0001437749-26-020323 | 10-K | XBRL Viewer

Share-Based Payment Arrangement [Text Block]

3. EQUITY COMPENSATION PLANS AND CAPITAL STOCK

The Company maintains two stock based compensation plans: the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “2016 Plan”) and the Friedman Industries, Incorporated 2025 Long-Term Incentive Plan (the "2025 Plan" and together with the 2016 Plan, the "Plans"). The Plans are administered by the Compensation Committee of the Board of Directors and continue indefinitely until terminated by the Board of Directors (the "Board") or until all shares allowed by the plans have been awarded and earned. All shares authorized under the 2016 Plan have been awarded with some of those shares still under vesting restrictions at March 31, 2026. Under the 2025 Plan, the Company may award stock-based compensation to employees, non-employee directors and third-party service providers. The 2025 Plan permits the award of stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards for up to 550,000 shares of the Company's common stock. As of March 31, 2026, all stock based compensation issued under the 2025 Plan was in the form of restricted stock awards and a total of 521,696 shares were still available to be issued under the 2025 Plan. Restricted awards entitle recipients to vote and receive non-forfeitable dividends during the restriction period. Because dividends are non-forfeitable, they are reflected in retained earnings. Forfeitures are accounted for upon their occurrence. Because the Company accounts for forfeitures as they occur, the non-forfeitable dividends are reclassified from retained earnings to additional stock compensation for the actual forfeitures that occurred.

The following table summarizes the activity related to restricted stock awards for the two years ended March 31, 2026:

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2024		64,487		$	6.62
Granted		4,026			14.90
Vested		(50,487	)		7.12
Unvested at March 31, 2025		18,026		$	7.07
Granted		142,276			16.94
Vested		(18,026	)		7.73
Unvested at March 31, 2026		142,276		$	16.86

The Company measures compensation expense for restricted stock awards at the market price of the common stock as of the grant date. Compensation expense for awards with time based restrictions is recognized over the requisite service period applicable to each award. Compensation expense for awards with performance based restrictions is recognized once it is probable the performance conditions will be satisfied with a cumulative effect adjustment and the remaining expense recognized over the remaining service period. The stock awards granted during fiscal 2026 consist of 53,221 time restricted shares with annual ratable vesting over a three year period, 50,000 time restricted shares with annual ratable vesting over a two year period, 2,742 time restricted shares with one year cliff vesting, and 36,313 performance restricted shares with vesting thresholds dependent on the percentage of average earnings before tax to average accounts receivable, inventory and net PP&E over a three year period. The Company recorded compensation expense of approximately $0.7 million and $0.2 million in fiscal 2026 and fiscal 2025, respectively, related to the restricted stock issued under the Plans.

At March 31, 2026 and 2025, unrecognized compensation expense related to unvested restricted stock awards was approximately $1.6 million and $0.1 million, respectively, which is expected to be recognized over a weighted average period of approximately 1.8 years and 0.8 years, respectively.

The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2026 or March 31, 2025.

On December 13, 2023, the Board of Directors authorized the repurchase, for retirement, of up to 1,045,774 additional shares of our common stock in open-market transactions or otherwise with the authorization expiring December 13, 2026. The Company did not repurchase any shares through the open market during fiscal 2026 or fiscal 2025 but did acquire 630 shares and 9,801 shares during fiscal 2026 and fiscal 2025, respectively, as employee withholding taxes paid on vested restricted stock.

Note 2 - Business Combinations

12 Months Ended

Mar. 31, 2026

Business Combination [Text Block]

2. BUSINESS COMBINATIONS

On August 29, 2025, (the “Acquisition Date”), the Company acquired certain assets and liabilities of Century Metals & Supplies Inc. based in Miami, Florida. The Company acquired the working capital, buildings, processing and other equipment, and the related real estate of Century (the “Transaction”). In addition to the owned facilities in Miami, the Transaction also includes leased distribution and warehouse facilities in Orlando, Florida and Tampa, Florida. The operations continue as Century Metals and Supplies LLC (“Century”), a wholly owned subsidiary of the Company. Century is a metals processing company with cut-to-length and coil slitting capabilities which operates as part of the Company's flat-roll business segment. As a result of the Transaction, the Company expanded its presence in the southeastern U.S. and Latin American markets and broadened the Company's product offerings to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials such as aluminum, copper, and brass.

The Transaction resulted in the Company acquiring all the ownership interests in the assets noted above, for a total consideration of approximately $51.6 million, after final net working capital adjustments. The total consideration consists of (i) approximately $45.6 million of cash at close, (ii) a five-year seller's note with a fair value of approximately $3.5 million, (iii) contingent consideration possible through earn-out provisions with an initial fair value of approximately $3.6 million and a post-closing final working capital adjustment in favor of the Company of approximately $1.1 million. The contingent consideration allows for up to $10 million in additional consideration over a four-year period based on certain performance metrics and is not contingent on the sellers employment with Century at the time of the payout and, as such, the fair value of such contingent consideration was recognized as consideration transferred.

The seller’s note was fair valued using a discounted cash flow analysis of the expected future payments, for which the significant inputs included the rate of return based on a reference rate plus a spread and the expected cash flows associated with the seller’s note over the remaining time to maturity. The contingent consideration was fair valued using a Monte Carlo simulation of the potential cash payments to the sellers utilizing an estimate of the average future EBITDA, which was discounted to present value. The significant inputs to the Monte Carlo simulation included projected future EBITDA, a discount rate, EBITDA targets, maximum payout and EBITDA volatility. Such contingent consideration is required to be measured at fair value at inception and at each reporting period. The Company performed a fair value analysis at March 31, 2026 and concluded the fair value was approximately $2.2 million. There were no changes to the valuation methodology during the subsequent reporting period. The contingent consideration liability is reported on the consolidated balance sheet under non-current contingent consideration liability and the change in fair value since initial measurement is recognized as a gain on the statement of operations.

The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations, whereby the consideration transferred and the acquired identifiable assets and liabilities assumed are recorded at their respective fair values. The excess of the consideration transferred over the fair values of these identifiable net assets is recorded as goodwill. The Transaction resulted in no residual goodwill.

*Fair value of assets acquired and liabilities assumed*
Accounts receivable	$	12,307
Inventory		34,623
Property, plant and equipment		13,727
Operating lease right-of-use asset		2,422
Other assets		26
Accounts payable		(9,083	)
Operating lease liability		(2,422	)
Total	$	51,600

The following unaudited pro forma consolidated operating results give effect to the Transaction as if it had been completed as of April 1, 2024 (in thousands). These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Transaction had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.

	Year Ended March 31,
	2026		2025
Net sales	$	754,518	$	550,706
Earnings from operations	$	30,461	$	7,446

The Company's consolidated statement of operations for fiscal 2026 includes net sales of approximately $61.5 million and net earnings of approximately $2.2 million attributable to Century's operations. During fiscal 2026, the Company recorded one-time acquisition specific costs of approximately $1.3 million as a component of "Selling, general and administrative" expenses on the Consolidated Statement of Operation. Information about the debt issuance costs associated with the acquisition financing is provided in Note 4.

The entire disclosure for business combination.

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Note 11 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Vesting Period (Year)	6 years
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 700	$ 500
Stock Repurchase Program, Percentage of Shares Authorized to be Repurchased	15.00%
Defined Contribution Plan, Cost	$ 0	$ 0

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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Note 5 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance lease - amortization of ROU asset	$ 0	$ 54
Operating lease expense	$ 850	$ 384

Note 8 - Fair Value Measurements

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Text Block]

8. FAIR VALUE MEASUREMENTS

Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:

●

Level 1 – Quoted prices for identical assets and liabilities in active markets.

●

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly.

●

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Recurring Fair Value Measurements

At March 31, 2026, our financial assets and liabilities, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*			*Total*
Commodity futures – financial liabilities, net	$	(273	)	$	—	$	—		$	(273	)
Contingent consideration for business combination - financial liability		—			—	$	(2,160	)	$	(2,160	)
Total	$	(273	)	$	—	$	(2,160	)	$	(2,433	)

At March 31, 2025, our financial assets and liabilities, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*		*Significant*
	*Identical*		*Observable*		*Unobservable*
	*Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial assets, net	$	349	$	—	$	—	$	349
Total	$	349	$	—	$	—	$	349

At March 31, 2026 and 2025, the Company did not have any fair value measurements on a non-recurring basis.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Consolidation, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

BASIS OF CONSOLIDATION: The consolidated financial statements include the accounts of Friedman Industries, Incorporated and its subsidiary (collectively, the “Company”). All material intercompany amounts and transactions have been eliminated.

Business Combination [Policy Text Block]

BUSINESS COMBINATIONS: The results of a business acquired in a business combination are included in the Company’s financial statements from the date of acquisition. The Company allocates the purchase price to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The
excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future operating results, discount rates and selection of comparable companies. Acquisition-related transaction costs are expensed in the period in which the costs are incurred. See Note 2 for additional discussion of the acquisition completed by the Company during the fiscal year ended March 31, 2026.

Revenue [Policy Text Block]

REVENUE RECOGNITION: Revenue is generated primarily from contracts to manufacture or process metal products and is recognized when performance obligations are complete. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenue is recorded in an amount that reflects the consideration expected to be received in exchange for those goods or services. See Note 13 for further information.

Accounts Receivable [Policy Text Block]

TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The balance of the Company’s allowance for doubtful accounts was approximately $0.4 million and $0.1 million at March 31, 2026 and 2025, respectively.

Inventory, Policy [Policy Text Block]

INVENTORIES: Both flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for all of the Company's flat-roll segment inventory, except for inventory of the Century Metals & Supplies subsidiary, is determined using the weighted average cost method. The cost of Century Metals & Supplies inventory is determined using the specific identification method. Cost for all of the Company's tubular segment inventory is determined using the weighted average cost method. All inventories are valued at the lower of cost or net realizable value. The Company did not have any lower of cost or net realizable value adjustments during fiscal 2026 or fiscal 2025. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. Flat-roll raw material inventory consists primarily of carbon steel, stainless steel and aluminum flat-roll products the Company will process into sheet, plate or slit coil. Flat-roll finished goods consists of processed sheet, plate or slit coil inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

The following is a summary of inventory by product group (in thousands):

	March 31,
	2026		2025
Flat-Roll raw material	$	120,763	$	85,865
Flat-Roll finished goods		31,068		15,737
Tubular raw material		9,441		7,055
Tubular finished goods		10,951		5,032
	$	*172,223*	$	113,689

Derivatives, Policy [Policy Text Block]

DERIVATIVE INSTRUMENTS: From time to time, the Company may use futures contracts, options or swaps to manage exposure to metals price risk. For fiscal 2026 and fiscal 2025, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. In prior fiscal years, the Company elected hedge accounting for some of its derivatives. For derivatives designated for hedge accounting and classified as cash flow hedges, changes in fair value are recognized as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. For derivatives designated for hedge accounting and classified as fair value hedges, changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings. For derivatives where hedge accounting is not elected, changes in fair value are immediately recognized in earnings. The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sales exclusion provided in Accounting Standards Codification 815 - Derivatives and Hedging. See Note 7 for further information about the Company's derivative instruments.

Property, Plant, and Equipment [Policy Text Block]

PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost except for assets acquired through business combination which are stated at their acquisition date fair value. Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows:

Buildings (in years)			15 to 40
Machinery and equipment (in years)			10 to 30
Land improvements (in years)			5 to 15
Furniture (in years)			5 to 10
Equipment - Technology (in years)			2 to 5
Buildings - Small Remodel/Furnace/HVAC (in years)			10 to 15

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If an asset or asset group is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s or asset group's carrying amount exceeds its estimated fair value. The Company did not identify any indicators of impairment during fiscal 2026 and fiscal 2025.

When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale.

Maintenance and repairs are expensed as incurred.

Shipping Costs [Policy Text Block]

SHIPPING COSTS: Sales are increased for freight billed to customers and freight costs are a component of cost of products sold and shown discretely as "Delivery expense" on the consolidated statements of operations.

Supplemental Cash Flow Information [Policy Text Block]

SUPPLEMENTAL CASH FLOW INFORMATION: During fiscal 2026, the Company had non-cash investing and financing activities associated with the Century Metals & Supplies acquisition of approximately $3.5 million related to a seller's note and approximately $2.2 million related to contingent consideration. During fiscal 2026, the Company had approximately $1.1 million of non-cash investing activity related to the final post-closing working capital adjustment associated with the Century acquisition. The adjustment was recorded as a receivable and remained outstanding as of fiscal year-end. The Company paid interest of approximately $3.9 million and $3.0 million in fiscal 2026 and fiscal 2025, respectively. The Company paid income taxes of approximately $6.7 million and $3.2 million in fiscal 2026 and fiscal 2025, respectively.

Income Tax, Policy [Policy Text Block]

INCOME TAXES: The Company accounts for income taxes under the liability method, whereby the Company recognizes deferred tax assets and liabilities, which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidences, the likelihood that the deferred tax assets will be recovered from future taxable income.

The Company has also analyzed tax positions taken on tax returns filed and does not believe that any are more likely than not to be overturned by the respective tax jurisdiction. Therefore, no liability for uncertain tax positions has been recognized.

Use of Estimates, Policy [Policy Text Block]

USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The more significant estimates and
judgements for the Company include determining the fair value of assets acquired and liabilities assumed in the business combination discussed in Note 2. The determination of fair value requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. Actual results could differ from these estimates.

Fair Value of Financial Instruments, Policy [Policy Text Block]

FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value.

Earnings Per Share, Policy [Policy Text Block]

EARNINGS PER SHARE: The Company uses the two-class method of calculating earnings per share, which determines earnings per share for each class of common stock and participating security as if all earnings of the period had been distributed. As the holders of restricted stock are entitled to receive non-forfeitable dividends during the restriction period, unvested shares of restricted stock qualify as participating securities. Unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Unvested restricted stock is forfeitable until earned and therefore not considered outstanding for basic earnings per share. Net income per basic common share is computed using the weighted average number of common shares outstanding during the period and net income attributable to common stockholders is adjusted to allocate dividends paid to unvested shares as well as undistributed earnings. Net income per diluted common share is computed using the weighted average number of common shares and participating securities outstanding during the period.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

ECONOMIC RELATIONSHIP: The Company purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company.

Flat-roll segment sales to O'Neal Steel accounted for approximately 15% and 16% of total Company sales in fiscal 2026 and fiscal 2025, respectively. No other customers accounted for 10% or more of total Company sales for either fiscal year.

The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the metals distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not require collateral. Generally, receivables are due within 30 days.

New Accounting Pronouncements, Policy [Policy Text Block]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, general and administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on its consolidated financial statements.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS: In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and provide income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign operations. The Company adopted this new accounting guidance and applied the disclosure requirements on a prospective basis effective for the year ended March 31, 2026. The adoption of this new guidance affects only the Company's disclosures, with no impacts to results of operations and financial position.

Note 7 - Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Derivative Instruments [Table Text Block]

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	153	Current portion of derivative liability	$	426

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	636	Current portion of derivative liability	$	287

Derivative Instruments, Gain (Loss) [Table Text Block]

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2026*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	3,412

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	7,598

Derivatives Not Designated as Hedging Instruments [Table Text Block]

		*Notional Amount*		*Maturity Date*
Hot-rolled coil steel contracts	$	(8,987	)	April 2026 - May 2027

		*Notional Amount*		*Maturity Date*
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

Note 2 - Business Combinations - Pro Forma Operating Results (Details) - Century Metals and Supplies [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net sales	$ 754,518	$ 550,706
Earnings from operations	$ 30,461	$ 7,446

Note 13 - Revenue (Tables)

12 Months Ended

Mar. 31, 2026

Disaggregation of Revenue [Table Text Block]

	Fiscal Year Ended March 31,
	2026		2025
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	590,956	$	399,853
Processing or Storage of Customer Owned Coil		5,174		4,791
	$	*596,130*	$	404,644
Tubular Segment:
Manufactured Pipe	$	50,783	$	39,956
	$	*50,783*	$	39,956

Note 2 - Business Combinations 1 (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Aug. 29, 2025	Mar. 31, 2026	Mar. 31, 2025
Payments to Acquire Businesses, Gross		$ 45,597	$ (0)
Business Combination, Contingent Consideration, Liability, Noncurrent		2,160	0
Revenue from Contract with Customer, Including Assessed Tax		646,913	444,600
Net Income (Loss) Attributable to Parent		19,533	$ 6,085
Century Metals and Supplies [Member]
Business Combination, Consideration Transferred	$ 51,600
Payments to Acquire Businesses, Gross	45,600
Business Combination, Consideration Transferred, Liabilities Incurred	3,500
Business Combination, Consideration Transferred, Earn-out Provisions	3,600
Business Combination, Consideration Transferred, Working Capital	1,100	1,100
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount	$ 10,000
Business Combination, Contingent Consideration, Term (Year)	4 years
Business Combination, Contingent Consideration, Liability, Noncurrent		2,200
Revenue from Contract with Customer, Including Assessed Tax		61,500
Net Income (Loss) Attributable to Parent		$ 2,200

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Aug. 29, 2025	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss		$ 400	$ 100
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		3,900	3,000
Proceeds from Income Tax Refunds		$ 6,700	3,200
Unrecognized Tax Benefits, Ending Balance			$ 0
Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| O'Neal Steel [Member]
Concentration Risk, Percentage		15.00%	16.00%
Century Metals and Supplies [Member]
Notes Issued		$ 3,500
Liabilities Assumed		2,200
Business Combination, Consideration Transferred, Working Capital	$ 1,100	$ 1,100

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Mar. 31, 2026

Summary of Valuation Allowance [Table Text Block]

Description	*Balance at*
	*Beginning*						*Balance at*
	*of Period*		*Additions (A)*		*Deductions (B)*		*End of Period*
Year ended March 31, 2026
Allowance for credit losses (deducted from related asset account)	$	147	$	279		—	$	426
Year ended March 31, 2025
Allowance for credit losses (deducted from related asset account)	$	97	$	50		—	$	147

Note 4 - Debt

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Text Block]

4. DEBT

The Company has a $140 million asset-based lending facility ("ABL Facility") led by JPMorgan Chase Bank, N.A with Wells Fargo Bank, N.A. as a 40% syndicated participant. The ABL Facility matures on August 29, 2030 and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus 1.45% per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus 1.65% per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) 90% of eligible accounts receivable, plus (b) the product of 85% multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of 10% of the revolving commitment or $14.0 million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than 1.00 to 1.00 for the trailing twelve-month period then ending. The fixed charge coverage ratio is calculated as the ratio of (a) EBITDA, as defined in the ABL Facility, minus unfinanced capital expenditures to (b) cash interest expense plus scheduled principal payments on indebtedness plus taxes paid in cash plus restricted payments paid in cash plus capital lease obligation payments plus cash contributions to any employee pension benefit plans. The ABL Facility contains other representations and warranties and affirmative and negative covenants that are usual and customary. If certain conditions precedent are satisfied, the ABL facility may be increased up to an aggregate of $60 million, in minimum increments of $5 million. At March 31, 2026, the Company had a balance of approximately $92.6 million under the ABL Facility with an applicable interest rate of 5.3%. At March 31, 2026, the Company's borrowing base supported full access to the ABL Facility.

The Company incurred debt issuance costs of approximately $0.4 million related to the renewal of the ABL Facility during fiscal 2026 with these costs recorded as a non-current other asset which will be amortized on an equal monthly basis over the term of the ABL facility.

The Company issued a seller's note of $3.5 million related to the acquisition of Century described in Note 2. The promissory note has a maturity date of August 29, 2030 and accrues interest at a rate of 6.5% per annum, payable quarterly in arrears on the last date of each quarter, commencing September 30, 2025.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Note 9 - Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Year Ended March 31,*
	*2026*		2025
Numerator (basic and diluted)
Net earnings	$	19,533	$	6,085
Less: Allocation to unvested restricted stock awards		317		21
Net earnings attributable to common shareholders	$	19,216	$	6,064

Denominator (basic and diluted)
Weighted average common shares outstanding		6,966,887		6,944,602

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Year Ended March 31,*
	*2026*		2025
Restricted Stock Awards		96,700		12,400

Note 2 - Business Combinations 2 (Details Textual) $ in Millions	9 Months Ended
	Dec. 31, 2025 USD ($)
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Payments to Acquire Businesses, Net of Cash Acquired	$ 1.3

Note 4 - Debt (Details Textual) $ in Millions		10 Months Ended
Note 4 - Debt (Details Textual) $ in Millions	Aug. 25, 2025	Mar. 11, 2022	Mar. 31, 2026 USD ($)	Dec. 09, 2025 USD ($)	Aug. 29, 2025 USD ($)	Apr. 29, 2022 USD ($)
Century Metals and Supplies [Member] \| Seller's Note [Member]
Debt Instrument, Face Amount					$ 3.5
Debt Instrument, Interest Rate, Stated Percentage					6.50%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 140.0
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable		85.00%				90.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage						10.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value						$ 14.0
Debt Instrument, Covenant, Fixed Charge Coverage Ratio		1
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase					$ 60.0
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments					$ 5.0
Long-Term Line of Credit			$ 92.6
Line of Credit Facility, Interest Rate at Period End			5.30%
Debt Issuance Costs, Gross			$ 0.4
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.45%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.65%

Note 5 - Leases (Tables)

12 Months Ended

Mar. 31, 2026

Lease, Cost [Table Text Block]

	*Fiscal 2026*		*Fiscal 2025*
Finance lease - amortization of ROU asset		—		54
Operating lease expense		850		384
	$	850	$	438

Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]

	*March 31, 2026*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	4,702	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		—		378	Property, plant & equipment
Total right-of-use assets	$	4,702	$	3,219

Liabilities
Operating lease liability, current	$	756	$	160	Accrued expenses
Operating lease liability, non-current		4,097		2,752	Non-current lease liabilities
Total lease liabilities	$	4,853	$	2,912

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	*Operating*
	*Leases*
Fiscal 2027		1,054
Fiscal 2028		990
Fiscal 2029		971
Fiscal 2030		478
Fiscal 2031 and beyond		4,544
Total undiscounted lease payments	$	8,037
Less: imputed interest		(3,184	)
Present value of lease liability	$	4,853

Note 10 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Depreciation	$ (8,021)	$ (6,199)
Unrealized gain - mark to market derivatives	0	(87)
Total deferred tax liabilities	(8,021)	(6,286)
Inventory capitalization	832	537
Interest expense limitation	0	140
Postretirement benefits other than pensions	24	29
Restricted stock compensation	163	23
Unrealized loss - mark to market derivatives	68	0
Other	173	79
Total deferred tax assets	1,260	808
Net deferred tax liability	$ (6,761)	$ (5,478)

Note 13 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer, Including Assessed Tax	$ 646,913	$ 444,600
Flat-roll [Member] \| Prime Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax	590,956	399,853
Flat-roll [Member] \| Customer Owned [Member]
Revenue from Contract with Customer, Including Assessed Tax	5,174	4,791
Tubular [Member] \| Manufactured Pipe [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 50,783	$ 39,956

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Controls We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices. We utilize automated intrusion prevention, detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected. We have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention. Our cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity. A risk-based approach is taken regarding third-party systems utilized in our business. We have controls specifically focused on E-mail phishing including impersonation attempts. Although our automated controls prevent most phishing attempts, some can be delivered to employees. To mitigate this risk, we provide training to employees using various methods including E-mail phishing campaigns which send phishing-style E-mails, monitors user responses and automatically assigns further training as appropriate. Employees have been trained to send any suspicious activity to a central IT Service Desk for evaluation and appropriate timely action. All critical systems have rigorous data backups and are designed for disaster recovery, ensuring business continuity in the event of a catastrophic incident. As part of continuous improvement, disaster recovery testing is being conducted and documented. We are not aware of any unmitigated risk or any prior incident that may have materially affected the Company’s data integrity, confidentiality, operations, business strategy or financial reporting. Given our reliance on modern systems, we are aware a significant incident could impact the Company’s overall goals so we strive to provide modern counter measures to manage this risk.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices. We utilize automated intrusion prevention, detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected. We have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention. Our cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity. A risk-based approach is taken regarding third-party systems utilized in our business.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Board of Directors (the “Board”) of the Company is responsible for the oversight of the Company’s cybersecurity program and recognizes the risks that cybersecurity threats may impose on the Company, its business partners, employees and investors. The Company's IT Director is responsible for overall IT governance, risk and compliance including the Company’s cybersecurity program. The Audit Committee of the Board collaborates with the full Board and the IT Director to facilitate alignment of overall IT related controls and processes. We have a formalized IT Security Incident Report process which provides a method to document and communicate details of security incidents to appropriate stakeholders. The Board and the Audit Committee receive periodic briefings on cybersecurity and help set priorities and strategic direction. As part of continuous improvement, our cybersecurity program is being aligned with the NIST Cybersecurity Framework to help ensure comprehensive controls and oversight.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board of Directors
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	Mar. 31, 2026
Minimum [Member] \| Building [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Minimum [Member] \| Land Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	2 years
Minimum [Member] \| Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Maximum [Member] \| Building [Member]
Property, Plant and Equipment, Useful Life (Year)	40 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Maximum [Member] \| Land Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Maximum [Member] \| Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Maximum [Member] \| Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 12 - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer, Including Assessed Tax	$ 646,913	$ 444,600
Cost of Goods and Services Sold	15,363	9,115
Depreciation and amortization	3,824	3,291
Cost of Product and Service Sold	621,262	441,815
EARNINGS (LOSS) FROM OPERATIONS:	25,651	3,043
Fair value adjustment of contingent consideration	1,420	0
Gain on economic hedges of risk	3,412	7,598
Interest expense	(4,104)	(2,953)
Other income (expense)	(7)	5
TOTAL EARNINGS BEFORE INCOME TAXES	26,372	7,693
Gain (loss) on disposal of property, plant and equipment	0	258
Identifiable assets	336,810	226,822
Identifiable assets	336,810	226,822
Capital Expenditures	7,161	4,002
Material Sold Expense [Member]
Cost of Goods and Services Sold	518,696	365,648
Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	41,722	33,477
Delivery Expense [Member]
Cost of Goods and Services Sold	28,398	23,228
Commercial Expense [Member]
Cost of Goods and Services Sold	13,259	7,056
Operating Segments [Member]
Identifiable assets	330,350	221,682
Identifiable assets	330,350	221,682
Operating Segments [Member] \| Flat-roll [Member]
Revenue from Contract with Customer, Including Assessed Tax	596,130	404,644
Depreciation and amortization	3,374	2,869
Cost of Product and Service Sold	560,478	390,703
EARNINGS (LOSS) FROM OPERATIONS:	35,652	13,719
Gain (loss) on disposal of property, plant and equipment		(222)
Identifiable assets	301,528	204,890
Identifiable assets	301,528	204,890
Capital Expenditures	6,150	3,823
Operating Segments [Member] \| Flat-roll [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	483,904	334,426
Operating Segments [Member] \| Flat-roll [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	33,066	24,544
Operating Segments [Member] \| Flat-roll [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	27,712	22,563
Operating Segments [Member] \| Flat-roll [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	12,422	6,301
Operating Segments [Member] \| Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax	50,783	39,956
Depreciation and amortization	237	304
Cost of Product and Service Sold	45,208	41,879
EARNINGS (LOSS) FROM OPERATIONS:	5,575	(1,443)
Gain (loss) on disposal of property, plant and equipment		480
Identifiable assets	28,822	16,792
Identifiable assets	28,822	16,792
Capital Expenditures	1,011	179
Operating Segments [Member] \| Tubular [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	34,792	31,222
Operating Segments [Member] \| Tubular [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	8,656	8,933
Operating Segments [Member] \| Tubular [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	686	665
Operating Segments [Member] \| Tubular [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	837	755
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Cost of Goods and Services Sold	15,363	9,115
Depreciation and amortization	213	118
Cost of Product and Service Sold	15,576	9,233
EARNINGS (LOSS) FROM OPERATIONS:	(15,576)	(9,233)
Gain (loss) on disposal of property, plant and equipment		0
Identifiable assets	6,460	5,140
Identifiable assets	6,460	5,140
Capital Expenditures	$ 0	$ 0

Note 5 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Fiscal 2027	$ 1,054
Fiscal 2028	990
Fiscal 2029	971
Fiscal 2030	478
Fiscal 2031 and beyond	4,544
Total undiscounted lease payments, operating leases	8,037
Less: imputed interest, operating leases	(3,184)
Present value of lease liability, operating lease	$ 4,853

Note 11 - Retirement Plan

12 Months Ended

Mar. 31, 2026

Compensation and Employee Benefit Plans [Text Block]

11. RETIREMENT PLAN

The Company maintains the Friedman Industries, Inc. Employees’ Retirement and 401(k) Plan (the “Plan”). Employees fully vest in the Plan upon six years of service.

Employees may elect to participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed sixty calendar days of service. Under the Plan, participating employees may defer a portion of their earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the 401(k) portion of the Plan was approximately $0.7 million and $0.5 million for the years ended March 31, 2026 and 2025, respectively.

The retirement portion of the Plan covers substantially all employees, including officers. Any contributions are determined at the discretion of the Board of Directors in an amount not to exceed 15% of the total compensation paid during the year to all eligible employees. The Company did not make a contribution to the retirement portion of the Plan in fiscal 2026 or fiscal 2025. Contributions, plan earnings and forfeitures of non-vested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company.

Note 3 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Repurchase Program, Authorized, Number of Shares (in shares)	1,045,774
Treasury Stock, Shares, Acquired (in shares)	0	0
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)	630	9,801
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	1,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 1
Preferred Stock, Shares Issued (in shares)	0	0
Time Restricted Shares [Member] \| Vesting Over Three Years [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	53,221
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Time Restricted Shares [Member] \| Vesting Over Two Years [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	50,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Time Restricted Shares [Member] \| Cliff Vesting Over One Year [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	2,742
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Performance Restricted Shares [Member] \| Vesting Over Three Years [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	36,313
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	142,276	4,026
Share-Based Payment Arrangement, Expense	$ 0.7	$ 0.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1.6	$ 0.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 9 months 18 days	9 months 18 days
The 2025 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	550,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	521,696

Note 10 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current	$ 4,297	$ 1,234
Deferred	1,049	112
Federal Income Tax Expense (Benefit), Continuing Operations	5,346	1,346
Current	1,259	153
Deferred	234	109
State and Local Income Tax Expense (Benefit), Continuing Operations	1,493	262
Provision for income taxes, amount	$ 6,839	$ 1,608

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Note 7 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	$ 3,412	$ 7,598

Note 9 - Earnings Per Share - Restricted Stock Units (Details) - shares shares in Millions	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restricted Stock Units (RSUs) [Member]
Restricted Stock Awards (in shares)	96.7	12.4

Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	$ 0.8	$ 0.5

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

Note 10 - Income Taxes

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Text Block]

10. INCOME TAXES

Components of tax expense are as follows (in thousands):

	*Year Ended March 31,*
	*2026*		2025
Federal
Current	$	4,297	$	1,234
Deferred		1,049		112
		5,346		1,346
State
Current		1,259		153
Deferred		234		109
		1,493		262
Total	$	6,839	$	1,608

Reconciliations of the statutory rates to the actual effective tax rates for fiscal years 2026 and 2025 are as follows (in thousands, except percentages):

	Fiscal 2026				Fiscal 2025
Income tax expense at U.S. federal statutory rate	$	5,538	21.0	%	$	1,615		21.0	%
Current year state and local income taxes net of federal income tax benefit ⁽¹⁾		1,179	4.4			208		2.7
Other		122	0.5			(215	)	(2.8	)
Provision for income taxes	$	6,839	25.9	%	$	1,608		20.9	%

Note: Certain percentages may not sum to totals due to rounding.

(1) State taxes in Alabama, Arkansas, Florida, Illinois, Indiana and Texas made up the majority (greater than 50 percent) of the tax effect in this category.

The following table presents income taxes paid (in thousands):


	*Fiscal 2026*		Fiscal 2025
Federal	$	5,489	$	2,750
Domestic state and local:
Illinois		456		401
Other ⁽¹⁾		740		99
Domestic state and local subtotal		1,196		500
Total income taxes paid	$	6,685	$	3,250

(1) All other domestic state and local jurisdictions individually represented less than 5% and are aggregated into "Other"

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2023 through March 31, 2025. State and local returns may be subject to examination for fiscal years ended March 31, 2022 through March 31, 2025.

Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows (in thousands):

	*March 31,*
	*2026*			2025
Deferred tax liabilities:
Depreciation	$	(8,021	)	$	(6,199	)
Unrealized gain - mark to market derivatives		—			(87	)
Total deferred tax liabilities		(8,021	)		(6,286	)
Deferred tax assets:
Inventory capitalization		832			537
Interest expense limitation		—			140
Postretirement benefits other than pensions		24			29
Restricted stock compensation		163			23
Unrealized loss - mark to market derivatives		68			—
Other		173			79
Total deferred tax assets		1,260			808
Net deferred tax liability	$	(6,761	)	$	(5,478	)

The entire disclosure for income tax.

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Mar. 31, 2026	Jun. 11, 2026	Sep. 30, 2025
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2026
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-7521
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1504405
Entity Address, Address Line One	1121 Judson Road Suite 124
Entity Address, City or Town	Longview
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 146,700,000
Entity Common Stock, Shares Outstanding		7,107,491
Auditor Name	Baker Tilly US LLP
Auditor Location	Houston, Texas
Auditor Firm ID	23

Note 5 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Operating Lease, Right-of-Use Asset	$ 4,702	$ 2,841
Finance lease right-of-use asset	0	378
Total right-of-use assets	4,702	3,219
Operating lease liability, current	756	160
Operating lease liability, non-current	4,097	2,752
Total lease liabilities	$ 4,853	$ 2,912

Note 13 - Revenue

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Text Block]

13. REVENUE

Revenue is generated primarily from contracts to manufacture or process metal products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing or storage of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. The Company offers industry standard payment terms.

The Company has two reportable segments: Flat-Roll and Tubular. Flat-roll primarily generates revenue from cutting to length or slitting flat-roll metals. Flat-roll segment revenue consists of two product types: Company Owned Flat-Roll Products and Processing or Storage of Customer Owned Coil. Tubular primarily generates revenue from selling steel pipe it has manufactured resulting in a single product type: Manufactured Pipe.

The following table disaggregates our revenue by product for each of our reportable business segments for the fiscal years ended March 31, 2026 and 2025, respectively (in thousands):

	Fiscal Year Ended March 31,
	2026		2025
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	590,956	$	399,853
Processing or Storage of Customer Owned Coil		5,174		4,791
	$	*596,130*	$	404,644
Tubular Segment:
Manufactured Pipe	$	50,783	$	39,956
	$	*50,783*	$	39,956

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Construction in Progress, Gross	$ 934	$ 135
Depreciation	3,700	$ 3,200
Sinton, TX Facility Expansion [Member]
Construction in Progress, Gross	$ 600

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted [Flag]	true

Note 2 - Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Aug. 29, 2025 USD ($)
Accounts receivable	$ 12,307
Inventory	34,623
Property, plant and equipment	13,727
Operating lease right-of-use asset	2,422
Other assets	26
Accounts payable	(9,083)
Operating lease liability	(2,422)
Total	$ 51,600

Note 3 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Unvested (in shares)	18,026	64,487
Unvested, weighted average grant date fair value (in dollars per share)	$ 7.07	$ 6.62
Granted (in shares)	142,276	4,026
Granted, weighted average grant date fair value (in dollars per share)	$ 16.94	$ 14.9
Vested (in shares)	(18,026)	(50,487)
Vested, weighted average grant date fair value (in dollars per share)	$ 7.73	$ 7.12
Unvested (in shares)	142,276	18,026
Unvested, weighted average grant date fair value (in dollars per share)	$ 16.86	$ 7.07

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2026

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

FRIEDMAN INDUSTRIES, INCORPORATED

(In thousands)

Description	*Balance at*
	*Beginning*						*Balance at*
	*of Period*		*Additions (A)*		*Deductions (B)*		*End of Period*
Year ended March 31, 2026
Allowance for credit losses (deducted from related asset account)	$	147	$	279		—	$	426
Year ended March 31, 2025
Allowance for credit losses (deducted from related asset account)	$	97	$	50		—	$	147

(A)	Additions consist of charges to bad debt expense of approximately $279 and $50 in fiscal 2026 and fiscal 2025, respectively.

Note 8 - Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*			*Total*
Commodity futures – financial liabilities, net	$	(273	)	$	—	$	—		$	(273	)
Contingent consideration for business combination - financial liability		—			—	$	(2,160	)	$	(2,160	)
Total	$	(273	)	$	—	$	(2,160	)	$	(2,433	)

	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*		*Significant*
	*Identical*		*Observable*		*Unobservable*
	*Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial assets, net	$	349	$	—	$	—	$	349
Total	$	349	$	—	$	—	$	349

Note 6 - Property, Plant and Equipment

12 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Text Block]

6. PROPERTY, PLANT AND EQUIPMENT

At March 31, 2026, the Company's construction in process balance of approximately $0.9 million consisted primarily of $0.6 million associated with a building expansion at the Sinton, TX facility. The remaining balance consists of smaller projects among our facilities.

Depreciation expense was approximately $3.7 million and $3.2 million for fiscal 2026 and fiscal 2025, respectively.

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Note 13 - Revenue (Details Textual)	12 Months Ended
Note 13 - Revenue (Details Textual)	Mar. 31, 2026
Number of Reportable Segments	2

Note 7 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Derivative asset	$ 153	$ 636
Derivative liability	426	287
Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative asset	153	636
Derivative liability	$ 426	$ 287

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Credit Loss Expense (Reversal)	$ 279	$ 50

Note 7 - Derivative Financial Instruments - Summary of Non-Designated Derivative Instruments (Details) - Hot-rolled Coil Steel Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Hot-rolled coil steel contracts	$ 8,987	$ 9,522
Hot-rolled coil steel contracts	$ (8,987)	$ (9,522)

Note 8 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Commodity futures – financial liabilities, net	$ (273)
Contingent consideration for business combination - financial liability	(2,160)
Total	(2,433)	$ 349
Future [Member]
Commodity futures – financial liabilities, net		349
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net	(273)
Contingent consideration for business combination - financial liability	0
Total	(273)	349
Fair Value, Inputs, Level 1 [Member] \| Future [Member]
Commodity futures – financial liabilities, net		349
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial liabilities, net	0
Contingent consideration for business combination - financial liability	0
Total	0	0
Fair Value, Inputs, Level 2 [Member] \| Future [Member]
Commodity futures – financial liabilities, net		0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial liabilities, net	0
Contingent consideration for business combination - financial liability	(2,160)
Total	$ (2,160)	0
Fair Value, Inputs, Level 3 [Member] \| Future [Member]
Commodity futures – financial liabilities, net		$ 0

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
CURRENT ASSETS:
Cash	$ 2,450	$ 3,686
Accounts receivable, net of allowances for credit losses of $426 and $147 at March 31, 2026 and 2025, respectively	80,174	47,476
Inventories	172,223	113,689
Current portion of derivative assets	153	636
Income tax receivable	521	0
Other current assets	1,518	980
TOTAL CURRENT ASSETS	257,039	166,467
PROPERTY, PLANT AND EQUIPMENT:
Land	11,642	1,572
Buildings and yard improvements	32,667	30,393
Machinery and equipment	65,512	57,970
Construction in process	934	135
Less accumulated depreciation	(37,137)	(33,819)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization	73,618	56,251
OTHER ASSETS:
Operating Lease, Right-of-Use Asset	4,702	2,841
Other assets	1,451	1,263
TOTAL ASSETS	336,810	226,822
CURRENT LIABILITIES:
Accounts payable and accrued expenses	67,169	35,304
Income taxes payable	0	647
Dividends payable	284	279
Employee compensation and related expenses	8,270	1,807
Current portion of derivative liability	426	287
TOTAL CURRENT LIABILITIES	76,149	38,324
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	96	115
DEFERRED INCOME TAX LIABILITY	6,761	5,478
NON-CURRENT LEASE LIABILITIES	4,097	2,752
SELLER NOTE PAYABLE, NET	3,489	0
NON-CURRENT CONTINGENT CONSIDERATION LIABILITY	2,160	0
ASSET BASED LENDING FACILITY	92,564	47,728
TOTAL LIABILITIES	185,316	94,397
COMMITMENTS AND CONTINGENCIES (SEE NOTE 2)
STOCKHOLDERS’ EQUITY:
Issued shares — 9,019,505 shares and 8,877,229 shares at March 31, 2026 and 2025, respectively	9,020	8,877
Additional paid-in capital	35,934	35,394
Treasury stock at cost (1,907,323 shares and 1,906,693 shares at March 31, 2026 and 2025, respectively)	(13,110)	(13,100)
Retained earnings	119,650	101,254
TOTAL STOCKHOLDERS’ EQUITY	151,494	132,425
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 336,810	$ 226,822

Note 10 - Income Taxes (Details Textual)	12 Months Ended
Note 10 - Income Taxes (Details Textual)	Mar. 31, 2026
Income Tax Jurisdiction, Domestic Federal [Member]
Open Tax Year	2023 2024 2025
Income Tax Jurisdiction, Domestic State and Local [Member]
Open Tax Year	2022 2023 2024 2025

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Sales	$ 646,913	$ 444,600
Costs and expenses:
Cost of materials sold (excludes items shown separately below)	518,696	365,648
Processing and warehousing expense	41,722	33,477
Delivery expense	28,398	23,228
Selling, general and administrative	28,622	16,171
Depreciation and amortization	3,824	3,291
Costs and Expenses	621,262	441,815
Gain on disposal of property, plant and equipment	0	258
EARNINGS FROM OPERATIONS	25,651	3,043
Fair value adjustment of contingent consideration	1,420	0
Gain on economic hedges of risk	3,412	7,598
Interest expense	(4,104)	(2,953)
Other income (expense)	(7)	5
EARNINGS BEFORE INCOME TAXES	26,372	7,693
Provision for income taxes:
Current	5,556	1,387
Deferred taxes	1,283	221
Provision for income taxes, amount	6,839	1,608
NET EARNINGS	$ 19,533	$ 6,085
Net earnings per share:
Basic (in dollars per share)	$ 2.76	$ 0.87
Diluted (in dollars per share)	2.76	0.87
Cash dividends declared per common share (in dollars per share)	$ 0.16	$ 0.16

Note 9 - Earnings Per Share

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Text Block]

9. EARNINGS PER SHARE

Basic and dilutive net earnings per share is computed based on the following information (in thousands, except for share data):

	*Year Ended March 31,*
	*2026*		2025
Numerator (basic and diluted)
Net earnings	$	19,533	$	6,085
Less: Allocation to unvested restricted stock awards		317		21
Net earnings attributable to common shareholders	$	19,216	$	6,064

Denominator (basic and diluted)
Weighted average common shares outstanding		6,966,887		6,944,602

For fiscal 2026 and fiscal 2025, the Company allocated dividends and undistributed earnings to the unvested restricted stock awards.

As the restricted stock qualifies as participating securities, the following restricted stock awards were not accounted in the computation of weighted average diluted common shares outstanding under the two-class method:

	*Year Ended March 31,*
	*2026*		2025
Restricted Stock Awards		96,700		12,400

Note 7 - Derivative Financial Instruments

12 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize futures, options or swaps to manage our exposure to metals price risk that is inherent in our business. During fiscal 2026 and fiscal 2025, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties, and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For any transactions designated as hedging instruments, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sale exclusion provided in ASC 815.

At March 31, 2026 and 2025, the Company did not have any derivatives designated as hedging instruments and classified as cash flow or fair value hedges.

The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of March 31, 2026 (in thousands):

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	153	Current portion of derivative liability	$	426

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	636	Current portion of derivative liability	$	287

All derivatives are presented on a gross basis on the Consolidated Balance Sheet.

During fiscal 2026 and fiscal 2025, the Company entered into hot-rolled coil futures and swap contracts that were not designated as hedging instruments for accounting purposes. Accordingly, the change in fair value related to these instruments was immediately recognized in earnings for these periods. During fiscal 2026 and fiscal 2025, the Company did not designate any transactions as hedging instruments for accounting purposes.

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2026 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2026*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	3,412

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2025 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	7,598

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at March 31, 2026 (in thousands):

		*Notional Amount*		*Maturity Date*
Hot-rolled coil steel contracts	$	(8,987	)	April 2026 - May 2027

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at March 31, 2025 (in thousands):

		*Notional Amount*		*Maturity Date*
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

At March 31, 2026 and 2025, cash of approximately $0.8 million and $0.5 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at March 31, 2026 and 2025.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information** None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 10 - Income Taxes, Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Federal	$ 5,489	$ 2,750
Domestic state and local subtotal	1,196	500
Total income taxes paid	6,685	3,250
Illinois Tax Authority [Member]
Domestic state and local subtotal	456	401
Other State Tax Authorities [Member]
Domestic state and local subtotal	$ 740	$ 99

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Prime Coil Inventory [Member]
Raw materials	$ 120,763	$ 85,865
Non-standard Coil Inventory [Member]
Raw materials	31,068	15,737
Tubular Inventory [Member]
Raw materials	9,441	7,055
Finished goods	$ 10,951	$ 5,032

Note 12 - Industry Segment Data (Tables)

12 Months Ended

Mar. 31, 2026

Segment Reporting [Table Text Block]

	*For the Twelve Months Ended March 31, 2026*
	*Flat-roll*			*Tubular*			*Other*			*Total*
Net Sales	$	596,130		$	50,783		$	—		$	646,913
Cost and expenses:
Cost of materials sold		483,904			34,792			—			518,696
Processing and warehousing expense		33,066			8,656			—			41,722
Delivery expense		27,712			686			—			28,398
Commercial expense		12,422			837			—			13,259
Depreciation and amortization		3,374			237			213			3,824
General corporate expenses		—			—			15,363			15,363
		560,478			45,208			15,576			621,262
EARNINGS (LOSS) FROM OPERATIONS:		35,652			5,575			(15,576	)		25,651
Fair value adjustment of contingent consideration											1,420
Gain on economic hedges of risk											3,412
Interest expense											(4,104	)
Other income (expense)											(7	)
TOTAL EARNINGS BEFORE INCOME TAXES										$	26,372

	*For the Twelve Months Ended March 31, 2025*
	*Flat-roll*			*Tubular*			*Other*			*Total*
Net Sales	$	404,644		$	39,956		$	—		$	444,600
Cost and expenses:
Cost of materials sold		334,426			31,222			—			365,648
Processing and warehousing expense		24,544			8,933			—			33,477
Delivery expense		22,563			665			—			23,228
Commercial expense		6,301			755			—			7,056
Depreciation and amortization		2,869			304			118			3,291
General corporate expenses		—			—			9,115			9,115
		390,703			41,879			9,233			441,815
Gain (loss) on disposal of property, plant and equipment		(222	)		480			—			258
EARNINGS (LOSS) FROM OPERATIONS:		13,719			(1,443	)		(9,233	)		3,043
Gain on economic hedges of risk											7,598
Interest expense											(2,953	)
Other income											5
TOTAL EARNINGS BEFORE INCOME TAXES										$	7,693



	*Year Ended March 31,*
	*2026*			*2025*
IDENTIFIABLE ASSETS:
Flat-roll	$	301,528		$	204,890
Tubular		28,822			16,792
		330,350			221,682
General corporate assets		6,460			5,140
TOTAL ASSETS	$	336,810		$	226,822

CAPITAL EXPENDITURES:
Flat-roll	$	6,150		$	3,823
Tubular		1,011			179
Corporate and other		—			—
TOTAL CAPITAL EXPENDITURES	$	7,161		$	4,002

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 10 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income tax expense at U.S. federal statutory rate, amount	$ 5,538	$ 1,615
Income tax expense at U.S. federal statutory rate	21.00%	21.00%
Current year state and local income taxes net of federal income tax benefit, amount	$ 1,179	$ 208
Current year state and local income taxes net of federal income tax benefit	4.40%	2.70%
Other, amount	$ 122	$ (215)
Other	0.50%	(2.80%)
Provision for income taxes, amount	$ 6,839	$ 1,608
Provision for income taxes	25.90%	20.90%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Note 5 - Leases

12 Months Ended

Mar. 31, 2026

Lessee, Operating Leases [Text Block]

5. LEASES

In August 2025, the Company was assigned operating leases for distribution and warehouse facilities in Orlando, FL and Tampa, FL and certain transportation equipment related to the acquisition of Century. The Orlando lease expires July 31, 2029 and calls for monthly rental payments of approximately $25,000. The Tampa lease expires November 30, 2029 but contains a 6 month extension option and calls for monthly rental payments of approximately $21,000. The Company recognized initial right-of-use ("ROU") assets and lease liabilities of approximately $2.4 million related to the assumed Century leases. The Company's other ROU assets and lease liabilities consist primarily of operating leases for the Granite City, IL operating facility and administrative office spaces in The Woodlands, TX and Longview, TX. The Company’s other operating leases for items such as operations equipment, IT equipment and storage space are either short-term in nature or immaterial. The Company does not have any finance leases in place.

The Company determines if an arrangement contains a lease at inception based on if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration and allows the Company to obtain substantially all of the economic benefit from the use of the identified asset. Certain lease agreements contain rent escalation clauses and one or more options to extend the lease. The Company considers these provisions when calculating operating lease obligations. The Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments.

The components of expense related to leases were as follows for the fiscal years ended March 31, 2026 and 2025 (in thousands):

	*Fiscal 2026*		*Fiscal 2025*
Finance lease - amortization of ROU asset		—		54
Operating lease expense		850		384
	$	850	$	438

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2026 and 2025 (in thousands):

	*March 31, 2026*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	4,702	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		—		378	Property, plant & equipment
Total right-of-use assets	$	4,702	$	3,219

Liabilities
Operating lease liability, current	$	756	$	160	Accrued expenses
Operating lease liability, non-current		4,097		2,752	Non-current lease liabilities
Total lease liabilities	$	4,853	$	2,912

As of March 31, 2026, the weighted-average remaining lease term was 12.5 years for operating leases. The weighted average discount rate was 7.0% for operating leases.

Maturities of lease liabilities as of March 31, 2026 were as follows (in thousands):

	*Operating*
	*Leases*
Fiscal 2027		1,054
Fiscal 2028		990
Fiscal 2029		971
Fiscal 2030		478
Fiscal 2031 and beyond		4,544
Total undiscounted lease payments	$	8,037
Less: imputed interest		(3,184	)
Present value of lease liability	$	4,853

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2026

Significant Accounting Policies [Text Block]

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of inventory by product group (in thousands):

	March 31,
	2026		2025
Flat-Roll raw material	$	120,763	$	85,865
Flat-Roll finished goods		31,068		15,737
Tubular raw material		9,441		7,055
Tubular finished goods		10,951		5,032
	$	*172,223*	$	113,689

Buildings (in years)			15 to 40
Machinery and equipment (in years)			10 to 30
Land improvements (in years)			5 to 15
Furniture (in years)			5 to 10
Equipment - Technology (in years)			2 to 5
Buildings - Small Remodel/Furnace/HVAC (in years)			10 to 15

Maintenance and repairs are expensed as incurred.

FINANCIAL INSTRUMENTS: Since the Company’s financial instruments are considered short-term in nature, their carrying values approximate fair value.

ECONOMIC RELATIONSHIP: The Company purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net earnings	$ 19,533	$ 6,085
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	3,824	3,291
Deferred taxes	1,283	221
Compensation expense for restricted stock	683	151
Change in post-retirement benefits	(19)	10
Change in cash surrender value of officers’ life insurance	15	(7)
Loss (gain) recognized on open derivatives not designated for hedge accounting	622	(1,961)
Gain on disposal of property, plant and equipment	0	(258)
Amortization of right-of-use asset	80	30
Gain on fair value adjustment to contingent consideration	(1,420)	0
Decrease (increase) in operating assets, net of amounts acquired in business combination:
Accounts receivable	(19,326)	(147)
Inventories	(23,912)	2,115
Other current assets	(826)	442
Increase (decrease) in operating liabilities, net of amounts assumed in business combination:
Accounts payable and accrued expenses	22,187	(8,641)
Income taxes payable	(647)	(1,566)
Employee compensation and related expenses	6,463	(4,182)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	8,540	(4,417)
INVESTING ACTIVITIES
Cash paid for Century business combination	(45,597)	0
Purchase of property, plant and equipment	(7,161)	(4,002)
Proceeds from sale of assets	0	1,575
Deposit on steel processing equipment	0	(1,000)
NET CASH USED IN INVESTING ACTIVITIES	(52,758)	(3,427)
FINANCING ACTIVITIES
Debt issuance cost	(395)	0
Cash dividends paid	(1,132)	(1,115)
Cash paid for principal portion of finance lease	0	(54)
Cash paid for share repurchases	(10)	(171)
Borrowings on asset based lending facility	779,678	649,494
Repayments on asset based lending facility	(734,841)	(642,059)
NET CASH PROVIDED BY FINANCING ACTIVITIES	43,300	6,095
DECREASE IN CASH AND RESTRICTED CASH	(918)	(1,749)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	4,148	5,897
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 3,230	$ 4,148

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	9,019,505	8,877,229
Treasury stock, common shares (in shares)	1,907,323	1,906,693

Note 3 - Equity Compensation Plans and Capital Stock (Tables)

12 Months Ended

Mar. 31, 2026

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2024		64,487		$	6.62
Granted		4,026			14.90
Vested		(50,487	)		7.12
Unvested at March 31, 2025		18,026		$	7.07
Granted		142,276			16.94
Vested		(18,026	)		7.73
Unvested at March 31, 2026		142,276		$	16.86

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Inventory, Current [Table Text Block]

	March 31,
	2026		2025
Flat-Roll raw material	$	120,763	$	85,865
Flat-Roll finished goods		31,068		15,737
Tubular raw material		9,441		7,055
Tubular finished goods		10,951		5,032
	$	*172,223*	$	113,689

Property, Plant, and Equipment [Table Text Block]

Buildings (in years)			15 to 40
Machinery and equipment (in years)			10 to 30
Land improvements (in years)			5 to 15
Furniture (in years)			5 to 10
Equipment - Technology (in years)			2 to 5
Buildings - Small Remodel/Furnace/HVAC (in years)			10 to 15

Note 12 - Industry Segment Data

12 Months Ended

Mar. 31, 2026

Segment Reporting [Text Block]

12. INDUSTRY SEGMENT DATA

The Company is engaged in the metals processing, pipe manufacturing, and metals and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting carbon steel, stainless steel and aluminum flat-roll products into sheet, plate or slit coil. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. An immaterial amount of flat-roll segment revenue is generated by sales to foreign countries. All of the tubular segment's revenue is generated by sales within the United States.

Segment results are reviewed regularly by the Company’s Chief Operating Decision Makers (“CODMs”). The Company’s CODMs are comprised of the Chief Executive Officer and the Chief Financial Officer. The CODMs assess segment performance and allocate resources based on a number of factors with the most emphasis placed on earnings from operations.

The following is a summary of significant financial information relating to the product groups (in thousands):

	*For the Twelve Months Ended March 31, 2026*
	*Flat-roll*			*Tubular*			*Other*			*Total*
Net Sales	$	596,130		$	50,783		$	—		$	646,913
Cost and expenses:
Cost of materials sold		483,904			34,792			—			518,696
Processing and warehousing expense		33,066			8,656			—			41,722
Delivery expense		27,712			686			—			28,398
Commercial expense		12,422			837			—			13,259
Depreciation and amortization		3,374			237			213			3,824
General corporate expenses		—			—			15,363			15,363
		560,478			45,208			15,576			621,262
EARNINGS (LOSS) FROM OPERATIONS:		35,652			5,575			(15,576	)		25,651
Fair value adjustment of contingent consideration											1,420
Gain on economic hedges of risk											3,412
Interest expense											(4,104	)
Other income (expense)											(7	)
TOTAL EARNINGS BEFORE INCOME TAXES										$	26,372

	*For the Twelve Months Ended March 31, 2025*
	*Flat-roll*			*Tubular*			*Other*			*Total*
Net Sales	$	404,644		$	39,956		$	—		$	444,600
Cost and expenses:
Cost of materials sold		334,426			31,222			—			365,648
Processing and warehousing expense		24,544			8,933			—			33,477
Delivery expense		22,563			665			—			23,228
Commercial expense		6,301			755			—			7,056
Depreciation and amortization		2,869			304			118			3,291
General corporate expenses		—			—			9,115			9,115
		390,703			41,879			9,233			441,815
Gain (loss) on disposal of property, plant and equipment		(222	)		480			—			258
EARNINGS (LOSS) FROM OPERATIONS:		13,719			(1,443	)		(9,233	)		3,043
Gain on economic hedges of risk											7,598
Interest expense											(2,953	)
Other income											5
TOTAL EARNINGS BEFORE INCOME TAXES										$	7,693



	*Year Ended March 31,*
	*2026*			*2025*
IDENTIFIABLE ASSETS:
Flat-roll	$	301,528		$	204,890
Tubular		28,822			16,792
		330,350			221,682
General corporate assets		6,460			5,140
TOTAL ASSETS	$	336,810		$	226,822

CAPITAL EXPENDITURES:
Flat-roll	$	6,150		$	3,823
Tubular		1,011			179
Corporate and other		—			—
TOTAL CAPITAL EXPENDITURES	$	7,161		$	4,002

General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of payroll expenses related to corporate functions, professional fees and services, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At March 31, 2026 and 2025, corporate assets consisted primarily of cash, restricted cash, leased administrative office right-of-use assets, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

The entire disclosure for segment reporting.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Note 2 - Business Combinations (Tables)

12 Months Ended

Mar. 31, 2026

Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]

*Fair value of assets acquired and liabilities assumed*
Accounts receivable	$	12,307
Inventory		34,623
Property, plant and equipment		13,727
Operating lease right-of-use asset		2,422
Other assets		26
Accounts payable		(9,083	)
Operating lease liability		(2,422	)
Total	$	51,600

Business Combination, Pro Forma Information [Table Text Block]

	Year Ended March 31,
	2026		2025
Net sales	$	754,518	$	550,706
Earnings from operations	$	30,461	$	7,446

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
BALANCE at Mar. 31, 2024	$ 8,873	$ 35,247	$ (12,929)	$ 96,284	$ 127,475
Net earnings	0	0	0	6,085	6,085
Issuance of restricted stock	4	(4)	0	0	0
Paid in capital – restricted stock	0	151	0	0	151
Repurchase of shares	0	0	(171)	0	(171)
Cash dividends	0	0	0	(1,115)	(1,115)
BALANCE at Mar. 31, 2025	8,877	35,394	(13,100)	101,254	132,425
Net earnings	0	0	0	19,533	19,533
Issuance of restricted stock	143	(143)	0	0	0
Paid in capital – restricted stock	0	683	0	0	683
Repurchase of shares	0	0	(10)	0	(10)
Cash dividends	0	0	0	(1,137)	(1,137)
BALANCE at Mar. 31, 2026	$ 9,020	$ 35,934	$ (13,110)	$ 119,650	$ 151,494

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ References + Details

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Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Note 10 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended March 31,*
	*2026*		2025
Federal
Current	$	4,297	$	1,234
Deferred		1,049		112
		5,346		1,346
State
Current		1,259		153
Deferred		234		109
		1,493		262
Total	$	6,839	$	1,608

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal 2026				Fiscal 2025
Income tax expense at U.S. federal statutory rate	$	5,538	21.0	%	$	1,615		21.0	%
Current year state and local income taxes net of federal income tax benefit ⁽¹⁾		1,179	4.4			208		2.7
Other		122	0.5			(215	)	(2.8	)
Provision for income taxes	$	6,839	25.9	%	$	1,608		20.9	%

Summary of Income Tax Contingencies [Table Text Block]


	*Fiscal 2026*		Fiscal 2025
Federal	$	5,489	$	2,750
Domestic state and local:
Illinois		456		401
Other ⁽¹⁾		740		99
Domestic state and local subtotal		1,196		500
Total income taxes paid	$	6,685	$	3,250

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*March 31,*
	*2026*			2025
Deferred tax liabilities:
Depreciation	$	(8,021	)	$	(6,199	)
Unrealized gain - mark to market derivatives		—			(87	)
Total deferred tax liabilities		(8,021	)		(6,286	)
Deferred tax assets:
Inventory capitalization		832			537
Interest expense limitation		—			140
Postretirement benefits other than pensions		24			29
Restricted stock compensation		163			23
Unrealized loss - mark to market derivatives		68			—
Other		173			79
Total deferred tax assets		1,260			808
Net deferred tax liability	$	(6,761	)	$	(5,478	)

Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net earnings	$ 19,533	$ 6,085
Less: Allocation to unvested restricted stock awards	317	21
Net earnings attributable to common shareholders	$ 19,216	$ 6,064
Weighted average common shares outstanding (in shares)	6,966,887	6,944,602

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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