Note C - Inventories

6 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C — 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 raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the 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. LIFO inventories are valued at the lower of cost or market. All other inventories are valued at the lower of cost or net realizable value. At September 30, 2015, the value of tubular finished goods inventory was reduced approximately $211,000 to reflect an adjustment arising from the measurement of such inventory at the lower of cost or net realizable value.

A summary of inventory values by product group follows:

	September 30, 2015		March 31, 2015
Prime Coil Inventory	$	11,147,315	$	8,419,340
Non-Standard Coil Inventory		1,322,983		1,804,635
Tubular Raw Material		935,393		1,888,849
Tubular Finished Goods		27,011,277		28,737,842
	$	40,416,968	$	40,850,666