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Inventories
3 Months Ended
Mar. 31, 2023
Inventories  
Inventories

Note 3. Inventories

Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

March 31,

December 31,

2023

2022

Raw materials

$

1,404,257

$

1,608,344

Supplies

661,039

629,074

Work in progress

291,538

256,071

Finished goods

632,018

636,475

Total inventories

$

2,988,852

$

3,129,964