0001437749-22-024042 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Oct. 12, 2022
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,368,613

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
CURRENT ASSETS:
Cash	$ 2,408,776	$ 2,598,102
Accounts receivable, net of allowances for bad debts and cash discounts of $99,819 at June 30, and March 31, 2022	76,480,080	35,670,657
Inventories	123,879,630	67,946,122
Current portion of derivative assets	3,480,720	4,240,740
Other current assets	2,722,402	14,906,194
TOTAL CURRENT ASSETS	208,971,608	125,361,815
PROPERTY, PLANT AND EQUIPMENT:
Land	1,669,831	1,179,831
Buildings and yard improvements	20,691,676	8,581,676
Machinery and equipment	36,094,594	30,422,066
Construction in process	19,422,533	15,925,306
Less accumulated depreciation	(26,533,922)	(26,002,820)
Property, plant, and equipment, net	51,344,712	30,106,059
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	413,055	157,248
Operating lease right-of-use asset	1,330,241	113,168
Deferred income tax asset	0	2,133,295
Income taxes recoverable	0	1,403,485
TOTAL ASSETS	262,059,616	159,275,070
CURRENT LIABILITIES:
Accounts payable and accrued expenses	47,566,633	44,803,602
Dividends payable	147,372	137,120
Contribution to retirement plan	175,000	250,000
Employee compensation and related expenses	3,093,819	1,085,676
Income taxes payable	1,576,267	0
Current portion of financing lease	105,195	104,689
Current portion of derivative liability	2,675,400	14,429,520
TOTAL CURRENT LIABILITIES	55,339,686	60,810,607
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	122,337	119,591
DEFERRED INCOME TAX LIABILITY	136,767	0
OTHER NON-CURRENT LIABILITIES	1,378,789	221,767
ASSET BASED LENDING FACILITY	102,367,007	18,436,457
TOTAL LIABILITIES	159,344,586	79,588,422
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,861,016 shares and 8,344,975 shares at June 30, and March 31, 2022, respectively	8,861,016	8,344,975
Additional paid-in capital	34,783,173	30,442,361
Accumulated other comprehensive loss	(3,094,392)	(10,268,509)
Treasury stock at cost (1,492,403 shares and 1,488,966 shares at June 30, and March 31, 2022, respectively)	(7,770,465)	(7,741,197)
Retained earnings	69,935,698	58,909,018
TOTAL STOCKHOLDERS’ EQUITY	102,715,030	79,686,648
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 262,059,616	$ 159,275,070

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Allowances for bad debts and cash discounts	$ 99,819	$ 99,819
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)	8,861,016	8,334,975
Treasury stock, shares (in shares)	1,492,403	1,488,966

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 161,803,090	$ 65,916,439
Costs and expenses:
Costs of products sold	143,131,162	48,586,504
Selling, general and administrative	6,352,792	3,350,110
Interest expense	429,381	23,210
Costs and Expenses, Total	149,913,335	51,959,824
EARNINGS FROM OPERATIONS	11,889,755	13,956,615
Other income, net	2,767,703	312,062
EARNINGS BEFORE INCOME TAXES	14,657,458	14,268,677
Provision for (benefit from) income taxes:
Current	3,488,446	3,067,888
Deferred	(15,362)	(111,008)
Income Tax Expense (Benefit), Total	3,473,084	2,956,880
NET EARNINGS	$ 11,184,374	$ 11,311,797
Net earnings per share:
Basic (in dollars per share)	$ 1.55	$ 1.64
Diluted (in dollars per share)	1.55	1.64
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 11,184,374	$ 11,311,797
Other comprehensive income (loss):
Cash flow hedges, net of tax	7,174,117	(13,693,337)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	7,174,117	(13,693,337)
Comprehensive income (loss)	$ 18,358,491	$ (2,381,540)

- Definition

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

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)

3 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Mar. 31, 2022

OPERATING ACTIVITIES

Net earnings

$ 11,184,374

$ 11,311,797

Adjustments to reconcile net earnings to cash provided by (used in) operating activities:

Depreciation

531,102

337,358

Deferred taxes

(15,362)

(111,008)

Compensation expense for restricted stock

73,153

121,704

Change in postretirement benefits

2,746

2,186

(Gain) loss recognized on open derivatives not designated for hedge accounting

(686,640)

2,953,960

Deferred realized gain (loss) on derivatives

(1,450,919)

(3,812,820)

Forgiveness of Paycheck Protection Program Loan

(1,706,614)

Decrease (increase) in operating assets, net of amounts acquired in business combination:

Accounts receivable

(40,809,423)

(9,606,421)

Inventories

21,613,081

(31,159,940)

Federal income taxes recoverable

1,403,485

Other current assets

584,045

233,347

Increase (decrease) in operating liabilities, net of amounts assumed in business combination:

Accounts payable and accrued expenses

(17,283,626)

29,300,241

Income taxes payable

1,576,267

2,167,025

Contribution to retirement plan

(75,000)

50,000

Employee compensation and related expenses

2,008,143

2,037,042

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

(21,344,574)

2,117,857

INVESTING ACTIVITIES

Purchase of property, plant and equipment

(2,811,797)

(2,756,265)

Increase in cash surrender value of officers’ life insurance

(3,463)

(2,896)

NET CASH USED IN INVESTING ACTIVITIES

(74,535,468)

(2,759,161)

FINANCING ACTIVITIES

Debt issuance cost

(239,887)

Cash dividends paid

(147,442)

(137,991)

Cash paid for principal portion of finance lease

(25,983)

(25,486)

Cash paid for share repurchases

(29,268)

Asset based lending facility proceeds

83,930,550

10,863,213

NET CASH PROVIDED BY FINANCING ACTIVITIES

83,487,970

10,699,736

INCREASE (DECREASE) IN CASH AND RESTRICTED CASH

(12,392,072)

10,058,432

CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD

16,121,518

20,192,486

$ 20,192,486

CASH AND RESTRICTED CASH AT END OF PERIOD

3,729,446

30,250,918

^[1]

$ 16,121,518

Plateplus Inc. [Member]

INVESTING ACTIVITIES

Plateplus business combination

$ (71,720,208)

$ 0

[1]

Cash and restricted cash at June 30, 2022 and March 31, 2022 included $1,320,670 and $13,523,416, respectively, of cash required to collateralize open derivative positions. These amounts are reported in "Other current assets" on the Company's consolidated balance sheets at June 30, 2022 and March 31, 2022. The Company had $29,360,060 in restricted cash at June 30, 2021.

Note A - Basis of Presentation

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

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

NOTE A — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2022.

Business Combinations

The results of a business acquired in a business combination are included in the Company’s financial statements from the date of acquisition. The Company allocates the purchase price to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. Acquisition-related transaction costs are expensed in the period in which the costs are incurred. Please refer to Note B for additional discussion of the acquisition completed by the Company during the quarter ended June 30, 2022.

Note B - Business Combinations

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE B — BUSINESS COMBINATIONS

On April 30, 2022, (the “Acquisition Date”), the Company acquired certain assets and liabilities of Plateplus, Inc. (“Plateplus”), a wholly owned subsidiary of Metal One, Inc. (“Metal One” or “Seller”), 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 at Plateplus’ Loudon, TN and Houston, TX facilities (the “Transaction”). The East Chicago and Granite City facilities are steel coil processing facilities that produce the same type of products as the Company's facilities in Hickman, AR and Decatur, AL and the Sinton, TX location where construction is concluding. As a result of the Transaction, the Company expanded its footprint and distribution capabilities in the mid-western United States.

The Transaction resulted in the Company acquiring all the ownership interests in the assets noted above, for a total consideration of $76.5 million, of which $71.7 million was cash consideration (inclusive of a final net working capital adjustment of $7.9 million accrued and reported as a component of "Accounts payable and accrued expenses" on the Condensed Consolidated Balance Sheet at June 30, 2022) and $4.8 million related to 516,041 shares of common stock issued by the Company. The fair value of the 516,041 shares issued was determined based on the closing market price of the Company’s common stock on April 29, 2022, the last trading day prior to the Acquisition Date. At the Acquisition Date, the Transaction was funded with net borrowings of $64.0 million made under the Company's asset-based lending facility ("ABL Facility") provided by JPMorgan Chase Bank. An additional $7.9 million was funded by the ABL Facility subsequent to June 30, 2022 to pay the final net working capital adjustment.

The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations, whereby the consideration transferred and the acquired identifiable assets and liabilities assumed are recorded at their respective fair values. The excess of the consideration transferred over the fair values of these identifiable net assets is recorded as goodwill. The Transaction resulted in no residual goodwill. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the Acquisition Date to estimate the fair value of assets acquired and liabilities assumed. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize its fair value estimates as soon as practicable but no later than one year from the Acquisition Date.

*Fair value of assets acquired and liabilities assumed*
Inventory	$ 77,546,000
Property, plant and equipment	18,022,000
Accounts payable	(19,065,000)
Total	$ 76,503,000

In addition to the above, the Company recognized an initial right-of-use ("ROU") asset and lease liability of $1,237,097 during the June 30, 2022 quarter related to the Granite City location. Additional information about this lease is provided in Note E.

The following unaudited pro forma consolidated operating results give effect to the Transaction as if it had been completed as of April 1, 2021. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Transaction had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.

		Three Months Ended June 30
		2022		2021
Net sales	$	181,203,523	$	113,143,769
Earnings from operations	$	11,608,382	$	14,387,891

Our consolidated statement of operations for the period ended June 30, 2022, includes net sales and earnings from operations of approximately $53.6 million and $4.3 million, respectively, attributable to the East Chicago and Granite City facilities acquired from Plateplus. At the Acquisition Date, the Company acquired the inventory on hand at Plateplus' Houston and Loudon facilities and also assumed inventory on order related to these locations. Plateplus provided toll processing services for this material for a period of time following the Acquisition Date. In addition to the East Chicago and Granite City sales and earnings from operations, our consolidated statement of operations for the period ended June 30, 2022, includes net sales and earnings from operations of approximately $28.6 million and $2.1 million, respectively, attributable to sales of inventory from Houston and Loudon where the fixed assets were not acquired. The Company recorded transaction specific costs of approximately $750,000 million in the period ended June 30, 2022 as a component of "Selling, general and administrative" expenses on the Condensed Consolidated Statement of Operation. Additional information about the debt issuance costs is provided in Note D.

Note C - Inventories

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C — INVENTORIES

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

A summary of inventory values by product group follows:

	*June 30, 2022*		*March 31, 2022*
Prime Coil Inventory	$	106,359,822	$	50,482,022
Non-Standard Coil Inventory		325,424		1,063,374
Tubular Raw Material		13,354,943		9,049,598
Tubular Finished Goods		3,839,441		7,351,128
	$	123,879,630	$	67,946,122

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.

Note D - Debt

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE D – DEBT

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

On March 8, 2021, the Company entered into a Credit Agreement providing for a $10 million revolving line of credit facility (the "Interim Credit Facility) with JPMorgan Chase Bank, N.A. (the "Bank"). The term of the Interim Credit Facility had an expiration date of July 15, 2021 because the Company was evaluating options for longer term credit arrangements. On April 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 amended and restated the Interim Credit Facility and provided 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. 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. The ABL Facility matures on May 19, 2026 and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus 1% 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) 90% of eligible accounts receivable, plus (b) the product of 85% multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of 15% of the revolving commitment or $22.5 million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than 1.10 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 $25 million, in minimum increments of $5 million. At June 30, 2022, the Company had a balance of $102,367,007 under the ABL Facility with an applicable interest rate of 3.20%. At June 30, 2022, the Company's borrowing base supported full access to the ABL Facility and the Company was in compliance with all covenants related to the ABL Facility.

The Company incurred debt issuance costs of $239,887 in connection with the Second Amendment to the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and will amortize these costs on an equal monthly basis over the remaining term of the ABL facility.

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. ("BMO") with JPMorgan Chase Bank serving as the arranging agent (the "Agent"). 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 Revolving Note payable to BMO in a principal amount of up to $50 million establishing BMO as a one-third syndicated participant in the Company's ABL facility.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Note E - Leases

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE E — LEASES

During the three months ended June 30, 2022, the Company was assigned an operating lease associated with the real property and leasehold improvements for the Granite City, IL facility acquired from Plateplus pursuant to the Transaction. The current lease expires August 31, 2023 but contains a 20 year extension option in favor of the Company which the Company expects to exercise. The lease calls for quarterly rental payments of $18,832. The Company recognized an initial right-of-use ("ROU") asset and lease liability of $1,237,097 during the June 30, 2022 quarter related to this lease. The anticipated 20 year extension of this lease is included in the ROU asset and lease liability calculation. The Company’s lease of its office space in Longview, Texas is the only other operating lease included in the Company's ROU assets and lease liabilities. The lease calls for monthly rent payments of $4,878 and expires on April 30, 2024. The Company’s other operating leases for items such as IT equipment and storage space are either short-term in nature or immaterial.

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

The components of expense related to leases for the three months ended June 30, 2022 and 2021 are as follows:

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Finance lease – amortization of ROU asset	$	25,983	$	25,487
Finance lease – interest on lease liability		1,240		1,736
Operating lease expense		27,188		14,634
	$	54,411	$	41,857

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2022 and March 31, 2022:

	*June 30, 2022*		*March 31, 2022*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	1,330,241	$	113,168	Operating lease right-of-use asset
Finance lease right-of-use asset		449,465		455,948	Property, plant & equipment
Total right-of-use assets	$	1,779,706	$	569,116
Liabilities
Operating lease liability, current	$	98,289	$	52,270	Accrued expenses
Finance lease liability, current		105,195		104,689	Current portion of finance lease
Operating lease liability, non-current		1,244,409		60,898	Other non-current liabilities
Finance lease liability, non-current		134,380		160,869	Other non-current liabilities
Total lease liabilities	$	1,582,273	$	378,726

As of June 30, 2022, the weighted-average remaining lease term was 19.7 years for operating leases and 2.3 years for finance leases. The weighted average discount rate was 2.8% for operating leases and 1.9% for finance leases.

Maturities of lease liabilities as of June 30, 2022 were as follows:

	*Operating Leases*			*Finance Leases*
Fiscal 2023 (remainder of fiscal year)		100,397			81,669
Fiscal 2024		133,863			108,892
Fiscal 2025		80,205			54,446
Fiscal 2026		75,327			—
Fiscal 2027 and beyond		1,311,941			—
Total undiscounted lease payments	$	1,701,733		$	245,007
Less: imputed interest		(359,035	)		(5,432	)
Present value of lease liability	$	1,342,698		$	239,575

Note F - Property, Plant and Equipment

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

On May 25, 2021, the Company announced plans for a new facility in Sinton, Texas that would 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 with 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 to put the facility into service during October 2022 and estimates the total cost of the project to be approximately $22 million. The total estimated cost increased $1 million from previous estimates due primarily to adding a railcar mover, an additional heavy-duty forklift and additional railroad spur into the project. At June 30, 2022, the Company's construction in process related to the Sinton project was $19,422,533 consisting of $11,823,576 in cash payments and $7,598,957 of accrued capital expenditures.

Note G - Stock Based Compensation

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE G — STOCK BASED COMPENSATION

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

The following table summarizes the activity related to restricted stock awards for the three months ended June 30, 2022:

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2022		139,523		$	5.96
Cancelled or forfeited		—			—
Granted		—			—
Vested		(14,000	)		8.51
Unvested at June 30, 2022		125,523		$	5.68

Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $73,153 and $121,704 in the three months ended June 30, 2022 and 2021, respectively, relating to the stock awards issued under the Plan. As of June 30, 2022, unrecognized compensation expense related to stock awards was approximately $472,000, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of June 30, 2022, a total of 130,185 shares were still available to be issued under the Plan.

Note H - Derivative Financial Instruments

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to use derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 815 – Derivatives and Hedging (“ASC 815”). By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For those transactions designated as hedging instruments for accounting purposes, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

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

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

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

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

At June 30, 2022 and March 31, 2022, the Company held hot-rolled coil futures contracts which were designated as hedging instruments and classified as cash flow hedges, either as hedges of variable purchase prices or as hedges of variable sales prices. Accordingly, realized and unrealized gains and losses associated with the instruments are reported as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. During the three months ended June 30, 2022, 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 June 30, 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 assets	$	1,333,860

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	2,146,860	Current portion of derivative liability	$	2,675,400

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 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.

At June 30, 2022 and March 31, 2022, the Company reported $330,200 and $933,200, respectively, in "Other current assets" on its Consolidated Balance Sheets related to futures contracts which were closed but were pending cash settlement.

The notional amounts (quantities) of our cash flow hedges outstanding at June 30, 2022 consisted of 9,980 tons hedging sales with maturity dates ranging from July 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 loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented:

	*Pre-Tax Gain (Loss)*			*Location of Gain (Loss) Reclassified*	*Pre- Tax Gain (Loss) Reclassified from*
	*Recognized in OCI*			*from AOCI into Net Earnings*	*AOCI into Net Earnings*
For the three months ended June 30, 2022:
Hot-rolled coil steel contracts	$	8,833,360		*Sales*	$	(626,180	)
Total	$	8,833,360			$	(626,180	)

For the three months ended June 30, 2021:
Hot-rolled coil steel contracts	$	(32,807,460	)	*Sales*	$	(5,098,020	)
Hot-rolled coil steel contracts				*Costs of goods sold*	$	1,582,200
Total	$	(32,807,460	)		$	(3,515,820	)

The estimated amount of net losses recognized in AOCI at June 30, 2022 expected to be reclassified into net earnings (loss) within the succeeding twelve months is $4,080,160. This amount consists of $5,745,540 in realized losses associated with closed hedges and net unrealized gains of $1,665,380 associated with open hedges that was computed using the fair value of the cash flow hedges as of June 30, 2022 and is subject to change before actual reclassification from AOCI to net earnings (loss).

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three months ended June 30, 2022:

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2022*
Hot-rolled coil steel contracts	Other income (loss), net	$	2,754,240

The following table summarizes the loss recognized in earnings for derivative instruments not designated as hedging instruments during the three months ended June 30, 2021:

		Loss Recognized in Earnings
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2021*
Hot-rolled coil steel contracts	Other income, net	$	(1,388,960)

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at June 30, 2022 consisted of 6,980 tons of long positions with maturity dates ranging from August 2022 to December 2022 and 18,800 tons of short positions with maturity dates ranging from July 2022 to February 2023.

The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the periods presented:

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2022	$	(10,268,509	)
Other comprehensive income, net of loss, before reclassification		6,699,222
Total loss reclassified from AOCI (1)		474,895
Net current period other comprehensive income		7,174,117
Balance at June 30, 2022	$	(3,094,392	)

(1) The loss reclassified from AOCI is presented net of tax benefits of $151,285 which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three months ended June 30, 2022.

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(16,359,735	)
Total loss reclassified from AOCI (1)		2,666,398
Net current period other comprehensive loss		(13,693,337	)
Balance at June 30, 2021	$	(24,881,178	)

(1) The loss reclassified from AOCI is presented net of tax benefits of $849,422 which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three months ended June 30, 2021.

At June 30, 2022 and March 31, 2022, cash of $1,320,670 and $13,523,416, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at June 30, 2022 and March 31, 2022.

Note I - Fair Value Measurements

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE I — FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

Recurring Fair Value Measurements

At June 30, 2022, our financial assets, 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 assets, net	$	805,320	$	—	$	—	$	805,320
Total	$	805,320	$	—	$	—	$	805,320

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 June 30, 2022 and March 31, 2022, the Company did not have any fair value measurements on a non-recurring basis.

- Definition

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

+ References + Details

Note J - Segment Information

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Net sales
Coil	$	142,877	$	52,695
Tubular		18,926		13,221
Total net sales	$	161,803	$	65,916

Operating profit
Coil	$	13,543	$	13,256
Tubular		2,104		2,600
Total operating profit		15,647		15,856
General corporate expenses		3,329		1,876
Interest expense		429		23
Other income, net		2,768		312
Total earnings before income taxes	$	14,657	$	14,269

	*June 30, 2022*		*March 31, 2022*
Segment assets
Coil	$	233,397	$	115,232
Tubular		24,314		24,017
		257,711		139,249
Corporate assets		4,349		20,026
	$	262,060	$	159,275

Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income. 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 for the three months ended June 30, 2022 consisted primarily of a $2,754,240 gain related to derivatives not designated for hedge accounting. Other income for the three months ended June 30, 2021 consisted primarily of a $1,706,614 gain from the PPP Loan forgiveness partially offset by a $1,388,960 loss related to derivatives not designated for hedge accounting. Corporate assets consist primarily of cash, restricted cash and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

- Definition

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

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+ Details

Note K - Revenue

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE K — REVENUE

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

The Company has two reportable segments: Coil and Tubular. Coil primarily generates revenue from cutting to length hot-rolled steel coils. Coil segment revenue consists of three main product types: Prime Coil, Non-Standard Coil and Customer Owned Coil. Tubular primarily generates revenue from manufacturing and distributing steel pipe. Tubular segment revenue consists of two main product types: Manufactured Pipe and Mill Reject Pipe. In March 2020, U.S. Steel announced the idling of their Lone Star Tubular Operations which was the Company's sole supplier of mill reject pipe. U.S. Steel's facility was idled as announced and the Company's receipts of mill reject pipe ceased in August 2020. At June 30, 2022, the Company was sold out of mill reject pipe. The Company has expanded its focus on manufactured pipe sales to counteract the impact of mill reject pipe revenue concluding. The following table disaggregates our revenue by product for each of our reportable business segments for the three months ended June 30, 2022 and 2021, respectively:

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Coil Segment:
Prime Coil		140,980,354		49,751,884
Non-standard Coil		1,531,306		2,823,203
Customer Owned Coil		365,312		119,643
		142,876,972		52,694,730
Tubular Segment:
Manufactured Pipe		18,472,098		9,606,810
Mill Reject Pipe		454,020		3,614,899
		18,926,118		13,221,709

- Definition

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

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+ Details

Note L - Stockholders' Equity

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE L — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the three months ended June 30, 2022 and June 30, 2021:

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2022	$	8,344,975		(10,268,509	)	$	30,442,361	$	(7,741,197	)	$	58,909,018		$	79,686,648
Net earnings		—		—			—		—			11,184,374			11,184,374
Other comprehensive income		—		7,174,117			—		—			—			7,174,117
Paid in capital – restricted stock awards		—		—			73,153		—			—			73,153
Shares issued - Plateplus business combination		516,041		—			4,267,659		—			—			4,783,700
Repurchase of shares		—		—			—		(29,268	)		—			(29,268	)
Cash dividends ($0.02 per share)		—		—			—		—			(157,694	)		(157,694	)
BALANCE AT JUNE 30, 2022	$	8,861,016	$	(3,094,392	)	$	34,783,173	$	(7,770,465	)	$	69,935,698		$	102,715,030

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2021	$	8,334,785		(11,187,841	)	$	30,003,462	$	(7,203,342	)	$	45,392,912		$	65,339,976
Net earnings		—		—			—		—			11,311,797			11,311,797
Other comprehensive loss		—		(13,693,337	)		—		—			—			(13,693,337	)
Paid in capital – restricted stock awards		—		—			121,704		—			—			121,704
Cash dividends ($0.02 per share)		—		—			—		—			(137,865	)		(137,865	)
BALANCE AT JUNE 30, 2021	$	8,334,785	$	(24,881,178	)	$	30,125,166	$	(7,203,342	)	$	56,566,844		$	62,942,275

- Definition

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

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+ Details

Note M - Other Comprehensive Income

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

NOTE M — OTHER COMPREHENSIVE INCOME

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

	*Three Months Ended June 30, 2022*
	*Before-Tax*		*Tax*			*Net-of-Tax*

Cash flow hedges	$	9,459,540	$	(2,285,423	)	$	7,174,117
Other comprehensive income (loss)	$	9,459,540	$	(2,285,423	)	$	7,174,117

	*Three Months Ended June 30, 2021*
	*Before-Tax*			*Tax*		*Net-of-Tax*

Cash flow hedges	$	(18,055,560	)	$	4,362,223	$	(13,693,337	)
Other comprehensive income (loss)	$	(18,055,560	)	$	4,362,223	$	(13,693,337	)

Note N - Earnings Per Share

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE N — EARNINGS PER SHARE

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

	Three Months Ended
	June 30,
	2022		2021
Numerator (basic and diluted)
Net earnings	$	11,184,374	$	11,311,797
Less: Allocation to unvested restricted stock units		195,808		516,408
Net earnings attributable to common shareholders	$	10,988,566	$	10,795,389

Denominator (basic and diluted)
Weighted average common shares outstanding		7,071,066		6,584,912

For the three months ended June 30, 2022 and 2021, the Company allocated dividends and undistributed earnings to the unvested restricted stock units.

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

	Three Months Ended
	June 30,
	2022		2021
Restricted Stock Units		69,702		66,894

Note O - Supplemental Cash Flow Information

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid interest of approximately $429,000 during the three months ended June 30, 2022 and $23,000 during the three months ended June 30, 2021. The Company paid income taxes of approximately $40,000 during the three months ended June 30, 2022 and paid income taxes of approximately $616,000 during the three months ended June 30, 2021. At June 30, 2022, the “Construction in process” balance of $19,422,533 consisted of non-cash investing activities of $7,598,957 in accrued capital expenditures for which cash outlay had not occurred. During the three months ended June 30, 2022, the Company issued 516,041 shares of common stock as part of the Plateplus business combination resulting in non-cash investing activity of $4,783,700.

Note P - Income Taxes

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE P — INCOME TAXES

For the three months ended June 30, 2022, the Company recorded an income tax provision of $3,473,084, or 23.7% of earnings before income taxes, compared to an income tax provision of $2,956,880, or 20.7% of earnings before income taxes for the three months ended June 30, 2021. For the three months ended June 30, 2022, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision. For the three months ended June 30, 2021, the Company’s effective tax rate approximated the federal statutory rate due to a combination of the inclusion of state tax expenses in the provision and the exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision.

- Definition

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

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+ Details

Note B - Business Combinations (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

*Fair value of assets acquired and liabilities assumed*
Inventory	$ 77,546,000
Property, plant and equipment	18,022,000
Accounts payable	(19,065,000)
Total	$ 76,503,000

Business Acquisition, Pro Forma Information [Table Text Block]

		Three Months Ended June 30
		2022		2021
Net sales	$	181,203,523	$	113,143,769
Earnings from operations	$	11,608,382	$	14,387,891

Note C - Inventories (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*June 30, 2022*		*March 31, 2022*
Prime Coil Inventory	$	106,359,822	$	50,482,022
Non-Standard Coil Inventory		325,424		1,063,374
Tubular Raw Material		13,354,943		9,049,598
Tubular Finished Goods		3,839,441		7,351,128
	$	123,879,630	$	67,946,122

Note E - Leases (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Lease, Cost [Table Text Block]

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Finance lease – amortization of ROU asset	$	25,983	$	25,487
Finance lease – interest on lease liability		1,240		1,736
Operating lease expense		27,188		14,634
	$	54,411	$	41,857

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

	*June 30, 2022*		*March 31, 2022*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	1,330,241	$	113,168	Operating lease right-of-use asset
Finance lease right-of-use asset		449,465		455,948	Property, plant & equipment
Total right-of-use assets	$	1,779,706	$	569,116
Liabilities
Operating lease liability, current	$	98,289	$	52,270	Accrued expenses
Finance lease liability, current		105,195		104,689	Current portion of finance lease
Operating lease liability, non-current		1,244,409		60,898	Other non-current liabilities
Finance lease liability, non-current		134,380		160,869	Other non-current liabilities
Total lease liabilities	$	1,582,273	$	378,726

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

	*Operating Leases*			*Finance Leases*
Fiscal 2023 (remainder of fiscal year)		100,397			81,669
Fiscal 2024		133,863			108,892
Fiscal 2025		80,205			54,446
Fiscal 2026		75,327			—
Fiscal 2027 and beyond		1,311,941			—
Total undiscounted lease payments	$	1,701,733		$	245,007
Less: imputed interest		(359,035	)		(5,432	)
Present value of lease liability	$	1,342,698		$	239,575

Note G - Stock Based Compensation (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2022		139,523		$	5.96
Cancelled or forfeited		—			—
Granted		—			—
Vested		(14,000	)		8.51
Unvested at June 30, 2022		125,523		$	5.68

Note H - Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 30, 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 assets	$	1,333,860

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	2,146,860	Current portion of derivative liability	$	2,675,400

	*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

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

	*Pre-Tax Gain (Loss)*			*Location of Gain (Loss) Reclassified*	*Pre- Tax Gain (Loss) Reclassified from*
	*Recognized in OCI*			*from AOCI into Net Earnings*	*AOCI into Net Earnings*
For the three months ended June 30, 2022:
Hot-rolled coil steel contracts	$	8,833,360		*Sales*	$	(626,180	)
Total	$	8,833,360			$	(626,180	)

For the three months ended June 30, 2021:
Hot-rolled coil steel contracts	$	(32,807,460	)	*Sales*	$	(5,098,020	)
Hot-rolled coil steel contracts				*Costs of goods sold*	$	1,582,200
Total	$	(32,807,460	)		$	(3,515,820	)

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

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2022*
Hot-rolled coil steel contracts	Other income (loss), net	$	2,754,240

		Loss Recognized in Earnings
	*Location of Loss*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2021*
Hot-rolled coil steel contracts	Other income, net	$	(1,388,960)

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, 2022	$	(10,268,509	)
Other comprehensive income, net of loss, before reclassification		6,699,222
Total loss reclassified from AOCI (1)		474,895
Net current period other comprehensive income		7,174,117
Balance at June 30, 2022	$	(3,094,392	)

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(16,359,735	)
Total loss reclassified from AOCI (1)		2,666,398
Net current period other comprehensive loss		(13,693,337	)
Balance at June 30, 2021	$	(24,881,178	)

- 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
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Note I - Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 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 assets, net	$	805,320	$	—	$	—	$	805,320
Total	$	805,320	$	—	$	—	$	805,320

	*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	)

Note J - Segment Information (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

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

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Net sales
Coil	$	142,877	$	52,695
Tubular		18,926		13,221
Total net sales	$	161,803	$	65,916

Operating profit
Coil	$	13,543	$	13,256
Tubular		2,104		2,600
Total operating profit		15,647		15,856
General corporate expenses		3,329		1,876
Interest expense		429		23
Other income, net		2,768		312
Total earnings before income taxes	$	14,657	$	14,269

	*June 30, 2022*		*March 31, 2022*
Segment assets
Coil	$	233,397	$	115,232
Tubular		24,314		24,017
		257,711		139,249
Corporate assets		4,349		20,026
	$	262,060	$	159,275

Note K - Revenue (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*
	*June 30,*
	*2022*		*2021*
Coil Segment:
Prime Coil		140,980,354		49,751,884
Non-standard Coil		1,531,306		2,823,203
Customer Owned Coil		365,312		119,643
		142,876,972		52,694,730
Tubular Segment:
Manufactured Pipe		18,472,098		9,606,810
Mill Reject Pipe		454,020		3,614,899
		18,926,118		13,221,709

Note L - Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2022	$	8,344,975		(10,268,509	)	$	30,442,361	$	(7,741,197	)	$	58,909,018		$	79,686,648
Net earnings		—		—			—		—			11,184,374			11,184,374
Other comprehensive income		—		7,174,117			—		—			—			7,174,117
Paid in capital – restricted stock awards		—		—			73,153		—			—			73,153
Shares issued - Plateplus business combination		516,041		—			4,267,659		—			—			4,783,700
Repurchase of shares		—		—			—		(29,268	)		—			(29,268	)
Cash dividends ($0.02 per share)		—		—			—		—			(157,694	)		(157,694	)
BALANCE AT JUNE 30, 2022	$	8,861,016	$	(3,094,392	)	$	34,783,173	$	(7,770,465	)	$	69,935,698		$	102,715,030

			*Accumulated*
			*Other*
			*Comprehensive*			*Additional*
	*Common*		*Income,*			*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Net of Tax*			*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2021	$	8,334,785		(11,187,841	)	$	30,003,462	$	(7,203,342	)	$	45,392,912		$	65,339,976
Net earnings		—		—			—		—			11,311,797			11,311,797
Other comprehensive loss		—		(13,693,337	)		—		—			—			(13,693,337	)
Paid in capital – restricted stock awards		—		—			121,704		—			—			121,704
Cash dividends ($0.02 per share)		—		—			—		—			(137,865	)		(137,865	)
BALANCE AT JUNE 30, 2021	$	8,334,785	$	(24,881,178	)	$	30,125,166	$	(7,203,342	)	$	56,566,844		$	62,942,275

Note M - Other Comprehensive Income (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

	*Three Months Ended June 30, 2022*
	*Before-Tax*		*Tax*			*Net-of-Tax*

Cash flow hedges	$	9,459,540	$	(2,285,423	)	$	7,174,117
Other comprehensive income (loss)	$	9,459,540	$	(2,285,423	)	$	7,174,117

	*Three Months Ended June 30, 2021*
	*Before-Tax*			*Tax*		*Net-of-Tax*

Cash flow hedges	$	(18,055,560	)	$	4,362,223	$	(13,693,337	)
Other comprehensive income (loss)	$	(18,055,560	)	$	4,362,223	$	(13,693,337	)

Note N - Earnings Per Share (Tables)

3 Months Ended

Jun. 30, 2022

Notes Tables

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

	Three Months Ended
	June 30,
	2022		2021
Numerator (basic and diluted)
Net earnings	$	11,184,374	$	11,311,797
Less: Allocation to unvested restricted stock units		195,808		516,408
Net earnings attributable to common shareholders	$	10,988,566	$	10,795,389

Denominator (basic and diluted)
Weighted average common shares outstanding		7,071,066		6,584,912

	Three Months Ended
	June 30,
	2022		2021
Restricted Stock Units		69,702		66,894

Note B - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($)			3 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Sep. 30, 2022	Jun. 30, 2022
Business Combination, Consideration Transferred, Total		$ 76,500,000
Payments to Acquire Businesses, Gross		71,700,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 7,900,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 4,800,000		$ 4,783,700
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		516,041		516,041
Goodwill, Ending Balance		$ 0
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				$ 1,000,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability				1,237,097
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs				750,000
East Chicago and Granite City [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				53,600,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				4,300,000
Houston and Loudon [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				28,600,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 2,100,000
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 64,000,000.0
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Forecast [Member]
Business Combination, Consideration Transferred, Liabilities Incurred			$ 7,900,000

Note B - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details)	Apr. 30, 2022 USD ($)
Inventory	$ 77,546,000
Property, plant and equipment	18,022,000
Accounts payable	(19,065,000)
Total	$ 76,503,000

Note B - Business Combinations - Pro Forma Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net sales	$ 181,203,523	$ 113,143,769

Note C - Inventories - Schedule of Inventory (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Inventory, Net, Total	$ 123,879,630	$ 67,946,122
Prime Coil Inventory [Member]
Prime Coil Inventory	106,359,822	50,482,022
Non-standard Coil Inventory [Member]
Prime Coil Inventory	325,424	1,063,374
Tubular Inventory [Member]
Prime Coil Inventory	13,354,943	9,049,598
Tubular Finished Goods	$ 3,839,441	$ 7,351,128

Note D - Debt (Details Textual)		3 Months Ended		11 Months Ended	12 Months Ended
Note D - Debt (Details Textual)	Apr. 29, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 29, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jul. 06, 2022 USD ($)	Mar. 11, 2022 USD ($)	May 19, 2021 USD ($)	Apr. 12, 2021 USD ($)	Mar. 08, 2021 USD ($)
Gain (Loss) on Extinguishment of Debt, Total		$ (0)	$ 1,706,614
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25,000,000			$ 25,000,000
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		239,887,000,000
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000,000			$ 150,000,000			$ 75,000,000	$ 40,000,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90.00%			90.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85.00%			85.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15.00%			15.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22,500,000			$ 22,500,000
Debt Instrument, Covenant, Fixed Charge Coverage Ratio				1.10
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000			$ 5,000,000
Long-Term Line of Credit, Total		$ 102,367,007
Line of Credit Facility, Interest Rate at Period End		3.20%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
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]
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
BMO Harris Bank, N.A. [Member] \| Subsequent Event [Member]
Notes Payable, Total						$ 50,000,000

Note E - Leases (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
Note E - Leases (Details Textual) - USD ($)	Oct. 31, 2019	Jun. 30, 2022
Finance Lease, Liability, Payment, Due, Total		$ 245,007
Operating Lease, Weighted Average Remaining Lease Term (Year)		19 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		2 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent		2.80%
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
Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 1,237,097
Granite City, IL Facility [Member]
Lessee, Operating Lease, Renewal Term (Year)		20 years
Operating Lease, Quarterly Payments		$ 18,832
Granite City, IL Facility [Member] \| Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,237,097
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments		$ 4,878

Note E - Leases - Lease Cost (Details) - USD ($)	3 Months Ended
Note E - Leases - Lease Cost (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Finance lease – amortization of ROU asset	$ 25,983	$ 25,487
Finance lease – interest on lease liability	1,240	1,736
Operating lease expense	27,188	14,634
Lease, Cost, Total	$ 54,411	$ 41,857

Note E - Leases - Balance Sheet Information (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Operating lease right-of-use asset	$ 1,330,241	$ 113,168
Total right-of-use assets	1,779,706	569,116
Finance lease liability, current	105,195	104,689
Total lease liabilities	1,582,273	378,726
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	1,330,241	113,168
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	449,465	455,948
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	98,289	52,270
Current Portion of Financing Lease [Member]
Finance lease liability, current	105,195	104,689
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	1,244,409	60,898
Finance lease liability, non-current	$ 134,380	$ 160,869

Note E - Leases - Maturities of Operating and Finance Lease (Details)	Jun. 30, 2022 USD ($)
Operating lease,Fiscal 2023 (remainder of fiscal year)	$ 100,397
Finance lease, Fiscal 2023 (remainder of fiscal year)	81,669
Operating lease, Fiscal 2024	133,863
Finance lease, Fiscal 2024	108,892
Operating lease, Fiscal 2025	80,205
Finance lease, Fiscal 2025	54,446
Operating lease, Fiscal 2026	75,327
Finance lease, Fiscal 2026	0
Operating lease, Fiscal 2027 and beyond	1,311,941
Finance lease, Fiscal 2027 and beyond	0
Operating lease, Total undiscounted lease payments	1,701,733
Finance lease, Total undiscounted lease payments	245,007
Operating lease, Less: imputed interest	(359,035)
Finance lease, Less: imputed interest	(5,432)
Present value of lease liability, finance lease	239,575
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 1,342,698

Note F - Property, Plant and Equipment (Details Textual)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	May 25, 2021 USD ($) ft² a
Construction in Progress, Gross	$ 19,422,533	$ 15,925,306
Facility in Sinton, Texas [Member]
Area of Land (Acre) \| a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Capital Expenditures, Expected Cost			$ 22,000,000
Capital Expenditures, Increase in Expected Cost from Previous Estimate			$ 1,000,000
Construction in Progress, Gross	19,422,533
Payments for Construction in Process	11,823,576
Construction in Progress Expenditures Incurred but Not yet Paid	$ 7,598,957
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²			70,000

Note G - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($)		3 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				500,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense		$ 73,153	$ 121,704
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 472,000	$ 472,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	130,185	130,185

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]

3 Months Ended

Jun. 30, 2022

$ / shares

Unvested (in shares) | shares

139,523

Unvested (in dollars per share) | $ / shares

$ 5.96

Cancelled or forfeited (in shares) | shares

Cancelled or forfeited (in dollars per share) | $ / shares

$ 0

Granted (in shares) | shares

^[1]

Granted (in dollars per share) | $ / shares

$ 0

Vested (in shares) | shares

(14,000)

Vested (in dollars per share) | $ / shares

$ 8.51

Unvested (in shares) | shares

125,523

Unvested (in dollars per share) | $ / shares

$ 5.68

[1]	50,000 shares were issued out of treasury stock

Note H - Derivative Financial Instruments (Details Textual)	3 Months Ended
	Jun. 30, 2022 USD ($) T	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Derivative Asset, Total	$ 330,200		$ 933,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	4,080,160
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	1,320,670		$ 13,523,416
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total	151,285	$ 849,422
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	5,745,540
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 1,665,380
Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	9,980
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	18,800
Not Designated as Hedging Instrument [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	6,980

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Hot-rolled coil steel contracts hedging sales	$ 330,200	$ 933,200
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		4,240,740
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales	1,333,860
Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities		8,905,500
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	2,146,860
Not Designated as Hedging Instrument [Member] \| Hot-rolled Coil Future Contracts [Member] \| Short [Member] \| Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 2,675,400	$ 5,524,020

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Hot-rolled coil steel contracts	$ 8,833,360	$ (32,807,460)
Hot-rolled coil steel contracts	(161,803,090)	(65,916,439)
Costs of products sold	143,131,162	48,586,504
Total	(11,184,374)	(11,311,797)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts	(626,180)
Costs of products sold		1,582,200
Total		(3,515,820)
Hot-rolled Coil Future Contracts [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts	(626,180)
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	$ 8,833,360
Hotrolled Coil Futures Contracts 2 [Member]
Hot-rolled coil steel contracts		(32,807,460)
Hotrolled Coil Futures Contracts 2 [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts		$ (5,098,020)

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Hot-rolled coil steel contracts	$ 686,640	$ (2,953,960)
Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts	2,754,240
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 2,754,240	$ (1,388,960)

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

3 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Balance

$ 79,686,648

$ 65,339,976

Other comprehensive income, net of loss, before reclassification

$ (16,359,735)

Total loss reclassified from AOCI (1)

(2,666,398)

Net current period other comprehensive income

7,174,117

(13,693,337)

Balance

102,715,030

62,942,275

Total loss reclassified from AOCI (1)

2,666,398

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

Balance

(10,268,509)

(11,187,841)

Other comprehensive income, net of loss, before reclassification

6,699,222

Total loss reclassified from AOCI (1)

^[1]

474,895

Net current period other comprehensive income

7,174,117

Balance

(3,094,392)

$ (24,881,178)

Total loss reclassified from AOCI (1)

^[1]

$ (474,895)

[1]	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

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Note I- Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Derivative liabilities	$ 805,320	$ 10,188,780
Total	805,320	(10,188,780)
Commodity futures – financial liabilities, net	(805,320)	(10,188,780)
Fair Value, Inputs, Level 1 [Member]
Derivative liabilities		10,188,780
Total	$ 805,320	(10,188,780)
Commodity futures – financial liabilities, net		$ (10,188,780)

Note J - Segment Information (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 686,640	$ (2,953,960)
Gain (Loss) on Extinguishment of Debt, Total	(0)	1,706,614
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	2,754,240
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 2,754,240	(1,388,960)
Derivative Instruments Not Designated as Hedging Instruments, Loss		$ 1,388,960
Nonoperating Income (Expense) [Member] \| Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total			$ 1,706,614

Note J - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Net Sales	$ 161,803,090	$ 65,916,439
Operating profit (loss)	11,889,755	13,956,615
Interest expense	429,381	23,210
Other income, net	2,767,703	312,062
EARNINGS BEFORE INCOME TAXES	14,657,458	14,268,677
Assets	262,059,616		$ 159,275,070
Operating Segments [Member]
Operating profit (loss)	15,647,000	15,856,000
Assets	257,711,000		139,249,000
Corporate, Non-Segment [Member]
General corporate expenses	3,329,000	1,876,000
Assets	4,349,000		20,026,000
Coil [Member]
Net Sales	142,876,972	52,694,730
Coil [Member] \| Operating Segments [Member]
Net Sales	142,877,000	52,695,000
Operating profit (loss)	13,543,000	13,256,000
Assets	233,397,000		115,232,000
Tubular [Member]
Net Sales	18,926,118	13,221,709
Tubular [Member] \| Operating Segments [Member]
Net Sales	18,926,000	13,221,000
Operating profit (loss)	2,104,000	$ 2,600,000
Assets	$ 24,314,000		$ 24,017,000

Note K - Revenue (Details Textual)	3 Months Ended
Note K - Revenue (Details Textual)	Jun. 30, 2022
Number of Reportable Segments	2

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 161,803,090	$ 65,916,439
Coil [Member]
Net Sales	142,876,972	52,694,730
Coil [Member] \| Prime Coil [Member]
Net Sales	140,980,354	49,751,884
Coil [Member] \| Secondary Coil [Member]
Net Sales	1,531,306	2,823,203
Coil [Member] \| Customer Owned [Member]
Net Sales	365,312	119,643
Tubular [Member]
Net Sales	18,926,118	13,221,709
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	18,472,098	9,606,810
Tubular [Member] \| Mill Reject Pipe [Member]
Net Sales	$ 454,020	$ 3,614,899

- Definition

+ References

+ Details

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)		3 Months Ended
	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Balance		$ 79,686,648	$ 65,339,976
Net earnings		11,184,374	11,311,797
Other comprehensive income		7,174,117	(13,693,337)
Paid in capital – restricted stock awards		73,153	121,704
Repurchase of shares		(29,268)
Cash dividends		(157,694)	(137,865)
Net earnings		11,184,374	11,311,797
Balance		102,715,030	62,942,275
Plateplus Inc. [Member]
Shares issued - Plateplus business combination	$ 4,800,000	4,783,700
Common Stock [Member]
Balance		8,344,975	8,334,785
Net earnings			0
Other comprehensive income			0
Repurchase of shares		0
Net earnings			0
Balance		8,861,016	8,334,785
Common Stock [Member] \| Plateplus Inc. [Member]
Shares issued - Plateplus business combination		516,041
AOCI Attributable to Parent [Member]
Balance		(10,268,509)
Net earnings			0
Other comprehensive income		7,174,117	(13,693,337)
Repurchase of shares		0
Net earnings			0
Balance		(3,094,392)
AOCI Attributable to Parent [Member] \| Plateplus Inc. [Member]
Shares issued - Plateplus business combination		0
Additional Paid-in Capital [Member]
Balance		30,442,361	30,003,462
Net earnings			0
Other comprehensive income			0
Paid in capital – restricted stock awards		73,153	121,704
Repurchase of shares		0
Net earnings			0
Balance		34,783,173	30,125,166
Additional Paid-in Capital [Member] \| Plateplus Inc. [Member]
Shares issued - Plateplus business combination		4,267,659
Treasury Stock [Member]
Balance		(7,741,197)	(7,203,342)
Net earnings			0
Other comprehensive income			0
Repurchase of shares		(29,268)
Net earnings			0
Balance		(7,770,465)	(7,203,342)
Treasury Stock [Member] \| Plateplus Inc. [Member]
Shares issued - Plateplus business combination		0
Retained Earnings [Member]
Balance		58,909,018	45,392,912
Net earnings		11,184,374	11,311,797
Other comprehensive income			0
Repurchase of shares		0
Cash dividends		(157,694)	(137,865)
Net earnings		11,184,374	11,311,797
Balance		69,935,698	$ 56,566,844
Retained Earnings [Member] \| Plateplus Inc. [Member]
Shares issued - Plateplus business combination		$ 0

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Note M - Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021
Cash flow hedges, before tax	$ 9,459,540	$ (18,055,560)
Cash flow hedges, tax	(2,285,423)	4,362,223
Cash flow hedges	7,174,117	(13,693,337)
Other comprehensive income (loss), before tax	9,459,540	(18,055,560)
Other comprehensive income (loss), tax	(2,285,423)	4,362,223
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	$ 7,174,117	$ (13,693,337)	$ (13,693,337)

Note N - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 11,184,374	$ 11,311,797
Less: Allocation to unvested restricted stock units	195,808	516,408
Net earnings attributable to common shareholders	$ 10,988,566	$ 10,795,389
Weighted average common shares outstanding (in shares)	7,071,066	6,584,912
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	69,702	66,894

- 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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 250
-SubTopic 10
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Note O - Supplemental Cash Flow Information (Details Textual) - USD ($)			3 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Interest Paid, Excluding Capitalized Interest, Operating Activities			$ 429,000	$ 23,000
Income Taxes Paid, Net, Total			40,000	$ 616,000
Construction in Progress, Gross	$ 19,422,533		$ 19,422,533		$ 15,925,306
Capital Expenditures Incurred but Not yet Paid	$ 7,598,957
Plateplus Inc. [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		516,041	516,041
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 4,800,000	$ 4,783,700

Note P - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note P - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Income Tax Expense (Benefit), Total	$ 3,473,084	$ 2,956,880
Effective Income Tax Rate Reconciliation, Percent, Total	23.70%	20.70%

- Definition

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

+ References + Details