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Inventories

6 Months Ended

Sep. 30, 2012

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 quarter and the six month period ended September 30, 2012, LIFO inventories were reduced. LIFO inventories are expected to be replaced by March 31, 2013. A deferred debit of $40,360 was recorded at September 30, 2012 to reflect the difference in replacement cost and LIFO cost.

A summary of inventory values by product group follows:


	September 30, 2012		March 31, 2012
Prime Coil Inventory	$	7,845,194	$	8,562,607
Non-Standard Coil Inventory		1,386,865		1,853,445
Tubular Raw Material		4,386,163		6,859,871
Tubular Finished Goods		20,594,710		19,477,757

	$	34,212,932	$	36,753,680

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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