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Note 3 - Inventories

12 Months Ended

Dec. 31, 2014

3.	Inventories:

Inventories consisted of the following:

	As of December 31,		As of December 31,
(in thousands)	2014		2013
Unprocessed	$	238,226	$	219,401
Processed and finished		72,882		66,970
Totals	$	311,108	$	286,371

During 2014, the Company recorded $365 thousand of LIFO expense as a result of increased metals pricing during 2014. The LIFO expense decreased the Company’s inventory balance and increased its cost of materials sold.

During 2013, the Company recorded $3.6 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. 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 2013 or prior period consolidated financial statements.

If the FIFO method had been in use, inventories would have been $3.2 million and $3.6 million lower than reported at December 31, 2014 and 2013, respectively.

- 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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