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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