Note 11 - Segment Information

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 11 — SEGMENT INFORMATION

The Company is engaged in the metals processing, pipe manufacturing, and metals 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 carbon steel, stainless steel and aluminum flat-roll products into sheet, plate or slit coil. 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 September 30, 2025
	Flat-roll		Tubular			Other			Total
Net Sales	$	143,340	$	9,043			—		$	152,383
Cost and expenses:
Cost of materials sold		119,820		6,262			—			126,082
Processing and warehousing expense		7,515		1,549			—			9,064
Delivery expense		7,009		125			—			7,134
Commercial expense		2,473		187			—			2,660
Depreciation and amortization		825		52			60			937
General corporate expenses		—		—			3,627			3,627
		137,642		8,175			3,687			149,504
EARNINGS (LOSS) FROM OPERATIONS:		5,698		868			(3,687	)		2,879
Gain on economic hedges of risk										851
Interest expense										(754	)
Other income										1
EARNINGS BEFORE INCOME TAXES									$	2,977
	Six Months Ended September 30, 2025
	Flat-roll		Tubular			Other			Total
Net Sales	$	267,407	$	19,753			—		$	287,160
Cost and expenses:
Cost of materials sold		218,974		12,812			—			231,786
Processing and warehousing expense		14,413		3,979			—			18,392
Delivery expense		13,269		265			—			13,534
Commercial expense		4,672		399			—			5,071
Depreciation and amortization		1,594		101			89			1,784
General corporate expenses		—		—			6,671			6,671
		252,922		17,556			6,760			277,238
EARNINGS (LOSS) FROM OPERATIONS:		14,485		2,197			(6,760	)		9,922
Gain on economic hedges of risk										1,127
Interest expense										(1,432	)
Other income										5
EARNINGS BEFORE INCOME TAXES									$	9,622
	Three Months Ended September 30, 2024
	Flat-roll		Tubular			Other			Total
Net Sales	$	97,379	$	9,380			—		$	106,759
Cost and expenses:
Cost of materials sold		81,398		7,363			—			88,761
Processing and warehousing expense		5,667		2,194			—			7,861
Delivery expense		5,217		164			—			5,381
Commercial expense		1,497		156			—			1,653
Depreciation and amortization		709		85			29			823
General corporate expenses		—		—			2,282			2,282
Loss on disposal of property, plant and equipment		222		—			—			222
		94,710		9,962			2,311			106,983
EARNINGS (LOSS) FROM OPERATIONS:		2,669		(582	)		(2,311	)		(224	)
Gain on economic hedges of risk										194
Interest expense										(869	)
Other income										(3	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	(902	)
	Six Months Ended September 30, 2024
	Flat-roll		Tubular			Other			Total
Net Sales	$	200,766	$	20,544			—		$	221,310
Cost and expenses:
Cost of materials sold		167,792		16,864			—			184,656
Processing and warehousing expense		11,954		4,604			—			16,558
Delivery expense		11,095		337			—			11,432
Commercial expense		2,979		337			—			3,316
Depreciation and amortization		1,389		169			60			1,618
General corporate expenses		—		—			5,130			5,130
Loss on disposal of property, plant and equipment		222		—			—			222
		195,431		22,311			5,190			222,932
EARNINGS (LOSS) FROM OPERATIONS:		5,335		(1,767	)		(5,190	)		(1,622	)
Gain on economic hedges of risk										5,569
Interest expense										(1,550	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	2,397

	September 30, 2025		March 31, 2025
IDENTIFIABLE ASSETS:
Flat-Roll	$	279,119	$	204,890
Tubular		25,328		16,792
		304,447		221,682
General corporate assets		6,842		5,140
	$	311,289	$	226,822

General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of payroll expenses related to corporate functions, professional fees and services, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At September 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.