Annual report and accounts 2012

Inventories

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

for the years ended December 31, 2012, 2011 and 2010
(Amounts expressed in thousands of US dollars, except as otherwise stated)

 December 31,
 201220112010
Raw materials and supplies1,107,3631,201,1551,157,403
Finished goods746,310780,984691,778
Work-in-progress499,225537,015519,953
 2,352,8982,519,1542,369,134

Of the above amounts US$ 36.8 million (December 31, 2011: US$ 24.2 million, December 31, 2010: US$ 709.3 million) were stated at net realizable value.

During the year ended December 31, 2012, the Group recognized a US$ 48.5 million release and a US$ 163.3 million allowance to reduce the carrying amount to a net realizable value (2011: US$ 70.8 million and US$ 68.9 million, respectively; 2010: US$ 44.8 million and US$ 42.5 million, respectively).