Friedman Industries (FRD) 10-Q 7 Feb 25 2025 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2024	Feb. 07, 2025
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	Q3
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-7521
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1504405
Entity Address, Address Line One	1121 Judson Road, Suite 124
Entity Address, City or Town	Longview
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NYSEAMER
Entity 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		6,970,536

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
CURRENT ASSETS:
Cash	$ 1,075	$ 2,891
Accounts receivable, net of allowances for credit losses and cash discounts of $145 and $97 at December 31, and March 31, 2024, respectively	31,727	47,329
Inventories	115,394	115,804
Current portion of derivative assets	38	74
Other current assets	1,052	3,966
TOTAL CURRENT ASSETS	149,286	170,064
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,670
Buildings and yard improvements	30,906	30,900
Machinery and equipment	56,586	53,607
Construction in process	665	1,977
Less accumulated depreciation	(33,040)	(31,396)
TOTAL PROPERTY, PLANT AND EQUIPMENT	56,787	56,758
OTHER ASSETS:
Operating lease right-of-use asset	2,894	2,841
Other assets	1,285	356
TOTAL ASSETS	210,252	230,019
CURRENT LIABILITIES:
Accounts payable and accrued expenses	41,081	43,886
Income taxes payable	0	2,213
Dividends payable	279	279
Employee compensation and related expenses	906	5,989
Current portion of financing lease	0	54
Current portion of derivative liability	10	1,686
TOTAL CURRENT LIABILITIES	42,276	54,107
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	116	105
DEFERRED INCOME TAX LIABILITY	5,232	5,257
NON-CURRENT LEASE LIABILITIES	2,790	2,782
ASSET BASED LENDING FACILITY	32,509	40,293
TOTAL LIABILITIES	82,923	102,544
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,873,203 shares at December 31, and March 31, 2024	8,873	8,873
Additional paid-in capital	35,368	35,247
Treasury stock at cost (1,906,693 shares and 1,896,892 shares at December 31, and March 31, 2024, respectively)	(13,100)	(12,929)
Retained earnings	96,188	96,284
TOTAL STOCKHOLDERS’ EQUITY	127,329	127,475
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 210,252	$ 230,019

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Allowances for bad debts and cash discounts	$ 145	$ 97
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)	8,873,203	8,873,203
Treasury stock, common shares (in shares)	1,906,693	1,896,892

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Costs and expenses:
Selling, general and administrative	3,887	4,235	12,333	14,902
Depreciation and amortization	827	754	2,445	2,262
Costs and Expenses	95,636	109,800	318,346	366,434
Gain on disposal of property, plant and equipment	375	0	153	0
EARNINGS (LOSS) FROM OPERATIONS	(1,187)	6,173	(2,809)	17,585
Gain (loss) on economic hedges of risk	264	(4,126)	5,833	706
Interest expense	(632)	(790)	(2,182)	(2,135)
Other income	3	1	3	17
EARNINGS (LOSS) BEFORE INCOME TAXES	(1,552)	1,258	845	16,173
Provision for (benefit from) income taxes:
Current	(393)	82	130	3,827
Deferred	(7)	(8)	(25)	(41)
Income taxes	(400)	74	105	3,786
NET EARNINGS (LOSS)	$ (1,152)	$ 1,184	$ 740	$ 12,387
Net earnings (loss) per share:
Basic (in dollars per share)	$ (0.17)	$ 0.16	$ 0.11	$ 1.69
Diluted (in dollars per share)	(0.17)	0.16	0.11	1.69
Cash dividends declared per common share (in dollars per share)	$ 0.04	$ 0.02	$ 0.12	$ 0.06
Material Sold Expense [Member]
Costs and expenses:
Cost of goods and services sold	$ 78,509	$ 91,972	$ 263,165	$ 309,157
Processing and Warehouse Expense [Member]
Costs and expenses:
Cost of goods and services sold	7,472	7,370	24,030	22,678
Delivery Expense [Member]
Costs and expenses:
Cost of goods and services sold	$ 4,941	$ 5,469	$ 16,373	$ 17,435

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net earnings	$ (1,152)	$ 1,184	$ 740	$ 12,387
Other comprehensive income:
Cash flow hedges, net of tax	0	0	0	317
Other Comprehensive Income (Loss)	0	0	0	317
Comprehensive income (loss)	$ (1,152)	$ 1,184	$ 740	$ 12,704

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net earnings	$ 740	$ 12,387
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	2,445	2,293
Deferred taxes	(25)	(41)
Compensation expense for restricted stock	121	193
Change in postretirement benefits	11	6
Gain recognized on open derivatives not designated for hedge accounting	(1,640)	(894)
Deferred realized loss on derivatives	0	418
Gain on disposal of property, plant and equipment	(153)	0
Right-of-use asset	11	0
Decrease (increase) in operating assets:
Accounts receivable	15,602	4,945
Inventories	410	(27,656)
Other current assets	58	(1,621)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(2,861)	11,058
Income taxes payable	(2,213)	1,400
Contribution to retirement plan	0	(350)
Employee compensation and related expenses	(5,083)	(1,121)
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,423	1,017
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(3,045)	(4,774)
Proceeds from sale of assets	800
Deposit on steel processing equipment	(1,000)
Increase in cash surrender value of officers’ life insurance	(5)	(10)
NET CASH USED IN INVESTING ACTIVITIES	(3,250)	(4,784)
FINANCING ACTIVITIES
Cash dividends paid	(836)	(443)
Cash paid for principal portion of finance lease	(54)	(80)
Cash paid for share repurchases	(171)	(5,151)
Borrowings on asset based lending facility	470,404	609,991
Repayments on asset based lending facility	(478,188)	(597,144)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(8,845)	7,173
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	(4,672)	3,406
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,897	5,386
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 1,225	$ 8,792

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Dec. 31, 2024
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, 2024 Reclassifications The consolidated financial statements for the previous year include certain reclassifications to conform to the current presentation. To conform with the current year presentation, “Cost of products sold” on the consolidated statements of operations was disaggregated into four no

Note B - New Accounting Pronoun

Note B - New Accounting Pronouncements	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE B — NEW ACCOUNTING PRONOUNCEMENTS In November 2024, No. 2024 03, 2024 03” 2024 03 December 15, 2026, December 15, 2027 2024 03 In December 2023, No. 2023 09, 2023 09" 2023 09 5 5 2023 09 December 15, 2024. not 2023 09 2023 09 In November 2023, No. 2023 07, 2023 07" 2023 07 2023 07 December 15, 2023, December 15, 2024. 2023 07

Note C - Inventories

Note C - Inventories	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C — INVENTORIES The Company operates in two A summary of inventory values by product group follows (in thousands): December 31, 2024 March 31, 2024 Flat-Roll raw material $ 88,379 $ 85,483 Flat-Roll finished goods 16,504 17,030 Tubular raw material 5,707 4,185 Tubular finished goods 4,804 9,106 $ 115,394 $ 115,804

Note D - Debt

Note D - Debt	9 Months Ended
	Dec. 31, 2024
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 December 31, 2024 December 31, 2024 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	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE E — LEASES The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 4 five December 31, 2024 September 2025 February 28, 2029 one December 31, 2024 March 2025 April 30, 2027 In October 2019, October 2024. The components of expense related to leases for the three nine December 31, 2024 2023 Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Finance lease – amortization of ROU asset $ — $ 26 $ 54 $ 78 Finance lease – interest on lease liability — 1 — 3 Operating lease expense 108 34 276 102 $ 108 $ 61 $ 330 $ 183 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2024 March 31, 2024 December 31, 2024 March 31, 2024 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,894 $ 2,841 Operating lease right-of-use asset Finance lease right-of-use asset 385 404 Property, plant & equipment Total right-of-use assets $ 3,279 $ 3,245 Liabilities Operating lease liability, current $ 157 $ 101 Accrued expenses Finance lease liability, current — 54 Current portion of finance lease Operating lease liability, non-current 2,790 2,782 Non-current lease liabilities Total lease liabilities $ 2,947 $ 2,937 As of December 31, 2024 . Maturities of lease liabilities as of December 31, 2024 Operating Leases Fiscal 2025 (remainder of fiscal year) 90 Fiscal 2026 363 Fiscal 2027 371 Fiscal 2028 324 Fiscal 2029 and beyond 5,043 Total undiscounted lease payments $ 6,191 Less: imputed interest (3,244 ) Present value of lease liability $ 2,947

Note F - Property, Plant and Eq

Note F - Property, Plant and Equipment	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE F — PROPERTY, PLANT AND EQUIPMENT At December 31, 2024 December 2024,

Note G - Stock Based Compensati

Note G - Stock Based Compensation	9 Months Ended
	Dec. 31, 2024
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 nine December 31, 2024 Weighted Average Number of Shares Grant Date Fair Value Per Share Unvested at March 31, 2024 64,487 $ 6.62 Cancelled or forfeited — — Granted — — Vested (46,000 ) 6.45 Unvested at December 31, 2024 18,487 $ 7.04 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 million and $0.2 million in nine December 31, 2024 2023 December 31, 2024 oximat which is expected to be recognized over a weighted average period of approximately December 31, 2024

Note H - Derivative Financial I

Note H - Derivative Financial Instruments	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS From time to time, we expect to utilize hot-rolled coil futures or options to reduce our exposure to commodity price risk that is inherent in our business. For the nine December 31, 2024 nine December 31, 2023 815– 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 December 31, 2024 March 31, 2024 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 December 31, 2024 (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 $ 38 Current portion of derivative liability $ 10 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, 2024 (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 $ 74 Current portion of derivative liability $ 1,686 All derivatives are presented on a gross basis on the Consolidated Balance Sheets. During the nine December 31, 2024 2023 the Company entered into hot-rolled coil futures contracts that were not nine December 31, 2024 2023 , the Company did not nine December 31, 2023 , the Company reclassified the loss associated with previously designated cash flow hedges into earnings during the period. The following table summarizes the pre-tax gain (loss) recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the nine December 31, 2023 (in thousands): Pre-Tax Gain (Loss) Recognized in OCI Location of Loss Reclassified from AOCI into Net Earnings Pre- Tax Loss Reclassified from AOCI into Net Earnings For the nine months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) The following table summarizes the recognized in earnings for derivative instruments not three nine December 31, 2024 (in thousands): Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2024 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 264 Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2024 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 5,833 The following table summarizes the gain (loss) recognized in earnings for derivative instruments not three nine December 31, 2023 (in thousands): Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ (4,126 ) Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 706 The notional amount (quantity) of our derivative instruments not December 31, 2024 January 2025 February 2025 March 2025 September 2025. The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the nine December 31, 2023 (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 December 31, 2023 $ — ( 1 nine December 31, 2023 . At December 31, 2024 March 31, 2024 December 31, 2024 March 31, 2024

Note I - Fair Value Measurement

Note I - Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
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 December 31, 2024 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 $ 28 $ — $ — $ 28 Total $ 28 $ — $ — $ 28 At March 31, 2024 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 $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 ) At December 31, 2024 and March 31, 2024 , the Company did not

Note J - Industry Segment Data

Note J - Industry Segment Data	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE J — SEGMENT INFORMATION (in thousands) The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 NET SALES: Flat-Roll $ 86,144 $ 106,424 $ 286,910 $ 352,148 Tubular 7,930 9,549 28,474 31,871 TOTAL NET SALES $ 94,074 $ 115,973 $ 315,384 $ 384,019 OPERATING PROFIT (LOSS): Flat-Roll $ 1,295 $ 8,694 $ 6,630 $ 23,650 Tubular (234 ) (116 ) (2,001 ) 2,164 TOTAL OPERATING PROFIT 1,061 8,578 4,629 25,814 General corporate expenses (2,248 ) (2,405 ) (7,438 ) (8,229 ) Gain (loss) on economic hedges of risk 264 (4,126 ) 5,833 706 Interest expense (632 ) (790 ) (2,182 ) (2,135 ) Other income 3 1 3 17 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ (1,552 ) $ 1,258 $ 845 $ 16,173 December 31, 2024 March 31, 2024 IDENTIFIABLE ASSETS: Flat-Roll $ 193,538 $ 205,797 Tubular 13,914 19,589 207,452 225,386 General corporate assets 2,800 4,633 $ 210,252 $ 230,019 Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income (loss). General corporate expenses reflect general and administrative expenses not December 31, 2024 March 31, 2024 no

Note K - Revenue

Note K - Revenue	9 Months Ended
	Dec. 31, 2024
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 two The following table disaggregates our revenue by product for each of our reportable business segments for the three nine December 31, 2024 2023 Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products 85,131 105,377 283,197 348,545 Processing or Storage of Customer Owned Coil 1,013 1,047 3,713 3,603 86,144 106,424 286,910 352,148 Tubular Segment: Manufactured Pipe 7,930 9,549 28,474 31,871 7,930 9,549 28,474 31,871

Note L - Stockholders' Equity

Note L - Stockholders' Equity	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE L — STOCKHOLDERS’ EQUITY The following tables reflect the changes in stockholders’ equity for each of the nine December 31, 2024 December 31, 2023 Accumulated Other Comprehensive Additional Common Income, Paid-In Treasury Retained Stock Net of Tax Capital Stock Earnings Total BALANCE AT MARCH 31, 2024 $ 8,873 — $ 35,247 $ (12,929 ) $ 96,284 $ 127,475 Net earnings — — — — 2,567 2,567 Paid in capital – restricted stock units — — 47 — — 47 Repurchase of shares — — — (123 ) — (123 ) Cash dividends ($ 0.04 — — — — (279 ) (279 ) BALANCE AT JUNE 30, 2024 $ 8,873 $ — $ 35,294 $ (13,052 ) $ 98,572 $ 129,687 Net loss — — — — (675 ) (675 ) Paid in capital – restricted stock units — — 42 — — 42 Repurchase of shares — — — (11 ) — (11 ) Cash dividends ($ 0.04 — — — — (279 ) (279 ) BALANCE AT SEPTEMBER 30, 2024 $ 8,873 $ — $ 35,336 $ (13,063 ) $ 97,618 $ 128,764 Net loss — — — — (1,152 ) (1,152 ) Paid in capital – restricted stock units — — 32 — — 32 Repurchase of shares — — — (37 ) — (37 ) Cash dividends ($ 0.04 — — — — (278 ) (278 ) BALANCE AT DECEMBER 31, 2024 $ 8,873 $ — $ 35,368 $ (13,100 ) $ 96,188 $ 127,329 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 Net earnings — — — — 3,513 3,513 Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (3 ) — (3 ) Cash dividends ($ 0.02 — — — — (148 ) (148 ) BALANCE AT SEPTEMBER 30, 2023 $ 8,869 $ — $ 35,161 $ (7,781 ) $ 90,560 $ 126,809 Net earnings — — — — 1,184 1,184 Paid in capital – restricted stock units — — 37 — — 37 Repurchase of shares — — — (5,148 ) — (5,148 ) Cash dividends ($ 0.02 — — — — (139 ) (139 ) BALANCE AT DECEMBER 31, 2023 $ 8,869 $ — $ 35,198 $ (12,929 ) $ 91,605 $ 122,743

Note M - Other Comprehensive In

Note M - Other Comprehensive Income	9 Months Ended
	Dec. 31, 2024
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 nine December 31, 2023 Nine Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317

Note N - Earnings Per Share

Note N - Earnings Per Share	9 Months Ended
	Dec. 31, 2024
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 Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Numerator (basic and diluted) Net earnings (loss) $ (1,152 ) $ 1,184 $ 740 $ 12,387 Less: Allocation to unvested restricted stock units 1 10 3 131 Net earnings (loss) attributable to common shareholders $ (1,153 ) $ 1,174 $ 737 $ 12,256 Denominator (basic and diluted) Weighted average common shares outstanding 6,948,023 7,245,183 6,942,216 7,274,332 For the nine December 31, 2024 2023 As the restricted stock qualifies as participating securities, the following restricted stock units were not two Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Restricted Stock Units 16,425 48,840 13,832 42,709

Note O - Supplemental Cash Flow

Note O - Supplemental Cash Flow Information	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE O — SUPPLEMENTAL CASH FLOW INFORMATION The Company paid interest o f approximately million and $2.1 million during the nine December 31, 2024 and 2023 Company paid income taxes of approximately and $2.8 million during the nine December 31, 2024 and 2023

Note P - Income Taxes

Note P - Income Taxes	9 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE P — INCOME TAXES For the nine December 31, 2024 and 2023 , the Company recorded income tax provisio nine December 31, 2024 nine December 31, 2023

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Dec. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note C - Inventories (Tables)

Note C - Inventories (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2024 March 31, 2024 Flat-Roll raw material $ 88,379 $ 85,483 Flat-Roll finished goods 16,504 17,030 Tubular raw material 5,707 4,185 Tubular finished goods 4,804 9,106 $ 115,394 $ 115,804

Note E - Leases (Tables)

Note E - Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Finance lease – amortization of ROU asset $ — $ 26 $ 54 $ 78 Finance lease – interest on lease liability — 1 — 3 Operating lease expense 108 34 276 102 $ 108 $ 61 $ 330 $ 183
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	December 31, 2024 March 31, 2024 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,894 $ 2,841 Operating lease right-of-use asset Finance lease right-of-use asset 385 404 Property, plant & equipment Total right-of-use assets $ 3,279 $ 3,245 Liabilities Operating lease liability, current $ 157 $ 101 Accrued expenses Finance lease liability, current — 54 Current portion of finance lease Operating lease liability, non-current 2,790 2,782 Non-current lease liabilities Total lease liabilities $ 2,947 $ 2,937
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Fiscal 2025 (remainder of fiscal year) 90 Fiscal 2026 363 Fiscal 2027 371 Fiscal 2028 324 Fiscal 2029 and beyond 5,043 Total undiscounted lease payments $ 6,191 Less: imputed interest (3,244 ) Present value of lease liability $ 2,947

Note G - Stock Based Compensa_2

Note G - Stock Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
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, 2024 64,487 $ 6.62 Cancelled or forfeited — — Granted — — Vested (46,000 ) 6.45 Unvested at December 31, 2024 18,487 $ 7.04

Note H - Derivative Financial_2

Note H - Derivative Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2024
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 $ 38 Current portion of derivative liability $ 10 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 $ 74 Current portion of derivative liability $ 1,686
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pre-Tax Gain (Loss) Recognized in OCI Location of Loss Reclassified from AOCI into Net Earnings Pre- Tax Loss Reclassified from AOCI into Net Earnings For the nine months ended December 31, 2023: Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 )
Derivative Instruments, Gain (Loss) [Table Text Block]	Gain Recognized in Earnings Location of Gain for the Three Months Ended Recognized in Earnings December 31, 2024 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 264 Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2024 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 5,833 Loss Recognized in Earnings Location of Loss for the Three Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ (4,126 ) Gain Recognized in Earnings Location of Gain for the Nine Months Ended Recognized in Earnings December 31, 2023 Hot-rolled coil steel contracts Gain (loss) on economic hedges of risk $ 706
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 December 31, 2023 $ —

Note I - Fair Value Measureme_2

Note I - Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2024
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 $ 28 $ — $ — $ 28 Total $ 28 $ — $ — $ 28 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 $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 )

Note J - Industry Segment Data

Note J - Industry Segment Data (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 NET SALES: Flat-Roll $ 86,144 $ 106,424 $ 286,910 $ 352,148 Tubular 7,930 9,549 28,474 31,871 TOTAL NET SALES $ 94,074 $ 115,973 $ 315,384 $ 384,019 OPERATING PROFIT (LOSS): Flat-Roll $ 1,295 $ 8,694 $ 6,630 $ 23,650 Tubular (234 ) (116 ) (2,001 ) 2,164 TOTAL OPERATING PROFIT 1,061 8,578 4,629 25,814 General corporate expenses (2,248 ) (2,405 ) (7,438 ) (8,229 ) Gain (loss) on economic hedges of risk 264 (4,126 ) 5,833 706 Interest expense (632 ) (790 ) (2,182 ) (2,135 ) Other income 3 1 3 17 TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES $ (1,552 ) $ 1,258 $ 845 $ 16,173 December 31, 2024 March 31, 2024 IDENTIFIABLE ASSETS: Flat-Roll $ 193,538 $ 205,797 Tubular 13,914 19,589 207,452 225,386 General corporate assets 2,800 4,633 $ 210,252 $ 230,019

Note K - Revenue (Tables)

Note K - Revenue (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products 85,131 105,377 283,197 348,545 Processing or Storage of Customer Owned Coil 1,013 1,047 3,713 3,603 86,144 106,424 286,910 352,148 Tubular Segment: Manufactured Pipe 7,930 9,549 28,474 31,871 7,930 9,549 28,474 31,871

Note L - Stockholders' Equity (

Note L - Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2024
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, 2024 $ 8,873 — $ 35,247 $ (12,929 ) $ 96,284 $ 127,475 Net earnings — — — — 2,567 2,567 Paid in capital – restricted stock units — — 47 — — 47 Repurchase of shares — — — (123 ) — (123 ) Cash dividends ($ 0.04 — — — — (279 ) (279 ) BALANCE AT JUNE 30, 2024 $ 8,873 $ — $ 35,294 $ (13,052 ) $ 98,572 $ 129,687 Net loss — — — — (675 ) (675 ) Paid in capital – restricted stock units — — 42 — — 42 Repurchase of shares — — — (11 ) — (11 ) Cash dividends ($ 0.04 — — — — (279 ) (279 ) BALANCE AT SEPTEMBER 30, 2024 $ 8,873 $ — $ 35,336 $ (13,063 ) $ 97,618 $ 128,764 Net loss — — — — (1,152 ) (1,152 ) Paid in capital – restricted stock units — — 32 — — 32 Repurchase of shares — — — (37 ) — (37 ) Cash dividends ($ 0.04 — — — — (278 ) (278 ) BALANCE AT DECEMBER 31, 2024 $ 8,873 $ — $ 35,368 $ (13,100 ) $ 96,188 $ 127,329 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 Net earnings — — — — 3,513 3,513 Paid in capital – restricted stock units — — 78 — — 78 Repurchase of shares — — — (3 ) — (3 ) Cash dividends ($ 0.02 — — — — (148 ) (148 ) BALANCE AT SEPTEMBER 30, 2023 $ 8,869 $ — $ 35,161 $ (7,781 ) $ 90,560 $ 126,809 Net earnings — — — — 1,184 1,184 Paid in capital – restricted stock units — — 37 — — 37 Repurchase of shares — — — (5,148 ) — (5,148 ) Cash dividends ($ 0.02 — — — — (139 ) (139 ) BALANCE AT DECEMBER 31, 2023 $ 8,869 $ — $ 35,198 $ (12,929 ) $ 91,605 $ 122,743

Note M - Other Comprehensive _2

Note M - Other Comprehensive Income (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Nine Months Ended December 31, 2023 Before-Tax Tax Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317

Note N - Earnings Per Share (Ta

Note N - Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Numerator (basic and diluted) Net earnings (loss) $ (1,152 ) $ 1,184 $ 740 $ 12,387 Less: Allocation to unvested restricted stock units 1 10 3 131 Net earnings (loss) attributable to common shareholders $ (1,153 ) $ 1,174 $ 737 $ 12,256 Denominator (basic and diluted) Weighted average common shares outstanding 6,948,023 7,245,183 6,942,216 7,274,332
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Restricted Stock Units 16,425 48,840 13,832 42,709

Note C - Inventories (Details T

Note C - Inventories (Details Textual)	9 Months Ended
	Dec. 31, 2024
Number of Operating Segments	2

Note C - Inventories - Schedule

Note C - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Inventory, Net	$ 115,394	$ 115,804
Flat-Roll Inventory [Member]
Flat-Roll raw material	88,379	85,483
Flat-Roll finished goods	16,504	17,030
Tubular Inventory [Member]
Flat-Roll raw material	5,707	4,185
Flat-Roll finished goods	$ 4,804	$ 9,106

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 ($)	Dec. 31, 2024 USD ($)
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			$ 99.2
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			1.1
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5	$ 5
Long-Term Line of Credit				$ 32.5
Line of Credit Facility, Interest Rate at Period End				6.50%
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		9 Months Ended
	Apr. 30, 2024	Oct. 31, 2019	Dec. 31, 2024
Operating Lease, Weighted Average Remaining Lease Term (Year)			19 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent			7.50%
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]
Lessee, Operating Lease, Renewal Term (Year)			5 years
Operating Lease, Monthly Payments			$ 13,000
Administrative Office Space in Woodlands, Texas [Member]
Operating Lease, Monthly Payments			$ 11,000
Operating Lease, Additional Term (Month)			60 months
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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Finance lease – amortization of ROU asset	$ 0	$ 26	$ 54	$ 78
Finance lease – interest on lease liability	0	1	0	3
Operating lease expense	108	34	276	102
Lease, Cost	$ 108	$ 61	$ 330	$ 183

Note E - Leases - Balance Sheet

Note E - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Operating lease right-of-use asset	$ 2,894	$ 2,841
Finance lease right-of-use asset	385	404
Total right-of-use assets	3,279	3,245
Operating lease liability, current	157	101
Current portion of financing lease	0	54
NON-CURRENT LEASE LIABILITIES	2,790	2,782
Total lease liabilities	$ 2,947	$ 2,937

Note E - Leases - Maturities of

Note E - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Fiscal 2025 (remainder of fiscal year), operating leases	$ 90
Fiscal 2026, operating leases	363
Fiscal 2027, operating leases	371
Fiscal 2028, operating leases	324
Fiscal 2029 and beyond, operating leases	5,043
Total undiscounted lease payments, operating leases	6,191
Less: imputed interest, operating leases	(3,244)
Present value of lease liability, operating lease	$ 2,947

Note F - Property, Plant and _2

Note F - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Construction in Progress, Gross		$ 665		$ 665		$ 1,977
Gain (Loss) on Disposition of Property Plant Equipment		$ 375	$ 0	$ 153	$ 0
Upgrade of Decatur, AL Processing Line [Member]
Construction in Progress, Gross	$ 800
Gain (Loss) on Disposition of Property Plant Equipment	$ (400)

Note G - Stock Based Compensa_3

Note G - Stock Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 01, 2016
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 100,000	$ 200,000
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 Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 15,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	117,998

Note G - Stock Based Compensa_4

Note G - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Dec. 31, 2024 $ / shares shares
Unvested (in shares) | shares	64,487
Unvested, grant date fair value per share (in dollars per share) | $ / shares	$ 6.62
Cancelled or forfeited (in shares) | shares	0
Cancelled or forfeited, grant date fair value per share (in dollars per share) | $ / shares	$ 0
Granted (in shares) | shares	0
Granted, grant date fair value per share (in dollars per share) | $ / shares	$ 0
Vested (in shares) | shares	(46,000)
Vested, grant date fair value per share (in dollars per share) | $ / shares	$ 6.45
Unvested (in shares) | shares	18,487
Unvested, grant date fair value per share (in dollars per share) | $ / shares	$ 7.04

Note H - Derivative Financial_3

Note H - Derivative Financial Instruments (Details Textual) $ in Millions	9 Months Ended
	Dec. 31, 2024 USD ($) T	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | $	$ 0.1		$ 3
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax | $		$ 0.1
Not Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	4,020
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	180

Note H - Derivative Financial_4

Note H - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Derivative asset	$ 38	$ 74
Derivative liability	10	1,686
Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative asset	38	74
Derivative liability	$ 10	$ 1,686

Note H - Derivative Financial_5

Note H - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pre-tax gain (loss) recognized in OCI				$ 0
Revenue	$ 94,074	$ 115,973	$ 315,384	384,019
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue				(418)
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)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI				$ 0

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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Hot-rolled coil steel contracts			$ 1,640	$ 894
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 264	$ (4,126)	$ 5,833	$ 706

Note H - Derivative Financial_7

Note H - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Balance		$ 128,764	$ 126,809	$ 127,475	$ 115,432
Net current period other comprehensive income		0	0	0	317
Balance		$ 127,329	122,743	$ 127,329	122,743
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance					(317)
Other comprehensive income, net of loss, before reclassification					0
Total loss reclassified from AOCI (1)	[1]				317
Net current period other comprehensive income					317
Balance			$ 0		$ 0
[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 six months ended September 30, 2023.

Note I - Fair Value Measureme_3

Note I - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Commodity futures – financial assets, net	$ 28	$ 1,612
Total	28	1,612
Commodity futures – financial liabilities, net	(28)	(1,612)
Total	(28)	(1,612)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial assets, net		1,612
Total	28	1,612
Commodity futures – financial liabilities, net		(1,612)
Total	(28)	(1,612)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial assets, net	0	0
Total	0	0
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial assets, net	0	0
Total	0	0
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

Note J - Industry Segment Dat_2

Note J - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Operating profit (loss)	(1,187)	6,173	(2,809)	17,585
Gain (loss) on economic hedges of risk	264	(4,126)	5,833	706
Interest expense	(632)	(790)	(2,182)	(2,135)
Other income	3	1	3	17
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	(1,552)	1,258	845	16,173
Identifiable assets	210,252		210,252		$ 230,019
Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Operating Segments [Member]
Operating profit (loss)	1,061	8,578	4,629	25,814
Identifiable assets	207,452		207,452		225,386
Operating Segments [Member] | Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Operating profit (loss)	1,295	8,694	6,630	23,650
Identifiable assets	193,538		193,538		205,797
Operating Segments [Member] | Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Operating profit (loss)	(234)	(116)	(2,001)	2,164
Identifiable assets	13,914		13,914		19,589
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
General corporate expenses	(2,248)	$ (2,405)	(7,438)	$ (8,229)
Identifiable assets	$ 2,800		$ 2,800		$ 4,633

Note K - Revenue (Details Textu

Note K - Revenue (Details Textual)	9 Months Ended
	Dec. 31, 2024
Number of Reportable Segments	2

Note K - Revenue - Disaggregati

Note K - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Net Sales	$ 94,074	$ 115,973	$ 315,384	$ 384,019
Flat-roll [Member]
Net Sales	86,144	106,424	286,910	352,148
Flat-roll [Member] | Prime Coil [Member]
Net Sales	85,131	105,377	283,197	348,545
Flat-roll [Member] | Customer Owned [Member]
Net Sales	1,013	1,047	3,713	3,603
Tubular [Member]
Net Sales	7,930	9,549	28,474	31,871
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	$ 7,930	$ 9,549	$ 28,474	$ 31,871

Note L - Stockholders' Equity -

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Balance	$ 128,764	$ 129,687	$ 127,475	$ 126,809	$ 123,369	$ 115,432	$ 127,475	$ 115,432
Net earnings	(1,152)	(675)	2,567	1,184	3,513	7,690	740	12,387
Paid in capital – restricted stock units	32	42	47	37	78	78
Repurchase of shares	(37)	(11)	(123)	(5,148)	(3)
Cash dividends	(278)	(279)	(279)	(139)	(148)	(148)
Other comprehensive income						317
Balance	127,329	128,764	129,687	122,743	126,809	123,369	127,329	122,743
Common Stock [Member]
Balance	8,873	8,873	8,873	8,869	8,869	8,869	8,873	8,869
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	8,873	8,873	8,873	8,869	8,869	8,869	8,873	8,869
AOCI Attributable to Parent [Member]
Balance	0	0	0	0	0	(317)	0	(317)
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						317
Balance	0	0	0	0	0	0	0	0
Additional Paid-in Capital [Member]
Balance	35,336	35,294	35,247	35,161	35,083	35,005	35,247	35,005
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	32	42	47	37	78	78
Repurchase of shares	0	0	0	0	0
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	35,368	35,336	35,294	35,198	35,161	35,083	35,368	35,198
Treasury Stock, Common [Member]
Balance	(13,063)	(13,052)	(12,929)	(7,781)	(7,778)	(7,778)	(12,929)	(7,778)
Net earnings	0	0	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	(37)	(11)	(123)	(5,148)	(3)
Cash dividends	0	0	0	0	0	0
Other comprehensive income						0
Balance	(13,100)	(13,063)	(13,052)	(12,929)	(7,781)	(7,778)	(13,100)	(12,929)
Retained Earnings [Member]
Balance	97,618	98,572	96,284	90,560	87,195	79,653	96,284	79,653
Net earnings	(1,152)	(675)	2,567	1,184	3,513	7,690
Paid in capital – restricted stock units	0	0	0	0	0	0
Repurchase of shares	0	0	0	0	0
Cash dividends	(278)	(279)	(279)	(139)	(148)	(148)
Other comprehensive income						0
Balance	$ 96,188	$ 97,618	$ 98,572	$ 91,605	$ 90,560	$ 87,195	$ 96,188	$ 91,605

Note L - Stockholders' Equity_2

Note L - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.04	$ 0.02	$ 0.02	$ 0.02	$ 0.12	$ 0.06

Note M - Other Comprehensive _3

Note M - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flow hedges, before tax				$ 418
Cash flow hedges, tax				(101)
Cash flow hedges	$ 0	$ 0	$ 0	317
Other comprehensive income (loss), before tax				418
Other comprehensive income (loss), tax				(101)
Other Comprehensive Income (Loss)	$ 0	$ 0	$ 0	$ 317

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						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Net earnings	$ (1,152)	$ (675)	$ 2,567	$ 1,184	$ 3,513	$ 7,690	$ 740	$ 12,387
Less: Allocation to unvested restricted stock units	1			10			3	131
Net earnings (loss) attributable to common shareholders	$ (1,153)			$ 1,174			$ 737	$ 12,256
Weighted average common shares outstanding (in shares)	6,948,023			7,245,183			6,942,216	7,274,332

Note N - Earnings Per Share - R

Note N - Earnings Per Share - Restricted Stock Units (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	16,425	48,840	13,832	42,709

Note O - Supplemental Cash Fl_2

Note O - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Taxes Paid, Net	$ 2.2	$ 2.1	$ 2.9	$ 2.8

Note P - Income Taxes (Details

Note P - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit)	$ (400)	$ 74	$ 105	$ 3,786