Friedman Industries (FRD) 10-Q 14 Aug 23 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2023	Aug. 14, 2023
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	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,375,282

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
CURRENT ASSETS:
Cash	$ 4,823	$ 2,992
Accounts receivable, net of allowances for bad debts of $183 at both June 30, and March 31, 2023	46,775	49,367
Inventories	101,146	86,246
Current portion of derivative assets	243	536
Other current assets	3,104	4,515
TOTAL CURRENT ASSETS	156,091	143,656
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,670
Buildings and yard improvements	28,558	28,550
Machinery and equipment	50,988	51,001
Construction in process	1,598	1,167
Less accumulated depreciation	(29,179)	(28,455)
Property, plant, and equipment, net	53,635	53,933
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	432	453
Operating lease right-of-use asset	1,244	1,270
TOTAL ASSETS	211,402	199,312
CURRENT LIABILITIES:
Accounts payable and accrued expenses	35,988	36,847
Income taxes payable	2,831	774
Dividends payable	148	148
Contribution to retirement plan	0	350
Employee compensation and related expenses	2,980	4,650
Current portion of financing lease	107	107
Current portion of derivative liability	963	2,212
TOTAL CURRENT LIABILITIES	43,017	45,088
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	98	96
DEFERRED INCOME TAX LIABILITY	4,442	4,357
OTHER NON-CURRENT LIABILITIES	1,178	1,222
ASSET BASED LENDING FACILITY	39,298	33,117
TOTAL LIABILITIES	88,033	83,880
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,868,716 shares at June 30, and March 31, 2023	8,869	8,869
Additional paid-in capital	35,083	35,005
Accumulated other comprehensive loss	0	(317)
Treasury stock at cost (1,493,128 shares at June 30, and March 31, 2023)	(7,778)	(7,778)
Retained earnings	87,195	79,653
TOTAL STOCKHOLDERS’ EQUITY	123,369	115,432
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 211,402	$ 199,312

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Allowances for bad debts and cash discounts	$ 183	$ 183
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)	8,868,716	8,868,716
Treasury stock, shares (in shares)	1,493,128	1,493,128

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Sales	$ 137,298	$ 161,803
Costs and expenses:
Costs of products sold	120,969	143,131
Selling, general and administrative	5,972	6,353
Costs and Expenses	126,941	149,484
EARNINGS FROM OPERATIONS	10,357	12,319
Gain on economic hedges of risk	430	2,754
Interest expense	(540)	(429)
Other income	6	13
EARNINGS BEFORE INCOME TAXES	10,253	14,657
Provision for (benefit from) income taxes:
Current	2,580	3,488
Deferred	(17)	(15)
Income tax	2,563	3,473
NET EARNINGS	$ 7,690	$ 11,184
Net earnings per share:
Basic (in dollars per share)	$ 1.04	$ 1.55
Diluted (in dollars per share)	1.04	1.55
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net earnings	$ 7,690	$ 11,184
Other comprehensive income:
Cash flow hedges, net of tax	317	7,174
Other Comprehensive Income (Loss)	317	7,174
Comprehensive income	$ 8,007	$ 18,358

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net earnings	$ 7,690	$ 11,184
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	771	531
Deferred taxes	(17)	(15)
Compensation expense for restricted stock	78	73
Change in postretirement benefits	2	3
Gain recognized on open derivatives not designated for hedge accounting	(956)	(687)
Deferred realized gain (loss) on derivatives designated for hedge accounting	418	(1,451)
Decrease (increase) in operating assets, net of amounts acquired in business combination:
Accounts receivable	2,592	(40,809)
Inventories	(14,900)	21,613
Federal income taxes recoverable	0	1,404
Other current assets	553	584
Accounts payable and accrued expenses	(851)	(17,284)
Income taxes payable	2,057	1,576
Contribution to retirement plan	(350)	(75)
Employee compensation and related expenses	(1,670)	2,008
NET CASH USED IN OPERATING ACTIVITIES	(4,583)	(21,345)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(450)	(2,812)
Increase in cash surrender value of officers’ life insurance	(2)	(3)
NET CASH USED IN INVESTING ACTIVITIES	(452)	(74,535)
FINANCING ACTIVITIES
Debt issuance cost	0	(240)
Cash dividends paid	(148)	(147)
Cash paid for principal portion of finance lease	(26)	(26)
Cash paid for share repurchases	0	(29)
Asset based lending facility proceeds	6,181	83,930
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,007	83,488
INCREASE (DECREASE) IN CASH AND RESTRICED CASH	972	(12,392)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,386	16,122
CASH AND RESTRICTED CASH AT END OF PERIOD	6,358	3,730
Plateplus Inc. [Member]
INVESTING ACTIVITIES
Plateplus business combination	$ 0	$ (71,720)

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 30, 2023
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, 2023 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. Reclassifications The unaudited condensed consolidated financial statements for the previous year may Interest expense Earnings From Operations Other income, net Gain on economic hedges of risk no

Note B - Business Combinations

Note B - Business Combinations	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE B — BUSINESS COMBINATIONS On April 30, 2022, ( The Transaction resulted in the Company acquiring the assets noted above, for a total consideration of $76.5 million, of which $71.7 million was cash consideration and $4.8 million related to 516,041 shares of the Company's common stock issued to the Seller. The fair value of the 516,041 shares issued was determined based on the closing market price of the Company’s common stock on April 29, 2022, The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right-of-use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503 The Company recorded one three June 30, 2022

Note C - Inventories

Note C - Inventories	3 Months Ended
	Jun. 30, 2023
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 (in thousands): June 30, 2023 March 31, 2023 Prime Coil Inventory $ 87,209 $ 75,917 Non-Standard Coil Inventory 449 278 Tubular Raw Material 7,955 5,193 Tubular Finished Goods 5,533 4,858 $ 101,146 $ 86,246 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, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE D – DEBT The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one third May 19, 2026 1.00 twelve may June 30, 2023 $39.3 million June 30, 2023 The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility.

Note E - Leases

Note E - Leases	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE E — LEASES The Company was assigned an operating lease associated with the real property and leasehold improvements for the Granite City, IL facility acquired from Plateplus pursuant to the transaction disclosed in Note B. The current lease expires August 31, 2023 June 30, 2022 April 30, 2024. In October 2019, The components of expense related to leases for the three June 30, 2023 2022 Three Months Ended June 30, 2023 2022 Finance lease – amortization of ROU asset $ 26 $ 26 Finance lease – interest on lease liability 1 1 Operating lease expense 34 27 $ 61 $ 54 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2023 March 31, 2023 June 30, 2023 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,244 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 424 430 Property, plant & equipment Total right-of-use assets $ 1,668 $ 1,700 Liabilities Operating lease liability, current $ 94 $ 101 Accrued expenses Finance lease liability, current 107 107 Current portion of finance lease Operating lease liability, non-current 1,151 1,168 Other non-current liabilities Finance lease liability, non-current 27 54 Other non-current liabilities Total lease liabilities $ 1,379 $ 1,430 As of June 30, 2023 19.4 years for operating leases and 1.3 years for finance leases. The weighted average discount rate was 2.6% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of June 30, 2023 Operating Leases Finance Leases Fiscal 2024 (remainder of fiscal year) 100 82 Fiscal 2025 80 54 Fiscal 2026 75 — Fiscal 2027 75 — Fiscal 2028 and beyond 1,237 — Total undiscounted lease payments $ 1,567 $ 136 Less: imputed interest (322 ) (2 ) Present value of lease liability $ 1,245 $ 134

Note F - Property, Plant and Eq

Note F - Property, Plant and Equipment	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE F — PROPERTY, PLANT AND EQUIPMENT In October 2022, $1. 1” 96” 100,000 At June 30, 2023, March 31, 2024

Note G - Stock Based Compensati

Note G - Stock Based Compensation	3 Months Ended
	Jun. 30, 2023
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 units ("RSUs") for the three June 30, 2023 Weighted Average Grant Date Fair Number of Shares Value Per Share Unvested at March 31, 2023 100,366 $ 6.08 Cancelled or forfeited — — Granted — — Vested — — Unvested at June 30, 2023 100,366 $ 6.08 The Company measures compensation expense for RSUs at the market price of the common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expen se of approximately $78,000 and $73,000 in three June 30, 2023 2022 June 30, 2023 oximately $0.2 million which is expected to be recognized over a weighted average period of approximately 1.2 ye June 30, 2023

Note H - Derivative Financial I

Note H - Derivative Financial Instruments	3 Months Ended
	Jun. 30, 2023
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, 2023 not March 31, 2023 During the three June 30, 2023 2022 , the Company 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, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 243 Current portion of derivative liability $ 963 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, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212 All derivatives are presented on a gross basis on the Consolidated Balance Sheets. At June 30, 2023 March 31, 2023 The following table summarizes the pre-tax gain recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive loss into earnings for derivative financial instruments designated as cash flow hedges for the periods presented (in thousands): Location of Loss Pre- Tax Loss Pre-Tax Gain Reclassified Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended June 30, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the three months ended June 30, 2022: Hot-rolled coil steel contracts $ 8,833 Sales $ (626 ) Total $ 8,833 $ (626 ) The following table summarizes the recognized in earnings for derivative instruments not three June 30, 2023 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 430 The following table summarizes the gains recognized in earnings for derivative instruments not three June 30, 2022 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2022 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 2,754 The notional amount (quantity) of our derivative instruments not June 30, 2023 July 2023 December 2023. The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the periods presented (in thousands): Gain (Loss) on Derivatives Balance at March 31, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at June 30, 2023 $ — ( 1 AOCI is presented net of tax s of approximately $0.1 million the three June 30, 2023 . Gain (Loss) on Derivatives Balance at March 31, 2022 $ (10,269 ) Other comprehensive income, net of loss, before reclassification 6,699 Total loss reclassified from AOCI (1) 475 Net current period other comprehensive income 7,174 Balance at June 30, 2022 $ (3,095 ) ( 1 three June 30, 2022 . At June 30, 2023 and March 31, 2023 , cash of approximately $1.5 million and $2.4 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash June 30, 2023 and March 31, 2023

Note I - Fair Value Measurement

Note I - Fair Value Measurements	3 Months Ended
	Jun. 30, 2023
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, 2023 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 $ (720 ) $ — $ — $ (720 ) Total $ (720 ) $ — $ — $ (720 ) At March 31, 2023 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 $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 ) At June 30, 2023 and March 31, 2023 , the Company did not

Note J - Segment Information

Note J - Segment Information	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE J — SEGMENT INFORMATION (in thousands) The Flat-roll segment was previously referred to as the Coil segment. The Company is now using Flat-roll to describe the segment due to it being a more common term used in the Company's industry. Three Months Ended June 30, 2023 2022 Net sales Flat-roll $ 125,197 $ 142,877 Tubular 12,101 18,926 Total net sales $ 137,298 $ 161,803 Operating profit Flat-roll $ 11,814 $ 13,543 Tubular 2,264 2,104 Total operating profit 14,078 15,647 General corporate expenses (3,721 ) (3,328 ) Gain on economic hedges of risk 430 2,754 Interest expense (540 ) (429 ) Other income 6 13 Total earnings before income taxes $ 10,253 $ 14,657 June 30, 2023 March 31, 2023 Segment assets Flat-roll $ 185,303 $ 179,780 Tubular 20,163 15,858 205,466 195,638 Corporate assets 5,936 3,674 $ 211,402 $ 199,312 Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income. General corporate expenses reflect general and administrative expenses not June 30, March 31, 2023, no

Note K - Revenue

Note K - Revenue	3 Months Ended
	Jun. 30, 2023
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 or storage of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two three three June 30, 2023 2022 Three Months Ended June 30, 2023 2022 Flat-roll Segment: Prime Coil 123,822 140,981 Non-standard Coil 151 1,531 Processing or Storage of Customer Owned Coil 1,224 365 125,197 142,877 Tubular Segment: Manufactured Pipe 12,101 18,926 12,101 18,926

Note L - Stockholders' Equity

Note L - Stockholders' Equity	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE L — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for each of the three June 30, 2023 June 30, 2022 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2023 $ 8,869 (317 ) $ 35,005 $ (7,778 ) $ 79,653 $ 115,432 Net earnings — — — — 7,690 7,690 Other comprehensive income — 317 — — — 317 Paid in capital – restricted stock units — — 78 — — 78 Cash dividends ($ 0.02 — — — — (148 ) (148 ) BALANCE AT JUNE 30, 2023 $ 8,869 $ — $ 35,083 $ (7,778 ) $ 87,195 $ 123,369 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,345 (10,269 ) $ 30,442 $ (7,741 ) $ 58,909 $ 79,686 Net earnings — — — — 11,184 11,184 Other comprehensive income — 7,174 — — — 7,174 Paid in capital – restricted stock units — — 73 — — 73 Shares issued - Plateplus business combination 516 — 4,268 — — 4,784 Repurchase of shares — — — (29 ) — (29 ) Cash dividends ($ 0.02 — — — — (157 ) (157 ) BALANCE AT JUNE 30, 2022 $ 8,861 $ (3,095 ) $ 34,783 $ (7,770 ) $ 69,936 $ 102,715

Note M - Other Comprehensive In

Note M - Other Comprehensive Income	3 Months Ended
	Jun. 30, 2023
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 for the periods presented (in thousands): Three Months Ended June 30, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Three Months Ended June 30, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 9,460 $ (2,286 ) $ 7,174 Other comprehensive income $ 9,460 $ (2,286 ) $ 7,174

Note N - Earnings Per Share

Note N - Earnings Per Share	3 Months Ended
	Jun. 30, 2023
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 (in thousands, except for share data): Three Months Ended June 30, 2023 2022 Numerator (basic and diluted) Net earnings $ 7,690 $ 11,184 Less: Allocation to unvested restricted stock units 90 196 Net earnings attributable to common shareholders $ 7,600 $ 10,988 Denominator (basic and diluted) Weighted average common shares outstanding 7,288,906 7,071,066 For the three June 30, 2023 2022 As the restricted stock qualifies as participating securities, the following restricted stock units were not two Three Months Ended June 30, 2023 2022 Restricted Stock Units 60,524 69,702

Note O - Supplemental Cash Flow

Note O - Supplemental Cash Flow Information	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest o f approximately $0.5 million and $0.4 million during the three June 30, 2023 and 2022, Company paid income taxes of approximately $47,000 and $40,000 during the three June 30, 2023 and 2022, three June 30, 2022

Note P - Income Taxes

Note P - Income Taxes	3 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE P — INCOME TAXES For the three June 30, 2023 and 2022, . For the three June 30, 2023 and 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.

Note B - Business Combinations

Note B - Business Combinations (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right-of-use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503

Note C - Inventories (Tables)

Note C - Inventories (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2023 March 31, 2023 Prime Coil Inventory $ 87,209 $ 75,917 Non-Standard Coil Inventory 449 278 Tubular Raw Material 7,955 5,193 Tubular Finished Goods 5,533 4,858 $ 101,146 $ 86,246

Note E - Leases (Tables)

Note E - Leases (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2023 2022 Finance lease – amortization of ROU asset $ 26 $ 26 Finance lease – interest on lease liability 1 1 Operating lease expense 34 27 $ 61 $ 54
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	June 30, 2023 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 1,244 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 424 430 Property, plant & equipment Total right-of-use assets $ 1,668 $ 1,700 Liabilities Operating lease liability, current $ 94 $ 101 Accrued expenses Finance lease liability, current 107 107 Current portion of finance lease Operating lease liability, non-current 1,151 1,168 Other non-current liabilities Finance lease liability, non-current 27 54 Other non-current liabilities Total lease liabilities $ 1,379 $ 1,430
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Fiscal 2024 (remainder of fiscal year) 100 82 Fiscal 2025 80 54 Fiscal 2026 75 — Fiscal 2027 75 — Fiscal 2028 and beyond 1,237 — Total undiscounted lease payments $ 1,567 $ 136 Less: imputed interest (322 ) (2 ) Present value of lease liability $ 1,245 $ 134

Note G - Stock Based Compensa_2

Note G - Stock Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted Average Grant Date Fair Number of Shares Value Per Share Unvested at March 31, 2023 100,366 $ 6.08 Cancelled or forfeited — — Granted — — Vested — — Unvested at June 30, 2023 100,366 $ 6.08

Note H - Derivative Financial_2

Note H - Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 243 Current portion of derivative liability $ 963 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Location of Loss Pre- Tax Loss Pre-Tax Gain Reclassified Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the three months ended June 30, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the three months ended June 30, 2022: Hot-rolled coil steel contracts $ 8,833 Sales $ (626 ) Total $ 8,833 $ (626 )
Derivative Instruments, Gain (Loss) [Table Text Block]	Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 430 Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings June 30, 2022 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 2,754
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, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at June 30, 2023 $ — Gain (Loss) on Derivatives Balance at March 31, 2022 $ (10,269 ) Other comprehensive income, net of loss, before reclassification 6,699 Total loss reclassified from AOCI (1) 475 Net current period other comprehensive income 7,174 Balance at June 30, 2022 $ (3,095 )

Note I - Fair Value Measureme_2

Note I - Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2023
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 $ (720 ) $ — $ — $ (720 ) Total $ (720 ) $ — $ — $ (720 ) 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 $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 )

Note J - Segment Information (T

Note J - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2023 2022 Net sales Flat-roll $ 125,197 $ 142,877 Tubular 12,101 18,926 Total net sales $ 137,298 $ 161,803 Operating profit Flat-roll $ 11,814 $ 13,543 Tubular 2,264 2,104 Total operating profit 14,078 15,647 General corporate expenses (3,721 ) (3,328 ) Gain on economic hedges of risk 430 2,754 Interest expense (540 ) (429 ) Other income 6 13 Total earnings before income taxes $ 10,253 $ 14,657 June 30, 2023 March 31, 2023 Segment assets Flat-roll $ 185,303 $ 179,780 Tubular 20,163 15,858 205,466 195,638 Corporate assets 5,936 3,674 $ 211,402 $ 199,312

Note K - Revenue (Tables)

Note K - Revenue (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2023 2022 Flat-roll Segment: Prime Coil 123,822 140,981 Non-standard Coil 151 1,531 Processing or Storage of Customer Owned Coil 1,224 365 125,197 142,877 Tubular Segment: Manufactured Pipe 12,101 18,926 12,101 18,926

Note L - Stockholders' Equity (

Note L - Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2023
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, 2023 $ 8,869 (317 ) $ 35,005 $ (7,778 ) $ 79,653 $ 115,432 Net earnings — — — — 7,690 7,690 Other comprehensive income — 317 — — — 317 Paid in capital – restricted stock units — — 78 — — 78 Cash dividends ($ 0.02 — — — — (148 ) (148 ) BALANCE AT JUNE 30, 2023 $ 8,869 $ — $ 35,083 $ (7,778 ) $ 87,195 $ 123,369 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2022 $ 8,345 (10,269 ) $ 30,442 $ (7,741 ) $ 58,909 $ 79,686 Net earnings — — — — 11,184 11,184 Other comprehensive income — 7,174 — — — 7,174 Paid in capital – restricted stock units — — 73 — — 73 Shares issued - Plateplus business combination 516 — 4,268 — — 4,784 Repurchase of shares — — — (29 ) — (29 ) Cash dividends ($ 0.02 — — — — (157 ) (157 ) BALANCE AT JUNE 30, 2022 $ 8,861 $ (3,095 ) $ 34,783 $ (7,770 ) $ 69,936 $ 102,715

Note M - Other Comprehensive _2

Note M - Other Comprehensive Income (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Three Months Ended June 30, 2022 Before-Tax Tax Net-of-Tax Cash flow hedges $ 9,460 $ (2,286 ) $ 7,174 Other comprehensive income $ 9,460 $ (2,286 ) $ 7,174

Note N - Earnings Per Share (Ta

Note N - Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2023 2022 Numerator (basic and diluted) Net earnings $ 7,690 $ 11,184 Less: Allocation to unvested restricted stock units 90 196 Net earnings attributable to common shareholders $ 7,600 $ 10,988 Denominator (basic and diluted) Weighted average common shares outstanding 7,288,906 7,071,066
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, 2023 2022 Restricted Stock Units 60,524 69,702

Note A - Basis of Presentation

Note A - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivative, Gain (Loss) on Derivative, Net	$ 430	$ 2,754
Reclassified from Other income (loss) to Gain (loss) on Economic Hedges of Risk [Member]
Derivative, Gain (Loss) on Derivative, Net	$ 2,800

Note B - Business Combination_2

Note B - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($) $ in Thousands		3 Months Ended
	Apr. 30, 2022	Jun. 30, 2022
Business Combination, Consideration Transferred, Total	$ 76,500
Payments to Acquire Businesses, Gross	$ 71,700
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 4,784
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	516,041	516,041
Goodwill, Ending Balance	$ 0
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs		$ 800
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 71,900

Note B - Business Combination_3

Note B - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Plateplus Inc. [Member] $ in Thousands	Apr. 30, 2022 USD ($)
Inventory	$ 77,546
Property, plant and equipment	18,022
Business combination, operating lease right-of-use asset	1,237
Accounts payable	(19,065)
Operating lease liability	(1,237)
Total	$ 76,503

Note C - Inventories - Schedule

Note C - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Inventory, Net	$ 101,146	$ 86,246
Prime Coil Inventory [Member]
Prime Coil Inventory	87,209	75,917
Non-standard Coil Inventory [Member]
Prime Coil Inventory	449	278
Tubular Inventory [Member]
Prime Coil Inventory	7,955	5,193
Tubular Finished Goods	$ 5,533	$ 4,858

Note D - Debt (Details Textual)

Note D - Debt (Details Textual) $ in Millions			10 Months Ended
	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Jun. 30, 2023 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150			$ 111
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90%	85%	85%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22.5
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.10
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5	$ 5
Long-Term Line of Credit				$ 39.3
Line of Credit Facility, Interest Rate at Period End				7.25%
Debt Issuance Costs, Gross				$ 0.4
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%

Note E - Leases (Details Textua

Note E - Leases (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2019	Jun. 30, 2023
Finance Lease, Liability, to be Paid		$ 136,000
Operating Lease, Weighted Average Remaining Lease Term (Year)		19 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term (Year)		1 year 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent		2.60%
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, to be Paid	$ 500,000
Finance Lease, Monthly Payment	$ 9,000
Granite City, IL Facility [Member]
Operating Lease, Quarterly Payments		$ 19,000
Granite City, IL Facility [Member] | Plateplus Inc. [Member]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		1,200,000
Office Space in Longview, Texas [Member]
Operating Lease, Monthly Payments		$ 5,000

Note E - Leases - Lease Cost (D

Note E - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Finance lease – amortization of ROU asset	$ 26	$ 26
Finance lease – interest on lease liability	1	1
Operating lease expense	34	27
Lease, Cost	$ 61	$ 54

Note E - Leases - Balance Sheet

Note E - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Operating lease right-of-use asset	$ 1,244	$ 1,270
Total right-of-use assets	1,668	1,700
Finance lease liability, current	107	107
Total lease liabilities	1,379	1,430
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	1,244	1,270
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use asset	424	430
Accounts Payable and Accrued Liabilities [Member]
Operating lease liability, current	94	101
Current Portion of Financing Lease [Member]
Finance lease liability, current	107	107
Other Noncurrent Liabilities [Member]
Operating lease liability, non-current	1,151	1,168
Finance lease liability, non-current	$ 27	$ 54

Note E - Leases - Maturities of

Note E - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating lease, Fiscal 2024 (remainder of fiscal year)	$ 100
Finance lease, Fiscal 2024 (remainder of fiscal year)	82
Operating lease, Fiscal 2025	80
Finance lease, Fiscal 2025	54
Operating lease, Fiscal 2026	75
Finance lease, Fiscal 2026	0
Operating lease, Fiscal 2027	75
Finance lease, Fiscal 2027	0
Operating lease, Fiscal 2028 and beyond	1,237
Finance lease, Fiscal 2028 and beyond	0
Operating lease, Total undiscounted lease payments	1,567
Finance lease, Total undiscounted lease payments	136
Operating lease, Less: imputed interest	(322)
Finance lease, Less: imputed interest	(2)
Present value of lease liability, finance lease	134
Accrued Expense and Other Noncurrent Liabilities [Member]
Present value of lease liability, operating lease	$ 1,245

Note F - Property, Plant and _2

Note F - Property, Plant and Equipment (Details Textual) $ in Thousands	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	May 25, 2021 ft² a
Buildings and Improvements, Gross	$ 28,558	$ 28,550
Construction in Progress, Gross	1,598	$ 1,167
Facility in Sinton, Texas [Member]
Area of Land (Acre) | a			26.5
Lessee, Operating Lease, Term of Contract (Year)			99 years
Capitalized Property Plant and Equipment [Member]
Buildings and Improvements, Gross	22,200
Construction in Progress, Gross	1,600
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) | ft²			70,000
Upgrade of Decatur, AL Processing Line [Member]
Construction in Progress, Gross	1,100
Capital Expenditures, Expected Cost	$ 2,100

Note G - Stock Based Compensa_3

Note G - Stock Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 01, 2016
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 78,000	$ 73,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 200,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 2 months 12 days
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			500,000
2016 Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	122,485

Note G - Stock Based Compensa_4

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested (in shares) | shares	100,366
Unvested (in dollars per share) | $ / shares	$ 6.08
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	0
Vested (in dollars per share) | $ / shares	$ 0
Unvested (in shares) | shares	100,366
Unvested (in dollars per share) | $ / shares	$ 6.08
[1]50,000 shares were issued out of treasury stock

Note H - Derivative Financial_3

Note H - Derivative Financial Instruments (Details Textual) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($) GT	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Derivative Asset	$ 0.4		$ 1.6
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	1.5		$ 2.4
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax	$ 0.1	$ 0.2
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (Gigaton) | GT	22,180

Note H - Derivative Financial_4

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Derivative assets	$ 400	$ 1,600
Current Portion of Derivative Assets [Member] | Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative assets	243	536
Current Portion of Derivative Liability [Member] | Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative liabilities	$ 963	$ 2,212

Note H - Derivative Financial_5

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Pre-tax gain (loss) recognized in OCI	$ 0	$ 8,833
Revenue	137,298	161,803
Total	7,690	11,184
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(418)
Total		(626)
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(418)	(626)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI	$ 0	$ 8,833

Note H - Derivative Financial_6

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Hot-rolled coil steel contracts	$ 956	$ 687
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 430	$ 2,754

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, 2023		Jun. 30, 2022
Balance	$ 115,432,000		$ 79,686,000
Net current period other comprehensive income	317,000		7,174,000
Balance	123,369,000		102,715,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(317,000)		(10,269,000)
Other comprehensive income, net of loss, before reclassification	0		6,699
Total loss reclassified from AOCI (1)	317,000	[1]	475,000	[2]
Net current period other comprehensive income	317,000		7,174,000
Balance	$ 0		$ (3,095,000)
[1]The loss reclassified from AOCI is presented net of tax benefits of approximately $0.1 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three months ended June 30, 2023.[2]The loss reclassified from AOCI is presented net of tax benefits of approximately $0.2 million which are included in the provision for (benefit from) income taxes on the Company's Consolidated Statement of Operations for the three months ended June 30, 2022.

Note I - Fair Value Measureme_3

Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Commodity futures – financial liabilities, net		$ (720)	$ (1,676)
Total		(720)	(1,676)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net	$ (720)		(1,676)
Total	(720)		(1,676)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial liabilities, net	0		0
Total	$ 0		0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial liabilities, net		0	0
Total		$ 0	$ 0

Note J - Segment Information -

Note J - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Net Sales	$ 137,298	$ 161,803
Operating profit (loss)	10,357	12,319
Gain on economic hedges of risk	430	2,754
Interest expense	(540)	(429)
Other income	6	13
EARNINGS BEFORE INCOME TAXES	10,253	14,657
Assets	211,402		$ 199,312
Operating Segments [Member]
Operating profit (loss)	14,078	15,647
Assets	205,466		195,638
Corporate, Non-Segment [Member]
General corporate expenses	(3,721)	(3,328)
Assets	5,936		3,674
Coil [Member]
Net Sales	125,197	142,877
Coil [Member] | Operating Segments [Member]
Net Sales	125,197	142,877
Operating profit (loss)	11,814	13,543
Assets	185,303		179,780
Tubular [Member]
Net Sales	12,101	18,926
Tubular [Member] | Operating Segments [Member]
Net Sales	12,101	18,926
Operating profit (loss)	2,264	$ 2,104
Assets	$ 20,163		$ 15,858

Note K - Revenue (Details Textu

Note K - Revenue (Details Textual)	3 Months Ended
	Jun. 30, 2023
Number of Reportable Segments	2

Note K - Revenue - Disaggregati

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Sales	$ 137,298	$ 161,803
Coil [Member]
Net Sales	125,197	142,877
Coil [Member] | Prime Coil [Member]
Net Sales	123,822	140,981
Coil [Member] | Secondary Coil [Member]
Net Sales	151	1,531
Coil [Member] | Customer Owned [Member]
Net Sales	1,224	365
Tubular [Member]
Net Sales	12,101	18,926
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	$ 12,101	$ 18,926

Note L - Stockholders' Equity -

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Balance	$ 115,432	$ 79,686
Net earnings	7,690	11,184
Other comprehensive income (loss)	317	7,174
Paid in capital – restricted stock units	78	73
Cash dividends	(148)	(157)
Balance	123,369	102,715
Repurchase of shares		(29)
Plateplus Inc. [Member]
Shares issued - Plateplus business combination		4,784
Common Stock [Member]
Balance	8,869	8,345
Net earnings	0	0
Other comprehensive income (loss)	0	0
Paid in capital – restricted stock units	0	0
Cash dividends	0	0
Balance	8,869	8,861
Repurchase of shares		0
Common Stock [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		516
AOCI Attributable to Parent [Member]
Balance	(317)	(10,269)
Net earnings	0	0
Other comprehensive income (loss)	317	7,174
Paid in capital – restricted stock units	0	0
Cash dividends	0	0
Balance	0	(3,095)
Repurchase of shares		0
AOCI Attributable to Parent [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		0
Additional Paid-in Capital [Member]
Balance	35,005	30,442
Net earnings	0	0
Other comprehensive income (loss)	0	0
Paid in capital – restricted stock units	78	73
Cash dividends	0	0
Balance	35,083	34,783
Repurchase of shares		0
Additional Paid-in Capital [Member] | Plateplus Inc. [Member]
Shares issued - Plateplus business combination		4,268
Treasury Stock, Common [Member]
Balance	(7,778)	(7,741)
Net earnings	0	0
Other comprehensive income (loss)	0	0
Paid in capital – restricted stock units	0	0
Cash dividends	0	0
Balance	(7,778)	(7,770)
Shares issued - Plateplus business combination		0
Repurchase of shares		(29)
Retained Earnings [Member]
Balance	79,653	58,909
Net earnings	7,690	11,184
Other comprehensive income (loss)	0	0
Paid in capital – restricted stock units	0	0
Cash dividends	(148)	(157)
Balance	$ 87,195	69,936
Repurchase of shares		0
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, 2023	Jun. 30, 2022
Cash dividends, per share (in dollars per share)	$ 0.02	$ 0.02

Note M - Other Comprehensive _3

Note M - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow hedges, before tax	$ 418	$ 9,460
Cash flow hedges, tax	(101)	(2,286)
Cash flow hedges	317	7,174
Other comprehensive income (loss), before tax	418	9,460
Other comprehensive income (loss), tax	(101)	(2,286)
Other Comprehensive Income (Loss)	$ 317	$ 7,174

Note N - Earnings Per Share - C

Note N - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net earnings	$ 7,690	$ 11,184
Less: Allocation to unvested restricted stock units	90	196
Net earnings attributable to common shareholders	$ 7,600	$ 10,988
Weighted average common shares outstanding (in shares)	7,288,906	7,071,066

Note N - Earnings Per Share - R

Note N - Earnings Per Share - Restricted Stock Units (Details) - shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	60,524	69,702

Note O - Supplemental Cash Fl_2

Note O - Supplemental Cash Flow Information (Details Textual) - USD ($)		3 Months Ended
	Apr. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		$ 500,000	$ 400,000
Income Taxes Paid, Net		$ 47,000	$ 40,000
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			$ 4,784,000

Note P - Income Taxes (Details

Note P - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Expense (Benefit)	$ 2,563	$ 3,473