0001437749-21-027176 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Nov. 19, 2021
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	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,905,537

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
CURRENT ASSETS:
Cash	$ 2,943,597	$ 8,191,001
Accounts receivable, net of allowances for bad debts and cash discounts of $32,834 at September 30, and March 31, 2021	32,333,608	20,377,967
Inventories	67,737,618	36,016,093
Current portion of derivative assets	1,832,840	622,400
Other current assets	6,807,381	12,327,174
TOTAL CURRENT ASSETS	111,655,044	77,534,635
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,179,831
Buildings and yard improvements	8,567,916	9,199,704
Machinery and equipment	30,375,429	35,253,000
Construction in process	5,994,357	9,614
Less accumulated depreciation	(25,340,164)	(30,180,893)
Property, plant, and equipment, net	20,777,369	15,461,256
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	287,154	148,494
Deferred income tax asset	5,102,939	1,864,424
TOTAL ASSETS	137,822,506	95,008,809
CURRENT LIABILITIES:
Accounts payable and accrued expenses	26,748,702	15,185,038
Dividends payable	138,111	138,117
Contribution to retirement plan	150,000	50,000
Employee compensation and related expenses	4,354,803	2,643,538
Income taxes payable	3,331,540	1,455,099
Current portion of financing lease	103,684	102,689
Current portion of derivative liability	4,600,440	7,979,380
Current portion of Paycheck Protection Program loan	0	1,518,410
TOTAL CURRENT LIABILITIES	39,427,280	29,072,271
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	112,982	108,609
OTHER NON-CURRENT LIABILITIES	3,368,756	315,978
ASSET BASED LENDING FACILITY	14,578,487	0
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN	0	171,975
TOTAL LIABILITIES	57,487,505	29,668,833
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,340,785 shares and 8,334,785 shares at September 30, and March 31, 2021, respectively	8,340,785	8,334,785
Additional paid-in capital	30,245,203	30,003,462
Accumulated other comprehensive loss	(20,653,993)	(11,187,841)
Treasury stock at cost (1,435,248 shares at September 30, and March 31, 2021)	(7,203,342)	(7,203,342)
Retained earnings	69,606,348	45,392,912
TOTAL STOCKHOLDERS’ EQUITY	80,335,001	65,339,976
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 137,822,506	$ 95,008,809

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Allowances for bad debts and cash discounts	$ 32,834	$ 32,834
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)	8,340,785	8,334,785
Treasury stock, shares (in shares)	1,435,248	1,435,248

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Sales	$ 92,570,895	$ 24,861,680	$ 158,487,334	$ 48,386,280
Costs and expenses:
Costs of products sold	62,875,913	23,770,583	111,462,417	47,038,429
Selling, general and administrative	5,290,055	1,401,888	8,640,165	2,793,642
Interest expense	72,296	6,255	95,506	12,208
Costs and Expenses, Total	68,238,264	25,178,726	120,198,088	49,844,279
EARNINGS (LOSS) FROM OPERATIONS	24,332,631	(317,046)	38,289,246	(1,457,999)
Other income (loss), net	(6,840,317)	4,325	(6,528,255)	8,648
EARNINGS (LOSS) BEFORE INCOME TAXES	17,492,314	(312,721)	31,760,991	(1,449,351)
Provision for (benefit from) income taxes:
Current	4,426,619	46,005	7,494,507	(123,041)
Deferred	(111,919)	(108,721)	(222,927)	(217,443)
Income Tax Expense (Benefit), Total	4,314,700	(62,716)	7,271,580	(340,484)
NET EARNINGS (LOSS)	$ 13,177,614	$ (250,005)	$ 24,489,411	$ (1,108,867)
Weighted average number of common shares outstanding:
Basic (in shares)	6,903,450	7,067,898	6,901,504	7,074,137
Diluted (in shares)	6,903,450	7,067,898	6,901,504	7,074,137
Net earnings (loss) per share:
Basic (in dollars per share)	$ 1.91	$ (0.04)	$ 3.55	$ (0.16)
Diluted (in dollars per share)	1.91	(0.04)	3.55	(0.16)
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net earnings (loss)	$ 13,177,614	$ (250,005)	$ 24,489,411	$ (1,108,867)
Other comprehensive income (loss):
Cash flow hedges, net of tax	4,227,185	0	(9,466,152)	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	4,227,185	0	(9,466,152)	0
Comprehensive income (loss)	$ 17,404,799	$ (250,005)	$ 15,023,259	$ (1,108,867)

- Definition

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

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net earnings (loss)	$ 24,489,411	$ (1,108,867)
Adjustments to reconcile net earnings (loss) to cash provided by (used in) operating activities:
Depreciation	663,164	530,968
Deferred taxes	(222,927)	(217,443)
Compensation expense for restricted stock	247,741	221,627
Change in postretirement benefits	4,373	5,933
Lower of cost or net realizable value inventory adjustment	0	274,093
Gain recognized on open derivatives not designated for hedge accounting	(1,551,840)	0
Deferred realized loss on derivatives	(17,052,580)	0
Forgiveness of Paycheck Protection Program Loan	(1,706,614)	0
Decrease (increase) in operating assets:
Accounts receivable	(11,955,641)	426,318
Inventories	(31,721,525)	8,894,641
Federal income taxes recoverable	0	(109,230)
Other current assets	(1,274,124)	(1,075,916)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	11,801,806	(4,199,863)
Income taxes payable	1,876,441	0
Contribution to retirement plan	100,000	100,500
Employee compensation and related expenses	1,711,265	(26,484)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(24,591,050)	3,716,277
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(2,905,751)	(2,933,637)
Proceeds from sale of assets	160,542	0
Increase in cash surrender value of officers’ life insurance	(5,791)	(8,647)
NET CASH USED IN INVESTING ACTIVITIES	(2,751,000)	(2,942,284)
FINANCING ACTIVITIES
Paycheck Protection Program loan proceeds	0	1,690,385
Cash dividends paid	(275,981)	(283,218)
Cash paid for principal portion of finance lease	(51,097)	(50,121)
Cash paid for share repurchases	0	(410,221)
Asset based lending facility proceeds	14,578,487	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	14,251,409	946,825
INCREASE (DECREASE) IN CASH AND RESTRICED CASH	(13,090,641)	1,720,818
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	20,192,486	17,057,751
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 7,101,845	$ 18,778,569

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals)	Sep. 30, 2021 USD ($)
Cash Margin	$ 4,158,248
Margin call position	422,877
Restricted Cash	$ 118,125

Note A - Basis of Presentation

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2021.

Note B - New Accounting Pronouncements

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE B — NEW ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies accounting for income taxes by revising or clarifying existing guidance in ASC 740, as well as removing certain exceptions within ASC 740. We adopted this guidance on April 1, 2021. The adoption of this guidance did not have a material impact on the Company's Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Note C - Inventories

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value.

A summary of inventory values by product group follows:

	*September 30, 2021*		*March 31, 2021*
Prime Coil Inventory	$	55,050,920	$	23,079,012
Non-Standard Coil Inventory		1,307,105		1,419,055
Tubular Raw Material		6,596,781		2,607,197
Tubular Finished Goods		4,782,812		8,910,829
	$	67,737,618	$	36,016,093

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 and new mill reject pipe the Company has purchased from U.S. Steel Tubular Products, Inc.

Note D - Debt

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE D – DEBT

On June 22, 2021, the Small Business Administration authorized full forgiveness of our Paycheck Protection Program loan. The gain of $1,706,614 from this extinguishment of debt included both principal and interest and is recorded as a component of "Other income (loss), net" on the Company's Condensed Consolidated Statement of Operations for the six months ended September 30, 2021.

On March 8, 2021, the Company entered into a Credit Agreement providing for a $10 million revolving line of credit facility (the "Interim Credit Facility) with JPMorgan Chase Bank, N.A. (the "Bank"). The term of the Interim Credit Facility had an expiration date of July 15, 2021 because the Company was evaluating options for longer term credit arrangements. On April 14, 2021, the Company executed a first amendment to the Interim Credit Facility that increased the size of the facility from $10 million to $20 million. On May 19, 2021, the Company entered into an Amended and Restated Credit Agreement with the Bank that amends and restates the Interim Credit Facility and provides for asset-based revolving loans in an aggregate principal amount up to $40 million (the "ABL Facility"). The ABL Facility matures on May 19, 2026 and replaced the Interim Credit Facility in its entirety. The ABL Facility is secured by substantially all of the assets of the Company and borrowings bear interest at a rate equal to LIBOR plus 1.7% per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) 85% 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 and plus (c) a machinery and equipment component that is the lesser of 85% of the net orderly liquidating value of eligible equipment or the machinery and equipment component limit which is initially $5 million and reduces over the term of the facility. The ABL Facility contains a financial covenant restricting the Company from allowing its fixed charge coverage ratio be, as of the end of any calendar month, less than 1.10 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 by up to an aggregate of $10 million, in minimum increments of $5 million. At September 30, 2021, the Company had a balance of $14,578,487 under the ABL Facility with an applicable interest rate of 1.79%. At September 30, 2021, the Company's borrowing base calculation provided full access to the ABL Facility and the Company was in compliance with all covenants related to the ABL Facility.

- Definition

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.

+ References

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+ Details

Note E - Leases

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE E — LEASES

The Company’s lease of its office space in Longview, Texas is the only operating lease included in the Company's right-of-use ("ROU") asset and lease liability. The lease calls for monthly rent payments of $4,878 and expires on April 30, 2024. The Company’s other operating leases for items such as IT equipment and storage space are either short-term in nature or immaterial.

In October 2019, the Company received a new heavy-duty forklift under a 5-year finance lease arrangement with a financed amount of $518,616 and a monthly payment of $9,074.

The components of expense related to leases for the three and six months ended September 30, 2021 and 2020 are as follows:

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2021*		*2020*		*2021*		*2020*
Finance lease – amortization of ROU asset	$	25,610	$	25,121	$	51,097	$	50,121
Finance lease – interest on lease liability		1,613		2,102		3,349		4,325
Operating lease expense		14,634		14,634		29,268		27,018
	$	41,857	$	41,857	$	83,714	$	81,464

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of September 30, 2021 and March 31, 2021:

	*September 30, 2021*		*March 31, 2021*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	137,967	$	4,850	Other assets
Finance lease right-of-use asset		468,914		481,880	Property, plant & equipment
Total right-of-use assets	$	606,881	$	486,730
Liabilities
Operating lease liability, current	$	50,477	$	4,850	Accrued expenses
Finance lease liability, current		103,684		102,689	Current portion of finance lease
Operating lease liability, non-current		87,490		—	Other non-current liabilities
Finance lease liability, non-current		213,466		265,557	Other non-current liabilities
Total lease liabilities	$	455,117	$	373,096

As of September 30, 2021, the weighted-average remaining lease term was 2.6 years for operating leases and 3.0 years for finance leases. The weighted average discount rate was 7% for operating leases and 1.9% for finance leases.

Maturities of lease liabilities as of September 30, 2021 were as follows:

	*Operating Leases*			*Finance Leases*
Fiscal 2022 (remainder of fiscal year)		29,268			54,446
Fiscal 2023		58,536			108,888
Fiscal 2024		58,536			108,888
Fiscal 2025		4,878			54,445
Fiscal 2026		—			—
Total undiscounted lease payments	$	151,218		$	326,667
Less: imputed interest		(13,251	)		(9,517	)
Present value of lease liability	$	137,967		$	317,150

Note F - Property, Plant and Equipment

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

On May 25, 2021, the Company announced plans for a new facility in Sinton, Texas that will be part of the coil product segment. The new facility will be on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill currently under construction in Sinton, Texas. The Company's new location will consist of an approximately 70,000 square foot building located on approximately 26.5 acres leased from SDI under a 99-year agreement with an annual rental payment of $1. The Company has selected Red Bud Industries to build a stretcher leveler cut-to-length line for the facility that is capable of handling material up to 1” thick, widths up to 96” and yields exceeding 100,000 psi. The Company expects the location to commence operations in April 2022 and estimates the total cost of the project to be $21 million. At September 30, 2021, the Company's construction in process related to the Sinton project was $5,994,357 consisting of $2,760,289 in cash payments and $3,234,068 of accrued capital expenditures.

During the three and six months ended September 30, 2021, the Company wrote off fully depreciated fixed assets that were no longer in use with an original cost and accumulated depreciation of approximately $115,578 and $2,060,226, respectively. During the three months ended September 30, 2021, the Company disposed of the temper mill that was taken out of the Decatur facility prior to the new stretcher leveler coil processing line being installed. The Company received $160,542 in proceeds from the disposal of the equipment which had an original cost of $3,604,209 and accumulated depreciation of $3,447,465.

Note G - Stock Based Compensation

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE G — STOCK BASED COMPENSATION

The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Forfeitures are accounted for upon their occurrence.

The following table summarizes the activity related to restricted stock awards for the six months ended September 30, 2021:

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2021		339,625		$	6.07
Cancelled or forfeited		—			—
Granted		6,000			13.00
Vested		(25,000	)		4.41
Unvested at September 30, 2021		320,625		$	6.33

Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $247,741 and $221,627 in the six months ended September 30, 2021 and 2020, respectively, relating to the stock awards issued under the Plan. As of September 30, 2021, unrecognized compensation expense related to stock awards was approximately $696,921, which is expected to be recognized over a weighted average period of approximately 2.6 years. As of September 30, 2021, a total of 134,375 shares were still available to be issued under the Plan.

Note H - Derivative Financial Instruments

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS

In June 2020, the Company implemented its first commodity price risk management activities by transacting hot-rolled coil futures. From time to time, we expect to use derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 815 – Derivatives and Hedging (“ASC 815”). 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 those transactions designated as hedging instruments for accounting purposes, 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.

From time to time, derivatives designated for hedge accounting may be closed prior to contract expiration. The accounting treatment of closed positions depends on whether the closure occurred due to the hedged transaction occurring early or if the hedged transaction is still expected to occur as originally forecasted. For hedged transactions that occur early, the closure results in the realized gain or loss from closure being recognized in the same period the accelerated hedged transaction affects earnings. For hedged transactions that are still expected to occur as originally forecasted, the closure results in the realized gain or loss being deferred until the hedged transaction affects earnings.

If it is determined that hedged transactions associated with cash flow hedges are no longer probable of occurring, the gain or loss associated with the instrument is recognized immediately into earnings.

From time to time, we may have derivative financial instruments for which we do not elect hedge accounting.

The Company has a forward physical purchase supply agreement in place with one of its suppliers for a portion of its monthly physical steel needs. This supply agreement is not subject to mark-to-market accounting due to the Company electing the normal purchase normal sale exclusion provided in ASC 815.

At September 30, 2021 and March 31, 2021, the Company held hot-rolled coil futures contracts which were designated as hedging instruments and classified as cash flow hedges, either as hedges of variable purchase prices or as hedges of variable sales prices. Accordingly, realized and unrealized gains and losses associated with the instruments are reported as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. During the three and six month periods ended September 30, 2021, some of the Company's cash flow hedges were closed prior to expiration but the hedged transactions were still expected to occur as originally forecasted resulting in the realized gain or loss being deferred in other comprehensive income until the hedged transactions occur and affect earnings. At September 30, 2021, the Company removed some derivative instruments from hedge accounting due to the hedged transactions no longer being expected to occur. This was the result of the Company reducing its forecasted sales for the quarter ending December 31, 2021 due to anticipated customer reaction to plateauing and declining steel prices. Since these hedged sales are no longer expected to occur, a loss of $9,930,720 associated with these instruments was immediately recognized into earnings and is reported as a component of “Other income (loss), net” on the Condensed Consolidated Statement of Operations. During the three and six month periods ended September 30, 2021, the Company also entered into hot-rolled coil futures 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.

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 September 30, 2021:

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives designated as cash flow hedges:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	1,282,600	Current portion of derivative liability	$	4,549,120
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	67,800

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	550,240	Current portion of derivative liability	$	51,320

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

	Asset Derivatives			Liability Derivatives
	Balance Sheet			Balance Sheet
Derivatives designated as cash flow hedges:	Location	Fair Value		Location	Fair Value
Hot-rolled coil steel contracts hedging purchases	Current portion of derivative assets	$	530,640
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	91,760	Current portion of derivative liability	$	7,890,700
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	50,420

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts				Current portion of derivative liability	$	88,680

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

At September 30, 2021, the Company reported $1,049,320 in "Other current assets" on its Consolidated Balance Sheet related to futures contracts for the month of September 2021 that reached expiration but were pending cash settlement. At March 31, 2021, the Company reported $501,360 in "Accounts payable and accrued expenses" on its Consolidated Balance Sheet related to futures contracts for the month of March 2021 that had reached expiration but were pending cash settlement.

The notional amounts (quantities) of our cash flow hedges outstanding at September 30, 2021 consisted of 22,500 tons hedging sales with maturity dates ranging from January 2022 to December 2022.

The following table summarizes the pre-tax loss recognized in other comprehensive income and the gain (loss) reclassified from accumulated other comprehensive loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented:

	*Pre-Tax Gain (Loss)*			*Location of Gain (Loss) Reclassified*	*Pre- Tax Gain (Loss) Reclassified from*
	*Recognized in OCI*			*from AOCI into Net Earnings*	*AOCI into Net Earnings*
For the three months ended September 30, 2021:
Hot-rolled coil steel contracts	$	1,557,820		*Sales*	$	(3,086,780	)
				*Costs of goods sold*		9,001,500
Total	$	1,557,820			$	5,914,720

For the six months ended September 30, 2021:
Hot-rolled coil steel contracts	$	(20,013,560	)	*Sales*	$	(8,184,800	)
				*Costs of goods sold*		10,583,700
Total	$	(20,013,560	)		$	2,398,900

The estimated amount of losses recognized in AOCI at September 30, 2021 expected to be reclassified into net earnings (loss) within the succeeding twelve months is $26,353,840. This amount consists of $23,467,120 in realized losses associated with closed hedges and $2,886,720 associated with open hedges that was computed using the fair value of the cash flow hedges as of September 30, 2021 and is subject to change before actual reclassification from AOCI to net earnings (loss).

The following table summarizes the loss recognized in earnings for derivative instruments not designated as hedging instruments during the three and six month periods ended September 30, 2021:

		*Loss Recognized in Earnings*
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2021*
Hot-rolled coil steel contracts	Other income (loss), net	$	(6,830,780	)

		Loss Recognized in Earnings
	*Location of Loss*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2021*
Hot-rolled coil steel contracts	Other income (loss), net	$	(8,219,740	)

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at September 30, 2021 consisted of 9,160 tons of long positions with maturity dates ranging from October 2021 to January 2022 and 3,440 tons of short positions with maturity dates ranging from October 2021 to December 2022.

The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the six months ended September 30, 2021:

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(15,178,284	)
Total loss reclassified from AOCI (1)		5,712,132
Net current period other comprehensive loss		(9,466,152	)
Balance at September 30, 2021	$	(20,653,993	)

(1) The loss reclassified from AOCI is presented net of taxes of $1,819,688 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the six month period ended September 30, 2021.

At September 30, 2021 and March 31, 2021, cash of $4,158,248 and $12,001,485, 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 September 30, 2021 and March 31, 2021. At September 30, 2021, the Company had a margin call position of $422,877 to further collateralize open derivative positions. This margin requirement was funded subsequent to quarter end.

The Company had no cash flow hedges during the three and six months ended September 30, 2020, thus no AOCI or other comprehensive income or loss related to hedges.

Note I - Fair Value Measurements

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE I — 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 September 30, 2021, our financial liabilities, net, measured at fair value on a recurring basis were as follows:

	*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	$	(2,835,400	)	$	—	$	—	$	(2,835,400	)
Total	$	(2,835,400	)	$	—	$	—	$	(2,835,400	)

At March 31, 2021, our financial liabilities, net, measured at fair value on a recurring basis were as follows:

	*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	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)
Total	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)

At September 30, 2021 and March 31, 2021, the Company did not have any fair value measurements on a non-recurring basis.

- Definition

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.

+ References + Details

Note J - Segment Information

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	*Three Months Ended*						*Six Months Ended*
	*September 30,*						*September 30,*
	*2021*			*2020*			*2021*			*2020*
Net sales
Coil	$	78,324		$	18,456		$	131,019		$	33,889
Tubular		14,247			6,406			27,468			14,497
Total net sales	$	92,571		$	24,862		$	158,487		$	48,386

Operating profit (loss)
Coil	$	24,273		$	751		$	37,529		$	291
Tubular		1,997			(344	)		4,598			(285	)
Total operating profit		26,270			407			42,127			6
General corporate expenses		1,866			718			3,742			1,452
Interest expense		72			6			96			12
Other income (loss), net		(6,840	)		4			(6,528	)		9
Total earnings (loss) before income taxes	$	17,492		$	(313	)	$	31,761		$	(1,449	)

	*September 30, 2021*		*March 31, 2021*
Segment assets
Coil	$	112,826	$	56,670
Tubular		17,399		17,884
		130,225		74,554
Corporate assets		7,598		20,455
	$	137,823	$	95,009

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income (loss). General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. Other income (loss) for the three months ended September 30, 2021 consisted primarily of a $6,830,780 loss related to derivatives not designated for hedge accounting. Other income (loss) for the six months ended September 30, 2021 consisted primarily of a $8,219,740 loss related to derivatives not designated for hedge accounting partially offset by a $1,706,614 gain from the PPP Loan forgiveness. Corporate assets consist primarily of cash, restricted cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note K - Revenue

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE K — REVENUE

Revenue is generated primarily from contracts to manufacture or process steel 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 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: Coil and Tubular. Coil primarily generates revenue from cutting to length hot-rolled steel coils. Coil segment revenue consists of three main product types: Prime Coil, Non-Standard Coil and Customer Owned Coil. Tubular primarily generates revenue from the manufacture, distribution and processing of steel pipe. Tubular segment revenue consists of three main product or service types: Manufactured Pipe, Mill Reject Pipe and Pipe Finishing Services. The Company did not generate any revenue from pipe finishing services during either of the three month or six month periods ended September 30, 2021 or September 30, 2020. The pipe finishing facility is currently idled due to market conditions. The following table disaggregates our revenue by product for each of our reportable business segments for the three and six month periods ended September 30, 2021 and 2020, respectively:

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2021*		*2020*		*2021*		*2020*
Coil Segment:
Prime Coil		74,928,149		17,049,230		124,507,742		30,356,698
Non-standard Coil		3,028,787		1,201,135		5,851,990		3,142,138
Customer Owned Coil		366,991		205,721		658,925		390,034
		78,323,927		18,456,086		131,018,657		33,888,870
Tubular Segment:
Manufactured Pipe		11,376,626		5,296,334		20,983,436		12,458,184
Mill Reject Pipe		2,870,342		1,109,260		6,485,241		2,039,226
		14,246,968		6,405,594		27,468,677		14,497,410

- Definition

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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+ Details

Note L - Stockholders' Equity

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE L — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the six month periods ended September 30, 2021 and September 30, 2020:

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Loss,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2021	$	8,334,785		(11,187,841	)	$	30,003,462	$	(7,203,342	)	$	45,392,912		$	65,339,976
Net earnings		—		—			—		—			11,311,797			11,311,797
Other comprehensive loss		—		(13,693,337	)		—		—			—			(13,693,337	)
Paid in capital – restricted stock awards		—		—			121,704		—			—			121,704
Cash dividends ($0.02 per share)		—		—			—		—			(137,865	)		(137,865	)
BALANCE AT JUNE 30, 2021	$	8,334,785	$	(24,881,178	)	$	30,125,166	$	(7,203,342	)	$	56,566,844		$	62,942,275
Net earnings		—		—			—		—			13,177,614			13,177,614
Other comprehensive income		—		4,227,185			—		—			—			4,227,185
Issuance of restricted stock		6,000		—			(6,000)		—			—			—
Paid in capital – restricted stock awards		—		—			126,037		—			—			126,037
Cash dividends ($0.02 per share)		—		—			—		—			(138,110	)		(138,110	)
BALANCE AT SEPTEMBER 30, 2021	$	8,340,785	$	(20,653,993	)	$	30,245,203	$	(7,203,342	)	$	69,606,348		$	80,335,001

			*Accumulated*
			*Other*
			*Comprehensive*		*Additional*
	*Common*		*Income,*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2020	$	8,295,160		—	$	29,565,416	$	(5,525,964	)	$	34,530,755		$	66,865,367
Net loss		—		—		—		—			(858,862	)		(858,862	)
Issuance of restricted stock		11,000		—		(11,000)		—			—			—
Paid in capital – restricted stock awards		—		—		110,814		—			—			110,814
Cash dividends ($0.02 per share)		—		—		—		—			(143,229	)		(143,229	)
BALANCE AT JUNE 30, 2020	$	8,306,160	$	—	$	29,665,230	$	(5,525,964	)	$	33,528,664		$	65,974,090
Net loss		—		—		—		—			(250,005	)		(250,005	)
Paid in capital – restricted stock awards		—		—		110,813		—			—			110,813
Repurchase of shares		—		—		—		(410,221	)		—			(410,221	)
Cash dividends ($0.02 per share)		—		—		—		—			(143,181	)		(143,181	)
BALANCE AT SEPTEMBER 30, 2020	$	8,306,160	$	—	$	29,776,043	$	(5,936,185	)	$	33,135,478		$	65,281,496

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note M - Other Comprehensive Income

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

NOTE M — OTHER COMPREHENSIVE INCOME

The following table summarizes the tax effects on each component of Other Comprehensive Income (Loss) for the periods presented:

	Three Months Ended September 30,
	2021
	Before-Tax		Tax			Net-of-Tax

Cash flow hedges	$	5,573,820	$	(1,346,635	)	$	4,227,185
Other comprehensive income (loss)	$	5,573,820	$	(1,346,635	)	$	4,227,185

	Six Months Ended September 30,
	2021
	Before-Tax			Tax Benefit		Net-of-Tax

Cash flow hedges	$	(12,481,740	)	$	3,015,588	$	(9,466,152	)
Other comprehensive income (loss)	$	(12,481,740	)	$	3,015,588	$	(9,466,152	)

For the six month period ended September 30, 2020, the Company did not have transactions to report in comprehensive income.

Note N - Supplemental Cash Flow Information

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

NOTE N — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid interest of approximately $96,000 during the six months ended September 30, 2021 and $12,000 during the six months ended September 30, 2020. The Company paid income taxes of approximately $5,645,000 and $10,000 during the six months ended September 30, 2021 and September 30, 2020, respectively. At September 30, 2021, the “Construction in process” balance of $5,994,357 consisted of $3,234,068 of accrued capital expenditures for which cash outlay had not occurred.

Note O - Income taxes

6 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE O — INCOME TAXES

For the six months ended September 30, 2021, the Company recorded an income tax provision of $7,271,580, or 22.9% of earnings before income taxes, compared to a tax benefit of $340,484, or 23.5% of loss before income taxes for the six months ended September 30, 2020. Typically, the Company’s effective tax rate differs from the federal statutory rate due to the inclusion of state tax expenses or benefits in the provision. However, for the six months ended September 30, 2021, the Company’s effective tax rate differed from the federal statutory rate due to a combination of the inclusion of state tax expenses in the provision and the exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision. For the six months ended September 30, 2020, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax benefits in the provision.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note C - Inventories (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30, 2021*		*March 31, 2021*
Prime Coil Inventory	$	55,050,920	$	23,079,012
Non-Standard Coil Inventory		1,307,105		1,419,055
Tubular Raw Material		6,596,781		2,607,197
Tubular Finished Goods		4,782,812		8,910,829
	$	67,737,618	$	36,016,093

Note E - Leases (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Lease, Cost [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2021*		*2020*		*2021*		*2020*
Finance lease – amortization of ROU asset	$	25,610	$	25,121	$	51,097	$	50,121
Finance lease – interest on lease liability		1,613		2,102		3,349		4,325
Operating lease expense		14,634		14,634		29,268		27,018
	$	41,857	$	41,857	$	83,714	$	81,464

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

	*September 30, 2021*		*March 31, 2021*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	137,967	$	4,850	Other assets
Finance lease right-of-use asset		468,914		481,880	Property, plant & equipment
Total right-of-use assets	$	606,881	$	486,730
Liabilities
Operating lease liability, current	$	50,477	$	4,850	Accrued expenses
Finance lease liability, current		103,684		102,689	Current portion of finance lease
Operating lease liability, non-current		87,490		—	Other non-current liabilities
Finance lease liability, non-current		213,466		265,557	Other non-current liabilities
Total lease liabilities	$	455,117	$	373,096

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

	*Operating Leases*			*Finance Leases*
Fiscal 2022 (remainder of fiscal year)		29,268			54,446
Fiscal 2023		58,536			108,888
Fiscal 2024		58,536			108,888
Fiscal 2025		4,878			54,445
Fiscal 2026		—			—
Total undiscounted lease payments	$	151,218		$	326,667
Less: imputed interest		(13,251	)		(9,517	)
Present value of lease liability	$	137,967		$	317,150

Note G - Stock Based Compensation (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2021		339,625		$	6.07
Cancelled or forfeited		—			—
Granted		6,000			13.00
Vested		(25,000	)		4.41
Unvested at September 30, 2021		320,625		$	6.33

Note H - Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Derivative Instruments [Table Text Block]

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives designated as cash flow hedges:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	1,282,600	Current portion of derivative liability	$	4,549,120
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	67,800

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	550,240	Current portion of derivative liability	$	51,320

	Asset Derivatives			Liability Derivatives
	Balance Sheet			Balance Sheet
Derivatives designated as cash flow hedges:	Location	Fair Value		Location	Fair Value
Hot-rolled coil steel contracts hedging purchases	Current portion of derivative assets	$	530,640
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	91,760	Current portion of derivative liability	$	7,890,700
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	50,420

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts				Current portion of derivative liability	$	88,680

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Pre-Tax Gain (Loss)*			*Location of Gain (Loss) Reclassified*	*Pre- Tax Gain (Loss) Reclassified from*
	*Recognized in OCI*			*from AOCI into Net Earnings*	*AOCI into Net Earnings*
For the three months ended September 30, 2021:
Hot-rolled coil steel contracts	$	1,557,820		*Sales*	$	(3,086,780	)
				*Costs of goods sold*		9,001,500
Total	$	1,557,820			$	5,914,720

For the six months ended September 30, 2021:
Hot-rolled coil steel contracts	$	(20,013,560	)	*Sales*	$	(8,184,800	)
				*Costs of goods sold*		10,583,700
Total	$	(20,013,560	)		$	2,398,900

Not Designated as Hedging Instrument [Member]

Notes Tables

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

		*Loss Recognized in Earnings*
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2021*
Hot-rolled coil steel contracts	Other income (loss), net	$	(6,830,780	)

		Loss Recognized in Earnings
	*Location of Loss*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2021*
Hot-rolled coil steel contracts	Other income (loss), net	$	(8,219,740	)

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(15,178,284	)
Total loss reclassified from AOCI (1)		5,712,132
Net current period other comprehensive loss		(9,466,152	)
Balance at September 30, 2021	$	(20,653,993	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Note I - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

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	$	(2,835,400	)	$	—	$	—	$	(2,835,400	)
Total	$	(2,835,400	)	$	—	$	—	$	(2,835,400	)

	*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	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)
Total	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)

Note J - Segment Information (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended*						*Six Months Ended*
	*September 30,*						*September 30,*
	*2021*			*2020*			*2021*			*2020*
Net sales
Coil	$	78,324		$	18,456		$	131,019		$	33,889
Tubular		14,247			6,406			27,468			14,497
Total net sales	$	92,571		$	24,862		$	158,487		$	48,386

Operating profit (loss)
Coil	$	24,273		$	751		$	37,529		$	291
Tubular		1,997			(344	)		4,598			(285	)
Total operating profit		26,270			407			42,127			6
General corporate expenses		1,866			718			3,742			1,452
Interest expense		72			6			96			12
Other income (loss), net		(6,840	)		4			(6,528	)		9
Total earnings (loss) before income taxes	$	17,492		$	(313	)	$	31,761		$	(1,449	)

	*September 30, 2021*		*March 31, 2021*
Segment assets
Coil	$	112,826	$	56,670
Tubular		17,399		17,884
		130,225		74,554
Corporate assets		7,598		20,455
	$	137,823	$	95,009

Note K - Revenue (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2021*		*2020*		*2021*		*2020*
Coil Segment:
Prime Coil		74,928,149		17,049,230		124,507,742		30,356,698
Non-standard Coil		3,028,787		1,201,135		5,851,990		3,142,138
Customer Owned Coil		366,991		205,721		658,925		390,034
		78,323,927		18,456,086		131,018,657		33,888,870
Tubular Segment:
Manufactured Pipe		11,376,626		5,296,334		20,983,436		12,458,184
Mill Reject Pipe		2,870,342		1,109,260		6,485,241		2,039,226
		14,246,968		6,405,594		27,468,677		14,497,410

Note L - Stockholders' Equity (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Loss,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2021	$	8,334,785		(11,187,841	)	$	30,003,462	$	(7,203,342	)	$	45,392,912		$	65,339,976
Net earnings		—		—			—		—			11,311,797			11,311,797
Other comprehensive loss		—		(13,693,337	)		—		—			—			(13,693,337	)
Paid in capital – restricted stock awards		—		—			121,704		—			—			121,704
Cash dividends ($0.02 per share)		—		—			—		—			(137,865	)		(137,865	)
BALANCE AT JUNE 30, 2021	$	8,334,785	$	(24,881,178	)	$	30,125,166	$	(7,203,342	)	$	56,566,844		$	62,942,275
Net earnings		—		—			—		—			13,177,614			13,177,614
Other comprehensive income		—		4,227,185			—		—			—			4,227,185
Issuance of restricted stock		6,000		—			(6,000)		—			—			—
Paid in capital – restricted stock awards		—		—			126,037		—			—			126,037
Cash dividends ($0.02 per share)		—		—			—		—			(138,110	)		(138,110	)
BALANCE AT SEPTEMBER 30, 2021	$	8,340,785	$	(20,653,993	)	$	30,245,203	$	(7,203,342	)	$	69,606,348		$	80,335,001

			*Accumulated*
			*Other*
			*Comprehensive*		*Additional*
	*Common*		*Income,*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2020	$	8,295,160		—	$	29,565,416	$	(5,525,964	)	$	34,530,755		$	66,865,367
Net loss		—		—		—		—			(858,862	)		(858,862	)
Issuance of restricted stock		11,000		—		(11,000)		—			—			—
Paid in capital – restricted stock awards		—		—		110,814		—			—			110,814
Cash dividends ($0.02 per share)		—		—		—		—			(143,229	)		(143,229	)
BALANCE AT JUNE 30, 2020	$	8,306,160	$	—	$	29,665,230	$	(5,525,964	)	$	33,528,664		$	65,974,090
Net loss		—		—		—		—			(250,005	)		(250,005	)
Paid in capital – restricted stock awards		—		—		110,813		—			—			110,813
Repurchase of shares		—		—		—		(410,221	)		—			(410,221	)
Cash dividends ($0.02 per share)		—		—		—		—			(143,181	)		(143,181	)
BALANCE AT SEPTEMBER 30, 2020	$	8,306,160	$	—	$	29,776,043	$	(5,936,185	)	$	33,135,478		$	65,281,496

Note M - Other Comprehensive Income (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended September 30,
	2021
	Before-Tax		Tax			Net-of-Tax

Cash flow hedges	$	5,573,820	$	(1,346,635	)	$	4,227,185
Other comprehensive income (loss)	$	5,573,820	$	(1,346,635	)	$	4,227,185

	Six Months Ended September 30,
	2021
	Before-Tax			Tax Benefit		Net-of-Tax

Cash flow hedges	$	(12,481,740	)	$	3,015,588	$	(9,466,152	)
Other comprehensive income (loss)	$	(12,481,740	)	$	3,015,588	$	(9,466,152	)

Note C - Inventories - Summary of Inventory Values by Product Group (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Inventories	$ 67,737,618	$ 36,016,093
Prime Coil Inventory [Member]
Raw materials	55,050,920	23,079,012
Non-standard Coil Inventory [Member]
Raw materials	1,307,105	1,419,055
Tubular Inventory [Member]
Raw materials	6,596,781	2,607,197
Finished Goods	$ 4,782,812	$ 8,910,829

Note D - Debt (Details Textual) - USD ($)		6 Months Ended
Note D - Debt (Details Textual) - USD ($)	May 19, 2021	Sep. 30, 2021	Sep. 30, 2020	Apr. 14, 2021	Mar. 08, 2021
Gain (Loss) on Extinguishment of Debt, Total		$ 1,706,614	$ (0)
Revolving Credit Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 20,000,000	$ 10,000,000
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	85.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Equipment, Percentage	85.00%
Debt Instrument, Covenant, Borrowing Limit, Machinery and Equipment Component Limit	$ 5,000,000
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.10
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000
Long-term Line of Credit, Total		$ 14,578,487
Line of Credit Facility, Interest Rate at Period End		1.79%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.70%
Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total		$ 1,706,614
Nonoperating Income (Expense) [Member] \| Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total		$ 1,706,614

Note E - Leases (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
Note E - Leases (Details Textual) - USD ($)	Oct. 31, 2019	Sep. 30, 2021
Operating Lease, Monthly Payments		$ 4,878
Finance Lease, Liability, Payment, Due, Total		$ 326,667
Operating Lease, Weighted Average Remaining Lease Term (Year)		2 years 7 months 6 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		3 years
Operating Lease, Weighted Average Discount Rate, Percent		7.00%
Finance Lease, Weighted Average Discount Rate, Percent		1.90%
Heavy-duty Forklift [Member]
Lessee, Finance Lease, Term of Contract (Year)	5 years
Finance Lease, Liability, Payment, Due, Total	$ 518,616
Finance Lease, Monthly Payment	$ 9,074

Note E - Leases - Lease Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
Note E - Leases - Lease Cost (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finance lease – amortization of ROU asset	$ 25,610	$ 25,121	$ 51,097	$ 50,121
Finance lease – interest on lease liability	1,613	2,102	3,349	4,325
Operating lease expense	14,634	14,634	29,268	27,018
Lease, Cost, Total	$ 41,857	$ 41,857	$ 83,714	$ 81,464

Note E - Leases - Balance Sheet Information (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Total right-of-use assets	$ 606,881	$ 486,730
Finance lease liability, current	103,684	102,689
Total lease liabilities	455,117	373,096
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	137,967	4,850
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	468,914	481,880
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	50,477	4,850
Current Portion of Financing Lease [Member]
Finance lease liability, current	103,684	102,689
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	87,490	0
Finance lease liability, non-current	$ 213,466	$ 265,557

Note E - Leases - Maturities of Operating and Finance Lease (Details)	Sep. 30, 2021 USD ($)
Operating lease,Fiscal 2022 (remainder of fiscal year)	$ 29,268
Finance lease, Fiscal 2022 (remainder of fiscal year)	54,446
Operating lease, Fiscal 2023	58,536
Finance lease, Fiscal 2023	108,888
Operating lease, Fiscal 2024	58,536
Finance lease, Fiscal 2024	108,888
Operating lease, Fiscal 2025	4,878
Finance lease, Fiscal 2025	54,445
Operating lease, Fiscal 2026	0
Finance lease, Fiscal 2026	0
Operating lease, Total undiscounted lease payments	151,218
Finance lease, Total undiscounted lease payments	326,667
Operating lease, Less: imputed interest	(13,251)
Finance lease, Less: imputed interest	(9,517)
Present value of lease liability, finance lease	317,150
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 137,967

Note F - Property, Plant and Equipment (Details Textual)	3 Months Ended	6 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	May 25, 2021 USD ($) ft² a	Mar. 31, 2021 USD ($)
Construction in Progress, Gross	$ 5,994,357	$ 5,994,357		$ 9,614
Accumulated Depreciation, Depletion and Amortization, Wrote-off	115,578	2,060,226
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	25,340,164	25,340,164		$ 30,180,893
Facility in Sinton, Texas [Member]
Area of Land (Acre) \| a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Capital Expenditures, Expected Cost			$ 21,000,000
Construction in Progress, Gross	5,994,357	5,994,357
Payments for Construction in Process		2,760,289
Construction in Progress Expenditures Incurred but Not yet Paid		3,234,068
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²			70,000
Decatur Facility Equipment [Member]
Proceeds from Sale of Machinery and Equipment		160,542
Property, Plant and Equipment, Gross, Ending Balance	3,604,209	3,604,209
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	$ 3,447,465	$ 3,447,465

Note G - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			500,000
Restricted Stock [Member]
Share-based Payment Arrangement, Expense	$ 247,741	$ 221,627
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 696,921
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	134,375

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Sep. 30, 2021 $ / shares shares
Unvested (in shares) \| shares	339,625
Unvested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 6.07
Cancelled or forfeited (in shares) \| shares	0
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Granted (in shares) \| shares	6,000
Granted, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 13.00
Vested (in shares) \| shares	(25,000)
Vested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 4.41
Unvested (in shares) \| shares	320,625
Unvested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 6.33

Note H - Derivative Financial Instruments (Details Textual)	6 Months Ended
	Sep. 30, 2021 USD ($) T	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 26,353,840
Derivative, Collateral, Right to Reclaim Cash	4,158,248		$ 12,001,485
Derivative Margin Call Position	422,877
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total	1,819,688
Closed Hedges with Hedged Transaction Still Expected to Occur [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	23,467,120
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 2,886,720
Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	22,500
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	3,440
Not Designated as Hedging Instrument [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	9,160
Other Current Assets [Member]
Derivative, Collateral, Right to Reclaim Cash	$ 4,158,248	$ 12,001,485
Commodity Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Hedging Liabilities, Current	1,049,320	$ 501,360
Nonoperating Income (Expense) [Member]
Derivative, Gain (Loss) on Derivative, Net, Total	$ (9,930,720)

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - Hot-rolled Coil Future Contracts [Member] - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Designated as Hedging Instrument [Member] \| Long [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts		$ 530,640
Designated as Hedging Instrument [Member] \| Short [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts		91,760
Designated as Hedging Instrument [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities		7,890,700
Designated as Hedging Instrument [Member] \| Short [Member] \| Other Noncurrent Liabilities [Member]
Derivative liabilities		50,420
Not Designated as Hedging Instrument [Member] \| Short [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts	$ 550,240
Not Designated as Hedging Instrument [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 51,320	$ 88,680

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Hot-rolled Coil Future Contracts [Member]
Gain recognized in OCI	$ 1,557,820
Hot-rolled coil steel contracts		$ 5,914,720
Hot-rolled coil steel contracts	1,557,820
Hot-rolled coil steel contracts		(5,914,720)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		5,914,720
Hot-rolled Coil Future Contracts [Member] \| Cost of Sales [Member]
Hot-rolled coil steel contracts		9,001,500
Hot-rolled coil steel contracts		(9,001,500)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		9,001,500
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Gain recognized in OCI	1,557,820
Hot-rolled coil steel contracts	1,557,820
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member] \| Sales [Member]
Hot-rolled coil steel contracts		3,086,780
Hot-rolled coil steel contracts		(3,086,780)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		3,086,780
Hotrolled Coil Futures Contracts 2 [Member]
Gain recognized in OCI	(20,013,560)
Hot-rolled coil steel contracts		2,398,900
Hot-rolled coil steel contracts	(20,013,560)
Hot-rolled coil steel contracts		(2,398,900)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		2,398,900
Hotrolled Coil Futures Contracts 2 [Member] \| Cost of Sales [Member]
Hot-rolled coil steel contracts		10,583,700
Hot-rolled coil steel contracts		(10,583,700)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		10,583,700
Hotrolled Coil Futures Contracts 2 [Member] \| Designated as Hedging Instrument [Member]
Gain recognized in OCI	(20,013,560)
Hot-rolled coil steel contracts	$ (20,013,560)
Hotrolled Coil Futures Contracts 2 [Member] \| Designated as Hedging Instrument [Member] \| Sales [Member]
Hot-rolled coil steel contracts		8,184,800
Hot-rolled coil steel contracts		(8,184,800)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		$ 8,184,800

Note H - Derivative Financial Instruments - Loss Recognized in Earnings for Derivative Instruments (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ (6,830,780)	$ (8,219,740)

Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)

3 Months Ended

6 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Balance at March 31, 2021

$ 62,942,275

$ 65,974,090

$ 65,339,976

$ 66,865,367

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total

4,227,185

(9,466,152)

Balance at September 30, 2021

80,335,001

$ 65,281,496

80,335,001

$ 65,281,496

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

Balance at March 31, 2021

(11,187,841)

Other comprehensive loss, net of income, before reclassification

(15,178,284)

Total loss reclassified from AOCI (1)

^[1]

5,712,132

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total

(9,466,152)

Balance at September 30, 2021

$ (20,653,993)

[1]	The loss reclassified from AOCI is presented net of taxes of $3,015,588 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and six months ended September 30, 2021.

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-02(31))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2021	Mar. 31, 2021
Commodity futures – financial liabilities, net	$ (2,835,400)	$ (7,407,400)
Total	(2,835,400)	(7,407,400)
Fair Value, Inputs, Level 1 [Member]
Total	$ (2,835,400)	$ (7,407,400)

Note J - Segment Information (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Extinguishment of Debt, Total		$ 1,706,614	$ (0)
Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total		1,706,614
Nonoperating Income (Expense) [Member] \| Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total		1,706,614
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 6,830,780	$ 8,219,740

Note J - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Revenue from Contract with Customer, Including Assessed Tax	$ 92,570,895	$ 24,861,680	$ 158,487,334	$ 48,386,280
Operating profit (loss)	24,332,631	(317,046)	38,289,246	(1,457,999)
Corporate expenses	1,866,000	718,000	3,742,000	1,452,000
Interest expense	72,296	6,255	95,506	12,208
Other income (loss), net	(6,840,317)	4,325	(6,528,255)	8,648
Total earnings (loss) before income taxes	17,492,314	(312,721)	31,760,991	(1,449,351)
Segment assets	137,822,506		137,822,506		$ 95,008,809
Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax	78,323,927	18,456,086	131,018,657	33,888,870
Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax	14,246,968	6,405,594	27,468,677	14,497,410
Operating Segments [Member]
Operating profit (loss)	26,270,000	407,000	42,127,000	6,000
Segment assets	130,225,000		130,225,000		74,554,000
Operating Segments [Member] \| Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax	78,324,000	18,456,000	131,019,000	33,889,000
Operating profit (loss)	24,273,000	751,000	37,529,000	291,000
Segment assets	112,826,000		112,826,000		56,670,000
Operating Segments [Member] \| Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax	14,247,000	6,406,000	27,468,000	14,497,000
Operating profit (loss)	1,997,000	$ (344,000)	4,598,000	$ (285,000)
Segment assets	17,399,000		17,399,000		17,884,000
Corporate, Non-Segment [Member]
Segment assets	$ 7,598,000		$ 7,598,000		$ 20,455,000

Note K - Revenue (Details Textual)	3 Months Ended		6 Months Ended
Note K - Revenue (Details Textual)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Number of Reportable Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 92,570,895	$ 24,861,680	$ 158,487,334	$ 48,386,280
Pipe Finishing Services [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Sales	$ 92,570,895	$ 24,861,680	$ 158,487,334	$ 48,386,280
Coil [Member]
Net Sales	78,323,927	18,456,086	131,018,657	33,888,870
Coil [Member] \| Prime Coil [Member]
Net Sales	74,928,149	17,049,230	124,507,742	30,356,698
Coil [Member] \| Secondary Coil [Member]
Net Sales	3,028,787	1,201,135	5,851,990	3,142,138
Coil [Member] \| Customer Owned [Member]
Net Sales	366,991	205,721	658,925	390,034
Tubular [Member]
Net Sales	14,246,968	6,405,594	27,468,677	14,497,410
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	11,376,626	5,296,334	20,983,436	12,458,184
Tubular [Member] \| Mill Reject Pipe [Member]
Net Sales	$ 2,870,342	$ 1,109,260	$ 6,485,241	$ 2,039,226

- Definition

+ References

+ Details

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Balance at March 31, 2021	$ 62,942,275	$ 65,339,976	$ 65,974,090	$ 66,865,367	$ 65,339,976	$ 66,865,367
Net earnings	13,177,614	11,311,797	(250,005)	(858,862)	24,489,411	(1,108,867)
Other comprehensive loss	4,227,185	(13,693,337)
Paid in capital – restricted stock awards	126,037	121,704	110,813	110,814
Cash dividends	(138,110)	(137,865)	(143,181)	(143,229)
Net earnings (loss)	13,177,614	11,311,797	(250,005)	(858,862)	24,489,411	(1,108,867)
Issuance of restricted stock	0			0
Balance at September 30, 2021	80,335,001	62,942,275	65,281,496	65,974,090	80,335,001	65,281,496
Repurchase of shares			(410,221)
Common Stock [Member]
Balance at March 31, 2021	8,334,785	8,334,785	8,306,160	8,295,160	8,334,785	8,295,160
Issuance of restricted stock	6,000			11,000
Balance at September 30, 2021	8,340,785	8,334,785	8,306,160	8,306,160	8,340,785	8,306,160
AOCI Attributable to Parent [Member]
Balance at March 31, 2021	(24,881,178)	(11,187,841)			(11,187,841)
Other comprehensive loss	4,227,185	(13,693,337)
Balance at September 30, 2021	(20,653,993)	(24,881,178)			(20,653,993)
Additional Paid-in Capital [Member]
Balance at March 31, 2021	30,125,166	30,003,462	29,665,230	29,565,416	30,003,462	29,565,416
Paid in capital – restricted stock awards	126,037	121,704	110,813	110,814
Balance at September 30, 2021	30,245,203	30,125,166	29,776,043	29,665,230	30,245,203	29,776,043
Treasury Stock [Member]
Balance at March 31, 2021	(7,203,342)	(7,203,342)	(5,525,964)	(5,525,964)	(7,203,342)	(5,525,964)
Cash dividends			0
Balance at September 30, 2021	(7,203,342)	(7,203,342)	(5,936,185)	(5,525,964)	(7,203,342)	(5,936,185)
Repurchase of shares			(410,221)
Retained Earnings [Member]
Balance at March 31, 2021	56,566,844	45,392,912	33,528,664	34,530,755	45,392,912	34,530,755
Net earnings	13,177,614	11,311,797	(250,005)	(858,862)
Cash dividends	(138,110)	(137,865)	(143,181)	(143,229)
Net earnings (loss)	13,177,614	11,311,797	(250,005)	(858,862)
Balance at September 30, 2021	$ 69,606,348	$ 56,566,844	$ 33,135,478	$ 33,528,664	$ 69,606,348	$ 33,135,478

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Note M - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flow hedges, before tax	$ 5,573,820		$ (12,481,740)
Cash flow hedges, tax benefit	(1,346,635)		3,015,588
Cash flow hedges, net of tax	4,227,185	$ 0	(9,466,152)	$ 0
Other comprehensive income (loss)	5,573,820		(12,481,740)
Other comprehensive income (loss)	(1,346,635)		3,015,588
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	$ 4,227,185	$ 0	$ (9,466,152)	$ 0

Note N - Supplemental Cash Flow Information (Details Textual) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 96,000	$ 12,000
Income Taxes Paid	5,645,000	$ 10,000
Capital Expenditures Incurred but Not yet Paid	$ 3,234,068

Note O - Income taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note O - Income taxes (Details Textual) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Expense (Benefit), Total	$ 4,314,700	$ (62,716)	$ 7,271,580	$ (340,484)
Effective Income Tax Rate Reconciliation, Percent, Total			22.90%	23.50%

- Definition

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

+ References + Details