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Inventories
 12 Months Ended
Dec. 31, 2011
Inventories [Abstract]  
Inventories
4. Inventories:

Inventories are stated at the lower of cost or market and include the costs of purchased metal, inbound freight, external processing and applicable labor and overhead costs. Cost for the Company’s flat products segment inventory (metal flat-rolled sheet, coil and plate products) is determined using the specific identification method.

As a result of the acquisition of CTI, certain of the Company’s tubular and pipe products inventory is stated under the LIFO method, which is not in excess of market. At December 31, 2011, approximately $44,726, or 16.1% of consolidated inventory, was reported under the LIFO method of accounting. The cost of the remainder of CTI’s inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.

At December 31, 2011, the Company valued its inventory under the LIFO method based on the inventory levels and costs at that time. The Company did not record a LIFO adjustment at December 31, 2011 because the inventory prices and quantities were below July 1, 2011 levels. As a result, there was no LIFO reserve at December 31, 2011.

Steel inventories consisted of the following:

 

                 
    As of December 31,  
    2011     2010  

Unprocessed

   $ 207,301     $ 143,410  

Processed and finished

     70,464       57,196  
   

 

 

    

 

 

  

Totals

   $ 277,765     $ 200,606