FRD · CIK 39092
What Friedman Industries, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for FRD. More may follow as additional filings are processed.
In its own words
What could break it.
Supplier concentration
- limited number of steel coil/inventory suppliers (both segments)medium
Both the flat-roll and tubular segments buy inventory from a limited number of suppliers, and loss of any one could materially harm the business.
“The flat-roll segment purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company's business.”
SEC filing →As of 2025
Commodity & input dependence
- hot-rolled steel coillow
Friedman is a processor of hot-rolled steel coils, so its margins and inventory values are exposed to steel commodity price movements.
“Flat-roll products are sold on a wholesale, rapid-delivery basis in competition with other processors of hot-rolled steel coils.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
O'Neal Steel, Inc.
“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.”
Cited →
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