0001437749-25-020219 | 10-K | XBRL Viewer

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2023		100,366		$	6.08
Granted		4,487			15.61
Vested		(40,366	)		6.27
Unvested at March 31, 2024		64,487		$	6.62
Granted		4,026			14.90
Vested		(50,487	)		7.12
Unvested at March 31, 2025		18,026		$	7.07

Note 3 - Debt	12 Months Ended
Mar. 31, 2025
Notes to Financial Statements
Debt Disclosure [Text Block]	3. DEBT The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one-third syndicated participant. On May 6, 2025, the Company executed the fourth amendment to the credit agreement which extended the maturity date of the ABL Facility to August 19, 2026. The ABL Facility 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, 2025, the Company had a balance of approximately $47.7 million under the ABL Facility with an applicable interest rate of 6.5%. At March 31, 2025, the Company's applicable borrowing base calculation supported access to approximately $114.0 million of the ABL Facility. The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility.

Note 3 - Debt

12 Months Ended

Mar. 31, 2025

Debt Disclosure [Text Block]

3. DEBT

The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one-third syndicated participant. On May 6, 2025, the Company executed the fourth amendment to the credit agreement which extended the maturity date of the ABL Facility to August 19, 2026. The ABL Facility 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, 2025, the Company had a balance of approximately $47.7 million under the ABL Facility with an applicable interest rate of 6.5%. At March 31, 2025, the Company's applicable borrowing base calculation supported access to approximately $114.0 million of the ABL Facility.

The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility.

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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Unvested (in dollars per share)

Note 10 - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flow hedges, before tax		$ 418
Cash flow hedges, tax		(101)
Cash flow hedges	$ 0	317
Other comprehensive income (loss), before tax		418
Other comprehensive income (loss), tax		(101)
Other Comprehensive Income (Loss)	$ 0	$ 317

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Mar. 31, 2025	Jun. 12, 2025	Sep. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES, INCORPORATED
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	1-7521
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1504405
Entity Address, Address Line One	1121 Judson Road Suite 124
Entity Address, City or Town	Longview
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 103,300,000
Entity Common Stock, Shares Outstanding		7,059,440
Auditor Name	Moss Adams LLP
Auditor Location	Houston, Texas
Auditor Firm ID	659

Note 2 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Unvested (in shares)

64,487

100,366

$ 6.62

$ 6.08

Granted (in shares)

4,026

4,487

^[1]

Granted (in dollars per share)

$ 14.9

$ 15.61

Vested (in shares)

(50,487)

(40,366)

Vested (in dollars per share)

$ 7.12

$ 6.27

Unvested (in shares)

18,026

64,487

Unvested (in dollars per share)

$ 7.07

$ 6.62

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

Note 9 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Depreciation	$ (6,199)	$ (6,451)
Unrealized gain - mark to market derivatives	(87)	0
Total deferred tax liabilities	(6,286)	(6,451)
Inventory capitalization	537	552
Interest expense limitation	140	0
Postretirement benefits other than pensions	29	26
Restricted stock compensation	23	77
Unrealized Loss - mark to market derivatives	0	403
Other	79	136
Total deferred tax assets	808	1,194
Net deferred tax liability	$ (5,478)	$ (5,257)

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

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Beginning of Period

$ 97

$ 183

Additions

^[1]

Deductions

^[2]

(86)

End of Period

$ 147

$ 97

[1]	Additions consist of charges to bad debt expense of approximately $50 in fiscal 2025.
[2]	Deductions consist of accounts receivable written off of approximately $38, accompanied with collections of previously reserved accounts of $48 for fiscal 2024.

Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 13, 2023	Mar. 31, 2025	Mar. 31, 2024	Sep. 01, 2016
Treasury Stock, Shares, Acquired (in shares)		0	0
Treasury Stock, Value, Acquired, Cost Method		$ 171	$ 5,151
Share Repurchase Program, Authorized, Number of Shares (in shares)	1,045,774
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)		9,801	3,723
Metal One Corporation [Member]
Treasury Stock, Shares, Acquired (in shares)	400,041
Treasury Stock, Value, Acquired, Cost Method	$ 5,100
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		$ 200	$ 200
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 100	$ 100
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		9 months 18 days	9 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		113,972

Note 5 - Property, Plant and Equipment

12 Months Ended

Mar. 31, 2025

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY, PLANT AND EQUIPMENT

At March 31, 2025, the Company's construction in process balance of approximately $0.1 million consisted primarily of smaller projects among our facilities. During fiscal 2025, the Company's tubular segment sold some unutilized land, buildings and equipment for $1.6 million resulting in a gain of approximately $0.5 million. During fiscal 2025, a processing line upgrade at the Decatur, AL facility was placed into service at a cost of approximately $1.9 million and a loss of approximately $0.2 million was recognized for disposal of the replaced equipment.

Depreciation expense was approximately $3.2 million and $3.0 million for fiscal 2025 and fiscal 2024, respectively.

Note 8 - Earnings Per Share

12 Months Ended

Mar. 31, 2025

Earnings Per Share [Text Block]

8. 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,*
	*2025*		2024
Numerator (basic and diluted)
Net earnings	$	6,085	$	17,345
Less: Allocation to unvested restricted stock units	$	21	$	177
Net earnings attributable to common shareholders		6,064		17,168

Denominator (basic and diluted)
Weighted average common shares outstanding		6,944,602		7,183,702

For fiscal 2025 and fiscal 2024, 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,*
	*2025*		2024
Restricted Stock Units		12,400		48,049

Note 2 - Equity Compensation Plans and Capital Stock

12 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Text Block]

2. EQUITY COMPENSATION PLANS AND CAPITAL STOCK

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

The following table summarizes the activity related to restricted stock units ("RSUs") for the two years ended March 31, 2025:

				*Weighted*
				*Average Grant*
	*Number of*			*Date Fair Value*
	*Shares*			*Per Share*
Unvested at March 31, 2023		100,366		$	6.08
Granted		4,487			15.61
Vested		(40,366	)		6.27
Unvested at March 31, 2024		64,487		$	6.62
Granted		4,026			14.90
Vested		(50,487	)		7.12
Unvested at March 31, 2025		18,026		$	7.07

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 $0.2 million in both fiscal 2025 and fiscal 2024 relating to the RSUs issued under the Plan.

At both March 31, 2025 and 2024, unrecognized compensation expense related to unvested RSUs was approximately $0.1 million with recognition over a weighted average period of approximately 0.8 years.

As of March 31, 2025, a total of 113,972 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, 2025 or March 31, 2024.

On December 13, 2023, the Company repurchased 400,041 shares of the Company's common stock from Metal One Corporation for an aggregate repurchase of approximately $5.1 million. Also on December 13, 2023, the Board of Directors authorized the repurchase, for retirement, of up to 1,045,774 additional shares of our common stock in open-market transactions or otherwise with the authorization expiring December 13, 2026. The Company did not repurchase any shares through the open market during fiscal 2025 or fiscal 2024 but did acquire 9,801 shares and 3,723 shares during fiscal 2025 and fiscal 2024, respectively, as employee withholding taxes paid on vested restricted stock.

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information** None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 8 - Earnings Per Share - Restricted Stock Units (Details) - shares	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	12,400	48,049

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Inventory, Net	$ 113,689	$ 115,804
Prime Coil Inventory [Member]
Raw materials	85,865	85,483
Non-standard Coil Inventory [Member]
Raw materials	15,737	17,030
Tubular Inventory [Member]
Raw materials	7,055	4,185
Finished goods	$ 5,032	$ 9,106

Note 13 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Sales	$ 444,600	$ 516,251
Coil [Member]
Net Sales	39,956	43,477
Coil [Member] \| Prime Coil [Member]
Net Sales	399,853	467,510
Coil [Member] \| Customer Owned [Member]
Net Sales	4,791	5,264
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	$ 39,956	$ 43,477

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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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net earnings	$ 6,085	$ 17,345
Other comprehensive income:
Cash flow hedges, net of tax	0	317
Other Comprehensive Income (Loss)	0	317
Comprehensive income	$ 6,085	$ 17,662

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

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Note 8 - Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2025

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

	*Year Ended March 31,*
	*2025*		2024
Numerator (basic and diluted)
Net earnings	$	6,085	$	17,345
Less: Allocation to unvested restricted stock units	$	21	$	177
Net earnings attributable to common shareholders		6,064		17,168

Denominator (basic and diluted)
Weighted average common shares outstanding		6,944,602		7,183,702

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

	*Year Ended March 31,*
	*2025*		2024
Restricted Stock Units		12,400		48,049

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	Mar. 31, 2025
Minimum [Member] \| Building [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Minimum [Member] \| Land Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	2 years
Minimum [Member] \| Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Maximum [Member] \| Building [Member]
Property, Plant and Equipment, Useful Life (Year)	40 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Maximum [Member] \| Land Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Maximum [Member] \| Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Maximum [Member] \| Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 6 - Derivative Financial Instruments (Details Textual) $ in Millions	12 Months Ended
	Mar. 31, 2025 USD ($) T	Mar. 31, 2024 USD ($)
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset \| $	$ 0.5	$ 3.0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax \| $		$ 0.1
Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	17,800
Not Designated as Hedging Instrument [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) \| T	5,860

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

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
OPERATING ACTIVITIES
Net earnings	$ 6,085	$ 17,345
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	3,291	3,070
Deferred taxes	221	794
Compensation expense for restricted stock	151	246
Change in post-retirement benefits	10	9
Gain recognized on open derivatives not designated for hedge accounting	(1,961)	(64)
Deferred realized loss on derivatives	0	418
Gain on disposal of property, plant and equipment	(258)	0
Right-of-use asset	30	41
Decrease (increase) in operating assets:
Accounts receivable	(147)	2,038
Inventories	2,115	(29,558)
Other current assets	442	1,173
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(8,641)	7,039
Income taxes payable	(1,566)	1,439
Employee compensation and related expenses	(4,182)	1,339
Contribution to retirement plan	0	(350)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(4,410)	4,979
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(4,002)	(5,792)
Proceeds from sale of assets	1,575	0
Deposit on steel processing equipment	(1,000)	0
Increase in cash surrender value of officers’ life insurance	(7)	(13)
NET CASH USED IN INVESTING ACTIVITIES	(3,434)	(5,805)
FINANCING ACTIVITIES
Cash dividends paid	(1,115)	(581)
Cash paid for principal portion of finance lease	(54)	(107)
Cash paid for share repurchases	(171)	(5,151)
Borrowings on asset based lending facility	649,494	831,436
Repayments on asset based lending facility	(642,059)	(824,260)
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,095	1,337
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	(1,749)	511
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,897	5,386
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 4,148	$ 5,897

Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net earnings	$ 6,085	$ 17,345
Less: Allocation to unvested restricted stock units	21	177
Net earnings attributable to common shareholders	$ 6,064	$ 17,168
Weighted average common shares outstanding (in shares)	6,944,602	7,183,702

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

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

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Note 10 - Other Comprehensive Income

12 Months Ended

Mar. 31, 2025

Comprehensive Income (Loss) Note [Text Block]

10. OTHER COMPREHENSIVE INCOME

The following table summarizes the tax effects on each component of Other Comprehensive Income for the fiscal year ended March 31, 2024 (in thousands):

	*Fiscal Year Ended March 31, 2024*
	*Before-Tax*		*Tax Provision*			*Net-of-Tax*

Cash flow hedges	$	418	$	(101	)	$	317
Other comprehensive income	$	418	$	(101	)	$	317

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Sales	$ 444,600	$ 516,251
Costs and expenses:
Cost of materials sold (excludes items shown separately below)	441,815	491,733
Selling, general and administrative	16,171	21,039
Depreciation and amortization	3,291	3,070
Costs and Expenses	441,815	491,733
Gain on disposal of property, plant and equipment	258	0
EARNINGS FROM OPERATIONS	3,043	24,518
Gain on economic hedges of risk	7,598	1,848
Interest expense	(2,953)	(3,072)
Other income	5	20
EARNINGS BEFORE INCOME TAXES	7,693	23,314
Provision for income taxes:
Current	1,387	5,175
Deferred	221	794
Income tax	1,608	5,969
NET EARNINGS	$ 6,085	$ 17,345
Net earnings per share:
Basic (in dollars per share)	$ 0.87	$ 2.39
Diluted (in dollars per share)	0.87	2.39
Cash dividends, per share (in dollars per share)	$ 0.16	$ 0.1
Material Sold Expense [Member]
Costs and expenses:
Cost of materials sold (excludes items shown separately below)	$ 365,648	$ 412,395
Processing and Warehouse Expense [Member]
Costs and expenses:
Cost of materials sold (excludes items shown separately below)	33,477	31,438
Delivery Expense [Member]
Costs and expenses:
Cost of materials sold (excludes items shown separately below)	$ 23,228	$ 23,791

Note 12 - Industry Segment Data (Tables)

12 Months Ended

Mar. 31, 2025

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

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

	*Year Ended March 31, 2024*
	*Flat-roll*			*Tubular*			*Other*		*Total*
Net Sales	$	472,774		$	43,477		—		$	516,251
Cost and expenses:
Cost of materials sold		381,591			30,804		—			412,395
Processing and warehousing expense		23,300			8,138		—			31,438
Delivery expense		23,194			597		—			23,791
Commercial expense		8,857			644		—			9,501
Depreciation and amortization		2,637			317		116			3,070
General corporate expenses		—			—		11,538			11,538
		439,548			40,497		11,688			491,733
EARNINGS (LOSS) FROM OPERATIONS:		33,226			2,980		(11,688	)		24,518
Gain on economic hedges of risk										1,848
Interest expense										(3,072	)
Other income										20
EARNINGS BEFORE INCOME TAXES									$	23,314


	*Year Ended March 31,*
	*2025*			*2024*
IDENTIFIABLE ASSETS:
Flat-roll	$	204,890		$	205,797
Tubular		16,792			19,589
		221,682			225,386
General corporate assets		5,140			4,633
TOTAL ASSETS	$	226,822		$	230,019

CAPITAL EXPENDITURES:
Flat-roll	$	3,823		$	5,176
Tubular		179			510
Corporate and other		—			106
TOTAL CAPITAL EXPENDITURES	$	4,002		$	5,792

Note 6 - Derivative Financial Instruments

12 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Text Block]

6. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. During fiscal 2025, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. During fiscal 2024, the Company had hedging activities classified as cash flow hedges with hedge accounting treatment according to the requirements of ASC 815– Derivatives and Hedging and hedging activities classified as economic hedges of risk with MTM accounting treatment. By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties, and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For any transactions designated as hedging instruments, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

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

At March 31, 2025 and 2024, the Company did not have any hot-rolled coil futures contracts designated as hedging instruments and classified as cash flow or fair value hedges.

The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of March 31, 2025 (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	$	636	Current portion of derivative liability	$	287

	*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	$	74	Current portion of derivative liability	$	1,686

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

During fiscal 2025 and fiscal 2024, 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 for these periods. During fiscal 2025 and fiscal 2024, the Company did not designate any transactions as hedging instruments for accounting purposes. During fiscal 2024, the Company reclassified the loss associated with previously designated cash flow hedges into earnings during the period.

The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the fiscal year ended March 31, 2024 (in thousands):

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

For the fiscal year ended March 31, 2024
Hot-rolled coil steel contracts	$	—	*Sales*	$	(418	)
Total	$	—		$	(418	)

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

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

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during fiscal 2024 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	1,848

The notional amount (quantity) of our derivative instruments not designated as hedging instruments at March 31, 2025 consisted of 17,800 tons of short positions with maturity dates ranging from June 2025 to December 2025 and 5,860 tons of long positions with maturity dates ranging from April 2025 to May 2025.

The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the fiscal year ended March 31, 2024 (in thousands):

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2023		(317	)
Other comprehensive loss, net of income, before reclassification		—
Total loss reclassified from AOCI (1)		317
Net current period other comprehensive income		317
Balance at March 31, 2024	$	—

(1) The loss reclassified from AOCI is presented net of taxes of approximately $0.1 million which are included in the provision for income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2024.

At March 31, 2025 and 2024, cash of approximately $0.5 million and $3.0 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, 2025 and 2024.

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

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Note 9 - Income Taxes

12 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Text Block]

9. INCOME TAXES

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

	*Year Ended March 31,*
	*2025*		2024
Federal
Current	$	1,234	$	4,248
Deferred		112		473
		1,346		4,721
State
Current		153		927
Deferred		109		321
		262		1,248
Total	$	1,608	$	5,969

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

	*Year Ended March 31,*
	*2025*			2024
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		2.7			4.3
Other		(2.8	)		0.3
Provision for income taxes		20.9	%		25.6	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2022 through March 31, 2024. State and local returns may be subject to examination for fiscal years ended March 31, 2021 through March 31, 2024.

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,*
	*2025*			2024
Deferred tax liabilities:
Depreciation	$	(6,199	)	$	(6,451	)
Unrealized gain - mark to market derivatives		(87	)		—
Total deferred tax liabilities		(6,286	)		(6,451	)
Deferred tax assets:
Inventory capitalization		537			552
Interest expense limitation		140			—
Postretirement benefits other than pensions		29			26
Restricted stock compensation		23			77
Unrealized Loss - mark to market derivatives		—			403
Other		79			136
Total deferred tax assets		808			1,194
Net deferred tax liability	$	(5,478	)	$	(5,257	)

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-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 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Note 6 - Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2025

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	$	636	Current portion of derivative liability	$	287

	*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	$	74	Current portion of derivative liability	$	1,686

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

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

For the fiscal year ended March 31, 2024
Hot-rolled coil steel contracts	$	—	*Sales*	$	(418	)
Total	$	—		$	(418	)

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

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

		*Gain Recognized in Earnings*
	*Location of Gain*	*for Fiscal Year Ended*
	*Recognized in Earnings*	*March 31, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	1,848

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

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

	*Gain (Loss) on*
	*Derivatives*
Balance at March 31, 2023		(317	)
Other comprehensive loss, net of income, before reclassification		—
Total loss reclassified from AOCI (1)		317
Net current period other comprehensive income		317
Balance at March 31, 2024	$	—

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Controls We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices. We utilize automated intrusion prevention, detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected. We have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention. Our cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity. A risk-based approach is taken regarding third-party systems utilized in our business. We have controls specifically focused on E-mail phishing including impersonation attempts. Although our automated controls prevent most phishing attempts, some can be delivered to employees. To mitigate this risk, we provide training to employees using various methods including E-mail phishing campaigns which send phishing-style E-mails, monitors user responses and automatically assigns further training as appropriate. Employees have been trained to send any suspicious activity to a central IT Service Desk for evaluation and appropriate timely action. All critical systems have rigorous data backups and are designed for disaster recovery, ensuring business continuity in the event of a catastrophic incident. As part of continuous improvement, disaster recovery testing is being conducted and documented. We are not aware of any unmitigated risk or any prior incident that may have materially affected the Company’s data integrity, confidentiality, operations, business strategy or financial reporting. Given our reliance on modern systems, we are aware a significant incident could impact the Company’s overall goals so we strive to provide modern counter measures to manage this risk.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices. We utilize automated intrusion prevention, detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected. We have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention. Our cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity. A risk-based approach is taken regarding third-party systems utilized in our business.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Board of Directors (the “Board”) of the Company is responsible for the oversight of the Company’s cybersecurity program and recognizes the risks that cybersecurity threats may impose on the Company, its business partners, employees and investors. The Company's IT Director is responsible for overall IT governance, risk and compliance including the Company’s cybersecurity program. The Audit Committee of the Board collaborates with the full Board and the IT Director to facilitate alignment of overall IT related controls and processes. We have a formalized IT Security Incident Report process which provides a method to document and communicate details of security incidents to appropriate stakeholders. The Board and the Audit Committee receive periodic briefings on cybersecurity and help set priorities and strategic direction. As part of continuous improvement, our cybersecurity program is being aligned with the NIST Cybersecurity Framework 2.0 to help ensure comprehensive controls and oversight.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board of Directors
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true

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

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Net current period other comprehensive income

$ 127,475

$ 115,432

317

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

132,425

127,475

Other comprehensive loss, net of income, before reclassification

$ 0

(317)

Total loss reclassified from AOCI (1)

^[1]

317

Net current period other comprehensive income

317

$ 0

[1]	The loss reclassified from AOCI is presented net of taxes of approximately $0.1 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, 2024.

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Note 3 - Debt (Details Textual) $ in Millions			3 Months Ended	10 Months Ended
Note 3 - Debt (Details Textual) $ in Millions	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2025 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2024 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25.0
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 114.0
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150.0
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	$ 22.5
Debt Instrument, Covenant, Fixed Charge Coverage Ratio				1.1
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5.0		$ 5.0
Long-Term Line of Credit			$ 47.7
Line of Credit Facility, Interest Rate at Period End			6.50%
Debt Issuance Costs, Gross					$ 0.4
Line of Credit Facility, Expiration Date			Aug. 19, 2026
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%

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Mar. 31, 2025

Summary of Valuation Allowance [Table Text Block]

Description	*Balance at*
	*Beginning*							*Balance at*
	*of Period*		*Additions (A)*		*Deductions (B)*			*End of Period*
Year ended March 31, 2025
Allowance for credit losses and cash discounts (deducted from related asset account)	$	97	$	50		—		$	147
Year ended March 31, 2024
Allowance for credit losses and cash discounts (deducted from related asset account)	$	183	$	—		(86	)	$	97

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Hot-rolled coil steel contracts	$ 1,961	$ 64
Nonoperating Income (Expense) [Member] \| Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 7,598	$ 1,848

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

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

Reclassification, Comparability Adjustment [Policy Text Block]

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, the reporting classification of certain accounts and transactions was reclassified between “Cost of materials sold” and “Processing and warehousing expense”. The total impact of this reclassification was a $4.7 million decrease to “Cost of materials sold” and a $4.7 million increase to “Processing and warehousing expense”. This reclassification had no impact on previously reported, earnings from operations, net earnings or stockholder's equity.

Revenue [Policy Text Block]

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

Accounts Receivable [Policy Text Block]

TRADE RECEIVABLES: The Company’s receivables are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses and cash discounts allowed, represents their estimated net realizable value. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables and existing economic conditions. Trade receivables are generally considered past due after 30 days from invoice date. Past-due receivable balances are written-off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The balance of the Company’s allowance for doubtful accounts was approximately $0.1 million at both March 31, 2025 and 2024.

Inventory, Policy [Policy Text Block]

INVENTORIES: Both flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for substantially all of the Company's 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 2025 or fiscal 2024. Obsolete or slow-moving inventories are not significant based on the Company’s review of inventories. Accordingly, no allowance has been provided for such items. Flat-roll raw material inventory consists of steel coils the Company will process into sheet and plate. Flat-roll finished goods consists of processed sheet and plate inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured.

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

	*March 31,*
	*2025*		2024
Flat-Roll raw material	$	85,865	$	85,483
Flat-Roll finished goods		15,737		17,030
Tubular raw material		7,055		4,185
Tubular finished goods		5,032		9,106
	$	113,689	$	115,804

Derivatives, Policy [Policy Text Block]

DERIVATIVE INSTRUMENTS: From time to time, the Company may use futures contracts to partially manage exposure to price risk. All of the futures contracts entered into during fiscal 2025 and fiscal 2024 were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. In prior fiscal years, the Company elected hedge accounting for some of its derivatives. For derivatives designated for hedge accounting and classified as cash flow hedges, changes in fair value are recognized as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. For derivatives designated for hedge accounting and classified as fair value hedges, changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings. For derivatives where hedge accounting is not elected, changes in fair value are immediately recognized in earnings. The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sales exclusion provided in Accounting Standards Codification 815 - Derivatives and Hedging. See Note 6 for further information about the Company's derivative instruments.

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

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

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

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company assesses recoverability by comparing the carrying amount of the asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If an asset or asset group is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset’s or asset group's carrying amount exceeds its estimated fair value. The Company did not identify any indicators of impairment during fiscal 2025 or fiscal 2024.

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.

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

POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: The Company maintains life insurance policies on each officer. From time to time and in its discretion, the Board of Directors of the Company has approved the transfer of the applicable policy to an officer upon their retirement. The Company’s accrued liability for these potential future transfers was approximately $0.1 million at both March 31, 2025 and 2024.

Shipping Costs [Policy Text Block]

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

Supplemental Cash Flow Information [Policy Text Block]

SUPPLEMENTAL CASH FLOW INFORMATION: The Company paid interest of approximately $3.0 million in both fiscal 2025 and fiscal 2024. The Company paid income taxes of approximately $3.2 million and $3.9 million in fiscal 2025 and fiscal 2024, respectively.

Income Tax, Policy [Policy Text Block]

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

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

Use of Estimates, Policy [Policy Text Block]

USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from any estimates. The Company did not identify any significant estimates or judgements related to the consolidated financial statements and accompanying notes presented in this annual report.

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

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

Earnings Per Share, Policy [Policy Text Block]

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

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

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

Flat-roll segment sales to O'Neal Steel accounted for approximately 16% of total Company sales in both fiscal 2025 and fiscal 2024. 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.

New Accounting Pronouncements, Policy [Policy Text Block]

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

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and provide income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign operations. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2023-09 will have on its consolidated financial statements.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS: In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance retrospectively on March 31, 2025. As a result, our segment disclosures now include presentation of significant segment expenses and disclosure of our CODMs. The adoption of this guidance affect only our disclosures, with no impacts to our financial condition and results of operations.

Note 6 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Current portion of derivative assets	Current portion of derivative assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Current portion of derivative liability	Current portion of derivative liability
Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative assets	$ 636	$ 74
Derivative liabilities	$ 287	$ 1,686

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.

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Note 4 - Leases (Tables)

12 Months Ended

Mar. 31, 2025

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

	*Fiscal 2025*		*Fiscal 2024*
Finance lease – amortization of ROU asset	$	54	$	106
Finance lease – interest on lease liability		—		3
Operating lease expense		384		234
	$	438	$	343

	March 31, 2025		March 31, 2024		Balance Sheet Classification
Assets
Operating lease right-of-use asset	$	2,841	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		378		404	Property, plant & equipment
Total right-of-use assets	$	3,219	$	3,245

Liabilities
Operating lease liability, current	$	160	$	101	Accrued expenses
Finance lease liability, current		—		54	Current portion of finance lease
Operating lease liability, non-current		2,752		2,782	Non-current lease liabilities
Total lease liabilities	$	2,912	$	2,937

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

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2026		363			—
Fiscal 2027		371			—
Fiscal 2028		324			—
Fiscal 2029		303			—
Fiscal 2030 and beyond		4,740			—
Total undiscounted lease payments	$	6,101		$	—
Less: imputed interest		(3,189	)		—
Present value of lease liability	$	2,912		$	—

Note 13 - Revenue (Details Textual)	12 Months Ended
Note 13 - Revenue (Details Textual)	Mar. 31, 2025
Number of Reportable Segments	2

Note 9 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

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

	*Year Ended March 31,*
	*2025*		2024
Federal
Current	$	1,234	$	4,248
Deferred		112		473
		1,346		4,721
State
Current		153		927
Deferred		109		321
		262		1,248
Total	$	1,608	$	5,969

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

	*Year Ended March 31,*
	*2025*			2024
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		2.7			4.3
Other		(2.8	)		0.3
Provision for income taxes		20.9	%		25.6	%

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

	*March 31,*
	*2025*			2024
Deferred tax liabilities:
Depreciation	$	(6,199	)	$	(6,451	)
Unrealized gain - mark to market derivatives		(87	)		—
Total deferred tax liabilities		(6,286	)		(6,451	)
Deferred tax assets:
Inventory capitalization		537			552
Interest expense limitation		140			—
Postretirement benefits other than pensions		29			26
Restricted stock compensation		23			77
Unrealized Loss - mark to market derivatives		—			403
Other		79			136
Total deferred tax assets		808			1,194
Net deferred tax liability	$	(5,478	)	$	(5,257	)

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of Inventory, Current [Table Text Block]

	*March 31,*
	*2025*		2024
Flat-Roll raw material	$	85,865	$	85,483
Flat-Roll finished goods		15,737		17,030
Tubular raw material		7,055		4,185
Tubular finished goods		5,032		9,106
	$	113,689	$	115,804

Property, Plant and Equipment [Table Text Block]

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

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2025

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

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

FRIEDMAN INDUSTRIES, INCORPORATED

(In thousands)

Description	*Balance at*
	*Beginning*							*Balance at*
	*of Period*		*Additions (A)*		*Deductions (B)*			*End of Period*
Year ended March 31, 2025
Allowance for credit losses and cash discounts (deducted from related asset account)	$	97	$	50		—		$	147
Year ended March 31, 2024
Allowance for credit losses and cash discounts (deducted from related asset account)	$	183	$	—		(86	)	$	97

(A)	Additions consist of charges to bad debt expense of approximately $50 in fiscal 2025.
(B)	Deductions consist of accounts receivable written off of approximately $38, accompanied with collections of previously reserved accounts of $48 for fiscal 2024.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

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, 2023	$ 8,869	$ (317)	$ 35,005	$ (7,778)	$ 79,653	$ 115,432
Net earnings	0	0	0	0	17,345	17,345
Net current period other comprehensive income	0	317	0	0	0	317
Issuance of restricted stock	4	0	(4)	0	0	0
Paid in capital – restricted stock units	0	0	246	0	0	246
Repurchase of shares	0	0	0	(5,151)	0	(5,151)
Cash dividends	0	0	0	0	(714)	(714)
Balance at Mar. 31, 2024	8,873	0	35,247	(12,929)	96,284	127,475
Net earnings	0	0	0	0	6,085	6,085
Net current period other comprehensive income						0
Issuance of restricted stock	4	0	(4)	0	0	0
Paid in capital – restricted stock units	0	0	151	0	0	151
Repurchase of shares	0	0	0	(171)	0	(171)
Cash dividends	0	0	0	0	(1,115)	(1,115)
Balance at Mar. 31, 2025	$ 8,877	$ 0	$ 35,394	$ (13,100)	$ 101,254	$ 132,425

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

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

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2025	Mar. 31, 2024
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)	8,877,229	8,873,203
Treasury stock, shares (in shares)	1,906,693	1,896,892

Note 11 - Retirement Plan

12 Months Ended

Mar. 31, 2025

Compensation and Employee Benefit Plans [Text Block]

11. RETIREMENT PLAN

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

Employees may elect to participate in the 401(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completed sixty calendar days of service. Under the Plan, participating employees may defer a portion of their earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the 401(k) portion of the Plan was approximately $0.5 million and $0.5 million for the years ended March 31, 2025 and 2024, respectively.

The retirement portion of the Plan covers substantially all employees, including officers. Any contributions are determined at the discretion of the Board of Directors in an amount not to exceed 15% of the total compensation paid during the year to all eligible employees. The Company did not make a contribution to the retirement portion of the Plan in fiscal 2025 or fiscal 2024. Contributions, plan earnings and forfeitures of non-vested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company.

Note 7 - Fair Value Measurements

12 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Text Block]

7. FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

Recurring Fair Value Measurements

At March 31, 2025, our financial assets, 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 assets, net	$	349	$	—	$	—	$	349
Total	$	349	$	—	$	—	$	349

At March 31, 2024, 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	$	(1,612	)	$	—	$	—	$	(1,612	)
Total	$	(1,612	)	$	—	$	—	$	(1,612	)

At March 31, 2025 and 2024, the Company did not have any fair value measurements on a non-recurring basis.

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

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
CURRENT ASSETS:
Cash	$ 3,686	$ 2,891
Accounts receivable, net of allowances for credit losses and cash discounts of $147 and $97 at March 31, 2025 and 2024, respectively	47,476	47,329
Inventories	113,689	115,804
Current portion of derivative assets	636	74
Other current assets	980	3,966
TOTAL CURRENT ASSETS	166,467	170,064
PROPERTY, PLANT AND EQUIPMENT:
Land	1,572	1,670
Buildings and yard improvements	30,393	30,900
Machinery and equipment	57,970	53,607
Construction in process	135	1,977
Less accumulated depreciation	(33,819)	(31,396)
Property, plant, and equipment, net	56,251	56,758
OTHER ASSETS:
Operating lease right-of-use asset	2,841	2,841
Other assets	1,263	356
TOTAL ASSETS	226,822	230,019
Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities, Current	35,304	43,886
Income taxes payable	647	2,213
Dividends payable	279	279
Employee compensation and related expenses	1,807	5,989
Current portion of financing lease	0	54
Current portion of derivative liability	287	1,686
TOTAL CURRENT LIABILITIES	38,324	54,107
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	115	105
DEFERRED INCOME TAX LIABILITY	5,478	5,257
Operating and Finance Lease Liabilities, Noncurrent	2,752	2,782
ASSET BASED LENDING FACILITY	47,728	40,293
TOTAL LIABILITIES	94,397	102,544
COMMITMENTS AND CONTINGENCIES (SEE NOTE 11)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,877,229 shares and 8,873,203 shares at March 31, 2025 and 2024, respectively	8,877	8,873
Additional paid-in capital	35,394	35,247
Treasury stock at cost ( 1,906,693 shares and 1,896,892 shares at March 31, 2025 and 2024, respectively)	(13,100)	(12,929)
Retained earnings	101,254	96,284
TOTAL STOCKHOLDERS’ EQUITY	132,425	127,475
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 226,822	$ 230,019

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pre-tax gain (loss) recognized in OCI		$ 0
Revenue	$ 444,600	516,251
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue		(418)
Hot-rolled Coil Future Contracts [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue		(418)
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI		$ 0

Note 9 - Income Taxes (Details Textual)	12 Months Ended
Note 9 - Income Taxes (Details Textual)	Mar. 31, 2025
Domestic Tax Jurisdiction [Member]
Open Tax Year	2022 2023 2024
State and Local Jurisdiction [Member]
Open Tax Year	2021 2022 2023 2024

Note 4 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Fiscal 2026, operating lease	$ 363
Fiscal 2027, operating lease	371
Fiscal 2028, operating lease	324
Fiscal 2029, operating lease	303
Fiscal 2030 and beyond, operating lease	4,740
Operating lease, Total undiscounted lease payments	6,101
Operating lease, Less: imputed interest	(3,189)
Present value of lease liability, operating lease	$ 2,912

Note 4 - Leases

12 Months Ended

Mar. 31, 2025

Lessee, Operating Leases [Text Block]

4. LEASES

The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 and optional renewal provisions for up to 4 renewal terms of five years each. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at March 31, 2025 and remaining in place until adjustment in September 2025 is approximately $13,000 per month. The anticipated execution of renewal options for this lease is included in the ROU asset and lease liability calculation. The Company has an operating lease for administrative office space in The Woodlands, TX with an expiration date of February 28, 2029 and a renewal option for one additional 60 month term. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at March 31, 2025 and remaining in place until adjustment in March 2026 is approximately $12,000 per month. 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. This lease expires on April 30, 2027 and calls for monthly rental payments of approximately $5,000. 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 last payment under this lease was made in October 2024.

The components of expense related to leases were as follows for the fiscal years ended March 31, 2025 and 2024 (in thousands):

	*Fiscal 2025*		*Fiscal 2024*
Finance lease – amortization of ROU asset	$	54	$	106
Finance lease – interest on lease liability		—		3
Operating lease expense		384		234
	$	438	$	343

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2025 and 2024 (in thousands):

	March 31, 2025		March 31, 2024		Balance Sheet Classification
Assets
Operating lease right-of-use asset	$	2,841	$	2,841	Operating lease right-of-use asset
Finance lease right-of-use asset		378		404	Property, plant & equipment
Total right-of-use assets	$	3,219	$	3,245

Liabilities
Operating lease liability, current	$	160	$	101	Accrued expenses
Finance lease liability, current		—		54	Current portion of finance lease
Operating lease liability, non-current		2,752		2,782	Non-current lease liabilities
Total lease liabilities	$	2,912	$	2,937

As of March 31, 2025, the weighted-average remaining lease term was 19.3 years for operating leases. The weighted average discount rate was 7.5% for operating leases.

Maturities of lease liabilities as of March 31, 2025 were as follows (in thousands):

	*Operating*			*Finance*
	*Leases*			*Leases*
Fiscal 2026		363			—
Fiscal 2027		371			—
Fiscal 2028		324			—
Fiscal 2029		303			—
Fiscal 2030 and beyond		4,740			—
Total undiscounted lease payments	$	6,101		$	—
Less: imputed interest		(3,189	)		—
Present value of lease liability	$	2,912		$	—

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2025

Significant Accounting Policies [Text Block]

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

	*March 31,*
	*2025*		2024
Flat-Roll raw material	$	85,865	$	85,483
Flat-Roll finished goods		15,737		17,030
Tubular raw material		7,055		4,185
Tubular finished goods		5,032		9,106
	$	113,689	$	115,804

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

Maintenance and repairs are expensed as incurred.

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

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

Note 13 - Revenue

12 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Text Block]

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

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

The following table disaggregates our revenue by product for each of our reportable business segments for the fiscal years ended March 31, 2025 and 2024, respectively (in thousands):

	*Fiscal Year Ended March 31,*
	*2025*		2024
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	399,853	$	467,510
Processing or Storage of Customer Owned Coil		4,791		5,264
	$	*404,644*	$	472,774
Tubular Segment:
Manufactured Pipe	$	39,956	$	43,477
	$	39,956	$	43,477

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

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Note 4 - Leases (Details Textual) - USD ($)	1 Months Ended			12 Months Ended
Note 4 - Leases (Details Textual) - USD ($)	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2019	Mar. 31, 2025	Mar. 31, 2024
Operating Lease, Weighted Average Remaining Lease Term (Year)				19 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent				7.50%
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
Office Space in Longview, Texas [Member]
Lessee, Operating Lease, Renewal Term (Year)		5 years
Operating Lease, Monthly Payments	$ 5,000	$ 13,000		$ 12,000
Operating Lease, Additional Term (Month)					60 months

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Construction in Progress, Gross		$ 135	$ 1,977
Gain (Loss) on Disposition of Property Plant Equipment		258	0
Depreciation		3,200	$ 3,000
Upgrade of Decatur, AL Processing Line [Member]
Construction in Progress, Gross	$ 1,900
Gain (Loss) on Disposition of Property Plant Equipment	$ 200
Tubular [Member]
Construction in Progress, Gross		1,600
Gain (Loss) on Disposition of Property Plant Equipment		$ 500

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash dividends, per share (in dollars per share)	$ 0.16	$ 0.1

Note 7 - Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2025

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

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

	*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	$	(1,612	)	$	—	$	—	$	(1,612	)
Total	$	(1,612	)	$	—	$	—	$	(1,612	)

Note 11 - Retirement Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Common Stock [Member]
Stock Repurchase Program, Percentage of Shares Authorized to be Repurchased	15.00%
Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member]
Employee Service Vesting Period (Year)		6 years
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 500	$ 500
Defined Contribution Plan, Cost	$ 0	$ 0

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

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Note 9 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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	2.70%	4.30%
Other	(2.80%)	0.30%
Provision for income taxes	20.90%	25.60%

Note 12 - Industry Segment Data

12 Months Ended

Mar. 31, 2025

Segment Reporting Disclosure [Text Block]

12. 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: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting steel coils into flat sheet and plate steel cut to customer specifications. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products.

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

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

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

	*Year Ended March 31, 2024*
	*Flat-roll*			*Tubular*			*Other*		*Total*
Net Sales	$	472,774		$	43,477		—		$	516,251
Cost and expenses:
Cost of materials sold		381,591			30,804		—			412,395
Processing and warehousing expense		23,300			8,138		—			31,438
Delivery expense		23,194			597		—			23,791
Commercial expense		8,857			644		—			9,501
Depreciation and amortization		2,637			317		116			3,070
General corporate expenses		—			—		11,538			11,538
		439,548			40,497		11,688			491,733
EARNINGS (LOSS) FROM OPERATIONS:		33,226			2,980		(11,688	)		24,518
Gain on economic hedges of risk										1,848
Interest expense										(3,072	)
Other income										20
EARNINGS BEFORE INCOME TAXES									$	23,314


	*Year Ended March 31,*
	*2025*			*2024*
IDENTIFIABLE ASSETS:
Flat-roll	$	204,890		$	205,797
Tubular		16,792			19,589
		221,682			225,386
General corporate assets		5,140			4,633
TOTAL ASSETS	$	226,822		$	230,019

CAPITAL EXPENDITURES:
Flat-roll	$	3,823		$	5,176
Tubular		179			510
Corporate and other		—			106
TOTAL CAPITAL EXPENDITURES	$	4,002		$	5,792

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, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At March 31, 2025 and 2024, corporate assets consisted primarily of cash, restricted cash, leased administrative office right-of-use assets, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

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

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Note 9 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Current	$ 1,234	$ 4,248
Deferred	112	473
Federal Income Tax Expense (Benefit), Continuing Operations	1,346	4,721
Current	153	927
Deferred	109	321
State and Local Income Tax Expense (Benefit), Continuing Operations	262	1,248
Income tax	$ 1,608	$ 5,969

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

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Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cost of Product and Service Sold	$ 441,815	$ 491,733
Accounts Receivable, Allowance for Credit Loss	100	100
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	3,000	3,000
Proceeds from Income Tax Refunds	3,200	$ 3,900
Unrecognized Tax Benefits, Ending Balance	$ 0
Customer Concentration Risk [Member] \| Revenue, Product and Service Benchmark [Member] \| O'Neal Steel [Member]
Concentration Risk, Percentage	16.00%	16.00%
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits	$ 100	$ 100
Material Sold Expense [Member]
Cost of Product and Service Sold	365,648	412,395
Processing and Warehouse Expense [Member]
Cost of Product and Service Sold	$ 33,477	31,438
Revision of Prior Period, Adjustment [Member] \| Material Sold Expense [Member]
Cost of Product and Service Sold		(4,700)
Revision of Prior Period, Adjustment [Member] \| Processing and Warehouse Expense [Member]
Cost of Product and Service Sold		$ 4,700

Note 12 - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Sales	$ 444,600	$ 516,251
Cost of Goods and Services Sold	9,115	11,538
Depreciation and amortization	3,291	3,070
Cost of Product and Service Sold	441,815	491,733
Gain (Loss) on Disposition of Property Plant Equipment	258	0
EARNINGS (LOSS) FROM OPERATIONS:	3,043	24,518
Gain on economic hedges of risk	7,598	1,848
Interest expense	(2,953)	(3,072)
Other income	5	20
EARNINGS BEFORE INCOME TAXES	7,693	23,314
Identifiable assets	226,822	230,019
Capital Expenditures	4,002	5,792
Material Sold Expense [Member]
Cost of Goods and Services Sold	365,648	412,395
Cost of Product and Service Sold	365,648	412,395
Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	33,477	31,438
Cost of Product and Service Sold	33,477	31,438
Delivery Expense [Member]
Cost of Goods and Services Sold	23,228	23,791
Cost of Product and Service Sold	23,228	23,791
Commercial Expense [Member]
Cost of Goods and Services Sold	7,056	9,501
Tubular [Member]
Gain (Loss) on Disposition of Property Plant Equipment	500
Operating Segments [Member]
Identifiable assets	221,682	225,386
Operating Segments [Member] \| Flat-roll [Member]
Net Sales	404,644	472,774
Depreciation and amortization	2,869	2,637
Cost of Product and Service Sold	390,703	439,548
Gain (Loss) on Disposition of Property Plant Equipment	(222)
EARNINGS (LOSS) FROM OPERATIONS:	13,719	33,226
Identifiable assets	204,890	205,797
Capital Expenditures	3,823	5,176
Operating Segments [Member] \| Flat-roll [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	334,426	381,591
Operating Segments [Member] \| Flat-roll [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	24,544	23,300
Operating Segments [Member] \| Flat-roll [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	22,563	23,194
Operating Segments [Member] \| Flat-roll [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	6,301	8,857
Operating Segments [Member] \| Tubular [Member]
Net Sales	39,956	43,477
Depreciation and amortization	304	317
Cost of Product and Service Sold	41,879	40,497
Gain (Loss) on Disposition of Property Plant Equipment	480
EARNINGS (LOSS) FROM OPERATIONS:	(1,443)	2,980
Identifiable assets	16,792	19,589
Capital Expenditures	179	510
Operating Segments [Member] \| Tubular [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	31,222	30,804
Operating Segments [Member] \| Tubular [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	8,933	8,138
Operating Segments [Member] \| Tubular [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	665	597
Operating Segments [Member] \| Tubular [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	755	644
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Net Sales	0	0
Cost of Goods and Services Sold	9,115	11,538
Depreciation and amortization	118	116
Cost of Product and Service Sold	9,233	11,688
Gain (Loss) on Disposition of Property Plant Equipment	0
EARNINGS (LOSS) FROM OPERATIONS:	(9,233)	(11,688)
Identifiable assets	5,140	4,633
Capital Expenditures	$ 0	$ 106

Note 13 - Revenue (Tables)

12 Months Ended

Mar. 31, 2025

Disaggregation of Revenue [Table Text Block]

	*Fiscal Year Ended March 31,*
	*2025*		2024
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	399,853	$	467,510
Processing or Storage of Customer Owned Coil		4,791		5,264
	$	*404,644*	$	472,774
Tubular Segment:
Manufactured Pipe	$	39,956	$	43,477
	$	39,956	$	43,477

Note 7 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Derivative liabilities	$ 349	$ 1,612
Total	349	1,612
Commodity futures – financial liabilities, net	(349)	(1,612)
Total	(349)	(1,612)
Fair Value, Inputs, Level 1 [Member]
Derivative liabilities		1,612
Total	349	1,612
Commodity futures – financial liabilities, net		(1,612)
Total	(349)	(1,612)
Fair Value, Inputs, Level 2 [Member]
Derivative liabilities	0	(0)
Total	0	(0)
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Derivative liabilities	0	(0)
Total	0	(0)
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

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Note 10 - Other Comprehensive Income (Tables)

12 Months Ended

Mar. 31, 2025