Note 10 - Segment Information

3 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 10 — SEGMENT INFORMATION

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.

Segment results are reviewed regularly by the Company’s Chief Operating Decision Makers (“CODMs”). The Company’s CODMs are comprised of the Chief Executive Officer and the Chief Financial Officer. The CODMs assess segment performance and allocate resources based on a number of factors with the most emphasis placed on earnings from operations.

The following is a summary of significant financial information relating to the product groups (in thousands):

	Three Months Ended June 30, 2025
	Flat-Roll		Tubular			Other			Total
Net Sales	$	124,067	$	10,710			—		$	134,777
Cost and expenses:
Cost of materials sold		99,154		6,550			—			105,704
Processing and warehousing expense		6,899		2,429			—			9,328
Delivery expense		6,260		140			—			6,400
Commercial expense		2,199		212			—			2,411
Depreciation and amortization		769		50			28			847
General corporate expenses		—		—			3,044			3,044
		115,281		9,381			3,072			127,734
EARNINGS (LOSS) FROM OPERATIONS		8,786		1,329			(3,072	)		7,043
Gain on economic hedges of risk										276
Interest expense										(678	)
Other income										4
EARNINGS BEFORE INCOME TAXES									$	6,645
	Three Months Ended June 30, 2024
	Flat-Roll		Tubular			Other			Total
Net Sales	$	103,387	$	11,164			—		$	114,551
Cost and expenses:
Cost of materials sold		86,913		9,501			—			96,414
Processing and warehousing expense		5,768		2,410			—			8,178
Delivery expense		5,878		173			—			6,051
Commercial expense		1,482		182			—			1,664
Depreciation and amortization		680		83			32			795
General corporate expenses		—		—			2,847			2,847
		100,721		12,349			2,879			115,949
EARNINGS (LOSS) FROM OPERATIONS		2,666		(1,185	)		(2,879	)		(1,398	)
Gain on economic hedges of risk										5,375
Interest expense										(681	)
Other income										3
EARNINGS BEFORE INCOME TAXES									$	3,299

	June 30, 2025		March 31, 2025
IDENTIFIABLE ASSETS:
Flat-Roll	$	192,341	$	204,890
Tubular		22,447		16,792
		214,788		221,682
General corporate assets		4,290		5,140
	$	219,078	$	226,822

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, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At June 30, 2025 and March 31, 2025, 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.