0001437749-22-018429 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Mar. 31, 2022	Aug. 02, 2022	Sep. 30, 2021
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES, INCORPORATED
Document, Type	10-K
Document, Annual Report	true
Document, Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
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	NYSEAMER
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
Entity, Shell Company	false
Entity, Public Float			$ 76,143,000
Entity, Common Stock Shares, Outstanding		7,368,613
Auditor Name	Moss Adams LLP
Auditor Location	Houston, Texas
Auditor Firm ID	659
Amendment Flag	false
Entity Central Index Key	0000039092

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Mar. 31, 2021
CURRENT ASSETS:
Cash	$ 2,598,102	$ 8,191,001
Accounts receivable, net of allowances for bad debts and cash discounts of $99,819 and $32,834 at March 31, 2022 and 2021, respectively	35,670,657	20,377,967
Inventories	67,946,122	36,016,093
Current portion of derivative assets	4,240,740	622,400
Other current assets	14,906,194	12,327,174
TOTAL CURRENT ASSETS	125,361,815	77,534,635
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,179,831
Buildings and yard improvements	8,581,676	9,199,704
Machinery and equipment	30,422,066	35,253,000
Construction in process	15,925,306	9,614
Less accumulated depreciation	(26,002,820)	(30,180,893)
Property, plant, and equipment, net	30,106,059	15,461,256
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	270,416	148,494
Deferred income tax asset	2,133,295	1,864,424
Income taxes recoverable	1,403,485	0
TOTAL ASSETS	159,275,070	95,008,809
CURRENT LIABILITIES:
Accounts payable and accrued expenses	44,803,602	15,185,038
Income taxes payable	0	1,455,099
Dividends payable	137,120	138,117
Contribution to retirement plan	250,000	50,000
Employee compensation and related expenses	1,085,676	2,643,538
Current portion of financing lease	104,689	102,689
Current portion of derivative liability	14,429,520	7,979,380
Current portion of Paycheck Protection Program loan	0	1,518,410
TOTAL CURRENT LIABILITIES	60,810,607	29,072,271
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	119,591	108,609
OTHER NON-CURRENT LIABILITIES	221,767	315,978
ASSET BASED LENDING FACILITY	18,436,457	0
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN	0	171,975
TOTAL LIABILITIES	79,588,422	29,668,833
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 11)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,344,975 shares and 8,334,785 shares at March 31, 2022 and 2021, respectively	8,344,975	8,334,785
Additional paid-in capital	30,442,361	30,003,462
Accumulated other comprehensive loss	(10,268,509)	(11,187,841)
Treasury stock at cost (1,488,966 shares and 1,435,248 shares at March 31, 2022 and 2021, respectively)	(7,741,197)	(7,203,342)
Retained earnings	58,909,018	45,392,912
TOTAL STOCKHOLDERS’ EQUITY	79,686,648	65,339,976
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 159,275,070	$ 95,008,809

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Allowances for bad debts and cash discounts	$ 99,819	$ 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)	8,344,975	8,344,785
Treasury stock, shares (in shares)	1,488,966	1,435,248

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533
Costs and expenses:
Cost of products sold	244,247,474	102,517,335
Selling, general and administrative	12,467,366	7,835,184
Interest expense	255,320	24,619
Costs and expenses, total	256,970,160	110,377,138
EARNINGS FROM OPERATIONS	28,264,592	15,725,395
Other income (loss), net	(9,934,034)	(503,422)
EARNINGS BEFORE INCOME TAXES	18,330,558	15,221,973
Provision for (benefit from) income taxes:
Current	4,825,975	2,459,009
Deferred	(561,739)	1,338,489
Income tax	4,264,236	3,797,498
NET EARNINGS	$ 14,066,322	$ 11,424,475
Weighted average number of common shares outstanding:
Basic (in shares)	6,623,769	6,703,654
Diluted (in shares)	6,623,769	6,703,654
Net earnings per share:
Basic (in dollars per share)	$ 2.04	$ 1.63
Diluted (in dollars per share)	$ 2.04	$ 1.63

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net earnings	$ 14,066,322	$ 11,424,475
Other comprehensive income (loss):
Cash flow hedges, net of tax	919,332	(11,187,841)
Comprehensive income	$ 14,985,654	$ 236,634

- 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

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Mar. 31, 2020	$ 8,295,160	$ 0	$ 29,565,416	$ (5,525,964)	$ 34,530,755	$ 66,865,367
Net earnings	0	0	0	0	11,424,475	11,424,475
Net current period other comprehensive income	0	(11,187,841)	0	0	0	(11,187,841)
Grants of restricted stock	39,625	0	(89,625)	50,000	0	0
Paid in capital – restricted stock units	0	0	527,671	0	0	527,671
Repurchase of shares	0	0	0	(1,727,378)	0	(1,727,378)
Cash dividends	0	0	0	0	(562,318)	(562,318)
Balance at Mar. 31, 2021	8,334,785	(11,187,841)	30,003,462	(7,203,342)	45,392,912	65,339,976
Net earnings	0	0	0	0	14,066,322	14,066,322
Net current period other comprehensive income	0	919,332	0	0	0	919,332
Grants of restricted stock	10,190	0	(10,190)	0	0	0
Paid in capital – restricted stock units	0	0	449,089	0	0	449,089
Repurchase of shares	0	0	0	(537,855)	0	(537,855)
Cash dividends	0	0	0	0	(550,216)	(550,216)
Balance at Mar. 31, 2022	$ 8,344,975	$ (10,268,509)	$ 30,442,361	$ (7,741,197)	$ 58,909,018	$ 79,686,648

- Definition

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

+ References

+ Details

- 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.

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+ Details

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
OPERATING ACTIVITIES
Net earnings		$ 14,066,322	$ 11,424,475	$ 11,424,475
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation, Total		1,320,434		1,012,917
Deferred taxes		(561,739)	1,338,489	1,338,489
Compensation expense for restricted stock		449,089		527,671
Change in post-retirement benefits other than pensions		10,982		8,745
Lower of cost or net realizable value inventory adjustment	$ 274,093	0		274,093
Loss recognized on open derivatives not designated for hedge accounting		1,216,500		0
Deferred realized gain (loss) on derivatives designated for hedge accounting		1,342,520		(6,843,140)
Forgiveness of Paycheck Protection Program Loan		(1,706,614)		0
Changes in operating assets and liabilities:
Accounts receivable		(15,292,690)		(8,672,623)
Inventories		(31,930,029)		(621,943)
Federal income taxes recoverable		(1,403,485)		448,665
Other current assets		(123,890)		454,489
Accounts payable and accrued expenses		22,027,802		5,386,439
Income taxes payable		(1,455,099)		1,455,099
Employee compensation and related expenses		(1,557,862)		2,233,760
Contribution to retirement plan		200,000		(250)
Net cash provided by (used in) operating activities		(13,397,759)		8,426,886
INVESTING ACTIVITIES
Purchase of property, plant and equipment		(8,064,599)		(4,609,617)
Proceeds from sale of assets		160,542		30,957
Increase in cash value of officers’ life insurance		(13,853)		(11,580)
Net cash used in investing activities		(7,917,910)		(4,590,240)
FINANCING ACTIVITIES
Paycheck Protection Program loan proceeds		0		1,690,385
Cash dividends paid		(551,212)		(564,190)
Cash paid for principal portion of finance lease		(102,689)		(100,728)
Cash paid for share repurchases		(537,855)		(1,727,378)
Asset based lending facility proceeds		18,436,457		0
Net cash provided by (used in) financing activities		17,244,701		(701,911)
Increase (decrease) in cash and restricted cash		(4,070,968)		3,134,735
Cash and restricted cash at beginning of year	$ 17,057,751	20,192,486		17,057,751
Cash and restricted cash at end of year		$ 16,121,518	$ 20,192,486	$ 20,192,486

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

REVENUE RECOGNITION: Revenue is generated primarily from contracts to manufacture or process steel 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. SeeNote 14 for further information.

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 doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts 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 $84,819 and $17,834 at March 31, 2022 and March 31, 2021, respectively.

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. The Company did not have any lower of cost or net realizable value adjustments during fiscal 2022. During the first quarter of fiscal 2021, tubular finished goods inventory was written down $274,093 to lower the carrying value to net realizable value. 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.

The following is a summary of inventory by product group:

March 31,

2022

2021

Prime coil inventory
$ 50,482,022 $ 23,079,012

Non-standard coil inventory
1,063,374 1,419,055

Tubular raw material
9,049,598 2,607,197

Tubular finished goods
7,351,128 8,910,829

$ 67,946,122 $ 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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc.

DERIVATIVE INSTRUMENTS:    From time to time, the Company may use futures contracts to partially manage exposure to price risk. The Company elects 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 6 for further information about the Company's derivative instruments.

PROPERTY, PLANT AND EQUIPMENT:    Property, plant and equipment is stated at cost. 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)

20

Machinery and equipment (in years)

10 to 15

Yard improvements (in years)

5 to 15

Loaders and other rolling stock (in years)

5 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. Long-lived assets to be disposed of by sale are reported at the lower of the carrying amount or fair value less cost to sell. The Company did not identify any indicators of impairment during fiscal 2022 or fiscal 2021.

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.

PAYCHECK PROTECTION PROGRAM LOAN:    During fiscal 2021, the Company received a Paycheck Protection Program loan ("PPP Loan") as provided by the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company accounted for the PPP Loan in accordance with Accounting Standards Codification 470 - Debt. The principal balance of the loan and accrued interest payable were recorded as liabilities on the Company's Consolidated Balance Sheet at March 31, 2021. During the first quarter of fiscal 2022, the Company was granted full forgiveness of the PPP Loan. The forgiven principal and accrued interest were recognized as a gain on extinguishment of debt and recorded in "Other income (loss), net" on the Company's Statement of Operations for fiscal 2022. See Note 3 for additional information about the PPP Loan.

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS:    The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was $119,591 and $108,609 at March 31, 2022 and March 31, 2021, respectively. The transfer of a life insurance policy to an officer is a noncash transaction.

SHIPPING COSTS:    Sales are increased for freight billed to customers and freight costs are charged to cost of products sold.

SUPPLEMENTAL CASH FLOW INFORMATION:    The Company paid interest of approximately $213,000 and $8,000 in fiscal 2022 and fiscal 2021, respectively. The Company paid income taxes of approximately $8,347,000, net of a tax refund of approximately $423,000, in fiscal 2022 and paid income taxes of approximately $10,000 in fiscal 2021. At March 31, 2022, the "Construction in process" balance of $15,925,306 consisted of $8,081,524 in accrued capital expenditures related to the Sinton facility for which cash outlay had not occurred.

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:    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 include forecasted purchases of hot-rolled coil and forecasted sales of prime coil inventory and manufactured pipe inventory in relation to hedging activities and the fair value of the pipe finishing facility, when impaired. From time to time, the Company hedges forecasted purchases and sales and may designate those transactions for hedge accounting. If the original forecasts are subsequently reduced, it could result in the Company’s hedged positions exceeding revised forecasts, thus warranting immediate recognition in earnings of previously deferred hedge income or losses associated with excess hedges. A pattern of missed forecasts could call into question the Company’s ability to accurately predict forecasted transactions and the propriety of using hedge accounting in the future for similar forecasted transactions. To mitigate against the negative consequences of missing forecasts we have set an internal policy to designate hedging instruments for accounting purposes only up to 75% of forecasted sales or purchases. Determination of forecasted purchases of hot-rolled coil and forecasted sales of prime coil inventory and manufactured pipe inventory require the Company to make assumptions related to customer demand and the volume and timing of inventory purchases. If impairment indicators are present, the pipe-finishing facility impairment analysis requires assumptions related to future operations of the facility and estimates related to the replacement cost and value in exchange for the assets. Actual results could differ from these estimates.

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

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.

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. In March 2020, U.S. Steel announced the idling of their Lone Star Tubular Operations which was the sole supplier of mill reject pipe to the Company. U.S. Steel's facility was idled as announced and the Company's receipts of mill reject pipe ceased in August 2020. At March 31, 2022, we had approximately 1,200 tons of mill reject inventory with substantially all of this material expected to sell in the following quarter. For the fiscal year ended March 31, 2022, sales of mill reject pipe totaled approximately $10,312,000 and accounted for approximately $3,824,000 of the tubular segment's operating profit for the period with approximately $1,280,000 of allocated operating, administrative and selling expenses included in the calculation of operating profit related to mill reject pipe. For the fiscal year ended March 31, 2021, sales of mill reject pipe totaled approximately $5,284,000 and accounted for approximately $1,313,000 of the tubular segment's operating profit for the period with approximately $802,000 of allocated operating, administrative and selling expenses included in the calculation of operating profit related to mill reject pipe. The Company is expanding its manufactured pipe sales to counteract the impact of mill reject sales ending in the near future.

Coil segment sales to O'Neal Steel accounted for approximately 11% of total Company sales in fiscal 2022. No other customers accounted for 10% or more of total Company sales in fiscal 2022. For fiscal year 2021, no individual customer accounted for 10% or more of total Company sales.

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 steel 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: 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 Consolidated Financial Statements.

Note 2 - Equity Compensation Plans and Capital Stock

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

2. EQUITY COMPENSATION PLANS AND CAPITAL STOCK

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, directors or consultants to whom awards will be granted and shall determine the amount and applicable restrictions of each award. 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 units ("RSUs") for the two years ended March 31, 2022:

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2020		270,000		$	6.37
Granted		89,625	(1)		5.64
Vested		(20,000	)		8.23
Unvested at March 31, 2021		339,625		$	6.07
Granted		10,190			12.56
Vested		(210,292	)		6.46
Unvested at March 31, 2022		139,523		$	5.96

(1) 50,000 shares were issued out of treasury stock

We measure compensation expense for RSUs at the market price of our common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $449,089 and $527,671 in fiscal 2022 and fiscal 2021, respectively, relating to the RSUs issued under the Plan.

At March 31, 2022 and 2021 unrecognized compensation expense related to unvested RSUs was approximately $546,000 and $867,000, respectively, which is expected to be recognized over a weighted average period of approximately 2.2 years and 2.7 years, respectively.

As of March 31, 2022, a total of 130,185 shares were still available to be issued under the Plan.

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, 2022 or March 31, 2021.

Effective June 25, 2020, our Board of Directors authorized the repurchase, for retirement, of up to 1,062,067 shares of our common stock in open-market transactions or otherwise.

For the fiscal year ended March 31, 2021, we repurchased 253,220 shares of our common stock for cash of approximately $1.7 million. Additionally, the Company acquired 6,312 shares as employee withholding taxes paid on vested restricted stock.

Note 3 - Debt

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

3. DEBT

In April 2020, the Company received a $1,690,385 loan (the “PPP Loan”) from JPMorgan Chase Bank, N.A. (the “Bank”), under the Paycheck Protection Program, which was established under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), as modified by the Paycheck Protection Flexibility Act of 2020 (the “PPP Flexibility Act”). Pursuant to the terms of the CARES Act, the PPP Loan was eligible for forgiveness by the Small Business Administration ("SBA"), if and to the extent that the Company satisfied certain requirements. The term of the PPP Loan was two years from the funding date of the PPP Loan. The interest rate on the PPP Loan was 0.98%. Under the terms of the PPP Loan, interest accrued from the funding date of the PPP Loan but payment of both principal and interest was initially deferred for six months and then deferred further while forgiveness was considered. At March 31, 2021, the principal balance of the loan and accrued interest payable were recorded as liabilities on the Company’s Consolidated Balance Sheet. The Company submitted an application for forgiveness of the PPP Loan on April 21, 2021 and received notification on June 22, 2021 that full forgiveness of the loan was authorized by the SBA. 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 Consolidated Statement of Operations for fiscal 2022.

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 12, 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 ("ABL Facility") 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. On March 11, 2022, the Company executed a first amendment to the ABL Facility which increased the size of the facility from $40 million to $75 million. The ABL Facility matures on May 19, 2026 and is secured by substantially all of the assets of the Company. The Company can elect borrowing on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus 1.8% 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. The ABL Facility contains a financial covenant restricting the Company from allowing its fixed charge coverage ratio to 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 March 31, 2022, the Company had a balance of $18,436,457 under the ABL Facility with an applicable interest rate of 2.72%. At March 31, 2022, the Company's borrowing base calculation provided access to approximately $68.4 million of the ABL Facility and the Company was in compliance with all covenants related to the ABL Facility. The ABL Facility was amended subsequent to fiscal year-end with additional information about the amendments located in Note 15.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 4 - Leases

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

4. 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 were as follows for the twelve months ended March 31, 2022 and March 31, 2021,

	*Twelve Months*		*Twelve Months*
	*Ended March 31,*		*Ended March 31,*
	*2022*		*2021*
Finance lease – amortization of ROU asset	$	102,689	$	100,728
Finance lease – interest on lease liability		6,202		8,164
Operating lease expense		58,536		56,286
	$	167,427	$	165,178

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2022 and March 31, 2021:

	*March 31, 2022*		*March 31, 2021*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	113,168	$	4,850	Other assets
Finance lease right-of-use asset		455,948		481,880	Property, plant & equipment
Total right-of-use assets	$	569,116	$	486,730

Liabilities
Operating lease liability, current	$	52,270	$	4,850	Accrued expenses
Finance lease liability, current		104,689		102,689	Current portion of finance lease
Operating lease liability, non-current		60,898		—	Other non-current liabilities
Finance lease liability, non-current		160,869		265,557	Other non-current liabilities
Total lease liabilities	$	378,726	$	373,096

As of March 31, 2022, the weighted-average remaining lease term was 2.1 years for operating leases and 2.5 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 March 31, 2022were as follows:

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2023		58,536			108,892
Fiscal 2024		58,536			108,892
Fiscal 2025		4,878			54,445
Fiscal 2026		—			—
Fiscal 2027		—			—
Total undiscounted lease payments	$	121,950		$	272,229
Less: imputed interest		(8,782	)		(6,671	)
Present value of lease liability	$	113,168		$	265,558

Note 5 - Property, Plant and Equipment

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

5. 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 is on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill in Sinton, Texas. The Company's new location consists 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 contracted 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 equipment commissioning to occur during August 2022 and September 2022 and then expects expanded production levels beginning in October 2022. The total cost of the project is estimated to be $21 million. At March 31, 2022, the Company's construction in process related to the Sinton project was $15,925,306 consisting of $7,843,782 in cash payments and $8,081,524 of accrued capital expenditures.

During the twelve months ended March 31, 2022, the Company wrote off fully depreciated fixed assets that were no longer in use with an original cost and accumulated depreciation of approximately $2,060,226. During the twelve months ended March 31, 2022, the Company disposed of equipment that was removed from its Decatur facility and 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.

Depreciation Expense was $1,320,434 and $1,012,917 for fiscal 2022 and fiscal 2021, respectively.

Note 6 - Derivative Financial Instruments

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

6. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize 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, 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 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.

During fiscal 2022 and fiscal 2021, the Company entered into 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 fiscal 2022 and fiscal 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 a historic increase in steel prices reaching its peak and then starting to decline. Since these hedged sales were no longer expected to occur, a loss of $9,930,720 associated with these instruments was immediately recognized into earnings for the September 30, 2021 quarter and reported as a component of “Other income (loss), net”. During fiscal 2022 and fiscal 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 March 31, 2022:

	*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 liability	$8,905,500

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$4,240,740	Current portion of derivative liability	$5,524,020

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 March 31, 2022, the Company reported $933,200 in "Other current assets" on its Consolidated Balance Sheet related to futures contracts for the month of March 2022 that had 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 March 31, 2022 consisted of 24,880 tons hedging sales with maturity dates ranging from April 2022 to September 2022.

The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the gain (loss) reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the twelve months ended March 31, 2022 and 2021:

					Pre- Tax Gain
	*Pre-Tax Gain*			*Location of Gain (Loss)*	*(Loss) Reclassified*
	*(Loss)*			*Reclassified from*	*from AOCI*
	*Recognized in OCI*			*AOCI into Net Earnings*	*into Net Earnings*

For the twelve months ended March 31, 2022
Hot-rolled coil steel contracts	$	(19,907,820	)	*Sales*	$	(31,752,920	)
				*Costs of goods sold*	10,632,900
Total	$	(19,907,820	)		$	(21,120,020	)

For the twelve months ended March 31, 2021
Hot-rolled coil steel contracts	$	(14,751,900	)	*Costs of goods sold*	$	6,414,500
Total	$	(14,751,900	)		$	6,414,500

The estimated amount of losses recognized in AOCI at March 31, 2022 expected to be reclassified into net earnings within the succeeding twelve months is $13,539,700. This amount consists of $5,500,620 in realized losses associated with closed hedges and $8,039,080 associated with open hedges that was computed using the fair value of the cash flow hedges as of March 31, 2022 and is subject to change before actual reclassification from AOCI to net earnings.

The following table summarizes the loss recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2022:

		*Loss Recognized in Earnings*
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2022*
Hot-rolled coil steel contracts	Other income (loss), net	$	(11,636,120	)

The following table summarizes the loss recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2021:

		Loss Recognized in Earnings
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2021*
Hot-rolled coil steel contracts	Other income (loss), net		(515,160	)

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at March 31, 2022 consisted of 14,640 tons of long positions with maturity dates ranging from April 2022 to December 2022 and 13,920 tons of short positions with maturity dates ranging from May 2022 to February 2023.

The following tables reflect the change in accumulated other comprehensive loss, net of tax, for the periods presented:

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(15,098,091	)
Total loss reclassified from AOCI (1)		16,017,423
Net current period other comprehensive income		919,332
Balance at March 31, 2022	$	(10,268,509	)

(1) The loss reclassified from AOCI is presented net of taxes of $5,102,597 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2022.

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2020	$	—
Other comprehensive loss, net of income, before reclassification		(6,323,084	)
Total gain reclassified from AOCI (1)		(4,864,757	)
Net current period other comprehensive loss		(11,187,841	)
Balance at March 31, 2021	$	(11,187,841	)

(1) The gain reclassified from AOCI is presented net of taxes of $1,549,743 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2021.

At March 31, 2022 and March 31, 2021, cash of $13,523,416 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 Sheet at March 31, 2022 and March 31, 2021.

Note 7 - Fair Value Measurements

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

7. 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, 2022, 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	$	(10,188,780	)	$	—	$	—	$	(10,188,780	)
Total	$	(10,188,780	)	$	—	$	—	$	(10,188,780	)

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	)	$	—	$	—	$	(7,407,000	)
Total	$	(7,407,400	)	$	—	$	—	$	(7,407,000	)

At March 31, 2022 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 8 - Earnings Per Share

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

8. EARNINGS PER SHARE

Basic and dilutive net earnings per share is computed based on the following information:

	*Year Ended March 31,*
	*2022*		2021
Numerator (basic and diluted)
Net earnings	$	14,066,322	$	11,424,475
Less: Allocation to unvested restricted stock units		543,054		492,462
Net earnings attributable to common shareholders		13,523,268		10,932,013

Denominator (basic and diluted)
Weighted average common shares outstanding		6,623,769		6,703,654

Note 9 - Income Taxes

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

9. INCOME TAXES

Components of tax expense (benefit) are as follows:

	*Year Ended March 31,*
	*2022*			2021
Federal
Current	$	3,881,166		$	1,904,797
Deferred		(478,918	)		1,100,368
		3,402,248			3,005,165
State
Current		944,809			554,212
Deferred		(82,821	)		238,121
		861,988			792,333
Total	$	4,264,236		$	3,797,498

The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:

	*Year Ended March 31,*
	*2022*			2021
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.7			4.1
Other		(1.4	)		(0.1	)
Provision for income taxes		23.3	%		25.0	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2019 through March 31, 2021. State and local returns may be subject to examination for fiscal years ended March 31, 2018 through March 31, 2021.

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:

	*March 31,*
	*2022*			2021
Deferred tax liabilities:
Depreciation	$	(1,788,033	)	$	(1,945,788	)
LIFO to average cost Section 481(a) adjustment		—			(301,110	)
Total deferred tax liabilities		(1,788,033	)		(2,246,898	)
Deferred tax assets:
Unrealized derivative loss - OCI		3,271,192			3,564,059
Inventory capitalization		98,227			63,468
Postretirement benefits other than pensions		28,893			26,240
Restricted stock compensation		69,122			328,434
Unrealized loss - mark to market derivatives		388,213			94,306
Other		65,681			34,815
Total deferred tax assets		3,921,328			4,111,322
Net deferred tax asset	$	2,133,295		$	1,864,424

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 10 - Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

10. OTHER COMPREHENSIVE INCOME (LOSS)

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

	*Twelve Months Ended March 31, 2022*
	*Before-Tax*		*Tax Provision*			*Net-of-Tax*

Cash flow hedges	$	1,212,200	$	(292,868	)	$	919,332
Other comprehensive income	$	1,212,200	$	(292,868	)	$	919,332

	*Twelve Months Ended March 31, 2021*
	*Before-Tax*			*Tax Benefit*		*Net-of-Tax*

Cash flow hedges	$	(14,751,900	)	$	3,564,059	$	(11,187,841	)
Other comprehensive loss	$	(14,751,900	)	$	3,564,059	$	(11,187,841	)

Note 11 - Retirement Plan

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

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.

The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which 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, were $200,000 for the year ended March 31, 2022 and $200,000 for the year ended March 31, 2021. 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.

Employees may participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed six months 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 $96,500 and $49,500 for the years ended March 31, 2022 and 2021, respectively.

Note 12 - Related Party Transactions

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

12. RELATED PARTY TRANSACTIONS

The Company has engaged Metal Edge Partners, LLC (“Metal Edge”) to provide services that include strategic advisory services, risk management services, procurement advisory services, steel market analytics and macro-economic analytics. Tim Stevenson serves as a member of our Board of Directors and serves as Chief Executive Officer of Metal Edge. For the fiscal year ended March 31, 2021, we paid Metal Edge $144,000 related to these services. Our agreement with Metal Edge may be terminated by either party, without cause, upon ninety days prior written notice. The Company did not have any related party transactions during fiscal year ended March 31, 2022 that exceeded the $120,000 disclosure threshold.

Note 13 - Industry Segment Data

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. INDUSTRY SEGMENT DATA

The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: coil and tubular. The Company’s coil operations involve converting steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups:

	*Year Ended March 31,*
	*2022*			2021
NET SALES:
Coil	$	230,438,149		$	95,264,555
Tubular		54,796,603			30,837,978
TOTAL NET SALES	$	285,234,752		$	126,102,533
OPERATING PROFIT:
Coil	$	31,790,710		$	16,466,713
Tubular		2,423,655			2,923,399
TOTAL OPERATING PROFIT		34,214,365			19,390,112
General corporate expenses		(5,694,453	)		(3,640,098	)
Interest expense		(255,320	)		(24,619	)
Other income (loss), net		(9,934,034	)		(503,422	)
TOTAL EARNINGS BEFORE INCOME TAXES	$	18,330,558		$	15,221,973
IDENTIFIABLE ASSETS:
Coil	$	115,232,245		$	56,670,109
Tubular		24,016,816			17,883,612
		139,249,061			74,553,721
General corporate assets		20,026,009			20,455,088
TOTAL ASSETS	$	159,275,070		$	95,008,809
DEPRECIATION:
Coil	$	974,119		$	653,708
Tubular		330,652			346,135
Corporate and other		15,663			13,074
	$	1,320,434		$	1,012,917
CAPITAL EXPENDITURES:
Coil	$	8,005,370		$	4,505,589
Tubular		20,709			78,061
Corporate and other		38,520			25,967
	$	8,064,599		$	4,609,617

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest 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 fiscal 2022 consisted primarily of a loss of $11,636,120 on derivative instruments not designated for hedge accounting partially offset by a $1,706,614 gain associated with the forgiveness of the Company's Paycheck Protection Program loan. Other income (loss) for fiscal 2021 consisted primarily of a $515,160 loss related to derivatives not designated for hedge accounting. At March 31, 2022 and March 31, 2021, corporate assets consisted primarily of cash, restricted cash, net deferred tax asset, income taxes recoverable 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.

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-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Note 14 - Revenue

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

14. 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 in the fiscal years ended March 31, 2022 and March 31, 2021. The pipe finishing facility is currently idled. The following table disaggregates our revenue by product for each of our reportable business segments for the fiscal years ended March 31, 2022 and 2021, respectively:

	*Fiscal Year Ended March 31,*
	*2022*		2021
Coil Segment:
Prime Coil	$	219,483,437	$	85,933,199
Non-standard Coil		9,596,821		8,414,060
Customer Owned Coil		1,357,891		917,296
	$	230,438,149	$	95,264,555
Tubular Segment:
Manufactured Pipe	$	44,484,652	$	25,554,333
Mill Reject Pipe		10,311,951		5,283,645
	$	54,796,603	$	30,837,978

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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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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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (c)
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+ Details

Note 15 - Subsequent Events

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

15. SUBSEQUENT EVENTS

On April 26, 2022, the Company entered into a definitive agreement with Plateplus Inc. (“Plateplus”) whereby the Company acquired the real estate, buildings, equipment, inventory, and other assets of Plateplus’ East Chicago, IN and Granite City, IL facilities and certain steel inventory and client relationships at Plateplus’ Loudon, TN and Houston, TX facilities (the “Acquisition”). The addition of the East Chicago and Granite City locations to the Company's coil segment expands the Company's competitive footprint. Plateplus' relationships that were historically serviced out of Plateplus' Loudon and Houston locations will be transitioned to Friedman’s facilities in Decatur, AL and Sinton, TX, respectively, providing immediate and meaningful operating efficiencies and cost synergies. The Acquisition closed effective as of midnight on April 30, 2022. Under the terms of the agreement, the Company acquired the assets for approximately $63.8 million in cash and 516,041 shares of the Company’s common stock. All of the $63.8 million cash portion was financed by the Company's ABL facility. The Company's accounting and purchase price allocation for the acquisition is not yet complete. The final purchase price is subject to adjustment based on final net working capital levels. The shares issued to Plateplus in connection with the Acquisition are subject to a six-month lock-up period during which period the shares will be subject to certain restrictions on transfer.

The Company financed the transaction through the expansion of its existing $75 million asset-based lending facility provided by JPMorgan Chase Bank to $150 million. On April 29, 2022, the Company entered into a Second Amendment to the ABL Facility. The Second Amendment amends the ABL facility in order to increase the asset-based revolving loans available thereunder from an aggregate principal amount of up to $75 million to an aggregate principal amount of up to $150 million. Subject to the conditions set forth in the ABL Facility (as amended by the Second Amendment), the ABL Facility may be increased by up to an aggregate of $25 million, in minimum increments of $5 million. The Second Amendment also changed the interest rate applicable to floating rate borrowings from the prime rate to the prime rate minus 1%, increased the account receivable borrowing base component from 85% of eligible accounts receivable to 90% of eligible accounts receivable, and added covenant trigger provisions whereby the fixed charge coverage ratio covenant is only tested when availability falls below the greater of 15% of the revolving commitment or $22.5 million.

On July 6, 2022, the Company entered into a Third Amendment to the ABL Facility. The Third Amendment amends the ABL Facility in order to provide for the syndication of the asset-based revolving loans available thereunder with BMO Harris Bank, N.A. The Third Amendment also amends provisions of the ABL Facility authorizing the Agent to make protective advances under the ABL Facility and adds a covenant requiring each of the Company and its subsidiaries to maintain the Agent as its principal depository bank. In connection with the Third Amendment, the Company also entered into a new Revolving Note payable to BMO Harris Bank, N.A. in a principal amount of up to $50 million.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2022

Notes to Financial Statements

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

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

FRIEDMAN INDUSTRIES, INCORPORATED

Description	*Balance at*
	*Beginning*							*Balance at*
	*of Period*		*Additions (A)*		*Deductions (B)*			*End of Period*
Year ended March 31, 2022
Allowance for doubtful accounts receivable (deducted from related asset account)	$	17,834	$	66,985	$	—		$	84,819
Year ended March 31, 2021
Allowance for doubtful accounts receivable (deducted from related asset account)	$	67,417	$	—	$	(49,583	)	$	17,834

(A)	Additions consist of charges to bad debt expense of $66,985 and $0 during fiscal years 2022 and 2021, respectively.

(B)	Deductions consist of accounts receivable written off of $0 and $49,583 during fiscal years 2022 and 2021, respectively.

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

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.

Revenue [Policy Text Block]

REVENUE RECOGNITION: Revenue is generated primarily from contracts to manufacture or process steel 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. SeeNote 14 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 doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts 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 $84,819 and $17,834 at March 31, 2022 and March 31, 2021, respectively.

Inventory, Policy [Policy Text Block]

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. The Company did not have any lower of cost or net realizable value adjustments during fiscal 2022. During the first quarter of fiscal 2021, tubular finished goods inventory was written down $274,093 to lower the carrying value to net realizable value. 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.

The following is a summary of inventory by product group:

	*March 31,*
	*2022*		2021
Prime coil inventory	$	50,482,022	$	23,079,012
Non-standard coil inventory		1,063,374		1,419,055
Tubular raw material		9,049,598		2,607,197
Tubular finished goods		7,351,128		8,910,829
	$	67,946,122	$	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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc.

Derivatives, Policy [Policy Text Block]

DERIVATIVE INSTRUMENTS: From time to time, the Company may use futures contracts to partially manage exposure to price risk. The Company elects 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 6 for further information about the Company's derivative instruments.

Property, Plant and Equipment, Policy [Policy Text Block]

PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost. 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)		20
Machinery and equipment (in years)		10 to 15
Yard improvements (in years)		5 to 15
Loaders and other rolling stock (in years)		5 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. Long-lived assets to be disposed of by sale are reported at the lower of the carrying amount or fair value less cost to sell. The Company did not identify any indicators of impairment during fiscal 2022 or fiscal 2021.

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.

Debt, Policy [Policy Text Block]

PAYCHECK PROTECTION PROGRAM LOAN: During fiscal 2021, the Company received a Paycheck Protection Program loan ("PPP Loan") as provided by the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company accounted for the PPP Loan in accordance with Accounting Standards Codification 470 - Debt. The principal balance of the loan and accrued interest payable were recorded as liabilities on the Company's Consolidated Balance Sheet at March 31, 2021. During the first quarter of fiscal 2022, the Company was granted full forgiveness of the PPP Loan. The forgiven principal and accrued interest were recognized as a gain on extinguishment of debt and recorded in "Other income (loss), net" on the Company's Statement of Operations for fiscal 2022. See Note 3 for additional information about the PPP Loan.

Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was $119,591 and $108,609 at March 31, 2022 and March 31, 2021, respectively. The transfer of a life insurance policy to an officer is a noncash transaction.

Shipping Costs [Policy Text Block]

SHIPPING COSTS: Sales are increased for freight billed to customers and freight costs are charged to cost of products sold.

Supplemental Cash Flow Information [Policy Text Block]

SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid interest of approximately $213,000 and $8,000 in fiscal 2022 and fiscal 2021, respectively. The Company paid income taxes of approximately $8,347,000, net of a tax refund of approximately $423,000, in fiscal 2022 and paid income taxes of approximately $10,000 in fiscal 2021. At March 31, 2022, the "Construction in process" balance of $15,925,306 consisted of $8,081,524 in accrued capital expenditures related to the Sinton facility for which cash outlay had not occurred.

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 include forecasted purchases of hot-rolled coil and forecasted sales of prime coil inventory and manufactured pipe inventory in relation to hedging activities and the fair value of the pipe finishing facility, when impaired. From time to time, the Company hedges forecasted purchases and sales and may designate those transactions for hedge accounting. If the original forecasts are subsequently reduced, it could result in the Company’s hedged positions exceeding revised forecasts, thus warranting immediate recognition in earnings of previously deferred hedge income or losses associated with excess hedges. A pattern of missed forecasts could call into question the Company’s ability to accurately predict forecasted transactions and the propriety of using hedge accounting in the future for similar forecasted transactions. To mitigate against the negative consequences of missing forecasts we have set an internal policy to designate hedging instruments for accounting purposes only up to 75% of forecasted sales or purchases. Determination of forecasted purchases of hot-rolled coil and forecasted sales of prime coil inventory and manufactured pipe inventory require the Company to make assumptions related to customer demand and the volume and timing of inventory purchases. If impairment indicators are present, the pipe-finishing facility impairment analysis requires assumptions related to future operations of the facility and estimates related to the replacement cost and value in exchange for the assets. 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. In March 2020, U.S. Steel announced the idling of their Lone Star Tubular Operations which was the sole supplier of mill reject pipe to the Company. U.S. Steel's facility was idled as announced and the Company's receipts of mill reject pipe ceased in August 2020. At March 31, 2022, we had approximately 1,200 tons of mill reject inventory with substantially all of this material expected to sell in the following quarter. For the fiscal year ended March 31, 2022, sales of mill reject pipe totaled approximately $10,312,000 and accounted for approximately $3,824,000 of the tubular segment's operating profit for the period with approximately $1,280,000 of allocated operating, administrative and selling expenses included in the calculation of operating profit related to mill reject pipe. For the fiscal year ended March 31, 2021, sales of mill reject pipe totaled approximately $5,284,000 and accounted for approximately $1,313,000 of the tubular segment's operating profit for the period with approximately $802,000 of allocated operating, administrative and selling expenses included in the calculation of operating profit related to mill reject pipe. The Company is expanding its manufactured pipe sales to counteract the impact of mill reject sales ending in the near future.

Coil segment sales to O'Neal Steel accounted for approximately 11% of total Company sales in fiscal 2022. No other customers accounted for 10% or more of total Company sales in fiscal 2022. For fiscal year 2021, no individual customer accounted for 10% or more of total Company sales.

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 steel 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]

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 Consolidated Financial Statements.

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*March 31,*
	*2022*		2021
Prime coil inventory	$	50,482,022	$	23,079,012
Non-standard coil inventory		1,063,374		1,419,055
Tubular raw material		9,049,598		2,607,197
Tubular finished goods		7,351,128		8,910,829
	$	67,946,122	$	36,016,093

Property, Plant and Equipment [Table Text Block]

Buildings (in years)		20
Machinery and equipment (in years)		10 to 15
Yard improvements (in years)		5 to 15
Loaders and other rolling stock (in years)		5 to 15

Note 2 - Equity Compensation Plans and Capital Stock (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2020		270,000		$	6.37
Granted		89,625	(1)		5.64
Vested		(20,000	)		8.23
Unvested at March 31, 2021		339,625		$	6.07
Granted		10,190			12.56
Vested		(210,292	)		6.46
Unvested at March 31, 2022		139,523		$	5.96

Note 4 - Leases (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

Lease, Cost [Table Text Block]

	*Twelve Months*		*Twelve Months*
	*Ended March 31,*		*Ended March 31,*
	*2022*		*2021*
Finance lease – amortization of ROU asset	$	102,689	$	100,728
Finance lease – interest on lease liability		6,202		8,164
Operating lease expense		58,536		56,286
	$	167,427	$	165,178

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

	*March 31, 2022*		*March 31, 2021*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	113,168	$	4,850	Other assets
Finance lease right-of-use asset		455,948		481,880	Property, plant & equipment
Total right-of-use assets	$	569,116	$	486,730

Liabilities
Operating lease liability, current	$	52,270	$	4,850	Accrued expenses
Finance lease liability, current		104,689		102,689	Current portion of finance lease
Operating lease liability, non-current		60,898		—	Other non-current liabilities
Finance lease liability, non-current		160,869		265,557	Other non-current liabilities
Total lease liabilities	$	378,726	$	373,096

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

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2023		58,536			108,892
Fiscal 2024		58,536			108,892
Fiscal 2025		4,878			54,445
Fiscal 2026		—			—
Fiscal 2027		—			—
Total undiscounted lease payments	$	121,950		$	272,229
Less: imputed interest		(8,782	)		(6,671	)
Present value of lease liability	$	113,168		$	265,558

Note 6 - Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2022

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 liability	$8,905,500

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$4,240,740	Current portion of derivative liability	$5,524,020

	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
	*Pre-Tax Gain*			*Location of Gain (Loss)*	*(Loss) Reclassified*
	*(Loss)*			*Reclassified from*	*from AOCI*
	*Recognized in OCI*			*AOCI into Net Earnings*	*into Net Earnings*

For the twelve months ended March 31, 2022
Hot-rolled coil steel contracts	$	(19,907,820	)	*Sales*	$	(31,752,920	)
				*Costs of goods sold*	10,632,900
Total	$	(19,907,820	)		$	(21,120,020	)

For the twelve months ended March 31, 2021
Hot-rolled coil steel contracts	$	(14,751,900	)	*Costs of goods sold*	$	6,414,500
Total	$	(14,751,900	)		$	6,414,500

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

		*Loss Recognized in Earnings*
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2022*
Hot-rolled coil steel contracts	Other income (loss), net	$	(11,636,120	)

		Loss Recognized in Earnings
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2021*
Hot-rolled coil steel contracts	Other income (loss), net		(515,160	)

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		(15,098,091	)
Total loss reclassified from AOCI (1)		16,017,423
Net current period other comprehensive income		919,332
Balance at March 31, 2022	$	(10,268,509	)

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2020	$	—
Other comprehensive loss, net of income, before reclassification		(6,323,084	)
Total gain reclassified from AOCI (1)		(4,864,757	)
Net current period other comprehensive loss		(11,187,841	)
Balance at March 31, 2021	$	(11,187,841	)

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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+ Details

Note 7 - Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2022

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	$	(10,188,780	)	$	—	$	—	$	(10,188,780	)
Total	$	(10,188,780	)	$	—	$	—	$	(10,188,780	)

	*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	)	$	—	$	—	$	(7,407,000	)
Total	$	(7,407,400	)	$	—	$	—	$	(7,407,000	)

Note 8 - Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

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

	*Year Ended March 31,*
	*2022*		2021
Numerator (basic and diluted)
Net earnings	$	14,066,322	$	11,424,475
Less: Allocation to unvested restricted stock units		543,054		492,462
Net earnings attributable to common shareholders		13,523,268		10,932,013

Denominator (basic and diluted)
Weighted average common shares outstanding		6,623,769		6,703,654

Note 9 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

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

	*Year Ended March 31,*
	*2022*			2021
Federal
Current	$	3,881,166		$	1,904,797
Deferred		(478,918	)		1,100,368
		3,402,248			3,005,165
State
Current		944,809			554,212
Deferred		(82,821	)		238,121
		861,988			792,333
Total	$	4,264,236		$	3,797,498

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

	*Year Ended March 31,*
	*2022*			2021
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.7			4.1
Other		(1.4	)		(0.1	)
Provision for income taxes		23.3	%		25.0	%

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

	*March 31,*
	*2022*			2021
Deferred tax liabilities:
Depreciation	$	(1,788,033	)	$	(1,945,788	)
LIFO to average cost Section 481(a) adjustment		—			(301,110	)
Total deferred tax liabilities		(1,788,033	)		(2,246,898	)
Deferred tax assets:
Unrealized derivative loss - OCI		3,271,192			3,564,059
Inventory capitalization		98,227			63,468
Postretirement benefits other than pensions		28,893			26,240
Restricted stock compensation		69,122			328,434
Unrealized loss - mark to market derivatives		388,213			94,306
Other		65,681			34,815
Total deferred tax assets		3,921,328			4,111,322
Net deferred tax asset	$	2,133,295		$	1,864,424

Note 10 - Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

	*Twelve Months Ended March 31, 2022*
	*Before-Tax*		*Tax Provision*			*Net-of-Tax*

Cash flow hedges	$	1,212,200	$	(292,868	)	$	919,332
Other comprehensive income	$	1,212,200	$	(292,868	)	$	919,332

	*Twelve Months Ended March 31, 2021*
	*Before-Tax*			*Tax Benefit*		*Net-of-Tax*

Cash flow hedges	$	(14,751,900	)	$	3,564,059	$	(11,187,841	)
Other comprehensive loss	$	(14,751,900	)	$	3,564,059	$	(11,187,841	)

Note 13 - Industry Segment Data (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

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

	*Year Ended March 31,*
	*2022*			2021
NET SALES:
Coil	$	230,438,149		$	95,264,555
Tubular		54,796,603			30,837,978
TOTAL NET SALES	$	285,234,752		$	126,102,533
OPERATING PROFIT:
Coil	$	31,790,710		$	16,466,713
Tubular		2,423,655			2,923,399
TOTAL OPERATING PROFIT		34,214,365			19,390,112
General corporate expenses		(5,694,453	)		(3,640,098	)
Interest expense		(255,320	)		(24,619	)
Other income (loss), net		(9,934,034	)		(503,422	)
TOTAL EARNINGS BEFORE INCOME TAXES	$	18,330,558		$	15,221,973
IDENTIFIABLE ASSETS:
Coil	$	115,232,245		$	56,670,109
Tubular		24,016,816			17,883,612
		139,249,061			74,553,721
General corporate assets		20,026,009			20,455,088
TOTAL ASSETS	$	159,275,070		$	95,008,809
DEPRECIATION:
Coil	$	974,119		$	653,708
Tubular		330,652			346,135
Corporate and other		15,663			13,074
	$	1,320,434		$	1,012,917
CAPITAL EXPENDITURES:
Coil	$	8,005,370		$	4,505,589
Tubular		20,709			78,061
Corporate and other		38,520			25,967
	$	8,064,599		$	4,609,617

Note 14 - Revenue (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Fiscal Year Ended March 31,*
	*2022*		2021
Coil Segment:
Prime Coil	$	219,483,437	$	85,933,199
Non-standard Coil		9,596,821		8,414,060
Customer Owned Coil		1,357,891		917,296
	$	230,438,149	$	95,264,555
Tubular Segment:
Manufactured Pipe	$	44,484,652	$	25,554,333
Mill Reject Pipe		10,311,951		5,283,645
	$	54,796,603	$	30,837,978

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Mar. 31, 2022

Notes Tables

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, 2022
Allowance for doubtful accounts receivable (deducted from related asset account)	$	17,834	$	66,985	$	—		$	84,819
Year ended March 31, 2021
Allowance for doubtful accounts receivable (deducted from related asset account)	$	67,417	$	—	$	(49,583	)	$	17,834

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2022 USD ($) T	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance		$ 84,819	$ 17,834	$ 17,834
Inventory Write-down	$ 274,093	0		274,093
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		213,000		8,000
Income Taxes Paid, Net, Total		8,347,000		10,000
Proceeds from Income Tax Refunds		423,000
Construction in Progress, Gross		15,925,306	9,614	9,614
Capital Expenditures Incurred but Not yet Paid		$ 8,081,524
Unrecognized Tax Benefits, Ending Balance			0	0
Inventory, Material Weight (US Ton) \| T		1,200
Revenue from Contract with Customer, Including Assessed Tax		$ 285,234,752	126,102,533	126,102,533
Revenue from Contract with Customer, Including Assessed Tax		28,264,592	15,725,395
Revenue from Contract with Customer, Including Assessed Tax		$ 12,467,366	7,835,184
Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| O'Neal Steel [Member]
Concentration Risk, Percentage		11.00%
Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 54,796,603		30,837,978
Mill Reject Pipe [Member]
Revenue from Contract with Customer, Including Assessed Tax		10,312,000		5,284,000
Mill Reject Pipe [Member] \| Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax		10,311,951		5,283,645
Revenue from Contract with Customer, Including Assessed Tax		3,824,000		1,313,000
Revenue from Contract with Customer, Including Assessed Tax		1,280,000		802,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits			$ 108,609	$ 108,609
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits		$ 119,591

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Inventory, Net, Total	$ 67,946,122	$ 36,016,093
Prime Coil Inventory [Member]
Raw materials	50,482,022	23,079,012
Non-standard Coil Inventory [Member]
Raw materials	1,063,374	1,419,055
Tubular Inventory [Member]
Raw materials	9,049,598	2,607,197
Finished goods	$ 7,351,128	$ 8,910,829

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	12 Months Ended
	Mar. 31, 2022
Building [Member]
Buildings (in years) (Year)	20 years
Building [Member] \| Minimum [Member]
Buildings (in years) (Year)	10 years
Building [Member] \| Maximum [Member]
Buildings (in years) (Year)	15 years
Yard Improvements [Member] \| Minimum [Member]
Buildings (in years) (Year)	5 years
Yard Improvements [Member] \| Maximum [Member]
Buildings (in years) (Year)	15 years
Loaders and Other Rolling Stock [Member] \| Minimum [Member]
Buildings (in years) (Year)	5 years
Loaders and Other Rolling Stock [Member] \| Maximum [Member]
Buildings (in years) (Year)	15 years

Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 01, 2022	Jun. 25, 2020	Sep. 01, 2016
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)				1,062,067
Treasury Stock, Shares, Acquired (in shares)		253,220
Treasury Stock, Value, Acquired, Cost Method	$ 537,855	$ 1,727,378
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)		6,312
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	1,000,000
Preferred Stock, Par or Stated Value Per Share (in shares)	1		0
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	$ 537,855	$ 1,727,378
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					500,000
2016 Restricted Stock Plan [Member] \| Restricted Stock [Member]
Share-based Payment Arrangement, Expense	449,089	527,671
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 546,000	$ 867,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 2 months 12 days	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	130,185
2016 Restricted Stock Plan [Member] \| Treasury Stock [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		50,000

Note 3 - Debt (Details Textual)		1 Months Ended	10 Months Ended	12 Months Ended
Note 3 - Debt (Details Textual)	Mar. 11, 2022 USD ($)	Apr. 30, 2020 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	May 19, 2021 USD ($)	Apr. 12, 2021 USD ($)	Mar. 08, 2021 USD ($)
Proceeds from Issuance of Unsecured Debt				$ 0	$ 1,690,385
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]
Line of Credit Facility, Maximum Borrowing Capacity				68,400,000
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000,000		$ 75,000,000	75,000,000		$ 40,000,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	85.00%		85.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85.00%		85.00%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.10
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 10,000,000		$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000		$ 5,000,000
Long-Term Line of Credit, Total				$ 18,436,457
Line of Credit Facility, Interest Rate at Period End				2.72%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.80%
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Unsecured Debt		$ 1,690,385
Gain (Loss) on Extinguishment of Debt, Total					$ 1,706,614
Paycheck Protection Program CARES Act [Member] \| Nonoperating Income (Expense) [Member]
Gain (Loss) on Extinguishment of Debt, Total				$ 1,706,614

Note 4 - Leases (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
Note 4 - Leases (Details Textual) - USD ($)	Oct. 31, 2019	Mar. 31, 2022	Dec. 31, 2021
Operating Lease, Monthly Payments		$ 4,878
Finance Lease, Liability, Payment, Due, Total		$ 272,229
Operating Lease, Weighted Average Remaining Lease Term (Year)		2 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		2 years 6 months
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 4 - Leases - Lease Cost (Details) - USD ($)	12 Months Ended
Note 4 - Leases - Lease Cost (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Finance lease – amortization of ROU asset	$ 102,689	$ 100,728
Finance lease – interest on lease liability	6,202	8,164
Operating lease expense	58,536	56,286
Lease, Cost, Total	$ 167,427	$ 165,178

Note 4 - Leases - Balance Sheet Information (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Total right-of-use assets	$ 569,116	$ 486,730
Finance lease liability, current	104,689	102,689
Total lease liabilities	378,726	373,096
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	113,168	4,850
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	455,948	481,880
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	52,270	4,850
Current Portion of Financing Lease [Member]
Finance lease liability, current	104,689	102,689
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	60,898	0
Finance lease liability, non-current	$ 160,869	$ 265,557

Note 4 - Leases - Maturities of Operating and Finance Lease (Details)	Mar. 31, 2022 USD ($)
Fiscal 2023, operating lease	$ 58,536
Fiscal 2023, finance leases	108,892
Fiscal 2024, operating lease	58,536
Fiscal 2024, finance leases	108,892
Fiscal 2025, operating lease	4,878
Fiscal 2025, finance leases	54,445
Fiscal 2026, operating lease	0
Fiscal 2026, finance leases	0
Fiscal 2027, operating lease	0
Fiscal 2027, finance leases	0
Operating lease, Total undiscounted lease payments	121,950
Finance lease, Total undiscounted lease payments	272,229
Operating lease, Less: imputed interest	(8,782)
Finance lease, Less: imputed interest	(6,671)
Present value of lease liability, finance lease	265,558
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 113,168

Note 5 - Property, Plant and Equipment (Details Textual)	12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	May 25, 2021 USD ($) ft² a
Capital Expenditures, Expected Cost			$ 21,000,000
Construction in Progress, Gross	$ 15,925,306	$ 9,614
Accumulated Depreciation, Depletion and Amortization, Wrote-off	2,060,226
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	26,002,820	30,180,893
Depreciation, Total	1,320,434	$ 1,012,917
Facility in Sinton, Texas [Member]
Area of Land (Acre) \| a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Construction in Progress, Gross	15,925,306
Payments for Construction in Process	7,843,782
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
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	$ 3,447,465

Note 6 - Derivative Financial Instruments (Details Textual)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($) T	Mar. 31, 2021 USD ($)
Derivative asset		$ 933,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		13,539,700
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total		5,102,597	$ 1,549,743
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		5,500,620
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		$ 8,039,080
Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T		24,880
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T		13,920
Not Designated as Hedging Instrument [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T		14,640
Other Current Assets [Member]
Derivative, Collateral, Right to Reclaim Cash		$ 13,523,416	12,001,485
Commodity Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Hedging Liabilities, Current			$ 501,360
Nonoperating Income (Expense) [Member]
Derivative, Gain (Loss) on Derivative, Net, Total	$ (9,930,720)

Note 6 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Hot-rolled coil steel contracts hedging sales	$ 933,200
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Long [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		$ 530,640
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		91,760
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities	8,905,500	7,890,700
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Other Noncurrent Liabilities [Member]
Derivative liabilities		50,420
Not Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales	4,240,740
Not Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 5,524,020	$ 88,680

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Hot-rolled coil steel contracts	$ (19,907,820)		$ (14,751,900)
Sales	(285,234,752)	$ (126,102,533)	(126,102,533)
Costs of goods sold	(244,247,474)	(102,517,335)
Total	(14,066,322)	$ (11,424,475)	(11,424,475)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Total	(21,120,020)		6,414,500
Hot-rolled Coil Future Contracts [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Sales	(31,752,920)
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	(19,907,820)
Hotrolled Coil Futures Contracts 2 [Member]
Hot-rolled coil steel contracts			(14,751,900)
Hotrolled Coil Futures Contracts 2 [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Costs of goods sold	$ 10,632,900		$ 6,414,500

- Definition

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

+ References

+ Details

- 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
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 4: 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Hot-rolled coil steel contracts	$ (1,216,500)	$ (0)
Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts	(11,636,120)
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ (11,636,120)	$ (515,160)

Note 6 - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Balance

$ 65,339,976

$ 66,865,367

Other comprehensive loss, net of income, before reclassification

(6,323,084)

Total loss reclassified from AOCI (1)

^[1]

(4,864,757)

Net current period other comprehensive income

919,332

(11,187,841)

Balance

79,686,648

65,339,976

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

Balance

(11,187,841)

Other comprehensive loss, net of income, before reclassification

(15,098,091)

Total loss reclassified from AOCI (1)

^[2]

16,017,423

Net current period other comprehensive income

919,332

Balance

$ (10,268,509)

$ (11,187,841)

[1]	The gain reclassified from AOCI is presented net of taxes of $83,311 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2020.
[2]	The loss reclassified from AOCI is presented net of tax benefit of $2,976,019 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2021.

- Definition

+ References

+ Details

Note 7- Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Commodity futures – financial liabilities, net	$ (10,188,780)	$ (7,407,000)
Total	(10,188,780)	(7,407,000)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net		(7,407,400)
Total	$ (10,188,780)	$ (7,407,400)

Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net earnings	$ 14,066,322	$ 11,424,475	$ 11,424,475
Less: Allocation to unvested restricted stock units	543,054		492,462
Net earnings attributable to common shareholders	$ 13,523,268		$ 10,932,013
Diluted (in shares)	6,623,769	6,703,654	6,703,654

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 9 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Current	$ 3,881,166		$ 1,904,797
Deferred	(478,918)		1,100,368
Federal Income Tax Expense (Benefit), Continuing Operations, Total	3,402,248		3,005,165
Current	944,809		554,212
Deferred	(82,821)		238,121
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	861,988		792,333
Income tax	$ 4,264,236	$ 3,797,498	$ 3,797,498

- Definition

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

+ References + Details

Note 9 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	3.70%	4.10%
Other	(1.40%)	(0.10%)
Provision for income taxes	23.30%	25.00%

Note 9 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Depreciation	$ (1,788,033)	$ (1,945,788)
LIFO to average cost Section 481(a) adjustment	0	(301,110)
Total deferred tax liabilities	(1,788,033)	(2,246,898)
Unrealized derivative loss - OCI	3,271,192	3,564,059
Inventory capitalization	98,227	63,468
Postretirement benefits other than pensions	28,893	26,240
Restricted stock compensation	69,122	328,434
Unrealized loss - mark to market derivatives	388,213	94,306
Other	65,681	34,815
Total deferred tax assets	3,921,328	4,111,322
Net deferred tax asset	$ 2,133,295	$ 1,864,424

Note 10 - Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow hedges	$ 1,212,200	$ (14,751,900)
Cash flow hedges	(292,868)	3,564,059
Cash flow hedges	919,332	(11,187,841)
Other comprehensive income	1,212,200	(14,751,900)
Other comprehensive income	(292,868)	3,564,059
Other comprehensive income	$ 919,332	$ (11,187,841)

Note 11 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Vesting Period (Year)	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation	15.00%
Defined Contribution Plan, Cost	$ 200,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 96,500	$ 49,500

- Definition

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

+ References + Details

Note 12 - Related Party Transactions (Details Textual)	12 Months Ended
Note 12 - Related Party Transactions (Details Textual)	Mar. 31, 2022 USD ($)
Maximum [Member]
Related Party Transaction, Amounts of Transaction	$ 120,000
Services [Member] \| Metal Edge [Member]
Related Party Transaction, Amounts of Transaction	$ 144,000

Note 13 - Industry Segment Data (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ (1,216,500)	$ (0)
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]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	(11,636,120)
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	(11,636,120)	(515,160)
Derivative Instruments Not Designated as Hedging Instruments, Loss		$ 515,160
Nonoperating Income (Expense) [Member] \| Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total	$ 1,706,614

Note 13 - Industry Segment Data - Segment Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533	$ 126,102,533
Operating profit (loss)	28,264,592	15,725,395
Interest expense	(255,320)	(24,619)	(24,619)
Other income (loss), net	(9,934,034)	(503,422)	(503,422)
TOTAL EARNINGS BEFORE INCOME TAXES	18,330,558	15,221,973	15,221,973
Identifiable assets	159,275,070	95,008,809	95,008,809
Depreciation	1,320,434		1,012,917
Capital expenditures	8,064,599		4,609,617
Coil [Member]
Net sales	230,438,149		95,264,555
Tubular [Member]
Net sales	54,796,603		30,837,978
Operating Segments [Member]
Operating profit (loss)	34,214,365		19,390,112
Identifiable assets	139,249,061	74,553,721	74,553,721
Operating Segments [Member] \| Coil [Member]
Net sales	230,438,149		95,264,555
Operating profit (loss)	31,790,710		16,466,713
Identifiable assets	115,232,245	56,670,109	56,670,109
Depreciation	974,119		653,708
Capital expenditures	8,005,370		4,505,589
Operating Segments [Member] \| Tubular [Member]
Net sales	54,796,603		30,837,978
Operating profit (loss)	2,423,655		2,923,399
Identifiable assets	24,016,816	17,883,612	17,883,612
Depreciation	330,652		346,135
Capital expenditures	20,709		78,061
Corporate, Non-Segment [Member]
General corporate expenses	(5,694,453)		(3,640,098)
Identifiable assets	20,026,009	$ 20,455,088	20,455,088
Depreciation	15,663		13,074
Capital expenditures	$ 38,520		$ 25,967

Note 14 - Revenue (Details Textual)	12 Months Ended
Note 14 - Revenue (Details Textual)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 285,234,752	$ 126,102,533	$ 126,102,533
Pipe Finishing Services [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0		$ 0

- Definition

+ References

+ Details

Note 14 - Revenue - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533	$ 126,102,533
Mill Reject Pipe [Member]
Net sales	10,312,000		5,284,000
Coil [Member]
Net sales	230,438,149		95,264,555
Coil [Member] \| Prime Coil [Member]
Net sales	219,483,437		85,933,199
Coil [Member] \| Secondary Coil [Member]
Net sales	9,596,821		8,414,060
Coil [Member] \| Customer Owned [Member]
Net sales	1,357,891		917,296
Tubular [Member]
Net sales	54,796,603		30,837,978
Tubular [Member] \| Manufactured Pipe [Member]
Net sales	44,484,652		25,554,333
Tubular [Member] \| Mill Reject Pipe [Member]
Net sales	$ 10,311,951		$ 5,283,645

- Definition

+ References

+ Details

Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Millions	Apr. 30, 2022	Apr. 29, 2022	Jul. 06, 2022	Mar. 31, 2022	Mar. 11, 2022	May 19, 2021	Apr. 12, 2021	Mar. 08, 2021
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 68.4
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 75.0	$ 75.0	$ 40.0
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase					10.0
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments					$ 5.0
Debt Instrument, Borrowing Base, Percent of Accounts Receivable				85.00%
Revolving Credit Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 20.0	$ 10.0
Subsequent Event [Member] \| ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 150.0
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase		25.0
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5.0
Debt Instrument, Borrowing Base, Percent of Accounts Receivable		90.00%
Debt Instrument, Debt Coverage Ratio, Trigger		15.00%
Subsequent Event [Member] \| ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Commitment Fee Amount		$ 22.5
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| BMO Harris Bank, N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50.0
Plateplus Inc. [Member] \| Subsequent Event [Member]
Payments to Acquire Productive Assets, Total	$ 63.8
Stock Issued During Period, Shares, Acquisitions (in shares)	516,041

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Credit Loss Expense (Reversal)	$ 66,985	$ 0
Accounts Receivable, Allowance for Credit Loss, Writeoff	0	$ 49,583
Cash Discount on Sales	$ 24

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Beginning of Period

$ 17,834

$ 67,417

Additions

^[1]

66,985

Deductions

^[2]

(49,583)

End of Period

$ 84,819

$ 17,834

[1]	Additions consist of charges to bad debt expense of $66,985 and $0 during fiscal years 2022 and 2021 , respectively.
[2]	Deductions consist of accounts receivable written off of $0 and $49,583 during fiscal years 2022 and 2021 , respectively.