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Note 5 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.	*Inventories*:

Inventories consisted of the following:

		As of December 31,
(in thousands)		2020				2019
Unprocessed		$	194,614			$	220,787
Processed and finished			45,387				52,744
Total		$	240,001			$	273,531

During 2020, the Company recorded $1.5 million of LIFO income as a result of decreased metals pricing during 2020. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. During 2019, the Company recorded $3.7 million of LIFO income as a result of decreased metals pricing during 2019. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold.

Our inventory quantities were reduced during 2020 and 2019 resulting in a liquidation of LIFO inventory layers (a “LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the years ended December 31, 2020 and 2019 the effect of the LIFO decrement impacted cost of materials sold by an immaterial amount.

If the FIFO method had been in use, inventories would have been $2.1 million and $0.6 million lower than reported at December 31, 2020 and 2019, respectively.