Friedman Industries, Inc. is a Texas-based manufacturer and processor of steel products, operating in flat-roll and tubular segments since 1965.

# Company Summary: Friedman Industries, Incorporated

## Business Overview
Friedman Industries, Inc. is a Texas-based manufacturer and processor of steel products, incorporated in 1965. The company operates primarily in two reportable segments:
- **Flat-Roll Products**
- **Tubular Products**

## Flat-Roll Products Segment
- Operates five hot-rolled coil processing facilities located in:
  - Hickman, Arkansas
  - Decatur, Alabama
  - East Chicago, Indiana
  - Granite City, Illinois
  - Sinton, Texas
- Facilities feature temper mills and cut-to-length lines, or stretcher leveler lines, to improve coil flatness and surface quality.
- Capable of processing coils with thicknesses from 16 gauge to 1 inch and widths from 36" to 96".
- Revenue primarily generated from sales of Company-owned inventory, with some income from processing or storing customer-owned coils on a fee basis.
- Sells products wholesale in a rapid-delivery market via truckers and rail.
- Major customer: O'Neal Steel, accounting for approximately 16% of total sales in both fiscal years 2024 and 2025.
- Total sales contribution: approximately **91% in FY2025** and **92% in FY2024**.

## Tubular Products Segment
- Consists of Texas Tubular Products (TTP) in Lone Star, Texas.
- Operates two electric resistance welded pipe mills.
- Produces pipes with outside diameters of 2 3/8” to 8 5/8”.
- Products include line pipe, oil country pipe, and structural pipe, all meeting industry standards and API licenses.
- Revenue is solely from sales of Company-owned inventory.
- Purchases inventory from limited suppliers, making the loss of any supplier potentially material.
- Sales contribution: **9% in FY2025** and **8% in FY2024**.
- Sells to approximately 82 customers nationwide, mostly steel and pipe distributors.
- No individual customer in either year accounted for 10% or more of total sales.

## Employees and Sales Force
- Total full-time employees as of March 31, 2025: **271**, all based in the United States.
- Flat-Roll Sales Force: 28 personnel plus Vice President of Sales.
- Tubular Sales Force: 2 sales personnel plus Vice President and General Manager.

## Revenue and Financials
- The entire business model relies heavily on sales of inventory, with no mention of specific revenue figures or net income in the provided text.
- The company's products are sold generally on a wholesale basis in competitive markets.

## Additional Details
- The company emphasizes talent management, diversity, safety, and wellness for its workforce.
- Owns all principal properties, including manufacturing plants and offices, with specifics on locations, sizes, and lease arrangements.
- The company has no material legal proceedings pending as of FY2025.

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*Note: Specific revenue, net income, and detailed financial figures are contained in Note 12 of the Consolidated Financial Statements included in the FY2025 Annual Report, which was incorporated by reference.*

Friedman Industries, Incorporated is a Texas-based manufacturer and processor of steel products, operating through segments of Flat-Roll Products and Tubular Products.

# Company Overview: Friedman Industries, Incorporated 

## General Information
- **Incorporation**: Texas Corporation, established in 1965
- **Industry**: Manufacturer and processor of steel products
- **Segments**: 
  - **Flat-Roll Products** (formerly known as the coil segment)
  - **Tubular Products**

## Business Segments

### 1. Flat-Roll Products
- **Facilities**: Operates five hot-rolled coil processing facilities located in:
  - Hickman, Arkansas
  - Decatur, Alabama
  - East Chicago, Indiana
  - Granite City, Illinois
  - Sinton, Texas (newly constructed, commenced operations in October 2022)
- **Equipment**:
  - Temper mills and cut-to-length lines
  - Capable of cutting sheet and plate with thicknesses ranging from 16 gauge to 1” thick and widths from 36” to 96”
- **Revenue Contribution**: 
  - Contributes approximately **92%** of total sales in fiscal 2024 (up from **89%** in fiscal 2023).
  - Principally sells to about **480 customers**, including steel distributors and manufacturers of steel products (e.g., buildings, barges, trailers).
  - Key customer: O'Neal Steel—approximately **16%** of total sales in fiscal 2024.
- **Revenue Generation**: Predominantly from sales of company-owned inventory and processing/storage of customer-owned coils.

### 2. Tubular Products
- **Facility**: Texas Tubular Products division located in Lone Star, Texas
- **Operations**: 
  - Operates two electric resistance welded pipe mills with OD size ranges from 2 3/8” to 8 5/8”
  - API licensed to manufacture line and oil country pipe.
  - Has a pipe finishing facility (currently idled).
- **Revenue Contribution**: 
  - Contributes approximately **8%** of total sales in fiscal 2024 (down from **11%** in fiscal 2023).
  - Sells to about **92 customers**, principally steel and pipe distributors.
- **Revenue Generation**: Entirely from sales of company-owned inventory.

## Financial Performance
- **Employees**: As of March 31, 2024, the Company has **268 full-time employees** based in the United States.
- **Revenue and Income**: Specific revenue and income figures are not provided in the excerpt but are detailed in the financial statements referenced.

## Marketing and Competition
- **Sales Approach**: All products are sold through the company's own sales force, with dedicated personnel for each division.
- **Competitive Landscape**: The Company operates in a non-seasonal, competitive environment against other processors and suppliers of steel products. Competitiveness is largely dependent on price and product quality.

## Human Capital
- **Talent Management**: The Company emphasizes attracting, developing, and retaining diverse talent and maintaining an inclusive work environment.
- **Safety and Wellness**: Strong focus on employee safety with comprehensive training and wellness programs.

## Cybersecurity
- The Company has a cybersecurity program overseen by the Board and incorporates best practices for IT governance, risk management, and incident response.

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This summary highlights key aspects of Friedman Industries’ operational focus, customer base, workforce, and strategic initiatives in an organized manner. For detailed financial metrics, refer to the company’s latest financial reports.

FRIEDMAN INDUSTRIES INC

10-K / June 12, 2025

10-K / June 11, 2024

10-K / June 12, 2025

Company Summary: Friedman Industries, Incorporated

Business Overview

Flat-Roll Products Segment

Tubular Products Segment

Employees and Sales Force

Revenue and Financials

Additional Details