Inventories

3 Months Ended

Mar. 31, 2024

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):

	March 31,		December 31,
	2024		2023
Raw materials	$	1,277,714	$	1,226,272
Supplies		730,243		711,653
Work in progress		330,222		296,932
Finished goods		688,964		659,775
Total inventories	$	3,027,143	$	2,894,632