Inventories

3 Months Ended

Mar. 31, 2025

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):

	March 31,		December 31,
	2025		2024
Raw materials	$	1,296,164	$	1,323,920
Supplies		815,006		805,035
Work in progress		339,291		269,031
Finished goods		648,593		715,747
Total inventories	$	3,099,054	$	3,113,733