Note H - Derivative Financial Instruments (Tables)

9 Months Ended

Dec. 31, 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	$	22,100
Derivatives not designated as hedging instruments:
Hot-rolled coil steel contracts	Current portion of derivative assets	$	786,720	Current portion of derivative liability	$	649,700

	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 December 31, 2022:
Hot-rolled coil steel contracts	$	22,100		Sales	$	(860,620	)
Total	$	22,100			$	(860,620	)
For the three months ended December 31, 2021:
Hot-rolled coil steel contracts	$	3,473,300		Sales	$	(14,766,060	)
Hot-rolled coil steel contracts				Costs of goods sold		49,200
Total	$	3,473,300			$	(14,716,860	)
For the nine months ended December 31, 2022:
Hot-rolled coil steel contracts	$	9,445,840		Sales	$	(2,977,160	)
Total	$	9,445,840			$	(2,977,160	)
For the nine months ended December 31, 2021:
Hot-rolled coil steel contracts	$	(6,609,540	)	Sales	$	(22,950,860	)
Hot-rolled coil steel contracts				Costs of goods sold		10,632,900
Total	$	(6,609,540	)		$	(12,317,960	)

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

		Gain Recognized in Earnings
	Location of Gain	for the Three Months Ended
	Recognized in Earnings	December 31, 2022
Hot-rolled coil steel contracts	Other income (loss), net	$	822,200

		Gain Recognized in Earnings
	Location of Gain	for the Nine Months Ended
	Recognized in Earnings	December 31, 2022
Hot-rolled coil steel contracts	Other income (loss), net	$	7,325,860

		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, 2022	$	(10,268,509	)
Other comprehensive income, net of loss, before reclassification		7,163,726
Total loss reclassified from AOCI (1)		2,257,878
Net current period other comprehensive income		9,421,604
Balance at December 31, 2022	$	(846,905	)

	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	)