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Inventories

12 Months Ended

Dec. 31, 2012

Inventories [Abstract]

NOTE 3 – INVENTORIES:


		2012				2011
Raw materials		$	22,514			$	20,798
Work-in-progress			31,164				29,314
Finished goods			5,907				7,835
Supplies			11,084				10,597
		$	70,669			$	68,544

At December 31, 2012 and 2011 approximately 68% and 62%, respectively, of the inventories was valued using the LIFO method. The LIFO reserve approximated $(27,911) and $(29,702) at December 31, 2012 and 2011, respectively. During each of the years, inventory quantities decreased resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation) by approximately $277, $1,127 and $645 for 2012, 2011 and 2010, respectively, which increased net income by approximately $180 or $0.02 per common share for 2012, $733 or $0.07 per common share for 2011 and $420 or $0.04 per common share for 2010.

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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