Note H - Derivative Financial Instruments	6 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS In June 2020, the Company implemented its first commodity price risk management activities by transacting hot-rolled coil futures. From time to time, we expect to use derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we will assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 815 – Derivatives and Hedging (“ASC 815” ). By using derivatives, the Company is exposed to credit and market risk. The Company's exposure to credit risk includes the counterparty's failure to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For those transactions designated as hedging instruments, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items. During the three months ended September 30, 2020 , the Company recognized gains from hedging instruments of $4,000. The Company's consolidated statement of operations for the three and six months ended September 30, 2020 included the $4,000 gain within costs of goods sold for the hedging activity. As of September 30, 2020 the Company did not have any open future positions. We reported a margin requirement of $118,125 that is included in “Other current assets” on the consolidated balance sheet at September 30, 2020 .

NOTE H — DERIVATIVE FINANCIAL INSTRUMENTS

June 2020,

the Company implemented its

first

commodity price risk management activities by transacting hot-rolled coil futures. From time to time, we expect to use derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we will assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC

815

– Derivatives and Hedging (“ASC

815”

). By using derivatives, the Company is exposed to credit and market risk. The Company's exposure to credit risk includes the counterparty's failure to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For those transactions designated as hedging instruments, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

During the

three

months ended

September 30, 2020

, the Company recognized gains from hedging instruments of

$4,000.

The Company's consolidated statement of operations for the

three

and

six

months ended

September 30, 2020

included the

$4,000

gain within costs of goods sold for the hedging activity. As of

September 30, 2020

the Company did

not

have any open future positions. We reported a margin requirement of

$118,125

that is included in “Other current assets” on the consolidated balance sheet at

September 30, 2020