Inventories

9 Months Ended

Sep. 30, 2024

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 and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

	September 30,		December 31,
	2024		2023
Raw materials	$	1,330,982	$	1,226,272
Supplies		792,853		711,653
Work in progress		287,008		296,932
Finished goods		634,044		659,775
Total inventories	$	3,044,887	$	2,894,632