Note C - Inventories

9 Months Ended

Dec. 31, 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 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. 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.

A summary of inventory values by product group follows:

	December 31, 2015		March 31, 2015
Prime Coil Inventory	$	15,208,352	$	8,419,340
Non-Standard Coil Inventory		1,062,232		1,804,635
Tubular Raw Material		1,526,965		1,888,849
Tubular Finished Goods		25,372,096		28,737,842
	$	43,169,645	$	40,850,666