Friedman Industries (FRD) 10-K 2 Aug 22 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2022	Aug. 02, 2022	Sep. 30, 2021
Document Information [Line Items]
Entity Registrant Name	FRIEDMAN INDUSTRIES, INCORPORATED
Document, Type	10-K
Document, Annual Report	true
Document, Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Document, Transition Report	false
Entity, File Number	1-7521
Entity, Incorporation, State or Country Code	TX
Entity, Tax Identification Number	74-1504405
Entity, Address, Address Line One	1121 Judson Road Suite 124
Entity, Address, City or Town	Longview
Entity, Address, State or Province	TX
Entity, Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NYSEAMER
Entity, Well-known Seasoned Issuer	No
Entity, Voluntary Filers	No
Entity, Current Reporting Status	Yes
Entity, Interactive Data, Current	Yes
Entity, Filer Category	Accelerated Filer
Entity, Small Business	true
Entity, Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity, Shell Company	false
Entity, Public Float			$ 76,143,000
Entity, Common Stock Shares, Outstanding		7,368,613
Auditor Name	Moss Adams LLP
Auditor Location	Houston, Texas
Auditor Firm ID	659
Amendment Flag	false
Entity Central Index Key	0000039092

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Mar. 31, 2021
CURRENT ASSETS:
Cash	$ 2,598,102	$ 8,191,001
Accounts receivable, net of allowances for bad debts and cash discounts of $99,819 and $32,834 at March 31, 2022 and 2021, respectively	35,670,657	20,377,967
Inventories	67,946,122	36,016,093
Current portion of derivative assets	4,240,740	622,400
Other current assets	14,906,194	12,327,174
TOTAL CURRENT ASSETS	125,361,815	77,534,635
PROPERTY, PLANT AND EQUIPMENT:
Land	1,179,831	1,179,831
Buildings and yard improvements	8,581,676	9,199,704
Machinery and equipment	30,422,066	35,253,000
Construction in process	15,925,306	9,614
Less accumulated depreciation	(26,002,820)	(30,180,893)
Property, plant, and equipment, net	30,106,059	15,461,256
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	270,416	148,494
Deferred income tax asset	2,133,295	1,864,424
Income taxes recoverable	1,403,485	0
TOTAL ASSETS	159,275,070	95,008,809
CURRENT LIABILITIES:
Accounts payable and accrued expenses	44,803,602	15,185,038
Income taxes payable	0	1,455,099
Dividends payable	137,120	138,117
Contribution to retirement plan	250,000	50,000
Employee compensation and related expenses	1,085,676	2,643,538
Current portion of financing lease	104,689	102,689
Current portion of derivative liability	14,429,520	7,979,380
Current portion of Paycheck Protection Program loan	0	1,518,410
TOTAL CURRENT LIABILITIES	60,810,607	29,072,271
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	119,591	108,609
OTHER NON-CURRENT LIABILITIES	221,767	315,978
ASSET BASED LENDING FACILITY	18,436,457	0
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN	0	171,975
TOTAL LIABILITIES	79,588,422	29,668,833
COMMITMENTS AND CONTINGENCIES (SEE NOTE 5 AND NOTE 11)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000 Issued shares — 8,344,975 shares and 8,334,785 shares at March 31, 2022 and 2021, respectively	8,344,975	8,334,785
Additional paid-in capital	30,442,361	30,003,462
Accumulated other comprehensive loss	(10,268,509)	(11,187,841)
Treasury stock at cost (1,488,966 shares and 1,435,248 shares at March 31, 2022 and 2021, respectively)	(7,741,197)	(7,203,342)
Retained earnings	58,909,018	45,392,912
TOTAL STOCKHOLDERS’ EQUITY	79,686,648	65,339,976
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 159,275,070	$ 95,008,809

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Allowances for bad debts and cash discounts	$ 99,819	$ 32,834
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)	8,344,975	8,344,785
Treasury stock, shares (in shares)	1,488,966	1,435,248

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533
Costs and expenses:
Cost of products sold	244,247,474	102,517,335
Selling, general and administrative	12,467,366	7,835,184
Interest expense	255,320	24,619
Costs and expenses, total	256,970,160	110,377,138
EARNINGS FROM OPERATIONS	28,264,592	15,725,395
Other income (loss), net	(9,934,034)	(503,422)
EARNINGS BEFORE INCOME TAXES	18,330,558	15,221,973
Provision for (benefit from) income taxes:
Current	4,825,975	2,459,009
Deferred	(561,739)	1,338,489
Income tax	4,264,236	3,797,498
NET EARNINGS	$ 14,066,322	$ 11,424,475
Weighted average number of common shares outstanding:
Basic (in shares)	6,623,769	6,703,654
Diluted (in shares)	6,623,769	6,703,654
Net earnings per share:
Basic (in dollars per share)	$ 2.04	$ 1.63
Diluted (in dollars per share)	$ 2.04	$ 1.63

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net earnings	$ 14,066,322	$ 11,424,475
Other comprehensive income (loss):
Cash flow hedges, net of tax	919,332	(11,187,841)
Comprehensive income	$ 14,985,654	$ 236,634

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 Mar. 31, 2020	$ 8,295,160	$ 0	$ 29,565,416	$ (5,525,964)	$ 34,530,755	$ 66,865,367
Net earnings	0	0	0	0	11,424,475	11,424,475
Net current period other comprehensive income	0	(11,187,841)	0	0	0	(11,187,841)
Grants of restricted stock	39,625	0	(89,625)	50,000	0	0
Paid in capital – restricted stock units	0	0	527,671	0	0	527,671
Repurchase of shares	0	0	0	(1,727,378)	0	(1,727,378)
Cash dividends	0	0	0	0	(562,318)	(562,318)
Balance at Mar. 31, 2021	8,334,785	(11,187,841)	30,003,462	(7,203,342)	45,392,912	65,339,976
Net earnings	0	0	0	0	14,066,322	14,066,322
Net current period other comprehensive income	0	919,332	0	0	0	919,332
Grants of restricted stock	10,190	0	(10,190)	0	0	0
Paid in capital – restricted stock units	0	0	449,089	0	0	449,089
Repurchase of shares	0	0	0	(537,855)	0	(537,855)
Cash dividends	0	0	0	0	(550,216)	(550,216)
Balance at Mar. 31, 2022	$ 8,344,975	$ (10,268,509)	$ 30,442,361	$ (7,741,197)	$ 58,909,018	$ 79,686,648

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
OPERATING ACTIVITIES
Net earnings		$ 14,066,322	$ 11,424,475	$ 11,424,475
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation, Total		1,320,434	1,012,917
Deferred taxes		(561,739)	1,338,489	1,338,489
Compensation expense for restricted stock		449,089	527,671
Change in post-retirement benefits other than pensions		10,982	8,745
Lower of cost or net realizable value inventory adjustment	$ 274,093	0	274,093
Loss recognized on open derivatives not designated for hedge accounting		1,216,500	0
Deferred realized gain (loss) on derivatives designated for hedge accounting		1,342,520	(6,843,140)
Forgiveness of Paycheck Protection Program Loan		(1,706,614)	0
Changes in operating assets and liabilities:
Accounts receivable		(15,292,690)	(8,672,623)
Inventories		(31,930,029)	(621,943)
Federal income taxes recoverable		(1,403,485)	448,665
Other current assets		(123,890)	454,489
Accounts payable and accrued expenses		22,027,802	5,386,439
Income taxes payable		(1,455,099)	1,455,099
Employee compensation and related expenses		(1,557,862)	2,233,760
Contribution to retirement plan		200,000	(250)
Net cash provided by (used in) operating activities		(13,397,759)	8,426,886
INVESTING ACTIVITIES
Purchase of property, plant and equipment		(8,064,599)	(4,609,617)
Proceeds from sale of assets		160,542	30,957
Increase in cash value of officers’ life insurance		(13,853)	(11,580)
Net cash used in investing activities		(7,917,910)	(4,590,240)
FINANCING ACTIVITIES
Paycheck Protection Program loan proceeds		0	1,690,385
Cash dividends paid		(551,212)	(564,190)
Cash paid for principal portion of finance lease		(102,689)	(100,728)
Cash paid for share repurchases		(537,855)	(1,727,378)
Asset based lending facility proceeds		18,436,457	0
Net cash provided by (used in) financing activities		17,244,701	(701,911)
Increase (decrease) in cash and restricted cash		(4,070,968)	3,134,735
Cash and restricted cash at beginning of year	$ 17,057,751	20,192,486	17,057,751
Cash and restricted cash at end of year		$ 16,121,518	$ 20,192,486	$ 20,192,486

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. BASIS OF CONSOLIDATION: REVENUE RECOGNITION: Note 14 TRADE RECEIVABLES: third 30 March 31, 2022 March 31, 2021 INVENTORIES: not 2022 first 2021 not no The following is a summary of inventory by product group: March 31, 2022 2021 Prime coil inventory $ 50,482,022 $ 23,079,012 Non-standard coil inventory 1,063,374 1,419,055 Tubular raw material 9,049,598 2,607,197 Tubular finished goods 7,351,128 8,910,829 $ 67,946,122 $ 36,016,093 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 Note 6 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 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2022 2021 . 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. first 2022, 2022. e Note 3 POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: March 31, 2022 March 31, 2021 SHIPPING COSTS: SUPPLEMENTAL CASH FLOW INFORMATION: $213,000 2022 2021 $8,347,000, net of a tax refund of approximately $423,000, 2022 2021 March 31, 2022, not INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not USE OF ESTIMATES: may 75% FINANCIAL INSTRUMENTS: EARNINGS PER SHARE: The Company uses the two no not ECONOMIC RELATIONSHIP: March 2020, August 2020. March 31, 2022 March 31, 2022, March 31, 2021, Coil segment sales to O'Neal Steel accounted for approximately 11% of total Company sales in fiscal 2022 No 10% 2022 2021 no 10% The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30 NEW ACCOUNTING PRONOUNCEMENTS: December 2019, 2019 12, 740 2019 12” 740, 740. April 1, 2021. not

Note 2 - Equity Compensation Pl

Note 2 - Equity Compensation Plans and Capital Stock	12 Months Ended
	Mar. 31, 2022
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 may, The following table summarizes the activity related to restricted stock units ("RSUs") for the two March 31, 2022 : Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2020 270,000 $ 6.37 Granted 89,625 (1) 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07 Granted 10,190 12.56 Vested (210,292 ) 6.46 Unvested at March 31, 2022 139,523 $ 5.96 ( 1 We measure compensation expense for RSUs at the market price of our common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of $449,089 and $527,671 in fisca l 2022 and fiscal 2021 , lan. At March 31, 2022 and 2021 As of March 31, 2022 , a total of 130,185 shares were still available to be issued under the Plan. The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may one March 31, 2022 or March 31, 2021 . Effective June 25, 2020, For the fiscal year ended March 31, 2021,

Note 3 - Debt

Note 3 - Debt	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . DEBT In April 2020, 2020 two 0.98%. six March 31, 2021, April 21, 2021 June 22, 2021 The gain of $1,706,614 from this extinguishment of debt included both principal and interest and is recorded as a component of "Other income (loss), net" on the Company's Consolidated Statement of Operations for fiscal 2022. On March 8, 2021, July 15, 2021 April 12, 2021, first $10 May 19, 2021, March 11, 2022, first May 19, 2026 1.00 twelve may March 31, 2022, March 31, 2022, 15.

Note 4 - Leases

Note 4 - Leases	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	4. The Company’s lease of its office space in Longview, Texas is the only operating lease included in the Company's right-of-use ("ROU") asset and lease liability. The lease calls for monthly rent payments of $4,878 an d expires April 30, 2024. In October 2019, The components of expense related to leases were as follows for the twelve d March 31, 2022 and March 31, 2021 , Twelve Months Twelve Months Ended March 31, Ended March 31, 2022 2021 Finance lease – amortization of ROU asset $ 102,689 $ 100,728 Finance lease – interest on lease liability 6,202 8,164 Operating lease expense 58,536 56,286 $ 167,427 $ 165,178 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as o f March 31, 2022 and March 31, 2021 : March 31, 2022 March 31, 2021 Balance Sheet Classification Assets Operating lease right-of-use asset $ 113,168 $ 4,850 Other assets Finance lease right-of-use asset 455,948 481,880 Property, plant & equipment Total right-of-use assets $ 569,116 $ 486,730 Liabilities Operating lease liability, current $ 52,270 $ 4,850 Accrued expenses Finance lease liability, current 104,689 102,689 Current portion of finance lease Operating lease liability, non-current 60,898 — Other non-current liabilities Finance lease liability, non-current 160,869 265,557 Other non-current liabilities Total lease liabilities $ 378,726 $ 373,096 As of March 31, 2022 , t Maturities of lease liabilities as of March 31, 2022 Operating Finance Leases Leases Fiscal 2023 58,536 108,892 Fiscal 2024 58,536 108,892 Fiscal 2025 4,878 54,445 Fiscal 2026 — — Fiscal 2027 — — Total undiscounted lease payments $ 121,950 $ 272,229 Less: imputed interest (8,782 ) (6,671 ) Present value of lease liability $ 113,168 $ 265,558

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. On May 25, 2021, $1. 1” 96” 100,000 August 2022 September 2022 October 2022. March 31, 2022, $7,843,782 $8,081,524 During the twelve March 31, 2022, no $2,060,226. twelve March 31, 2022, Depreciation Expense was $1,320,434 and $1,012,917 for fiscal 2022 2021,

Note 6 - Derivative Financial I

Note 6 - Derivative Financial Instruments	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. From time to time, we expect to utilize derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 815 815” attempts to minimize From time to time, derivatives designated for hedge accounting may If it is determined that hedged transactions associated with cash flow hedges are no From time to time, we may not The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not 815. During fiscal 2022 2021, 2022 2021, September 30, 2021, no December 31, 2021 no September 30, 2021 2022 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, 2022: 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 sales Current portion of derivative liability $8,905,500 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $4,240,740 Current portion of derivative liability $5,524,020 All derivatives are presented on a gross basis on the Consolidated Balance Sheet. 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 Current portion of derivative assets $ 530,640 Hot-rolled coil steel contracts hedging sales Current portion of derivative 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, 2022, March 2022 March 31, 2021, March 2021 The notional amounts (quantities) of our cash flow hedges outstanding at March 31, 2022 f 24,880 to April 2022 September 2022. The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the gain (loss) reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the twelve March 31, 2022 2021: Pre- Tax Gain Pre-Tax Gain Location of Gain (Loss) (Loss) Reclassified (Loss) Reclassified from from AOCI Recognized in OCI AOCI into Net Earnings into Net Earnings For the twelve months ended March 31, 2022 Hot-rolled coil steel contracts $ (19,907,820 ) Sales $ (31,752,920 ) Costs of goods sold 10,632,900 Total $ (19,907,820 ) $ (21,120,020 ) For the twelve months ended March 31, 2021 Hot-rolled coil steel contracts $ (14,751,900 ) Costs of goods sold $ 6,414,500 Total $ (14,751,900 ) $ 6,414,500 The estimated amount of losses recognized in AOCI at March 31, 2022 twelve March 31, 2022 The following table summarizes the loss recognized in earnings for derivative instruments not 2022: Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2022 Hot-rolled coil steel contracts Other income (loss), net $ (11,636,120 ) 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), net (515,160 ) The notional amount (quantity) of our derivative instruments not March 31, 2022 April 2022 December 2022 May 2022 February 2023. The following tables reflect the change in accumulated other comprehensive loss, net of tax, for the periods presented: Gain (Loss) on Derivatives Balance at March 31, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (15,098,091 ) Total loss reclassified from AOCI (1) 16,017,423 Net current period other comprehensive income 919,332 Balance at March 31, 2022 $ (10,268,509 ) ( 1 March 31, 2022. Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084 ) Total 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 March 31, 2021. At March 31, 2022 March 31, 2021, March 31, 2022 March 31, 2021.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	12 Months Ended
	Mar. 31, 2022
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, 2022, 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 $ (10,188,780 ) $ — $ — $ (10,188,780 ) Total $ (10,188,780 ) $ — $ — $ (10,188,780 ) 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 ) $ — $ — $ (7,407,000 ) Total $ (7,407,400 ) $ — $ — $ (7,407,000 ) At March 31, 2022 March 31, 2021, not

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	8 . EARNINGS PER SHARE Basic and dilutive net earnings per share is computed based on the following information: Year Ended March 31, 2022 2021 Numerator (basic and diluted) Net earnings $ 14,066,322 $ 11,424,475 Less: Allocation to unvested restricted stock units 543,054 492,462 Net earnings attributable to common shareholders 13,523,268 10,932,013 Denominator (basic and diluted) Weighted average common shares outstanding 6,623,769 6,703,654

Note 9 - Income Taxes

Note 9 - Income Taxes	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES Components of tax expense (benefit) are as follows: Year Ended March 31, 2022 2021 Federal Current $ 3,881,166 $ 1,904,797 Deferred (478,918 ) 1,100,368 3,402,248 3,005,165 State Current 944,809 554,212 Deferred (82,821 ) 238,121 861,988 792,333 Total $ 4,264,236 $ 3,797,498 The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31, 2022 2021 Income tax expense at U.S. federal statutory rate 21.0 % 21.0 % Current year state and local income taxes net of federal income tax benefit 3.7 4.1 Other (1.4 ) (0.1 ) Provision for income taxes 23.3 % 25.0 % The Company’s tax returns may March 31, 2019 March 31, 2021. may March 31, 2018 March 31, 2021. 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, 2022 2021 Deferred tax liabilities: Depreciation $ (1,788,033 ) $ (1,945,788 ) LIFO to average cost Section 481(a) adjustment — (301,110 ) Total deferred tax liabilities (1,788,033 ) (2,246,898 ) Deferred tax assets: Unrealized derivative loss - OCI 3,271,192 3,564,059 Inventory capitalization 98,227 63,468 Postretirement benefits other than pensions 28,893 26,240 Restricted stock compensation 69,122 328,434 Unrealized loss - mark to market derivatives 388,213 94,306 Other 65,681 34,815 Total deferred tax assets 3,921,328 4,111,322 Net deferred tax asset $ 2,133,295 $ 1,864,424

Note 10 - Other Comprehensive I

Note 10 - Other Comprehensive Income (Loss)	12 Months Ended
	Mar. 31, 2022
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 Income (Loss) for the periods presented: Twelve Months Ended March 31, 2022 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 1,212,200 $ (292,868 ) $ 919,332 Other comprehensive income $ 1,212,200 $ (292,868 ) $ 919,332 Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges $ (14,751,900 ) $ 3,564,059 $ (11,187,841 ) Other comprehensive loss $ (14,751,900 ) $ 3,564,059 $ (11,187,841 )

Note 11 - Retirement Plan

Note 11 - Retirement Plan	12 Months Ended
	Mar. 31, 2022
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 March 31, 2022 March 31, 2021 Employees may 401 six may 401 $96,500 March 31, 2022 2021

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
	Mar. 31, 2022
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, may ninety not March 31, 2022

Note 13 - Industry Segment Data

Note 13 - Industry Segment Data	12 Months Ended
	Mar. 31, 2022
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, 2022 2021 NET SALES: Coil $ 230,438,149 $ 95,264,555 Tubular 54,796,603 30,837,978 TOTAL NET SALES $ 285,234,752 $ 126,102,533 OPERATING PROFIT: Coil $ 31,790,710 $ 16,466,713 Tubular 2,423,655 2,923,399 TOTAL OPERATING PROFIT 34,214,365 19,390,112 General corporate expenses (5,694,453 ) (3,640,098 ) Interest expense (255,320 ) (24,619 ) Other income (loss), net (9,934,034 ) (503,422 ) TOTAL EARNINGS BEFORE INCOME TAXES $ 18,330,558 $ 15,221,973 IDENTIFIABLE ASSETS: Coil $ 115,232,245 $ 56,670,109 Tubular 24,016,816 17,883,612 139,249,061 74,553,721 General corporate assets 20,026,009 20,455,088 TOTAL ASSETS $ 159,275,070 $ 95,008,809 DEPRECIATION: Coil $ 974,119 $ 653,708 Tubular 330,652 346,135 Corporate and other 15,663 13,074 $ 1,320,434 $ 1,012,917 CAPITAL EXPENDITURES: Coil $ 8,005,370 $ 4,505,589 Tubular 20,709 78,061 Corporate and other 38,520 25,967 $ 8,064,599 $ 4,609,617 Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income (loss). General corporate expenses reflect general and administrative expenses not orate insurance expenses, restricted stock plan compensation expense and office supplies. Other income (loss) for fiscal 2022 not 2021 not March 31, 2022 and March 31, 2021 , corporate assets consisted primarily of cash, restricted cash, net deferred tax asset, income taxes recoverable and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no

Note 14 - Revenue

Note 14 - Revenue	12 Months Ended
	Mar. 31, 2022
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 reportable segments: Coil and Tubular. Coil primarily generates revenue from cutting to length hot-rolled steel coils. Coil segment revenue consists of three three not March 31, 2022 March 31, 2021. March 31, 2022 2021 Fiscal Year Ended March 31, 2022 2021 Coil Segment: Prime Coil $ 219,483,437 $ 85,933,199 Non-standard Coil 9,596,821 8,414,060 Customer Owned Coil 1,357,891 917,296 $ 230,438,149 $ 95,264,555 Tubular Segment: Manufactured Pipe $ 44,484,652 $ 25,554,333 Mill Reject Pipe 10,311,951 5,283,645 $ 54,796,603 $ 30,837,978

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	15 . SUBSEQUENT EVENTS On April 26, 2022, April 30, 2022. not six The Company financed the transaction through the expansion of its existing $75 million asset-based lending facility provided by JPMorgan Chase Bank to $150 million. On April 29, 2022, may On July 6, 2022,

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2022
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 Description Balance at Beginning Balance at of Period Additions (A) Deductions (B) End of Period Year ended March 31, 2022 Allowance for doubtful accounts receivable (deducted from related asset account) $ 17,834 $ 66,985 $ — $ 84,819 Year ended March 31, 2021 Allowance for doubtful accounts receivable (deducted from related asset account) $ 67,417 $ — $ (49,583 ) $ 17,834 (A) Additions consist of charges to bad debt expense of $66,985 2022 2021 (B) Deductions consist of accounts receivable written off of $0 2022 2021

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2022
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 March 31, 2022 March 31, 2021
Inventory, Policy [Policy Text Block]	INVENTORIES: not 2022 first 2021 not no The following is a summary of inventory by product group: March 31, 2022 2021 Prime coil inventory $ 50,482,022 $ 23,079,012 Non-standard coil inventory 1,063,374 1,419,055 Tubular raw material 9,049,598 2,607,197 Tubular finished goods 7,351,128 8,910,829 $ 67,946,122 $ 36,016,093 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 Note 6
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 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2022 2021 . 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. first 2022, 2022. e Note 3
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: March 31, 2022 March 31, 2021
Shipping Costs [Policy Text Block]	SHIPPING COSTS:
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: $213,000 2022 2021 $8,347,000, net of a tax refund of approximately $423,000, 2022 2021 March 31, 2022, not
Income Tax, Policy [Policy Text Block]	INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES: may 75%
Fair Value of Financial Instruments, Policy [Policy Text Block]	FINANCIAL INSTRUMENTS:
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER SHARE: The Company uses the two no not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	ECONOMIC RELATIONSHIP: March 2020, August 2020. March 31, 2022 March 31, 2022, March 31, 2021, Coil segment sales to O'Neal Steel accounted for approximately 11% of total Company sales in fiscal 2022 No 10% 2022 2021 no 10% The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING PRONOUNCEMENTS: December 2019, 2019 12, 740 2019 12” 740, 740. April 1, 2021. not

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2022 2021 Prime coil inventory $ 50,482,022 $ 23,079,012 Non-standard coil inventory 1,063,374 1,419,055 Tubular raw material 9,049,598 2,607,197 Tubular finished goods 7,351,128 8,910,829 $ 67,946,122 $ 36,016,093
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 15

Note 2 - Equity Compensation _2

Note 2 - Equity Compensation Plans and Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2022
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, 2020 270,000 $ 6.37 Granted 89,625 (1) 5.64 Vested (20,000 ) 8.23 Unvested at March 31, 2021 339,625 $ 6.07 Granted 10,190 12.56 Vested (210,292 ) 6.46 Unvested at March 31, 2022 139,523 $ 5.96

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	Twelve Months Twelve Months Ended March 31, Ended March 31, 2022 2021 Finance lease – amortization of ROU asset $ 102,689 $ 100,728 Finance lease – interest on lease liability 6,202 8,164 Operating lease expense 58,536 56,286 $ 167,427 $ 165,178
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	March 31, 2022 March 31, 2021 Balance Sheet Classification Assets Operating lease right-of-use asset $ 113,168 $ 4,850 Other assets Finance lease right-of-use asset 455,948 481,880 Property, plant & equipment Total right-of-use assets $ 569,116 $ 486,730 Liabilities Operating lease liability, current $ 52,270 $ 4,850 Accrued expenses Finance lease liability, current 104,689 102,689 Current portion of finance lease Operating lease liability, non-current 60,898 — Other non-current liabilities Finance lease liability, non-current 160,869 265,557 Other non-current liabilities Total lease liabilities $ 378,726 $ 373,096
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Finance Leases Leases Fiscal 2023 58,536 108,892 Fiscal 2024 58,536 108,892 Fiscal 2025 4,878 54,445 Fiscal 2026 — — Fiscal 2027 — — Total undiscounted lease payments $ 121,950 $ 272,229 Less: imputed interest (8,782 ) (6,671 ) Present value of lease liability $ 113,168 $ 265,558

Note 6 - Derivative Financial_2

Note 6 - Derivative Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2022
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 sales Current portion of derivative liability $8,905,500 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $4,240,740 Current portion of derivative liability $5,524,020 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 Current portion of derivative assets $ 530,640 Hot-rolled coil steel contracts hedging sales Current portion of derivative 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 Gain Pre-Tax Gain Location of Gain (Loss) (Loss) Reclassified (Loss) Reclassified from from AOCI Recognized in OCI AOCI into Net Earnings into Net Earnings For the twelve months ended March 31, 2022 Hot-rolled coil steel contracts $ (19,907,820 ) Sales $ (31,752,920 ) Costs of goods sold 10,632,900 Total $ (19,907,820 ) $ (21,120,020 ) For the twelve months ended March 31, 2021 Hot-rolled coil steel contracts $ (14,751,900 ) Costs of goods sold $ 6,414,500 Total $ (14,751,900 ) $ 6,414,500
Derivative Instruments, Gain (Loss) [Table Text Block]	Loss Recognized in Earnings Location of Loss for Fiscal Year Ended Recognized in Earnings March 31, 2022 Hot-rolled coil steel contracts Other income (loss), net $ (11,636,120 ) 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), net (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, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (15,098,091 ) Total loss reclassified from AOCI (1) 16,017,423 Net current period other comprehensive income 919,332 Balance at March 31, 2022 $ (10,268,509 ) Gain (Loss) on Derivatives Balance at March 31, 2020 $ — Other comprehensive loss, net of income, before reclassification (6,323,084 ) Total 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, 2022
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 $ (10,188,780 ) $ — $ — $ (10,188,780 ) Total $ (10,188,780 ) $ — $ — $ (10,188,780 ) 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 ) $ — $ — $ (7,407,000 ) Total $ (7,407,400 ) $ — $ — $ (7,407,000 )

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2022 2021 Numerator (basic and diluted) Net earnings $ 14,066,322 $ 11,424,475 Less: Allocation to unvested restricted stock units 543,054 492,462 Net earnings attributable to common shareholders 13,523,268 10,932,013 Denominator (basic and diluted) Weighted average common shares outstanding 6,623,769 6,703,654

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2022 2021 Federal Current $ 3,881,166 $ 1,904,797 Deferred (478,918 ) 1,100,368 3,402,248 3,005,165 State Current 944,809 554,212 Deferred (82,821 ) 238,121 861,988 792,333 Total $ 4,264,236 $ 3,797,498
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2022 2021 Income tax expense at U.S. federal statutory rate 21.0 % 21.0 % Current year state and local income taxes net of federal income tax benefit 3.7 4.1 Other (1.4 ) (0.1 ) Provision for income taxes 23.3 % 25.0 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31, 2022 2021 Deferred tax liabilities: Depreciation $ (1,788,033 ) $ (1,945,788 ) LIFO to average cost Section 481(a) adjustment — (301,110 ) Total deferred tax liabilities (1,788,033 ) (2,246,898 ) Deferred tax assets: Unrealized derivative loss - OCI 3,271,192 3,564,059 Inventory capitalization 98,227 63,468 Postretirement benefits other than pensions 28,893 26,240 Restricted stock compensation 69,122 328,434 Unrealized loss - mark to market derivatives 388,213 94,306 Other 65,681 34,815 Total deferred tax assets 3,921,328 4,111,322 Net deferred tax asset $ 2,133,295 $ 1,864,424

Note 10 - Other Comprehensive_2

Note 10 - Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Twelve Months Ended March 31, 2022 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 1,212,200 $ (292,868 ) $ 919,332 Other comprehensive income $ 1,212,200 $ (292,868 ) $ 919,332 Twelve Months Ended March 31, 2021 Before-Tax Tax Benefit Net-of-Tax Cash flow hedges $ (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, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2022 2021 NET SALES: Coil $ 230,438,149 $ 95,264,555 Tubular 54,796,603 30,837,978 TOTAL NET SALES $ 285,234,752 $ 126,102,533 OPERATING PROFIT: Coil $ 31,790,710 $ 16,466,713 Tubular 2,423,655 2,923,399 TOTAL OPERATING PROFIT 34,214,365 19,390,112 General corporate expenses (5,694,453 ) (3,640,098 ) Interest expense (255,320 ) (24,619 ) Other income (loss), net (9,934,034 ) (503,422 ) TOTAL EARNINGS BEFORE INCOME TAXES $ 18,330,558 $ 15,221,973 IDENTIFIABLE ASSETS: Coil $ 115,232,245 $ 56,670,109 Tubular 24,016,816 17,883,612 139,249,061 74,553,721 General corporate assets 20,026,009 20,455,088 TOTAL ASSETS $ 159,275,070 $ 95,008,809 DEPRECIATION: Coil $ 974,119 $ 653,708 Tubular 330,652 346,135 Corporate and other 15,663 13,074 $ 1,320,434 $ 1,012,917 CAPITAL EXPENDITURES: Coil $ 8,005,370 $ 4,505,589 Tubular 20,709 78,061 Corporate and other 38,520 25,967 $ 8,064,599 $ 4,609,617

Note 14 - Revenue (Tables)

Note 14 - Revenue (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Fiscal Year Ended March 31, 2022 2021 Coil Segment: Prime Coil $ 219,483,437 $ 85,933,199 Non-standard Coil 9,596,821 8,414,060 Customer Owned Coil 1,357,891 917,296 $ 230,438,149 $ 95,264,555 Tubular Segment: Manufactured Pipe $ 44,484,652 $ 25,554,333 Mill Reject Pipe 10,311,951 5,283,645 $ 54,796,603 $ 30,837,978

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2022
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Description Balance at Beginning Balance at of Period Additions (A) Deductions (B) End of Period Year ended March 31, 2022 Allowance for doubtful accounts receivable (deducted from related asset account) $ 17,834 $ 66,985 $ — $ 84,819 Year ended March 31, 2021 Allowance for doubtful accounts receivable (deducted from related asset account) $ 67,417 $ — $ (49,583 ) $ 17,834

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2022 USD ($) T	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance		$ 84,819	$ 17,834	$ 17,834
Inventory Write-down	$ 274,093	0	274,093
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		213,000	8,000
Income Taxes Paid, Net, Total		8,347,000	10,000
Proceeds from Income Tax Refunds		423,000
Construction in Progress, Gross		15,925,306	9,614	9,614
Capital Expenditures Incurred but Not yet Paid		$ 8,081,524
Unrecognized Tax Benefits, Ending Balance			0	0
Inventory, Material Weight (US Ton) | T		1,200
Revenue from Contract with Customer, Including Assessed Tax		$ 285,234,752	126,102,533	126,102,533
Revenue from Contract with Customer, Including Assessed Tax		28,264,592		15,725,395
Revenue from Contract with Customer, Including Assessed Tax		$ 12,467,366		7,835,184
Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | O'Neal Steel [Member]
Concentration Risk, Percentage		11%
Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 54,796,603	30,837,978
Mill Reject Pipe [Member]
Revenue from Contract with Customer, Including Assessed Tax		10,312,000	5,284,000
Mill Reject Pipe [Member] | Tubular [Member]
Revenue from Contract with Customer, Including Assessed Tax		10,311,951	5,283,645
Revenue from Contract with Customer, Including Assessed Tax		3,824,000	1,313,000
Revenue from Contract with Customer, Including Assessed Tax		1,280,000	802,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits			$ 108,609	$ 108,609
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits		$ 119,591

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Inventory, Net, Total	$ 67,946,122	$ 36,016,093
Prime Coil Inventory [Member]
Raw materials	50,482,022	23,079,012
Non-standard Coil Inventory [Member]
Raw materials	1,063,374	1,419,055
Tubular Inventory [Member]
Raw materials	9,049,598	2,607,197
Finished goods	$ 7,351,128	$ 8,910,829

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, 2022
Building [Member]
Buildings (in years) (Year)	20 years
Building [Member] | Minimum [Member]
Buildings (in years) (Year)	10 years
Building [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, 2022	Mar. 31, 2021	Mar. 01, 2022	Jun. 25, 2020	Sep. 01, 2016
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)				1,062,067
Treasury Stock, Shares, Acquired (in shares)		253,220
Treasury Stock, Value, Acquired, Cost Method	$ 537,855	$ 1,727,378
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)		6,312
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	1,000,000
Preferred Stock, Par or Stated Value Per Share (in shares)	1		0
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	$ 537,855	$ 1,727,378
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	449,089	527,671
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 546,000	$ 867,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 2 months 12 days	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	130,185
2016 Restricted Stock Plan [Member] | Treasury Stock [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		50,000

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual)		1 Months Ended	10 Months Ended	12 Months Ended
	Mar. 11, 2022 USD ($)	Apr. 30, 2020 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	May 19, 2021 USD ($)	Apr. 12, 2021 USD ($)	Mar. 08, 2021 USD ($)
Proceeds from Issuance of Unsecured Debt				$ 0	$ 1,690,385
Gain (Loss) on Extinguishment of Debt, Total				1,706,614	0
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 20,000,000	$ 10,000,000
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				68,400,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000,000		$ 75,000,000	75,000,000		$ 40,000,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	85%		85%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85%		85%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.10
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 10,000,000		$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000		$ 5,000,000
Long-Term Line of Credit, Total				$ 18,436,457
Line of Credit Facility, Interest Rate at Period End				2.72%
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.80%
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Unsecured Debt		$ 1,690,385
Gain (Loss) on Extinguishment of Debt, Total					$ 1,706,614
Paycheck Protection Program CARES Act [Member] | Nonoperating Income (Expense) [Member]
Gain (Loss) on Extinguishment of Debt, Total				$ 1,706,614

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Mar. 31, 2022	Dec. 31, 2021
Operating Lease, Monthly Payments		$ 4,878
Finance Lease, Liability, Payment, Due, Total		$ 272,229
Operating Lease, Weighted Average Remaining Lease Term (Year)		2 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		2 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent			7%
Finance Lease, Weighted Average Discount Rate, Percent			1.90%
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) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finance lease – amortization of ROU asset	$ 102,689	$ 100,728
Finance lease – interest on lease liability	6,202	8,164
Operating lease expense	58,536	56,286
Lease, Cost, Total	$ 167,427	$ 165,178

Note 4 - Leases - Balance Sheet

Note 4 - Leases - Balance Sheet Information (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Total right-of-use assets	$ 569,116	$ 486,730
Finance lease liability, current	104,689	102,689
Total lease liabilities	378,726	373,096
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	113,168	4,850
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	455,948	481,880
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	52,270	4,850
Current Portion of Financing Lease [Member]
Finance lease liability, current	104,689	102,689
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	60,898	0
Finance lease liability, non-current	$ 160,869	$ 265,557

Note 4 - Leases - Maturities of

Note 4 - Leases - Maturities of Operating and Finance Lease (Details)	Mar. 31, 2022 USD ($)
Fiscal 2023, operating lease	$ 58,536
Fiscal 2023, finance leases	108,892
Fiscal 2024, operating lease	58,536
Fiscal 2024, finance leases	108,892
Fiscal 2025, operating lease	4,878
Fiscal 2025, finance leases	54,445
Fiscal 2026, operating lease	0
Fiscal 2026, finance leases	0
Fiscal 2027, operating lease	0
Fiscal 2027, finance leases	0
Operating lease, Total undiscounted lease payments	121,950
Finance lease, Total undiscounted lease payments	272,229
Operating lease, Less: imputed interest	(8,782)
Finance lease, Less: imputed interest	(6,671)
Present value of lease liability, finance lease	265,558
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 113,168

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Details Textual)	12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	May 25, 2021 USD ($) ft² a
Capital Expenditures, Expected Cost			$ 21,000,000
Construction in Progress, Gross	$ 15,925,306	$ 9,614
Accumulated Depreciation, Depletion and Amortization, Wrote-off	2,060,226
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	26,002,820	30,180,893
Depreciation, Total	1,320,434	$ 1,012,917
Facility in Sinton, Texas [Member]
Area of Land (Acre) | a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Construction in Progress, Gross	15,925,306
Payments for Construction in Process	7,843,782
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) | ft²			70,000
Decatur Facility Equipment [Member]
Proceeds from Sale of Machinery and Equipment	160,542
Property, Plant and Equipment, Gross, Ending Balance	3,604,209
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	$ 3,447,465

Note 6 - Derivative Financial_3

Note 6 - Derivative Financial Instruments (Details Textual)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($) T	Mar. 31, 2021 USD ($)
Derivative asset		$ 933,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		13,539,700
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total		5,102,597	$ 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		5,500,620
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		$ 8,039,080
Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T		24,880
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T		13,920
Not Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T		14,640
Other Current Assets [Member]
Derivative, Collateral, Right to Reclaim Cash		$ 13,523,416	12,001,485
Commodity Contract [Member] | Accounts Payable and Accrued Liabilities [Member]
Hedging Liabilities, Current			$ 501,360
Nonoperating Income (Expense) [Member]
Derivative, Gain (Loss) on Derivative, Net, Total	$ (9,930,720)

Note 6 - Derivative Financial_4

Note 6 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Hot-rolled coil steel contracts hedging sales	$ 933,200
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Long [Member] | Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		$ 530,640
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		91,760
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities	8,905,500	7,890,700
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Other Noncurrent Liabilities [Member]
Derivative liabilities		50,420
Not Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales	4,240,740
Not Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 5,524,020	$ 88,680

Note 6 - Derivative Financial_5

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Hot-rolled coil steel contracts	$ (19,907,820)	$ (14,751,900)
Sales	(285,234,752)	(126,102,533)	$ (126,102,533)
Costs of goods sold	(244,247,474)		(102,517,335)
Total	(14,066,322)	(11,424,475)	$ (11,424,475)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Total	(21,120,020)	6,414,500
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Sales	(31,752,920)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	(19,907,820)
Hotrolled Coil Futures Contracts 2 [Member]
Hot-rolled coil steel contracts		(14,751,900)
Hotrolled Coil Futures Contracts 2 [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Costs of goods sold	$ 10,632,900	$ 6,414,500

Note 6 - Derivative Financial_6

Note 6 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Hot-rolled coil steel contracts	$ (1,216,500)	$ 0
Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts	(11,636,120)
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ (11,636,120)	$ (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, 2022	Mar. 31, 2021
Balance		$ 65,339,976	$ 66,865,367
Other comprehensive loss, net of income, before reclassification			(6,323,084)
Total loss reclassified from AOCI (1)	[1]		(4,864,757)
Net current period other comprehensive income		919,332	(11,187,841)
Balance		79,686,648	65,339,976
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance		(11,187,841)	0
Other comprehensive loss, net of income, before reclassification		(15,098,091)
Total loss reclassified from AOCI (1)	[2]	16,017,423
Net current period other comprehensive income		919,332
Balance		$ (10,268,509)	$ (11,187,841)
[1]The gain reclassified from AOCI is presented net of taxes of $83,311 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2020.[2]The loss reclassified from AOCI is presented net of tax benefit of $2,976,019 which are included in provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three and nine months ended December 31, 2021.

Note 7- Fair Value Measurements

Note 7- Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Commodity futures – financial liabilities, net	$ (10,188,780)	$ (7,407,000)
Total	(10,188,780)	(7,407,000)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net		(7,407,400)
Total	$ (10,188,780)	$ (7,407,400)

Note 8 - Earnings Per Share - C

Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net earnings	$ 14,066,322	$ 11,424,475	$ 11,424,475
Less: Allocation to unvested restricted stock units	543,054	492,462
Net earnings attributable to common shareholders	$ 13,523,268	$ 10,932,013
Diluted (in shares)	6,623,769	6,703,654	6,703,654

Note 9 - Income Taxes - Compone

Note 9 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Current	$ 3,881,166	$ 1,904,797
Deferred	(478,918)	1,100,368
Federal Income Tax Expense (Benefit), Continuing Operations, Total	3,402,248	3,005,165
Current	944,809	554,212
Deferred	(82,821)	238,121
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	861,988	792,333
Income tax	$ 4,264,236	$ 3,797,498	$ 3,797,498

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, 2022	Mar. 31, 2021
Income tax expense at U.S. federal statutory rate	21%	21%
Current year state and local income taxes net of federal income tax benefit	3.70%	4.10%
Other	(1.40%)	(0.10%)
Provision for income taxes	23.30%	25%

Note 9 - Income Taxes - Signifi

Note 9 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Depreciation	$ (1,788,033)	$ (1,945,788)
LIFO to average cost Section 481(a) adjustment	0	(301,110)
Total deferred tax liabilities	(1,788,033)	(2,246,898)
Unrealized derivative loss - OCI	3,271,192	3,564,059
Inventory capitalization	98,227	63,468
Postretirement benefits other than pensions	28,893	26,240
Restricted stock compensation	69,122	328,434
Unrealized loss - mark to market derivatives	388,213	94,306
Other	65,681	34,815
Total deferred tax assets	3,921,328	4,111,322
Net deferred tax asset	$ 2,133,295	$ 1,864,424

Note 10 - Other Comprehensive_3

Note 10 - Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow hedges	$ 1,212,200	$ (14,751,900)
Cash flow hedges	(292,868)	3,564,059
Cash flow hedges	919,332	(11,187,841)
Other comprehensive income	1,212,200	(14,751,900)
Other comprehensive income	(292,868)	3,564,059
Other comprehensive income	$ 919,332	$ (11,187,841)

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, 2022	Mar. 31, 2021
Employee Service Vesting Period (Year)	6 years
Maximum Annual Contribution Percentage to Defined Contribution Plan for Eligible Employee Compensation	15%
Defined Contribution Plan, Cost	$ 200,000
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 96,500	$ 49,500

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual)	12 Months Ended
	Mar. 31, 2022 USD ($)
Maximum [Member]
Related Party Transaction, Amounts of Transaction	$ 120,000
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) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ (1,216,500)	$ 0
Gain (Loss) on Extinguishment of Debt, Total	1,706,614	0
Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total		1,706,614
Nonoperating Income (Expense) [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	(11,636,120)
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	(11,636,120)	(515,160)
Derivative Instruments Not Designated as Hedging Instruments, Loss		$ 515,160
Nonoperating Income (Expense) [Member] | Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total	$ 1,706,614

Note 13 - Industry Segment Da_4

Note 13 - Industry Segment Data - Segment Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533	$ 126,102,533
Operating profit (loss)	28,264,592		15,725,395
Interest expense	(255,320)	(24,619)	(24,619)
Other income (loss), net	(9,934,034)	(503,422)	(503,422)
TOTAL EARNINGS BEFORE INCOME TAXES	18,330,558	15,221,973	15,221,973
Identifiable assets	159,275,070	95,008,809	95,008,809
Depreciation	1,320,434	1,012,917
Capital expenditures	8,064,599	4,609,617
Coil [Member]
Net sales	230,438,149	95,264,555
Tubular [Member]
Net sales	54,796,603	30,837,978
Operating Segments [Member]
Operating profit (loss)	34,214,365	19,390,112
Identifiable assets	139,249,061	74,553,721	74,553,721
Operating Segments [Member] | Coil [Member]
Net sales	230,438,149	95,264,555
Operating profit (loss)	31,790,710	16,466,713
Identifiable assets	115,232,245	56,670,109	56,670,109
Depreciation	974,119	653,708
Capital expenditures	8,005,370	4,505,589
Operating Segments [Member] | Tubular [Member]
Net sales	54,796,603	30,837,978
Operating profit (loss)	2,423,655	2,923,399
Identifiable assets	24,016,816	17,883,612	17,883,612
Depreciation	330,652	346,135
Capital expenditures	20,709	78,061
Corporate, Non-Segment [Member]
General corporate expenses	(5,694,453)	(3,640,098)
Identifiable assets	20,026,009	20,455,088	$ 20,455,088
Depreciation	15,663	13,074
Capital expenditures	$ 38,520	$ 25,967

Note 14 - Revenue (Details Text

Note 14 - Revenue (Details Textual)	12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 285,234,752	$ 126,102,533	$ 126,102,533
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 ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net sales	$ 285,234,752	$ 126,102,533	$ 126,102,533
Mill Reject Pipe [Member]
Net sales	10,312,000	5,284,000
Coil [Member]
Net sales	230,438,149	95,264,555
Coil [Member] | Prime Coil [Member]
Net sales	219,483,437	85,933,199
Coil [Member] | Secondary Coil [Member]
Net sales	9,596,821	8,414,060
Coil [Member] | Customer Owned [Member]
Net sales	1,357,891	917,296
Tubular [Member]
Net sales	54,796,603	30,837,978
Tubular [Member] | Manufactured Pipe [Member]
Net sales	44,484,652	25,554,333
Tubular [Member] | Mill Reject Pipe [Member]
Net sales	$ 10,311,951	$ 5,283,645

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Millions	Apr. 30, 2022	Apr. 29, 2022	Jul. 06, 2022	Mar. 31, 2022	Mar. 11, 2022	May 19, 2021	Apr. 12, 2021	Mar. 08, 2021
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 68.4
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 75	$ 75	$ 40
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase					10
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments					$ 5
Debt Instrument, Borrowing Base, Percent of Accounts Receivable				85%
Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 20	$ 10
Subsequent Event [Member] | ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 150
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase		25
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5
Debt Instrument, Borrowing Base, Percent of Accounts Receivable		90%
Debt Instrument, Debt Coverage Ratio, Trigger		15%
Subsequent Event [Member] | ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1%
Subsequent Event [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Commitment Fee Amount		$ 22.5
Subsequent Event [Member] | Revolving Credit Facility [Member] | BMO Harris Bank, N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50
Plateplus Inc. [Member] | Subsequent Event [Member]
Payments to Acquire Productive Assets, Total	$ 63.8
Stock Issued During Period, Shares, Acquisitions (in shares)	516,041

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Credit Loss Expense (Reversal)	$ 66,985	$ 0
Accounts Receivable, Allowance for Credit Loss, Writeoff	0	$ 49,583
Cash Discount on Sales	$ 24

Schedule II - Valuation and Q_4

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)		12 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Beginning of Period		$ 17,834	$ 67,417
Additions	[1]	66,985	0
Deductions	[2]	0	(49,583)
End of Period		$ 84,819	$ 17,834
[1]Additions consist of charges to bad debt expense of $66,985 and $0 during fiscal years 2022 and 2021 , respectively.[2]Deductions consist of accounts receivable written off of $0 and $49,583 during fiscal years 2022 and 2021 , respectively.