Note 3 - Inventories

3 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 — INVENTORIES

The Company operates in two segments: the flat-roll segment and the tubular segment. Both flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for substantially all of the Company's inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value. Flat-roll raw material inventory consists of steel coils the Company will process into sheet and plate. Flat-roll finished goods consists of processed sheet and plate inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

A summary of inventory values by product group follows (in thousands):

	June 30, 2025		March 31, 2025
Flat-Roll raw material	$	71,441	$	85,865
Flat-Roll finished goods		16,439		15,737
Tubular raw material		9,619		7,055
Tubular finished goods		5,959		5,032
	$	103,458	$	113,689