Inventories

3 Months Ended

Jun. 30, 2012

Inventories [Abstract]

INVENTORIES

NOTE B — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of finished goods, and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method.

During the quarters ended June 30, 2012 and 2011, LIFO inventories were liquidated. At June 30, 2012, a deferred debit of $95,309 was recorded to reflect the difference in replacement cost and LIFO cost. LIFO inventories at June 30, 2011 were replaced by March 31, 2012. A deferred credit of $82,653 was recorded at June 30, 2011 to reflect the difference between replacement cost and LIFO cost.

A summary of inventory values by product group follows:

	June 30, 2012		March 31, 2012
Prime Coil Inventory	$	6,839,110	$	8,562,607
Non-Standard Coil Inventory		2,641,671		1,853,445
Tubular Raw Material		3,363,025		6,859,871
Tubular Finished Goods		21,996,369		19,477,757
	$	34,840,175	$	36,753,680