Annual Report & Accounts 2011
Severstal Annual Report 2011 Home > Financial Statements > Notes to the Consolidated Financial Statements > Inventories

OAO Severstal and Subsidiaries
Notes to the Consolidated Financial Statements
16. Inventories

for the years ended December 31, 2011, 2010 and 2009

(Amounts expressed in thousands of US dollars, except as otherwise stated)

 December 31,
 201120102009
Raw materials and supplies1,201,1551,157,4031,472,724
Finished goods780,984691,778960,561
Work-in-progress537,015519,953540,942
 2,519,1542,369,1342,974,227

Of the above amounts US$ 24.2 million (December 31, 2010: US$ 709.3 million, December 31, 2009: US$ 434.3 million) were stated at net realizable value.

During the year ended December 31, 2011, the Group recognized a US$ 70.8 million release and a US$ 68.9 million allowance to reduce the carrying amount to a net realizable value (December 31, 2010: US$ 44.8 million and US$ 42.5 million, respectively; December 31, 2009: US$ 136.4 million and US$ 8.2 million, respectively).

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