Friedman Industries (FRD) 10-K 7 Jul 21 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Jul. 07, 2021	Sep. 30, 2020
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)		6,899,537
Entity Public Float			$ 42,802
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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, 2021	Mar. 31, 2020
CURRENT ASSETS:
Cash	$ 8,191,001	$ 17,057,751
Accounts receivable, net of allowances for bad debts and cash discounts of $32,834 and $82,417 at March 31, 2021 and 2020, respectively	20,377,967	11,705,344
Inventories	36,016,093	35,668,243
Other current assets	12,949,574	780,179
TOTAL CURRENT ASSETS	77,534,635	65,211,517
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,179,831
Buildings and yard improvements	9,199,704	9,008,869
Machinery and equipment	35,253,000	29,339,893
Construction in process	9,614	3,797,364
Less accumulated depreciation	(30,180,893)	(31,825,401)
Property, Plant and Equipment, Net, Ending Balance	15,461,256	11,500,556
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	148,494	183,350
Deferred income tax asset	1,864,424
Income taxes recoverable		448,665
TOTAL ASSETS	95,008,809	77,344,088
CURRENT LIABILITIES:
Accounts payable and accrued expenses	15,185,038	8,944,614
Income taxes payable	1,455,099
Dividends payable	138,117	139,989
Contribution to retirement plan	50,000	50,250
Employee compensation and related expenses	2,643,538	409,778
Current portion of financing lease	102,689	100,728
Current portion of derivative liability	7,979,380
Current portion of Paycheck Protection Program loan	1,518,410
TOTAL CURRENT LIABILITIES	29,072,271	9,645,359
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	108,609	99,864
DEFERRED INCOME TAX LIABILITY		361,146
OTHER NON-CURRENT LIABILITIES	315,978	372,352
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN	171,975
TOTAL LIABILITIES	29,668,833	10,478,721
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 11)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,334,785 shares and 8,295,160 shares at March 31, 2021 and 2020, respectively	8,334,785
Additional paid-in capital	30,003,462	29,565,416
Accumulated other comprehensive loss	(11,187,841)
Treasury stock at cost (1,435,248 shares and 1,225,716 shares at March 31, 2021 and 2020, respectively)	(7,203,342)	(5,525,964)
Retained earnings	45,392,912	34,530,755
TOTAL STOCKHOLDERS’ EQUITY	65,339,976	66,865,367
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 95,008,809	$ 77,344,088

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Allowances for bad debts and cash discounts	$ 32,834	$ 82,417
Treasury stock, shares (in shares)	1,435,248	1,225,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 126,102,533	$ 142,102,324
Costs and expenses:
Cost of products sold	102,517,335	139,491,989
Selling, general and administrative	7,835,184	5,124,572
Impairment loss for long-lived assets		4,338,419
Interest expense	24,619	4,806
Costs and expenses, total	110,377,138	148,959,786
EARNINGS (LOSS) FROM OPERATIONS	15,725,395	(6,857,462)
Other income (loss)	(503,422)	19,260
EARNINGS (LOSS) BEFORE INCOME TAXES	15,221,973	(6,838,202)
Provision for (benefit from) income taxes:
Current	2,459,009	(404,892)
Deferred	1,338,489	(1,184,100)
Income tax	3,797,498	(1,588,992)
NET EARNINGS (LOSS)	$ 11,424,475	$ (5,249,210)
Weighted average number of common shares outstanding:
Basic (in shares)	7,027,707	7,000,403
Diluted (in shares)	7,027,707	7,000,403
Net earnings (loss) per share:
Basic (in dollars per share)	$ 1.63	$ (0.75)
Diluted (in dollars per share)	$ 1.63	$ (0.75)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Net earnings (loss)	$ 11,424,475		$ (5,249,210)
Other comprehensive loss:
Cash flow hedges, net of tax	(11,187,841)	[1]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(11,187,841)
Comprehensive income (loss)	$ 236,634		$ (5,249,210)
[1]	Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at March 31, 2020 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					90,000
Paid in capital – restricted stock awards			242,944			242,944
Cash dividends					(699,944)	(699,944)
Other comprehensive loss
Balance at March 31, 2021 at Mar. 31, 2020	8,295,160		29,565,416	(5,525,964)	34,530,755	66,865,367
Net earnings (loss)					11,424,475	11,424,475
Issuance of restricted stock	39,625			50,000		89,625
Paid in capital – restricted stock awards			438,046			438,046
Cash dividends					(562,318)	(562,318)
Other comprehensive loss		(11,187,841)				(11,187,841)
Repurchase of shares				(1,727,378)		(1,727,378)
Balance at March 31, 2021 at Mar. 31, 2021	$ 8,334,785	$ (11,187,841)	$ 30,003,462	$ (7,203,342)	$ 45,392,912	$ 65,339,976

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.08	$ 0.10

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net earnings (loss)	$ 11,424,475	$ (5,249,210)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation	1,012,917	1,524,961
Impairment loss for long-lived assets		4,338,419
Deferred taxes	1,338,489	(1,184,100)
Compensation expense for restricted stock	527,671	332,944
Change in post-retirement benefits other than pensions	8,745	10,903
Lower of cost or net realizable value inventory adjustment	274,093	955,605
Deferred realized loss on derivatives	(6,843,140)
Changes in operating assets and liabilities:
Accounts receivable	(8,672,623)	1,478,067
Inventories	(621,943)	12,438,238
Federal income taxes recoverable	448,665	(448,665)
Other current assets	454,489	(236,630)
Accounts payable and accrued expenses	5,386,439	(2,680,481)
Income taxes payable	1,455,099	(159,694)
Employee compensation and related expenses	2,233,760	112,462
Contribution to retirement plan	(250)
Net cash provided by operating activities	8,426,886	11,232,819
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(4,609,617)	(4,935,361)
Proceeds from sale of assets	30,957
Increase in cash value of officers’ life insurance	(11,580)	(17,295)
Net cash used in investing activities	(4,590,240)	(4,952,656)
FINANCING ACTIVITIES
Paycheck Protection Program loan proceeds	1,690,385
Cash dividends paid	(564,190)	(839,933)
Cash paid for principal portion of finance lease	(100,728)	(49,640)
Cash paid for share repurchases	(1,727,378)
Net cash used in financing activities	(701,911)	(889,573)
Increase in cash and restricted cash	3,134,735	5,390,590
Cash at beginning of year	17,057,751	11,667,161
Cash and restricted cash at end of year	$ 20,192,486	$ 17,057,751

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals)	Mar. 31, 2021USD ($)
Cash required to collateralize open derivative positions	$ 12,001,485

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF CONSOLIDATION: REVENUE RECOGNITION: Note 14 TRADE RECEIVABLES: third 30 $17,834 $67,417 March 31, 2021 March 31, 2020 INVENTORIES: first 2021 $274,093 second 2020 $955,605 not no The following is a summary of inventory by product group: March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 35,668,243 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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc. DERIVATIVE INSTRUMENTS: may changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 6 PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2021 March 31, 2020 $4,338,419 March 31, 2020 See Note 5 When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred. PAYCHECK PROTECTION PROGRAM LOAN: 2021, 470 March 31, 2021. 3 POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $108,609 $99,864 March 31, 2021 March 31, 2020 SHIPPING COSTS: SUPPLEMENTAL CASH FLOW INFORMATION: $8,000 $5,000 2021 2020 $10,000 $261,000 2021 2020 March 31, 2021 $394,955 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: may may may March 31, 2020 FINANCIAL INSTRUMENTS: EARNINGS PER SHARE: two no ECONOMIC RELATIONSHIP: March 2020, August 2020. March 31, 2021 22,500 one one $1,775,000 2021 $1,471,000 2020 For fiscal year 2021 no 10% 18% 2020 No 10% 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 2021 not 19 no 19 may not NEW ACCOUNTING PRONOUNCEMENTS: August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first 6 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, 2021
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, 2021 : Weighted Average Grant Number of Date Fair Value Shares Per Share 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 Cancelled or forfeited — — Granted 89,625 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07 Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $527,671 $332,944 l 2021 and fiscal 2020 , lan. As of March 31, 2021 , unrecognized compensation expense related to stock awards was approximately $866,000, 2.7 March 31, 2021 , a total of 140,375 The Company has 1,000,000 $1 may one no March 31, 2021 or March 31, 2020 .

Note 3 - Debt

Note 3 - Debt	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT In April 2020, $1,690,385 2020 two 0.98%. six April 21, 2021 June 22, 2021 SBA On March 8, 2021, $10 July 15, 2021 March 31, 2021, not April 14 2021, first $10 $20 May 19, 2021, $40 May 19, 2026 in its entirety 1.7% 85% 85% 85% $5 1.10 1.00 twelve may $10 $5

Note 4 - Leases

Note 4 - Leases	12 Months Ended
	Mar. 31, 2021
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 $4,878 d expired April 30, 2021. April 2021, three April 30, 2024. In October 2019, 5 $518,616 $9,074. The components of expense related to leases were as follows for the twelve d March 31, 2021 and March 31, 2020 , Twelve Months Twelve Months Ended March 31, Ended March 31, 2021 2020 Finance lease – amortization of ROU asset $ 100,728 $ 49,640 Finance lease – interest on lease liability 8,164 4,806 Operating lease expense 56,286 36,936 $ 165,178 $ 91,382 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as o f March 31, 2021 and March 31, 2020 : March 31, 2021 March 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 4,850 $ 51,535 Other assets Finance lease right-of-use asset 481,880 507,812 Property, plant & equipment Total right-of-use assets $ 486,730 $ 559,347 Liabilities Operating lease liability, current $ 4,850 $ 47,431 Accrued expenses Finance lease liability, current 102,689 100,728 Current portion of financing lease Operating lease liability, non-current — 4,104 Other non-current liabilities Finance lease liability, non-current 265,557 368,248 Other non-current liabilities Total lease liabilities $ 373,096 $ 520,511 As of March 31, 2021 , t 0.1 3.5 7% 1.9% Maturities of lease liabilities as of March 31, 2021 Operating Finance Leases Leases Fiscal 2022 4,878 108,892 Fiscal 2023 — 108,892 Fiscal 2024 — 108,892 Fiscal 2025 — 54,445 Fiscal 2026 — — Total undiscounted lease payments $ 4,878 $ 381,121 Less: imputed interest (28 ) (12,875 ) Present value of lease liability $ 4,850 $ 368,246

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. The Company completed two 2021 The first May 2020. 22,000 $1,083,000 $1,100,000. second December 2020 March 2021. $7,200,000 $6,733,000 March 31, 2021. On May 25, 2021, 70,000 26.5 99 $1. 1” 96” 100,000 April 2022 $21 At March 31, 2020, not $4,338,419 $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 - Derivative Financial I

Note 6 - Derivative Financial Instruments	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. In June 2020, first 815 815” attempts to minimize From time to time, derivatives designated for hedge accounting may From time to time, we may not The Company has a forward physical purchase supply agreement in place with one not 815. During fiscal 2021, 2021, 2021, not The following table summarizes the fair value of the Company's derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of March 31, 2021: Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives designated as cash flow hedges: Location Fair Value Location Fair Value Hot-rolled coil steel contracts hedging purchases Other current assets $ 530,640 Hot-rolled coil steel contracts hedging sales Other current assets $ 91,760 Current portion of derivative liability $ 7,890,700 Hot-rolled coil steel contracts hedging sales Other non-current liabilities $ 50,420 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative liability $ 88,680 All derivatives are presented on a gross basis on the Consolidated Balance Sheet. At March 31, 2021, $501,360 March 2021 The notional amounts (quantities) of our cash flow hedges outstanding at March 31, 2021 4,000 May 2021 June 2021 43,740 July 2021 November 2022. The following table summarizes the loss recognized in other comprehensive income and the gain reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the twelve March 31, 2021: Pre-Tax Loss Location of Gain Reclassified from Gain Reclassified from Recognized in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ (14,751,900) Costs of goods sold $ 6,414,500 The estimated amount of losses recognized in OCI at March 31, 2021 twelve $14,169,820. $6,839,740 $7,330,080 March 31, 2021 The following table summarizes the loss recognized in earnings for derivative instruments not 2021: Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2021 Hot-rolled coil steel contracts Other income (loss) $ 515,160 The notional amount (quantity) of our derivative instruments not March 31, 2021 1,860 April 2021. The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the fiscal year ended March 31, 2021: Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084) Gain reclassified from AOCI (1) (4,864,757) Net current period other comprehensive loss (11,187,841) Balance at March 31, 2021 $ (11,187,841) ( 1 $1,549,743 March 31, 2021. At March 31, 2021, $12,001,485 March 31, 2021. The Company did not March 31, 2020.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1 ● Level 2 1 ● Level 3 no Recurring Fair Value Measurements At March 31, 2021, Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (7,407,400 ) $ — $ — $ (7,407,400 ) Total $ (7,407,400 ) $ — $ — $ (7,407,400 ) At March 31, 2020, not Non-Recurring Fair Value Measurements At March 31, 2020, Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450 ( 1 At March 31, 2020, $1,771,450. At March 31, 2021, not

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	8 . EARNINGS PER SHARE Basic and dilutive net earnings (loss) per share is computed based on the following information: Year Ended March 31, 2021 2020 Basic Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares 7,027,707 7,000,403 Dilutive Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares and common share equivalents 7,027,707 7,000,403

Note 9 - Income Taxes

Note 9 - Income Taxes	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31, 2021 2020 Federal Current $ 1,904,797 $ (408,360 ) Deferred 1,100,368 (971,540 ) 3,005,165 (1,379,900 ) State Current 554,212 3,468 Deferred 238,121 (212,560 ) 792,333 (209,092 ) Total $ 3,797,498 $ (1,588,992 ) The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31, 2021 2020 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 4.1 (2.4 ) Other (0.1 ) 0.2 Provision for (benefit from) income taxes 25.0 % (23.2 )% The Company's tax returns may March 31, 2018 March 31, 2020. may March 31, 2017 March 31, 2020. 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, 2021 2020 Deferred tax liabilities: Depreciation $ (1,945,788 ) $ (128,868 ) LIFO to average cost Section 481(a) adjustment (301,110 ) (602,220 ) Total deferred tax liabilities (2,246,898 ) (731,088 ) Deferred tax assets: Unrealized derivative loss - OCI 3,564,059 — Inventory capitalization 63,468 85,137 Postretirement benefits other than pensions 26,240 24,127 Net operating loss carryforward - State — 15,012 Restricted stock award compensation 328,434 200,949 Other 129,121 44,717 Total deferred tax assets 4,111,322 369,942 Net deferred tax asset (liability) $ 1,864,424 $ (361,146 )

Note 10 - Other Comprehensive L

Note 10 - Other Comprehensive Loss	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	10. The following table summarizes the tax effects on each c omponent of Other Comprehensive Loss for the periods presented: Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges (1) $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) Other comprehensive loss $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) ( 1 $14,751,900 $7,908,760 $6,843,140 For the fiscal year ended March 31, 2020, not

Note 11 - Retirement Plan

Note 11 - Retirement Plan	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	11 . 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, 2021 $200,000 March 31, 2020 Employees may 401 six may 401 $49,500 $50,000 March 31, 2021 2020

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	12. The Company has engaged Metal Edge Partners, LLC (“Metal Edge”) to provide services that include strategic advisory services, risk management services, procurement advisory services, steel market analytics and macro-economic analytics. Tim Stevenson serves as a member of our Board of Directors and serves as Chief Executive Officer of Metal Edge. For the fiscal year ended March 31, 2021, $144,000 may ninety no March 31, 2020.

Note 13 - Industry Segment Data

Note 13 - Industry Segment Data	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13 . INDUSTRY SEGMENT DATA The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Year Ended March 31, 2021 2020 NET SALES: Coil $ 95,264,555 $ 99,762,892 Tubular 30,837,978 42,339,432 TOTAL NET SALES $ 126,102,533 $ 142,102,324 OPERATING PROFIT (LOSS): Coil $ 16,466,713 $ 1,252,669 Tubular 2,923,399 (5,564,882 ) TOTAL OPERATING PROFIT (LOSS) 19,390,112 (4,312,213 ) General corporate expenses (3,640,098 ) (2,540,443 ) Interest expense (24,619 ) (4,806 ) Other income (loss) (503,422 ) 19,260 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 15,221,973 $ (6,838,202 ) IDENTIFIABLE ASSETS: Coil $ 56,670,109 $ 35,894,510 Tubular 17,883,612 23,659,457 74,553,721 59,553,967 General corporate assets 20,455,088 17,790,121 TOTAL ASSETS $ 95,008,809 $ 77,344,088 DEPRECIATION: Coil $ 653,708 $ 836,730 Tubular 346,135 675,048 Corporate and other 13,074 13,183 $ 1,012,917 $ 1,524,961 CAPITAL EXPENDITURES: Coil $ 4,505,589 $ 4,060,911 Tubular 78,061 841,817 Corporate and other 25,967 32,633 $ 4,609,617 $ 4,935,361 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 2021 $515,160 not March 31, 2021 March 31, 2020 no

Note 14 - Revenue

Note 14 - Revenue	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	14. 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 n ot March 31, 2021 March 31, 2020. March 31, 2021 2020 Fiscal Year Ended March 31, 2021 2020 Coil Segment: Prime Coil $ 85,933,199 $ 87,222,853 Non-standard Coil 8,414,060 11,792,212 Customer Owned Coil 917,296 747,827 $ 95,264,555 $ 99,762,892 Tubular Segment: Manufactured Pipe $ 25,554,333 $ 34,974,506 Mill Reject Pipe 5,283,645 7,364,926 $ 30,837,978 $ 42,339,432

Note 15 - Summary of Quarterly

Note 15 - Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Quarterly Financial Information [Text Block]	15. The following is a summary of unaudited quarterly results of operations for the years ended March 31, 2021 2020 Quarter Ended June 30, September 30, December 31, March 31, 2020 2020 2020 2021 Net sales $ 23,524,600 $ 24,861,680 $ 28,502,049 $ 49,214,204 Gross profit 256,754 1,091,097 4,495,849 17,741,498 Net earnings (loss) (858,862 ) (250,005 ) 2,129,745 10,403,597 Basic (0.12 ) (0.04 ) 0.30 1.49 Diluted (0.12 ) (0.04 ) 0.30 1.49 Quarter Ended June 30, September 30, December 31, March 31, 2019 2019 2019 2020 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 0.03 (0.22 ) (0.13 ) (0.43 ) Diluted 0.03 (0.22 ) (0.13 ) (0.43 )

Note 16 - Subsequent Events

Note 16 - Subsequent Events	12 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	16 . SUBSEQUENT EVENTS See Note 3 10 $11,448,646 3 5

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2021
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 Beginning Costs and Other Accounts— Deductions— Balance at of Period Expenses Describe(A) Describe(B) End of Period Year ended March 31, 2021 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 82,417 $ — $ 351,270 $ 400,853 $ 32,834 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 (A) Allowance for doubtful accounts charged to bad debt expense of $0 $53,239 2021 2020 $351,270 $624,413 2021 2020 (B) Accounts receivable written off of $49,583 $0 2021 2020 $351,270 $624,413 2021 2020

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	BASIS OF CONSOLIDATION:
Revenue [Policy Text Block]	REVENUE RECOGNITION: Note 14
Accounts Receivable [Policy Text Block]	TRADE RECEIVABLES: third 30 $17,834 $67,417 March 31, 2021 March 31, 2020
Inventory, Policy [Policy Text Block]	INVENTORIES: first 2021 $274,093 second 2020 $955,605 not no The following is a summary of inventory by product group: March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 35,668,243 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 mill reject pipe that the Company purchased from U.S. Steel Tubular Products, Inc.
Derivatives, Policy [Policy Text Block]	DERIVATIVE INSTRUMENTS: may changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 6
Property, Plant and Equipment, Policy [Policy Text Block]	PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2021 March 31, 2020 $4,338,419 March 31, 2020 See Note 5 When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred.
Debt, Policy [Policy Text Block]	PAYCHECK PROTECTION PROGRAM LOAN: 2021, 470 March 31, 2021. 3
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: $108,609 $99,864 March 31, 2021 March 31, 2020
Shipping Costs [Policy Text Block]	SHIPPING COSTS:
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: $8,000 $5,000 2021 2020 $10,000 $261,000 2021 2020 March 31, 2021 $394,955 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: may may may March 31, 2020
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: March 2020, August 2020. March 31, 2021 22,500 one one $1,775,000 2021 $1,471,000 2020 For fiscal year 2021 no 10% 18% 2020 No 10% 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 2021 not 19 no 19 may not
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING PRONOUNCEMENTS: August 2017, No. 2017 12, 815 2017 12” 2017 12 2017 12 June 18, 2020 first 6 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, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2021 2020 Prime coil inventory $ 23,079,012 $ 17,190,435 Non-standard coil inventory 1,419,055 1,550,734 Tubular raw material 2,607,197 4,888,542 Tubular finished goods 8,910,829 12,038,532 $ 36,016,093 $ 35,668,243
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 20 Machinery and equipment (in years) 10 15 Yard improvements (in years) 5 15 Loaders and other rolling stock (in years) 5 15

Note 2 - Equity Compensation _2

Note 2 - Equity Compensation Plans and Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2019 180,000 $ 7.03 Cancelled or forfeited — — Granted 90,000 5.05 Vested — — Unvested at March 31, 2020 270,000 $ 6.37 Cancelled or forfeited — — Granted 89,625 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Lease, Cost [Table Text Block]	Twelve Months Twelve Months Ended March 31, Ended March 31, 2021 2020 Finance lease – amortization of ROU asset $ 100,728 $ 49,640 Finance lease – interest on lease liability 8,164 4,806 Operating lease expense 56,286 36,936 $ 165,178 $ 91,382
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	March 31, 2021 March 31, 2020 Balance Sheet Classification Assets Operating lease right-of-use asset $ 4,850 $ 51,535 Other assets Finance lease right-of-use asset 481,880 507,812 Property, plant & equipment Total right-of-use assets $ 486,730 $ 559,347 Liabilities Operating lease liability, current $ 4,850 $ 47,431 Accrued expenses Finance lease liability, current 102,689 100,728 Current portion of financing lease Operating lease liability, non-current — 4,104 Other non-current liabilities Finance lease liability, non-current 265,557 368,248 Other non-current liabilities Total lease liabilities $ 373,096 $ 520,511
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Finance Leases Leases Fiscal 2022 4,878 108,892 Fiscal 2023 — 108,892 Fiscal 2024 — 108,892 Fiscal 2025 — 54,445 Fiscal 2026 — — Total undiscounted lease payments $ 4,878 $ 381,121 Less: imputed interest (28 ) (12,875 ) Present value of lease liability $ 4,850 $ 368,246

Note 6 - Derivative Financial_2

Note 6 - Derivative Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives designated as cash flow hedges: Location Fair Value Location Fair Value Hot-rolled coil steel contracts hedging purchases Other current assets $ 530,640 Hot-rolled coil steel contracts hedging sales Other current assets $ 91,760 Current portion of derivative liability $ 7,890,700 Hot-rolled coil steel contracts hedging sales Other non-current liabilities $ 50,420 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative liability $ 88,680
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pre-Tax Loss Location of Gain Reclassified from Gain Reclassified from Recognized in OCI AOCI into Net Earnings AOCI into Net Earnings Hot-rolled coil steel contracts $ (14,751,900) Costs of goods sold $ 6,414,500
Not Designated as Hedging Instrument [Member]
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block]	Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2021 Hot-rolled coil steel contracts Other income (loss) $ 515,160
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084) Gain reclassified from AOCI (1) (4,864,757) Net current period other comprehensive loss (11,187,841) Balance at March 31, 2021 $ (11,187,841)

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (7,407,400 ) $ — $ — $ (7,407,400 ) Total $ (7,407,400 ) $ — $ — $ (7,407,400 )
Fair Value Measurements, Nonrecurring [Table Text Block]	Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Long-lived assets held and used (1) $ — $ — $ 1,771,450 $ 1,771,450 Total $ — $ — $ 1,771,450 $ 1,771,450

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2021 2020 Basic Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares 7,027,707 7,000,403 Dilutive Net earnings (loss) $ 11,424,475 $ (5,249,210 ) Weighted average common shares and common share equivalents 7,027,707 7,000,403

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2021 2020 Federal Current $ 1,904,797 $ (408,360 ) Deferred 1,100,368 (971,540 ) 3,005,165 (1,379,900 ) State Current 554,212 3,468 Deferred 238,121 (212,560 ) 792,333 (209,092 ) Total $ 3,797,498 $ (1,588,992 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2021 2020 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 4.1 (2.4 ) Other (0.1 ) 0.2 Provision for (benefit from) income taxes 25.0 % (23.2 )%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31, 2021 2020 Deferred tax liabilities: Depreciation $ (1,945,788 ) $ (128,868 ) LIFO to average cost Section 481(a) adjustment (301,110 ) (602,220 ) Total deferred tax liabilities (2,246,898 ) (731,088 ) Deferred tax assets: Unrealized derivative loss - OCI 3,564,059 — Inventory capitalization 63,468 85,137 Postretirement benefits other than pensions 26,240 24,127 Net operating loss carryforward - State — 15,012 Restricted stock award compensation 328,434 200,949 Other 129,121 44,717 Total deferred tax assets 4,111,322 369,942 Net deferred tax asset (liability) $ 1,864,424 $ (361,146 )

Note 10 - Other Comprehensive_2

Note 10 - Other Comprehensive Loss (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges (1) $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) Other comprehensive loss $ (14,751,900 ) $ 3,564,059 $ (11,187,841 )

Note 13 - Industry Segment Da_2

Note 13 - Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2021 2020 NET SALES: Coil $ 95,264,555 $ 99,762,892 Tubular 30,837,978 42,339,432 TOTAL NET SALES $ 126,102,533 $ 142,102,324 OPERATING PROFIT (LOSS): Coil $ 16,466,713 $ 1,252,669 Tubular 2,923,399 (5,564,882 ) TOTAL OPERATING PROFIT (LOSS) 19,390,112 (4,312,213 ) General corporate expenses (3,640,098 ) (2,540,443 ) Interest expense (24,619 ) (4,806 ) Other income (loss) (503,422 ) 19,260 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ 15,221,973 $ (6,838,202 ) IDENTIFIABLE ASSETS: Coil $ 56,670,109 $ 35,894,510 Tubular 17,883,612 23,659,457 74,553,721 59,553,967 General corporate assets 20,455,088 17,790,121 TOTAL ASSETS $ 95,008,809 $ 77,344,088 DEPRECIATION: Coil $ 653,708 $ 836,730 Tubular 346,135 675,048 Corporate and other 13,074 13,183 $ 1,012,917 $ 1,524,961 CAPITAL EXPENDITURES: Coil $ 4,505,589 $ 4,060,911 Tubular 78,061 841,817 Corporate and other 25,967 32,633 $ 4,609,617 $ 4,935,361

Note 14 - Revenue (Tables)

Note 14 - Revenue (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Fiscal Year Ended March 31, 2021 2020 Coil Segment: Prime Coil $ 85,933,199 $ 87,222,853 Non-standard Coil 8,414,060 11,792,212 Customer Owned Coil 917,296 747,827 $ 95,264,555 $ 99,762,892 Tubular Segment: Manufactured Pipe $ 25,554,333 $ 34,974,506 Mill Reject Pipe 5,283,645 7,364,926 $ 30,837,978 $ 42,339,432

Note 15 - Summary of Quarterl_2

Note 15 - Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2021
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter Ended June 30, September 30, December 31, March 31, 2020 2020 2020 2021 Net sales $ 23,524,600 $ 24,861,680 $ 28,502,049 $ 49,214,204 Gross profit 256,754 1,091,097 4,495,849 17,741,498 Net earnings (loss) (858,862 ) (250,005 ) 2,129,745 10,403,597 Basic (0.12 ) (0.04 ) 0.30 1.49 Diluted (0.12 ) (0.04 ) 0.30 1.49 Quarter Ended June 30, September 30, December 31, March 31, 2019 2019 2019 2020 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 0.03 (0.22 ) (0.13 ) (0.43 ) Diluted 0.03 (0.22 ) (0.13 ) (0.43 )

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2021
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 Beginning Costs and Other Accounts— Deductions— Balance at of Period Expenses Describe(A) Describe(B) End of Period Year ended March 31, 2021 Allowance for doubtful accounts receivable and cash discounts (deducted from related asset account) $ 82,417 $ — $ 351,270 $ 400,853 $ 32,834 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

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended								12 Months Ended
	Mar. 31, 2021USD ($)T	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2021USD ($)T	Mar. 31, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 17,834				$ 67,417				$ 17,834	$ 67,417
Inventory Write-down				$ 274,093				$ 955,605	274,093	955,605
Impairment of Long-Lived Assets Held-for-use										4,338,419
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total									8,000	5,000
Income Taxes Paid, Net, Total									10,000	261,000
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				$ 0	0
Inventory, Material Weight (US Ton) | T	22,500								22,500
Revenue from Contract with Customer, Including Assessed Tax	$ 49,214,204	$ 28,502,049	$ 24,861,680	$ 23,524,600	32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 126,102,533	$ 142,102,324
Trinity Industries, Inc. [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member]
Concentration Risk, Percentage										18.00%
Mill Reject Pipe [Member]
Revenue from Contract with Customer, Including Assessed Tax									1,775,000	$ 1,471,000
Transfer of Ownership of Life Insurance Policy to Retired Officer [Member]
Other Significant Noncash Transaction, Value of Consideration Given										121,000
Decatur Facility Equipment Project [Member]
Capital Expenditures Incurred but Not yet Paid									394,955
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits	$ 108,609				$ 99,864				$ 108,609	$ 99,864

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Inventory, Net, Total	$ 36,016,093	$ 35,668,243
Prime Coil Inventory [Member]
Raw materials	23,079,012	17,190,435
Non-standard Coil Inventory [Member]
Raw materials	1,419,055	1,550,734
Tubular Inventory [Member]
Raw materials	2,607,197	4,888,542
Finished goods	$ 8,910,829	$ 12,038,532

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, 2021
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)	15 years

Note 2 - Equity Compensation _3

Note 2 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 01, 2016
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
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 Payment Arrangement, Expense	$ 527,671	$ 332,944
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 866,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	140,375

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, 2021	Mar. 31, 2020
Unvested (in shares)	270,000	180,000
Unvested, weighted average grant date fair value per share (in dollars per share)	$ 6.37	$ 7.03
Cancelled or forfeited (in shares)
Cancelled or forfeited, weighted average grant date fair value per share (in dollars per share)
Granted (in shares)	89,625	90,000
Granted, weighted average grant date fair value per share (in dollars per share)	$ 5.64	$ 5.05
Vested (in shares)	(20,000)
Vested, weighted average grant date fair value per share (in dollars per share)	$ 8.23
Unvested (in shares)	339,625	270,000
Unvested, weighted average grant date fair value per share (in dollars per share)	$ 6.07	$ 6.37

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual)	May 19, 2021USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jul. 07, 2021USD ($)	Jun. 29, 2021USD ($)	Apr. 12, 2021USD ($)	Mar. 08, 2021USD ($)
Proceeds from Issuance of Unsecured Debt			$ 1,690,385
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 10,000,000
Long-term Line of Credit, Total			$ 0
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 20,000,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 40,000,000
Long-term Line of Credit, Total					$ 11,448,646	$ 0
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	85.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85.00%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Equipment, Percentage	85.00%
Debt Instrument, Covenant, Borrowing Limit, Machinery and Equipment Component Limit	$ 5,000,000
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.1
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.70%
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Unsecured Debt		$ 1,690,385

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Mar. 31, 2021	Apr. 30, 2021	Apr. 01, 2019
Operating Lease, Right-of-Use Asset				$ 63,000
Operating Lease, Monthly Payments		$ 4,878
Finance Lease, Liability, Payment, Due, Total		$ 381,121
Operating Lease, Weighted Average Remaining Lease Term (Year)		36 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		3 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		$ 4,850		$ 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
Subsequent Event [Member]
Lessee, Operating Lease, Renewal Term (Year)			3 years

Note 4 - Leases - Lease Cost (D

Note 4 - Leases - Lease Cost (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finance lease – amortization of ROU asset	$ 100,728	$ 49,640
Finance lease – interest on lease liability	8,164	4,806
Operating lease expense	56,286	36,936
Lease, Cost, Total	$ 165,178	$ 91,382

Note 4 - Leases - Balance Sheet

Note 4 - Leases - Balance Sheet Information (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Apr. 01, 2019
Operating lease right-of-use asset			$ 63,000
Total right-of-use assets	$ 486,730	$ 559,347
Finance lease liability, current	102,689	100,728
Total lease liabilities	373,096	520,511
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	4,850	51,535
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	481,880	507,812
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	4,850	47,431
Current Portion of Financing Lease [Member]
Finance lease liability, current	102,689	100,728
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current		4,104
Finance lease liability, non-current	$ 265,557	$ 368,248

Note 4 - Leases - Maturities of

Note 4 - Leases - Maturities of Operating and Finance Lease (Details) - USD ($)	Mar. 31, 2021	Apr. 01, 2019
Operating lease, Fiscal 2022	$ 4,878
Finance lease, Fiscal 2022	108,892
Operating lease, Fiscal 2023
Finance lease, Fiscal 2023	108,892
Operating lease, Fiscal 2024
Finance lease, Fiscal 2024	108,892
Operating lease, Fiscal 2025
Finance lease, Fiscal 2025	54,445
Operating lease, Fiscal 2026
Finance lease, Fiscal 2026
Operating lease, Total undiscounted lease payments	4,878
Finance lease, Total undiscounted lease payments	381,121
Operating lease, Less: imputed interest	(28)
Finance lease, Less: imputed interest	(12,875)
Present value of lease liability, finance lease	368,246
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 4,850	$ 63,000

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Details Textual)	12 Months Ended
	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	May 25, 2021USD ($)ft²a
Number of Capital Expenditure Projects	2
Impairment of Long-Lived Assets Held-for-use		$ 4,338,419
Property, Plant and Equipment, Net, Ending Balance	$ 15,461,256	11,500,556
Subsequent Event [Member] | Facility in Sinton, Texas [Member]
Area of Land (Acre) | a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Building [Member]
Area of Real Estate Property (Square Foot) | ft²	22,000
Payments to Acquire Productive Assets, Total	$ 1,083,000
Capital Expenditures Incurred but Not yet Paid	1,100,000
Equipment [Member]
Payments to Acquire Productive Assets, Total	6,733,000
Capital Expenditures Incurred but Not yet Paid	7,200,000
Facility in Sinton, Texas [Member] | Subsequent Event [Member]
Area of Real Estate Property (Square Foot) | ft²			70,000
Capital Expenditures, Expected Cost			$ 21,000,000
Pipe Finishing Facility [Member] | Tubular [Member]
Impairment of Long-Lived Assets Held-for-use	4,338,419
Property, Plant and Equipment, Net, Ending Balance	$ 1,771,450	$ 1,771,450

Note 6 - Derivative Financial_3

Note 6 - Derivative Financial Instruments (Details Textual) xbrli-pure in Thousands	12 Months Ended
	Mar. 31, 2021USD ($)gT	Mar. 31, 2020USD ($)
Derivative, Number of Instruments Held, Total		0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 14,169,820
Derivative, Collateral, Right to Reclaim Cash	12,001,485
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total	1,549,743
Closed Hedges with Hedged Transaction Still Expected to Occur [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	6,839,740
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	7,330,080
Accounts Payable and Accrued Liabilities [Member] | Commodity Contract [Member]
Hedging Liabilities, Current	$ 501,360
Other Current Assets [Member]
Derivative, Collateral, Right to Reclaim Cash		$ 12,001,485
Not Designated as Hedging Instrument [Member]
Derivative, Number of Instruments Held, Total	0
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	1,860
Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	4,000
Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | g	43,740

Note 6 - Derivative Financial_4

Note 6 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - Hot-rolled Coil Future Contracts [Member]	Mar. 31, 2021USD ($)
Designated as Hedging Instrument [Member] | Long [Member] | Other Current Assets [Member]
Derivative asset	$ 530,640
Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities	7,890,700
Designated as Hedging Instrument [Member] | Short [Member] | Other Noncurrent Liabilities [Member]
Derivative liabilities	50,420
Not Designated as Hedging Instrument [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 88,680

Note 6 - Derivative Financial_5

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - Hot-rolled Coil Future Contracts [Member] - Designated as Hedging Instrument [Member]	12 Months Ended
	Mar. 31, 2021USD ($)
Gain recognized in OCI	$ 14,751,900
Cost of Sales [Member]
Gain reclassified from AOCI into net earnings	$ 6,414,500

Note 6 - Derivative Financial_6

Note 6 - Derivative Financial Instruments - Loss Recognized in Earnings for Derivative Instruments (Details)	12 Months Ended
	Mar. 31, 2021USD ($)
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 515,160

Note 6 - Derivative Financial_7

Note 6 - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)		12 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Balance at March 31, 2020		$ 66,865,367	$ 72,481,577
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total		(11,187,841)
Balance at March 31, 2021		65,339,976	66,865,367
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance at March 31, 2020
Other comprehensive loss, net of income, before reclassification		(6,323,084)
Gain reclassified from AOCI (1)	[1]	(4,864,757)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total		(11,187,841)
Balance at March 31, 2021		$ (11,187,841)
[1]	The gain reclassified from AOCI is presented net of taxes of $1,549,743 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2021.

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements (Details Textual) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment, Net, Ending Balance	$ 15,461,256	$ 11,500,556
Pipe Finishing Facility [Member] | Tubular [Member]
Property, Plant and Equipment, Net, Ending Balance	$ 1,771,450	$ 1,771,450

Note 7 - Fair Value Measureme_4

Note 7 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member]	Mar. 31, 2021USD ($)
Commodity futures – financial liabilities, net	$ (7,407,400)
Total	(7,407,400)
Fair Value, Inputs, Level 1 [Member]
Total	(7,407,400)
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member]
Commodity futures – financial liabilities, net	(7,407,400)
Fair Value, Inputs, Level 2 [Member]
Total
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member]
Commodity futures – financial liabilities, net
Fair Value, Inputs, Level 3 [Member]
Total
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member]
Commodity futures – financial liabilities, net

Note 7 - Fair Value Measureme_5

Note 7 - Fair Value Measurements - Non-Recurring Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member]	Mar. 31, 2020USD ($)
Long-lived assets held and used (1)	$ 1,771,450	[1]
Total	1,771,450
Fair Value, Inputs, Level 1 [Member]
Long-lived assets held and used (1)		[1]
Total
Fair Value, Inputs, Level 2 [Member]
Long-lived assets held and used (1)		[1]
Total
Fair Value, Inputs, Level 3 [Member]
Long-lived assets held and used (1)	1,771,450	[1]
Total	$ 1,771,450
[1]	At March 31, 2020, the Company performed an impairment review of the tubular segment's pipe finishing facility that resulted in the assets being written down to their estimated fair value of $1,771,450.

Note 8 - Earnings Per Share - C

Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Net earnings (loss)	$ 10,403,597	$ 2,129,745	$ (250,005)	$ (858,862)	$ (3,018,842)	$ (881,003)	$ (1,544,137)	$ 194,772	$ 11,424,475	$ (5,249,210)
Weighted average common shares (in shares)									7,027,707	7,000,403
Net earnings (loss)	$ 10,403,597	$ 2,129,745	$ (250,005)	$ (858,862)	$ (3,018,842)	$ (881,003)	$ (1,544,137)	$ 194,772	$ 11,424,475	$ (5,249,210)
Weighted average common shares and common share equivalents (in shares)									7,027,707	7,000,403

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual)	12 Months Ended
	Mar. 31, 2021
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year	2018 2019 2020
State and Local Jurisdiction [Member]
Open Tax Year	2017 2018 2019 2020

Note 9 - Income Taxes - Compone

Note 9 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Current	$ 1,904,797	$ (408,360)
Deferred	1,100,368	(971,540)
Federal Income Tax Expense (Benefit), Continuing Operations, Total	3,005,165	(1,379,900)
Current	554,212	3,468
Deferred	238,121	(212,560)
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	792,333	(209,092)
Income tax	$ 3,797,498	$ (1,588,992)

Note 9 - Income Taxes - Reconci

Note 9 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	4.10%	(2.40%)
Other	(0.10%)	0.20%
Provision for (benefit from) income taxes	25.00%	(23.20%)

Note 9 - Income Taxes - Signifi

Note 9 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Depreciation	$ (1,945,788)	$ (128,868)
LIFO to average cost Section 481(a) adjustment	(301,110)	(602,220)
Total deferred tax liabilities	(2,246,898)	(731,088)
Unrealized derivative loss - OCI	3,564,059
Inventory capitalization	63,468	85,137
Postretirement benefits other than pensions	26,240	24,127
Net operating loss carryforward - State		15,012
Restricted stock award compensation	328,434	200,949
Other	129,121	44,717
Total deferred tax assets	4,111,322	369,942
Net deferred tax asset (liability)	$ 1,864,424
Net deferred tax asset (liability)		$ (361,146)

Note 10 - Other Comprehensive_3

Note 10 - Other Comprehensive Loss (Details Textual)	12 Months Ended
	Mar. 31, 2021USD ($)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total	$ (14,751,900)	[1]
Open Hedges Subject To Fair Value Changes [Member]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total	(7,908,760)
Closed Hedges with Hedged Transaction Still Expected to Occur [Member]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total	$ (6,843,140)
[1]	Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur.

Note 10 - Other Comprehensive_4

Note 10 - Other Comprehensive Loss - Summary of Other Comprehensive Loss (Details) - USD ($)		12 Months Ended
		Mar. 31, 2021		Mar. 31, 2020
Cash flow hedges (1)	[1]	$ (14,751,900)
Cash flow hedges (1)	[1]	3,564,059
Cash flow hedges (1)		(11,187,841)	[1]
Other comprehensive loss		(14,751,900)
Other comprehensive loss		3,564,059
Other comprehensive loss		$ (11,187,841)
[1]	Of the $14,751,900 before tax comprehensive loss, $7,393,600 is associated with open hedges subject to fair value changes and $7,358,300 is realized losses associated with de-designated hedges with the hedged transaction still expected to occur.

Note 11 - Retirement Plan (Deta

Note 11 - Retirement Plan (Details Textual) - Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member] - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 49,500	$ 50,000

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction, Amounts of Transaction		$ 0
Services [Member] | Metal Edge [Member]
Related Party Transaction, Amounts of Transaction	$ 144,000

Note 13 - Industry Segment Da_3

Note 13 - Industry Segment Data (Details Textual)	12 Months Ended
	Mar. 31, 2021USD ($)
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 515,160

Note 13 - Industry Segment Da_4

Note 13 - Industry Segment Data - Segment Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer, Including Assessed Tax	$ 49,214,204	$ 28,502,049	$ 24,861,680	$ 23,524,600	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 126,102,533	$ 142,102,324
Operating profit (loss)									15,725,395	(6,857,462)
Interest expense									(24,619)	(4,806)
Other income (loss)									(503,422)	19,260
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES									15,221,973	(6,838,202)
Identifiable assets	95,008,809				77,344,088				95,008,809	77,344,088
Depreciation									1,012,917	1,524,961
Capital expenditures									4,609,617	4,935,361
Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax									95,264,555	99,762,892
Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax									30,837,978	42,339,432
Operating Segments [Member]
Operating profit (loss)									19,390,112	(4,312,213)
Identifiable assets	74,553,721				59,553,967				74,553,721	59,553,967
Operating Segments [Member] | Coil [Member]
Revenue from Contract with Customer, Including Assessed Tax									95,264,555	99,762,892
Operating profit (loss)									16,466,713	1,252,669
Identifiable assets	56,670,109				35,894,510				56,670,109	35,894,510
Depreciation									653,708	836,730
Capital expenditures									4,505,589	4,060,911
Operating Segments [Member] | Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax									30,837,978	42,339,432
Operating profit (loss)									2,923,399	(5,564,882)
Identifiable assets	17,883,612				23,659,457				17,883,612	23,659,457
Depreciation									346,135	675,048
Capital expenditures									78,061	841,817
Corporate, Non-Segment [Member]
General corporate expenses									(3,640,098)	(2,540,443)
Identifiable assets	$ 20,455,088				$ 17,790,121				20,455,088	17,790,121
Depreciation									13,074	13,183
Capital expenditures									$ 25,967	$ 32,633

Note 14 - Revenue (Details Text

Note 14 - Revenue (Details Textual)	3 Months Ended								12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Number of Reportable Segments									2
Revenue from Contract with Customer, Including Assessed Tax	$ 49,214,204	$ 28,502,049	$ 24,861,680	$ 23,524,600	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 126,102,533	$ 142,102,324
Pipe Finishing Services [Member]
Revenue from Contract with Customer, Including Assessed Tax									$ 0	$ 0

Note 14 - Revenue - Disaggregat

Note 14 - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 49,214,204	$ 28,502,049	$ 24,861,680	$ 23,524,600	$ 32,980,607	$ 28,150,817	$ 39,995,580	$ 40,975,320	$ 126,102,533	$ 142,102,324
Mill Reject Pipe [Member]
Net sales									1,775,000	1,471,000
Coil [Member]
Net sales									95,264,555	99,762,892
Coil [Member] | Prime Coil [Member]
Net sales									85,933,199	87,222,853
Coil [Member] | Secondary Coil [Member]
Net sales									8,414,060	11,792,212
Coil [Member] | Customer Owned [Member]
Net sales									917,296	747,827
Tubular [Member]
Net sales									30,837,978	42,339,432
Tubular [Member] | Manufactured Pipe [Member]
Net sales									25,554,333	34,974,506
Tubular [Member] | Mill Reject Pipe [Member]
Net sales									$ 5,283,645	$ 7,364,926

Note 15 - Summary of Quarterl_3

Note 15 - Summary of Quarterly Results of Operations (Unaudited) - Quarterly Information (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020		Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer, Including Assessed Tax	$ 49,214,204	$ 28,502,049	$ 24,861,680	$ 23,524,600	$ 32,980,607		$ 28,150,817		$ 39,995,580		$ 40,975,320		$ 126,102,533	$ 142,102,324
Gross profit	17,741,498	4,495,849	1,091,097	256,754	1,868,728		52,933		(782,650)		1,471,324
Net earnings (loss)	$ 10,403,597	$ 2,129,745	$ (250,005)	$ (858,862)	$ (3,018,842)		$ (881,003)		$ (1,544,137)		$ 194,772		$ 11,424,475	$ (5,249,210)
Basic (in dollars per share)	$ 1.49	$ 0.30	$ (0.04)	$ (0.12)	$ (0.43)	[1]	$ (0.13)	[1]	$ (0.22)	[1]	$ 0.03	[1]	$ 1.63	$ (0.75)
Diluted (in dollars per share)	$ 1.49	$ 0.30	$ (0.04)	$ (0.12)	$ (0.43)	[1]	$ (0.13)	[1]	$ (0.22)	[1]	$ 0.03	[1]	$ 1.63	$ (0.75)
[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 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($)	Jul. 07, 2021	Jun. 29, 2021
ABL Facility [Member] | Subsequent Event [Member] | JPMorgan Chase Bank N.A. [Member]
Long-term Line of Credit, Total	$ 11,448,646	$ 0

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable, Credit Loss Expense (Reversal)	$ 0	$ 53,239
Cash Discounts Allowed on Sales and Charged Against Revenue	351,270	624,413
Accounts Receivable, Allowance for Credit Loss, Writeoff	49,583	0
Cash Discount on Sales	$ 351,270	$ 624,413

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		$ 82,417	$ 29,178
Additions Charged to Costs and Expenses
Additions Charged to Other Accounts	[1]	351,270	677,652
Deductions	[2]	400,853	624,413
End of Period		$ 32,834	$ 82,417
[1]	Allowance for doubtful accounts charged to bad debt expense of $0 and $53,239 during fiscal years 2021 and 2020 ,respectively. Cash discounts allowed on sales and charged against revenue of $351,270 and $624,413 during fiscal years 2021 and 2020 , respectively.
[2]	Accounts receivable written off of $49,583 and $0 during fiscal years 2021 and 2020 , respectively. Cash discounts taken onsales of $351,270 and $624,413 during fiscal years 2021 and 2020 , respectively.