details 1) - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Foreign exchange forward contracts [Member]
Fair value of the derivative instruments that are recorded in our consolidated balance sheets
Assets
Liabilities	1,228	144
Interest rate contracts [Member]
Fair value of the derivative instruments that are recorded in our consolidated balance sheets
Assets
Liabilities		$ 2,010

Long-Term Debt (Details 2) - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Amount of net gains (losses) recognized in our consolidated statements of operations
Interest rate contracts	$ 86	$ 1,424	$ 2,009	$ 3,015
Foreign exchange forward contracts	$ (1,286)	$ 200	$ (1,084)	$ 477

Long-Term Debt (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Long-Term Debt (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2012	Jun. 30, 2012	Jun. 30, 2012	Dec. 31, 2011
Long-Term Debt (Textual) [Abstract]
Original issue discount on senior secured notes		$ 14,903	$ 14,903	$ 18,358
Accordion feature	$ 300,000
Ability to borrow in each jurisdiction, other than Belgium			Our ability to borrow in each jurisdiction, other than Belgium, under the facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory
Interest at LIBOR plus margin		1.75%	1.75%
Weighted average price of purchase of senior notes			$108.28 per $100 of principal amount
Pre-tax loss on the purchase of senior secured notes		$ (11,424)	$ (11,424)
Notional amount of interest rate swaps		0	0	519,000
Notional amount of forward foreign exchange contracts		$ 70,000	$ 70,000	$ 39,000
Revolving credit facility [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	1,250,000
Revolving credit facility [Member] \| United States [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	1,025,000
Revolving credit facility [Member] \| Canada [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	145,000
Revolving credit facility [Member] \| United Kingdom[Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	12,000
Revolving credit facility [Member] \| Australia [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	52,000
Revolving credit facility [Member] \| Netherlands [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	9,000
Revolving credit facility [Member] \| Belgium [Member]
Long-Term Debt (Textual) [Abstract]
Total revolving credit facilities	$ 7,000
Minimum [Member]
Long-Term Debt (Textual) [Abstract]
Interest at LIBOR plus margin		1.50%	1.50%
Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Interest at LIBOR plus margin		2.00%	2.00%
9.50% senior secured notes due 2016 [Member]
Long-Term Debt (Textual) [Abstract]
Senior secured notes due 2016		9.50%	9.50%
Debt instrument, maturity date			2016
Face value of secured note		$ 102,000	$ 102,000
Amount outstanding, debt		$ 110,400	110,400
Pre-tax loss on the purchase of senior secured notes			$ 11,400

Stockholders' Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Accumulated other comprehensive loss in the accompanying consolidated balance sheets
Currency translation adjustments	$ (34,878)	$ (25,622)
Pension related adjustments	(518)	(518)
Accumulated other comprehensive loss	$ (35,396)	$ (26,140)

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j-k)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stockholders' Equity (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Earnings per share
Net income	$ 31,325	$ 4,678	$ 68,859	$ 3,550
Average basic shares outstanding	98,303	84,418	91,370	84,416
Effect of dilutive securities	$ 423	$ 187	$ 373	$ 186
Average diluted shares outstanding	98,726	84,605	91,743	84,602
Net income per share:
Basic	$ 0.32	$ 0.06	$ 0.75	$ 0.04
Diluted	$ 0.32	$ 0.06	$ 0.75	$ 0.04

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended				3 Months Ended		6 Months Ended
	May 31, 2012	Apr. 30, 2012	Feb. 29, 2012	Jan. 31, 2012	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Stockholders' Equity (Textual) [Abstract]
Common stock, shares authorized					500,000,000		500,000,000		400,000,000
Common stock, shares issued		5,681,818			101,489,000		101,489,000		84,427,000
Shares reserved for Incentive Plan					3,250,000		3,250,000
Grant of stock options							0
Stockholders' equity (Additional Textual) [Abstract]
Sale of stock price per share		$ 21.00
Proceeds from initial public offering		$ 333.4
Grant of restricted stock, shares							500,000
Stock options exercise price lower range	$ 22.10
Stock options exercise price upper range	$ 24.96
Revised stock options exercise price					$ 21.05		$ 21.05
Stock options exercised							2,436
Shares of restricted stock vested				14,451
Shares of restricted stock granted			15,561
Awards granted	930,633
IPO [Member]
Stockholders' Equity (Textual) [Abstract]
Common stock, shares issued		22,727,273
Stock Options [Member]
Stockholders' Equity (Textual) [Abstract]
Anti-dilutive stock options					$ 2.2	$ 1.5	$ 2.2	$ 1.5
Restricted Stock [Member]
Stockholders' Equity (Textual) [Abstract]
Anti-dilutive stock options					$ 0.0	$ 0.0	$ 0.0	$ 0.0
MRC Global Inc [Member]
Stockholders' Equity (Textual) [Abstract]
Common stock, shares issued		17,045,455
Common Stock [Member]
Stockholders' Equity (Textual) [Abstract]
Grant of stock options							3,800,000

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Sales
Consolidated revenues	$ 1,430,379	$ 1,168,039	$ 2,813,011	$ 2,159,852
Depreciation and amortization
Total depreciation and amortization expense	4,500	4,200	8,600	8,200
Amortization of intangibles
Total amortization of intangibles expense	12,500	12,700	24,756	25,068
Operating income
Total operating income	90,491	48,646	180,668	78,255
Interest expense	(30,727)	(34,524)	(64,444)	(68,024)
Other expense, net	(12,100)	(6,900)	(9,900)	(4,900)
Income before income taxes	47,715	7,153	106,362	5,335
Goodwill
Total goodwill	576,822		576,822		$ 561,270
Assets
Total assets	3,497,152		3,497,152		3,227,687
North America [Member]
Sales
Consolidated revenues	1,279,100	1,093,000	2,540,000	2,025,500
Depreciation and amortization
Total depreciation and amortization expense	3,300	3,600	6,400	7,100
Amortization of intangibles
Total amortization of intangibles expense	10,700	11,300	21,300	22,300
Operating income
Total operating income	83,600	44,600	168,400	72,600
Assets
Total assets	3,109,700		3,109,700		2,923,300
International [Member]
Sales
Consolidated revenues	151,300	75,000	273,000	134,400
Depreciation and amortization
Total depreciation and amortization expense	1,200	600	2,200	1,100
Amortization of intangibles
Total amortization of intangibles expense	1,800	1,400	3,500	2,800
Operating income
Total operating income	6,900	$ 4,000	12,300	$ 5,700
Assets
Total assets	$ 387,400		$ 387,400		$ 304,400

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details 1) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Schedule of net sales by product line
Sales	$ 1,430,379	$ 1,168,039	$ 2,813,011	$ 2,159,852
Energy carbon steel tubular products [Member]
Schedule of net sales by product line
Sales	487,720	459,310	999,294	791,636
Energy carbon steel tubular products [Member] \| Line pipe [Member]
Schedule of net sales by product line
Sales	294,353	256,059	584,705	430,552
Energy carbon steel tubular products [Member] \| Oil country tubular goods [Member]
Schedule of net sales by product line
Sales	193,367	203,251	414,589	361,084
Valves, fittings, flanges and all other products [Member]
Schedule of net sales by product line
Sales	942,659	708,729	1,813,717	1,368,216
Valves, fittings, flanges and all other products [Member] \| Valves, specialty products, and automation [Member]
Schedule of net sales by product line
Sales	368,091	282,003	699,923	544,116
Valves, fittings, flanges and all other products [Member] \| Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings [Member]
Schedule of net sales by product line
Sales	299,990	199,612	576,515	388,955
Valves, fittings, flanges and all other products [Member] \| Other [Member]
Schedule of net sales by product line
Sales	$ 274,578	$ 227,114	$ 537,279	$ 435,145

Segment Information (Details Textual)	6 Months Ended
Segment Information (Details Textual)	Jun. 30, 2012 Segment
Segment Information (Textual) [Abstract]
Number of operating segments	2

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets
Foreign exchange forward contracts [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities	1,228	144
Interest rate swap agreements [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities		2,010
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Foreign exchange forward contracts [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Interest rate swap agreements [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities
Significant Other Observable Inputs (Level 2) [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets
Significant Other Observable Inputs (Level 2) [Member] \| Foreign exchange forward contracts [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities	1,228	144
Significant Other Observable Inputs (Level 2) [Member] \| Interest rate swap agreements [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities		2,010
Significant Unobservable Inputs (Level 3) [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets
Significant Unobservable Inputs (Level 3) [Member] \| Foreign exchange forward contracts [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities
Significant Unobservable Inputs (Level 3) [Member] \| Interest rate swap agreements [Member]
Schedule of assets and liabilities measured at fair value on a recurring basis
Liabilities

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Jun. 30, 2012	Dec. 31, 2011
Fair Value Measurements [Abstract]
Fair value of debt	$ 1,431	$ 1,542

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2012 Claim	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)
Commitments and Contingencies (Additional Textual) [Abstract]
Asbestos related pending claims \| Claim	1,036
Total asbestos related claims brought against the company \| Claim	11,913
Asbestos claim brought		$ 1.8
Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
Projected payments to asbestos claimants			$ 5.0
Maximum [Member]
Commitments and Contingencies (Textual) [Abstract]
Projected payments to asbestos claimants			$ 11.0

Guarantor and Non-Guarantor Financial Statements (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Cash	$ 39,995	$ 46,127	$ 39,437	$ 56,202
Accounts receivable, net	879,277	791,280
Inventory, net	1,070,837	899,064
Income taxes receivable
Other current assets	17,532	11,437
Total current assets	2,007,641	1,747,908
Investment in subsidiaries
Intercompany receivable
Other assets	40,709	39,212
Property, plant and equipment, net	117,942	107,430
Goodwill, net	576,822	561,270
Other intangible assets, net	754,038	771,867
Total assets	3,497,152	3,227,687
Trade accounts payable	547,083	479,584
Accrued expenses	100,298	108,973
Income taxes payable	7,091	11,950
Deferred revenue	4,288	4,450
Deferred income taxes	65,787	68,210
Total current liabilities	724,547	673,167
Long-term debt, net	1,355,122	1,526,740
Intercompany payable
Deferred income taxes	282,321	288,985
Other liabilities	17,204	17,933
Stockholders' equity	1,117,958	720,862
Total Liabilities and Stockholders' Equity	3,497,152	3,227,687
MRC Global Inc [Member]
Condensed Consolidated Balance Sheets
Cash		100	100	1,100
Accounts receivable, net	700	700
Inventory, net
Income taxes receivable	200	800
Other current assets	100
Total current assets	1,000	1,600
Investment in subsidiaries	782,000	718,000
Intercompany receivable	341,000	7,300
Other assets
Property, plant and equipment, net
Goodwill, net
Other intangible assets, net
Total assets	1,124,000	726,900
Trade accounts payable	100
Accrued expenses	100	200
Income taxes payable
Deferred revenue
Deferred income taxes
Total current liabilities	200	200
Long-term debt, net
Intercompany payable
Deferred income taxes	5,700	5,700
Other liabilities	100	100
Stockholders' equity	1,118,000	720,900
Total Liabilities and Stockholders' Equity	1,124,000	726,900
Issuer [Member]
Condensed Consolidated Balance Sheets
Cash	9,300	4,800	4,600	4,400
Accounts receivable, net	633,700	585,900
Inventory, net	758,200	682,100
Income taxes receivable	13,500	28,500
Other current assets	4,300	2,200
Total current assets	1,419,000	1,303,500
Investment in subsidiaries	780,000	607,100
Intercompany receivable	307,700	258,300
Other assets	34,700	31,800
Property, plant and equipment, net	44,300	45,200
Goodwill, net	512,000	512,000
Other intangible assets, net	687,200	707,200
Total assets	3,784,900	3,465,100
Trade accounts payable	385,300	328,100
Accrued expenses	56,300	63,100
Income taxes payable
Deferred revenue	2,800	3,700
Deferred income taxes	68,600	71,000
Total current liabilities	513,000	465,900
Long-term debt, net	1,285,500	1,469,800
Intercompany payable	930,100	530,200
Deferred income taxes	263,500	269,700
Other liabilities	10,800	11,500
Stockholders' equity	782,000	718,000
Total Liabilities and Stockholders' Equity	3,784,900	3,465,100
Guarantors [Member]
Condensed Consolidated Balance Sheets
Cash		200
Accounts receivable, net
Inventory, net
Income taxes receivable
Other current assets	1,900	2,100
Total current assets	1,900	2,300
Investment in subsidiaries
Intercompany receivable	637,400	561,300
Other assets	100	100
Property, plant and equipment, net	24,400	19,600
Goodwill, net
Other intangible assets, net
Total assets	663,800	583,300
Trade accounts payable	2,600	2,500
Accrued expenses	9,500	12,400
Income taxes payable	19,200	37,100
Deferred revenue
Deferred income taxes	(600)	(600)
Total current liabilities	30,700	51,400
Long-term debt, net
Intercompany payable
Deferred income taxes	800	1,000
Other liabilities	100	200
Stockholders' equity	632,200	530,700
Total Liabilities and Stockholders' Equity	663,800	583,300
Non-Guarantors [Member]
Condensed Consolidated Balance Sheets
Cash	30,700	41,000	34,700	50,700
Accounts receivable, net	244,900	204,700
Inventory, net	312,600	217,000
Income taxes receivable
Other current assets	11,200	7,100
Total current assets	599,400	469,800
Investment in subsidiaries
Intercompany receivable
Other assets	5,900	7,300
Property, plant and equipment, net	49,300	42,600
Goodwill, net	64,800	49,300
Other intangible assets, net	66,800	64,700
Total assets	786,200	633,700
Trade accounts payable	159,000	149,000
Accrued expenses	34,400	33,300
Income taxes payable	1,600	4,200
Deferred revenue	1,500	700
Deferred income taxes	(2,200)	(2,200)
Total current liabilities	194,300	185,000
Long-term debt, net	69,600	56,900
Intercompany payable	356,000	296,700
Deferred income taxes	12,300	12,600
Other liabilities	6,200	6,100
Stockholders' equity	147,800	76,400
Total Liabilities and Stockholders' Equity	786,200	633,700
Elim [Member]
Condensed Consolidated Balance Sheets
Cash
Accounts receivable, net
Inventory, net
Income taxes receivable	(13,700)	(29,300)
Other current assets
Total current assets	(13,700)	(29,300)
Investment in subsidiaries	(1,562,000)	(1,325,100)
Intercompany receivable	(1,286,100)	(826,900)
Other assets
Property, plant and equipment, net
Goodwill, net
Other intangible assets, net
Total assets	(2,861,100)	(2,181,300)
Trade accounts payable
Accrued expenses
Income taxes payable	(13,700)	(29,300)
Deferred revenue
Deferred income taxes
Total current liabilities	(13,700)	(29,300)
Long-term debt, net
Intercompany payable	(1,286,100)	(826,900)
Deferred income taxes
Other liabilities
Stockholders' equity	(1,562,000)	(1,325,100)
Total Liabilities and Stockholders' Equity	$ (2,861,800)	$ (2,181,300)

Guarantor and Non-Guarantor Financial Statements (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Operations
Sales	$ 1,430,379	$ 1,168,039	$ 2,813,011	$ 2,159,852
Cost of sales	1,188,699	995,341	2,334,770	1,840,188
Gross profit	241,680	172,698	478,241	319,664
Operating expenses	151,189	124,052	297,573	241,409
Operating (loss) income	90,491	48,646	180,668	78,255
Other (expense) income	(42,776)	(41,493)	(74,306)	(72,920)
(Loss) income before taxes	47,715	7,153	106,362	5,335
Equity in earnings of subsidiary
Income tax (benefit)	16,390	2,475	37,503	1,785
Net income	31,325	4,678	68,859	3,550
MRC Global Inc [Member]
Condensed Consolidated Statements of Operations
Sales
Cost of sales
Gross profit
Operating expenses	200	300	500	500
Operating (loss) income	(200)	(300)	(500)	(500)
Other (expense) income
(Loss) income before taxes	(200)	(300)	(500)	(500)
Equity in earnings of subsidiary	31,400	4,900	69,200	3,900
Income tax (benefit)	(100)	(100)	(200)	(200)
Net income	31,300	4,700	68,900	3,600
Issuer [Member]
Condensed Consolidated Statements of Operations
Sales	1,119,600	943,900	2,172,300	1,715,400
Cost of sales	945,500	817,000	1,829,000	1,484,100
Gross profit	174,100	126,900	343,300	231,300
Operating expenses	69,100	66,200	138,700	127,400
Operating (loss) income	105,000	60,700	204,600	103,900
Other (expense) income	(140,600)	(69,500)	(268,600)	(163,600)
(Loss) income before taxes	(35,600)	(8,800)	(64,000)	(59,700)
Equity in earnings of subsidiary	54,600	8,900	110,600	38,900
Income tax (benefit)	(12,400)	(4,800)	(22,600)	(24,700)
Net income	31,400	4,900	69,200	3,900
Guarantors [Member]
Condensed Consolidated Statements of Operations
Sales
Cost of sales	1,100	1,000	2,100	1,900
Gross profit	(1,100)	(1,000)	(2,100)	(1,900)
Operating expenses	26,200	18,800	52,100	39,300
Operating (loss) income	(27,300)	(19,800)	(54,200)	(41,200)
Other (expense) income	106,500	35,700	210,900	104,600
(Loss) income before taxes	79,200	15,900	156,700	63,400
Equity in earnings of subsidiary
Income tax (benefit)	27,400	5,900	55,300	23,500
Net income	51,800	10,000	101,400	39,900
Non-Guarantors [Member]
Condensed Consolidated Statements of Operations
Sales	310,800	224,100	640,700	444,500
Cost of sales	242,100	177,300	503,700	354,200
Gross profit	68,700	46,800	137,000	90,300
Operating expenses	55,700	38,800	106,200	74,200
Operating (loss) income	13,000	8,000	30,800	16,100
Other (expense) income	(8,700)	(7,600)	(16,600)	(13,900)
(Loss) income before taxes	4,300	400	14,200	2,200
Equity in earnings of subsidiary
Income tax (benefit)	1,500	1,500	5,000	3,200
Net income	2,800	(1,100)	9,200	(1,000)
Elim [Member]
Condensed Consolidated Statements of Operations
Sales
Cost of sales
Gross profit
Operating expenses
Operating (loss) income
Other (expense) income
(Loss) income before taxes
Equity in earnings of subsidiary	(86,000)	(13,800)		(42,800)
Income tax (benefit)
Net income	$ (86,000)	$ (13,800)	$ (179,800)	$ (42,800)

Guarantor and Non-Guarantor Financial Statements (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 31,325	$ 4,678	$ 68,859	$ 3,550
Other comprehensive (loss) income	(14,040)	2,763	(9,256)	13,230
Comprehensive income	17,285	7,441	59,603	16,780
MRC Global Inc [Member]
Condensed Consolidated Statements of Comprehensive Income
Net income	31,300	4,700	68,900	3,600
Other comprehensive (loss) income	(14,000)	2,700	(9,300)	13,200
Comprehensive income	17,300	7,400	59,600	16,700
Issuer [Member]
Condensed Consolidated Statements of Comprehensive Income
Net income	31,400	4,900	69,200	3,900
Other comprehensive (loss) income	(14,000)	2,700	(9,300)	13,200
Comprehensive income	17,400	7,600	59,900	17,000
Guarantors [Member]
Condensed Consolidated Statements of Comprehensive Income
Net income	51,800	10,000	101,400	39,900
Other comprehensive (loss) income
Comprehensive income	51,800	10,000	101,400	39,900
Non-Guarantors [Member]
Condensed Consolidated Statements of Comprehensive Income
Net income	2,800	(1,100)	9,200	(1,000)
Other comprehensive (loss) income	(9,200)	3,200	(10,400)	7,000
Comprehensive income	(6,400)	2,100	(1,200)	6,000
Elim [Member]
Condensed Consolidated Statements of Comprehensive Income
Net income	(86,000)	(13,800)	(179,800)	(42,800)
Other comprehensive (loss) income	23,200	(5,900)	19,700	(20,200)
Comprehensive income	$ (62,800)	$ (19,700)	$ (160,100)	$ (62,900)

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Guarantor and Non-Guarantor Financial Statements (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Condensed Consolidated Statements of Cash Flows
Operating activities	$ (46,614)	$ (57,356)
Investing activities	(105,828)	(28,456)
Financing activities	143,712	68,548
Decrease in cash	(8,730)	(17,264)
Effect of exchange rate on cash	2,598	499
Cash - beginning of period	46,127	56,202
Cash - end of period	39,995	39,437
MRC Global Inc [Member]
Condensed Consolidated Statements of Cash Flows
Operating activities		(900)
Investing activities	(100)	(100)
Financing activities
Decrease in cash	(100)	(1,000)
Effect of exchange rate on cash
Cash - beginning of period	100	1,100
Cash - end of period		100
Issuer [Member]
Condensed Consolidated Statements of Cash Flows
Operating activities	(78,000)	(31,700)
Investing activities	(50,700)	10,900
Financing activities	130,300	22,100
Decrease in cash	1,600	1,300
Effect of exchange rate on cash	2,900	(1,100)
Cash - beginning of period	4,800	4,400
Cash - end of period	9,300	4,600
Guarantors [Member]
Condensed Consolidated Statements of Cash Flows
Operating activities	6,600	4,600
Investing activities	(6,800)	(4,600)
Financing activities
Decrease in cash	(200)
Effect of exchange rate on cash
Cash - beginning of period	200
Cash - end of period
Non-Guarantors [Member]
Condensed Consolidated Statements of Cash Flows
Operating activities	24,800	(29,300)
Investing activities	(93,700)	(34,700)
Financing activities	58,900	46,400
Decrease in cash	(10,000)	(17,600)
Effect of exchange rate on cash	(300)	1,600
Cash - beginning of period	41,000	50,700
Cash - end of period	30,700	34,700
Elim [Member]
Condensed Consolidated Statements of Cash Flows
Operating activities
Investing activities	45,500
Financing activities	(45,500)
Decrease in cash
Effect of exchange rate on cash
Cash - beginning of period
Cash - end of period

Guarantor and Non-Guarantor Financial Statements (Details Textual)	Jun. 30, 2012
McJunkin Red Man Corporation [Member]
Guarantor and Non-Guarantor Financial Statements (Textual) [Abstract]
Equity method investment, ownership percentage	100.00%

Label	Element	Value
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions	381,698