Note 11 - Segment Information

9 Months Ended

Dec. 31, 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 December 31, 2025
	Flat-roll			Tubular			Other			Total
Net Sales	$	153,032		$	14,942			—		$	167,974
Cost and expenses:
Cost of materials sold		126,816			10,656			—			137,472
Processing and warehousing expense		8,896			2,303			—			11,199
Delivery expense		6,962			285			—			7,247
Commercial expense		2,225			214			—			2,439
Depreciation and amortization		867			61			79			1,007
General corporate expenses		—			—			4,711			4,711
		145,766			13,519			4,790			164,075
EARNINGS (LOSS) FROM OPERATIONS:		7,266			1,423			(4,790	)		3,899
Gain on economic hedges of risk											1,381
Interest expense											(1,278	)
Other income											2
EARNINGS BEFORE INCOME TAXES										$	4,004
	Nine Months Ended December 31, 2025
	Flat-roll			Tubular			Other			Total
Net Sales	$	420,439		$	34,695			—		$	455,134
Cost and expenses:
Cost of materials sold		345,790			23,468			—			369,258
Processing and warehousing expense		23,309			6,282			—			29,591
Delivery expense		20,231			550			—			20,781
Commercial expense		6,896			614			—			7,510
Depreciation and amortization		2,461			162			168			2,791
General corporate expenses		—			—			11,382			11,382
		398,687			31,076			11,550			441,313
EARNINGS (LOSS) FROM OPERATIONS:		21,752			3,619			(11,550	)		13,821
Gain on economic hedges of risk											2,508
Interest expense											(2,710	)
Other income											7
EARNINGS BEFORE INCOME TAXES										$	13,626
	Three Months Ended December 31, 2024
	Flat-roll			Tubular			Other			Total
Net Sales	$	86,144		$	7,930			—		$	94,074
Cost and expenses:
Cost of materials sold		72,313			6,196			—			78,509
Processing and warehousing expense		5,544			1,927			—			7,471
Delivery expense		4,759			182			—			4,941
Commercial expense		1,507			162			—			1,669
Depreciation and amortization		726			72			29			827
General corporate expenses		—			—			2,219			2,219
		84,849			8,539			2,248			95,636
Gain on disposal of property, plant and equipment		—			375			—			375
EARNINGS (LOSS) FROM OPERATIONS:		1,295			(234	)		(2,248	)		(1,187	)
Gain on economic hedges of risk											264
Interest expense											(632	)
Other income											3
LOSS BEFORE INCOME TAXES										$	(1,552	)
	Nine Months Ended December 31, 2024
	Flat-roll			Tubular			Other			Total
Net Sales	$	286,910		$	28,474			—		$	315,384
Cost and expenses:
Cost of materials sold		240,105			23,060			—			263,165
Processing and warehousing expense		17,498			6,532			—			24,030
Delivery expense		15,854			519			—			16,373
Commercial expense		4,486			499			—			4,985
Depreciation and amortization		2,115			240			90			2,445
General corporate expenses		—			—			7,348			7,348
		280,058			30,850			7,438			318,346
Gain (loss) on disposal of property, plant and equipment		(222	)		375			—			153
EARNINGS (LOSS) FROM OPERATIONS:		6,630			(2,001	)		(7,438	)		(2,809	)
Gain on economic hedges of risk											5,833
Interest expense											(2,182	)
Other income											3
EARNINGS BEFORE INCOME TAXES										$	845

	December 31, 2025		March 31, 2025
IDENTIFIABLE ASSETS:
Flat-Roll	$	282,597	$	204,890
Tubular		23,290		16,792
		305,887		221,682
General corporate assets		5,972		5,140
	$	311,859	$	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 December 31, 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.