FRIEDMAN INDUSTRIES Business Summary

Friedman Industries Inc (FRD) is a diversified steel processor and manufacturer that generates revenue through the sale of value-added flat-roll products and manufactured tubular goods. The company operates two primary business segments: Flat-Roll Products, which processes hot-rolled steel coils into custom sheets and plates using temper mills and stretcher-leveler technology across seven facilities, and Tubular Products, which manufactures electric resistance welded (ERW) pipe for energy and structural applications at its Lone Star, Texas, mill. Following the September 2025 acquisition of Century Metals & Supplies, the company expanded its portfolio to include cold-rolled, stainless, and non-ferrous products. FRD competes directly with small-cap and mid-market steel players such as Algoma Steel Group (ASTL), Ascent Industries (ACNT), and HUHUTECH International Group (HUHU), positioning itself as a high-utilization niche processor with a robust risk-management strategy centered on hot-rolled coil hedging. Founded in 1965 by Harold Friedman, the company is currently led by President and CEO Michael J. Taylor, who assumed the role in 2019 after a 33-year career at Cargill, Inc., where he served as President of Cargill Metals Supply Chain. The executive team includes CFO Alex LaRue, a CPA who has been with the firm since 2011, and Chief Operating Officer Gaurav Chhibbar, appointed in July 2025, who brings a pedigree from Boston Consulting Group and Cargill Metals. Commercial operations are directed by Brian Hatlevig, another Cargill veteran with over two decades of metals trading experience. The company’s board is chaired by Taylor and features significant institutional backing from firms such as JPMorgan Chase and Ritholtz Wealth Management, reflecting a transition toward increased institutional ownership following its 2025 transfer to the Nasdaq Global Select Market.