0001437749-23-019969 | 10-K | XBRL Viewer

Note 8 - Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

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

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial liabilities, net	$	(1,676	)	$	—	$	—	$	(1,676	)
Total	$	(1,676	)	$	—	$	—	$	(1,676	)

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
CURRENT ASSETS:
Cash	$ 2,992	$ 2,598
Accounts receivable, net of allowances for bad debts and cash discounts of $183 and $100 at March 31, 2023 and 2022, respectively	49,367	35,671
Inventories	86,246	67,946
Current portion of derivative assets	536	4,241
Other current assets	4,515	14,906
TOTAL CURRENT ASSETS	143,656	125,362
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,180
Buildings and yard improvements	28,550	8,582
Machinery and equipment	51,001	30,422
Construction in process	1,167	15,925
Less accumulated depreciation	(28,455)	(26,003)
Property, plant, and equipment, net	53,933	30,106
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	453	157
Operating lease right-of-use asset	1,270	113
Deferred income tax asset	0	2,133
Income taxes recoverable	0	1,404
TOTAL ASSETS	199,312	159,275
CURRENT LIABILITIES:
Accounts payable and accrued expenses	36,847	44,804
Income taxes payable	774	0
Dividends payable	148	137
Contribution to retirement plan	350	250
Employee compensation and related expenses	4,650	1,086
Current portion of financing lease	107	105
Current portion of derivative liability	2,212	14,429
TOTAL CURRENT LIABILITIES	45,088	60,811
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	96	119
DEFERRED INCOME TAX LIABILITY	4,357	0
OTHER NON-CURRENT LIABILITIES	1,222	222
ASSET BASED LENDING FACILITY	33,117	18,436
TOTAL LIABILITIES	83,880	79,588
COMMITMENTS AND CONTINGENCIES (SEE NOTE 12)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000, Issued shares — 8,868,716 shares and 8,344,975 shares at March 31, 2023 and 2022, respectively :	8,869	8,345
Additional paid-in capital	35,005	30,442
Accumulated other comprehensive loss	(317)	(10,268)
Treasury stock at cost (1,493,128 shares and 1,488,966 shares at March 31, 2023 and 2022, respectively)	(7,778)	(7,741)
Retained earnings	79,653	58,909
TOTAL STOCKHOLDERS’ EQUITY	115,432	79,687
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 199,312	$ 159,275

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Mar. 31, 2023	Jul. 14, 2023	Sep. 30, 2022
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES, INCORPORATED
Document, Type	10-K
Document, Annual Report	true
Document, Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document, Transition Report	false
Entity, File Number	1-7521
Entity, Incorporation, State or Country Code	TX
Entity, Tax Identification Number	74-1504405
Entity, Address, Address Line One	1121 Judson Road Suite 124
Entity, Address, City or Town	Longview
Entity, Address, State or Province	TX
Entity, Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NYSEAMER
Entity, Well-known Seasoned Issuer	No
Entity, Voluntary Filers	No
Entity, Current Reporting Status	Yes
Entity, Interactive Data, Current	Yes
Entity, Filer Category	Non-accelerated Filer
Entity, Small Business	true
Entity, Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity, Shell Company	false
Entity, Public Float			$ 49,100,000
Entity, Common Stock Shares, Outstanding		7,375,588
Auditor Name	Moss Adams LLP
Auditor Location	Houston, Texas
Auditor Firm ID	659
Amendment Flag	false
Entity Central Index Key	0000039092

Note 7 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pre-tax gain (loss) recognized in OCI	$ 9,005	$ (19,908)
Revenue	547,542	285,235
Cost of products sold	504,457	244,248
Total	21,344	14,066
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(4,116)
Total		(21,120)
Hot-rolled Coil Future Contracts [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(4,116)	(31,753)
Cost of products sold		10,633
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI	$ 9,005	$ (19,908)

- Definition

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

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- 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.

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+ Details

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

RECLASSIFICATIONS: The consolidated financial statements for the previous fiscal year may include certain reclassifications to conform to the current presentation. To conform with the current year presentation, “Interest expense” on the consolidated statements of operations was moved below the calculation of "Earnings From Operations". To conform with the current year presentation, a loss of approximately $11.6 million reported in the prior year as a component of "Other income (loss)" on the consolidated statement of operations was moved to the line item "Gain (loss) on economic hedges of risk". These reclassifications had no impact on previously reported net earnings or stockholder's equity.

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 2 for additional discussion of the acquisition completed by the Company during the fiscal year ended March 31, 2023.

REVENUE RECOGNITION: Revenue is generated primarily from contracts to manufacture or process steel products and is recognized when performance obligations are complete. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenue is recorded in an amount that reflects the consideration expected to be received in exchange for those goods or services. SeeNote 14 for further information.

TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for doubtful accounts and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for doubtful accounts based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The balance of the Company’s allowance for doubtful accounts was approximately $0.2 million and $0.1 million at March 31, 2023 and 2022, respectively.

INVENTORIES: Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. The Company did not have any lower of cost or net realizable value adjustments during fiscal 2023 or fiscal 2022. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items.

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

	*March 31,*
	*2023*		2022
Prime coil inventory	$	75,917	$	50,482
Non-standard coil inventory		278		1,063
Tubular raw material		5,193		9,050
Tubular finished goods		4,858		7,351
	$	86,246	$	67,946

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.

DERIVATIVE INSTRUMENTS: From time to time, the Company may use futures contracts to partially manage exposure to price risk. The Company elects hedge accounting for some of its derivatives. For derivatives designated for hedge accounting and classified as cash flow hedges, changes in fair value are recognized as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. For derivatives designated for hedge accounting and classified as fair value hedges, changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings. For derivatives where hedge accounting is not elected, changes in fair value are immediately recognized in earnings. The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sales exclusion provided in Accounting Standards Codification 815 - Derivatives and Hedging. SeeNote 7 for further information about the Company's derivative instruments.

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

Buildings (in years)			20 to 40
Machinery and equipment (in years)			10 to 35
Yard improvements (in years)			5 to 15
Loaders and other rolling stock (in years)			5 to 15

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If an asset or asset group is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s or asset group's carrying amount exceeds its estimated fair value. The Company did not identify any indicators of impairment during fiscal 2023 or fiscal 2022.

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

Maintenance and repairs are expensed as incurred.

PAYCHECK PROTECTION PROGRAM LOAN: During fiscal 2022, the Company was granted full forgiveness of a Paycheck Protection Program loan ("PPP Loan") it previously received under provisions of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The forgiven principal and accrued interest were recognized as a gain on extinguishment of debt of approximately $1.7 million and recorded in "Other income" on the Company's Statement of Operations for fiscal 2022.

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was approximately $0.1 million and $0.1 million at March 31, 2023 and 2022, respectively.

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

SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid interest of approximately $2.0 million and $0.2 million in fiscal 2023 and fiscal 2022, respectively. The Company paid income taxes of approximately $0.4 million in fiscal 2023 and paid income taxes of approximately $8.3 million, net of a tax refund of approximately $0.4 million, in fiscal 2022. At March 31, 2022, the "Construction in process" balance of approximately $15.9 million consisted of $8.1 million in accrued capital expenditures related to the Sinton facility for which cash outlay had not occurred. These cash outlays were made during fiscal 2023. During fiscal 2023, the Company issued 516,041 shares of common stock as part of the Plateplus business combination discussed in Note 2, resulting in non-cash investing activity of approximately $4.8 million. During fiscal 2023, there was a non-cash transaction of approximately $31,000 for the transfer of ownership of a life insurance policy maintained by the Company with respect to an officer from the Company to such officer upon his retirement.

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

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

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

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

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

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

Coil segment sales to O'Neal Steel accounted for approximately 15% and 11% of total Company sales in fiscal 2023 and fiscal 2022, respectively. No other customers accounted for 10% or more of total Company sales for either fiscal year.

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

Note 9 - Earnings Per Share - Restricted Stock Units (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	55,546	76,424

Note 6 - Property, Plant and Equipment

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

6. 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 facility is equipped with a stretcher leveler cut-to-length line that is capable of handling material up to 1” thick, widths up to 96” and yields exceeding 100,000 psi. The Company put the facility into service at the end of October 2022 at a total completed cost of approximately $22.2 million.

During the twelve months ended March 31, 2022, the Company wrote off fully depreciated fixed assets that were no longer in use with an original cost and accumulated depreciation of approximately $2.1 million. During the twelve months ended March 31, 2022, the Company disposed of equipment that was removed from its Decatur facility and received approximately $0.2 million in proceeds from the disposal of the equipment which had an original cost of approximately $3.6 million and accumulated depreciation of approximately $3.4 million. During fiscal 2023, the Company did not write off or dispose of any fixed assets.

Depreciation expense was approximately $2.5 million and $1.3 million for fiscal 2023 and fiscal 2022, respectively.

Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net earnings	$ 21,344	$ 14,066
Less: Allocation to unvested restricted stock units	329	543
Net earnings attributable to common shareholders	$ 21,015	$ 13,523
Weighted average common shares outstanding (in shares)	7,216,142	6,623,769

- 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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+ Details

Note 13 - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Net sales		$ 547,542	$ 285,235
Operating profit (loss)		21,074	28,520
Gain (loss) on economic hedges of risk	$ (9,900)	9,306	(11,636)
Interest expense		(2,218)	(255)
Other income		27	1,702
TOTAL EARNINGS BEFORE INCOME TAXES		28,189	18,331
Identifiable assets		199,312	159,275
Depreciation		2,526	1,320
Capital expenditures		16,454	8,065
Coil [Member]
Net sales		61,901	54,797
Operating Segments [Member]
Operating profit (loss)		32,062	34,215
Identifiable assets		195,638	139,249
Operating Segments [Member] \| Coil [Member]
Net sales		485,641	230,438
Operating profit (loss)		23,421	31,791
Identifiable assets		179,780	115,232
Depreciation		2,097	974
Capital expenditures		16,328	8,005
Operating Segments [Member] \| Tubular [Member]
Net sales		61,901	54,797
Operating profit (loss)		8,641	2,424
Identifiable assets		15,858	24,017
Depreciation		330	330
Capital expenditures		125	21
Corporate, Non-Segment [Member]
General corporate expenses		(10,988)	(5,695)
Identifiable assets		3,674	20,026
Depreciation		99	16
Capital expenditures		$ 1	$ 39

Note 13 - Industry Segment Data (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Extinguishment of Debt	$ (0)	$ 1,707
Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt		$ 1,700

Note 14 - Revenue (Details Textual)	12 Months Ended
Note 14 - Revenue (Details Textual)	Mar. 31, 2023
Number of Reportable Segments	2

Note 13 - Industry Segment Data (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

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

	*Year Ended March 31,*
	*2023*			2022
NET SALES:
Coil	$	485,641		$	230,438
Tubular		61,901			54,797
TOTAL NET SALES	$	547,542		$	285,235
OPERATING PROFIT:
Coil	$	23,421		$	31,791
Tubular		8,641			2,424
TOTAL OPERATING PROFIT		32,062			34,215
General corporate expenses		(10,988	)		(5,695	)
Gain (loss) on economic hedges of risk		9,306			(11,636	)
Interest expense		(2,218	)		(255	)
Other income		27			1,702
TOTAL EARNINGS BEFORE INCOME TAXES	$	28,189		$	18,331
IDENTIFIABLE ASSETS:
Coil	$	179,780		$	115,232
Tubular		15,858			24,017
		195,638			139,249
General corporate assets		3,674			20,026
TOTAL ASSETS	$	199,312		$	159,275
DEPRECIATION:
Coil	$	2,097		$	974
Tubular		330			330
Corporate and other		99			16
	$	2,526		$	1,320
CAPITAL EXPENDITURES (excluding $18,000 of assets acquired through business combination - see Note 2):
Coil	$	16,328		$	8,005
Tubular		125			21
Corporate and other		1			39
	$	16,454		$	8,065

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash dividends, per share (in dollars per share)	$ 0.08	$ 0.08

Note 5 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fiscal 2024, operating lease	$ 134
Fiscal 2024, finance leases	109
Fiscal 2025, operating lease	80
Fiscal 2025, finance leases	54
Fiscal 2026, operating lease	75
Fiscal 2026, finance leases	0
Fiscal 2027, operating lease	75
Fiscal 2027, finance leases	0
Fiscal 2028 and beyond, operating lease	1,237
Fiscal 2028 and beyond, finance leases	0
Operating lease, Total undiscounted lease payments	1,601
Finance lease, Total undiscounted lease payments	163
Operating lease, Less: imputed interest	(332)
Finance lease, Less: imputed interest	(2)
Present value of lease liability, finance lease	161
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 1,269

Note 2 - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Plateplus Inc. [Member] $ in Thousands	Apr. 30, 2022 USD ($)
Inventory	$ 77,546
Property, plant and equipment	18,022
Business combination, operating lease right-of-use asset	1,237
Accounts payable	(19,065)
Operating lease liability	(1,237)
Total	$ 76,503

Note 10 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Depreciation	$ (5,786)	$ (1,788)
Total deferred tax liabilities	(5,786)	(1,788)
Unrealized derivative loss - OCI	106	3,271
Inventory capitalization	548	98
Postretirement benefits other than pensions	25	29
Restricted stock compensation	91	69
Unrealized loss - mark to market derivatives	526	388
Other	133	66
Total deferred tax assets	1,429	3,921
Net deferred tax asset (liability)	(4,357)	(2,133)
Net deferred tax asset (liability)	$ 4,357	$ 2,133

Note 7 - Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Derivative Instruments [Table Text Block]

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	536	Current portion of derivative liability	$	2,212

	*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

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	4,241	Current portion of derivative liability	$	5,524

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

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

For the twelve months ended March 31, 2023
Hot-rolled coil steel contracts	$	9,005		*Sales*	$	(4,116	)
Total	$	9,005			$	(4,116	)

For the twelve months ended March 31, 2022
Hot-rolled coil steel contracts	$	(19,908	)	*Sales*	$	(31,753	)
				*Costs of goods sold*		10,633
Total	$	(19,908	)		$	(21,120	)

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

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	9,306

		*Loss Recognized in Earnings*
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2022*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	(11,636	)

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	$	(10,269	)
Other comprehensive income, net of loss, before reclassification		6,830
Total loss reclassified from AOCI (1)		3,122
Net current period other comprehensive income		9,952
Balance at March 31, 2023		(317	)

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021		(11,189	)
Other comprehensive loss, net of income, before reclassification		(15,098	)
Total loss reclassified from AOCI (1)		16,018
Net current period other comprehensive income		920
Balance at March 31, 2022		(10,269	)

- 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 + Details

Note 9 - Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

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

	*Year Ended March 31,*
	*2023*		*2022*
Numerator (basic and diluted)
Net earnings	$	21,344	$	14,066
Less: Allocation to unvested restricted stock units		329		543
Net earnings attributable to common shareholders	$	21,015	$	13,523

Denominator (basic and diluted)
Weighted average common shares outstanding		7,216,142		6,623,769

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

	*Year Ended March 31,*
	*2023*		*2022*
Restricted Stock Units		55,546		76,424

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balance at Mar. 31, 2021	$ 8,335	$ (11,189)	$ 30,003	$ (7,203)	$ 45,393	$ 65,339
Net earnings	0	0	0	0	14,066	14,066
Net current period other comprehensive income	0	920	0	0	0	920
Grants of restricted stock	10	0	(10)	0	0	0
Paid in capital – restricted stock units	0	0	449	0	0	449
Repurchase of shares	0	0	0	(538)	0	(538)
Cash dividends	0	0	0	0	(550)	(550)
Balance at Mar. 31, 2022	8,345	(10,269)	30,442	(7,741)	58,909	79,687
Net earnings	0	0	0	0	21,344	21,344
Net current period other comprehensive income	0	9,952	0	0	0	9,952
Grants of restricted stock	8	0	(8)	0	0	0
Paid in capital – restricted stock units	0	0	303	0	0	303
Repurchase of shares	0	0	0	(37)	0	(37)
Cash dividends	0	0	0	0	(600)	(600)
Shares issued - Plateplus business combination	516	0	4,268	0	0	4,784
Balance at Mar. 31, 2023	$ 8,869	$ (317)	$ 35,005	$ (7,778)	$ 79,653	$ 115,432

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Note 4 - Debt

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

4. DEBT

On June 22, 2021, the Small Business Administration authorized full forgiveness of the Company's Paycheck Protection Program loan. The gain of approximately $1.7 million from this extinguishment of debt included both principal and interest and is recorded as a component of "Other income" on the Company's Consolidated Statement of Operations for fiscal 2022.

On March 8, 2021, the Company entered into a Credit Agreement providing for a $10 million revolving line of credit facility (the "Interim Credit Facility) with JPMorgan Chase Bank, N.A. (the "Bank"). The 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 increased the revolving loans available under the ABL facility from an aggregate principal amount of up to $75 million to an aggregate principal amount of up to $150 million. On July 6, 2022, the Company entered into a Third Amendment to the ABL Facility. The Third Amendment to the ABL Facility provided 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 amended provisions of the ABL Facility authorizing the Agent to make protective advances under the ABL Facility and added 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. 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 March 31, 2023, the Company had a balance of approximately $33.1 million under the ABL Facility with an applicable interest rate of 7.0%. At March 31, 2023, the Company's applicable borrowing base calculation supported access to approximately $94.2 million of the ABL Facility.

The Company incurred debt issuance costs of approximately $0.2 million in connection with the Second Amendment to the ABL Facility and approximately $0.2 million in connection with the Third 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.

- 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.

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+ Details

Note 5 - Leases (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

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

	*Fiscal 2023*		*Fiscal 2022*
Finance lease – amortization of ROU asset	$	105	$	103
Finance lease – interest on lease liability		4		6
Operating lease expense		127		58
	$	236	$	167

	*March 31, 2023*		*March 31, 2022*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	1,270	$	113	Operating lease right-of-use asset
Finance lease right-of-use asset		430		456	Property, plant & equipment
Total right-of-use assets	$	1,700	$	569

Liabilities
Operating lease liability, current	$	101	$	52	Accrued expenses
Finance lease liability, current		107		105	Current portion of finance lease
Operating lease liability, non-current		1,168		61	Other non-current liabilities
Finance lease liability, non-current		54		161	Other non-current liabilities
Total lease liabilities	$	1,430	$	379

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

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2024		134			109
Fiscal 2025		80			54
Fiscal 2026		75			—
Fiscal 2027		75			—
Fiscal 2028 and beyond		1,237			—
Total undiscounted lease payments	$	1,601		$	163
Less: imputed interest		(332	)		(2	)
Present value of lease liability	$	1,269		$	161

Note 4 - Debt (Details Textual) $ in Thousands			10 Months Ended	12 Months Ended
Note 4 - Debt (Details Textual) $ in Thousands	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jul. 06, 2022 USD ($)	May 19, 2021 USD ($)	Apr. 12, 2021 USD ($)	Mar. 08, 2021 USD ($)
Gain (Loss) on Extinguishment of Debt				$ (0)	$ 1,707
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25,000
BMO Harris Bank, N.A. [Member]
Notes Payable, Total						$ 50,000
Revolving Credit Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 20,000	$ 10,000
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				94,200
Debt Issuance Costs, Gross	200					$ 200
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000	$ 75,000	$ 75,000				$ 40,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90.00%	85.00%	85.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22,500
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.10
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5,000	$ 5,000
Long-Term Line of Credit				$ 33,100
Line of Credit Facility, Interest Rate at Period End				7.00%
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					1,700
Paycheck Protection Program CARES Act [Member] \| Nonoperating Income (Expense) [Member]
Gain (Loss) on Extinguishment of Debt					$ 1,700

Note 8 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Commodity futures – financial liabilities, net	$ (1,676)	$ (10,188)
Total	(1,676)	(10,188)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net	(1,676)	(10,188)
Total	(1,676)	(10,188)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

- Definition

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

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+ Details

Note 7 - Derivative Financial Instruments

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

During fiscal 2023 and fiscal 2022, the Company entered into hot-rolled coil futures contracts which were designated as hedging instruments and classified as cash flow hedges, either as hedges of variable purchase prices or as hedges of variable sales prices. Accordingly, realized and unrealized gains and losses associated with the instruments are reported as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. During fiscal 2023 and fiscal 2022, some of the Company's cash flow hedges were closed prior to expiration but the hedged transactions were still expected to occur as originally forecasted resulting in the realized gain or loss being deferred in other comprehensive income until the hedged transactions occur and affect earnings. At September 30, 2021, the Company removed some derivative instruments from hedge accounting due to the hedged transactions no longer being expected to occur. This was the result of the Company reducing its forecasted sales for the quarter ending December 31, 2021 due to anticipated customer reaction to a historic increase in steel prices reaching its peak and then starting to decline. Since these hedged sales were no longer expected to occur, a loss of approximately $9.9 million associated with these instruments was immediately recognized into earnings during fiscal 2022 and reported as a component of “Gain (loss) on economic hedges of risk”. During fiscal 2023 and fiscal 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 March 31, 2023 (in thousands):

	*Asset Derivatives*			*Liability Derivatives*
	*Balance Sheet*			*Balance Sheet*
Derivatives not designated as hedging instruments:	*Location*	*Fair Value*		*Location*	*Fair Value*
Hot-rolled coil steel contracts	Current portion of derivative assets	$	536	Current portion of derivative liability	$	2,212

	*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

Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	4,241	Current portion of derivative liability	$	5,524

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

At March 31, 2023, the Company reported approximately $1.6 million in "Other current assets" on its Consolidated Balance Sheet related to futures contracts for the month of March 2023 that had reached expiration but were pending cash settlement. At March 31, 2022, the Company reported approximately $0.9 million in "Other current assets" on its Consolidated Balance Sheet related to futures contracts for the month of March 2022 that had reached expiration but were pending cash settlement.

The Company did not have any open cash flow hedges at March 31, 2023.

The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the gain (loss) reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the twelve months ended March 31, 2023 and 2022 (in thousands):

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

For the twelve months ended March 31, 2023
Hot-rolled coil steel contracts	$	9,005		*Sales*	$	(4,116	)
Total	$	9,005			$	(4,116	)

For the twelve months ended March 31, 2022
Hot-rolled coil steel contracts	$	(19,908	)	*Sales*	$	(31,753	)
				*Costs of goods sold*		10,633
Total	$	(19,908	)		$	(21,120	)

The estimated amount of losses recognized in AOCI at March 31, 2023 expected to be reclassified into net earnings within the succeeding twelve months is approximately $0.4 million with all of this amount consisting of realized losses associated with closed hedges.

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2023 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2023*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	9,306

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

		*Loss Recognized in Earnings*
	*Location of Loss*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2022*
Hot-rolled coil steel contracts	Gain (loss) on economic hedges of risk	$	(11,636	)

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at March 31, 2023 consisted of 27,580 tons of short positions with maturity dates ranging from April 2023 to December 2023.

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

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2022	$	(10,269	)
Other comprehensive income, net of loss, before reclassification		6,830
Total loss reclassified from AOCI (1)		3,122
Net current period other comprehensive income		9,952
Balance at March 31, 2023		(317	)

(1) The loss reclassified from AOCI is presented net of taxes of approximately $1.0 million which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2023.

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2021		(11,189	)
Other comprehensive loss, net of income, before reclassification		(15,098	)
Total loss reclassified from AOCI (1)		16,018
Net current period other comprehensive income		920
Balance at March 31, 2022		(10,269	)

(1) The loss reclassified from AOCI is presented net of taxes of approximately $5.1 million which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2022.

At March 31, 2023 and 2022, cash of approximately $2.4 million and $13.5 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at March 31, 2023 and 2022.

Note 7 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Hot-rolled coil steel contracts	$ (459)	$ (1,217)
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 9,306	$ (11,636)

Note 14 - Revenue

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

14. REVENUE

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

The Company has two reportable segments: 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 Processing or Storage of 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 so manufactured pipe was the sole revenue stream for the tubular segment for the remainder of fiscal 2023. 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 fiscal years ended March 31, 2023 and 2022, respectively (in thousands):

	*Fiscal Year Ended March 31,*
	*2023*		2022
Coil Segment:
Prime Coil	$	479,316	$	219,483
Non-standard Coil		3,574		9,597
Processing or Storage of Customer Owned Coil		2,751		1,358
	$	*485,641*	$	230,438
Tubular Segment:
Manufactured Pipe	$	61,451	$	44,485
Mill Reject Pipe		450		10,312
	$	61,901	$	54,797

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Note 12 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Vesting Period (Year)	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation		15.00%
Defined Contribution Plan, Cost	$ 0.4	$ 0.2
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0.1

Note 5 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease – amortization of ROU asset	$ 105	$ 103
Finance lease – interest on lease liability	4	6
Operating lease expense	127	58
Lease, Cost	236	167
Operating lease right-of-use asset	1,270	113
Total right-of-use assets	1,700	569
Finance lease liability, current	107	105
Total lease liabilities	1,430	379
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	1,270	113
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	430	456
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	101	52
Current Portion of Financing Lease [Member]
Finance lease liability, current	107	105
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	1,168	61
Finance lease liability, non-current	$ 54	$ 161

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales	$ 547,542	$ 285,235
Costs and expenses:
Cost of products sold	504,457	244,248
Selling, general and administrative	22,011	12,467
Costs and Expenses	526,468	256,715
EARNINGS FROM OPERATIONS	21,074	28,520
Gain (loss) on economic hedges of risk	9,306	(11,636)
Interest expense	(2,218)	(255)
Other income	27	1,702
EARNINGS BEFORE INCOME TAXES	28,189	18,331
Provision for (benefit from) income taxes:
Current	3,519	4,826
Deferred	3,326	(561)
Income tax	6,845	4,265
NET EARNINGS	$ 21,344	$ 14,066
Net earnings per share:
Basic (in dollars per share)	$ 2.91	$ 2.04
Diluted (in dollars per share)	$ 2.91	$ 2.04

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net earnings	$ 21,344	$ 14,066
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	2,526	1,320
Deferred taxes	3,326	(561)
Compensation expense for restricted stock	303	449
Change in post-retirement benefits	8	11
Loss recognized on open derivatives not designated for hedge accounting	459	1,217
Deferred realized gain on derivatives designated for hedge accounting	4,773	1,343
Forgiveness of Paycheck Protection Program Loan	0	(1,707)
Changes in operating assets and liabilities, net of amounts acquired in business combination:
Accounts receivable	(13,696)	(15,293)
Inventories	59,247	(31,930)
Federal income taxes recoverable	1,404	(1,404)
Other current assets	(1,363)	(123)
Accounts payable and accrued expenses	(18,875)	22,028
Income taxes payable	774	(1,455)
Employee compensation and related expenses	3,564	(1,558)
Contribution to retirement plan	100	200
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	63,894	(13,397)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(16,454)	(8,065)
Proceeds from sale of assets	0	161
Increase in cash value of officers’ life insurance	(13)	(14)
NET CASH USED IN INVESTING ACTIVITIES	(88,187)	(7,918)
FINANCING ACTIVITIES
Debt issuance cost	(393)	0
Cash dividends paid	(589)	(551)
Cash paid for principal portion of finance lease	(105)	(103)
Cash paid for share repurchases	(37)	(538)
Asset based lending facility proceeds	14,681	18,437
NET CASH PROVIDED BY FINANCING ACTIVITIES	13,557	17,245
DECREASE IN CASH AND RESTRICTED CASH	(10,736)	(4,070)
CASH AND RESTRICTED CASH AT BEGINNING OF YEAR	16,122	20,192
CASH AND RESTRICTED CASH AT END OF YEAR	5,386	16,122
Plateplus Inc. [Member]
INVESTING ACTIVITIES
Plateplus business combination	$ (71,720)	$ 0

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

Summary of Valuation Allowance [Table Text Block]

Description	Balance at
	Beginning						Balance at
	of Period		Additions (A)		Deductions		End of Period
Year ended March 31, 2023
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)	$	85	$	98		—	$	183
Year ended March 31, 2022
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)	$	18	$	67		—	$	85

Note 2 - Business Combinations

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2. 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; Decatur, AL and Sinton, TX. 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 the assets noted above, for a total consideration of $76.5 million, of which $71.7 million was cash consideration and $4.8 million related to 516,041 shares of the Company's common stock issued to the Seller. 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 during the quarter ended September 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.

*Fair value of assets acquired and liabilities assumed (in thousands)*
Inventory	$	77,546
Property, plant and equipment		18,022
Operating lease right-of-use asset		1,237
Accounts payable		(19,065	)
Operating lease liability		(1,237	)
Total	$	76,503

The following unaudited pro forma consolidated operating results (in thousands) 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.

	*Year Ended March 31,*
	*2023*		*2022*
Net sales	$	566,942	$	535,895
Earnings from operations	$	20,793	$	17,862

Our consolidated statement of operations for fiscal 2023 includes net sales of approximately $237.6 million and earnings from operations of approximately $19.0 million 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 with these services having concluded by August 31, 2022. In addition to the East Chicago and Granite City sales and earnings from operations, our consolidated statement of operations for fiscal 2023 includes net sales of approximately $43.4 million and earnings from operations of approximately $0.3 million attributable to sales of inventory from Houston and Loudon where the fixed assets were not acquired. For fiscal 2023, the Company recorded transaction specific costs of approximately $1.2 million as a component of "Selling, general and administrative" expenses on the consolidated statement of operations. Information about the debt issuance costs associated with the acquisition financing is provided in Note 4.

Note 2 - Business Combinations (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

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

*Fair value of assets acquired and liabilities assumed (in thousands)*
Inventory	$	77,546
Property, plant and equipment		18,022
Operating lease right-of-use asset		1,237
Accounts payable		(19,065	)
Operating lease liability		(1,237	)
Total	$	76,503

Business Acquisition, Pro Forma Information [Table Text Block]

	*Year Ended March 31,*
	*2023*		*2022*
Net sales	$	566,942	$	535,895
Earnings from operations	$	20,793	$	17,862

Note 7 - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Balance

$ 79,687

$ 65,339

Net current period other comprehensive income

9,952

920

Balance

115,432

79,687

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

Balance

(10,269)

(11,189)

Other comprehensive income, net of loss, before reclassification

6,830

(15,098)

Total loss reclassified from AOCI (1)

3,122

^[1]

16,018

^[2]

Net current period other comprehensive income

9,952

920

Balance

$ (317)

$ (10,269)

[1]	The loss reclassified from AOCI is presented net of taxes of approximately $1.0 million which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2023.
[2]	The loss reclassified from AOCI is presented net of taxes of approximately $5.1 million which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2022.

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Note 9 - Earnings Per Share

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

9. EARNINGS PER SHARE

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

	*Year Ended March 31,*
	*2023*		*2022*
Numerator (basic and diluted)
Net earnings	$	21,344	$	14,066
Less: Allocation to unvested restricted stock units		329		543
Net earnings attributable to common shareholders	$	21,015	$	13,523

Denominator (basic and diluted)
Weighted average common shares outstanding		7,216,142		6,623,769

For fiscal 2023 and fiscal 2022, 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:

	*Year Ended March 31,*
	*2023*		*2022*
Restricted Stock Units		55,546		76,424

Note 5 - Leases

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

5. LEASES

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 disclosed in Note 2. The current lease expires August 31, 2023 and the Company is in the process of renewing the lease. The lease calls for quarterly rental payments of approximately $19,000. The Company recognized an initial right-of-use ("ROU") asset and lease liability of approximately $1.2 million during fiscal 2023 related to this lease. The anticipated renewal 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 approximately $5,000 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 approximately $0.5 million and a monthly payment of approximately $9,000.

The components of expense related to leases were as follows for the fiscal years ended March 31, 2023 and 2022 (in thousands):

	*Fiscal 2023*		*Fiscal 2022*
Finance lease – amortization of ROU asset	$	105	$	103
Finance lease – interest on lease liability		4		6
Operating lease expense		127		58
	$	236	$	167

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2023 and 2022 (in thousands):

	*March 31, 2023*		*March 31, 2022*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	1,270	$	113	Operating lease right-of-use asset
Finance lease right-of-use asset		430		456	Property, plant & equipment
Total right-of-use assets	$	1,700	$	569

Liabilities
Operating lease liability, current	$	101	$	52	Accrued expenses
Finance lease liability, current		107		105	Current portion of finance lease
Operating lease liability, non-current		1,168		61	Other non-current liabilities
Finance lease liability, non-current		54		161	Other non-current liabilities
Total lease liabilities	$	1,430	$	379

As of March 31, 2023, the weighted-average remaining lease term was 19.3 years for operating leases and 1.5 years for finance leases. The weighted average discount rate was 2.7% for operating leases and 1.9% for finance leases.

Maturities of lease liabilities as of March 31, 2023were as follows (in thousands):

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2024		134			109
Fiscal 2025		80			54
Fiscal 2026		75			—
Fiscal 2027		75			—
Fiscal 2028 and beyond		1,237			—
Total undiscounted lease payments	$	1,601		$	163
Less: imputed interest		(332	)		(2	)
Present value of lease liability	$	1,269		$	161

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Allowances for bad debts and cash discounts	$ 183	$ 100
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)	8,868,716	8,344,975
Treasury stock, shares (in shares)	1,493,128	1,488,966

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

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

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

FRIEDMAN INDUSTRIES, INCORPORATED

(In thousands)

Description	Balance at
	Beginning						Balance at
	of Period		Additions (A)		Deductions		End of Period
Year ended March 31, 2023
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)	$	85	$	98		—	$	183
Year ended March 31, 2022
Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account)	$	18	$	67		—	$	85

(A)	Additions consist of charges to bad debt expense of approximately $98 and $67 during fiscal years 2023 and 2022, respectively.

Note 2 - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2023
Business Combination, Consideration Transferred, Total	$ 76,500
Payments to Acquire Businesses, Gross	$ 71,700
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			$ 4,800	$ 4,800
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				$ 237,600
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs				1,200
East Chicago and Granite City [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				19,000
Houston and Loudon [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				43,400
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 300
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 64,000	$ 7,900

Note 3 - Equity Compensation Plans and Capital Stock

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

3. EQUITY COMPENSATION PLANS AND CAPITAL STOCK

The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees, directors or consultants to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Restricted awards entitle recipients to vote and receive non-forfeitable dividends during the restriction period. Because dividends are non-forfeitable, they are reflected in retained earnings. Forfeitures are accounted for upon their occurrence. Because the Company accounts for forfeitures as they occur, the non-forfeitable dividends are reclassified from retained earnings to additional stock compensation for the actual forfeitures that occurred.

The following table summarizes the activity related to restricted stock units ("RSUs") for the two years ended March 31, 2023:

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2021		339,625		$	6.07
Granted		10,190			12.56
Vested		(210,292	)		6.46
Unvested at March 31, 2022		139,523		$	5.96
Granted		7,700			9.10
Vested		(46,857	)		6.21
Unvested at March 31, 2023		100,366		$	6.08

We measure compensation expense for RSUs at the market price of our common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of approximately $0.3 million and $0.4 million in fiscal 2023 and fiscal 2022, respectively, relating to the RSUs issued under the Plan.

At March 31, 2023 and 2022 unrecognized compensation expense related to unvested RSUs was approximately $0.3 million and $0.5 million, respectively, which is expected to be recognized over a weighted average period of approximately 1.4 years and 2.2 years, respectively.

As of March 31, 2023, a total of 122,485 shares were still available to be issued under the Plan.

The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may be issued in one or more series, and the Board of Directors is authorized to fix the designations, preferences, rights, qualifications, limitations and restrictions of each series, except that any series must provide for cumulative dividends and must be convertible into Common Stock. There were no shares of Cumulative Preferred Stock issued as of March 31, 2023 or March 31, 2022.

Effective June 25, 2020, our Board of Directors authorized the repurchase, for retirement, of up to 1,062,067 shares of our common stock in open-market transactions or otherwise with the authorization expiring June 30, 2023. The Company did not repurchase any shares through the open market during fiscal 2023 or fiscal 2022 but did acquire 4,162 shares and 52,235 shares during fiscal 2023 and fiscal 2022, respectively, as employee withholding taxes paid on vested restricted stock.

Note 11 - Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

11. OTHER COMPREHENSIVE INCOME

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

	*Twelve Months Ended March 31, 2023*
	*Before-Tax*		*Tax Provision*			*Net-of-Tax*

Cash flow hedges	$	13,121	$	(3,169	)	$	9,952
Other comprehensive income	$	13,121	$	(3,169	)	$	9,952

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

Cash flow hedges	$	1,212	$	(292	)	$	920
Other comprehensive income	$	1,212	$	(292	)	$	920

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*March 31,*
	*2023*		2022
Prime coil inventory	$	75,917	$	50,482
Non-standard coil inventory		278		1,063
Tubular raw material		5,193		9,050
Tubular finished goods		4,858		7,351
	$	86,246	$	67,946

Property, Plant and Equipment [Table Text Block]

Buildings (in years)			20 to 40
Machinery and equipment (in years)			10 to 35
Yard improvements (in years)			5 to 15
Loaders and other rolling stock (in years)			5 to 15

Note 13 - Industry Segment Data

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. INDUSTRY SEGMENT DATA

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

	*Year Ended March 31,*
	*2023*			2022
NET SALES:
Coil	$	485,641		$	230,438
Tubular		61,901			54,797
TOTAL NET SALES	$	547,542		$	285,235
OPERATING PROFIT:
Coil	$	23,421		$	31,791
Tubular		8,641			2,424
TOTAL OPERATING PROFIT		32,062			34,215
General corporate expenses		(10,988	)		(5,695	)
Gain (loss) on economic hedges of risk		9,306			(11,636	)
Interest expense		(2,218	)		(255	)
Other income		27			1,702
TOTAL EARNINGS BEFORE INCOME TAXES	$	28,189		$	18,331
IDENTIFIABLE ASSETS:
Coil	$	179,780		$	115,232
Tubular		15,858			24,017
		195,638			139,249
General corporate assets		3,674			20,026
TOTAL ASSETS	$	199,312		$	159,275
DEPRECIATION:
Coil	$	2,097		$	974
Tubular		330			330
Corporate and other		99			16
	$	2,526		$	1,320
CAPITAL EXPENDITURES (excluding $18,000 of assets acquired through business combination - see Note 2):
Coil	$	16,328		$	8,005
Tubular		125			21
Corporate and other		1			39
	$	16,454		$	8,065

Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain (loss) on economic hedges, 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 fiscal 2022 consisted primarily of a gain of approximately $1.7 million associated with the forgiveness of the Company's Paycheck Protection Program loan. At March 31, 2023 and 2022, corporate assets consisted primarily of cash, restricted cash unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Inventory, Net	$ 86,246	$ 67,946
Prime Coil Inventory [Member]
Raw materials	75,917	50,482
Non-standard Coil Inventory [Member]
Raw materials	278	1,063
Tubular Inventory [Member]
Raw materials	5,193	9,050
Finished goods	$ 4,858	$ 7,351

Note 10 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

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

	*Year Ended March 31,*
	*2023*			2022
Federal
Current	$	2,135		$	3,881
Deferred		3,425			(478	)
		5,560			3,403
State
Current		1,384			945
Deferred		(99	)		(83	)
		1,285			862
Total	$	6,845		$	4,265

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

	*Year Ended March 31,*
	*2023*			2022
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.5			3.7
Other		(0.3	)		(1.4	)
Provision for income taxes		24.2	%		23.3	%

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

	*March 31,*
	*2023*			2022
Deferred tax liabilities:
Depreciation	$	(5,786	)	$	(1,788	)
Total deferred tax liabilities		(5,786	)		(1,788	)
Deferred tax assets:
Unrealized derivative loss - OCI		106			3,271
Inventory capitalization		548			98
Postretirement benefits other than pensions		25			29
Restricted stock compensation		91			69
Unrealized loss - mark to market derivatives		526			388
Other		133			66
Total deferred tax assets		1,429			3,921
Net deferred tax asset (liability)	$	(4,357	)	$	2,133

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Derivative, Gain (Loss) on Derivative, Net		$ (9,900,000)		$ 9,306,000	$ (11,636,000)
Accounts Receivable, Allowance for Credit Loss				200,000	100,000
Gain (Loss) on Extinguishment of Debt				(0)	1,707,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities				2,000,000.0	200,000
Income Taxes Paid, Net				400,000	8,300,000
Proceeds from Income Tax Refunds					400,000
Construction in Progress, Gross				1,167,000	15,925,000
Capital Expenditures Incurred but Not yet Paid					$ 8,100,000
Transfer of Ownership of Life Insurance Policy				31,000
Unrecognized Tax Benefits, Ending Balance				$ 0
Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| O'Neal Steel [Member]
Concentration Risk, Percentage				15.00%	11.00%
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	$ 4,800,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits				100,000	$ 100,000
Other Income [Member]
Gain (Loss) on Extinguishment of Debt					$ 1,700,000
Reclassified from Other income (loss) to Gain (loss) on Economic Hedges of Risk [Member]
Derivative, Gain (Loss) on Derivative, Net				$ (11,600,000)

Note 2 - Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales	$ 566,942	$ 535,895
Earnings from operations	$ 20,793	$ 17,862

Note 10 - Income Taxes

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10. INCOME TAXES

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

	*Year Ended March 31,*
	*2023*			2022
Federal
Current	$	2,135		$	3,881
Deferred		3,425			(478	)
		5,560			3,403
State
Current		1,384			945
Deferred		(99	)		(83	)
		1,285			862
Total	$	6,845		$	4,265

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

	*Year Ended March 31,*
	*2023*			2022
Income tax expense at U.S. federal statutory rate		21.0	%		21.0	%
Current year state and local income taxes net of federal income tax benefit		3.5			3.7
Other		(0.3	)		(1.4	)
Provision for income taxes		24.2	%		23.3	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2020 through March 31, 2022. State and local returns may be subject to examination for fiscal years ended March 31, 2019 through March 31, 2022.

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

	*March 31,*
	*2023*			2022
Deferred tax liabilities:
Depreciation	$	(5,786	)	$	(1,788	)
Total deferred tax liabilities		(5,786	)		(1,788	)
Deferred tax assets:
Unrealized derivative loss - OCI		106			3,271
Inventory capitalization		548			98
Postretirement benefits other than pensions		25			29
Restricted stock compensation		91			69
Unrealized loss - mark to market derivatives		526			388
Other		133			66
Total deferred tax assets		1,429			3,921
Net deferred tax asset (liability)	$	(4,357	)	$	2,133

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Credit Loss Expense (Reversal)	$ 98	$ 67

Note 10 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income tax expense at U.S. federal statutory rate	21.00%	21.00%
Current year state and local income taxes net of federal income tax benefit	3.50%	3.70%
Other	(0.30%)	(1.40%)
Provision for income taxes	24.20%	23.30%

Note 6 - Property, Plant and Equipment (Details Textual)	12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	May 25, 2021 ft² a
Buildings and Improvements, Gross	$ 28,550,000	$ 8,582,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	28,455,000	26,003,000
Tangible Asset Impairment Charges	0
Depreciation	2,526,000	1,320,000
Property, Plant and Equipment, Disposals	$ 0
Facility in Sinton, Texas [Member]
Area of Land (Acre) \| a				26.5
Lessee, Operating Lease, Term of Contract (Year)				99 years
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²				70,000
Capitalized Property Plant and Equipment [Member]
Buildings and Improvements, Gross			$ 22,200
Decatur Facility Equipment [Member]
Accumulated Depreciation, Depletion and Amortization, Wrote-off		2,100,000
Proceeds from Sale of Machinery and Equipment		200,000
Property, Plant and Equipment, Gross		3,600,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		$ 3,400,000

Note 3 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Unvested (in shares)

139,523

339,625

Unvested (in dollars per share)

$ 5.96

$ 6.07

Granted (in shares)

7,700

10,190

^[1]

Granted (in dollars per share)

$ 9.10

$ 12.56

Vested (in shares)

(46,857)

(210,292)

Vested (in dollars per share)

$ 6.21

$ 6.46

Unvested (in shares)

100,366

139,523

Unvested (in dollars per share)

$ 6.08

$ 5.96

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

Note 11 - Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow hedges, before tax	$ 13,121	$ 1,212
Cash flow hedges, tax	(3,169)	(292)
Cash flow hedges	9,952	920
Other comprehensive income (loss), before tax	13,121	1,212
Other comprehensive income (loss), tax	(3,169)	(292)
Other Comprehensive Income (Loss)	$ 9,952	$ 920

Note 11 - Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

	*Twelve Months Ended March 31, 2023*
	*Before-Tax*		*Tax Provision*			*Net-of-Tax*

Cash flow hedges	$	13,121	$	(3,169	)	$	9,952
Other comprehensive income	$	13,121	$	(3,169	)	$	9,952

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

Cash flow hedges	$	1,212	$	(292	)	$	920
Other comprehensive income	$	1,212	$	(292	)	$	920

Note 14 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales	$ 547,542	$ 285,235
Coil [Member]
Net sales	61,901	54,797
Coil [Member] \| Prime Coil [Member]
Net sales	479,316	219,483
Coil [Member] \| Secondary Coil [Member]
Net sales	3,574	9,597
Coil [Member] \| Customer Owned [Member]
Net sales	2,751	1,358
Tubular [Member] \| Manufactured Pipe [Member]
Net sales	61,451	44,485
Tubular [Member] \| Mill Reject Pipe [Member]
Net sales	$ 450	$ 10,312

- Definition

+ References

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Reclassification, Comparability Adjustment [Policy Text Block]

Business Combinations Policy [Policy Text Block]

Revenue [Policy Text Block]

Accounts Receivable [Policy Text Block]

Inventory, Policy [Policy Text Block]

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

	*March 31,*
	*2023*		2022
Prime coil inventory	$	75,917	$	50,482
Non-standard coil inventory		278		1,063
Tubular raw material		5,193		9,050
Tubular finished goods		4,858		7,351
	$	86,246	$	67,946

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.

Derivatives, Policy [Policy Text Block]

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

Buildings (in years)			20 to 40
Machinery and equipment (in years)			10 to 35
Yard improvements (in years)			5 to 15
Loaders and other rolling stock (in years)			5 to 15

Maintenance and repairs are expensed as incurred.

Debt, Policy [Policy Text Block]

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

Shipping Costs [Policy Text Block]

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

Supplemental Cash Flow Information [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

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

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

Earnings Per Share, Policy [Policy Text Block]

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

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

Note 7 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Derivative assets	$ 1,600	$ 900
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member] \| Short [Member]
Derivative liabilities		8,905
Current Portion of Derivative Assets [Member] \| Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative assets	536	4,241
Current Portion of Derivative Liability [Member] \| Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative liabilities	$ 2,212	$ 5,524

- Definition

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

+ References

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Note 10 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current	$ 2,135	$ 3,881
Deferred	3,425	(478)
Federal Income Tax Expense (Benefit), Continuing Operations	5,560	3,403
Current	1,384	945
Deferred	(99)	(83)
State and Local Income Tax Expense (Benefit), Continuing Operations	1,285	862
Income tax	$ 6,845	$ 4,265

- Definition

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

+ References + Details

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning of Period	$ 85	$ 18
Additions	98	67
Deductions	0	0
End of Period	$ 183	$ 85

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net earnings	$ 21,344	$ 14,066
Other comprehensive income:
Cash flow hedges, net of tax	9,952	920
Other Comprehensive Income (Loss)	9,952	920
Comprehensive income	$ 31,296	$ 14,986

- Definition

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

+ References

+ Details

Note 8 - Fair Value Measurements

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

8. FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

Recurring Fair Value Measurements

At March 31, 2023, our financial liabilities, net, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial liabilities, net	$	(1,676	)	$	—	$	—	$	(1,676	)
Total	$	(1,676	)	$	—	$	—	$	(1,676	)

At March 31, 2022, our financial liabilities, net, measured at fair value on a recurring basis were as follows (in thousands):

	*Quoted Prices*
	*in Active*			*Significant*
	*Markets for*			*Other*		*Significant*
	*Identical*			*Observable*		*Unobservable*
	*Assets*			*Inputs*		*Inputs*
	*(Level 1)*			*(Level 2)*		*(Level 3)*		*Total*
Commodity futures – financial liabilities, net	$	(10,188	)	$	—	$	—	$	(10,188	)
Total	$	(10,188	)	$	—	$	—	$	(10,188	)

At March 31, 2023 and 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 7 - Derivative Financial Instruments (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) T	Mar. 31, 2022 USD ($)
Derivative, Gain (Loss) on Derivative, Net	$ (9,900)	$ 9,306	$ (11,636)
Derivative Asset		1,600	900
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		400
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset		2,400	13,500
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax		$ 1,000	$ 5,100
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T		27,580

Note 12 - Retirement Plan

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

12. RETIREMENT PLAN

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

The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which are determined at the discretion of the Board of Directors in an amount not to exceed 15% of the total compensation paid during the year to all eligible employees, were approximately $0.4 million and $0.2 million for the years ended March 31, 2023 and 2022, respectively. Contributions, plan earnings and forfeitures of non-vested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company.

Employees may participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed six months of service. Under the Plan, participating employees may defer a portion of their earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the 401(k) portion of the Plan was approximately $0.1 million in each of the years ended March 31, 2023 and 2022.

Note 5 - Leases (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
Note 5 - Leases (Details Textual) - USD ($)	Oct. 31, 2019	Mar. 31, 2023
Finance Lease, Liability, to be Paid		$ 163,000
Operating Lease, Weighted Average Remaining Lease Term (Year)		19 years 3 months 18 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		1 year 6 months
Operating Lease, Weighted Average Discount Rate, Percent		2.70%
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, to be Paid	$ 500,000
Finance Lease, Monthly Payment	$ 9,000
Granite City, IL Facility [Member]
Operating Lease, Quarterly Payments		$ 19,000
Granite City, IL Facility [Member] \| Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,200,000
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments		$ 5,000

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	Mar. 31, 2023
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	35 years
Yard Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Yard Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Loaders and Other Rolling Stock [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Loaders and Other Rolling Stock [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 3 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 25, 2020	Sep. 01, 2016
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)			1,062,067
Treasury Stock, Shares, Acquired (in shares)	0	0
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)	4,162	52,235
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	1,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 1
Preferred Stock, Shares Issued (in shares)	0	0
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				500,000
2016 Restricted Stock Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 0.3	$ 0.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0.3	$ 0.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 4 months 24 days	2 years 2 months 12 days
2016 Restricted Stock Plan [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	122,485

Note 14 - Revenue (Tables)

12 Months Ended

Mar. 31, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Fiscal Year Ended March 31,*
	*2023*		2022
Coil Segment:
Prime Coil	$	479,316	$	219,483
Non-standard Coil		3,574		9,597
Processing or Storage of Customer Owned Coil		2,751		1,358
	$	*485,641*	$	230,438
Tubular Segment:
Manufactured Pipe	$	61,451	$	44,485
Mill Reject Pipe		450		10,312
	$	61,901	$	54,797

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

12 Months Ended

Mar. 31, 2023

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2021		339,625		$	6.07
Granted		10,190			12.56
Vested		(210,292	)		6.46
Unvested at March 31, 2022		139,523		$	5.96
Granted		7,700			9.10
Vested		(46,857	)		6.21
Unvested at March 31, 2023		100,366		$	6.08