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INVENTORIES

12 Months Ended

Dec. 31, 2013



	December 31,
	2013			2012
	($ in millions)
Supplies	$	40.5		$	36.4
Raw materials	76.5			70.5
Work in process	26.4			25.2
Finished goods	115.9			141.0
	259.3			273.1
LIFO reserves	(72.8		)	(78.0		)
Inventories, net	$	186.5		$	195.1

In conjunction with the acquisition of KA Steel, we obtained inventories with a fair value of $36.4 million, as of August 22, 2012. Inventories valued using the LIFO method comprised 56% and 54% of the total inventories at December 31, 2013 and 2012, respectively. The replacement cost of our inventories would have been approximately $72.8 million and $78.0 million higher than that reported at December 31, 2013 and 2012, respectively.

- 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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