Note J - Industry Segment Data

9 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE J — SEGMENT INFORMATION (in thousands)

The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting steel coils into flat sheet and plate steel cut to customer specifications. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products. The following is a summary of significant financial information relating to the product groups (in thousands):

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
NET SALES:
Flat-Roll	$	86,144		$	106,424		$	286,910		$	352,148
Tubular		7,930			9,549			28,474			31,871
TOTAL NET SALES	$	94,074		$	115,973		$	315,384		$	384,019
OPERATING PROFIT (LOSS):
Flat-Roll	$	1,295		$	8,694		$	6,630		$	23,650
Tubular		(234	)		(116	)		(2,001	)		2,164
TOTAL OPERATING PROFIT		1,061			8,578			4,629			25,814
General corporate expenses		(2,248	)		(2,405	)		(7,438	)		(8,229	)
Gain (loss) on economic hedges of risk		264			(4,126	)		5,833			706
Interest expense		(632	)		(790	)		(2,182	)		(2,135	)
Other income		3			1			3			17
TOTAL EARNINGS (LOSS) BEFORE INCOME TAXES	$	(1,552	)	$	1,258		$	845		$	16,173

	December 31, 2024		March 31, 2024
IDENTIFIABLE ASSETS:
Flat-Roll	$	193,538	$	205,797
Tubular		13,914		19,589
		207,452		225,386
General corporate assets		2,800		4,633
	$	210,252	$	230,019

Operating profit (loss) is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges of risk, interest expense and other income (loss). 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 December 31, 2024 and March 31, 2024, corporate assets consist primarily of cash, restricted cash, leased administrative office right-of-use assets, 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.