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                                                                    EXHIBIT 23.1



                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

         We consent to the reference to our firm under the caption "Experts" in
the Registration Statement on Form S-8 pertaining to the 1996 Stock Option
Plan, 1995 Non-Employee Director Stock Plan, as amended, and 1989 Incentive
Stock Option Plan, as amended, and to the incorporation by reference therein of
our report dated May 30, 1997, with respect to the consolidated financial
statements of Friedman Industries Incorporated incorporated by reference in its
Annual Report (Form 10-K) for the year ended March 31, 1997 and the related
financial statement schedule included therein, filed with the Securities and
Exchange Commission.



                                                        ERNST & YOUNG LLP


Houston, Texas
October 13, 1997