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Note 11 - Segment Information | 6 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 11 — SEGMENT INFORMATION The Company is engaged in the metals processing, pipe manufacturing, and metals 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 carbon steel, stainless steel and aluminum flat-roll products into sheet, plate or slit coil. 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):
|  | Three Months Ended September 30, 2025 |
|  | Flat-roll |  |  | Tubular |  |  | Other |  |  | Total |
Net Sales |  | $ | 143,340 |  |  | $ | 9,043 |  |  |  | — |  |  | $ | 152,383 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 119,820 |  |  |  | 6,262 |  |  |  | — |  |  |  | 126,082 |
Processing and warehousing expense |  |  | 7,515 |  |  |  | 1,549 |  |  |  | — |  |  |  | 9,064 |
Delivery expense |  |  | 7,009 |  |  |  | 125 |  |  |  | — |  |  |  | 7,134 |
Commercial expense |  |  | 2,473 |  |  |  | 187 |  |  |  | — |  |  |  | 2,660 |
Depreciation and amortization |  |  | 825 |  |  |  | 52 |  |  |  | 60 |  |  |  | 937 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 3,627 |  |  |  | 3,627 |
|  |  | 137,642 |  |  |  | 8,175 |  |  |  | 3,687 |  |  |  | 149,504 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 5,698 |  |  |  | 868 |  |  |  | (3,687 | ) |  |  | 2,879 |
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 851 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (754 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
EARNINGS BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,977 |
|  | Six Months Ended September 30, 2025 |
|  | Flat-roll |  |  | Tubular |  |  | Other |  |  | Total |
Net Sales |  | $ | 267,407 |  |  | $ | 19,753 |  |  |  | — |  |  | $ | 287,160 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 218,974 |  |  |  | 12,812 |  |  |  | — |  |  |  | 231,786 |
Processing and warehousing expense |  |  | 14,413 |  |  |  | 3,979 |  |  |  | — |  |  |  | 18,392 |
Delivery expense |  |  | 13,269 |  |  |  | 265 |  |  |  | — |  |  |  | 13,534 |
Commercial expense |  |  | 4,672 |  |  |  | 399 |  |  |  | — |  |  |  | 5,071 |
Depreciation and amortization |  |  | 1,594 |  |  |  | 101 |  |  |  | 89 |  |  |  | 1,784 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 6,671 |  |  |  | 6,671 |
|  |  | 252,922 |  |  |  | 17,556 |  |  |  | 6,760 |  |  |  | 277,238 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 14,485 |  |  |  | 2,197 |  |  |  | (6,760 | ) |  |  | 9,922 |
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,127 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,432 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
EARNINGS BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,622 |
|  | Three Months Ended September 30, 2024 |
|  | Flat-roll |  |  | Tubular |  |  | Other |  |  | Total |
Net Sales |  | $ | 97,379 |  |  | $ | 9,380 |  |  |  | — |  |  | $ | 106,759 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 81,398 |  |  |  | 7,363 |  |  |  | — |  |  |  | 88,761 |
Processing and warehousing expense |  |  | 5,667 |  |  |  | 2,194 |  |  |  | — |  |  |  | 7,861 |
Delivery expense |  |  | 5,217 |  |  |  | 164 |  |  |  | — |  |  |  | 5,381 |
Commercial expense |  |  | 1,497 |  |  |  | 156 |  |  |  | — |  |  |  | 1,653 |
Depreciation and amortization |  |  | 709 |  |  |  | 85 |  |  |  | 29 |  |  |  | 823 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 2,282 |  |  |  | 2,282 |
Loss on disposal of property, plant and equipment |  |  | 222 |  |  |  | — |  |  |  | — |  |  |  | 222 |
|  |  | 94,710 |  |  |  | 9,962 |  |  |  | 2,311 |  |  |  | 106,983 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 2,669 |  |  |  | (582 | ) |  |  | (2,311 | ) |  |  | (224 | )
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 194 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (869 | )
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 | )
EARNINGS (LOSS) BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (902 | )
|  | Six Months Ended September 30, 2024 |
|  | Flat-roll |  |  | Tubular |  |  | Other |  |  | Total |
Net Sales |  | $ | 200,766 |  |  | $ | 20,544 |  |  |  | — |  |  | $ | 221,310 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of materials sold |  |  | 167,792 |  |  |  | 16,864 |  |  |  | — |  |  |  | 184,656 |
Processing and warehousing expense |  |  | 11,954 |  |  |  | 4,604 |  |  |  | — |  |  |  | 16,558 |
Delivery expense |  |  | 11,095 |  |  |  | 337 |  |  |  | — |  |  |  | 11,432 |
Commercial expense |  |  | 2,979 |  |  |  | 337 |  |  |  | — |  |  |  | 3,316 |
Depreciation and amortization |  |  | 1,389 |  |  |  | 169 |  |  |  | 60 |  |  |  | 1,618 |
General corporate expenses |  |  | — |  |  |  | — |  |  |  | 5,130 |  |  |  | 5,130 |
Loss on disposal of property, plant and equipment |  |  | 222 |  |  |  | — |  |  |  | — |  |  |  | 222 |
|  |  | 195,431 |  |  |  | 22,311 |  |  |  | 5,190 |  |  |  | 222,932 |
EARNINGS (LOSS) FROM OPERATIONS: |  |  | 5,335 |  |  |  | (1,767 | ) |  |  | (5,190 | ) |  |  | (1,622 | )
Gain on economic hedges of risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,569 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,550 | )
EARNINGS (LOSS) BEFORE INCOME TAXES |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,397 |
|  | September 30, 2025 |  |  | March 31, 2025 |
IDENTIFIABLE ASSETS: |  |  |  |  |  |  |  |
Flat-Roll |  | $ | 279,119 |  |  | $ | 204,890 |
Tubular |  |  | 25,328 |  |  |  | 16,792 |
|  |  | 304,447 |  |  |  | 221,682 |
General corporate assets |  |  | 6,842 |  |  |  | 5,140 |
|  | $ | 311,289 |  |  | $ | 226,822 |
General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of payroll expenses related to corporate functions, professional fees and services, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At September 30, 2025 and March 31, 2025, corporate assets consist 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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