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INVENTORIES

12 Months Ended

Aug. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5. INVENTORIES

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 models in the North America Steel Group segment and the Europe Steel Group segment, 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)						August 31, 2024						August 31, 2023
Raw materials						$	232,982					$	261,619
Work in process						5,390						6,844
Finished goods						733,383						767,119
Total						$	971,755					$	1,035,582

Inventory write-down expense was $5.1 million and $11.3 million for 2024 and 2023, respectively, and primarily impacted the Europe Steel Group segment. The inventory write-downs were recorded in cost of goods sold in the consolidated statements of earnings. Inventory write-downs were immaterial for 2022.

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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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