Note K - Revenue

6 Months Ended

Sep. 30, 2021

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 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 either of the three month or six month periods ended September 30, 2021 or September 30, 2020. 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 month periods ended  September 30, 2021 and 2020, respectively:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Coil Segment:
Prime Coil		74,928,149		17,049,230		124,507,742		30,356,698
Non-standard Coil		3,028,787		1,201,135		5,851,990		3,142,138
Customer Owned Coil		366,991		205,721		658,925		390,034
		78,323,927		18,456,086		131,018,657		33,888,870
Tubular Segment:
Manufactured Pipe		11,376,626		5,296,334		20,983,436		12,458,184
Mill Reject Pipe		2,870,342		1,109,260		6,485,241		2,039,226
		14,246,968		6,405,594		27,468,677		14,497,410