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Note 3 - Inventories
 3 Months Ended
Mar. 31, 2015
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

3.

Inventories:


Inventories consisted of the following:


   

Inventory as of

 

(in thousands)

 

March 31, 2015

   

December 31, 2014

 

Unprocessed

  $ 218,019     $ 238,226  

Processed and finished

    62,247       72,882  

Totals

  $ 280,266     $ 311,108  

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2015 and December 31, 2014, approximately $46.5 million, or 16.6% of consolidated inventory, and $46.6 million, or 15.0% 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.


During the three months ended March 31, 2015, the Company recorded $250 thousand of LIFO income as a result of the continued decline of metals pricing and expected lower inventory quantities in 2015. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. In the first quarter of 2014, the Company did not record an adjustment for LIFO as comparative levels and pricing were anticipated through the remainder of 2014. 


If the FIFO method had been in use, inventories would have been $3.5 million and $3.2 million lower than reported at March 31, 2015 and December 31, 2014, respectively.