Friedman Industries (NYSE American: FRD) is a steel manufacturing and processing company that produces and sells flat-roll and tubular steel products. Revenue is transactional, generated by selling processed steel products and processing or storage services directly to customers through an in-house sales force. The company operates in two reportable segments: flat-roll products and tubular products. Incorporated in Texas in 1965 and headquartered in Longview, Texas, Friedman runs five hot-rolled coil processing facilities and one tubular products plant across Arkansas, Alabama, Indiana, Illinois, and Texas. O'Neal Steel accounted for approximately 16% of total sales in both FY2025 and FY2024, making it a material customer concentration. Michael J. Taylor has served as President and CEO since September 2019. Alex LaRue has served as CFO since March 2018. All owned real properties are held free of mortgages as of the 10-K filed June 12, 2025.

Revenue model

Transactional sales of processed flat-roll steel products and tubular steel products, plus processing and storage services, sold directly through an in-house sales force. No subscription or licensing revenue disclosed.

Products and services

Flat-roll products: hot-rolled steel coils processed at five facilities (Hickman, AR; Decatur, AL; East Chicago, IN; Granite City, IL; Sinton, TX). Tubular products: manufactured at the Lone Star, TX plant (Texas Tubular Products). Processing and storage services are also offered within the flat-roll segment.

Customers and end markets

Flat-roll segment serves approximately 442 customers, primarily steel distributors and manufacturers of steel buildings, railroad cars, barges, tanks and containers, trailers, component parts, and fabricated steel products. Tubular segment serves approximately 82 customers, primarily steel and pipe distributors. O'Neal Steel represented approximately 16% of total company sales in FY2025 and FY2024. No other single customer exceeded 10% of total sales in either year.

Value-chain role

Midstream steel processor and manufacturer. Friedman purchases steel inputs (hot-rolled coils) and processes them into finished or semi-finished flat-roll and tubular products for downstream distributors and fabricators. It sits between primary steel mills and end-use manufacturers or distributors.

Geographic exposure

Operations concentrated in the midwestern, southwestern, and southeastern United States. Flat-roll processing facilities in Arkansas, Alabama, Indiana, Illinois, and Texas. Tubular products plant in Lone Star, Texas. Administrative offices in Longview, Texas. Flat-roll customers are primarily in the Midwest, Southwest, and Southeast. Tubular products are sold nationally.

Source: SEC 10-K, filed 2025-06-12

Industry: Steel Works, Blast Furnaces & Rolling & Finishing Mills Peers: Ampco-Pittsburgh Corp EMERGE HEALTH INTERNATIONAL INC NUCOR CORP OLYMPIC STEEL INC Ascent Industries Co UNIVERSAL STAINLESS & ALLOY PRODUCTS INC