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Inventories | 12 Months Ended
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Dec. 31, 2022
Inventories Abstract |
Inventories |
| 12. | Inventories
Schedule of inventories |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
Finished products |  |  |  |
Iron Solutions |  | 2,126 |  | 2,192
Energy Transition Materials |  | 651 |  | 582
Other |  | - |  | 21
|  | 2,777 |  | 2,795
Work in progress |  | 800 |  | 820
Consumable inventory |  | 1,010 |  | 857
Allowance to net realizable value (i) |  | (105) |  | (95)
Total of inventories |  | 4,482 |  | 4,377
(i) | In 2022, the effect of provision for net realizable value was US$44 (2021: US$1).
The cost of goods sold is presented in note 5(a). Accounting policy Inventories are stated at the lower of cost and net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory based on weighted average costs method. At the end of the reporting period, net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are recognized as “Cost of goods sold, and services rendered”.

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