Inventories, Net

12 Months Ended

Dec. 31, 2011

Note 3—Inventories, net:


	December 31,
	2010		2011
	(restated)
	(In thousands)
Raw materials	$	3,957	$	6,995
Billet		5,832		12,702
Wire rod		7,042		7,155
Work in process		5,030		6,771
Finished product		22,821		29,228
Supplies		25,919		25,716

Total	$	70,601	$	88,567

As discussed in Note 1, at the end of 2011, KSW changed their method for productive inventory costing from LIFO to FIFO and EWP changed their method for productive inventory costing from LIFO to an average cost method. As a result of the accounting change, our net inventory balance increased by $24.7 million at December 31, 2010 (representing the elimination of our aggregate LIFO reserve at such date).

- 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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