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INVENTORIES, NET

6 Months Ended

Feb. 28, 2025

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 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)	February 28, 2025		August 31, 2024
Raw materials	$	248,715	$	232,982
Work in process	4,285		5,390
Finished goods	725,279		733,383
Total	$	978,279	$	971,755

Inventory write-down expense was $15.7 million during the six months ended February 28, 2025, and primarily impacted the North America Steel Group segment. Inventory write-down expense was $10.4 million during the six months ended February 29, 2024, and primarily impacted the Europe Steel Group segment. The inventory write-downs were recorded in cost of goods sold in the condensed consolidated statements of earnings (loss).