Note F - Property, Plant and Equipment

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F – PROPERTY, PLANT AND EQUIPMENT

The Company commenced

two

capital expenditure projects during the

three

months ended

December 31, 2019.

The

first

project is a building expansion at the Company’s coil processing facility in Hickman, Arkansas. The project will add an additional

22,000

square feet of storage space to the facility. This project is estimated to be complete by

April 2020

with an estimated cost of

$1,100,000.

The

second

project involves the installation of a stretcher leveler coil processing line at the Company’s coil processing facility in Decatur, Alabama. This equipment will replace the existing processing equipment that is currently present at the Decatur plant and will expand both the size range and grade of material that Decatur is able to process. The equipment is being constructed, fabricated and installed by Delta Steel Technologies. The Company currently expects installation of the new equipment to begin in

October 2020

and expects commercial use to begin in

February 2021.

The Company currently estimates the cost of this project to be

$5,800,000.

As of

December 31, 2019,

expenditures related to these projects totaled

$2,114,123

with this amount reported as Construction in Progress on the Company’s Condensed Consolidated Balance Sheet.