Note H - Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Derivative Instruments [Table Text Block]

	Asset Derivatives			Liability Derivatives
	Balance Sheet			Balance Sheet
Derivatives designated as cash flow hedges:	Location	Fair Value		Location	Fair Value
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	1,282,600	Current portion of derivative liability	$	4,549,120
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	67,800
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	550,240	Current portion of derivative liability	$	51,320

	Asset Derivatives			Liability Derivatives
	Balance Sheet			Balance Sheet
Derivatives designated as cash flow hedges:	Location	Fair Value		Location	Fair Value
Hot-rolled coil steel contracts hedging purchases	Current portion of derivative assets	$	530,640
Hot-rolled coil steel contracts hedging sales	Current portion of derivative assets	$	91,760	Current portion of derivative liability	$	7,890,700
Hot-rolled coil steel contracts hedging sales				Other non-current liabilities	$	50,420
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts				Current portion of derivative liability	$	88,680

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Pre-Tax Gain (Loss)			Location of Gain (Loss) Reclassified	Pre- Tax Gain (Loss) Reclassified from
	Recognized in OCI			from AOCI into Net Earnings	AOCI into Net Earnings
For the three months ended September 30, 2021:
Hot-rolled coil steel contracts	$	1,557,820		Sales	$	(3,086,780	)
				Costs of goods sold		9,001,500
Total	$	1,557,820			$	5,914,720
For the six months ended September 30, 2021:
Hot-rolled coil steel contracts	$	(20,013,560	)	Sales	$	(8,184,800	)
				Costs of goods sold		10,583,700
Total	$	(20,013,560	)		$	2,398,900

Not Designated as Hedging Instrument [Member]

Notes Tables

Derivative Instruments, Gain (Loss) [Table Text Block]

		Loss Recognized in Earnings
	Location of Loss	for the Three Months Ended
	Recognized in Earnings	September 30, 2021
Hot-rolled coil steel contracts	Other income (loss), net	$	(6,830,780	)

		Loss Recognized in Earnings
	Location of Loss	for the Six Months Ended
	Recognized in Earnings	September 30, 2021
Hot-rolled coil steel contracts	Other income (loss), net	$	(8,219,740	)

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Gain (Loss) on
	Derivatives
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(15,178,284	)
Total loss reclassified from AOCI (1)		5,712,132
Net current period other comprehensive loss		(9,466,152	)
Balance at September 30, 2021	$	(20,653,993	)