Note K - Revenue

9 Months Ended

Dec. 31, 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

nine

 month periods ended

December 31, 2020

or

December 31, 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

nine

months ended

December 31, 2020

and

2019

, respectively:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Coil Segment:
Prime Coil		19,541,188		18,662,211		49,897,886		67,827,299
Non-standard Coil		1,886,099		2,153,277		5,028,237		9,197,245
Customer Owned Coil		244,860		185,870		634,894		578,891
		21,672,147		21,001,358		55,561,017		77,603,435
Tubular Segment:
Manufactured Pipe		5,082,314		5,748,647		17,540,498		26,225,323
Mill Reject Pipe		1,747,588		1,400,812		3,786,814		5,292,959
		6,829,902		7,149,459		21,327,312		31,518,282