Note K - Revenue

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE K — REVENUE

Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company's revenue is generated by sales of material out of the Company's inventory, but a portion of the Company's revenue is derived from processing of customer owned material. Generally, the Company's performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company's rights to consideration are unconditional at that time, the Company does

not

maintain contract asset balances. Additionally, the Company does

not

maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. The Company offers industry standard payment terms.

The Company has

two

reportable segments: Coil and Tubular. Coil primarily generates revenue from temper passing and cutting to length hot-rolled steel coils. Coil segment revenue consists of

three

main product types: Prime Coil, Non-Standard Coil and Customer Owned Coil. Tubular primarily generates revenue from the manufacture, distribution and processing of steel pipe. Tubular segment revenue consists of

three

main product or service types: Manufactured Pipe, Mill Reject Pipe and Pipe Finishing Services. The Company did

not

generate any revenue from pipe finishing services during any of the

three

month or

six

month periods ended

September 30, 2020

or

September 30, 2019.

The pipe finishing facility is currently idled due to market conditions. The following table disaggregates our revenue by product for each of our reportable business segments for the

three

and

six

months ended

September 30, 2020

and

2019

, respectively:

	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Coil Segment:
Prime Coil		17,049,230		24,936,635		30,356,698		49,165,088
Non-standard Coil		1,201,135		3,271,453		3,142,138		7,043,968
Customer Owned Coil		205,721		212,521		390,034		393,021
		18,456,086		28,420,609		33,888,870		56,602,077
Tubular Segment:
Manufactured Pipe		5,296,334		9,744,189		12,458,184		20,476,676
Mill Reject Pipe		1,109,260		1,830,782		2,039,226		3,892,147
		6,405,594		11,574,971		14,497,410		24,368,823