Friedman Industries (FRD) 10-Q 12 Oct 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2022	Oct. 12, 2022
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,368,613

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
CURRENT ASSETS:
Cash	$ 2,408,776	$ 2,598,102
Accounts receivable, net of allowances for bad debts and cash discounts of $99,819 at June 30, and March 31, 2022	76,480,080	35,670,657
Inventories	123,879,630	67,946,122
Current portion of derivative assets	3,480,720	4,240,740
Other current assets	2,722,402	14,906,194
TOTAL CURRENT ASSETS	208,971,608	125,361,815
PROPERTY, PLANT AND EQUIPMENT:
Land	1,669,831	1,179,831
Buildings and yard improvements	20,691,676	8,581,676
Machinery and equipment	36,094,594	30,422,066
Construction in process	19,422,533	15,925,306
Less accumulated depreciation	(26,533,922)	(26,002,820)
Property, plant, and equipment, net	51,344,712	30,106,059
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	413,055	157,248
Operating lease right-of-use asset	1,330,241	113,168
Deferred income tax asset	0	2,133,295
Income taxes recoverable	0	1,403,485
TOTAL ASSETS	262,059,616	159,275,070
CURRENT LIABILITIES:
Accounts payable and accrued expenses	47,566,633	44,803,602
Dividends payable	147,372	137,120
Contribution to retirement plan	175,000	250,000
Employee compensation and related expenses	3,093,819	1,085,676
Income taxes payable	1,576,267	0
Current portion of financing lease	105,195	104,689
Current portion of derivative liability	2,675,400	14,429,520
TOTAL CURRENT LIABILITIES	55,339,686	60,810,607
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	122,337	119,591
DEFERRED INCOME TAX LIABILITY	136,767	0
OTHER NON-CURRENT LIABILITIES	1,378,789	221,767
ASSET BASED LENDING FACILITY	102,367,007	18,436,457
TOTAL LIABILITIES	159,344,586	79,588,422
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,861,016 shares and 8,344,975 shares at June 30, and March 31, 2022, respectively	8,861,016	8,344,975
Additional paid-in capital	34,783,173	30,442,361
Accumulated other comprehensive loss	(3,094,392)	(10,268,509)
Treasury stock at cost (1,492,403 shares and 1,488,966 shares at June 30, and March 31, 2022, respectively)	(7,770,465)	(7,741,197)
Retained earnings	69,935,698	58,909,018
TOTAL STOCKHOLDERS’ EQUITY	102,715,030	79,686,648
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 262,059,616	$ 159,275,070

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Allowances for bad debts and cash discounts	$ 99,819	$ 99,819
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)	8,861,016	8,334,975
Treasury stock, shares (in shares)	1,492,403	1,488,966

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 161,803,090	$ 65,916,439
Costs and expenses:
Costs of products sold	143,131,162	48,586,504
Selling, general and administrative	6,352,792	3,350,110
Interest expense	429,381	23,210
Costs and Expenses, Total	149,913,335	51,959,824
EARNINGS FROM OPERATIONS	11,889,755	13,956,615
Other income, net	2,767,703	312,062
EARNINGS BEFORE INCOME TAXES	14,657,458	14,268,677
Provision for (benefit from) income taxes:
Current	3,488,446	3,067,888
Deferred	(15,362)	(111,008)
Income Tax Expense (Benefit), Total	3,473,084	2,956,880
NET EARNINGS	$ 11,184,374	$ 11,311,797
Net earnings per share:
Basic (in dollars per share)	$ 1.55	$ 1.64
Diluted (in dollars per share)	1.55	1.64
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 11,184,374	$ 11,311,797
Other comprehensive income (loss):
Cash flow hedges, net of tax	7,174,117	(13,693,337)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	7,174,117	(13,693,337)
Comprehensive income (loss)	$ 18,358,491	$ (2,381,540)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Mar. 31, 2022
OPERATING ACTIVITIES
Net earnings	$ 11,184,374	$ 11,311,797
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation	531,102	337,358
Deferred taxes	(15,362)	(111,008)
Compensation expense for restricted stock	73,153	121,704
Change in postretirement benefits	2,746	2,186
(Gain) loss recognized on open derivatives not designated for hedge accounting	(686,640)	2,953,960
Deferred realized gain (loss) on derivatives	(1,450,919)	(3,812,820)
Forgiveness of Paycheck Protection Program Loan	0	(1,706,614)
Decrease (increase) in operating assets, net of amounts acquired in business combination:
Accounts receivable	(40,809,423)	(9,606,421)
Inventories	21,613,081	(31,159,940)
Federal income taxes recoverable	1,403,485	0
Other current assets	584,045	233,347
Increase (decrease) in operating liabilities, net of amounts assumed in business combination:
Accounts payable and accrued expenses	(17,283,626)	29,300,241
Income taxes payable	1,576,267	2,167,025
Contribution to retirement plan	(75,000)	50,000
Employee compensation and related expenses	2,008,143	2,037,042
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(21,344,574)	2,117,857
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(2,811,797)	(2,756,265)
Increase in cash surrender value of officers’ life insurance	(3,463)	(2,896)
NET CASH USED IN INVESTING ACTIVITIES	(74,535,468)	(2,759,161)
FINANCING ACTIVITIES
Debt issuance cost	(239,887)	0
Cash dividends paid	(147,442)	(137,991)
Cash paid for principal portion of finance lease	(25,983)	(25,486)
Cash paid for share repurchases	(29,268)	0
Asset based lending facility proceeds	83,930,550	10,863,213
NET CASH PROVIDED BY FINANCING ACTIVITIES	83,487,970	10,699,736
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	(12,392,072)	10,058,432
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	16,121,518	20,192,486		$ 20,192,486
CASH AND RESTRICTED CASH AT END OF PERIOD	3,729,446	30,250,918	[1]	$ 16,121,518
Plateplus Inc. [Member]
INVESTING ACTIVITIES
Plateplus business combination	$ (71,720,208)	$ 0
[1]Cash and restricted cash at June 30, 2022 and March 31, 2022 included $1,320,670 and $13,523,416, respectively, of cash required to collateralize open derivative positions. These amounts are reported in "Other current assets" on the Company's consolidated balance sheets at June 30, 2022 and March 31, 2022. The Company had $29,360,060 in restricted cash at June 30, 2021.

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A — BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 10 March 31, 2022 Business Combinations The results of a business acquired in a business combination are included in the Company’s financial statements from the date of acquisition. The Company allocates the purchase price to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. Acquisition-related transaction costs are expensed in the period in which the costs are incurred. Please refer to Note B for additional discussion of the acquisition completed by the Company during the quarter ended June 30, 2022.

Note B - Business Combinations

Note B - Business Combinations	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE B — BUSINESS COMBINATIONS On April 30, 2022, ( The Transaction resulted in the Company acquiring all the ownership interests in the assets noted above, for a total consideration of $76.5 million, of which $71.7 million was cash consideration (inclusive of a final net working capital adjustment of $7.9 million accrued and reported as a component of "Accounts payable and accrued expenses" on the Condensed Consolidated Balance Sheet at June 30, 2022) April 29, 2022, June 30, 2022 The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations no Fair value of assets acquired and liabilities assumed Inventory $ 77,546,000 Property, plant and equipment 18,022,000 Accounts payable (19,065,000) Total $ 76,503,000 In addition to the above, the Company recognized an initial right-of-use ("ROU") asset and lease liability of $1,237,097 during the June 30, 2022 The following unaudited pro forma consolidated operating results give effect to the Transaction as if it had been completed as of April 1, 2021. not Three Months Ended June 30 2022 2021 Net sales $ 181,203,523 $ 113,143,769 Earnings from operations $ 11,608,382 $ 14,387,891 Our consolidated statement of operations for the period ended June 30, 2022, June 30, 2022, not June 30, 2022

Note C - Inventories

Note C - Inventories	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C — INVENTORIES Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. A summary of inventory values by product group follows: June 30, 2022 March 31, 2022 Prime Coil Inventory $ 106,359,822 $ 50,482,022 Non-Standard Coil Inventory 325,424 1,063,374 Tubular Raw Material 13,354,943 9,049,598 Tubular Finished Goods 3,839,441 7,351,128 $ 123,879,630 $ 67,946,122 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.

Note D - Debt

Note D - Debt	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE D – DEBT On June 22, 2021, three June 30, 2021. On March 8, 2021, July 15, 2021 April 12, 2021, first $10 May 19, 2021, March 11, 2022, first April 29, 2022, May 19, 2026 1.00 twelve may June 30, 2022 June 30, 2022 The Company incurred debt issuance costs of $239,887 in connection with the Second Amendment to the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and will amortize these costs on an equal monthly basis over the remaining term of the ABL facility. On July 6, 2022, one third

Note E - Leases

Note E - Leases	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE E — LEASES During the three June 30, 2022, August 31, 2023 June 30, 2022 April 30, 2024. In October 2019, The components of expense related to leases for the three June 30, 2022 2021 Three Months Ended June 30, 2022 2021 Finance lease – amortization of ROU asset $ 25,983 $ 25,487 Finance lease – interest on lease liability 1,240 1,736 Operating lease expense 27,188 14,634 $ 54,411 $ 41,857 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2022 March 31, 2022 June 30, 2022 March 31, 2022 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,330,241 $ 113,168 Operating lease right-of-use asset Finance lease right-of-use asset 449,465 455,948 Property, plant & equipment Total right-of-use assets $ 1,779,706 $ 569,116 Liabilities Operating lease liability, current $ 98,289 $ 52,270 Accrued expenses Finance lease liability, current 105,195 104,689 Current portion of finance lease Operating lease liability, non-current 1,244,409 60,898 Other non-current liabilities Finance lease liability, non-current 134,380 160,869 Other non-current liabilities Total lease liabilities $ 1,582,273 $ 378,726 As of June 30, 2022 Maturities of lease liabilities as of June 30, 2022 Operating Leases Finance Leases Fiscal 2023 (remainder of fiscal year) 100,397 81,669 Fiscal 2024 133,863 108,892 Fiscal 2025 80,205 54,446 Fiscal 2026 75,327 — Fiscal 2027 and beyond 1,311,941 — Total undiscounted lease payments $ 1,701,733 $ 245,007 Less: imputed interest (359,035 ) (5,432 ) Present value of lease liability $ 1,342,698 $ 239,575

Note F - Property, Plant and Eq

Note F - Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE F — PROPERTY, PLANT AND EQUIPMENT On May 25, 2021, $1. 1” 96” 100,000 October 2022 June 30, 2022 the Company's construction in process related to the Sinton project was $19,422,533 consisting of

Note G - Stock Based Compensati

Note G - Stock Based Compensation	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE G — STOCK BASED COMPENSATION The Company maintains the Friedman Industries, Incorporated 2016 may, The following table summarizes the activity related to restricted stock awards for the three June 30, 2022 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2022 139,523 $ 5.96 Cancelled or forfeited — — Granted — — Vested (14,000 ) 8.51 Unvested at June 30, 2022 125,523 $ 5.68 Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense o f $73,153 and $121,704 three June 30, 2022 2021 June 30, 2022 y June 30, 2022

Note H - Derivative Financial I

Note H - Derivative Financial Instruments	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we expect to use 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” 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 with some of its suppliers for a portion of its monthly physical steel needs. These supply agreements are not 815. At June 30, 2022 and March 31, 2022 , the Company held hot-rolled coil futures contracts which were designated as hedging instruments and classified as cash flow hedges, either as hedges of variable purchase prices or as hedges of variable sales prices. Accordingly, realized and unrealized gains and losses associated with the instruments are reported as a component of other comprehensive income and reclassified into earnings during the period in which the hedged transaction affects earnings. During the three June 30, 2022 , the Company also entered into hot-rolled coil futures contracts that were 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 June 30, 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 assets $ 1,333,860 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $ 2,146,860 Current portion of derivative liability $ 2,675,400 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, 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. At June 30, 2022 March 31, 2022 The notional amounts (quantities) of our cash flow hedges outstanding at June 30, 2022 July 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 loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented: Pre-Tax Gain (Loss) Location of Gain (Loss) Reclassified Pre- Tax Gain (Loss) Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended June 30, 2022: Hot-rolled coil steel contracts $ 8,833,360 Sales $ (626,180 ) Total $ 8,833,360 $ (626,180 ) For the three months ended June 30, 2021: Hot-rolled coil steel contracts $ (32,807,460 ) Sales $ (5,098,020 ) Hot-rolled coil steel contracts Costs of goods sold $ 1,582,200 Total $ (32,807,460 ) $ (3,515,820 ) The estimated amount of net losses recognized in AOCI June 30, 2022 expected to be reclassified into net earnings (loss) within the succeeding twelve June 30, 2022 and is subject to change before actual reclassification from AOCI to net earnings (loss). The following table summarizes the gain recognized in earnings for derivative instruments not three June 30, 2022 : Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2022 Hot-rolled coil steel contracts Other income (loss), net $ 2,754,240 The following table summarizes the loss recognized in earnings for derivative instruments not three June 30, 2021: Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings June 30, 2021 Hot-rolled coil steel contracts Other income, net $ (1,388,960) The notional amount (quantity) of our derivative instruments not June 30, 2022 August 2022 December 2022 July 2022 February 2023. The following table reflects the change in accumulated other comprehensive income (loss), net of tax, for the periods presented Gain (Loss) on Derivatives Balance at March 31, 2022 $ (10,268,509 ) Other comprehensive income, net of loss, before reclassification 6,699,222 Total loss reclassified from AOCI (1) 474,895 Net current period other comprehensive income 7,174,117 Balance at June 30, 2022 $ (3,094,392 ) ( 1 AOCI is presented net of tax benefits of $151,285 the three June 30, 2022 Gain (Loss) on Derivatives Balance at March 31, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (16,359,735 ) Total loss reclassified from AOCI (1) 2,666,398 Net current period other comprehensive loss (13,693,337 ) Balance at June 30, 2021 $ (24,881,178 ) ( 1 income taxes on the Company's Consolidated Statement of Operations for the three June 30, 2021. At June 30, 2022 and March 31, 2022 , cash of $1,320,670 and $13,523,416, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash June 30, 2022 and March 31, 2022

Note I - Fair Value Measurement

Note I - Fair Value Measurements	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE I — FAIR VALUE MEASUREMENTS Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1 ● Level 2 1 ● Level 3 no Recurring Fair Value Measurements At June 30, 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 assets, net $ 805,320 $ — $ — $ 805,320 Total $ 805,320 $ — $ — $ 805,320 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 June 30, 2022 and March 31, 2022 , the Company did not

Note J - Segment Information

Note J - Segment Information	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE J — SEGMENT INFORMATION (in thousands) Three Months Ended June 30, 2022 2021 Net sales Coil $ 142,877 $ 52,695 Tubular 18,926 13,221 Total net sales $ 161,803 $ 65,916 Operating profit Coil $ 13,543 $ 13,256 Tubular 2,104 2,600 Total operating profit 15,647 15,856 General corporate expenses 3,329 1,876 Interest expense 429 23 Other income, net 2,768 312 Total earnings before income taxes $ 14,657 $ 14,269 June 30, 2022 March 31, 2022 Segment assets Coil $ 233,397 $ 115,232 Tubular 24,314 24,017 257,711 139,249 Corporate assets 4,349 20,026 $ 262,060 $ 159,275 Operating profit is total net sales less operating expenses, excluding general corporate expenses, interest expense and other income. General corporate expenses reflect general and administrative expenses not three June 30, 2022 not three June 30, 2021 not no

Note K - Revenue

Note K - Revenue	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE K — REVENUE Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory, but a portion of the Company’s revenue is derived from processing of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two reportable segments: Coil and Tubular. Coil primarily generates revenue from cutting to length hot-rolled steel coils. Coil segment revenue consists of three two In March 2020, August 2020. June 30, 2022 , the Company was sold out of mill reject pipe. The Company has expanded its focus on manufactured pipe sales to counteract the impact of mill reject pipe revenue concluding. three June 30, 2022 2021 Three Months Ended June 30, 2022 2021 Coil Segment: Prime Coil 140,980,354 49,751,884 Non-standard Coil 1,531,306 2,823,203 Customer Owned Coil 365,312 119,643 142,876,972 52,694,730 Tubular Segment: Manufactured Pipe 18,472,098 9,606,810 Mill Reject Pipe 454,020 3,614,899 18,926,118 13,221,709

Note L - Stockholders' Equity

Note L - Stockholders' Equity	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE L — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for each of the three June 30, 2022 June 30, 2021 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,344,975 (10,268,509 ) $ 30,442,361 $ (7,741,197 ) $ 58,909,018 $ 79,686,648 Net earnings — — — — 11,184,374 11,184,374 Other comprehensive income — 7,174,117 — — — 7,174,117 Paid in capital – restricted stock awards — — 73,153 — — 73,153 Shares issued - Plateplus business combination 516,041 — 4,267,659 — — 4,783,700 Repurchase of shares — — — (29,268 ) — (29,268 ) Cash dividends ($ 0.02 — — — — (157,694 ) (157,694 ) BALANCE AT JUNE 30, 2022 $ 8,861,016 $ (3,094,392 ) $ 34,783,173 $ (7,770,465 ) $ 69,935,698 $ 102,715,030 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2021 $ 8,334,785 (11,187,841 ) $ 30,003,462 $ (7,203,342 ) $ 45,392,912 $ 65,339,976 Net earnings — — — — 11,311,797 11,311,797 Other comprehensive loss — (13,693,337 ) — — — (13,693,337 ) Paid in capital – restricted stock awards — — 121,704 — — 121,704 Cash dividends ($ 0.02 — — — — (137,865 ) (137,865 ) BALANCE AT JUNE 30, 2021 $ 8,334,785 $ (24,881,178 ) $ 30,125,166 $ (7,203,342 ) $ 56,566,844 $ 62,942,275

Note M - Other Comprehensive In

Note M - Other Comprehensive Income	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE M — OTHER COMPREHENSIVE INCOME The following table summarizes the tax effects on each component of Other Comprehensive Income (Loss) for the periods presented: Three Months Ended June 30, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 9,459,540 $ (2,285,423 ) $ 7,174,117 Other comprehensive income (loss) $ 9,459,540 $ (2,285,423 ) $ 7,174,117 Three Months Ended June 30, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ (18,055,560 ) $ 4,362,223 $ (13,693,337 ) Other comprehensive income (loss) $ (18,055,560 ) $ 4,362,223 $ (13,693,337 )

Note N - Earnings Per Share

Note N - Earnings Per Share	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE N — EARNINGS PER SHARE Basic and dilutive net earnings per share is computed based on the following information: Three Months Ended June 30, 2022 2021 Numerator (basic and diluted) Net earnings $ 11,184,374 $ 11,311,797 Less: Allocation to unvested restricted stock units 195,808 516,408 Net earnings attributable to common shareholders $ 10,988,566 $ 10,795,389 Denominator (basic and diluted) Weighted average common shares outstanding 7,071,066 6,584,912 For the three June 30, 2022 2021, As the restricted stock qualifies as participating securities, the following restricted stock units were not two Three Months Ended June 30, 2022 2021 Restricted Stock Units 69,702 66,894

Note O - Supplemental Cash Flow

Note O - Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest of approximately $429,000 during the three June 30, 2022 $23,000 during the three June 30, 2021 . The Company paid income taxes of approximately during the three June 30, 2022 and paid income taxes of approximately $616,000 during the three June 30, 2021 . At June 30, 2022 not three June 30, 2022

Note P - Income Taxes

Note P - Income Taxes	3 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE P — INCOME TAXES For the three June 30, 2022 , the Company recorded an income tax provision of of earnings before income taxes, compared to an income tax provision of $2,956,880, or 20.7% of earnings before income taxes for the three June 30, 2021 . For the three June 30, 2022 , the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision. For the three June 30, 2021 , the Company’s effective tax rate approximated the federal statutory rate due to a combination of the inclusion of state tax expenses in the provision and the exclusion of the non-taxable gain associated with forgiveness of the Company’s PPP Loan from the provision.

Note B - Business Combinations

Note B - Business Combinations (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Fair value of assets acquired and liabilities assumed Inventory $ 77,546,000 Property, plant and equipment 18,022,000 Accounts payable (19,065,000) Total $ 76,503,000
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended June 30 2022 2021 Net sales $ 181,203,523 $ 113,143,769 Earnings from operations $ 11,608,382 $ 14,387,891

Note C - Inventories (Tables)

Note C - Inventories (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2022 March 31, 2022 Prime Coil Inventory $ 106,359,822 $ 50,482,022 Non-Standard Coil Inventory 325,424 1,063,374 Tubular Raw Material 13,354,943 9,049,598 Tubular Finished Goods 3,839,441 7,351,128 $ 123,879,630 $ 67,946,122

Note E - Leases (Tables)

Note E - Leases (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2022 2021 Finance lease – amortization of ROU asset $ 25,983 $ 25,487 Finance lease – interest on lease liability 1,240 1,736 Operating lease expense 27,188 14,634 $ 54,411 $ 41,857
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	June 30, 2022 March 31, 2022 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,330,241 $ 113,168 Operating lease right-of-use asset Finance lease right-of-use asset 449,465 455,948 Property, plant & equipment Total right-of-use assets $ 1,779,706 $ 569,116 Liabilities Operating lease liability, current $ 98,289 $ 52,270 Accrued expenses Finance lease liability, current 105,195 104,689 Current portion of finance lease Operating lease liability, non-current 1,244,409 60,898 Other non-current liabilities Finance lease liability, non-current 134,380 160,869 Other non-current liabilities Total lease liabilities $ 1,582,273 $ 378,726
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Fiscal 2023 (remainder of fiscal year) 100,397 81,669 Fiscal 2024 133,863 108,892 Fiscal 2025 80,205 54,446 Fiscal 2026 75,327 — Fiscal 2027 and beyond 1,311,941 — Total undiscounted lease payments $ 1,701,733 $ 245,007 Less: imputed interest (359,035 ) (5,432 ) Present value of lease liability $ 1,342,698 $ 239,575

Note G - Stock Based Compensa_2

Note G - Stock Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2022 139,523 $ 5.96 Cancelled or forfeited — — Granted — — Vested (14,000 ) 8.51 Unvested at June 30, 2022 125,523 $ 5.68

Note H - Derivative Financial_2

Note H - Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 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 assets $ 1,333,860 Derivatives not designated as hedging instruments: Hot-rolled coil steel contracts Current portion of derivative assets $ 2,146,860 Current portion of derivative liability $ 2,675,400 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
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pre-Tax Gain (Loss) Location of Gain (Loss) Reclassified Pre- Tax Gain (Loss) Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended June 30, 2022: Hot-rolled coil steel contracts $ 8,833,360 Sales $ (626,180 ) Total $ 8,833,360 $ (626,180 ) For the three months ended June 30, 2021: Hot-rolled coil steel contracts $ (32,807,460 ) Sales $ (5,098,020 ) Hot-rolled coil steel contracts Costs of goods sold $ 1,582,200 Total $ (32,807,460 ) $ (3,515,820 )
Derivative Instruments, Gain (Loss) [Table Text Block]	Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2022 Hot-rolled coil steel contracts Other income (loss), net $ 2,754,240 Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings June 30, 2021 Hot-rolled coil steel contracts Other income, net $ (1,388,960)
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, 2022 $ (10,268,509 ) Other comprehensive income, net of loss, before reclassification 6,699,222 Total loss reclassified from AOCI (1) 474,895 Net current period other comprehensive income 7,174,117 Balance at June 30, 2022 $ (3,094,392 ) Gain (Loss) on Derivatives Balance at March 31, 2021 $ (11,187,841 ) Other comprehensive loss, net of income, before reclassification (16,359,735 ) Total loss reclassified from AOCI (1) 2,666,398 Net current period other comprehensive loss (13,693,337 ) Balance at June 30, 2021 $ (24,881,178 )

Note I - Fair Value Measureme_2

Note I - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 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 assets, net $ 805,320 $ — $ — $ 805,320 Total $ 805,320 $ — $ — $ 805,320 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 )

Note J - Segment Information (T

Note J - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2022 2021 Net sales Coil $ 142,877 $ 52,695 Tubular 18,926 13,221 Total net sales $ 161,803 $ 65,916 Operating profit Coil $ 13,543 $ 13,256 Tubular 2,104 2,600 Total operating profit 15,647 15,856 General corporate expenses 3,329 1,876 Interest expense 429 23 Other income, net 2,768 312 Total earnings before income taxes $ 14,657 $ 14,269 June 30, 2022 March 31, 2022 Segment assets Coil $ 233,397 $ 115,232 Tubular 24,314 24,017 257,711 139,249 Corporate assets 4,349 20,026 $ 262,060 $ 159,275

Note K - Revenue (Tables)

Note K - Revenue (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2022 2021 Coil Segment: Prime Coil 140,980,354 49,751,884 Non-standard Coil 1,531,306 2,823,203 Customer Owned Coil 365,312 119,643 142,876,972 52,694,730 Tubular Segment: Manufactured Pipe 18,472,098 9,606,810 Mill Reject Pipe 454,020 3,614,899 18,926,118 13,221,709

Note L - Stockholders' Equity (

Note L - Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,344,975 (10,268,509 ) $ 30,442,361 $ (7,741,197 ) $ 58,909,018 $ 79,686,648 Net earnings — — — — 11,184,374 11,184,374 Other comprehensive income — 7,174,117 — — — 7,174,117 Paid in capital – restricted stock awards — — 73,153 — — 73,153 Shares issued - Plateplus business combination 516,041 — 4,267,659 — — 4,783,700 Repurchase of shares — — — (29,268 ) — (29,268 ) Cash dividends ($ 0.02 — — — — (157,694 ) (157,694 ) BALANCE AT JUNE 30, 2022 $ 8,861,016 $ (3,094,392 ) $ 34,783,173 $ (7,770,465 ) $ 69,935,698 $ 102,715,030 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2021 $ 8,334,785 (11,187,841 ) $ 30,003,462 $ (7,203,342 ) $ 45,392,912 $ 65,339,976 Net earnings — — — — 11,311,797 11,311,797 Other comprehensive loss — (13,693,337 ) — — — (13,693,337 ) Paid in capital – restricted stock awards — — 121,704 — — 121,704 Cash dividends ($ 0.02 — — — — (137,865 ) (137,865 ) BALANCE AT JUNE 30, 2021 $ 8,334,785 $ (24,881,178 ) $ 30,125,166 $ (7,203,342 ) $ 56,566,844 $ 62,942,275

Note M - Other Comprehensive _2

Note M - Other Comprehensive Income (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 9,459,540 $ (2,285,423 ) $ 7,174,117 Other comprehensive income (loss) $ 9,459,540 $ (2,285,423 ) $ 7,174,117 Three Months Ended June 30, 2021 Before-Tax Tax Net-of-Tax Cash flow hedges $ (18,055,560 ) $ 4,362,223 $ (13,693,337 ) Other comprehensive income (loss) $ (18,055,560 ) $ 4,362,223 $ (13,693,337 )

Note N - Earnings Per Share (Ta

Note N - Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2022 2021 Numerator (basic and diluted) Net earnings $ 11,184,374 $ 11,311,797 Less: Allocation to unvested restricted stock units 195,808 516,408 Net earnings attributable to common shareholders $ 10,988,566 $ 10,795,389 Denominator (basic and diluted) Weighted average common shares outstanding 7,071,066 6,584,912 Three Months Ended June 30, 2022 2021 Restricted Stock Units 69,702 66,894

Note B - Business Combination_2

Note B - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($)			3 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Sep. 30, 2022	Jun. 30, 2022
Business Combination, Consideration Transferred, Total		$ 76,500,000
Payments to Acquire Businesses, Gross		71,700,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 7,900,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 4,800,000		$ 4,783,700
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		516,041		516,041
Goodwill, Ending Balance		$ 0
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				$ 1,000,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability				1,237,097
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs				750,000
East Chicago and Granite City [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				53,600,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				4,300,000
Houston and Loudon [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				28,600,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 2,100,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 64,000,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Forecast [Member]
Business Combination, Consideration Transferred, Liabilities Incurred			$ 7,900,000

Note B - Business Combination_3

Note B - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details)	Apr. 30, 2022 USD ($)
Inventory	$ 77,546,000
Property, plant and equipment	18,022,000
Accounts payable	(19,065,000)
Total	$ 76,503,000

Note B - Business Combination_4

Note B - Business Combinations - Pro Forma Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net sales	$ 181,203,523	$ 113,143,769

Note C - Inventories - Schedule

Note C - Inventories - Schedule of Inventory (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Inventory, Net, Total	$ 123,879,630	$ 67,946,122
Prime Coil Inventory [Member]
Prime Coil Inventory	106,359,822	50,482,022
Non-standard Coil Inventory [Member]
Prime Coil Inventory	325,424	1,063,374
Tubular Inventory [Member]
Prime Coil Inventory	13,354,943	9,049,598
Tubular Finished Goods	$ 3,839,441	$ 7,351,128

Note D - Debt (Details Textual)

Note D - Debt (Details Textual)		3 Months Ended		11 Months Ended	12 Months Ended
	Apr. 29, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 29, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jul. 06, 2022 USD ($)	Mar. 11, 2022 USD ($)	May 19, 2021 USD ($)	Apr. 12, 2021 USD ($)	Mar. 08, 2021 USD ($)
Gain (Loss) on Extinguishment of Debt, Total		$ 0	$ 1,706,614
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25,000,000			$ 25,000,000
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		239,887,000,000
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000,000			$ 150,000,000			$ 75,000,000	$ 40,000,000
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90%			90%
Debt Instrument, Covenant, Borrowing Limit, Factor Multiplied by the Net Orderly Liquidating Value of Inventory, Percentage	85%			85%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15%			15%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22,500,000			$ 22,500,000
Debt Instrument, Covenant, Fixed Charge Coverage Ratio				1.10
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments	$ 5,000,000			$ 5,000,000
Long-Term Line of Credit, Total		$ 102,367,007
Line of Credit Facility, Interest Rate at Period End		3.20%
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
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]
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
BMO Harris Bank, N.A. [Member] | Subsequent Event [Member]
Notes Payable, Total						$ 50,000,000

Note E - Leases (Details Textua

Note E - Leases (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2019	Jun. 30, 2022
Finance Lease, Liability, Payment, Due, Total		$ 245,007
Operating Lease, Weighted Average Remaining Lease Term (Year)		19 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		2 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent		2.80%
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
Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 1,237,097
Granite City, IL Facility [Member]
Lessee, Operating Lease, Renewal Term (Year)		20 years
Operating Lease, Quarterly Payments		$ 18,832
Granite City, IL Facility [Member] | Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,237,097
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments		$ 4,878

Note E - Leases - Lease Cost (D

Note E - Leases - Lease Cost (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finance lease – amortization of ROU asset	$ 25,983	$ 25,487
Finance lease – interest on lease liability	1,240	1,736
Operating lease expense	27,188	14,634
Lease, Cost, Total	$ 54,411	$ 41,857

Note E - Leases - Balance Sheet

Note E - Leases - Balance Sheet Information (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Operating lease right-of-use asset	$ 1,330,241	$ 113,168
Total right-of-use assets	1,779,706	569,116
Finance lease liability, current	105,195	104,689
Total lease liabilities	1,582,273	378,726
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	1,330,241	113,168
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	449,465	455,948
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	98,289	52,270
Current Portion of Financing Lease [Member]
Finance lease liability, current	105,195	104,689
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	1,244,409	60,898
Finance lease liability, non-current	$ 134,380	$ 160,869

Note E - Leases - Maturities of

Note E - Leases - Maturities of Operating and Finance Lease (Details)	Jun. 30, 2022 USD ($)
Operating lease,Fiscal 2023 (remainder of fiscal year)	$ 100,397
Finance lease, Fiscal 2023 (remainder of fiscal year)	81,669
Operating lease, Fiscal 2024	133,863
Finance lease, Fiscal 2024	108,892
Operating lease, Fiscal 2025	80,205
Finance lease, Fiscal 2025	54,446
Operating lease, Fiscal 2026	75,327
Finance lease, Fiscal 2026	0
Operating lease, Fiscal 2027 and beyond	1,311,941
Finance lease, Fiscal 2027 and beyond	0
Operating lease, Total undiscounted lease payments	1,701,733
Finance lease, Total undiscounted lease payments	245,007
Operating lease, Less: imputed interest	(359,035)
Finance lease, Less: imputed interest	(5,432)
Present value of lease liability, finance lease	239,575
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 1,342,698

Note F - Property, Plant and _2

Note F - Property, Plant and Equipment (Details Textual)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	May 25, 2021 USD ($) ft² a
Construction in Progress, Gross	$ 19,422,533	$ 15,925,306
Facility in Sinton, Texas [Member]
Area of Land (Acre) | a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Capital Expenditures, Expected Cost			$ 22,000,000
Capital Expenditures, Increase in Expected Cost from Previous Estimate			$ 1,000,000
Construction in Progress, Gross	19,422,533
Payments for Construction in Process	11,823,576
Construction in Progress Expenditures Incurred but Not yet Paid	$ 7,598,957
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) | ft²			70,000

Note G - Stock Based Compensa_3

Note G - Stock Based Compensation (Details Textual) - 2016 Restricted Stock Plan [Member] - USD ($)		3 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				500,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense		$ 73,153	$ 121,704
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 472,000	$ 472,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	130,185	130,185

Note G - Stock Based Compensa_4

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested (in shares) | shares	139,523
Unvested (in dollars per share) | $ / shares	$ 5.96
Cancelled or forfeited (in shares) | shares	0
Cancelled or forfeited (in dollars per share) | $ / shares	$ 0
Granted (in shares) | shares	0	[1]
Granted (in dollars per share) | $ / shares	$ 0
Vested (in shares) | shares	(14,000)
Vested (in dollars per share) | $ / shares	$ 8.51
Unvested (in shares) | shares	125,523
Unvested (in dollars per share) | $ / shares	$ 5.68
[1]50,000 shares were issued out of treasury stock

Note H - Derivative Financial_3

Note H - Derivative Financial Instruments (Details Textual)	3 Months Ended
	Jun. 30, 2022 USD ($) T	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Derivative Asset, Total	$ 330,200		$ 933,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	4,080,160
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	1,320,670		$ 13,523,416
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax, Total	151,285	$ 849,422
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	5,745,540
Open Hedges Subject To Fair Value Changes [Member]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 1,665,380
Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	9,980
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	18,800
Not Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	6,980

Note H - Derivative Financial_4

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Hot-rolled coil steel contracts hedging sales	$ 330,200	$ 933,200
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales		4,240,740
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Other Current Assets [Member]
Hot-rolled coil steel contracts hedging sales	1,333,860
Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities		8,905,500
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	2,146,860
Not Designated as Hedging Instrument [Member] | Hot-rolled Coil Future Contracts [Member] | Short [Member] | Current Portion of Derivative Liability [Member]
Derivative liabilities	$ 2,675,400	$ 5,524,020

Note H - Derivative Financial_5

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Hot-rolled coil steel contracts	$ 8,833,360	$ (32,807,460)
Hot-rolled coil steel contracts	(161,803,090)	(65,916,439)
Costs of products sold	143,131,162	48,586,504
Total	(11,184,374)	(11,311,797)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts	(626,180)
Costs of products sold		1,582,200
Total		(3,515,820)
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts	(626,180)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	$ 8,833,360
Hotrolled Coil Futures Contracts 2 [Member]
Hot-rolled coil steel contracts		(32,807,460)
Hotrolled Coil Futures Contracts 2 [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Hot-rolled coil steel contracts		$ (5,098,020)

Note H - Derivative Financial_6

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Hot-rolled coil steel contracts	$ 686,640	$ (2,953,960)
Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts	2,754,240
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 2,754,240	$ (1,388,960)

Note H - Derivative Financial_7

Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)		3 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021
Balance		$ 79,686,648		$ 65,339,976
Other comprehensive income, net of loss, before reclassification			$ (16,359,735)
Total loss reclassified from AOCI (1)			(2,666,398)
Net current period other comprehensive income		7,174,117	(13,693,337)	(13,693,337)
Balance		102,715,030	62,942,275	62,942,275
Total loss reclassified from AOCI (1)			2,666,398
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance		(10,268,509)	(11,187,841)
Other comprehensive income, net of loss, before reclassification		6,699,222
Total loss reclassified from AOCI (1)	[1]	474,895
Net current period other comprehensive income		7,174,117
Balance		(3,094,392)	$ (24,881,178)	$ (24,881,178)
Total loss reclassified from AOCI (1)	[1]	$ (474,895)
[1]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 I- Fair Value Measurements

Note I- Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Derivative liabilities	$ 805,320	$ 10,188,780
Total	805,320	(10,188,780)
Commodity futures – financial liabilities, net	(805,320)	(10,188,780)
Fair Value, Inputs, Level 1 [Member]
Derivative liabilities		10,188,780
Total	$ 805,320	(10,188,780)
Commodity futures – financial liabilities, net		$ (10,188,780)

Note J - Segment Information (D

Note J - Segment Information (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 686,640	$ (2,953,960)
Gain (Loss) on Extinguishment of Debt, Total	0	1,706,614
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	2,754,240
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total	$ 2,754,240	(1,388,960)
Derivative Instruments Not Designated as Hedging Instruments, Loss		$ 1,388,960
Nonoperating Income (Expense) [Member] | Paycheck Protection Program CARES Act [Member]
Gain (Loss) on Extinguishment of Debt, Total			$ 1,706,614

Note J - Segment Information -

Note J - Segment Information - Segment Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Net Sales	$ 161,803,090	$ 65,916,439
Operating profit (loss)	11,889,755	13,956,615
Interest expense	429,381	23,210
Other income, net	2,767,703	312,062
EARNINGS BEFORE INCOME TAXES	14,657,458	14,268,677
Assets	262,059,616		$ 159,275,070
Operating Segments [Member]
Operating profit (loss)	15,647,000	15,856,000
Assets	257,711,000		139,249,000
Corporate, Non-Segment [Member]
General corporate expenses	3,329,000	1,876,000
Assets	4,349,000		20,026,000
Coil [Member]
Net Sales	142,876,972	52,694,730
Coil [Member] | Operating Segments [Member]
Net Sales	142,877,000	52,695,000
Operating profit (loss)	13,543,000	13,256,000
Assets	233,397,000		115,232,000
Tubular [Member]
Net Sales	18,926,118	13,221,709
Tubular [Member] | Operating Segments [Member]
Net Sales	18,926,000	13,221,000
Operating profit (loss)	2,104,000	$ 2,600,000
Assets	$ 24,314,000		$ 24,017,000

Note K - Revenue (Details Textu

Note K - Revenue (Details Textual)	3 Months Ended
	Jun. 30, 2022
Number of Reportable Segments	2

Note K - Revenue - Disaggregati

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Sales	$ 161,803,090	$ 65,916,439
Coil [Member]
Net Sales	142,876,972	52,694,730
Coil [Member] | Prime Coil [Member]
Net Sales	140,980,354	49,751,884
Coil [Member] | Secondary Coil [Member]
Net Sales	1,531,306	2,823,203
Coil [Member] | Customer Owned [Member]
Net Sales	365,312	119,643
Tubular [Member]
Net Sales	18,926,118	13,221,709
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	18,472,098	9,606,810
Tubular [Member] | Mill Reject Pipe [Member]
Net Sales	$ 454,020	$ 3,614,899

Note L - Stockholders' Equity -

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)		3 Months Ended
	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Balance		$ 79,686,648	$ 65,339,976
Net earnings		11,184,374	11,311,797
Other comprehensive income		7,174,117	(13,693,337)
Paid in capital – restricted stock awards		73,153	121,704
Repurchase of shares		(29,268)
Cash dividends		(157,694)	(137,865)
Net earnings		11,184,374	11,311,797
Balance		102,715,030	62,942,275
Plateplus Inc. [Member]
Shares issued - Plateplus business combination	$ 4,800,000	4,783,700
Common Stock [Member]
Balance		8,344,975	8,334,785
Net earnings			0
Other comprehensive income			0
Repurchase of shares		0
Net earnings			0
Balance		8,861,016	8,334,785
Common Stock [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		516,041
AOCI Attributable to Parent [Member]
Balance		(10,268,509)
Net earnings			0
Other comprehensive income		7,174,117	(13,693,337)
Repurchase of shares		0
Net earnings			0
Balance		(3,094,392)
AOCI Attributable to Parent [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		0
Additional Paid-in Capital [Member]
Balance		30,442,361	30,003,462
Net earnings			0
Other comprehensive income			0
Paid in capital – restricted stock awards		73,153	121,704
Repurchase of shares		0
Net earnings			0
Balance		34,783,173	30,125,166
Additional Paid-in Capital [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		4,267,659
Treasury Stock [Member]
Balance		(7,741,197)	(7,203,342)
Net earnings			0
Other comprehensive income			0
Repurchase of shares		(29,268)
Net earnings			0
Balance		(7,770,465)	(7,203,342)
Treasury Stock [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		0
Retained Earnings [Member]
Balance		58,909,018	45,392,912
Net earnings		11,184,374	11,311,797
Other comprehensive income			0
Repurchase of shares		0
Cash dividends		(157,694)	(137,865)
Net earnings		11,184,374	11,311,797
Balance		69,935,698	$ 56,566,844
Retained Earnings [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		$ 0

Note L - Stockholders' Equity_2

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Note M - Other Comprehensive _3

Note M - Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021
Cash flow hedges, before tax	$ 9,459,540		$ (18,055,560)
Cash flow hedges, tax	(2,285,423)		4,362,223
Cash flow hedges	7,174,117		(13,693,337)
Other comprehensive income (loss), before tax	9,459,540		(18,055,560)
Other comprehensive income (loss), tax	(2,285,423)		4,362,223
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	$ 7,174,117	$ (13,693,337)	$ (13,693,337)

Note N - Earnings Per Share - C

Note N - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 11,184,374	$ 11,311,797
Less: Allocation to unvested restricted stock units	195,808	516,408
Net earnings attributable to common shareholders	$ 10,988,566	$ 10,795,389
Weighted average common shares outstanding (in shares)	7,071,066	6,584,912
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	69,702	66,894

Note O - Supplemental Cash Fl_2

Note O - Supplemental Cash Flow Information (Details Textual) - USD ($)			3 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Interest Paid, Excluding Capitalized Interest, Operating Activities			$ 429,000	$ 23,000
Income Taxes Paid, Net, Total			40,000	$ 616,000
Construction in Progress, Gross	$ 19,422,533		$ 19,422,533		$ 15,925,306
Capital Expenditures Incurred but Not yet Paid	$ 7,598,957
Plateplus Inc. [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		516,041	516,041
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 4,800,000	$ 4,783,700

Note P - Income Taxes (Details

Note P - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Expense (Benefit), Total	$ 3,473,084	$ 2,956,880
Effective Income Tax Rate Reconciliation, Percent, Total	23.70%	20.70%