Note F - Property, Plant and Equipment

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

The Company continued the previously announced capital expenditure project at our Decatur, Alabama facility during the

second

 quarter of fiscal

2021.

This project involves the purchase and installation of a stretcher leveler coil processing line. This newly acquired equipment replaces the prior processing equipment at the Decatur plant and will expand both the size range and grade of material that the Decatur plant is able to process. The equipment was purchased from and is being constructed, fabricated and installed by Delta Steel Technologies. The Company currently expects the installation of the new equipment to begin in

December 2020

and expects commercial use of the equipment to begin in

February 2021.

The Company currently estimates the cost of this project to be

$7,200,000.

This estimated cost is greater than our previously disclosed cost of

$5,800,000

due to additional components that have been added to the project to improve the efficiency and output of the equipment.  

As of

September 30, 2020

, expenditures related to the Decatur project totaled

$5,427,263

 with this amount reported as Construction in Process on the Company's consolidated balance sheet.