Inventories

9 Months Ended

Sep. 30, 2023

Inventories

Inventories

Note 3. 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,
	2023		2022
Raw materials	$	1,288,497	$	1,608,344
Supplies		692,738		629,074
Work in progress		341,036		256,071
Finished goods		619,363		636,475
Total inventories	$	2,941,634	$	3,129,964