Note 19 - Related Party Transactions

12 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

19. RELATED PARTY TRANSACTIONS

In the fourth quarter of fiscal 2016, Mr. Guilherme Camargo was appointed Operations Manager of Armco do Brasil S.A. (Armco.) Armco is the largest supplier of steel to our subsidiary in Brazil. Mr. Camargo is the son of Salvador de Camargo, who is the president of our subsidiary in Brazil and a member of the board of directors. The Company plans to implement policies and procedures to ensure transactions between Starrett Brazil and Armco remain at “arms-length” in the future as they have been in the past. The Company made annual purchases from Armco of $3.2 million, $4.1 million and $3.7 million in fiscal 2016, 2015 and 2014 respectively. The Company had accounts payable of $0 and $0.1 million as of June 30, 2016 and June 30, 2015 respectively.