Friedman Industries (FRD) 10-K 29 Jun 20 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Jun. 29, 2020	Sep. 30, 2019
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		7,080,444
Entity Public Float			$ 44,001
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, $1 Par Value

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Mar. 31, 2019
CURRENT ASSETS:
Cash	$ 17,057,751	$ 11,667,161
Accounts receivable, net of allowances for bad debts and cash discounts of $82,417 and $29,178 at March 31, 2020 and 2019, respectively	11,705,344	13,183,411
Inventories	35,668,243	49,062,086
Other	780,179	543,549
TOTAL CURRENT ASSETS	65,211,517	74,456,207
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,452,799
Buildings and yard improvements	9,008,869	8,821,253
Machinery and equipment	29,339,893	38,176,497
Construction in process	3,797,364
Less accumulated depreciation	(31,825,401)	(36,540,591)
Property, plant, and equipment, net	11,500,556	11,909,958
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	183,350	235,817
Income taxes recoverable	448,665
TOTAL ASSETS	77,344,088	86,601,982
CURRENT LIABILITIES:
Accounts payable and accrued expenses	8,944,614	11,577,664
Income taxes payable		159,694
Dividends payable	139,989	279,978
Contribution to retirement plan	50,250	50,250
Employee compensation and related expenses	409,778	297,316
Current portion of financing lease	100,728
TOTAL CURRENT LIABILITIES	9,645,359	12,364,902
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	99,864	210,257
DEFERRED INCOME TAX LIABILITY	361,146	1,545,246
OTHER NON-CURRENT LIABILITIES	372,352
TOTAL LIABILITIES	10,478,721	14,120,405
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 8)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,295,160 shares and 8,205,160 shares at March 31, 2020 and 2019, respectively	8,295,160	8,205,160
Additional paid-in capital	29,565,416	29,322,472
Treasury stock at cost (1,225,716 shares and 1,225,716 shares at March 31, 2020 and 2019, respectively)	(5,525,964)	(5,525,964)
Retained earnings	34,530,755	40,479,909
TOTAL STOCKHOLDERS’ EQUITY	66,865,367	72,481,577
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 77,344,088	$ 86,601,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Allowances for bad debts and cash discounts	$ 82,417	$ 29,178
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)	8,295,160	8,205,160
Treasury stock, shares (in shares)	1,225,716	1,225,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net sales	$ 142,102,324	$ 187,154,493
Costs and expenses:
Cost of products sold	139,491,989	174,247,456
Selling, general and administrative	5,124,572	4,782,510
Impairment loss for long-lived assets	4,338,419	1,723,539
Interest expense	4,806	17,546
Costs and expenses, total	148,959,786	180,771,051
EARNINGS (LOSS) FROM OPERATIONS	(6,857,462)	6,383,442
Interest and other income	19,260	440,503
EARNINGS (LOSS) BEFORE INCOME TAXES	(6,838,202)	6,823,945
Provision for (benefit from) income taxes:
Current	(404,892)	2,050,941
Deferred	(1,184,100)	(326,920)
Income tax	(1,588,992)	1,724,021
NET EARNINGS (LOSS)	$ (5,249,210)	$ 5,099,924
Weighted average number of common shares outstanding:
Basic (in shares)	7,000,403	7,010,266
Diluted (in shares)	7,000,403	7,010,266
Net earnings (loss) per share:
Basic (in dollars per share)	$ (0.75)	$ 0.73
Diluted (in dollars per share)	$ (0.75)	$ 0.73

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 MARCH 31, 2018 (as adjusted) at Mar. 31, 2018	$ 8,185,160	$ 29,154,874	$ (5,475,964)	$ 36,711,380
Net earnings (loss)				5,099,924	$ 5,099,924
Forfeiture of restricted stock			(50,000)
Issuance of restricted stock	20,000
Paid in capital – restricted stock awards		167,598
Cash dividends				(1,331,395)
BALANCE at Mar. 31, 2019	8,205,160	29,322,472	(5,525,964)	40,479,909	72,481,577
Net earnings (loss)				(5,249,210)	(5,249,210)
Issuance of restricted stock	90,000
Paid in capital – restricted stock awards		242,944
Cash dividends				(699,944)
BALANCE at Mar. 31, 2020	$ 8,295,160	$ 29,565,416	$ (5,525,964)	$ 34,530,755	$ 66,865,367

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.10	$ 0.19

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net earnings (loss)	$ (5,249,210)	$ 5,099,924
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation	1,524,961	1,340,492
Impairment loss for long-lived assets	4,338,419	1,723,539
Deferred taxes	(1,184,100)	(326,920)
Compensation expense for restricted stock	332,944	137,598
Change in post-retirement benefits other than pensions	10,903	35,201
Lower of cost or net realizable value inventory adjustment	955,605
Changes in operating assets and liabilities:
Accounts receivable	1,478,067	4,274,878
Inventories	12,438,238	(3,732,652)
Federal income taxes recoverable	(448,665)
Other current assets	(236,630)	(114,448)
Accounts payable and accrued expenses	(2,680,481)	1,344,233
Income taxes payable	(159,694)	159,694
Employee compensation and related expenses	112,462	(314,699)
Contribution to retirement plan		5,250
Net cash provided by operating activities	11,232,819	9,632,090
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(4,935,361)	(807,989)
Increase in cash value of officers’ life insurance	(17,295)	(17,917)
Net cash used in investing activities	(4,952,656)	(825,906)
FINANCING ACTIVITIES
Cash dividends paid	(839,933)	(1,191,605)
Cash paid for principal portion of finance lease	(49,640)
Net cash used in financing activities	(889,573)	(1,191,605)
Increase in cash	5,390,590	7,614,579
Cash at beginning of year	11,667,161	4,052,582
Cash at end of year	$ 17,057,751	$ 11,667,161

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. BASIS OF CONSOLIDATION: REVENUE RECOGNITION: 10 TRADE RECEIVABLES: third 30 $67,417 $14,178 March 31, 2020 March 31, 2019, INVENTORIES: second 2020, $955,605 not no The following is a summary of inventory by product group: March 31 20 20 2019 Prime coil inventory $ 17,190,435 $ 26,240,439 Non-standard coil inventory 1,550,734 2,078,008 Tubular raw material 4,888,542 4,418,750 Tubular finished goods 12,038,532 16,324,889 $ 35,668,243 $ 49,062,086 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. Effective April 1, 2018, first 2020 2019 March 31, 2018 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 March 31, 2020, $4,338,419 March 31, 2020. 5 Maintenance and repairs are expensed as incurred. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $99,864 $210,257 March 31, 2020 March 31, 2019, SHIPPING COSTS: SUPPLEMENTAL CASH FLOW INFORMATION: $5,000 $17,500 2020 2019, $261,000 $1,846,000 2020 2019, 2020, $121,000 2020, $518,616. 2020, no $4,721,500. 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: March 2020, March 31, 2020, 26,500 one two $1,471,000 2020 $1,617,000 2019. Coil segment sales to Trinity Industries, Inc. accounted for approximately 18% 21% 2020 2019, No 10% two March 31, 2020. 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 RISKS AND UNCERTAINTIES: COVID- 19 March 2020, 19” may April 2020 May 2020 June 2020. not 19 no 19 may not 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 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 adopted ASC 842 April 1, 2019 842 $63,000. 1 not 2 not not 4 In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, 2016 13 December 15, 2019. November 2019, 2019 10, 326 815 842 2019 10” 2019 10 2016 13 not December 15, 2022, not 2016 13. In December 2019, 2019 12, 740 2019 12” 740, 740. 2019 12 December 15, 2020

Note 2 - Equity Compensation Pl

Note 2 - Equity Compensation Plans and Capital Stock	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	2 . 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 two March 31, 2020: 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 Cancelled or forfeited — — Granted 90,000 5.05 Vested — — Unvested at March 31, 2020 270,000 $ 6.37 Of the 270,000 March 31, 2020, 160,000 five January 4, 2022, 20,000 five April 1, 2024, 20,000 two March 13, 2021 70,000 five April 1, 2020. $332,944 $137,598 2020 2019, March 31, 2020, 11,000 $4.53 one April 1, 2021. March 31, 2020, $885,000, 3.1 The Company has 1,000,000 $1 may one no March 31, 2020 March 31, 2019.

Note 3 - Debt

Note 3 - Debt	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT On December 12, 2019, $5,000,000 not not not March 31, 2020.

Note 4 - Leases

Note 4 - Leases	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	4. The Company adopted ASU 2016 02, 842” April 1, 2019 April 1, 2019 not 842 $63,000 April 1, 2019. The Company’s lease of its office space in Longview, Texas is the only operating lease included in the ROU asset and lease liability. The lease calls for monthly rent payments of $4,128 April 30, 2021. In October 2019, 5 $518,616 $9,074. The components of expense related to leases were as follows for the twelve March 31, 2020: Twelve Months Ended March 31, 2020 Finance lease – amortization of ROU asset $ 49,640 Finance lease – interest on lease liability 4,806 Operating lease expense 36,936 $ 91,382 Rental expense for operating leases classified under the previous accounting standard, Accounting Standards Codification Topic 840, twelve March 31, 2019 $32,736. The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of March 31, 2020: March 31, 20 20 Balance Sheet Classification Assets Operating lease right-of-use asset $ 51,535 Other assets Finance lease right-of-use asset $ 507,812 Property, plant & equipment Total right-of-use assets $ 559,347 Liabilities Operating lease liability, current $ 47,431 Accrued expenses Finance lease liability, current 100,728 Current portion of finance lease Operating lease liability, non-current 4,104 Other non-current liabilities Finance lease liability, non-current 368,248 Other non-current liabilities Total lease liabilities $ 520,511 As of March 31, 2020, 1 4.5 7% 1.9% Maturities of lease liabilities as of March 31, 2020 Operating Leases Finance Leases Fiscal 2021 49,536 108,888 Fiscal 2022 4,128 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 53,664 $ 489,996 Less: imputed interest (2,129 ) (21,020 ) Present value of lease liability $ 51,535 $ 468,976

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. The Company commenced two third 2020. The first 22,000 $1,050,000 $1,100,000. The second June 2020, March 31, 2020, October 2020 February 2021. $5,800,000. As of March 31, 2020, $3,797,364 At March 31, 2020, fourth 2020 19 fourth not $4,338,419 March 31, 2019 $1,723,539. 2020. $1,771,450 March 31, 2020. The fair value of the threading facility was determined using Level 3 820 three 1 2 3

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	6 . EARNINGS PER SHARE Basic and dilutive net earnings (loss) per share is computed based on the following information: Year Ended March 31 20 20 2019 Basic Net earnings (loss) $ (5,249,210 ) $ 5,099,924 Weighted average common shares 7,000,403 7,010,266 Dilutive Net earnings (loss) $ (5,249,210 ) $ 5,099,924 Weighted average common shares and common share equivalents 7,000,403 7,010,266

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31 20 20 2019 Federal Current $ (408,360 ) $ 1,738,512 Deferred (971,540 ) (312,658 ) (1,379,900 ) 1,425,854 State Current 3,468 312,429 Deferred (212,560 ) (14,262 ) (209,092 ) 298,167 Total $ (1,588,992 ) $ 1,724,021 The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31 20 20 2019 Income tax expense (benefit) at U.S. federal statutory rate (21.0 %) 21.0 % Current year state and local income taxes net of federal income tax benefit (2.4 ) 3.5 Other 0.2 0.8 Provision for (benefit from) income taxes (23.2 %) 25.3 % The Company’s tax returns may March 31, 2017 March 31, 2019. may March 31, 2016 March 31, 2019. 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 20 20 2019 Deferred tax liabilities: Depreciation $ (128,868 ) $ (954,569 ) LIFO to average cost Section 481(a) adjustment (602,220 ) (903,330 ) Total deferred tax liabilities (731,088 ) (1,857,899 ) Deferred tax assets: Inventory capitalization 85,137 106,856 Postretirement benefits other than pensions 24,127 50,798 Net operating loss carryforward - State 15,012 — Restricted stock award compensation 200,949 120,510 Other 44,717 34,489 Total deferred tax assets 369,942 312,653 Net deferred tax asset (liability) $ (361,146 ) $ (1,545,246 )

Note 8 - Retirement Plan

Note 8 - Retirement Plan	12 Months Ended
	Mar. 31, 2020
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, 2020, $200,000 March 31, 2019. Employees may 401 six may 401 $50,000 $58,500 March 31, 2020 2019,

Note 9 - Industry Segment Data

Note 9 - Industry Segment Data	12 Months Ended
	Mar. 31, 2020
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 20 20 2019 NET SALES: Coil $ 99,762,892 $ 124,555,478 Tubular 42,339,432 62,599,015 TOTAL NET SALES $ 142,102,324 $ 187,154,493 OPERATING PROFIT (LOSS): Coil $ 1,252,669 $ 6,414,396 Tubular (5,564,882 ) 2,328,871 TOTAL OPERATING PROFIT (LOSS) (4,312,213 ) 8,743,267 General corporate expenses (2,540,443 ) (2,342,279 ) Interest expense (4,806 ) (17,546 ) Interest and other income 19,260 440,503 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ (6,838,202 ) $ 6,823,945 IDENTIFIABLE ASSETS: Coil $ 35,894,510 $ 43,104,205 Tubular 23,659,457 31,519,755 59,553,967 74,623,960 General corporate assets 17,790,121 11,978,022 TOTAL ASSETS $ 77,344,088 $ 86,601,982 DEPRECIATION: Coil $ 836,730 $ 551,241 Tubular 675,048 782,327 Corporate and other 13,183 6,924 $ 1,524,961 $ 1,340,492 CAPITAL EXPENDITURES: Coil $ 4,060,911 $ 396,299 Tubular 841,817 377,400 Corporate and other 32,633 34,290 $ 4,935,361 $ 807,989 Operating profit (loss) 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, 2020 March 31, 2019, no

Note 10 - Revenue

Note 10 - Revenue	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. 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, 2020 2019, Fiscal Year Ended March 31, 2020 2019 Coil Segment: Prime Coil 87,222,853 106,436,452 Non-standard Coil 11,792,212 16,867,632 Customer Owned Coil 747,827 1,251,394 99,762,892 124,555,478 Tubular Segment: Manufactured Pipe 34,974,506 45,689,886 Mill Reject Pipe 7,364,926 16,072,129 Pipe Finishing Services - 837,000 42,339,432 62,599,015

Note 11 - Summary of Quarterly

Note 11 - Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 31, 2020
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, 2020 2019: Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 40,975,320 $ 39,995,580 $ 28,150,817 $ 32,980,607 Gross profit (loss) 1,471,324 (782,650 ) 52,933 1,868,728 Net earnings (loss) 194,772 (1,544,137 ) (881,003 ) (3,018,842 ) Basic .03 (.22 ) (.13 ) (.43 ) Diluted .03 (.22 ) (.13 ) (.43 ) 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 ) ( 1 The sum of the quarterly earnings per share may not

Note 12 - Subsequent Events

Note 12 - Subsequent Events	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	12 . SUBSEQUENT EVENTS On April 9, 2020, $1,690,385 April 10, 2020. 24 1%. may 8 June 30, 2020. 75% June 5, 2020, 8 24 8 75% 60%, June 30, 2020 December 31, 2020, two five no During June 2020, March 31, 2020, In June 2020, first 4,000 August 2020 $514.50 2,000 September 2020 $522 On June 25, 2020, may 1,062,067 June 30, 2023, 15% June 29, 2020. Repurchases under the program may may may 10b5 1 1934, not may

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2020
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, 2020 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 29,178 $ — $ 677,652 $ 624,413 $ 82,417 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 (A) Allowance for doubtful accounts charged to bad debt expense of $53,239 $15,673 2020 2019, $624,413 $750,059 2020 2019, (B) Accounts receivable written off of $0 $7,547 $624,413 $750,059 2020 2019,

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2020
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 $67,417 $14,178 March 31, 2020 March 31, 2019,
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 March 31, 2020, $4,338,419 March 31, 2020. 5 Maintenance and repairs are expensed as incurred.
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $99,864 $210,257 March 31, 2020 March 31, 2019,
Shipping Costs [Policy Text Block]	SHIPPING COSTS:
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: $5,000 $17,500 2020 2019, $261,000 $1,846,000 2020 2019, 2020, $121,000 2020, $518,616. 2020, no $4,721,500.
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
Inventory, Policy [Policy Text Block]	INVENTORIES: second 2020, $955,605 not no The following is a summary of inventory by product group: March 31 20 20 2019 Prime coil inventory $ 17,190,435 $ 26,240,439 Non-standard coil inventory 1,550,734 2,078,008 Tubular raw material 4,888,542 4,418,750 Tubular finished goods 12,038,532 16,324,889 $ 35,668,243 $ 49,062,086 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. Effective April 1, 2018, first 2020 2019 March 31, 2018
Concentration Risk, Credit Risk, Policy [Policy Text Block]	ECONOMIC RELATIONSHIP: March 2020, March 31, 2020, 26,500 one two $1,471,000 2020 $1,617,000 2019. Coil segment sales to Trinity Industries, Inc. accounted for approximately 18% 21% 2020 2019, No 10% two March 31, 2020. 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
Effect of Covid-19 Pandemic, Policy [Policy Text Block]	RISKS AND UNCERTAINTIES: COVID- 19 March 2020, 19” may April 2020 May 2020 June 2020. not 19 no 19 may not
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 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 adopted ASC 842 April 1, 2019 842 $63,000. 1 not 2 not not 4 In June 2016, 2016 13, 326 2016 13” 2016 13 November 2018, 2018 19, 326, 326 842, 2016 13 December 15, 2019. November 2019, 2019 10, 326 815 842 2019 10” 2019 10 2016 13 not December 15, 2022, not 2016 13. In December 2019, 2019 12, 740 2019 12” 740, 740. 2019 12 December 15, 2020

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31 20 20 2019 Prime coil inventory $ 17,190,435 $ 26,240,439 Non-standard coil inventory 1,550,734 2,078,008 Tubular raw material 4,888,542 4,418,750 Tubular finished goods 12,038,532 16,324,889 $ 35,668,243 $ 49,062,086
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 - Equity Compensation _2

Note 2 - Equity Compensation Plans and Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2020
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 Cancelled or forfeited — — Granted 90,000 5.05 Vested — — Unvested at March 31, 2020 270,000 $ 6.37

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Twelve Months Ended March 31, 2020 Finance lease – amortization of ROU asset $ 49,640 Finance lease – interest on lease liability 4,806 Operating lease expense 36,936 $ 91,382
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	March 31, 20 20 Balance Sheet Classification Assets Operating lease right-of-use asset $ 51,535 Other assets Finance lease right-of-use asset $ 507,812 Property, plant & equipment Total right-of-use assets $ 559,347 Liabilities Operating lease liability, current $ 47,431 Accrued expenses Finance lease liability, current 100,728 Current portion of finance lease Operating lease liability, non-current 4,104 Other non-current liabilities Finance lease liability, non-current 368,248 Other non-current liabilities Total lease liabilities $ 520,511
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Fiscal 2021 49,536 108,888 Fiscal 2022 4,128 108,888 Fiscal 2023 — 108,888 Fiscal 2024 — 108,888 Fiscal 2025 — 54,444 Total undiscounted lease payments $ 53,664 $ 489,996 Less: imputed interest (2,129 ) (21,020 ) Present value of lease liability $ 51,535 $ 468,976

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31 20 20 2019 Basic Net earnings (loss) $ (5,249,210 ) $ 5,099,924 Weighted average common shares 7,000,403 7,010,266 Dilutive Net earnings (loss) $ (5,249,210 ) $ 5,099,924 Weighted average common shares and common share equivalents 7,000,403 7,010,266

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31 20 20 2019 Federal Current $ (408,360 ) $ 1,738,512 Deferred (971,540 ) (312,658 ) (1,379,900 ) 1,425,854 State Current 3,468 312,429 Deferred (212,560 ) (14,262 ) (209,092 ) 298,167 Total $ (1,588,992 ) $ 1,724,021
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31 20 20 2019 Income tax expense (benefit) at U.S. federal statutory rate (21.0 %) 21.0 % Current year state and local income taxes net of federal income tax benefit (2.4 ) 3.5 Other 0.2 0.8 Provision for (benefit from) income taxes (23.2 %) 25.3 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31 20 20 2019 Deferred tax liabilities: Depreciation $ (128,868 ) $ (954,569 ) LIFO to average cost Section 481(a) adjustment (602,220 ) (903,330 ) Total deferred tax liabilities (731,088 ) (1,857,899 ) Deferred tax assets: Inventory capitalization 85,137 106,856 Postretirement benefits other than pensions 24,127 50,798 Net operating loss carryforward - State 15,012 — Restricted stock award compensation 200,949 120,510 Other 44,717 34,489 Total deferred tax assets 369,942 312,653 Net deferred tax asset (liability) $ (361,146 ) $ (1,545,246 )

Note 9 - Industry Segment Data

Note 9 - Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31 20 20 2019 NET SALES: Coil $ 99,762,892 $ 124,555,478 Tubular 42,339,432 62,599,015 TOTAL NET SALES $ 142,102,324 $ 187,154,493 OPERATING PROFIT (LOSS): Coil $ 1,252,669 $ 6,414,396 Tubular (5,564,882 ) 2,328,871 TOTAL OPERATING PROFIT (LOSS) (4,312,213 ) 8,743,267 General corporate expenses (2,540,443 ) (2,342,279 ) Interest expense (4,806 ) (17,546 ) Interest and other income 19,260 440,503 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ (6,838,202 ) $ 6,823,945 IDENTIFIABLE ASSETS: Coil $ 35,894,510 $ 43,104,205 Tubular 23,659,457 31,519,755 59,553,967 74,623,960 General corporate assets 17,790,121 11,978,022 TOTAL ASSETS $ 77,344,088 $ 86,601,982 DEPRECIATION: Coil $ 836,730 $ 551,241 Tubular 675,048 782,327 Corporate and other 13,183 6,924 $ 1,524,961 $ 1,340,492 CAPITAL EXPENDITURES: Coil $ 4,060,911 $ 396,299 Tubular 841,817 377,400 Corporate and other 32,633 34,290 $ 4,935,361 $ 807,989

Note 10 - Revenue (Tables)

Note 10 - Revenue (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Fiscal Year Ended March 31, 2020 2019 Coil Segment: Prime Coil 87,222,853 106,436,452 Non-standard Coil 11,792,212 16,867,632 Customer Owned Coil 747,827 1,251,394 99,762,892 124,555,478 Tubular Segment: Manufactured Pipe 34,974,506 45,689,886 Mill Reject Pipe 7,364,926 16,072,129 Pipe Finishing Services - 837,000 42,339,432 62,599,015

Note 11 - Summary of Quarterl_2

Note 11 - Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter Ended June 30, September 30, December 31, March 31, Net sales $ 40,975,320 $ 39,995,580 $ 28,150,817 $ 32,980,607 Gross profit (loss) 1,471,324 (782,650 ) 52,933 1,868,728 Net earnings (loss) 194,772 (1,544,137 ) (881,003 ) (3,018,842 ) Basic .03 (.22 ) (.13 ) (.43 ) Diluted .03 (.22 ) (.13 ) (.43 ) 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 )

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2020
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, 2020 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 29,178 $ — $ 677,652 $ 624,413 $ 82,417 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

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended								12 Months Ended
	Mar. 31, 2020USD ($)T	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2020USD ($)T	Mar. 31, 2019USD ($)	Apr. 01, 2019USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 67,417				$ 14,178				$ 67,417	$ 14,178
Inventory Write-down				$ 955,605					955,605
Impairment of Long-Lived Assets Held-for-use									4,338,419	1,723,539
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total									5,000	17,500
Income Taxes Paid, Net, Total									261,000	1,846,000
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability									518,616
Scrapping of Old Assets No Longer Used in Operations									4,721,500
Unrecognized Tax Benefits, Ending Balance	0								0
Revenue from Contract with Customer, Including Assessed Tax	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	42,203,066	$ 43,326,080	$ 53,432,029	$ 48,193,318	$ 142,102,324	$ 187,154,493
Operating Lease, Right-of-Use Asset											$ 63,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset											$ 63,000
Trinity Industries, Inc. [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member]
Concentration Risk, Percentage									18.00%	21.00%
Mill Reject Pipe [Member]
Inventory, Material Weight (US Ton) | T	26,500								26,500
Revenue from Contract with Customer, Including Assessed Tax									$ 1,471,000	$ 1,617,000
Transfer of Ownership of Life Insurance Policy to Retired Officer [Member]
Other Significant Noncash Transaction, Value of Consideration Given									121,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits	$ 99,864				$ 210,257				$ 99,864	$ 210,257

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Inventories	$ 35,668,243	$ 49,062,086
Prime Coil Inventory [Member]
Raw materials	17,190,435	26,240,439
Non-standard Coil Inventory [Member]
Raw materials	1,550,734	2,078,008
Tubular Inventory [Member]
Raw materials	4,888,542	4,418,750
Finished goods	$ 12,038,532	$ 16,324,889

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, 2020
Building [Member]
Buildings (in years) (Year)	20 years
Machinery and Equipment [Member] | Minimum [Member]
Buildings (in years) (Year)	10 years
Machinery and Equipment [Member] | Maximum [Member]
Buildings (in years) (Year)	15 years
Yard Improvements [Member] | Minimum [Member]
Buildings (in years) (Year)	5 years
Yard Improvements [Member] | Maximum [Member]
Buildings (in years) (Year)	15 years
Loaders and Other Rolling Stock [Member] | Minimum [Member]
Buildings (in years) (Year)	5 years
Loaders and Other Rolling Stock [Member] | Maximum [Member]
Buildings (in years) (Year)	10 years

Note 2 - Equity Compensation _3

Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Sep. 01, 2016
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 885,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years 36 days
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		1,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 1
Preferred Stock, Shares Issued, Total (in shares)		0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		270,000	180,000	210,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		90,000	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 (in dollars per share)		$ 5.05	$ 8.23
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 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		270,000
Share-based Payment Arrangement, Expense		$ 332,944	$ 137,598
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	11,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.53
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 (in shares)		160,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		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 (in shares)		20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		5 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		20,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		2 years
2016 Restricted Stock Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		70,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		5 years

Note 2 - Equity Compensation _4

Note 2 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unvested (in shares)	180,000	210,000
Unvested, weighted average grant date fair value per share (in dollars per share)	$ 7.03	$ 6.88
Cancelled or forfeited (in shares)		(50,000)
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share)		$ 6.88
Granted (in shares)	90,000	20,000
Granted, weighted average grant date fair value per share (in dollars per share)	$ 5.05	$ 8.23
Vested (in shares)
Vested, weighted average grant date fair value per share (in dollars per share)
Unvested (in shares)	270,000	180,000
Unvested, weighted average grant date fair value per share (in dollars per share)	$ 6.37	$ 7.03

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - VeraBank [Member] - Revolving Credit Facility [Member] - USD ($)	Dec. 12, 2019	Mar. 31, 2019
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000
Long-term Line of Credit, Total	$ 0
Proceeds from Lines of Credit, Total	$ 0

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Apr. 01, 2019
Operating Lease, Right-of-Use Asset					$ 63,000
Operating Lease, Monthly Payments		$ 4,128
Finance Lease, Liability, Payment, Due, Total		489,996
Operating Leases, Rent Expense, Total			$ 32,736
Operating Lease, Weighted Average Remaining Lease Term (Year)				1 year
Finance Lease, Weighted Average Remaining Lease Term (Year)				4 years 182 days
Operating Lease, Weighted Average Discount Rate, Percent				7.00%
Finance Lease, Weighted Average Discount Rate, Percent				1.90%
Accrued Expense and Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total		$ 51,535			$ 63,000
Heavy-duty Forklift [Member]
Lessee, Finance Lease, Term of Contract (Year)	5 years
Finance Lease, Liability, Payment, Due, Total	$ 518,616
Finance Lease, Monthly Payment	$ 9,074

Note 4 - Leases - Lease Cost (D

Note 4 - Leases - Lease Cost (Details)	12 Months Ended
	Mar. 31, 2020USD ($)
Finance lease – amortization of ROU asset	$ 49,640
Finance lease – interest on lease liability	4,806
Operating lease expense	36,936
Lease, Cost, Total	$ 91,382

Note 4 - Leases - Balance Sheet

Note 4 - Leases - Balance Sheet Information (Details) - USD ($)	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Operating lease right-of-use asset		$ 63,000
Total right-of-use assets	$ 559,347
Finance lease liability, current	100,728
Total lease liabilities	520,511
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	51,535
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	507,812
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	47,431
Current Portion of Financing Lease [Member]
Finance lease liability, current	100,728
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	4,104
Finance lease liability, non-current	$ 368,248

Note 4 - Leases - Maturities of

Note 4 - Leases - Maturities of Operating and Finance Lease (Details) - USD ($)	Mar. 31, 2020	Apr. 01, 2019
Operating lease, Fiscal 2021	$ 49,536
Finance lease, Fiscal 2021	108,888
Operating lease, Fiscal 2022	4,128
Finance lease, Fiscal 2022	108,888
Operating lease, Fiscal 2023
Finance lease, Fiscal 2023	108,888
Operating lease, Fiscal 2024
Finance lease, Fiscal 2024	108,888
Operating lease, Fiscal 2025
Finance lease, Fiscal 2025	54,444
Operating lease, Total undiscounted lease payments	53,664
Finance lease, Total undiscounted lease payments	489,996
Operating lease, Less: imputed interest	(2,129)
Finance lease, Less: imputed interest	(21,020)
Present value of lease liability, finance lease	468,976
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 51,535	$ 63,000

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Number of Capital Expenditure Projects		2
Construction in Progress, Gross	$ 3,797,364		$ 3,797,364
Impairment of Long-Lived Assets Held-for-use			4,338,419	1,723,539
Property, Plant and Equipment, Net, Ending Balance	11,500,556		11,500,556	11,909,958
Building [Member]
Area of Real Estate Property (Square Foot) | ft²		22,000
Payments to Acquire Productive Assets, Total	1,050,000
Capital Expenditures Incurred but Not yet Paid		$ 1,100,000
Equipment [Member]
Capital Expenditures Incurred but Not yet Paid		$ 5,800,000
Pipe Finishing Facility [Member] | Tubular [Member]
Impairment of Long-Lived Assets Held-for-use			4,338,419	$ 1,723,539
Property, Plant and Equipment, Net, Ending Balance	$ 1,771,450		$ 1,771,450

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, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Net earnings (loss)	$ (3,018,842)	$ (881,003)	$ (1,544,137)	$ 194,772	$ (1,165,658)	$ 664,773	$ 2,000,916	$ 3,599,893	$ (5,249,210)	$ 5,099,924
Weighted average common shares (in shares)									7,000,403	7,010,266
Net earnings (loss)	$ (3,018,842)	$ (881,003)	$ (1,544,137)	$ 194,772	$ (1,165,658)	$ 664,773	$ 2,000,916	$ 3,599,893	$ (5,249,210)	$ 5,099,924
Weighted average common shares and common share equivalents (in shares)									7,000,403	7,010,266

Note 7 - Income Taxes - Compone

Note 7 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Current	$ (408,360)	$ 1,738,512
Deferred	(971,540)	(312,658)
Total Federal Taxes	(1,379,900)	1,425,854
Current	3,468	312,429
Deferred	(212,560)	(14,262)
Total State Taxes	(209,092)	298,167
Income tax	$ (1,588,992)	$ 1,724,021

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, 2020	Mar. 31, 2019
Income tax expense (benefit) at U.S. federal statutory rate	(21.00%)	21.00%
Current year state and local income taxes net of federal income tax benefit	(2.40%)	3.50%
Other	0.20%	0.80%
Provision for (benefit from) income taxes	(23.20%)	25.30%

Note 7 - Income Taxes - Signifi

Note 7 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Depreciation	$ (128,868)	$ (954,569)
LIFO to average cost Section 481(a) adjustment	(602,220)	(903,330)
Total deferred tax liabilities	(731,088)	(1,857,899)
Inventory capitalization	85,137	106,856
Postretirement benefits other than pensions	24,127	50,798
Net operating loss carryforward - State	15,012
Restricted stock award compensation	200,949	120,510
Other	44,717	34,489
Total deferred tax assets	369,942	312,653
Net deferred tax liability	$ (361,146)	$ (1,545,246)

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, 2020	Mar. 31, 2019
Employee Service Vesting Period (Year)	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation	15.00%
Defined Contribution Plan, Cost	$ 200,000	$ 200,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 50,000	$ 58,500

Note 9 - Industry Segment Dat_2

Note 9 - Industry Segment Data - Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 42,203,066	$ 43,326,080	$ 53,432,029	$ 48,193,318	$ 142,102,324	$ 187,154,493
Operating profit (loss)									(6,857,462)	6,383,442
Interest expense									(4,806)	(17,546)
Interest and other income									19,260	440,503
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES									(6,838,202)	6,823,945
Identifiable assets	77,344,088				86,601,982				77,344,088	86,601,982
Depreciation									1,524,961	1,340,492
Capital expenditures									4,935,361	807,989
Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax									99,762,892	124,555,478
Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax									42,339,432	62,599,015
Operating Segments [Member]
Operating profit (loss)									(4,312,213)	8,743,267
Identifiable assets	59,553,967				74,623,960				59,553,967	74,623,960
Operating Segments [Member] | Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax									99,762,892	124,555,478
Operating profit (loss)									1,252,669	6,414,396
Identifiable assets	35,894,510				43,104,205				35,894,510	43,104,205
Depreciation									836,730	551,241
Capital expenditures									4,060,911	396,299
Operating Segments [Member] | Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax									42,339,432	62,599,015
Operating profit (loss)									(5,564,882)	2,328,871
Identifiable assets	23,659,457				31,519,755				23,659,457	31,519,755
Depreciation									675,048	782,327
Capital expenditures									841,817	377,400
Corporate, Non-Segment [Member]
General corporate expenses									(2,540,443)	(2,342,279)
Identifiable assets	$ 17,790,121				$ 11,978,022				17,790,121	11,978,022
Depreciation									13,183	6,924
Capital expenditures									$ 32,633	$ 34,290

Note 10 - Revenue (Details Text

Note 10 - Revenue (Details Textual)	12 Months Ended
	Mar. 31, 2020
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, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019
Net sales	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 42,203,066	$ 43,326,080	$ 53,432,029	$ 48,193,318	$ 142,102,324	$ 187,154,493
Mill Reject Pipe [Member]
Net sales									1,471,000	1,617,000
Coil [Member]
Net sales									99,762,892	124,555,478
Coil [Member] | Prime Coil [Member]
Net sales									87,222,853	106,436,452
Coil [Member] | Secondary Coil [Member]
Net sales									11,792,212	16,867,632
Coil [Member] | Customer Owned [Member]
Net sales									747,827	1,251,394
Tubular [Member]
Net sales									42,339,432	62,599,015
Tubular [Member] | Manufactured Pipe [Member]
Net sales									34,974,506	45,689,886
Tubular [Member] | Mill Reject Pipe [Member]
Net sales									7,364,926	16,072,129
Tubular [Member] | Pipe Finishing Services [Member]
Net sales										$ 837,000

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, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 42,203,066		$ 43,326,080		$ 53,432,029		$ 48,193,318		$ 142,102,324	$ 187,154,493
Gross profit (loss)	1,868,728	52,933	(782,650)	1,471,324	839,534		1,930,484		3,944,541		6,192,478
Net earnings (loss)	$ (3,018,842)	$ (881,003)	$ (1,544,137)	$ 194,772	$ (1,165,658)		$ 664,773		$ 2,000,916		$ 3,599,893		$ (5,249,210)	$ 5,099,924
Basic (in dollars per share)	$ (0.43)	$ (0.13)	$ (0.22)	$ 0.03	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ (0.75)	$ 0.73
Diluted (in dollars per share)	$ (0.43)	$ (0.13)	$ (0.22)	$ 0.03	$ (0.17)	[1]	$ 0.09	[1]	$ 0.29	[1]	$ 0.51	[1]	$ (0.75)	$ 0.73
[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 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member]	Apr. 10, 2020USD ($)	Jun. 29, 2020T$ / item	Jun. 25, 2020shares
Proceeds from Paycheck Protection Program Under CARES Act | $	$ 1,690,385
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares			1,062,067
Stock Repurchase Program, Percentage of Total Outstanding Shares of Common Stock			15.00%
Commodity Price Risk Derivative for August 2020 Settlement [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T		4,000
Derivative, Average Forward Price (in USD per Per Share) | $ / item		514.5
Commodity Price Risk Derivative for September 2020 Settlement [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T		2,000
Derivative, Average Forward Price (in USD per Per Share) | $ / item		522

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Credit Loss Expense (Reversal)	$ 53,239	$ 15,673
Cash Discounts Allowed on Sales and Charged Against Revenue	624,413	750,059
Accounts Receivable, Allowance for Credit Loss, Writeoff	0	7,547
Cash Discount on Sales	$ 624,413	$ 750,059

Schedule II - Valuation and Q_4

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)		12 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Beginning of Period		$ 29,178	$ 21,052
Additions Charged to Costs and Expenses
Additions Charged to Other Accounts	[1]	677,652	765,732
Deductions	[2]	624,413	757,606
End of Period		$ 82,417	$ 29,178
[1]	Allowance for doubtful accounts charged to bad debt expense of $53,239 and $15,673 during fiscal years 2020 and 2019, respectively. Cash discounts allowed on sales and charged against revenue of $624,413 and $750,059 during fiscal years 2020 and 2019, respectively.
[2]	Accounts receivable written off of $0 and $7,547 and cash discounts taken on sales of $624,413 and $750,059 during fiscal years 2020 and 2019, respectively.