Annual report pursuant to Section 13 and 15(d)

INVENTORIES

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INVENTORIES
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventories
NOTE 4 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position:
 
 
(In Millions)
 
 
December 31,
 
 
2018
 
2017
Finished Goods
 
$
77.8

 
$
127.1

Work-in-Process
 
10.1

 
11.3

Total Inventories
 
$
87.9

 
$
138.4


The excess of current cost over LIFO cost of iron ore inventories was $95.6 million and $96.2 million at December 31, 2018 and 2017, respectively. As of December 31, 2018, the product inventory balance for the Mining and Pelletizing segment declined, resulting in the liquidation of a LIFO layer in 2018. The effect of the inventory reduction was a decrease in Cost of goods sold and operating expenses of $0.2 million in the Statements of Consolidated Operations for the year ended December 31, 2018. As of December 31, 2017, the product inventory balance for the Mining and Pelletizing segment increased, resulting in a LIFO increment in 2017. The effect of the inventory build was an increase in Inventories of $6.2 million in the Statements of Consolidated Financial Position for the year ended December 31, 2017.