Note C - Inventories

3 Months Ended

Jun. 30, 2016

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 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:

	June 30, 2016		March 31, 2016
Prime Coil Inventory	$	12,678,396	$	14,168,626
Non-Standard Coil Inventory		1,504,441		992,163
Tubular Raw Material		358,570		1,566,048
Tubular Finished Goods		25,318,125		25,212,291
	$	39,859,532	$	41,939,128