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Note 4 - Inventories

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		*Inventory as of*
(in thousands)		*September 30, 2025*				*December 31, 2024*
Unprocessed		$	277,167			$	273,668
Processed and finished			106,755				116,958
Totals		$	383,922			$	390,626

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of September 30, 2025 and December 31, 2024, approximately $33.2 million, or 8.7% of consolidated inventory, and $31.3 million, or 8.0% 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 and nine months ended September 30, 2025, the Company recorded $0.1 million and $0.9 million of LIFO expense, respectively. During the three and nine months ended September 30, 2024, the Company recorded $2.0 million and $2.6 million of LIFO income, respectively.

If the FIFO method had been in use, inventories would have been $7.2 million higher than reported as of September 30, 2025 and $6.3 million higher than reported at December 31, 2024.