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INVENTORIES, NET | 9 Months Ended
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May 31, 2023
Inventory Disclosure [Abstract] |
Inventories, net | NOTE 5. INVENTORIES, NET The majority of the Company's inventories are in the form of semi-finished and finished steel products. Under the Company’s vertically integrated business model, steel products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined as finished goods. The components of inventories were as follows:
(in thousands) |  | May 31, 2023 |  | August 31, 2022
Raw materials |  | $ | 287,785 |  |  | $ | 271,756 |
Work in process |  | 4,786 |  |  | 9,446 |
Finished goods |  | 852,905 |  |  | 888,494 |
Total |  | $ | 1,145,476 |  |  | $ | 1,169,696 |
Inventory write-downs were $3.4 million and $8.9 million during the three and nine months ended May 31, 2023, respectively, and were primarily recorded in the Europe segment. Inventory write-downs were immaterial in the corresponding periods.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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