Note H - Derivative Financial Instruments (Tables)

9 Months Ended

Dec. 31, 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	$	3,539,300	Current portion of derivative liability	$	2,342,780
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	1,869,080	Current portion of derivative liability	$	634,360

	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 December 31, 2021:
Hot-rolled coil steel contracts	$	3,473,300		Sales	$	(14,766,060	)
				Costs of goods sold		49,200
Total	$	3,473,300			$	(14,716,860	)
For the three months ended December 31, 2020:
Hot-rolled coil steel contracts	$	3,364,460		Costs of goods sold	$	396,720
Total	$	3,364,460			$	396,720
For the nine months ended December 31, 2021:
Hot-rolled coil steel contracts	$	(6,609,540	)	Sales	$	(22,950,860	)
				Costs of goods sold		10,632,900
Total	$	(6,609,540	)		$	(12,317,960	)
For the nine months ended December 31, 2020:
Hot-rolled coil steel contracts	$	3,364,460		Costs of goods sold	$	396,720
Total	$	3,364,460			$	396,720

Not Designated as Hedging Instrument [Member]

Notes Tables

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

		Gain Recognized in Earnings
	Location of Gain	for the Three Months Ended
	Recognized in Earnings	December 31, 2021
Hot-rolled coil steel contracts	Other income (loss), net	$	1,721,700

		Loss Recognized in Earnings
	Location of Loss	for the Nine Months Ended
	Recognized in Earnings	December 31, 2021
Hot-rolled coil steel contracts	Other income (loss), net	$	(6,498,040	)

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		(5,012,675	)
Total loss reclassified from AOCI (1)		9,341,941
Net current period other comprehensive income		4,329,266
Balance at December 31, 2021	$	(6,858,575	)

	Gain (Loss) on
	Derivatives
Balance at March 31, 2020	$	—
Other comprehensive income, before reclassification		2,971,332
Total gain reclassified from AOCI (1)		(313,409	)
Net current period other comprehensive income		2,657,923
Balance at December 31, 2020	$	2,657,923