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Note 12 - Industry Segment Data | 12 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 12. 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: flat-roll and tubular. The Company’s flat-roll operations consist 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. Segment results are reviewed regularly by the Company’s Chief Operating Decision Makers (“CODMs”). The Company’s CODMs are comprised of the Chief Executive Officer and the Chief Financial Officer. The CODMs assess segment performance and allocate resources based on a number of factors with the most emphasis placed on earnings from operations. The following is a summary of significant financial information relating to the product groups (in thousands):
|  | Year Ended March 31, 2025 |
|  | Flat-roll |  |  | Tubular |  |  |  | Other |  |  | Total |
Net Sales |  | $ | 404,644 |  |  | $ | 39,956 |  |  |  | — |  |  | $ | 444,600 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 334,426 |  |  |  | 31,222 |  |  |  | — |  |  |  | 365,648 |
Processing and warehousing expense |  |  | 24,544 |  |  |  | 8,933 |  |  |  | — |  |  |  | 33,477 |
Delivery expense |  |  | 22,563 |  |  |  | 665 |  |  |  | — |  |  |  | 23,228 |
Commercial expense |  |  | 6,301 |  |  |  | 755 |  |  |  | — |  |  |  | 7,056 |
Depreciation and amortization |  |  | 2,869 |  |  |  | 304 |  |  |  | 118 |  |  |  | 3,291 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 9,115 |  |  |  | 9,115 |
|  |  | 390,703 |  |  |  | 41,879 |  |  |  | 9,233 |  |  |  | 441,815 |
Gain (loss) on disposal of property, plant and equipment |  |  | (222 | ) |  |  | 480 |  |  |  | — |  |  |  | 258 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 13,719 |  |  |  | (1,443 | ) |  |  | (9,233 | ) |  |  | 3,043 |
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,598 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,953 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
EARNINGS BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,693 |
|  | Year Ended March 31, 2024 |
|  | Flat-roll |  |  | Tubular |  |  |  | Other |  |  | Total |
Net Sales |  | $ | 472,774 |  |  | $ | 43,477 |  |  |  | — |  |  | $ | 516,251 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 381,591 |  |  |  | 30,804 |  |  |  | — |  |  |  | 412,395 |
Processing and warehousing expense |  |  | 23,300 |  |  |  | 8,138 |  |  |  | — |  |  |  | 31,438 |
Delivery expense |  |  | 23,194 |  |  |  | 597 |  |  |  | — |  |  |  | 23,791 |
Commercial expense |  |  | 8,857 |  |  |  | 644 |  |  |  | — |  |  |  | 9,501 |
Depreciation and amortization |  |  | 2,637 |  |  |  | 317 |  |  |  | 116 |  |  |  | 3,070 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 11,538 |  |  |  | 11,538 |
|  |  | 439,548 |  |  |  | 40,497 |  |  |  | 11,688 |  |  |  | 491,733 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 33,226 |  |  |  | 2,980 |  |  |  | (11,688 | ) |  |  | 24,518 |
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,848 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,072 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20 |
EARNINGS BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 23,314 |
|  | Year Ended March 31, |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
IDENTIFIABLE ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flat-roll |  | $ | 204,890 |  |  | $ | 205,797 |  |  |  |  |  |  |  |  |
Tubular |  |  | 16,792 |  |  |  | 19,589 |  |  |  |  |  |  |  |  |
|  |  | 221,682 |  |  |  | 225,386 |  |  |  |  |  |  |  |  |
General corporate assets |  |  | 5,140 |  |  |  | 4,633 |  |  |  |  |  |  |  |  |
TOTAL ASSETS |  | $ | 226,822 |  |  | $ | 230,019 |  |  |  |  |  |  |  |  |
CAPITAL EXPENDITURES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flat-roll |  | $ | 3,823 |  |  | $ | 5,176 |  |  |  |  |  |  |  |  |
Tubular |  |  | 179 |  |  |  | 510 |  |  |  |  |  |  |  |  |
Corporate and other |  |  | — |  |  |  | 106 |  |  |  |  |  |  |  |  |
TOTAL CAPITAL EXPENDITURES |  | $ | 4,002 |  |  | $ | 5,792 |  |  |  |  |  |  |  |  |
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, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At March 31, 2025 and 2024, corporate assets consisted primarily of cash, restricted cash, leased administrative office right-of-use assets, 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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