Note H - Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2022

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	$	1,333,860
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	2,146,860	Current portion of derivative liability	$	2,675,400

	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 liability	$	8,905,500
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	4,240,740	Current portion of derivative liability	$	5,524,020

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 June 30, 2022:
Hot-rolled coil steel contracts	$	8,833,360		Sales	$	(626,180	)
Total	$	8,833,360			$	(626,180	)
For the three months ended June 30, 2021:
Hot-rolled coil steel contracts	$	(32,807,460	)	Sales	$	(5,098,020	)
Hot-rolled coil steel contracts				Costs of goods sold	$	1,582,200
Total	$	(32,807,460	)		$	(3,515,820	)

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

		Gain Recognized in Earnings
	Location of Gain	for the Three Months Ended
	Recognized in Earnings	June 30, 2022
Hot-rolled coil steel contracts	Other income (loss), net	$	2,754,240

		Loss Recognized in Earnings
	Location of Loss	for the Three Months Ended
	Recognized in Earnings	June 30, 2021
Hot-rolled coil steel contracts	Other income, net	$	(1,388,960)

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, 2022	$	(10,268,509	)
Other comprehensive income, net of loss, before reclassification		6,699,222
Total loss reclassified from AOCI (1)		474,895
Net current period other comprehensive income		7,174,117
Balance at June 30, 2022	$	(3,094,392	)

	Gain (Loss) on
	Derivatives
Balance at March 31, 2021	$	(11,187,841	)
Other comprehensive loss, net of income, before reclassification		(16,359,735	)
Total loss reclassified from AOCI (1)		2,666,398
Net current period other comprehensive loss		(13,693,337	)
Balance at June 30, 2021	$	(24,881,178	)