v3.25.2
Inventories
6 Months Ended
Jun. 30, 2025
Inventories  
Inventories

Note 4. Inventories

Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

June 30,

December 31,

2025

2024

Raw materials

$

1,434,532

$

1,323,920

Supplies

800,014

805,035

Work in progress

374,429

269,031

Finished goods

651,924

715,747

Total inventories

$

3,260,899

$

3,113,733