Action against Respondent, a manufacturer of iron and steel products, for alleged failure to implement and maintain sufficient Internal Control Financial Reporting (“ICFR”).  According to the SEC, Respondent’s Forms 10-K disclosed material weaknesses related to its financial statements and reporting over a period of 10 years but did not adequately address those weaknesses, which included inadequate segregation of financial duties, inadequate transaction controls, and inadequate financial oversight.  Respondent has agreed to pay a civil penalty of $200,000.  The SEC also alleges that Respondent failed to perform an ICFR evaluation and assessment for two consecutive years.

SEC Order

SEC Press Release