Inventories, net

3 Months Ended

Nov. 30, 2011

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



	November 30, 2011		August 31, 2011
Processed and unprocessed scrap metal	$	308,124	$	241,093
Semi-finished steel products (billets)	10,168		9,237
Finished goods	58,314		54,395
Supplies	33,513		30,395
Inventories, net	$	410,119	$	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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