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Inventories

6 Months Ended

Jun. 30, 2013



Inventories consist of the following:	June 30, 2013		December 31, 2012
Raw materials	$	60,512	$	40,725
Work-in-process	21,703		15,259
Finished goods	17,435		9,753
Operating and other supplies	125,057		94,188
Inventories (1)	$	224,707	$	159,925


(1)	The balance at June 30, 2013 includes inventory acquired with the purchase of Sebree. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition.

Inventories are stated at the lower of cost or market, using the first-in, first-out method.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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