Friedman Industries (FRD) 10-K 1 Jul 19 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Jul. 01, 2019	Sep. 28, 2018
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Entity Central Index Key	0000039092
Trading Symbol	frd
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		6,999,444
Entity Public Float			$ 63,706
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance sheets

Consolidated Balance sheets - USD ($)	Mar. 31, 2019	Mar. 31, 2018
CURRENT ASSETS:
Cash	$ 11,667,161	$ 4,052,582
Accounts receivable, net of allowances for bad debts and cash discounts of $29,178 and $21,052 at March 31, 2019 and 2018, respectively	13,183,411	17,458,289
Inventories	49,062,086	45,329,434
Other	543,549	429,101
TOTAL CURRENT ASSETS	74,456,207	67,269,406
PROPERTY, PLANT AND EQUIPMENT:
Land	1,452,799	1,452,799
Buildings and yard improvements	8,821,253	8,710,958
Machinery and equipment	38,176,497	39,282,944
Less accumulated depreciation	(36,540,591)	(35,280,700)
Property, plant, and equipment, net	11,909,958	14,166,001
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	235,817	217,900
TOTAL ASSETS	86,601,982	81,653,307
CURRENT LIABILITIES:
Accounts payable and accrued expenses	11,577,664	10,233,431
Income taxes payable	159,694
Dividends payable	279,978	140,189
Contribution to retirement plan	50,250	45,000
Employee compensation and related expenses	297,316	612,015
TOTAL CURRENT LIABILITIES	12,364,902	11,030,635
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	210,257	175,056
DEFERRED INCOME TAX LIABILITY	1,545,246	1,872,166
TOTAL LIABILITIES	14,120,405	13,077,857
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 8)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000, Issued shares — 8,205,160 shares and 8,185,160 shares at March 31, 2019 and 2018, respectively	8,205,160	8,185,160
Additional paid-in capital	29,322,472	29,154,874
Treasury stock at cost (1,225,716 shares and 1,175,716 shares at March 31, 2019 and 2018, respectively)	(5,525,964)	(5,475,964)
Retained earnings	40,479,909	36,711,380
TOTAL STOCKHOLDERS’ EQUITY	72,481,577	68,575,450
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 86,601,982	$ 81,653,307

Consolidated Balance sheets (Pa

Consolidated Balance sheets (Parentheticals) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Allowance for bad debt and cash discounts	$ 29,178	$ 21,052
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	8,205,160	8,185,160
Treasury stock, shares (in shares)	1,225,716	1,175,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 187,154,493	$ 121,157,278
Costs and expenses:
Cost of products sold	174,247,456	111,208,087
Selling, general and administrative	4,782,510	4,181,657
Impairment loss for long-lived assets	1,723,539	0
Interest expense	17,546	27,846
Costs and expenses, total	180,771,051	115,417,590
EARNINGS FROM OPERATIONS	6,383,442	5,739,688
Interest and other income	440,503	24,900
EARNINGS BEFORE INCOME TAXES	6,823,945	5,764,588
Provision for (benefit from) income taxes:
Current	2,050,941	452,856
Deferred	(326,920)	1,377,631
Income tax	1,724,021	1,830,487
NET EARNINGS	$ 5,099,924	$ 3,934,101
Weighted average number of common shares outstanding:
Basic (in shares)	7,010,266	7,009,444
Diluted (in shares)	7,010,266	7,009,444
Net earnings per share:
Basic (in dollars per share)	$ 0.73	$ 0.56
Diluted (in dollars per share)	$ 0.73	$ 0.56

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
BALANCE at Mar. 31, 2017	$ 8,185,160	$ 28,865,914	$ (5,475,964)	$ 28,781,315
Retrospective adjustment for change in accounting principle at Mar. 31, 2017				4,346,437
Net earnings (loss)				3,934,101	$ 3,934,101
Paid in capital – restricted stock awards		288,960
Cash dividends				(350,473)
BALANCE at Mar. 31, 2018	8,185,160	29,154,874	(5,475,964)	36,711,380	68,575,450
Net earnings (loss)				5,099,924	5,099,924
Paid in capital – restricted stock awards		167,598
Cash dividends				(1,331,395)
Forfeiture of restricted stock			(50,000)
Issuance of restricted stock	20,000
BALANCE at Mar. 31, 2019	$ 8,205,160	$ 29,322,472	$ (5,525,964)	$ 40,479,909	$ 72,481,577

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.19	$ 0.05

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES
Net earnings (loss)	$ 5,099,924	$ 3,934,101
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	1,340,492	1,356,347
Impairment loss for long-lived assets	1,723,539	0
Deferred taxes	(326,920)	1,377,631
Compensation expense for restricted stock	137,598	288,960
Change in post-retirement benefits other than pensions	35,201	9,774
Changes in operating assets and liabilities:
Accounts receivable, net	4,274,878	(8,519,238)
Inventories	(3,732,652)	(4,818,076)
Federal income taxes recoverable		913,347
Other	(114,448)	(315,561)
Accounts payable and accrued expenses	1,344,233	8,229,770
Income taxes payable	159,694	414,114
Employee compensation and related expenses	(314,699)	371,180
Contribution to retirement plan	5,250	3,000
Net cash provided by operating activities	9,632,090	3,245,349
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(807,989)	(349,184)
Increase in cash value of officers’ life insurance	(17,917)	(24,900)
Net cash used in investing activities	(825,906)	(374,084)
FINANCING ACTIVITIES
Cash dividends paid	(1,191,605)	(280,378)
Net cash used in financing activities	(1,191,605)	(280,378)
Increase in cash	7,614,579	2,590,887
Cash at beginning of year	4,052,582	1,461,695
Cash at end of year	$ 11,667,161	$ 4,052,582

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF CONSOLIDATION: REVENUE RECOGNITION: 10 TRADE RECEIVABLES: third 30 $14,178 $6,052 March 31, 2019 March 31, 2018, INVENTORIES: April 1, 2018, first 2 not no The following is a summary of inventory by product group: March 31 201 9 2018 As Adjusted Prime coil inventory $ 26,240,439 $ 14,185,858 Non-standard coil inventory 2,078,008 2,971,324 Tubular raw material 4,418,750 6,734,076 Tubular finished goods 16,324,889 21,438,176 $ 49,062,086 $ 45,329,434 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc. PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not At March 31, 2019, not $1,723,539 No March 31, 2018. Maintenance and repairs are expensed as incurred. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $210,257 $175,056 March 31, 2019 March 31, 2018, SHIPPING COSTS: SUPPLEMENTAL CASH FLOW INFORMATION: $17,500 $27,900 2019 2018, $1,846,000 2019. $959,000 2018. 2018, $385,000 INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not no USE OF ESTIMATES: FINANCIAL INSTRUMENTS: EARNINGS PER SHARE: two no ECONOMIC RELATIONSHIP: 21% 16% 2019 2018, No 10% two March 31, 2019. 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 30 NEW ACCOUNTING PRONOUNCEMENTS: May 2014, No. 2014 09, 2014 09” 2014 09 April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018 not no April 1, 2018. not 10. In August 2016, No. 2016 15, 2016 15” 2016 15 eight April 1, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, The Company implemented ASC 842 first March 31, 2020 842 $61,000. 1 not 2 842 not no In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, December 15, 2019.

Note 2 - Change in Accounting P

Note 2 - Change in Accounting Principle	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Accounting Changes [Text Block]	2. CHANGE IN ACCOUNTING PRINCIPLE Effective April 1, 2018, first March 31, 2018, March 31, 2018 March 31, 2018 April 1, 2017 $4,346,437 As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Fiscal Year Ended March 31, 2018 Cost of goods sold 112,905,381 (1,697,294 ) 111,208,087 Income tax provision 1,307,890 522,597 1,830,487 Net earnings 2,759,404 1,174,697 3,934,101 Net earnings per share: Basic 0.39 0.17 0.56 Diluted 0.39 0.17 0.56 Consolidated Statement of Cash Flows, Fiscal Year Ended March 31, 2018 Net earnings 2,759,404 1,174,697 3,934,101 Change in inventories (3,120,782 ) (1,697,294 ) (4,818,076 ) Change in deferred income taxes 1,269,148 108,483 1,377,631 Change in income taxes payable - 414,114 414,114 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 The following table shows the effect of the change in accounting principle from LIFO to average cost on the results of operations for the fiscal year ended March 31, 2019: As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Fiscal Year Ended March 31, 2019 Earnings before income taxes 5,706,951 6,823,945 1,116,994 Income tax provision 1,451,937 1,724,021 272,084 Net earnings 4,255,014 5,099,924 844,910 Net earnings per share: Basic 0.61 0.73 0.12 Diluted 0.61 0.73 0.12

Note 3 - Equity Compensation Pl

Note 3 - Equity Compensation Plans and Capital Stock	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	3 . EQUITY COMPENSATION PLANS AND CAPITAL STOCK The Company maintains the Friedman Industries, Incorporated 2016 500,000 may, The following table summarizes the activity related to restricted stock awards for the year ended March 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2018 210,000 $ 6.88 Cancelled or forfeited (50,000 ) 6.88 Granted 20,000 8.23 Vested — — Unvested at March 31, 2019 180,000 $ 7.03 Of the 180,000 March 31, 2019, 160,000 five January 4, 2022 20,000 two March 13, 2021. $137,598 $288,960 2019 2018, March 31, 2019, 20,000 $7.62 five April 1, 2024. The Company has 1,000,000 $1 may one no March 31, 2019 March 31, 2018.

Note 4 - Debt

Note 4 - Debt	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	4 . DEBT On December 11, 2018, $7,500,000 December 12, 2018, $5,000,000 January 14, 2019 ( December 12, 2019 0.55% 4.95% March 31, 2019. may 80% 40% not $3,000,000. March 31, 2019, $5,000,000 not 1 $50.0 2 50% 3 2.00 1.00. twelve March 31, 2019, no

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	5 . COMMITMENTS AND CONTINGENCIES The Company is obligated under a noncancelable operating lease for its Longview, Texas office space. The lease expires on April 30, 2021 $2,728. five March 31, 2019: 2020 $ 32,736 2021 32,736 2022 2,728 2023 — 2024 — Total $ 68,200 Rental expense for leased properties was approximately $32,736 2019 2018. At March 31, 2019, December 31, 2019. March 31, 2019, April 2019 December 2019 $33,165,000.

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	6 . EARNINGS PER SHARE Basic and dilutive net earnings per share is computed based on the following information: Year Ended March 31 201 9 2018 As Adjusted Basic Net earnings $ 5,099,924 $ 3,934,101 Weighted average common shares 7,010,266 7,009,444 Dilutive Net earnings $ 5,099,924 $ 3,934,101 Weighted average common shares and common share equivalents 7,010,266 7,009,444

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31 201 2018 As Adjusted Federal Current $ 1,738,512 $ 414,114 Deferred (312,658 ) 1,286,556 1,425,854 1,700,670 State Current 312,429 38,742 Deferred (14,262 ) 91,075 298,167 129,817 Total $ 1,724,021 $ 1,830,487 The effective tax rates for fiscal 2019 2018 December 22, 2017 not The Tax Act reduced the federal corporate tax rate applicable to the Company from 34% 21% January 1, 2018. 15 30.8% 2018. January 1, 2018 21% 2019 Also on December 22, 2017, No. 118 118” not 118 not one December 22, 2018, no The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31 201 9 2018 As Adjusted Income tax expense at U.S. federal statutory rate (1) 21.0% 30.8% Benefit due to tax reform — (2.0) Current year state and local income taxes net of federal income tax benefit 3.5 3.4 Other 0.8 (0.4) Provision for income taxes 25.3% 31.8% ( 1 The statutory rate for fiscal 2018 December 22, 2017. The Company’s tax returns may March 31, 2016 March 31, 2018. may March 31, 2015 March 31, 2018. Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows: March 31 201 9 2018 As Adjusted Deferred tax liabilities: Depreciation $ (954,569 ) $ (1,053,139 ) LIFO to average cost Section 481(a) adjustment (903,330 ) (1,284,952 ) Total deferred tax liabilities (1,857,899 ) (2,338,091 ) Deferred tax assets: Inventory capitalization 106,856 114,428 Postretirement benefits other than pensions 50,798 36,762 Net operating loss carryforward - Federal — 184,668 Net operating loss carryforward - State — 21,507 Other 154,999 108,560 Total deferred tax assets 312,653 465,925 Net deferred tax asset (liability) $ (1,545,246 ) $ (1,872,166 )

Note 8 - Retirement Plan

Note 8 - Retirement Plan	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	8 . RETIREMENT PLAN The Company maintains the Friedman Industries, Inc. Employees’ Retirement and 401 six The retirement portion of the Plan covers substantially all employees, including officers. The Company’s contribution expenses, which are determined at the discretion of the Board of Directors in an amount not 15% $200,000 March 31, 2019, $162,000 March 31, 2018. Employees may 401 one may 401 $58,500 $37,500 March 31, 2019 2018,

Note 9 - Industry Segment Data

Note 9 - Industry Segment Data	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9 . 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 Year Ended March 31 201 9 2018 As Adjusted NET SALES: Coil $ 124,555,478 $ 90,132,804 Tubular 62,599,015 31,024,474 TOTAL NET SALES $ 187,154,493 $ 121,157,278 OPERATING PROFIT: Coil $ 6,414,396 $ 5,723,623 Tubular 2,328,871 2,024,035 TOTAL OPERATING PROFIT 8,743,267 7,747,658 General corporate expenses (2,342,279 ) (1,980,124 ) Interest expense (17,546 ) (27,846 ) Interest and other income 440,503 24,900 TOTAL EARNINGS BEFORE INCOME TAXES $ 6,823,945 $ 5,764,588 IDENTIFIABLE ASSETS: Coil $ 43,104,205 $ 34,358,704 Tubular 31,519,755 43,010,190 74,623,960 77,368,894 General corporate assets 11,978,022 4,284,413 TOTAL ASSETS $ 86,601,982 $ 81,653,307 DEPRECIATION: Coil $ 551,241 $ 570,819 Tubular 782,327 779,590 Corporate and other 6,924 5,938 $ 1,340,492 $ 1,356,347 CAPITAL EXPENDITURES: Coil $ 396,299 $ 35,720 Tubular 377,400 306,310 Corporate and other 34,290 7,154 $ 807,989 $ 349,184 Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not March 31, 2019 March 31, 2018, no

Note 10 - Revenue

Note 10 - Revenue	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. REVENUE Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two three three March 31, 2019 2018, Fiscal Year Ended March 31, 2019 2018 Coil Segment: Prime Coil 106,436,452 71,192,758 Non-standard Coil 16,867,632 17,719,898 Customer Owned Coil 1,251,394 1,220,148 124,555,478 90,132,804 Tubular Segment: Manufactured Pipe 45,689,886 21,239,983 Mill Reject Pipe 16,072,129 7,708,697 Pipe Finishing Services 837,000 2,075,794 62,599,015 31,024,474

Note 11 - Summary of Quarterly

Note 11 - Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Quarterly Financial Information [Text Block]	1 1 . SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2019 2018: Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 48,193,318 $ 53,432,029 $ 43,326,080 $ 42,203,066 Gross profit 6,192,478 3,944,541 1,930,484 839,534 Net earnings (loss) 3,599,893 2,000,916 664,773 (1,165,658 ) Basic (1) .51 .29 .09 (.17 ) Diluted (1) .51 .29 .09 (.17 ) Quarter Ended June 30, As Adjusted September 30, As Adjusted December 31, As Adjusted March 31, As Adjusted Net sales $ 23,083,269 $ 26,077,710 $ 28,033,521 $ 43,962,778 Gross profit 1,543,310 1,500,411 1,724,534 5,180,936 Net earnings 364,330 395,334 161,271 3,013,166 Basic (1) .05 .05 .02 .43 Diluted (1) .05 .05 .02 .43 ( 1 The sum of the quarterly earnings per share may not

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS FRIEDMAN INDUSTRIES, INCORPORATED Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Deductions — Balance at Year ended March 31, 2019 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 21,052 $ — $ 765,732 $ 757,606 $ 29,178 Year ended March 31, 2018 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 27,276 $ — $ 425,140 $ 431,364 $ 21,052 (A) Allowance for doubtful accounts charged to bad debt expense of $15,673 $0 2019 2018, $750,059 $425,140 2019 2018, (B) Accounts receivable written off of $7,547 $1,224 $750,059 $430,140 2019 2018,

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	BASIS OF CONSOLIDATION:
Revenue [Policy Text Block]	REVENUE RECOGNITION: 10
Accounts Receivable [Policy Text Block]	TRADE RECEIVABLES: third 30 $14,178 $6,052 March 31, 2019 March 31, 2018,
Inventory, Policy [Policy Text Block]	INVENTORIES: April 1, 2018, first 2 not no The following is a summary of inventory by product group: March 31 201 9 2018 As Adjusted Prime coil inventory $ 26,240,439 $ 14,185,858 Non-standard coil inventory 2,078,008 2,971,324 Tubular raw material 4,418,750 6,734,076 Tubular finished goods 16,324,889 21,438,176 $ 49,062,086 $ 45,329,434 Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe that the Company purchases from U.S. Steel Tubular Products, Inc.
Property, Plant and Equipment, Policy [Policy Text Block]	PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not At March 31, 2019, not $1,723,539 No March 31, 2018. Maintenance and repairs are expensed as incurred.
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $210,257 $175,056 March 31, 2019 March 31, 2018,
Shipping Costs [Policy Text Block]	SHIPPING COSTS:
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: $17,500 $27,900 2019 2018, $1,846,000 2019. $959,000 2018. 2018, $385,000
Income Tax, Policy [Policy Text Block]	INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not no
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES:
Fair Value of Financial Instruments, Policy [Policy Text Block]	FINANCIAL INSTRUMENTS:
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER SHARE: two no
Concentration Risk, Credit Risk, Policy [Policy Text Block]	ECONOMIC RELATIONSHIP: 21% 16% 2019 2018, No 10% two March 31, 2019. 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 30
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING PRONOUNCEMENTS: May 2014, No. 2014 09, 2014 09” 2014 09 April 1, 2018, not April 1, 2018 April 1, 2018. April 1, 2018 not no April 1, 2018. not 10. In August 2016, No. 2016 15, 2016 15” 2016 15 eight April 1, 2018. not In February 2016, No. 2016 02, 2016 02” 2016 02 12 12 July 2018, No. 2018 10, 842, July 2018, No. 2018 11, 842 2016 02 842," December 15, 2018, The Company implemented ASC 842 first March 31, 2020 842 $61,000. 1 not 2 842 not no In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, December 15, 2019.

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31 201 9 2018 As Adjusted Prime coil inventory $ 26,240,439 $ 14,185,858 Non-standard coil inventory 2,078,008 2,971,324 Tubular raw material 4,418,750 6,734,076 Tubular finished goods 16,324,889 21,438,176 $ 49,062,086 $ 45,329,434
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 20 Machinery and equipment (in years) 10 to 15 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 10

Note 2 - Change in Accounting_2

Note 2 - Change in Accounting Principle (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As Originally Reported Effect of Change As Adjusted Consolidated Statement of Operations, Fiscal Year Ended March 31, 2018 Cost of goods sold 112,905,381 (1,697,294 ) 111,208,087 Income tax provision 1,307,890 522,597 1,830,487 Net earnings 2,759,404 1,174,697 3,934,101 Net earnings per share: Basic 0.39 0.17 0.56 Diluted 0.39 0.17 0.56 Consolidated Statement of Cash Flows, Fiscal Year Ended March 31, 2018 Net earnings 2,759,404 1,174,697 3,934,101 Change in inventories (3,120,782 ) (1,697,294 ) (4,818,076 ) Change in deferred income taxes 1,269,148 108,483 1,377,631 Change in income taxes payable - 414,114 414,114 Consolidated Balance Sheet, as of March 31, 2018 Inventories 38,039,332 7,290,102 45,329,434 Deferred income tax liability 103,198 1,768,968 1,872,166 Retained earnings 31,190,246 5,521,134 36,711,380 As Computed Under LIFO As Computed Under Average Cost Effect of Change Consolidated Statement of Operations, Fiscal Year Ended March 31, 2019 Earnings before income taxes 5,706,951 6,823,945 1,116,994 Income tax provision 1,451,937 1,724,021 272,084 Net earnings 4,255,014 5,099,924 844,910 Net earnings per share: Basic 0.61 0.73 0.12 Diluted 0.61 0.73 0.12

Note 3 - Equity Compensation _2

Note 3 - Equity Compensation Plans and Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at March 31, 2018 210,000 $ 6.88 Cancelled or forfeited (50,000 ) 6.88 Granted 20,000 8.23 Vested — — Unvested at March 31, 2019 180,000 $ 7.03

Note 5 - Commitments and Cont_2

Note 5 - Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2020 $ 32,736 2021 32,736 2022 2,728 2023 — 2024 — Total $ 68,200

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31 201 9 2018 As Adjusted Basic Net earnings $ 5,099,924 $ 3,934,101 Weighted average common shares 7,010,266 7,009,444 Dilutive Net earnings $ 5,099,924 $ 3,934,101 Weighted average common shares and common share equivalents 7,010,266 7,009,444

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31 201 2018 As Adjusted Federal Current $ 1,738,512 $ 414,114 Deferred (312,658 ) 1,286,556 1,425,854 1,700,670 State Current 312,429 38,742 Deferred (14,262 ) 91,075 298,167 129,817 Total $ 1,724,021 $ 1,830,487
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31 201 9 2018 As Adjusted Income tax expense at U.S. federal statutory rate (1) 21.0% 30.8% Benefit due to tax reform — (2.0) Current year state and local income taxes net of federal income tax benefit 3.5 3.4 Other 0.8 (0.4) Provision for income taxes 25.3% 31.8%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31 201 9 2018 As Adjusted Deferred tax liabilities: Depreciation $ (954,569 ) $ (1,053,139 ) LIFO to average cost Section 481(a) adjustment (903,330 ) (1,284,952 ) Total deferred tax liabilities (1,857,899 ) (2,338,091 ) Deferred tax assets: Inventory capitalization 106,856 114,428 Postretirement benefits other than pensions 50,798 36,762 Net operating loss carryforward - Federal — 184,668 Net operating loss carryforward - State — 21,507 Other 154,999 108,560 Total deferred tax assets 312,653 465,925 Net deferred tax asset (liability) $ (1,545,246 ) $ (1,872,166 )

Note 9 - Industry Segment Data

Note 9 - Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31 201 9 2018 As Adjusted NET SALES: Coil $ 124,555,478 $ 90,132,804 Tubular 62,599,015 31,024,474 TOTAL NET SALES $ 187,154,493 $ 121,157,278 OPERATING PROFIT: Coil $ 6,414,396 $ 5,723,623 Tubular 2,328,871 2,024,035 TOTAL OPERATING PROFIT 8,743,267 7,747,658 General corporate expenses (2,342,279 ) (1,980,124 ) Interest expense (17,546 ) (27,846 ) Interest and other income 440,503 24,900 TOTAL EARNINGS BEFORE INCOME TAXES $ 6,823,945 $ 5,764,588 IDENTIFIABLE ASSETS: Coil $ 43,104,205 $ 34,358,704 Tubular 31,519,755 43,010,190 74,623,960 77,368,894 General corporate assets 11,978,022 4,284,413 TOTAL ASSETS $ 86,601,982 $ 81,653,307 DEPRECIATION: Coil $ 551,241 $ 570,819 Tubular 782,327 779,590 Corporate and other 6,924 5,938 $ 1,340,492 $ 1,356,347 CAPITAL EXPENDITURES: Coil $ 396,299 $ 35,720 Tubular 377,400 306,310 Corporate and other 34,290 7,154 $ 807,989 $ 349,184

Note 10 - Revenue (Tables)

Note 10 - Revenue (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Fiscal Year Ended March 31, 2019 2018 Coil Segment: Prime Coil 106,436,452 71,192,758 Non-standard Coil 16,867,632 17,719,898 Customer Owned Coil 1,251,394 1,220,148 124,555,478 90,132,804 Tubular Segment: Manufactured Pipe 45,689,886 21,239,983 Mill Reject Pipe 16,072,129 7,708,697 Pipe Finishing Services 837,000 2,075,794 62,599,015 31,024,474

Note 11 - Summary of Quarterl_2

Note 11 - Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 48,193,318 $ 53,432,029 $ 43,326,080 $ 42,203,066 Gross profit 6,192,478 3,944,541 1,930,484 839,534 Net earnings (loss) 3,599,893 2,000,916 664,773 (1,165,658 ) Basic (1) .51 .29 .09 (.17 ) Diluted (1) .51 .29 .09 (.17 ) Quarter Ended June 30, As Adjusted September 30, As Adjusted December 31, As Adjusted March 31, As Adjusted Net sales $ 23,083,269 $ 26,077,710 $ 28,033,521 $ 43,962,778 Gross profit 1,543,310 1,500,411 1,724,534 5,180,936 Net earnings 364,330 395,334 161,271 3,013,166 Basic (1) .05 .05 .02 .43 Diluted (1) .05 .05 .02 .43

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Column A Column B Column C Column D Column E Additions Description Balance at Charged to Charged to Deductions — Balance at Year ended March 31, 2019 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 21,052 $ — $ 765,732 $ 757,606 $ 29,178 Year ended March 31, 2018 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 27,276 $ — $ 425,140 $ 431,364 $ 21,052

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2019
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 14,178	$ 6,052
Impairment of Long-Lived Assets Held-for-use	1,723,539	0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total	17,500	27,900
Income Taxes Paid, Net, Total	1,846,000	$ (959,000)
Unrecognized Tax Benefits, Ending Balance	$ 0
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 61,000
Operating Lease, Liability, Total			$ 61,000
Trinity Industries, Inc. [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member]
Concentration Risk, Percentage	21.00%	16.00%
Transfer of Ownership of Life Insurance Policy to Retired Officer [Member]
Other Significant Noncash Transaction, Value of Consideration Given		$ 385,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits	$ 210,257	$ 175,056

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Inventories	$ 49,062,086	$ 45,329,434
Prime Coil Inventory [Member]
Raw materials	26,240,439	14,185,858
Non-standard Coil Inventory [Member]
Raw materials	2,078,008	2,971,324
Tubular Inventory [Member]
Raw materials	4,418,750	6,734,076
Finished goods	$ 16,324,889	$ 21,438,176

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	12 Months Ended
	Mar. 31, 2019
Building [Member]
Estimated useful lives (Year)	20 years
Building [Member] | Maximum [Member]
Estimated useful lives (Year)
Machinery and Equipment [Member] | Maximum [Member]
Estimated useful lives (Year)	15 years
Machinery and Equipment [Member] | Minimum [Member]
Estimated useful lives (Year)	10 years
Yard Improvements [Member] | Maximum [Member]
Estimated useful lives (Year)	15 years
Yard Improvements [Member] | Minimum [Member]
Estimated useful lives (Year)	5 years
Loaders and Other Rolling Stock [Member] | Maximum [Member]
Estimated useful lives (Year)	10 years
Loaders and Other Rolling Stock [Member] | Minimum [Member]
Estimated useful lives (Year)	5 years

Note 2 - Change in Accounting_3

Note 2 - Change in Accounting Principle (Details Textual) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2017
Retained Earnings (Accumulated Deficit), Ending Balance	$ 40,479,909	$ 36,711,380
Change in Inventory Costing Method from LIFO to Average Cost [Member]
Retained Earnings (Accumulated Deficit), Ending Balance			$ 4,346,437

Note 2 - Change in Accounting_4

Note 2 - Change in Accounting Principle - Change in Accounting Principle From LIFO to Average Cost (Details) - USD ($)	3 Months Ended																12 Months Ended
	Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2017
Cost of products sold																	$ 174,247,456	$ 111,208,087
Income tax provision																	1,724,021	1,830,487
Net earnings	$ (1,165,658)		$ 664,773		$ 2,000,916		$ 3,599,893		$ 3,013,166		$ 161,271		$ 395,334		$ 364,330		$ 5,099,924	$ 3,934,101
Basic (in dollars per share)	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ 0.43	[1]	$ 0.02	[1]	$ 0.05	[1]	$ 0.05	[1]	$ 0.73	$ 0.56
Diluted (in dollars per share)	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ 0.43	[1]	$ 0.02	[1]	$ 0.05	[1]	$ 0.05	[1]	$ 0.73	$ 0.56
Change in inventories																	$ (3,732,652)	$ (4,818,076)
Change in deferred income taxes																		1,377,631
Change in income taxes payable																	159,694	414,114
Inventories	$ 49,062,086								$ 45,329,434								49,062,086	45,329,434
Deferred income tax liability	1,545,246								1,872,166								1,545,246	1,872,166
Retained earnings	$ 40,479,909								36,711,380								40,479,909	36,711,380
Earnings before income taxes																	6,823,945	5,764,588
Change in Inventory Costing Method from LIFO to Average Cost [Member]
Retained earnings																			$ 4,346,437
Computed under LIFO [Member]
Income tax provision																	1,451,937
Net earnings																	$ 4,255,014
Basic (in dollars per share)																	$ 0.61
Diluted (in dollars per share)																	$ 0.61
Earnings before income taxes																	$ 5,706,951
Previously Reported [Member]
Cost of products sold																		112,905,381
Income tax provision																		1,307,890
Net earnings																		$ 2,759,404
Basic (in dollars per share)																		$ 0.39
Diluted (in dollars per share)																		$ 0.39
Change in inventories																		$ (3,120,782)
Change in deferred income taxes																		1,269,148
Change in income taxes payable
Inventories									38,039,332									38,039,332
Deferred income tax liability									103,198									103,198
Retained earnings									31,190,246									31,190,246
Restatement Adjustment [Member] | Change in Inventory Costing Method from LIFO to Average Cost [Member]
Cost of products sold																		(1,697,294)
Income tax provision																		522,597
Net earnings																		$ 1,174,697
Basic (in dollars per share)																		$ 0.17
Diluted (in dollars per share)																		$ 0.17
Change in inventories																		$ (1,697,294)
Change in deferred income taxes																		108,483
Change in income taxes payable																		414,114
Inventories									7,290,102									7,290,102
Deferred income tax liability									1,768,968									1,768,968
Retained earnings									$ 5,521,134									$ 5,521,134
Restatement Adjustment [Member] | Difference Between LIFO and Average Cost Method [Member]
Income tax provision																	272,084
Net earnings																	$ 844,910
Basic (in dollars per share)																	$ 0.12
Diluted (in dollars per share)																	$ 0.12
Earnings before income taxes																	$ 1,116,994
[1]	The sum of the quarterly earnings per share may not equal the annual amount reported due to per share amounts being calculated independently for each quarter.

Note 3 - Equity Compensation _3

Note 3 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Sep. 01, 2016
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized		1,000,000
Preferred Stock, Par or Stated Value Per Share		$ 1
Preferred Stock, Shares Issued, Total		0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance		180,000	210,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		20,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 8.23
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					500,000
2016 Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance		180,000
Share-based Payment Arrangement, Expense		$ 137,598	$ 288,960
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 7.62
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance			160,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				5 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance		20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years

Note 3 - Equity Compensation _4

Note 3 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock [Member]	12 Months Ended
	Mar. 31, 2019$ / sharesshares
Unvested (in shares) | shares	210,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 6.88
Cancelled or forfeited (in shares) | shares	(50,000)
Cancelled or forfeited (in dollars per share) | $ / shares	$ 6.88
Granted (in shares) | shares	20,000
Granted (in dollars per share) | $ / shares	$ 8.23
Vested (in shares) | shares
Vested (in dollars per share) | $ / shares
Unvested (in shares) | shares	180,000
Unvested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 7.03

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - Revolving Credit Facility [Member]	Dec. 11, 2018USD ($)	Mar. 31, 2019USD ($)	Dec. 10, 2018USD ($)
Citizens National Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 7,500,000
VeraBank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Interest Rate at Period End		4.95%
Debt Instrument, Borrowing Base, Percent of Accounts Receivable	80.00%
Debt Instrument, Borrowing Base, Percent of Inventory	40.00%
Debt Instrument, Borrowing Base, Maximum Threshold of Inventory	$ 3,000,000
Debt Instrument, Minimum Threshold of Shareholders' Equity	$ 50,000,000
Debt Instrument, Debt to Shareholders' Equity Maximum Threshold, Percent	50.00%
Debt Instrument, Debt Service Coverage Ratio, Minimum Threshold	2
Long-term Line of Credit, Total		$ 0
VeraBank [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.55%)

Note 5 - Commitments and Cont_3

Note 5 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Lease, Monthly Payment	$ 2,728
Operating Leases, Rent Expense, Total	32,736	$ 32,736
Purchase Commitment, Remaining Minimum Amount Committed	$ 33,165,000

Note 5 - Commitments and Cont_4

Note 5 - Commitments and Contingencies - Future Minimum Annual Rental Payments Under Operating Leases (Details)	Mar. 31, 2019USD ($)
2020	$ 32,736
2021	32,736
2022	2,728
2023
2024
Total	$ 68,200

Note 6 - Earnings Per Share - C

Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Net earnings	$ (1,165,658)	$ 664,773	$ 2,000,916	$ 3,599,893	$ 3,013,166	$ 161,271	$ 395,334	$ 364,330	$ 5,099,924	$ 3,934,101
Weighted average common shares (in shares)									7,010,266	7,009,444
Net earnings	$ (1,165,658)	$ 664,773	$ 2,000,916	$ 3,599,893	$ 3,013,166	$ 161,271	$ 395,334	$ 364,330	$ 5,099,924	$ 3,934,101
Weighted average common shares and common share equivalents (in shares)									7,010,266	7,009,444

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual)		12 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	[1]	21.00%	30.80%
[1]	The statutory rate for fiscal 2018 is a blended rate due to the Tax Cuts and Jobs Act enacted by the U.S. government on December 22, 2017.

Note 7 - Income Taxes - Compone

Note 7 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Current	$ 1,738,512	$ 414,114
Deferred	(312,658)	1,286,556
Total Federal Taxes	1,425,854	1,700,670
Current	312,429	38,742
Deferred	(14,262)	91,075
Total State Taxes	298,167	129,817
Income tax	$ 1,724,021	$ 1,830,487

Note 7 - Income Taxes - Reconci

Note 7 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)		12 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	[1]	21.00%	30.80%
Benefit due to tax reform			(2.00%)
Current year state and local income taxes net of federal income tax benefit		3.50%	3.40%
Other		0.80%	(0.40%)
Provision for income taxes		25.30%	31.80%
[1]	The statutory rate for fiscal 2018 is a blended rate due to the Tax Cuts and Jobs Act enacted by the U.S. government on December 22, 2017.

Note 7 - Income Taxes - Signifi

Note 7 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Depreciation	$ (954,569)	$ (1,053,139)
LIFO to average cost Section 481(a) adjustment	(903,330)	(1,284,952)
Total deferred tax liabilities	(1,857,899)	(2,338,091)
Inventory capitalization	106,856	114,428
Postretirement benefits other than pensions	50,798	36,762
Net operating loss carryforward - Federal		184,668
Net operating loss carryforward - State		21,507
Other	154,999	108,560
Total deferred tax assets	312,653	465,925
Net deferred tax liability	$ (1,545,246)	$ (1,872,166)

Note 8 - Retirement Plan (Detai

Note 8 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Service Vesting Period	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation	15.00%
Defined Contribution Plan, Cost	$ 200,000	$ 162,000
Deferred Compensation Arrangement with Individual, Requisite Service Period	1 year
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 58,500	$ 37,500

Note 9 - Industry Segment Dat_2

Note 9 - Industry Segment Data - Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 42,203,066	$ 43,326,080	$ 53,432,029	$ 48,193,318	$ 43,962,778	$ 28,033,521	$ 26,077,710	$ 23,083,269	$ 187,154,493	$ 121,157,278
Operating profit (loss)									6,383,442	5,739,688
Interest expense									(17,546)	(27,846)
Interest and other income									440,503	24,900
Earnings before income taxes									6,823,945	5,764,588
Identifiable assets	86,601,982				81,653,307				86,601,982	81,653,307
Depreciation									1,340,492	1,356,347
Capital expenditures									807,989	349,184
Coil [Member]
Net sales									124,555,478	90,132,804
Tubular [Member]
Net sales									62,599,015	31,024,474
Operating Segments [Member]
Operating profit (loss)									8,743,267	7,747,658
Identifiable assets	74,623,960				77,368,894				74,623,960	77,368,894
Operating Segments [Member] | Coil [Member]
Net sales									124,555,478	90,132,804
Operating profit (loss)									6,414,396	5,723,623
Identifiable assets	43,104,205				34,358,704				43,104,205	34,358,704
Depreciation									551,241	570,819
Capital expenditures									396,299	35,720
Operating Segments [Member] | Tubular [Member]
Net sales									62,599,015	31,024,474
Operating profit (loss)									2,328,871	2,024,035
Identifiable assets	31,519,755				43,010,190				31,519,755	43,010,190
Depreciation									782,327	779,590
Capital expenditures									377,400	306,310
Corporate, Non-Segment [Member]
General corporate expenses									(2,342,279)	(1,980,124)
Identifiable assets	$ 11,978,022				$ 4,284,413				11,978,022	4,284,413
Depreciation									6,924	5,938
Capital expenditures									$ 34,290	$ 7,154

Note 10 - Revenue (Details Text

Note 10 - Revenue (Details Textual)	12 Months Ended
	Mar. 31, 2019
Number of Reportable Segments	2

Note 10 - Revenue - Disaggregat

Note 10 - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 42,203,066	$ 43,326,080	$ 53,432,029	$ 48,193,318	$ 43,962,778	$ 28,033,521	$ 26,077,710	$ 23,083,269	$ 187,154,493	$ 121,157,278
Coil [Member]
Net sales									124,555,478	90,132,804
Coil [Member] | Prime Coil [Member]
Net sales									106,436,452	71,192,758
Coil [Member] | Secondary Coil [Member]
Net sales									16,867,632	17,719,898
Coil [Member] | Customer Owned [Member]
Net sales									1,251,394	1,220,148
Tubular [Member]
Net sales									62,599,015	31,024,474
Tubular [Member] | Manufactured Pipe [Member]
Net sales									45,689,886	21,239,983
Tubular [Member] | Mill Reject Pipe [Member]
Net sales									16,072,129	7,708,697
Tubular [Member] | Pipe Finishing Services [Member]
Net sales									$ 837,000	$ 2,075,794

Note 11 - Summary of Quarterl_3

Note 11 - Summary of Quarterly Results of Operations (Unaudited) - Quarterly Information (Details) - USD ($)	3 Months Ended																12 Months Ended
	Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 42,203,066		$ 43,326,080		$ 53,432,029		$ 48,193,318		$ 43,962,778		$ 28,033,521		$ 26,077,710		$ 23,083,269		$ 187,154,493	$ 121,157,278
Gross profit	839,534		1,930,484		3,944,541		6,192,478		5,180,936		1,724,534		1,500,411		1,543,310
Net earnings	$ (1,165,658)		$ 664,773		$ 2,000,916		$ 3,599,893		$ 3,013,166		$ 161,271		$ 395,334		$ 364,330		$ 5,099,924	$ 3,934,101
Basic (in dollars per share)	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ 0.43	[1]	$ 0.02	[1]	$ 0.05	[1]	$ 0.05	[1]	$ 0.73	$ 0.56
Diluted (1) (in dollars per share)	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ 0.43	[1]	$ 0.02	[1]	$ 0.05	[1]	$ 0.05	[1]	$ 0.73	$ 0.56
[1]	The sum of the quarterly earnings per share may not equal the annual amount reported due to per share amounts being calculated independently for each quarter.

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounts Receivable, Credit Loss Expense (Reversal)	$ 15,673	$ 0
Cash Discounts Allowed on Sales and Charged Against Revenue	750,059	425,140
Accounts Receivable, Allowance for Credit Loss, Writeoff	7,547	1,224
Cash Discount on Sales	$ 750,059	$ 430,140

Schedule II - Valuation and Q_4

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)		12 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Beginning of Period		$ 21,052	$ 27,276
Additions Charged to Costs and Expenses
Additions Charged to Other Accounts	[1]	765,732	425,140
Deductions	[2]	757,606	431,364
End of Period		$ 29,178	$ 21,052
[1]	Allowance for doubtful accounts charged to bad debt expense of $15,673 and $0 and during fiscal years 2019 and 2018, respectively. Cash discounts allowed on sales and charged against revenue of $750,059 and $425,140 during fiscal years 2019 and 2018, respectively.
[2]	Accounts receivable written off of $7,547 and $1,224 and cash discounts taken on sales of $750,059 and $430,140 during fiscal years 2019 and 2018, respectively.