INVENTORIES, NET

3 Months Ended

Nov. 30, 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 models in the North America Steel Group segment and the Europe Steel Group segment, 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)	November 30, 2023		August 31, 2023
Raw materials	$	284,583	$	261,619
Work in process	7,846		6,844
Finished goods	736,257		767,119
Total	$	1,028,686	$	1,035,582

Inventory write-downs were $10.7 million and $4.5 million during the three months ended November 30, 2023 and 2022, respectively, and were primarily recorded in the Europe Steel Group segment.