Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2014

Summary of Inventory by Product Group

The following is a summary of inventory by product group:

	March 31
	2014		2013
Prime coil inventory	$	7,685,177	$	10,981,835
Non-standard coil inventory		2,572,787		3,741,718
Tubular raw material		463,254		3,308,419
Tubular finished goods		24,567,341		21,187,196
	$	35,288,559	$	39,219,168

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