Note F - Property, Plant and Equipment

3 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

On May 25, 2021, the Company announced plans for a new facility in Sinton, Texas that will be part of the coil product segment. The new facility will be on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill currently under construction in Sinton, Texas. The Company's new location will consist of an approximately 70,000 square foot building located on approximately 26.5 acres leased from SDI under a 99-year agreement with an annual rental payment of $1. The Company has selected Red Bud Industries to build a stretcher leveler cut-to-length line for the facility that is capable of handling material up to 1” thick, widths up to 96” and yields exceeding 100,000 psi. The Company expects the location to commence operations in April 2022 and estimates the total cost of the project to be $21 million. At June 30, 2021, the Company had spent $2,687,807 on this project with this amount reported as "Construction in process" on the Condensed Consolidated Balance Sheet. During the three months ended June 30, 2021 the Company wrote off fully depreciated fixed assets that were no longer in use with an original cost and accumulated depreciation of approximately $1,944,650.