Inventories

3 Months Ended

Mar. 31, 2026

Inventories

Inventories

Note 4. Inventories

Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

	March 31,		December 31,
	2026		2025
Raw materials	$	1,697,510	$	1,741,873
Supplies		822,139		815,895
Work in progress		622,807		414,492
Finished goods		765,664		766,256
Total inventories	$	3,908,120	$	3,738,516