0001437749-25-025433 | 10-Q | XBRL Viewer

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	$	328	Current portion of derivative liability	$	82

	*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

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

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	276

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	5,375

Derivatives Not Designated as Hedging Instruments [Table Text Block]

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(12,484	)	July 2025 - June 2026

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

Note 9 - Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 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	$	246	$	—	$	—	$	246
Total	$	246	$	—	$	—	$	246

	*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

Note 4 - Debt (Details Textual) $ in Millions			10 Months Ended
Note 4 - Debt (Details Textual) $ in Millions	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Jun. 30, 2025 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25.0
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150.0			$ 103.7
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				$ 33.0
Line of Credit Facility, Interest Rate at Period End				6.20%
Debt Issuance Costs, Gross				$ 0.4
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%

Note 2 - New Accounting Pronouncements

3 Months Ended

Jun. 30, 2025

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

NOTE 2 — NEW 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.

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

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Note 12 - Stockholders' Equity

3 Months Ended

Jun. 30, 2025

Equity [Text Block]

NOTE 12 — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the three months ended June 30, 2025 and June 30, 2024 (in thousands):



			*Additional*
	*Common*		*Paid-In*			*Treasury*			*Retained*
	*Stock*		*Capital*			*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2025	$	8,877	$	35,394		$	(13,100	)	$	101,254		$	132,425
Net earnings		—		—			—			5,028			5,028
Paid in capital – restricted stock units		—		123			—			—			123
Issuance of restricted stock		90		(90	)		—			—			—
Repurchase of shares		—		—			(10	)		—			(10	)
Cash dividends ($0.04 per share)		—		—			—			(286	)		(286	)
BALANCE AT JUNE 30, 2025	$	8,967	$	35,427		$	(13,110	)	$	105,996		$	137,280



			*Additional*
	*Common*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		47		—			—			47
Repurchase of shares		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	35,294	$	(13,052	)	$	98,572		$	129,687

The entire disclosure for equity.

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Note 8 - Derivative Financial Instruments

3 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 8 — DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize hot-rolled coil futures or options to reduce our exposure to commodity price risk that is inherent in our business. For the three months ended June 30, 2025 and 2024, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("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 for accounting purposes, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

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

At June 30, 2025 and March 31, 2025, 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 June 30, 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	$	328	Current portion of derivative liability	$	82

	*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

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

During the three months ended June 30, 2025 and 2024, the Company 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 the three months ended June 30, 2025 and 2024, the Company did not designate any transactions as hedging instruments for accounting purposes.

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three months ended June 30, 2025 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	276

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three months ended June 30, 2024 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*June 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	5,375

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at June 30, 2025 (in thousands):

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(12,484	)	July 2025 - June 2026

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at March 31, 2025 (in thousands):

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

At June 30, 2025 and March 31, 2025, cash of approximately $0.8 million and $0.5 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at June 30, 2025 and March 31, 2025.

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 10 - Segment Information

3 Months Ended

Jun. 30, 2025

Segment Reporting Disclosure [Text Block]

NOTE 10 — SEGMENT INFORMATION

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):

	Three Months Ended June 30, 2025
	Flat-Roll		Tubular			Other			Total
Net Sales	$	124,067	$	10,710			—		$	134,777
Cost and expenses:
Cost of materials sold		99,154		6,550			—			105,704
Processing and warehousing expense		6,899		2,429			—			9,328
Delivery expense		6,260		140			—			6,400
Commercial expense		2,199		212			—			2,411
Depreciation and amortization		769		50			28			847
General corporate expenses		—		—			3,044			3,044
		115,281		9,381			3,072			127,734
EARNINGS (LOSS) FROM OPERATIONS		8,786		1,329			(3,072	)		7,043
Gain on economic hedges of risk										276
Interest expense										(678	)
Other income										4
EARNINGS BEFORE INCOME TAXES									$	6,645

	*Three Months Ended June 30, 2024*
	*Flat-Roll*		*Tubular*			*Other*			*Total*
Net Sales	$	103,387	$	11,164			—		$	114,551
Cost and expenses:
Cost of materials sold		86,913		9,501			—			96,414
Processing and warehousing expense		5,768		2,410			—			8,178
Delivery expense		5,878		173			—			6,051
Commercial expense		1,482		182			—			1,664
Depreciation and amortization		680		83			32			795
General corporate expenses		—		—			2,847			2,847
		100,721		12,349			2,879			115,949
EARNINGS (LOSS) FROM OPERATIONS		2,666		(1,185	)		(2,879	)		(1,398	)
Gain on economic hedges of risk										5,375
Interest expense										(681	)
Other income										3
EARNINGS BEFORE INCOME TAXES									$	3,299

	*June 30, 2025*		*March 31, 2025*
IDENTIFIABLE ASSETS:
Flat-Roll	$	192,341	$	204,890
Tubular		22,447		16,792
		214,788		221,682
General corporate assets		4,290		5,140
	$	219,078	$	226,822

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 June 30, 2025 and March 31, 2025, corporate assets consist 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 12 - Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Stockholders Equity [Table Text Block]



			*Additional*
	*Common*		*Paid-In*			*Treasury*			*Retained*
	*Stock*		*Capital*			*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2025	$	8,877	$	35,394		$	(13,100	)	$	101,254		$	132,425
Net earnings		—		—			—			5,028			5,028
Paid in capital – restricted stock units		—		123			—			—			123
Issuance of restricted stock		90		(90	)		—			—			—
Repurchase of shares		—		—			(10	)		—			(10	)
Cash dividends ($0.04 per share)		—		—			—			(286	)		(286	)
BALANCE AT JUNE 30, 2025	$	8,967	$	35,427		$	(13,110	)	$	105,996		$	137,280



			*Additional*
	*Common*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		47		—			—			47
Repurchase of shares		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	35,294	$	(13,052	)	$	98,572		$	129,687

Note 12 - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.04

Note 3 - Inventories (Details Textual)	3 Months Ended
Note 3 - Inventories (Details Textual)	Jun. 30, 2025
Number of Operating Segments	2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
OPERATING ACTIVITIES
Net earnings	$ 5,028	$ 2,567
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	847	795
Deferred taxes	(26)	(10)
Compensation expense for restricted stock	123	47
Change in postretirement benefits	3	1
Loss (gain) recognized on open derivatives not designated for hedge accounting	103	(1,608)
Right-of-use asset	18	(27)
Decrease (increase) in operating assets:
Accounts receivable	(3,241)	9,574
Inventories	10,231	(3,998)
Other current assets	53	260
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(19)	(9,533)
Income taxes payable	1,625	610
Employee compensation and related expenses	744	(4,737)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	15,489	(6,059)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(1,781)	(1,054)
Increase in cash surrender value of officers’ life insurance	(3)	(3)
NET CASH USED IN INVESTING ACTIVITIES	(1,784)	(1,057)
FINANCING ACTIVITIES
Cash dividends paid	(282)	(279)
Cash paid for principal portion of finance lease	0	(27)
Cash paid for share repurchases	(10)	(123)
Borrowings on asset based lending facility	196,322	198,871
Repayments on asset based lending facility	(211,011)	(193,077)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(14,981)	5,365
DECREASE IN CASH AND RESTRICTED CASH	(1,276)	(1,751)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	4,148	5,897
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 2,872	$ 4,146

Note 11 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Net Sales	$ 134,777	$ 114,551
Flat-roll [Member]
Net Sales	124,067	103,387
Flat-roll [Member] \| Prime Coil [Member]
Net Sales	122,846	101,834
Flat-roll [Member] \| Customer Owned [Member]
Net Sales	1,221	1,553
Tubular [Member]
Net Sales	10,710	11,164
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	$ 10,710	$ 11,164

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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Note 9 - Fair Value Measurements

3 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Text Block]

NOTE 9 — FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

Recurring Fair Value Measurements

At June 30, 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	$	246	$	—	$	—	$	246
Total	$	246	$	—	$	—	$	246

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 June 30, 2025 and March 31, 2025, 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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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information During the three months ended June 30, 2025, none of our officers or directors adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) and (c), respectively, of Regulation S-K, for the purchase or sale of our securities.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 15 - Income Taxes

3 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Text Block]

NOTE 15 — INCOME TAXES

For the three months ended June 30, 2025 and 2024, the Company recorded income tax provisions of approximately $1.6 million and $0.7 million, respectively. For both quarters, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision with this impact partially reduced by the tax effect of restricted stock vesting during the quarters.

The entire disclosure for income tax.

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Note 11 - Revenue (Details Textual)	3 Months Ended
Note 11 - Revenue (Details Textual)	Jun. 30, 2025
Number of Reportable Segments	2

Note 3 - Inventories

3 Months Ended

Jun. 30, 2025

Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

The Company operates in two segments: the flat-roll segment and the tubular segment. 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. 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. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

A summary of inventory values by product group follows (in thousands):

	*June 30, 2025*		*March 31, 2025*
Flat-Roll raw material	$	71,441	$	85,865
Flat-Roll finished goods		16,439		15,737
Tubular raw material		9,619		7,055
Tubular finished goods		5,959		5,032
	$	103,458	$	113,689

Note 5 - Leases (Tables)

3 Months Ended

Jun. 30, 2025

Lease, Cost [Table Text Block]

	*Three Months Ended*
	*June 30,*
	*2025*		*2024*
Operating lease expense		108		60
	$	108	$	60

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

	*June 30, 2025*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	2,788	$	2,841	Operating lease right-of-use asset
Total right-of-use assets	$	2,788	$	2,841
Liabilities
Operating lease liability, current	$	164	$	160	Accrued expenses
Operating lease liability, non-current		2,713		2,752	Non-current lease liabilities
Total lease liabilities	$	2,877	$	2,912

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

	*Operating Leases*
Fiscal 2026 (remainder of fiscal year)		273
Fiscal 2027		371
Fiscal 2028		325
Fiscal 2029		303
Fiscal 2030 and beyond		4,740
Total undiscounted lease payments	$	6,012
Less: imputed interest		(3,135	)
Present value of lease liability	$	2,877

Note 7 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2025 $ / shares shares
Unvested (in shares) \| shares	18,026
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 7.07
Cancelled or forfeited (in shares) \| shares	0
Cancelled or forfeited, grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Granted (in shares) \| shares	89,534
Granted, grant date fair value per share (in dollars per share) \| $ / shares	$ 14.39
Vested (in shares) \| shares	(14,000)
Vested, grant date fair value per share (in dollars per share) \| $ / shares	$ 4.32
Unvested (in shares) \| shares	93,560
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 14.49

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
CURRENT ASSETS:
Cash	$ 2,099	$ 3,686
Accounts receivable, net of allowances for credit losses and cash discounts of $124 and $147 at June 30, and March 31, 2025, respectively	50,717	47,476
Inventories	103,458	113,689
Current portion of derivative assets	328	636
Other current assets	1,327	980
TOTAL CURRENT ASSETS	157,929	166,467
PROPERTY, PLANT AND EQUIPMENT:
Land	1,572	1,572
Buildings and yard improvements	30,393	30,393
Machinery and equipment	59,197	57,970
Construction in process	689	135
Less accumulated depreciation	(34,641)	(33,819)
Total property, plant, and equipment	57,210	56,251
OTHER ASSETS:
Operating lease right-of-use asset	2,788	2,841
Other assets	1,151	1,263
TOTAL ASSETS	219,078	226,822
CURRENT LIABILITIES:
Accounts payable and accrued expenses	35,289	35,304
Income taxes payable	2,272	647
Dividends payable	282	279
Employee compensation and related expenses	2,551	1,807
Current portion of derivative liability	82	287
TOTAL CURRENT LIABILITIES	40,476	38,324
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	118	115
DEFERRED INCOME TAX LIABILITY	5,452	5,478
NON-CURRENT LEASE LIABILITIES	2,713	2,752
ASSET BASED LENDING FACILITY	33,039	47,728
TOTAL LIABILITIES	81,798	94,397
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,966,763 and 8,877,229 shares at June 30, and March 31, 2025	8,967	8,877
Additional paid-in capital	35,427	35,394
Treasury stock at cost (1,907,323 shares and 1,906,693 shares at June 30, and March 31, 2025, respectively)	(13,110)	(13,100)
Retained earnings	105,996	101,254
TOTAL STOCKHOLDERS’ EQUITY	137,280	132,425
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 219,078	$ 226,822

Note 11 - Revenue (Tables)

3 Months Ended

Jun. 30, 2025

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*
	*June 30,*
	*2025*		*2024*
Flat-Roll Segment:
Company Owned Flat-Roll Products		122,846		101,834
Processing or Storage of Customer Owned Coil		1,221		1,553
		124,067		103,387
Tubular Segment:
Manufactured Pipe		10,710		11,164
		10,710		11,164

Note 5 - Leases

3 Months Ended

Jun. 30, 2025

Lessee, Operating Leases [Text Block]

NOTE 5 — 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 June 30, 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 right-of-use ("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 June 30, 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. The Company does not have any finance leases in place.

The components of expense related to leases for the three months ended June 30, 2025 and 2024 are as follows (in thousands):

	*Three Months Ended*
	*June 30,*
	*2025*		*2024*
Operating lease expense		108		60
	$	108	$	60

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2025 and March 31, 2025 (in thousands):

	*June 30, 2025*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	2,788	$	2,841	Operating lease right-of-use asset
Total right-of-use assets	$	2,788	$	2,841
Liabilities
Operating lease liability, current	$	164	$	160	Accrued expenses
Operating lease liability, non-current		2,713		2,752	Non-current lease liabilities
Total lease liabilities	$	2,877	$	2,912

As of June 30, 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 June 30, 2025 were as follows (in thousands):

	*Operating Leases*
Fiscal 2026 (remainder of fiscal year)		273
Fiscal 2027		371
Fiscal 2028		325
Fiscal 2029		303
Fiscal 2030 and beyond		4,740
Total undiscounted lease payments	$	6,012
Less: imputed interest		(3,135	)
Present value of lease liability	$	2,877

Note 8 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	$ 0.8	$ 0.5

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

+ References + Details

Note 5 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Fiscal 2025 (remainder of fiscal year), operating leases	$ 273
Fiscal 2026, operating leases	371
Fiscal 2027, operating leases	325
Fiscal 2028, operating leases	303
Fiscal 2029 and beyond, operating leases	4,740
Total undiscounted lease payments, operating leases	6,012
Less: imputed interest, operating leases	(3,135)
Present value of lease liability, operating lease	$ 2,877

Note 8 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Derivative asset	$ 328	$ 636
Derivative liability	82	287
Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative asset	328	636
Derivative liability	$ 82	$ 287

Note 7 - Stock Based Compensation (Tables)

3 Months Ended

Jun. 30, 2025

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2025		18,026		$	7.07
Cancelled or forfeited		—			—
Granted		89,534			14.39
Vested		(14,000	)		4.32
Unvested at June 30, 2025		93,560		$	14.49

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Income Tax Expense (Benefit)	$ 1,617	$ 732

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

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 30, 2025	Aug. 07, 2025
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,059,440

Note 1 - Basis of Presentation

3 Months Ended

Jun. 30, 2025

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

NOTE 1 — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2025.

Note 13 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Net earnings	$ 5,028	$ 2,567
Less: Allocation to unvested restricted stock awards	67	11
Net earnings attributable to common shareholders	$ 4,961	$ 2,556
Weighted average common shares outstanding (in shares)	6,965,880	6,939,208

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

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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 4 - Debt

3 Months Ended

Jun. 30, 2025

Debt Disclosure [Text Block]

NOTE 4 — 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 up to an aggregate of $25 million, in minimum increments of $5 million. At June 30, 2025, the Company had a balance of approximately $33.0 million under the ABL Facility with an applicable interest rate of 6.2%. At June 30, 2025, the Company's applicable borrowing base calculation supported access to approximately $103.7 million of the ABL Facility.

The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility with these costs being amortized on an equal monthly basis over the 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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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Allowances for bad debts and cash discounts	$ 124	$ 147
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)	8,966,763	8,877,229
Treasury stock, common shares (in shares)	1,907,323	1,906,693

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Construction in Progress, Gross	$ 689	$ 135

Note 3 - Inventories (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Inventory, Current [Table Text Block]

	*June 30, 2025*		*March 31, 2025*
Flat-Roll raw material	$	71,441	$	85,865
Flat-Roll finished goods		16,439		15,737
Tubular raw material		9,619		7,055
Tubular finished goods		5,959		5,032
	$	103,458	$	113,689

Note 9 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Commodity futures – financial assets, net	$ 246	$ (349)
Total	246	(349)
Commodity futures – financial assets, net	(246)	349
Total	(246)	349
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial assets, net		(349)
Total	246	(349)
Commodity futures – financial assets, net		349
Total	(246)	349
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial assets, net	0	(0)
Total	0	(0)
Commodity futures – financial assets, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial assets, net	0	(0)
Total	0	(0)
Commodity futures – financial assets, net	0	0
Total	$ 0	$ 0

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

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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Note 7 - Stock Based Compensation

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Text Block]

NOTE 7 — STOCK BASED COMPENSATION

The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees, 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 awards for the three months ended June 30, 2025:

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2025		18,026		$	7.07
Cancelled or forfeited		—			—
Granted		89,534			14.39
Vested		(14,000	)		4.32
Unvested at June 30, 2025		93,560		$	14.49

The Company measures compensation expense for restricted stock awards at the market price of the common stock as of the grant date. Compensation expense for awards with time based restrictions is recognized over the requisite service period applicable to each award. Compensation expense for awards with performance based restrictions is recognized once it is probable the performance conditions will be satisfied with a cumulative effect adjustment and the remaining expense recognized over the remaining service period. The stock awards granted during the three months ended June 30, 2025 consist of 53,221 time restricted shares with annual ratable vesting over a three year period and 36,313 performance restricted shares with vesting thresholds dependent on the percentage of average earnings before tax to average accounts receivable, inventory and net PP&E over a three year period. The Company recorded compensation expense of approximately $0.1 million and $0.05 million in the three months ended June 30, 2025 and 2024, respectively, relating to the restricted stock issued under the Plan. As of June 30, 2025, unrecognized compensation expense related to unvested restricted stock was approximately $1.3 million which is expected to be recognized over a weighted average period of approximately 2.8 years. As of June 30, 2025, a total of 24,438 shares were still available to be issued under the Plan.

Note 5 - Leases (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
Note 5 - Leases (Details Textual) - USD ($)	Apr. 30, 2024	Jun. 30, 2025	Oct. 31, 2019
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)			0 years
Granite City, IL Facility [Member]
Lessee, Operating Lease, Renewal Term (Year)		5 years
Operating Lease, Monthly Payments		$ 13,000
Administrative Office Space in Woodlands, Texas [Member]
Operating Lease, Monthly Payments		$ 12,000
Operating Lease, Additional Term (Month)		60 months
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments	$ 5,000

Note 12 - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025	Mar. 31, 2024
Balance	$ 137,280	$ 129,687	$ 132,425	$ 127,475
Net earnings	5,028	2,567
Paid in capital – restricted stock units	123	47
Issuance of restricted stock	0
Repurchase of shares	(10)	(123)
Cash dividends	(286)	(279)
Balance	137,280	129,687
Common Stock [Member]
Balance	8,967	8,873	8,877	8,873
Net earnings	0	0
Paid in capital – restricted stock units	0	0
Issuance of restricted stock	90
Repurchase of shares	0	0
Cash dividends	0	0
Balance	8,967	8,873
Additional Paid-in Capital [Member]
Balance	35,427	35,294	35,394	35,247
Net earnings	0	0
Paid in capital – restricted stock units	123	47
Issuance of restricted stock	(90)
Repurchase of shares	0	0
Cash dividends	0	0
Balance	35,427	35,294
Treasury Stock, Common [Member]
Balance	(13,110)	(13,052)	(13,100)	(12,929)
Net earnings	0	0
Paid in capital – restricted stock units	0	0
Issuance of restricted stock	0
Repurchase of shares	(10)	(123)
Cash dividends	0	0
Balance	(13,110)	(13,052)
Retained Earnings [Member]
Balance	105,996	98,572	$ 101,254	$ 96,284
Net earnings	5,028	2,567
Paid in capital – restricted stock units	0	0
Issuance of restricted stock	0
Repurchase of shares	0	0
Cash dividends	(286)	(279)
Balance	$ 105,996	$ 98,572

Note 3 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025
Total	$ 103,458	$ 113,689
Flat-Roll Inventory [Member]
Flat-Roll raw material	71,441	85,865
Flat-Roll finished goods	16,439	15,737
Tubular Inventory [Member]
Flat-Roll raw material	9,619	7,055
Flat-Roll finished goods	$ 5,959	$ 5,032

Note 7 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Sep. 01, 2016
Time Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	53,221
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Performance Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	36,313
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	89,534
Share-Based Payment Arrangement, Expense	$ 100	$ 50
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, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,300		$ 1,300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 9 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	24,438		24,438

Note 10 - Segment Information (Tables)

3 Months Ended

Jun. 30, 2025

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

	Three Months Ended June 30, 2025
	Flat-Roll		Tubular			Other			Total
Net Sales	$	124,067	$	10,710			—		$	134,777
Cost and expenses:
Cost of materials sold		99,154		6,550			—			105,704
Processing and warehousing expense		6,899		2,429			—			9,328
Delivery expense		6,260		140			—			6,400
Commercial expense		2,199		212			—			2,411
Depreciation and amortization		769		50			28			847
General corporate expenses		—		—			3,044			3,044
		115,281		9,381			3,072			127,734
EARNINGS (LOSS) FROM OPERATIONS		8,786		1,329			(3,072	)		7,043
Gain on economic hedges of risk										276
Interest expense										(678	)
Other income										4
EARNINGS BEFORE INCOME TAXES									$	6,645

	*Three Months Ended June 30, 2024*
	*Flat-Roll*		*Tubular*			*Other*			*Total*
Net Sales	$	103,387	$	11,164			—		$	114,551
Cost and expenses:
Cost of materials sold		86,913		9,501			—			96,414
Processing and warehousing expense		5,768		2,410			—			8,178
Delivery expense		5,878		173			—			6,051
Commercial expense		1,482		182			—			1,664
Depreciation and amortization		680		83			32			795
General corporate expenses		—		—			2,847			2,847
		100,721		12,349			2,879			115,949
EARNINGS (LOSS) FROM OPERATIONS		2,666		(1,185	)		(2,879	)		(1,398	)
Gain on economic hedges of risk										5,375
Interest expense										(681	)
Other income										3
EARNINGS BEFORE INCOME TAXES									$	3,299

	*June 30, 2025*		*March 31, 2025*
IDENTIFIABLE ASSETS:
Flat-Roll	$	192,341	$	204,890
Tubular		22,447		16,792
		214,788		221,682
General corporate assets		4,290		5,140
	$	219,078	$	226,822

Note 11 - Revenue

3 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Text Block]

NOTE 11 — 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 three months ended June 30, 2025 and 2024, respectively (in thousands):

	*Three Months Ended*
	*June 30,*
	*2025*		*2024*
Flat-Roll Segment:
Company Owned Flat-Roll Products		122,846		101,834
Processing or Storage of Customer Owned Coil		1,221		1,553
		124,067		103,387
Tubular Segment:
Manufactured Pipe		10,710		11,164
		10,710		11,164

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

Note 14 - Supplemental Cash Flow Information

3 Months Ended

Jun. 30, 2025

Cash Flow, Supplemental Disclosures [Text Block]

NOTE 14 — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid interest of approximately $0.7 million during both the three months ended June 30, 2025 and 2024. Additionally, the Company paid income taxes of approximately $0.1 million during both the three months ended June 30, 2025 and 2024.

Note 6 - Property, Plant and Equipment

3 Months Ended

Jun. 30, 2025

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT

At June 30, 2025, the Company's construction in process balance of approximately $0.7 million consisted of several smaller projects among our facilities.

Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Note 8 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Hot-rolled coil steel contracts	$ (103)	$ 1,608
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	$ 276
Hot-rolled Coil Steel Contracts [Member] \| Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts		$ 5,375

Note 13 - Earnings Per Share - Restricted Stock Units (Details) - shares	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Restricted Stock Units (RSUs) [Member]
Restricted Stock Awards (in shares)	69,628	24,218

Note 10 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025
Net Sales	$ 134,777	$ 114,551
Cost of Goods and Services Sold	3,044	2,847
Depreciation and amortization	847	795
Costs and Expenses	127,734	115,949
EARNINGS (LOSS) FROM OPERATIONS	7,043	(1,398)
Gain on economic hedges of risk	276	5,375
Interest expense	(678)	(681)
Other income	4	3
EARNINGS BEFORE INCOME TAXES	6,645	3,299
Identifiable assets	219,078		$ 226,822
Material Sold Expense [Member]
Cost of Goods and Services Sold	105,704	96,414
Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	9,328	8,178
Delivery Expense [Member]
Cost of Goods and Services Sold	6,400	6,051
Commercial Expense [Member]
Cost of Goods and Services Sold	2,411	1,664
Flat-roll [Member]
Net Sales	124,067	103,387
Tubular [Member]
Net Sales	10,710	11,164
Operating Segments [Member]
Identifiable assets	214,788		221,682
Operating Segments [Member] \| Flat-roll [Member]
Net Sales	124,067	103,387
Depreciation and amortization	769	680
Costs and Expenses	115,281	100,721
EARNINGS (LOSS) FROM OPERATIONS	8,786	2,666
Identifiable assets	192,341		204,890
Operating Segments [Member] \| Flat-roll [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	99,154	86,913
Operating Segments [Member] \| Flat-roll [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	6,899	5,768
Operating Segments [Member] \| Flat-roll [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	6,260	5,878
Operating Segments [Member] \| Flat-roll [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	2,199	1,482
Operating Segments [Member] \| Tubular [Member]
Net Sales	10,710	11,164
Depreciation and amortization	50	83
Costs and Expenses	9,381	12,349
EARNINGS (LOSS) FROM OPERATIONS	1,329	(1,185)
Identifiable assets	22,447		16,792
Operating Segments [Member] \| Tubular [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	6,550	9,501
Operating Segments [Member] \| Tubular [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	2,429	2,410
Operating Segments [Member] \| Tubular [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	140	173
Operating Segments [Member] \| Tubular [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	212	182
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Cost of Goods and Services Sold	3,044	2,847
Depreciation and amortization	28	32
Costs and Expenses	3,072	2,879
EARNINGS (LOSS) FROM OPERATIONS	(3,072)	$ (2,879)
Identifiable assets	$ 4,290		$ 5,140

Note 13 - Earnings Per Share

3 Months Ended

Jun. 30, 2025