Note 3 - Inventories

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

3. Inventories :

Inventories consisted of the following:

	As of December 31,
(in thousands)	2015		2014
Unprocessed	$	163,942	$	238,226
Processed and finished		42,703		72,882
Totals	$	206,645	$	311,108

During 2015, the Company recorded $3.3 million of LIFO income as a result of decreased metals pricing during 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold.

During 2014, the Company recorded $365 thousand of LIFO expense as a result of increased metals pricing during 2014. The LIFO expense decreased the Company’s inventory balance and increased its cost of materials sold.

If the FIFO method had been in use, inventories would have been $6.6 million and $3.2 million lower than reported at December 31, 2015 and 2014, respectively.