INVENTORIES, NET

9 Months Ended

May 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

NOTE 5. INVENTORIES, NET

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)	May 31, 2023		August 31, 2022
Raw materials	$	287,785	$	271,756
Work in process	4,786		9,446
Finished goods	852,905		888,494
Total	$	1,145,476	$	1,169,696

Inventory write-downs were $3.4 million and $8.9 million during the three and nine months ended May 31, 2023, respectively, and were primarily recorded in the Europe segment. Inventory write-downs were immaterial in the corresponding periods.