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Coil Products
−Removed: The coil product segment consists of the operation of two hot-roll coil processing facilities;
+Added: The coil product segment consists of the operation of two hot-rolled coil processing facilities;
one in Hickman, Arkansas (“Hickman”) and the other in Decatur, Alabama (“Decatur”).
−Removed: At March 31, 2020, each facility operated a temper mill and a cut-to-length line.
+Added: The Hickman facility operates a temper mill and a cut-to-length line.
The temper mill improves the flatness and surface qualities of the coils and the cut-to-length line levels the steel and cuts the coils into sheet and plate of prescribed lengths.
−Removed: At that time, the facilities combined were capable of cutting sheet and plate with thicknesses ranging from 14 gauge to ½” thick in widths ranging from 36” wide to 72” wide.
−Removed: In June 2020, the temper mill and cut-to-length line at the Decatur facility were removed to allow the foundation to be prepared for a new stretcher leveler line that will be installed.
−Removed: Installation is expected to start in October 2020 and commercial use is expected to start in February 2021.
−Removed: The new equipment will expand the coil segment’s processing capabilities to include material up to 96” wide and material of higher grades and allows the Decatur facility to cut material that is up to ½” thick compared to the previous equipment’s capability of 5/16” thick.
+Added: The Hickman facility is capable of cutting sheet and plate with thicknesses ranging from 14 gauge to ½” thick in widths ranging from 36” wide to 72” wide.
+Added: The Decatur facility previously operated a temper mill and a cut-to-length line but during the quarter ended June 30, 2020, the equipment was removed to allow the foundation to be prepared for a new stretcher leveler line.
+Added: In March 2021, the new stretcher leveler line was placed into service.
+Added: The estimated total cost of this project is $7,200,000 with approximately $6,733,000 having been paid as of March 31, 2021.
+Added: The new equipment expands the coil segment’s processing capabilities to include material up to 96” wide and material of higher grades and will allow the Decatur facility to cut material that is up to ½” thick compared to the previous equipment’s capability of 5/16” thick.
In addition, sheet and plate that has been stretcher leveled is preferable to some customers and applications compared to material that has been leveled through the temper mill process.
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Shipments are made via unaffiliated truckers or by rail.
+Added: On May 25, 2021, the Company announced plans for a new facility in Sinton, Texas that will be part of the coil product segment.
+Added: The new facility will be on the campus of Steel Dynamics, Inc.'s ("SDI") new flat roll steel mill currently under construction in Sinton, Texas.
+Added: The Company's new location will consist of an approximately 70,000 square foot building located on approximately 26.5 acres leased from SDI under a 99-year agreement.
+Added: The Company has selected Red Bud Industries to build one of the world’s largest stretcher leveler cut-to-length lines, capable of handling material up to 1” thick, widths up to 96” and yields exceeding 100,000 psi.
+Added: The Company expects the location to commence operations in April 2022 and estimates the total cost of the project to be $21 million.
The coil segment purchases its inventory from a limited number of suppliers.
5 unchanged sentences
TTP has an API licensed pipe finishing facility that threads and couples oil country tubular goods and performs other services that are customary in the pipe finishing process.
+Added: The pipe finishing facility is currently idled due to market conditions.
TTP’s inventory consists of raw materials and finished goods.
Raw material inventory consists of hot-rolled steel coils that TTP will manufacture into pipe.
−Removed: Finished goods inventory consists of pipe TTP has manufactured and new mill reject pipe that TTP purchases from U.S.
+Added: Finished goods inventory consists of pipe TTP has manufactured and mill reject pipe that TTP purchased from U.S.
Steel Tubular Products, Inc.
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The Company’s principal customers for these products and services are steel distributors and customers manufacturing steel products such as steel buildings, railroad cars, barges, tanks and containers, trailers, component parts and other fabricated steel products.
−Removed: During the fiscal years ended March 31, 2020 and 2019, sales of coil products to Trinity Industries, Inc.
−Removed: accounted for approximately 18% and 21% of the Company’s total sales, respectively.
+Added: No individual coil products customer accounted for 10% or more of the Company's total sales for the fiscal year ended March 31, 2021 .
+Added: For the fiscal year ended March 31, 2020, sales of coil products to Trinity Industries, Inc.
+Added: accounted for approximately 18% of the Company's total sales.
The Company sells substantially all of its coil products through its own sales force.
−Removed: At March 31, 2020, the sales force was comprised of the Vice President of Sales – Coil Divisions and five professional sales personnel.
+Added: At March 31, 2021 , the sales force was comprised of the Vice President of Sales – Coil Divisions and four professional sales personnel.
Sales personnel are paid on a salary and commission basis.
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The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other steel suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
−Removed: At March 31, 2020, the Company had 103 full-time employees and no part-time employees.
+Added: Human Capital Resources
+Added: At March 31, 2021 , the Company had 93 full-time employees and 1 part-time employee.
Executive Officers of the Company
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.