INVENTORIES

12 Months Ended

Aug. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6. INVENTORIES

The majority of the Company's inventories are in the form of semi-finished and finished steel products. Under the Company’s vertically integrated business model, steel products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined as finished goods.

The components of inventories were as follows:

(in thousands)	August 31, 2022		August 31, 2021
Raw materials	$	271,756	$	286,123
Work in process	9,446		6,881
Finished goods	888,494		642,383
Total	$	1,169,696	$	935,387

Inventory write-downs were immaterial for 2022, 2021 and 2020.