Inventories, Net

6 Months Ended

Jun. 30, 2011

Note 4 – Inventories, net:


	December 31,		June 30,
	2010		2011
	(In thousands)
Raw materials	$	3,957	$	5,302
Billet		5,832		6,687
Wire rod		7,042		19,430
Work in process		5,030		6,610
Finished products		22,821		30,089
Supplies		25,919		23,344


Inventory at FIFO		70,601		91,462
Less LIFO reserve		24,657		26,302


Total	$	45,944	$	65,160

We believe our LIFO reserve represents the excess of replacement or current cost over the stated LIFO value of our inventories.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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