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Inventories

6 Months Ended

Jun. 30, 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):

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​	​	​	​	​	​
​	June 30,		​	December 31,
​	2023		​	2022
Raw materials	$	1,416,669	​	$	1,608,344
Supplies	​	678,823	​	​	629,074
Work in progress	​	305,691	​	​	256,071
Finished goods	​	642,826	​	​	636,475
Total inventories	$	3,044,009	​	$	3,129,964

​

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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