Note F - Property, Plant and Equipment

3 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE F — PROPERTY, PLANT AND EQUIPMENT

In October 2022, the Company completed its new facility in Sinton, Texas, which is part of the flat-roll product segment (previously referred to as the coil product segment) at a total completed cost of approximately $22.2 million. The new facility is on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill in Sinton, Texas and 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 facility is equipped with a stretcher leveler cut-to-length line that is capable of handling material up to 1” thick, widths up to 96” and yields exceeding 100,000 psi.

At June 30, 2023, the Company's construction in process balance of approximately $1.6 million consisted primarily of approximately $1.1 million associated with a project to upgrade a component of the Decatur, AL processing line. The total project is estimated to cost $2.1 million with completion expected during the March 31, 2024 quarter. The remaining construction in process balance is comprised of several smaller projects.