Note J - Segment Information

3 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

The Flat-roll segment was previously referred to as the Coil segment. The Company is now using Flat-roll to describe the segment due to it being a more common term used in the Company's industry. 

	Three Months Ended
	June 30,
	2023			2022
Net sales
Flat-roll	$	125,197		$	142,877
Tubular		12,101			18,926
Total net sales	$	137,298		$	161,803
Operating profit
Flat-roll	$	11,814		$	13,543
Tubular		2,264			2,104
Total operating profit		14,078			15,647
General corporate expenses		(3,721	)		(3,328	)
Gain on economic hedges of risk		430			2,754
Interest expense		(540	)		(429	)
Other income		6			13
Total earnings before income taxes	$	10,253		$	14,657

	June 30, 2023		March 31, 2023
Segment assets
Flat-roll	$	185,303	$	179,780
Tubular		20,163		15,858
		205,466		195,638
Corporate assets		5,936		3,674
	$	211,402	$	199,312

Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income. General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate and accounting salaries, professional fees and services, bad debts, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At June 30, and March 31, 2023, Corporate assets consist primarily of cash, restricted cash, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.