Note F - Property, Plant and Equipment

3 Months Ended

Jun. 30, 2022

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 would be part of the coil product segment. The new facility is on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill in Sinton, Texas. The Company's new location consists 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 contracted with 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 to put the facility into service during October 2022 and estimates the total cost of the project to be approximately $22 million. The total estimated cost increased $1 million from previous estimates due primarily to adding a railcar mover, an additional heavy-duty forklift and additional railroad spur into the project. At  June 30, 2022, the Company's construction in process related to the Sinton project was $19,422,533 consisting of $11,823,576 in cash payments and $7,598,957 of accrued capital expenditures.