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Note I - Industry Segment Data | 3 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE I — 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 product groups: flat-roll and tubular. The Company’s flat-roll operations consists primarily of converting steel coils into flat sheet and plate steel cut to customer specifications. 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 (in thousands):
|  | Three Months Ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
NET SALES: |  |  |  |  |  |  |  |
Flat-Roll |  | $ | 103,387 |  |  | $ | 125,197 |
Tubular |  |  | 11,164 |  |  |  | 12,101 |
TOTAL NET SALES |  | $ | 114,551 |  |  | $ | 137,298 |
OPERATING PROFIT (LOSS): |  |  |  |  |  |  |  |
Flat-Roll |  | $ | 2,666 |  |  | $ | 11,814 |
Tubular |  |  | (1,185 | ) |  |  | 2,264 |
TOTAL OPERATING PROFIT |  |  | 1,481 |  |  |  | 14,078 |
General corporate expenses |  |  | (2,879 | ) |  |  | (3,721 | )
Gain on economic hedges of risk |  |  | 5,375 |  |  |  | 430 |
Interest expense |  |  | (681 | ) |  |  | (540 | )
Other income |  |  | 3 |  |  |  | 6 |
TOTAL EARNINGS BEFORE INCOME TAXES |  | $ | 3,299 |  |  | $ | 10,253 |
|  | June 30, 2024 |  |  | March 31, 2024 |
IDENTIFIABLE ASSETS: |  |  |  |  |  |  |  |
Flat-Roll |  | $ | 199,090 |  |  | $ | 205,797 |
Tubular |  |  | 18,027 |  |  |  | 19,589 |
|  |  | 217,117 |  |  |  | 225,386 |
General corporate assets |  |  | 5,673 |  |  |  | 4,633 |
|  | $ | 222,790 |  |  | $ | 230,019 |
Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain (loss) on economic hedges of risk, interest expense 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. At June 30, 2024 and March 31, 2024, corporate assets consist primarily of cash, restricted cash, unamortized debt issuance costs 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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