Note 11 - Segment Information

3 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Segment Reporting [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 June 30, 2026
	Flat-roll		Tubular		Other			Total
Net Sales	$	221,753	$	18,218	$	—		$	239,971
Cost and expenses:
Cost of materials sold		171,501		12,718		—			184,219
Processing and warehousing expense		10,717		2,710		—			13,427
Delivery expense		9,050		335		—			9,385
Commercial expense		4,833		251		—			5,084
Depreciation and amortization		906		81		82			1,069
General corporate expenses		—		—		5,753			5,753
		197,007		16,095		5,835			218,937
EARNINGS (LOSS) FROM OPERATIONS:		24,746		2,123		(5,835	)		21,034
Loss on economic hedges of risk									(2,756	)
Interest expense									(1,224	)
Other expense									(77	)
EARNINGS BEFORE INCOME TAXES								$	16,977
	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

	June 30, 2026		March 31, 2026
IDENTIFIABLE ASSETS:
Flat-Roll	$	329,262	$	301,528
Tubular		34,948		28,822
		364,210		330,350
General corporate assets		9,228		6,460
	$	373,438	$	336,810

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 June 30, 2026 and March 31, 2026, 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.