INVENTORIES, NET

3 Months Ended

Nov. 30, 2022

NOTE 5. INVENTORIES, NET

The majority of the Company's inventories are in the form of semi-finished and finished steel products. Under the Company’s vertically integrated business model, steel products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined as finished goods.

The components of inventories were as follows:


(in thousands)	November 30, 2022		August 31, 2022
Raw materials	$	255,569	$	271,756
Work in process	9,578		9,446
Finished goods	837,627		888,494
Total	$	1,102,774	$	1,169,696

Inventory write-downs were $4.5 million during the three months ended November 30, 2022 and immaterial in the corresponding period.