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Note 13 - Industry Segment Data | 12 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 13 . INDUSTRY SEGMENT DATA The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: coil and tubular. The Company's coil operations involve converting steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups:
|  | Year Ended March 31, |
|  | 2021 |  |  | 2020 |
NET SALES: |  |  |  |  |  |  |  |
Coil |  | $ | 95,264,555 |  |  | $ | 99,762,892 |
Tubular |  |  | 30,837,978 |  |  |  | 42,339,432 |
TOTAL NET SALES |  | $ | 126,102,533 |  |  | $ | 142,102,324 |
OPERATING PROFIT (LOSS): |  |  |  |  |  |  |  |
Coil |  | $ | 16,466,713 |  |  | $ | 1,252,669 |
Tubular |  |  | 2,923,399 |  |  |  | (5,564,882 | )
TOTAL OPERATING PROFIT (LOSS) |  |  | 19,390,112 |  |  |  | (4,312,213 | )
General corporate expenses |  |  | (3,640,098 | ) |  |  | (2,540,443 | )
Interest expense |  |  | (24,619 | ) |  |  | (4,806 | )
Other income (loss) |  |  | (503,422 | ) |  |  | 19,260 |
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES |  | $ | 15,221,973 |  |  | $ | (6,838,202 | )
IDENTIFIABLE ASSETS: |  |  |  |  |  |  |  |
Coil |  | $ | 56,670,109 |  |  | $ | 35,894,510 |
Tubular |  |  | 17,883,612 |  |  |  | 23,659,457 |
|  |  | 74,553,721 |  |  |  | 59,553,967 |
General corporate assets |  |  | 20,455,088 |  |  |  | 17,790,121 |
TOTAL ASSETS |  | $ | 95,008,809 |  |  | $ | 77,344,088 |
DEPRECIATION: |  |  |  |  |  |  |  |
Coil |  | $ | 653,708 |  |  | $ | 836,730 |
Tubular |  |  | 346,135 |  |  |  | 675,048 |
Corporate and other |  |  | 13,074 |  |  |  | 13,183 |
|  | $ | 1,012,917 |  |  | $ | 1,524,961 |
CAPITAL EXPENDITURES: |  |  |  |  |  |  |  |
Coil |  | $ | 4,505,589 |  |  | $ | 4,060,911 |
Tubular |  |  | 78,061 |  |  |  | 841,817 |
Corporate and other |  |  | 25,967 |  |  |  | 32,633 |
|  | $ | 4,609,617 |  |  | $ | 4,935,361 |
Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, interest expense and interest and other income. General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. Other income (loss) for fiscal 2021 consisted primarily of a $515,160 loss related to derivatives not designated for hedge accounting. At March 31, 2021 and March 31, 2020 , corporate assets consisted primarily of cash, restricted cash and the cash value of officers' life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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