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INVENTORIES

12 Months Ended

Dec. 31, 2012

5.	INVENTORIES

Inventories as of December 31, 2012 and 2011 consist of the following:

	2012		2011

Raw materials	$	7,865,191	$	10,967,758
Work-in-process		3,491,181		3,007,200
Finished goods		11,406,173		10,488,184
	$	22,762,545	$	24,463,142

An impairment provision of $0.48 million has been made in 2012 owing to the decline in steel market price.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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