Friedman Industries Files Proxy Statement for Annual Meeting

TL;DR

Friedman Industries (FRD) proxy filed - shareholders vote Sept 18.

AI Summary

Friedman Industries, Inc. filed a definitive proxy statement (DEF 14A) on July 26, 2024, for its annual meeting of shareholders scheduled for September 18, 2024. The filing provides information regarding the meeting, including the agenda and matters to be voted on by shareholders. The company is based in Longview, Texas, and operates in the steel works industry.

Why It Matters

This filing is crucial for shareholders as it outlines the proposals and director nominations they will vote on at the upcoming annual meeting, directly impacting the company's governance and future direction.

Risk Assessment

Risk Level: low — This is a routine proxy filing for an annual shareholder meeting, not indicating any immediate financial distress or significant operational changes.

Key Players & Entities

• FRIEDMAN INDUSTRIES INC (company) — Registrant
• 20240726 (date) — Filing Date
• 20240918 (date) — Annual Meeting Date
• LONGVIEW (location) — Company Headquarters
• TX (location) — Company State of Incorporation

FAQ

Key Financial Figures

• $1.00 — e 6,969,695 shares of our common stock, $1.00 par value ("Common Stock"), entitled to
• $9,000 — ded March 31, 2024, directors were paid $9,000 per quarter. In addition, the Chairman
• $3,000 — members of the Audit Committee received $3,000 and $2,250, respectively, per quarter.
• $2,250 — the Audit Committee received $3,000 and $2,250, respectively, per quarter. Mr. Taylor
• $22.8 million — 24, the Company purchased approximately $22.8 million of steel inventory from Metal One Corpo
• $5.1 million — egate repurchase price of approximately $5.1 million. The steel purchases from Metal One wer
• $294,000 — Company recorded sales of approximately $294,000 to Piping Technology & Products where M
• $5,000 — s generally or (ii) involving less than $5,000 when aggregated with all similar transa

Filing Documents

• frd20240726_def14a.htm (DEF 14A) — 270KB
• pc01.jpg (GRAPHIC) — 118KB
• pc02.jpg (GRAPHIC) — 58KB
• pvp1.jpg (GRAPHIC) — 60KB
• pvp2.jpg (GRAPHIC) — 63KB
• 0001437749-24-023617.txt ( ) — 683KB

From the Filing

DEF 14A 1 frd20240726_def14a.htm FORM DEF 14A frd20240726_def14a.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 FRIEDMAN INDUSTRIES, INCORPORATED (Name of registrant as specified in its charter) (Name of person(s) filing proxy statement, if other than the registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 FRIEDMAN INDUSTRIES, INCORPORATED NOTICE OF ANNUAL MEETING OF SHAREHOLDERS To the Shareholders of Friedman Industries, Incorporated: The Annual Meeting of Shareholders of Friedman Industries, Incorporated (the "Company") will be held in the offices of Norton Rose Fulbright US LLP, 1550 Lamar, Suite 2000, Houston, Texas 77010, on Wednesday, September 18, 2024, at 9:00 a.m. (Central Time), for the following purposes: (1) To elect the seven director nominees named in the accompanying proxy statement to serve on the Company's board of directors. (2) To vote on a non-binding advisory resolution regarding the compensation of Named Executive Officers. (3) To ratify the selection of Moss Adams LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2025. (4) To vote on an amendment of the Company's Articles of Incorporation to enable shareholders to amend the Company's Bylaws. (5) To transact such other business as may properly come before the meeting and any adjournment thereof. The Board of Directors has fixed the close of business on July 25, 2024, as the record date for the determination of shareholders entitled to receive this notice and to vote at the meeting. All shareholders are cordially invited to attend the meeting. This notice and the accompanying proxy materials have been sent to you by order of the Board of Directors. By Order of the Board of Directors, /s/ Alex LaRue ALEX LARUE Secretary July 26, 2024 Longview, Texas IMPORTANT Whether or not you expect to attend the meeting, please sign and date the enclosed white proxy card and mail it in the enclosed envelope to assure representation of your shares. If you attend the meeting, you may vote either in person or by your proxy. IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON SEPTEMBER 18, 2024 The accompanying proxy statement, a form of proxy card and a copy of our 2024 Annual Report to Shareholders are available at http://www.friedmanindustries.com/investors/proxy/. This website is not a forum for voting and presents only an overview of the more complete proxy materials. Shareholders are encouraged to access and review the proxy materials before voting. FRIEDMAN INDUSTRIES, INCORPORATED PROXY STATEMENT For Annual Meeting of Shareholders To Be Held on September 18, 2024 This proxy statement is furnished in connection with the solicitation of proxies by the Board of Directors of Friedman Industries, Incorporated (the "Company"), 1121 Judson Road, Suite 124, Longview, Texas 75601 (telephone number 903-758-3431) to be used at the Annual Meeting of Shareholders to be held at 9:00 a.m. (Central Time) on Wednesday, September 18, 2024 (the "Annual Meeting"), in the offices of Norton Rose Fulbright US LLP, 1550 Lamar, Suite 2000, Houston, Texas 77010, for the purposes set forth in the foregoing notice of the meeting. Properly executed proxies received in time for the meeting will be voted as directed therein, unless revoked in the manner provided hereinafter. As to any matter for which no choice has been specified in a proxy, other than as specifically set forth herein, the shares represented thereby will be voted by the persons named in the proxy (i) for the election as director of all of the nominees listed herein, (ii) for the non-binding, advisory resolution regarding the compensation of Named Executive Officers, (iii) for the ratification of the selection of Moss Adams LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2025, (iv) for the amendment of the Company's Articles of Incorporation to enable shareholders to amend the Company's Bylaws and (v) in the discretion of such persons in connection with any other business that may properly come before the meeting. If the enclosed form of proxy is executed and returned, it may nevertheless be revoked by the shareholder at any time before it is exercised pursuant

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