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Note 4 - Inventories

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		*Inventory as of*
(in thousands)		*June 30, 2024*				*December 31, 2023*
Unprocessed		$	274,185			$	282,565
Processed and finished			112,055				103,970
Totals		$	386,240			$	386,535

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of June 30, 2024 and December 31, 2023, approximately $32.3 million, or 8.4% of consolidated inventory, and $38.2 million, or 9.9% 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 and six months ended June 30, 2024, the Company recorded $1.0 million and $0.6 million of LIFO income, respectively. During the three and six months ended June 30, 2023, the Company recorded $1.0 million of LIFO income.

If the FIFO method had been in use, inventories would have been $11.4 million higher than reported as of June 30, 2024 and $12.0 million higher than reported at December 31, 2023.