Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2013

The following is a summary of inventory by product group:


	March 31
	2013		2012
Prime coil inventory	$	10,981,835	$	8,562,607
Non-standard coil inventory		3,741,718		1,853,445
Tubular raw material		3,308,419		6,859,871
Tubular finished goods		21,187,196		19,477,757

	$	39,219,168	$	36,753,680

Estimated Useful Lives of Various Classes of Assets

Depreciation is calculated primarily by the straight-line method over the estimated useful lives of the various classes of assets as follows:


Buildings			20 years
Machinery and equipment			10 years
Yard improvements			5 to 10 years
Loaders and other rolling stock			5 to 10 years

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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