Inventories, net

9 Months Ended

May 31, 2012

Inventories, net consisted of the following (in thousands):



	May 31, 2012		August 31, 2011
Processed and unprocessed scrap metal	$	217,506	$	241,093
Semi-finished steel products (billets)	15,119		9,237
Finished goods	58,437		54,395
Supplies	36,995		30,395
Inventories, net	$	328,057	$	335,120

- 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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