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What changed in FRIEDMAN INDUSTRIES INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of FRIEDMAN INDUSTRIES INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+25 added−29 removedSource: 10-K (2025-06-12) vs 10-K (2024-06-11)

Top changes in FRIEDMAN INDUSTRIES INC's 2025 10-K

25 paragraphs added · 29 removed · 24 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeBoth pipe mills are American Petroleum Institute (“API”) licensed to manufacture line pipe and oil country pipe and also manufacture pipe for structural purposes that meets other recognized industry standards. TTP has a pipe finishing facility capable of applying threads and couplings to oil country tubular goods and performing other services that are customary in the pipe finishing process.
Biggest changeBoth pipe mills are American Petroleum Institute (“API”) licensed to manufacture line pipe and oil country pipe and also manufacture pipe for structural purposes that meets other recognized industry standards. All of the tubular segment's revenue is generated from sales of Company owned inventory. TTP purchases its inventory from a limited number of suppliers.
At March 31, 2024, the sales force was comprised of the Vice President and General Manager – Tubular Division and two sales personnel. Competition The Company is engaged in a non-seasonal, highly-competitive business. The Company competes with other processors of hot-rolled steel coils, tubular manufacturers, steel distributors and brokers.
At March 31, 2025, the sales force was comprised of the Vice President and General Manager – Tubular Division and two sales personnel. Competition The Company is engaged in a non-seasonal, highly-competitive business. The Company competes with other processors of hot-rolled steel coils, tubular manufacturers, steel distributors and brokers.
The Company sells flat-roll products and processing or storage services to approximately 480 customers located primarily in the midwestern, southwestern and southeastern regions of the United States.
The Company sells flat-roll products and processing or storage services to approximately 442 customers located primarily in the midwestern, southwestern and southeastern regions of the United States.
Taylor 65 President and Chief Executive Officer since September 2019; formerly Interim President and Interim Chief Executive Officer since February 2019; Chairman of the Board of Directors since June 2017; member of the Board of Directors since December 2016 Alex LaRue 38 Chief Financial Officer – Secretary and Treasurer since March 2018; formerly Vice President — Secretary and Treasurer since 2014; formerly Assistant Vice President — Secretary and Treasurer since 2013; formerly Controller — Texas Tubular Products since 2011 3
Taylor 66 President and Chief Executive Officer since September 2019; formerly Interim President and Interim Chief Executive Officer since February 2019; Chairman of the Board of Directors since June 2017; member of the Board of Directors since December 2016 Alex LaRue 39 Chief Financial Officer – Secretary and Treasurer since March 2018; formerly Vice President — Secretary and Treasurer since 2014; formerly Assistant Vice President — Secretary and Treasurer since 2013; formerly Controller — Texas Tubular Products since 2011 3
No other individual flat-roll products customer accounted for 10% or more of the Company's total sales for either of the two fiscal years. The Company sells all of its flat-roll products through its own sales force. At March 31, 2024, the sales force was comprised of the Vice President of Sales – Flat Roll Division and 25 sales personnel.
No other individual flat-roll products customer accounted for 10% or more of the Company's total sales for either of the two fiscal years. The Company sells all of its flat-roll products through its own sales force. At March 31, 2025, the sales force was comprised of the Vice President of Sales – Flat Roll Division and 28 sales personnel.
Tubular Products. The Company sells its tubular products nationally to approximately 92 customers. The Company’s principal customers for these products are steel and pipe distributors. In fiscal years 2024 and 2023, no individual tubular customer accounted for 10% or more of the Company’s total sales. The Company sells all of its tubular products through its own sales force.
Tubular Products. The Company sells its tubular products nationally to approximately 82 customers. The Company’s principal customers for these products are steel and pipe distributors. In fiscal years 2025 and 2024, no individual tubular customer accounted for 10% or more of the Company’s total sales. The Company sells all of its tubular products through its own sales force.
Executive Officers of the Company The following table sets forth as of March 31, 2024, for each executive officer of the Company, the name, age, officer positions and arrangements with other persons regarding his selection as an officer, if any, and the period during which such officer has served in such capacity: Name Age Position, Offices with the Company and Other Arrangements, if any Michael J.
Information About Our Executive Officers The following table sets forth as of March 31, 2025, for each executive officer of the Company, the name, age, officer positions and arrangements with other persons regarding his selection as an officer, if any, and the period during which such officer has served in such capacity: Name Age Position, Offices with the Company and Other Arrangements, if any Michael J.
Loss of any of these suppliers could have a material adverse effect on the Company’s business. 2 Marketing The following table sets forth the approximate percentage of total sales contributed by each group of products and services during each of the Company’s last two fiscal years: Product and Service Groups Fiscal 2024 Fiscal 2023 Flat-Roll Products 92 % 89 % Tubular Products 8 % 11 % Flat-Roll Products.
Loss of any of these suppliers could have a material adverse effect on the Company’s business. 2 Marketing The following table sets forth the approximate percentage of total sales contributed by each group of products and services during each of the Company’s last two fiscal years: Product and Service Groups Fiscal 2025 Fiscal 2024 Flat-Roll Products 91 % 92 % Tubular Products 9 % 8 % Flat-Roll Products.
Significant financial information relating to the Company’s business segments for the last two years is contained in Note 13of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2024, which financial statements are incorporated herein by reference in Item 8 hereof.
Significant financial information relating to the Company’s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, which financial statements are incorporated herein by reference in Item 8 hereof.
Human Capital Employee Base At March 31, 2024, the Company had 268 full-time employees, with all of them based in the United States. Talent Management and Diversity The Company's success and growth depend in large part on our ability to attract, develop, and retain a diverse population of talented employees at all levels of our organization.
Human Capital Employee Base At March 31, 2025, the Company had 271 full-time employees, all based in the United States. Talent Management and Diversity The Company's success and growth depend in large part on our ability to attract, develop, and retain a diverse population of talented employees at all levels of our organization.
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. In fiscal years 2024 and 2023, sales of flat-roll products to O'Neal Steel accounted for approximately 16% and 15% of the Company's total sales, respectively.
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. Sales of flat-roll products to O'Neal Steel accounted for approximately 16% of the Company's total sales for both fiscal years 2025 and 2024.
Item 1. Business General Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of steel products and operates in two reportable segments: flat-roll products and tubular products. The flat-roll segment was previously referred to as the coil segment.
Item 1. Business General Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of steel products and operates in two reportable segments: flat-roll products and tubular products.
On a combined basis, the facilities are capable of cutting sheet and plate with thicknesses ranging from 16 gauge to 1” thick in widths ranging from 36” wide to 96” wide.
The equipment at all locations improve the flatness and surface quality of the coils and cut the coils into sheet and plate of prescribed lengths. On a combined basis, the facilities are capable of cutting sheet and plate with thicknesses ranging from 16 gauge to 1” thick in widths ranging from 36” wide to 96” wide.
Flat-Roll Products The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas. The facilities in Granite City and East Chicago were acquired on April 30, 2022 from Plateplus, Inc ("Plateplus").
Flat-Roll Products The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines.
Removed
The Company is now using flat-roll to describe the segment due to it being a more common term used in the Company's industry.
Removed
More information about the Plateplus transaction can be found in Note 2 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2024. The facility in Sinton is a newly constructed facility that commenced operations during October 2022.
Removed
The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines. The equipment at all locations improve the flatness and surface quality of the coils and cut the coils into sheet and plate of prescribed lengths.
Removed
The pipe finishing facility is currently idled. All of the tubular segment's revenue is generated from sales of Company owned inventory. TTP purchases its inventory from a limited number of suppliers.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity. A risk-based approach is taken regarding third-party systems utilized in our business. We have controls specifically focused on E-mail phishing including impersonation attempts.
Biggest changeWe have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention. Our cybersecurity tools are fully integrated and collect data from various sources to build relationships and detect more complex multi-channel attack strategies. Application controls are role-based and designed to protect data confidentiality and provide overall data integrity.
Employees have been trained to send any suspicious activity to a central IT Service Desk for evaluation and appropriate timely action. All critical systems have rigorous data backups and are designed for disaster recovery, ensuring business continuity in the event of a catastrophic incident. As part of continuous improvement, disaster recovery testing is being conducted and documented.
All critical systems have rigorous data backups and are designed for disaster recovery, ensuring business continuity in the event of a catastrophic incident. As part of continuous improvement, disaster recovery testing is being conducted and documented.
Cybersecurity Controls We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices.
Cybersecurity Controls We have implemented a modern, comprehensive set of controls that restrict access to systems using a combination of firewalls, virtual private networks, multi-factor authentication and enforced use of corporate controlled compliant devices. We utilize automated intrusion prevention, detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected.
Although our automated controls prevent most phishing attempts, some can be delivered to employees. To mitigate this risk, we provide training to employees using various methods including E-mail phishing campaigns which send phishing-style E-mails, monitors user responses and automatically assigns further training as appropriate.
To mitigate this risk, we provide training to employees using various methods including E-mail phishing campaigns which send phishing-style E-mails, monitors user responses and automatically assigns further training as appropriate. Employees have been trained to send any suspicious activity to a central IT Service Desk for evaluation and appropriate timely action.
Removed
We make extensive use of best-in-class automated intrusion prevention, intrusion detection and response systems which constantly monitor activity, build usage patterns and respond or alert when unusual activity is detected. We have experienced staff who perform root cause analysis, respond to any immediate threat, and implement improved controls for future prevention.
Added
A risk-based approach is taken regarding third-party systems utilized in our business. We have controls specifically focused on E-mail phishing including impersonation attempts. Although our automated controls prevent most phishing attempts, some can be delivered to employees.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeProperties The principal real properties of the Company are described in the following table: Location Approximate Size Ownership Lone Star, Texas Plant — Texas Tubular Products 161,000 sq. feet Owned(1) Offices — Texas Tubular Products 12,200 sq. feet Owned(1) Land — Texas Tubular Products 122.4 acres Owned(1) Longview, Texas Offices — Administrative 5,100 sq. feet Leased(2) Hickman, Arkansas Plant and Warehouse — Flat Roll Products 64,600 sq. feet Owned(1) Offices — Flat Roll Products 2,500 sq. feet Owned(1) Land — Flat Roll Products 26.2 acres Owned(1) Decatur, Alabama Plant and Warehouse — Flat Roll Products 48,000 sq. feet Owned(1) Offices — Flat Roll Products 2,000 sq. feet Owned(1) Land — Flat Roll Products 47.3 acres Owned(1) Sinton, Texas Plant and Warehouse — Flat Roll Products 70,000 sq. feet Leasehold Improvement (3) Offices — Flat Roll Products 3,100 sq. feet Leasehold Improvement (3) Land — Flat Roll Products 26.5 acres Leased (3) East Chicago, Indiana Plant and Warehouse — Flat Roll Products 150,900 sq. feet Owned (1) Offices — Flat Roll Products 3,200 sq. feet Owned (1) Land — Flat Roll Products 5.0 acres Owned (1) Granite City, Illinois Plant and Warehouse — Flat Roll Products 321,000 sq. feet Leasehold Improvement (4) Offices — Flat Roll Products 4,400 sq. feet Leasehold Improvement (4) Land — Flat Roll Products 31.1 acres Leased (4) The Woodlands, Texas Offices — Administrative 5,000 sq. feet Leased (5) (1) All of the Company’s owned real properties, plants and offices are held in fee and are not subject to any mortgage or deed of trust.
Biggest changeProperties The principal real properties of the Company are described in the following table: Location Approximate Size Ownership Lone Star, Texas Plant — Texas Tubular Products 118,260 sq. feet Owned(1) Offices — Texas Tubular Products 10,500 sq. feet Owned(1) Land — Texas Tubular Products 81.7 acres Owned(1) Longview, Texas Offices — Administrative 5,100 sq. feet Leased(2) Hickman, Arkansas Plant and Warehouse — Flat Roll Products 64,600 sq. feet Owned(1) Offices — Flat Roll Products 2,500 sq. feet Owned(1) Land — Flat Roll Products 26.2 acres Owned(1) Decatur, Alabama Plant and Warehouse — Flat Roll Products 48,000 sq. feet Owned(1) Offices — Flat Roll Products 2,000 sq. feet Owned(1) Land — Flat Roll Products 47.3 acres Owned(1) Sinton, Texas Plant and Warehouse — Flat Roll Products 70,000 sq. feet Leasehold Improvement (3) Offices — Flat Roll Products 3,100 sq. feet Leasehold Improvement (3) Land — Flat Roll Products 26.5 acres Leased (3) East Chicago, Indiana Plant and Warehouse — Flat Roll Products 150,900 sq. feet Owned (1) Offices — Flat Roll Products 3,200 sq. feet Owned (1) Land — Flat Roll Products 5.0 acres Owned (1) Granite City, Illinois Plant and Warehouse — Flat Roll Products 321,000 sq. feet Leasehold Improvement (4) Offices — Flat Roll Products 4,400 sq. feet Leasehold Improvement (4) Land — Flat Roll Products 31.1 acres Leased (4) The Woodlands, Texas Offices — Administrative 5,000 sq. feet Leased (5) (1) All of the Company’s owned real properties, plants and offices are held in fee and are not subject to any mortgage or deed of trust.
(4) The associated lease is with America's Central Port District. The lease expires on August 31, 2028 and requires a monthly rental payment of approximately $13,000. (5) The office lease is with a non-affiliated party, expires on February 28, 2029, requires a monthly rental payment of approximately $11,400 and a monthly payment of proportionate operating costs of approximately $4,800.
(4) The associated lease is with America's Central Port District. The lease expires on August 31, 2028 and requires a monthly rental payment of approximately $13,300. (5) The office lease is with a non-affiliated party, expires on February 28, 2029, requires a monthly rental payment of approximately $11,600 and a monthly payment of proportionate operating costs of approximately $4,800.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s Common Stock is traded principally on the NYSE – American (Symbol: FRD).
Biggest changeItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company's Common Stock was traded principally on the NYSE - American (Symbol: FRD) during the fiscal year ended March 31, 2025. The Company’s Common Stock is currently traded principally on the Nasdaq Global Select (Symbol: FRD).
Reference is hereby made to the sections of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2024, entitled “Description of Business — Range of High and Low Sales Prices of Common Stock” and “Description of Business — Cash Dividends Declared Per Share of Common Stock”, which sections are hereby incorporated herein by reference.
Reference is hereby made to the sections of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, entitled “Description of Business — Range of High and Low Sales Prices of Common Stock” and “Description of Business — Cash Dividends Declared Per Share of Common Stock”, which sections are hereby incorporated herein by reference.
The approximate number of shareholders of record of Common Stock of the Company as of April 26, 2024 was 156. Because many of the Company’s common shares are held by brokers and other institutions on behalf of shareholders, the Company is unable to estimate the total number of individual shareholders represented by these record holders.
The approximate number of shareholders of record of Common Stock of the Company as of April 25, 2025 was 150. Because many of the Company’s common shares are held by brokers and other institutions on behalf of shareholders, the Company is unable to estimate the total number of individual shareholders represented by these record holders.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Information with respect to Item 7 is hereby incorporated herein by reference from the section of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2024, entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.
Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Information with respect to Item 7 is hereby incorporated herein by reference from the section of the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

Other FRD 10-K year-over-year comparisons