Friedman Industries (FRD) 10-K 11 Jun 24 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2024	Jun. 11, 2024	Sep. 29, 2023
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES, INCORPORATED
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-7521
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1504405
Entity Address, Address Line One	1121 Judson Road Suite 124
Entity Address, City or Town	Longview
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75601
City Area Code	903
Local Phone Number	758-3431
Title of 12(b) Security	Common Stock, $1 Par Value
Trading Symbol	FRD
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 92,000,000
Entity Common Stock, Shares Outstanding		6,969,695
Auditor Firm ID	659
Auditor Name	Moss Adams LLP
Auditor Location	Houston, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
CURRENT ASSETS:
Cash	$ 2,891	$ 2,992
Accounts receivable, net of allowances for credit losses and cash discounts of $97 and $183 at March 31, 2024 and 2023, respectively	47,329	49,367
Inventories	115,804	86,246
Current portion of derivative assets	74	536
Other current assets	3,966	4,515
TOTAL CURRENT ASSETS	170,064	143,656
PROPERTY, PLANT AND EQUIPMENT:
Land	1,670	1,670
Buildings and yard improvements	30,900	28,550
Machinery and equipment	53,607	51,001
Construction in process	1,977	1,167
Less accumulated depreciation	(31,396)	(28,455)
Property, plant, and equipment, net	56,758	53,933
OTHER ASSETS:
Cash value of officers’ life insurance and other assets	356	453
Operating lease right-of-use asset	2,841	1,270
TOTAL ASSETS	230,019	199,312
Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities, Current	43,886	36,847
Income taxes payable	2,213	774
Dividends payable	279	148
Contribution to retirement plan	0	350
Employee compensation and related expenses	5,989	4,650
Current portion of financing lease	54	107
Current portion of derivative liability	1,686	2,212
TOTAL CURRENT LIABILITIES	54,107	45,088
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	105	96
DEFERRED INCOME TAX LIABILITY	5,257	4,357
Operating and Finance Lease Liabilities, Noncurrent	2,782	1,222
ASSET BASED LENDING FACILITY	40,293	33,117
TOTAL LIABILITIES	102,544	83,880
COMMITMENTS AND CONTINGENCIES (SEE NOTE 12)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000, Issued shares — 8,868,716 shares and 8,344,975 shares at March 31, 2023 and 2022, respectively :	8,873	8,869
Additional paid-in capital	35,247	35,005
Accumulated other comprehensive loss	0	(317)
Treasury stock at cost (1,896,892 shares and 1,493,128 shares at March 31, 2024 and 2023, respectively)	(12,929)	(7,778)
Retained earnings	96,284	79,653
TOTAL STOCKHOLDERS’ EQUITY	127,475	115,432
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 230,019	$ 199,312

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Allowances for bad debts and cash discounts	$ 97	$ 183
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	8,873,203	8,868,716
Treasury stock, shares (in shares)	1,896,892	1,493,128

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 516,251	$ 547,542
Costs and expenses:
Selling, general and administrative	21,039	21,894
Depreciation and amortization	3,070	2,526
Costs and Expenses	491,733	526,468
EARNINGS FROM OPERATIONS	24,518	21,074
Gain on economic hedges of risk	1,848	9,306
Interest expense	(3,072)	(2,218)
Other income	20	27
EARNINGS BEFORE INCOME TAXES	23,314	28,189
Provision for income taxes:
Current	5,175	3,519
Deferred	794	3,326
Income tax	5,969	6,845
NET EARNINGS	$ 17,345	$ 21,344
Net earnings per share:
Basic (in dollars per share)	$ 2.39	$ 2.91
Diluted (in dollars per share)	2.39	2.91
Cash dividends, per share (in dollars per share)	$ 0.1	$ 0.08
Material Sold Expense [Member]
Costs and expenses:
Cost of Goods and Services Sold	$ 417,143	$ 456,419
Processing and Warehouse Expense [Member]
Costs and expenses:
Cost of Goods and Services Sold	26,690	21,146
Delivery Expense [Member]
Costs and expenses:
Cost of Goods and Services Sold	$ 23,791	$ 24,483

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net earnings	$ 17,345	$ 21,344
Other comprehensive income:
Cash flow hedges, net of tax	317	9,952
Other Comprehensive Income (Loss)	317	9,952
Comprehensive income	$ 17,662	$ 31,296

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balance at Mar. 31, 2022	$ 8,345	$ (10,269)	$ 30,442	$ (7,741)	$ 58,909	$ 79,686
Net earnings	0	0	0	0	21,344	21,344
Net current period other comprehensive income	0	9,952	0	0	0	9,952
Issuance of restricted stock	8	0	(8)	0	0	0
Paid in capital – restricted stock units	0	0	303	0	0	303
Shares issued - Plateplus business combination	516	0	4,268	0	0	4,784
Repurchase of shares	0	0	0	(37)	0	(37)
Cash dividends	0	0	0	0	(600)	(600)
Balance at Mar. 31, 2023	8,869	(317)	35,005	(7,778)	79,653	115,432
Net earnings	0	0	0	0	17,345	17,345
Net current period other comprehensive income	0	317	0	0	0	317
Issuance of restricted stock	4	0	(4)	0	0	0
Paid in capital – restricted stock units	0	0	246	0	0	246
Repurchase of shares	0	0	0	(5,151)	0	(5,151)
Cash dividends	0	0	0	0	(714)	(714)
Balance at Mar. 31, 2024	$ 8,873	$ 0	$ 35,247	$ (12,929)	$ 96,284	$ 127,475

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash dividends, per share (in dollars per share)	$ 0.1	$ 0.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net earnings	$ 17,345	$ 21,344
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	3,070	2,526
Deferred taxes	794	3,326
Compensation expense for restricted stock	246	303
Change in post-retirement benefits	9	8
(Gain) loss recognized on open derivatives not designated for hedge accounting	(64)	459
Deferred realized gain on derivatives	418	4,773
Right-of-use asset	41	0
Decrease (increase) in operating assets, net of amounts acquired in business combination:
Accounts receivable	2,038	(13,696)
Inventories	(29,558)	59,247
Federal income taxes recoverable	0	1,404
Other current assets	1,173	(1,363)
Decrease (increase) in operating liabilities, net of amounts acquired in business combination:
Accounts payable and accrued expenses	7,039	(18,875)
Income taxes payable	1,439	774
Employee compensation and related expenses	1,339	3,564
Contribution to retirement plan	(350)	100
NET CASH PROVIDED BY OPERATING ACTIVITIES	4,979	63,894
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(5,792)	(16,454)
Increase in cash surrender value of officers’ life insurance	(13)	(13)
NET CASH USED IN INVESTING ACTIVITIES	(5,805)	(88,187)
FINANCING ACTIVITIES
Debt issuance cost	0	(393)
Cash dividends paid	(581)	(589)
Cash paid for principal portion of finance lease	(107)	(105)
Cash paid for share repurchases	(5,151)	(37)
Borrowings on asset based lending facility	831,436	740,944
Repayments on asset based lending facility	(824,260)	(726,263)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,337	13,557
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	511	(10,736)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,386	16,122
CASH AND RESTRICTED CASH AT END OF PERIOD	5,897	5,386
Plateplus Inc. [Member]
INVESTING ACTIVITIES
Plateplus business combination	$ 0	$ (71,720)

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. BASIS OF CONSOLIDATION: RECLASSIFICATIONS: may Cost of products sold four "Cost of materials sold" "Processing and warehousing expense" "Delivery expense" "Depreciation and Amortization" Cost of materials sold Processing and warehousing expense Delivery expense Net sales no BUSINESS COMBINATIONS: 2 March 31, 2023. REVENUE RECOGNITION: 14 TRADE RECEIVABLES: third 30 March 31, 2024 2023, INVENTORIES: not 2024 2023 not no The following is a summary of inventory by product group (in thousands): March 31, 2024 2023 Flat-Roll raw material $ 85,483 $ 63,113 Flat-Roll finished goods 17,030 13,082 Tubular raw material 4,185 5,193 Tubular finished goods 9,106 4,858 $ 115,804 $ 86,246 DERIVATIVE INSTRUMENTS: may 2024 changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 7 f PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 to 40 Machinery and equipment (in years) 10 to 35 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2024 2023 . When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: March 31, 2024 2023, SHIPPING COSTS: Delivery expense SUPPLEMENTAL CASH FLOW INFORMATION: 2024 2023 2024 2023 2023, 2, 2023, INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not USE OF ESTIMATES: 2. FINANCIAL INSTRUMENTS: EARNINGS PER SHARE: The Company uses the two no not ECONOMIC RELATIONSHIP: Flat-roll segment sales to O'Neal Steel accounted for approximately 16% and 15% of total Company sales in fiscal 2024 2023, No 10% The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30

Note 2 - Business Combinations

Note 2 - Business Combinations	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. On April 30, 2022, ( The Transaction resulted in the Company acquiring the assets noted above, for a total consideration of approximately $76.5 million, of which $71.7 million was cash consideration and $4.8 million related to 516,041 shares of the Company's common stock issued to the Seller. The fair value of the 516,041 shares issued was determined based on the closing market price of the Company’s common stock on April 29, 2022, The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right-of-use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503 In fiscal 2023, one 4.

Note 3 - Equity Compensation Pl

Note 3 - Equity Compensation Plans and Capital Stock	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	3. EQUITY COMPENSATION PLANS AND CAPITAL STOCK The Company maintains the Friedman Industries, Incorporated 2016 may, The following table summarizes the activity related to restricted stock units ("RSUs") for the two March 31, 2024 : Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2022 139,523 $ 5.96 Granted 7,700 9.10 Vested (46,857 ) 6.21 Unvested at March 31, 2023 100,366 $ 6.08 Granted 4,487 15.61 Vested (40,366 ) 6.27 Unvested at March 31, 2024 64,487 $ 6.62 We measure compensation expense for RSUs at the market price of our common stock as of the grant date. Compensation expense is recognized over the requisite service period applicable to each award. The Company recorded compensation expense of approximately $0.2 million and $0.3 million in fisca l 2024 and fiscal 2023 , lan. At March 31, 2024 and 2023 and $0.3 million, respectively, which is expected to be recognized over a weighted average period of approximately and 1.4 years, respectively. As of March 31, 2024 , a total of shares were still available to be issued under the Plan. The Company has 1,000,000 authorized shares of Cumulative Preferred Stock with a par value of $1 per share. The stock may one no March 31, 2024 or March 31, 2023 . On December 13, 2023, December 13, 2023, December 13, 2026. not 2024 2023 2024 2023,

Note 4 - Debt

Note 4 - Debt	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	4. The Company has a $150 million asset-based lending facility ("ABL Facility") in place with JPMorgan Chase Bank, N.A. as the arranging agent and BMO Harris Bank, N.A. as a one third May 19, 2026 1.00 twelve may March 31, 2024, March 31, 2024, The Company incurred debt issuance costs of approximately $0.4 million in connection with the ABL Facility. The Company recorded these debt issuance costs as non-current other assets and is amortizing these costs on an equal monthly basis over the remaining term of the ABL facility.

Note 5 - Leases

Note 5 - Leases	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	5. The Company was assigned an operating lease associated with the real property and leasehold improvements for the Granite City, IL facility acquired from Plateplus pursuant to the transaction disclosed in Note 2. January 2024, August 31, 2028 4 five March 31, 2024 September 2024 February 2024, February 28, 2029 one March 31, 2024 March 2025 April 2024 April 30, 2027 In October 2019, The components of expense related to leases were as follows for the fiscal years ende d March 31, 2024 and 2023 (in thousands): Fiscal 2024 Fiscal 2023 Finance lease – amortization of ROU asset $ 106 $ 105 Finance lease – interest on lease liability 3 4 Operating lease expense 234 127 $ 343 $ 236 The following table illustrates the balance sheet classification for ROU assets and lease liabilities as o f March 31, 2024 and 2023 (in thousands): March 31, 2024 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,841 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 404 430 Property, plant & equipment Total right-of-use assets $ 3,245 $ 1,700 Liabilities Operating lease liability, current $ 101 $ 101 Accrued expenses Finance lease liability, current 54 107 Current portion of finance lease Operating lease liability, non-current 2,782 1,168 Non-current lease liabilities Finance lease liability, non-current — 54 Non-current lease liabilities Total lease liabilities $ 2,937 $ 1,430 As of March 31, 2024 , t Maturities of lease liabilities as of March 31, 2024 Operating Finance Leases Leases Fiscal 2025 299 54 Fiscal 2026 303 — Fiscal 2027 311 — Fiscal 2028 319 — Fiscal 2029 and beyond 5,043 — Total undiscounted lease payments $ 6,275 $ 54 Less: imputed interest (3,392 ) — Present value of lease liability $ 2,883 $ 54

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6. In October 2022, 1” 96” 100,000 At March 31, 2024, June 30, 2024 Depreciation expense was approximately and $2.5 million for fiscal 2024 2023,

Note 7 - Derivative Financial I

Note 7 - Derivative Financial Instruments	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. From time to time, we expect to utilize derivative financial instruments to minimize our exposure to commodity price risk that is inherent in our business. At the time derivative contracts are entered into, we assess whether the nature of the instrument qualifies for hedge accounting treatment according to the requirements of ASC 815 815” attempts to minimize From time to time, derivatives designated for hedge accounting may If it is determined that hedged transactions associated with cash flow hedges are no From time to time, we may not The Company has forward physical purchase supply agreements in place for a portion of its monthly physical steel needs. These supply agreements are not 815. At March 31, 2024, not March 31, 2023, During fiscal 2024 2023, not The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of March 31, 2024 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 74 Current portion of derivative liability $ 1,686 The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as of March 31, 2023 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212 All derivatives are presented on a gross basis on the Consolidated Balance Sheet. At March 31, 2024, March 2024 March 31, 2023, March 2023 The Company did not March 31, 2024 March 31, 2023. The following table summarizes the pre-tax gain recognized in other comprehensive income and the loss reclassified from accumulated other comprehensive income into earnings for derivative financial instruments designated as cash flow hedges for the twelve March 31, 2024 2023 Location of Loss Pre- Tax Pre-Tax Gain Reclassified Loss Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the twelve months ended March 31, 2024 Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the twelve months ended March 31, 2023 Hot-rolled coil steel contracts $ 9,005 Sales $ (4,116 ) Total $ 9,005 $ (4,116 ) The following table summarizes the gain recognized in earnings for derivative instruments not 2024 Gain Recognized in Earnings Location of Gain for Fiscal Year Ended Recognized in Earnings March 31, 2024 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 1,848 The following table summarizes the gain recognized in earnings for derivative instruments not 2023 Gain Recognized in Earnings Location of Gain for Fiscal Year Ended Recognized in Earnings March 31, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 9,306 The notional amount (quantity) of our derivative instruments not March 31, 2024 May 2024 December 2024 April 2024 May 2024. The following tables reflect the change in accumulated other comprehensive income (loss), net of tax, for the periods presented (in thousands): Gain (Loss) on Derivatives Balance at March 31, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at March 31, 2024 $ — ( 1 March 31, 2024. Gain (Loss) on Derivatives Balance at March 31, 2022 (10,269 ) Other comprehensive income, net of loss, before reclassification 6,830 Total loss reclassified from AOCI (1) 3,122 Net current period other comprehensive income 9,952 Balance at March 31, 2023 (317 ) ( 1 March 31, 2023. At March 31, 2024 2023, and $2.4 million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash March 31, 2024 2023.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1 ● Level 2 1 ● Level 3 no Recurring Fair Value Measurements At March 31, 2024, Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 ) At March 31, 2023, Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 ) At March 31, 2024 2023, not

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Basic and dilutive net earnings per share is computed based on the following information (in thousands, except for share data): Year Ended March 31, 2024 2023 Numerator (basic and diluted) Net earnings $ 17,345 $ 21,344 Less: Allocation to unvested restricted stock units $ 177 $ 329 Net earnings attributable to common shareholders 17,168 21,015 Denominator (basic and diluted) Weighted average common shares outstanding 7,183,702 7,216,142 For fiscal 2024 2023, As the restricted stock qualifies as participating securities, the following restricted stock units were not two Year Ended March 31, 2024 2023 Restricted Stock Units 48,049 55,546

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. Components of tax expense (benefit) are as follows (in thousands): Year Ended March 31, 2024 2023 Federal Current $ 4,248 $ 2,135 Deferred 473 3,425 4,721 5,560 State Current 927 1,384 Deferred 321 (99 ) 1,248 1,285 Total $ 5,969 $ 6,845 The U.S. federal statutory income tax rate is reconciled to the effective rate as follows: Year Ended March 31, 2024 2023 Income tax expense at U.S. federal statutory rate 21.0 % 21.0 % Current year state and local income taxes net of federal income tax benefit 4.3 3.5 Other 0.3 (0.3 ) Provision for income taxes 25.6 % 24.2 % The Company’s tax returns may March 31, 2021 March 31, 2023. may March 31, 2020 March 31, 2023. Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows (in thousands): March 31, 2024 2023 Deferred tax liabilities: Depreciation $ (6,451 ) $ (5,786 ) Total deferred tax liabilities (6,451 ) (5,786 ) Deferred tax assets: Unrealized derivative loss - OCI — 106 Inventory capitalization 552 548 Postretirement benefits other than pensions 26 25 Restricted stock compensation 77 91 Unrealized loss - mark to market derivatives 403 526 Other 136 133 Total deferred tax assets 1,194 1,429 Net deferred tax liability $ (5,257 ) $ (4,357 )

Note 11 - Other Comprehensive I

Note 11 - Other Comprehensive Income	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	11. The following table summarizes the tax effects on each c omponent of Other Comprehensive Income for the periods presented (in thousands): Twelve Months Ended March 31, 2024 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Twelve Months Ended March 31, 2023 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 13,121 $ (3,169 ) $ 9,952 Other comprehensive income $ 13,121 $ (3,169 ) $ 9,952

Note 12 - Retirement Plan

Note 12 - Retirement Plan	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	12 . RETIREMENT PLAN The Company maintains the Friedman Industries, Inc. Employees’ Retirement and 401 six Employees may 401 six may 401 $0.1 million for March 31, 2024 2023 The retirement portion of the Plan covers substantially all employees, including officers. Any contributions are determined at the discretion of the Board of Directors in an amount not not 2024. 2023,

Note 13 - Industry Segment Data

Note 13 - Industry Segment Data	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13 . INDUSTRY SEGMENT DATA The Company is engaged in the steel processing, pipe manufacturing and processing and steel and pipe distribution business. Within the Company, there are two Year Ended March 31, 2024 2023 NET SALES: Flat-Roll $ 472,774 $ 485,641 Tubular 43,477 61,901 TOTAL NET SALES $ 516,251 $ 547,542 OPERATING PROFIT: Flat-Roll $ 33,226 $ 23,421 Tubular 2,980 8,641 TOTAL OPERATING PROFIT 36,206 32,062 General corporate expenses (11,688 ) (10,988 ) Gain on economic hedges of risk 1,848 9,306 Interest expense (3,072 ) (2,218 ) Other income 20 27 TOTAL EARNINGS BEFORE INCOME TAXES $ 23,314 $ 28,189 IDENTIFIABLE ASSETS: Flat-Roll $ 205,797 $ 179,780 Tubular 19,589 15,858 225,386 195,638 General corporate assets 4,633 3,674 TOTAL ASSETS $ 230,019 $ 199,312 DEPRECIATION: Flat-Roll $ 2,637 $ 2,097 Tubular 317 330 Corporate and other 116 99 $ 3,070 $ 2,526 CAPITAL EXPENDITURES: Flat-Roll $ 5,176 $ 16,328 Tubular 510 125 Corporate and other 106 1 $ 5,792 $ 16,454 Operating profit is total net sales less operating expenses, excluding general corporate expenses, gain on economic hedges, interest expense and other income. General corporate expenses reflect general and administrative expenses not orate insurance expenses, restricted stock plan compensation expense and office supplies. At March 31, 2024 and 2023 , corporate assets consisted primarily of cash, restricted cash, though inventory is transferred at cost between product groups, there are no

Note 14 - Revenue

Note 14 - Revenue	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	14. Revenue is generated primarily from contracts to manufacture or process steel products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing or storage of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not not The Company has two two The following table disaggregates our revenue by product for each of our reportable business segments for the fiscal years ended March 31, 2024 2023 Fiscal Year Ended March 31, 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products $ 467,510 $ 482,890 Processing or Storage of Customer Owned Coil 5,264 2,751 $ 472,774 $ 485,641 Tubular Segment: Manufactured Pipe $ 43,477 $ 61,901 $ 43,477 $ 61,901

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS FRIEDMAN INDUSTRIES, INCORPORATED (In thousands) Description Balance at Beginning Balance at of Period Additions (A) Deductions (B) End of Period Year ended March 31, 2024 Allowance for credit losses and cash discounts (deducted from related asset account) $ 183 $ — (86 ) $ 97 Year ended March 31, 2023 Allowance for credit losses and cash discounts (deducted from related asset account) $ 85 $ 98 — $ 183 (A) Additions consist of charges to bad debt expense of approximately $98 in fiscal 2023. (B) Deductions consist of accounts receivable written off of approximately $38, $48 2024.

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	BASIS OF CONSOLIDATION:
Reclassification, Comparability Adjustment [Policy Text Block]	RECLASSIFICATIONS: may Cost of products sold four "Cost of materials sold" "Processing and warehousing expense" "Delivery expense" "Depreciation and Amortization" Cost of materials sold Processing and warehousing expense Delivery expense Net sales no
Business Combinations Policy [Policy Text Block]	BUSINESS COMBINATIONS: 2 March 31, 2023.
Revenue [Policy Text Block]	REVENUE RECOGNITION: 14
Accounts Receivable [Policy Text Block]	TRADE RECEIVABLES: third 30 March 31, 2024 2023,
Inventory, Policy [Policy Text Block]	INVENTORIES: not 2024 2023 not no The following is a summary of inventory by product group (in thousands): March 31, 2024 2023 Flat-Roll raw material $ 85,483 $ 63,113 Flat-Roll finished goods 17,030 13,082 Tubular raw material 4,185 5,193 Tubular finished goods 9,106 4,858 $ 115,804 $ 86,246
Derivatives, Policy [Policy Text Block]	DERIVATIVE INSTRUMENTS: may 2024 changes in fair value are recognized in the same balance sheet line as the hedged item until the hedged item affects earnings not not 815 7 f
Property, Plant and Equipment, Policy [Policy Text Block]	PROPERTY, PLANT AND EQUIPMENT: Buildings (in years) 20 to 40 Machinery and equipment (in years) 10 to 35 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 15 The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not not 2024 2023 . When property, plant and equipment is sold or otherwise disposed of, any gains or losses are reflected in income. If a loss on disposal is expected, such losses are recognized when the assets are reclassified as assets held for sale. Maintenance and repairs are expensed as incurred.
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block]	POSTRETIREMENT BENEFITS OTHER THAN PENSIONS: March 31, 2024 2023,
Shipping Costs [Policy Text Block]	SHIPPING COSTS: Delivery expense
Supplemental Cash Flow Information [Policy Text Block]	SUPPLEMENTAL CASH FLOW INFORMATION: 2024 2023 2024 2023 2023, 2, 2023,
Income Tax, Policy [Policy Text Block]	INCOME TAXES: The Company has also analyzed tax positions taken on tax returns filed and does not not
Use of Estimates, Policy [Policy Text Block]	USE OF ESTIMATES: 2.
Fair Value of Financial Instruments, Policy [Policy Text Block]	FINANCIAL INSTRUMENTS:
Earnings Per Share, Policy [Policy Text Block]	EARNINGS PER SHARE: The Company uses the two no not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	ECONOMIC RELATIONSHIP: Flat-roll segment sales to O'Neal Steel accounted for approximately 16% and 15% of total Company sales in fiscal 2024 2023, No 10% The Company’s sales are concentrated primarily in the midwestern, southwestern, and southeastern regions of the United States and are primarily to customers in the steel distributing and fabricating industries. The Company performs periodic credit evaluations of the financial conditions of its customers and generally does not 30

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2024 2023 Flat-Roll raw material $ 85,483 $ 63,113 Flat-Roll finished goods 17,030 13,082 Tubular raw material 4,185 5,193 Tubular finished goods 9,106 4,858 $ 115,804 $ 86,246
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 20 to 40 Machinery and equipment (in years) 10 to 35 Yard improvements (in years) 5 to 15 Loaders and other rolling stock (in years) 5 to 15

Note 2 - Business Combinations

Note 2 - Business Combinations (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Fair value of assets acquired and liabilities assumed (in thousands) Inventory $ 77,546 Property, plant and equipment 18,022 Operating lease right-of-use asset 1,237 Accounts payable (19,065 ) Operating lease liability (1,237 ) Total $ 76,503

Note 3 - Equity Compensation _2

Note 3 - Equity Compensation Plans and Capital Stock (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted Average Grant Number of Date Fair Value Shares Per Share Unvested at March 31, 2022 139,523 $ 5.96 Granted 7,700 9.10 Vested (46,857 ) 6.21 Unvested at March 31, 2023 100,366 $ 6.08 Granted 4,487 15.61 Vested (40,366 ) 6.27 Unvested at March 31, 2024 64,487 $ 6.62

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]	Fiscal 2024 Fiscal 2023 Finance lease – amortization of ROU asset $ 106 $ 105 Finance lease – interest on lease liability 3 4 Operating lease expense 234 127 $ 343 $ 236 March 31, 2024 March 31, 2023 Balance Sheet Classification Assets Operating lease right-of-use asset $ 2,841 $ 1,270 Operating lease right-of-use asset Finance lease right-of-use asset 404 430 Property, plant & equipment Total right-of-use assets $ 3,245 $ 1,700 Liabilities Operating lease liability, current $ 101 $ 101 Accrued expenses Finance lease liability, current 54 107 Current portion of finance lease Operating lease liability, non-current 2,782 1,168 Non-current lease liabilities Finance lease liability, non-current — 54 Non-current lease liabilities Total lease liabilities $ 2,937 $ 1,430
Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Finance Leases Leases Fiscal 2025 299 54 Fiscal 2026 303 — Fiscal 2027 311 — Fiscal 2028 319 — Fiscal 2029 and beyond 5,043 — Total undiscounted lease payments $ 6,275 $ 54 Less: imputed interest (3,392 ) — Present value of lease liability $ 2,883 $ 54

Note 7 - Derivative Financial_2

Note 7 - Derivative Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 74 Current portion of derivative liability $ 1,686 Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Derivatives not designated as hedging instruments: Location Fair Value Location Fair Value Hot-rolled coil steel contracts Current portion of derivative assets $ 536 Current portion of derivative liability $ 2,212
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Location of Loss Pre- Tax Pre-Tax Gain Reclassified Loss Reclassified from Recognized in OCI from AOCI into Net Earnings AOCI into Net Earnings For the twelve months ended March 31, 2024 Hot-rolled coil steel contracts $ — Sales $ (418 ) Total $ — $ (418 ) For the twelve months ended March 31, 2023 Hot-rolled coil steel contracts $ 9,005 Sales $ (4,116 ) Total $ 9,005 $ (4,116 )
Derivative Instruments, Gain (Loss) [Table Text Block]	Gain Recognized in Earnings Location of Gain for Fiscal Year Ended Recognized in Earnings March 31, 2024 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 1,848 Gain Recognized in Earnings Location of Gain for Fiscal Year Ended Recognized in Earnings March 31, 2023 Hot-rolled coil steel contracts Gain on economic hedges of risk $ 9,306
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Gain (Loss) on Derivatives Balance at March 31, 2023 $ (317 ) Other comprehensive income, net of loss, before reclassification — Total loss reclassified from AOCI (1) 317 Net current period other comprehensive income 317 Balance at March 31, 2024 $ — Gain (Loss) on Derivatives Balance at March 31, 2022 (10,269 ) Other comprehensive income, net of loss, before reclassification 6,830 Total loss reclassified from AOCI (1) 3,122 Net current period other comprehensive income 9,952 Balance at March 31, 2023 (317 )

Note 8 - Fair Value Measureme_2

Note 8 - Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (1,612 ) $ — $ — $ (1,612 ) Total $ (1,612 ) $ — $ — $ (1,612 ) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Commodity futures – financial liabilities, net $ (1,676 ) $ — $ — $ (1,676 ) Total $ (1,676 ) $ — $ — $ (1,676 )

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2024 2023 Numerator (basic and diluted) Net earnings $ 17,345 $ 21,344 Less: Allocation to unvested restricted stock units $ 177 $ 329 Net earnings attributable to common shareholders 17,168 21,015 Denominator (basic and diluted) Weighted average common shares outstanding 7,183,702 7,216,142
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended March 31, 2024 2023 Restricted Stock Units 48,049 55,546

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2024 2023 Federal Current $ 4,248 $ 2,135 Deferred 473 3,425 4,721 5,560 State Current 927 1,384 Deferred 321 (99 ) 1,248 1,285 Total $ 5,969 $ 6,845
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2024 2023 Income tax expense at U.S. federal statutory rate 21.0 % 21.0 % Current year state and local income taxes net of federal income tax benefit 4.3 3.5 Other 0.3 (0.3 ) Provision for income taxes 25.6 % 24.2 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31, 2024 2023 Deferred tax liabilities: Depreciation $ (6,451 ) $ (5,786 ) Total deferred tax liabilities (6,451 ) (5,786 ) Deferred tax assets: Unrealized derivative loss - OCI — 106 Inventory capitalization 552 548 Postretirement benefits other than pensions 26 25 Restricted stock compensation 77 91 Unrealized loss - mark to market derivatives 403 526 Other 136 133 Total deferred tax assets 1,194 1,429 Net deferred tax liability $ (5,257 ) $ (4,357 )

Note 11 - Other Comprehensive_2

Note 11 - Other Comprehensive Income (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Comprehensive Income (Loss) [Table Text Block]	Twelve Months Ended March 31, 2024 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 418 $ (101 ) $ 317 Other comprehensive income $ 418 $ (101 ) $ 317 Twelve Months Ended March 31, 2023 Before-Tax Tax Provision Net-of-Tax Cash flow hedges $ 13,121 $ (3,169 ) $ 9,952 Other comprehensive income $ 13,121 $ (3,169 ) $ 9,952

Note 13 - Industry Segment Da_2

Note 13 - Industry Segment Data (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2024 2023 NET SALES: Flat-Roll $ 472,774 $ 485,641 Tubular 43,477 61,901 TOTAL NET SALES $ 516,251 $ 547,542 OPERATING PROFIT: Flat-Roll $ 33,226 $ 23,421 Tubular 2,980 8,641 TOTAL OPERATING PROFIT 36,206 32,062 General corporate expenses (11,688 ) (10,988 ) Gain on economic hedges of risk 1,848 9,306 Interest expense (3,072 ) (2,218 ) Other income 20 27 TOTAL EARNINGS BEFORE INCOME TAXES $ 23,314 $ 28,189 IDENTIFIABLE ASSETS: Flat-Roll $ 205,797 $ 179,780 Tubular 19,589 15,858 225,386 195,638 General corporate assets 4,633 3,674 TOTAL ASSETS $ 230,019 $ 199,312 DEPRECIATION: Flat-Roll $ 2,637 $ 2,097 Tubular 317 330 Corporate and other 116 99 $ 3,070 $ 2,526 CAPITAL EXPENDITURES: Flat-Roll $ 5,176 $ 16,328 Tubular 510 125 Corporate and other 106 1 $ 5,792 $ 16,454

Note 14 - Revenue (Tables)

Note 14 - Revenue (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Fiscal Year Ended March 31, 2024 2023 Flat-Roll Segment: Company Owned Flat-Roll Products $ 467,510 $ 482,890 Processing or Storage of Customer Owned Coil 5,264 2,751 $ 472,774 $ 485,641 Tubular Segment: Manufactured Pipe $ 43,477 $ 61,901 $ 43,477 $ 61,901

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Description Balance at Beginning Balance at of Period Additions (A) Deductions (B) End of Period Year ended March 31, 2024 Allowance for credit losses and cash discounts (deducted from related asset account) $ 183 $ — (86 ) $ 97 Year ended March 31, 2023 Allowance for credit losses and cash discounts (deducted from related asset account) $ 85 $ 98 — $ 183

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)		12 Months Ended
	Apr. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss		$ 100,000	$ 200,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		3,000,000	2,000,000
Proceeds from Income Tax Refunds		3,900,000	400,000
Transfer of Ownership of Life Insurance Policy			$ 31,000
Unrecognized Tax Benefits, Ending Balance		$ 0
Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | O'Neal Steel [Member]
Concentration Risk, Percentage		16%	15%
Plateplus Inc. [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	516,041		516,041
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 4,800,000		$ 4,800,000
Life Insurance Policies Transfer [Member]
Liability, Other Retirement Benefits		$ 100,000	$ 100,000

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Summary of Inventory by Product Group (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Inventory, Net	$ 115,804	$ 86,246
Prime Coil Inventory [Member]
Flat-Roll raw material	85,483	63,113
Non-standard Coil Inventory [Member]
Flat-Roll raw material	17,030	13,082
Tubular Inventory [Member]
Flat-Roll raw material	4,185	5,193
Finished goods	$ 9,106	$ 4,858

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Various Classes of Assets (Details)	Mar. 31, 2024
Minimum [Member] | Building [Member]
Property, Plant and Equipment, Useful Life (Year)	20 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Minimum [Member] | Yard Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] | Loaders and Other Rolling Stock [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Maximum [Member] | Building [Member]
Property, Plant and Equipment, Useful Life (Year)	40 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	35 years
Maximum [Member] | Yard Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Maximum [Member] | Loaders and Other Rolling Stock [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 2 - Business Combination_2

Note 2 - Business Combinations (Details Textual) - Plateplus Inc. [Member] - USD ($) $ in Thousands		12 Months Ended
	Apr. 30, 2022	Mar. 31, 2023
Business Combination, Consideration Transferred, Total	$ 76,500
Payments to Acquire Businesses, Gross	71,700
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 4,800	$ 4,800
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	516,041	516,041
Goodwill, Ending Balance	$ 0
Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs		$ 1,200
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 71,900

Note 2 - Business Combination_3

Note 2 - Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Plateplus Inc. [Member] $ in Thousands	Apr. 30, 2022 USD ($)
Inventory	$ 77,546
Property, plant and equipment	18,022
Business combination, operating lease right-of-use asset	1,237
Accounts payable	(19,065)
Operating lease liability	(1,237)
Total	$ 76,503

Note 3 - Equity Compensation _3

Note 3 - Equity Compensation Plans and Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 13, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 01, 2016
Treasury Stock, Shares, Acquired (in shares)		0	0
Treasury Stock, Value, Acquired, Cost Method		$ 5,151	$ 37
Share Repurchase Program, Authorized, Number of Shares (in shares)	1,045,774
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings (in shares)		3,723	4,162
Metal One Corporation [Member]
Treasury Stock, Shares, Acquired (in shares)	400,041
Treasury Stock, Value, Acquired, Cost Method	$ 5,100
Cumulative Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)		1,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 1
Preferred Stock, Shares Issued (in shares)		0	0
2016 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				500,000
2016 Restricted Stock Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense		$ 200	$ 300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 100	$ 300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		9 months 18 days	1 year 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		117,998

Note 3 - Equity Compensation _4

Note 3 - Equity Compensation Plans and Capital Stock - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unvested (in shares)	100,366	139,523
Unvested (in dollars per share)	$ 6.08	$ 5.96
Granted (in shares)	4,487	7,700	[1]
Granted (in dollars per share)	$ 15.61	$ 9.1
Vested (in shares)	(40,366)	(46,857)
Vested (in dollars per share)	$ 6.27	$ 6.21
Unvested (in shares)	64,487	100,366
Unvested (in dollars per share)	$ 6.62	$ 6.08
[1]50,000 shares were issued out of treasury stock

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) $ in Millions			10 Months Ended
	Apr. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 11, 2022 USD ($)	Mar. 31, 2024 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase	$ 25
ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 103
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable	90%	85%	85%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage	15%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value	$ 22.5
Debt Instrument, Covenant, Fixed Charge Coverage Ratio			1.1
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments		$ 5	$ 5
Long-Term Line of Credit				$ 40.3
Line of Credit Facility, Interest Rate at Period End				7.50%
Debt Issuance Costs, Gross				$ 0.4
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
ABL Facility [Member] | JPMorgan Chase Bank N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.80%

Note 5 - Leases (Details Textua

Note 5 - Leases (Details Textual) - USD ($)	1 Months Ended			12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2019	Mar. 31, 2024
Finance Lease, Liability, to be Paid				$ 54,000
Operating Lease, Weighted Average Remaining Lease Term (Year)				20 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term (Year)				6 months
Operating Lease, Weighted Average Discount Rate, Percent				7.50%
Finance Lease, Weighted Average Discount Rate, Percent				1.90%
Heavy-duty Forklift [Member]
Lessee, Finance Lease, Term of Contract (Year)			5 years
Finance Lease, Liability, to be Paid			$ 500,000
Finance Lease, Monthly Payment			$ 9,000
Office Space in Longview, Texas [Member]
Lessee, Operating Lease, Renewal Term (Year)		5 years
Operating Lease, Monthly Payments		$ 13,000		$ 11,000
Lessee, Operating Lease, Term of Contract (Month)				60 months
Operating Lease, Additional Term (Month)				60 months
Office Space in Longview, Texas [Member] | Subsequent Event [Member]
Lessee, Operating Lease, Renewal Term (Year)	36 months
Operating Lease, Monthly Payments	$ 5,000

Note 5 - Leases - Balance Sheet

Note 5 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Assets [Abstract]
Property, Plant and Equipment, Net	$ 56,758	$ 53,933
Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities, Current	43,886	36,847
Liabilities, Noncurrent [Abstract]
Operating and Finance Lease Liabilities, Noncurrent	2,782	1,222
Finance lease – amortization of ROU asset	106	105
Finance lease – interest on lease liability	3	4
Operating lease expense	234	127
Lease, Cost	343	236
Operating lease right-of-use asset	2,841	1,270
Finance lease right-of-use asset	$ 404	$ 430
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Property, Plant and Equipment, Net
Total right-of-use assets	$ 3,245	$ 1,700
Operating lease liability, current	$ 101	$ 101
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities, Current
Finance lease liability, current	$ 54	$ 107
Operating lease liability, non-current	$ 2,782	$ 1,168
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Operating and Finance Lease Liabilities, Noncurrent
Finance lease liability, non-current	$ 0	$ 54
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Operating and Finance Lease Liabilities, Noncurrent
Total lease liabilities	$ 2,937	$ 1,430

Note 5 - Leases - Maturities of

Note 5 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fiscal 2024, operating lease	$ 299
Fiscal 2024, finance leases	54
Fiscal 2025, operating lease	303
Fiscal 2025, finance leases	0
Fiscal 2026, operating lease	311
Fiscal 2026, finance leases	0
Fiscal 2027, operating lease	319
Fiscal 2027, finance leases	0
Fiscal 2028 and beyond, operating lease	5,043
Fiscal 2028 and beyond, finance leases	0
Operating lease, Total undiscounted lease payments	6,275
Finance lease, Total undiscounted lease payments	54
Operating lease, Less: imputed interest	(3,392)
Finance lease, Less: imputed interest	0
Present value of lease liability, operating lease	2,883
Present value of lease liability, finance lease	$ 54

Note 6 - Property, Plant and _2

Note 6 - Property, Plant and Equipment (Details Textual) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Oct. 31, 2022 USD ($) ft² a
Buildings and Improvements, Gross	$ 30,900	$ 28,550
Construction in Progress, Gross	1,977	1,167
Capital Expenditures, Expected Cost	2,200
Depreciation	3,070	$ 2,526
Facility in Sinton, Texas [Member]
Area of Land (Acre) | a			26.5
Lessee, Operating Lease, Term of Contract (Month)			99 years
Annual Rental Payment			$ 1,000
Capitalized Property Plant and Equipment [Member]
Buildings and Improvements, Gross			$ 22,200
Facility in Sinton, Texas [Member]
Area of Real Estate Property (Square Foot) | ft²			70,000
Repair and Expansion of Storage Yard at Decatur Facility [Member]
Construction in Progress, Gross	$ 1,800

Note 7 - Derivative Financial_3

Note 7 - Derivative Financial Instruments (Details Textual)	12 Months Ended
	Mar. 31, 2024 USD ($) T	Mar. 31, 2023 USD ($)
Derivative Asset	$ 33,000	$ 1,600,000
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	3,000,000	2,400,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification from AOCI, Current Period, Tax	$ 100,000	$ 1,000,000
Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	24,300
Not Designated as Hedging Instrument [Member] | Long [Member]
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T	4,500

Note 7 - Derivative Financial_4

Note 7 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Assets [Abstract]
Current portion of derivative assets	$ 74,000	$ 536,000
Liabilities [Abstract]
Current portion of derivative liability	$ 1,686,000	$ 2,212,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Current portion of derivative assets	Current portion of derivative assets
Derivative assets	$ 33,000	$ 1,600,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Current portion of derivative liability	Current portion of derivative liability
Hot-rolled Coil Future Contracts [Member] | Not Designated as Hedging Instrument [Member] | Short [Member]
Derivative assets	$ 74,000	$ 536,000
Derivative liabilities	$ 1,686,000	$ 2,212,000

Note 7 - Derivative Financial_5

Note 7 - Derivative Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pre-tax gain (loss) recognized in OCI	$ 0	$ 9,005
Revenue	516,251	547,542
Total	17,345	21,344
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(418)
Total		(4,116)
Hot-rolled Coil Future Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Revenue	(418)	(4,116)
Hot-rolled Coil Future Contracts [Member] | Designated as Hedging Instrument [Member]
Pre-tax gain (loss) recognized in OCI	$ 0	$ 9,005

Note 7 - Derivative Financial_6

Note 7 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Hot-rolled coil steel contracts	$ 64	$ (459)
Nonoperating Income (Expense) [Member] | Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ 1,848	$ 9,306

Note 7 - Derivative Financial_7

Note 7 - Derivative Financial Instruments - Change in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Balance	$ 115,432		$ 79,686
Net current period other comprehensive income	317		9,952
Balance	127,475		115,432
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	(317)		(10,269)
Other comprehensive income, net of loss, before reclassification	0		6,830
Total loss reclassified from AOCI (1)	317	[1]	3,122	[2]
Net current period other comprehensive income	317		9,952
Balance	$ 0		$ (317)
[1]The loss reclassified from AOCI is presented net of taxes of approximately $0.1 million which are included in provision for income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2024.[2]The loss reclassified from AOCI is presented net of taxes of approximately $1.0 million which are included in provision for income taxes on the Company's Consolidated Statement of Operations for the fiscal year ended March 31, 2023.

Note 8 - Fair Value Measureme_3

Note 8 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Commodity futures – financial liabilities, net	$ (1,612)	$ (1,676)
Total	(1,612)	(1,676)
Fair Value, Inputs, Level 1 [Member]
Commodity futures – financial liabilities, net	(1,612)	(1,676)
Total	(1,612)	(1,676)
Fair Value, Inputs, Level 2 [Member]
Commodity futures – financial liabilities, net	0	0
Total	0	0
Fair Value, Inputs, Level 3 [Member]
Commodity futures – financial liabilities, net	0	0
Total	$ 0	$ 0

Note 9 - Earnings Per Share - C

Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net earnings	$ 17,345	$ 21,344
Less: Allocation to unvested restricted stock units	177	329
Net earnings attributable to common shareholders	$ 17,168	$ 21,015
Weighted average common shares outstanding (in shares)	7,183,702	7,216,142

Note 9 - Earnings Per Share - R

Note 9 - Earnings Per Share - Restricted Stock Units (Details) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	48,049	55,546

Note 10 - Income Taxes - Compon

Note 10 - Income Taxes - Components of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current	$ 4,248	$ 2,135
Deferred	473	3,425
Federal Income Tax Expense (Benefit), Continuing Operations	4,721	5,560
Current	927	1,384
Deferred	321	(99)
State and Local Income Tax Expense (Benefit), Continuing Operations	1,248	1,285
Income tax	$ 5,969	$ 6,845

Note 10 - Income Taxes - Reconc

Note 10 - Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income tax expense at U.S. federal statutory rate	21%	21%
Current year state and local income taxes net of federal income tax benefit	4.30%	3.50%
Other	0.30%	(0.30%)
Provision for income taxes	25.60%	24.20%

Note 10 - Income Taxes - Signif

Note 10 - Income Taxes - Significant Components of Consolidated Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Depreciation	$ (6,451)	$ (5,786)
Total deferred tax liabilities	(6,451)	(5,786)
Unrealized derivative loss - OCI	0	106
Inventory capitalization	552	548
Postretirement benefits other than pensions	26	25
Restricted stock compensation	77	91
Unrealized loss - mark to market derivatives	403	526
Other	136	133
Total deferred tax assets	1,194	1,429
Net deferred tax liability	$ (5,257)	$ (4,357)

Note 11 - Other Comprehensive_3

Note 11 - Other Comprehensive Income - Summary of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flow hedges, before tax	$ 418	$ 13,121
Cash flow hedges, tax	(101)	(3,169)
Cash flow hedges	317	9,952
Other comprehensive income (loss), before tax	418	13,121
Other comprehensive income (loss), tax	(101)	(3,169)
Other Comprehensive Income (Loss)	$ 317	$ 9,952

Note 12 - Retirement Plan (Deta

Note 12 - Retirement Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Stock [Member]
Stock Repurchase Program, Percentage of Shares Authorized to be Repurchased	15%
Friedman Industries, Inc. Employee's Retirement and 401(k) Plan [Member]
Employee Service Vesting Period (Year)	6 years
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 500	$ 100
Defined Contribution Plan, Cost	$ 0	$ 400

Note 13 - Industry Segment Da_3

Note 13 - Industry Segment Data - Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 516,251	$ 547,542
Operating profit (loss)	24,518	21,074
Gain on economic hedges of risk	1,848	9,306
Interest expense	(3,072)	(2,218)
Other income	20	27
TOTAL EARNINGS BEFORE INCOME TAXES	23,314	28,189
Identifiable assets	230,019	199,312
Depreciation	3,070	2,526
Capital expenditures	5,792	16,454
Operating Segments [Member]
Operating profit (loss)	36,206	32,062
Identifiable assets	225,386	195,638
Operating Segments [Member] | Flat-roll [Member]
Net Sales	472,774	485,641
Operating profit (loss)	33,226	23,421
Identifiable assets	205,797	179,780
Depreciation	2,637	2,097
Capital expenditures	5,176	16,328
Operating Segments [Member] | Tubular [Member]
Net Sales	43,477	61,901
Operating profit (loss)	2,980	8,641
Identifiable assets	19,589	15,858
Depreciation	317	330
Capital expenditures	510	125
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
General corporate expenses	(11,688)	(10,988)
Identifiable assets	4,633	3,674
Depreciation	116	99
Capital expenditures	$ 106	$ 1

Note 14 - Revenue (Details Text

Note 14 - Revenue (Details Textual)	12 Months Ended
	Mar. 31, 2024
Number of Reportable Segments	2

Note 14 - Revenue - Disaggregat

Note 14 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 516,251	$ 547,542
Coil [Member]
Net Sales	43,477	61,901
Coil [Member] | Prime Coil [Member]
Net Sales	467,510	482,890
Coil [Member] | Customer Owned [Member]
Net Sales	5,264	2,751
Tubular [Member] | Manufactured Pipe [Member]
Net Sales	$ 43,477	$ 61,901

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Credit Loss Expense (Reversal)		$ 98
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 38
Accounts Receivable, Allowance for Credit Loss, Recovery	$ 48

Schedule II - Valuation and Q_4

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Beginning of Period		$ 183	$ 85
Additions	[1]	0	98
Deductions	[2]	(86)	0
End of Period		$ 97	$ 183
[1]Additions consist of charges to bad debt expense of approximately $98 in fiscal 2023.[2]Deductions consist of accounts receivable written off of approximately $38, accompanied with collections of previously reserved accounts of $48 for fiscal 2024.