v3.26.1
Inventories
6 Months Ended
Jun. 30, 2026
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, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

June 30,

December 31,

2026

2025

Raw materials

$

1,678,908

$

1,741,873

Supplies

840,403

815,895

Work in progress

706,554

414,492

Finished goods

729,756

766,256

Total inventories

$

3,955,621

$

3,738,516