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Note 4 - Inventories
 12 Months Ended
Dec. 31, 2013
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

4.    Inventories:


Inventories consisted of the following:


               
   

As of December 31,

 

(in thousands)

 

2013

   

2012

 

Unprocessed

  $ 219,401     $ 215,526  

Processed and finished

    66,970       74,497  

Totals

  $ 286,371     $ 290,023  

The Company values certain of its tubular and pipe products inventory at the LIFO method. At December 31, 2013 and December 31, 2012, approximately $43.9 million, or 15.3% of consolidated inventory, and $46.7 million, or 16.1% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.


In the first quarter of 2013, the Company made an out-of-period adjustment to record previously unrecognized LIFO income of $1.9 million, which resulted in an increase to after-tax income of $1.2 million.  The Company determined that this adjustment was not material to its current or prior period consolidated financial statements.


During 2013, the Company recorded an additional $1.7 million of LIFO income as a result of the continued decline of metals pricing in 2013. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold.


If the FIFO method had been in use, inventories would have been $3.6 million lower than reported at December 31, 2013.