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Note 4 - Inventories

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		Inventory as of
(in thousands)		March 31, 2021				December 31, 2020
Unprocessed		$	220,466			$	194,614
Processed and finished			57,708				45,387
Totals		$	278,174			$	240,001

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2021 and December 31, 2020, approximately $45.9 million, or 16.5% of consolidated inventory, and $50.3 million, or 21.0% 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, 2021, the Company recorded $1.0 million of LIFO expense, as current projections anticipate increased metals prices by December 31, 2021 compared to December 31, 2020. During the three months ended March 31, 2020, the Company recorded $0.5 million of LIFO income.

If the FIFO method had been in use, inventories would have been $1.1 million and $2.1 million lower than reported at March 31, 2021 and December 31, 2020, respectively.