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Note H - Derivative Financial Instruments (Tables) | 6 Months Ended
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Sep. 30, 2021
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
| Asset Derivatives |  | Liability Derivatives |
| Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
Derivatives designated as cash flow hedges: | Location |  | Fair Value |  | Location |  | Fair Value |
Hot-rolled coil steel contracts hedging sales | Current portion of derivative assets |  | $ | 1,282,600 |  | Current portion of derivative liability |  | $ | 4,549,120 |
Hot-rolled coil steel contracts hedging sales |  |  |  |  |  | Other non-current liabilities |  | $ | 67,800 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts | Current portion of derivative assets |  | $ | 550,240 |  | Current portion of derivative liability |  | $ | 51,320 |
| Asset Derivatives |  | Liability Derivatives |
| Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
Derivatives designated as cash flow hedges: | Location |  | Fair Value |  | Location |  | Fair Value |
Hot-rolled coil steel contracts hedging purchases | Current portion of derivative assets |  | $ | 530,640 |  |  |  |  |  |
Hot-rolled coil steel contracts hedging sales | Current portion of derivative assets |  | $ | 91,760 |  | Current portion of derivative liability |  | $ | 7,890,700 |
Hot-rolled coil steel contracts hedging sales |  |  |  |  |  | Other non-current liabilities |  | $ | 50,420 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts |  |  |  |  |  | Current portion of derivative liability |  | $ | 88,680 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Pre-Tax Gain (Loss) |  | Location of Gain (Loss) Reclassified |  | Pre- Tax Gain (Loss) Reclassified from |
|  | Recognized in OCI |  | from AOCI into Net Earnings |  | AOCI into Net Earnings |
For the three months ended September 30, 2021: |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts |  | $ | 1,557,820 |  | Sales |  | $ | (3,086,780 | )
|  |  |  |  | Costs of goods sold |  |  | 9,001,500 |
Total |  | $ | 1,557,820 |  |  |  | $ | 5,914,720 |
For the six months ended September 30, 2021: |  |  |  |  |  |  |  |  |
Hot-rolled coil steel contracts |  | $ | (20,013,560 | ) | Sales |  | $ | (8,184,800 | )
|  |  |  |  | Costs of goods sold |  |  | 10,583,700 |
Total |  | $ | (20,013,560 | ) |  |  | $ | 2,398,900 |
Not Designated as Hedging Instrument [Member] |
Notes Tables |
Derivative Instruments, Gain (Loss) [Table Text Block] |
|  |  | Loss Recognized in Earnings |
| Location of Loss |  | for the Three Months Ended |
| Recognized in Earnings |  | September 30, 2021 |
Hot-rolled coil steel contracts | Other income (loss), net |  | $ | (6,830,780 | )
|  |  | Loss Recognized in Earnings |
| Location of Loss |  | for the Six Months Ended |
| Recognized in Earnings |  | September 30, 2021 |
Hot-rolled coil steel contracts | Other income (loss), net |  | $ | (8,219,740 | )
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
Notes Tables |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|  | Gain (Loss) on |
|  | Derivatives |
Balance at March 31, 2021 |  | $ | (11,187,841 | )
Other comprehensive loss, net of income, before reclassification |  |  | (15,178,284 | )
Total loss reclassified from AOCI (1) |  |  | 5,712,132 |
Net current period other comprehensive loss |  |  | (9,466,152 | )
Balance at September 30, 2021 |  | $ | (20,653,993 | )

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