0001437749-25-034118 | 10-Q | XBRL Viewer

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Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2025	Mar. 31, 2025
Other Current Assets [Member]
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	$ 0.5	$ 0.5

- Definition

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

Note 11 - Segment Information

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 11 — SEGMENT INFORMATION

The Company is engaged in the metals processing, pipe manufacturing, and metals and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting carbon steel, stainless steel and aluminum flat-roll products into sheet, plate or slit coil. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products.

Segment results are reviewed regularly by the Company’s Chief Operating Decision Makers (“CODMs”). The Company’s CODMs are comprised of the Chief Executive Officer and the Chief Financial Officer. The CODMs assess segment performance and allocate resources based on a number of factors with the most emphasis placed on earnings from operations.

The following is a summary of significant financial information relating to the product groups (in thousands):

	*Three Months Ended September 30, 2025*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	143,340	$	9,043			—		$	152,383
Cost and expenses:
Cost of materials sold		119,820		6,262			—			126,082
Processing and warehousing expense		7,515		1,549			—			9,064
Delivery expense		7,009		125			—			7,134
Commercial expense		2,473		187			—			2,660
Depreciation and amortization		825		52			60			937
General corporate expenses		—		—			3,627			3,627
		137,642		8,175			3,687			149,504
EARNINGS (LOSS) FROM OPERATIONS:		5,698		868			(3,687	)		2,879
Gain on economic hedges of risk										851
Interest expense										(754	)
Other income										1
EARNINGS BEFORE INCOME TAXES									$	2,977

	*Six Months Ended September 30, 2025*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	267,407	$	19,753			—		$	287,160
Cost and expenses:
Cost of materials sold		218,974		12,812			—			231,786
Processing and warehousing expense		14,413		3,979			—			18,392
Delivery expense		13,269		265			—			13,534
Commercial expense		4,672		399			—			5,071
Depreciation and amortization		1,594		101			89			1,784
General corporate expenses		—		—			6,671			6,671
		252,922		17,556			6,760			277,238
EARNINGS (LOSS) FROM OPERATIONS:		14,485		2,197			(6,760	)		9,922
Gain on economic hedges of risk										1,127
Interest expense										(1,432	)
Other income										5
EARNINGS BEFORE INCOME TAXES									$	9,622

	*Three Months Ended September 30, 2024*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	97,379	$	9,380			—		$	106,759
Cost and expenses:
Cost of materials sold		81,398		7,363			—			88,761
Processing and warehousing expense		5,667		2,194			—			7,861
Delivery expense		5,217		164			—			5,381
Commercial expense		1,497		156			—			1,653
Depreciation and amortization		709		85			29			823
General corporate expenses		—		—			2,282			2,282
Loss on disposal of property, plant and equipment		222		—			—			222
		94,710		9,962			2,311			106,983
EARNINGS (LOSS) FROM OPERATIONS:		2,669		(582	)		(2,311	)		(224	)
Gain on economic hedges of risk										194
Interest expense										(869	)
Other income										(3	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	(902	)

	*Six Months Ended September 30, 2024*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	200,766	$	20,544			—		$	221,310
Cost and expenses:
Cost of materials sold		167,792		16,864			—			184,656
Processing and warehousing expense		11,954		4,604			—			16,558
Delivery expense		11,095		337			—			11,432
Commercial expense		2,979		337			—			3,316
Depreciation and amortization		1,389		169			60			1,618
General corporate expenses		—		—			5,130			5,130
Loss on disposal of property, plant and equipment		222		—			—			222
		195,431		22,311			5,190			222,932
EARNINGS (LOSS) FROM OPERATIONS:		5,335		(1,767	)		(5,190	)		(1,622	)
Gain on economic hedges of risk										5,569
Interest expense										(1,550	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	2,397

	*September 30, 2025*		*March 31, 2025*
IDENTIFIABLE ASSETS:
Flat-Roll	$	279,119	$	204,890
Tubular		25,328		16,792
		304,447		221,682
General corporate assets		6,842		5,140
	$	311,289	$	226,822

General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of payroll expenses related to corporate functions, professional fees and services, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and office supplies. At September 30, 2025 and March 31, 2025, corporate assets consist primarily of cash, restricted cash, leased administrative office right-of-use assets, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
CURRENT ASSETS:
Cash	$ 4,586	$ 3,686
Accounts receivable, net of allowances for credit losses and cash discounts of $150 and $147 at September 30, and March 31, 2025, respectively	62,257	47,476
Inventories	161,566	113,689
Current portion of derivative assets	990	636
Other current assets	1,926	980
TOTAL CURRENT ASSETS	231,325	166,467
PROPERTY, PLANT AND EQUIPMENT:
Land	11,642	1,572
Buildings and yard improvements	33,253	30,393
Machinery and equipment	61,494	57,970
Construction in process	2,346	135
Less accumulated depreciation	(35,554)	(33,819)
Total property, plant, and equipment	73,181	56,251
OTHER ASSETS:
Operating Lease, Right-of-Use Asset	5,108	2,841
Other assets	1,675	1,263
TOTAL ASSETS	311,289	226,822
CURRENT LIABILITIES:
Accounts payable and accrued expenses	67,844	35,304
Income taxes payable	143	647
Dividends payable	282	279
Accrued employee compensation and related expenses	2,966	1,807
Current portion of derivative liability	142	287
TOTAL CURRENT LIABILITIES	71,377	38,324
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	118	115
DEFERRED INCOME TAX LIABILITY	5,445	5,478
NON-CURRENT LEASE LIABILITIES	4,466	2,752
SELLER NOTE PAYABLE, NET	3,489	0
CONTINGENT CONSIDERATION LIABILITY	3,580	0
ASSET BASED LENDING FACILITY	83,541	47,728
TOTAL LIABILITIES	172,016	94,397
COMMITMENTS AND CONTINGENCIES (SEE NOTE 2)
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 8,966,763 and 8,877,229 shares at September 30, and March 31, 2025	8,967	8,877
Additional paid-in capital	35,463	35,394
Treasury stock at cost (shares 1,907,323 and 1,906,693 shares at September 30, and March 31, 2025, respectively)	(13,110)	(13,100)
Retained earnings	107,953	101,254
TOTAL STOCKHOLDERS’ EQUITY	139,273	132,425
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 311,289	$ 226,822

Note 11 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Net Sales	$ 152,383	$ 106,759	$ 287,160	$ 221,310
Cost of Goods and Services Sold	3,627	2,282	6,671	5,130
Depreciation and amortization	937	823	1,784	1,618
Cost of Product and Service Sold	149,504	106,983	277,238	222,932
EARNINGS (LOSS) FROM OPERATIONS:	2,879	(224)	9,922	(1,622)
Gain on economic hedges of risk	851	194	1,127	5,569
Interest expense	(754)	(869)	(1,432)	(1,550)
Other income	1	(3)	5
EARNINGS BEFORE INCOME TAXES	2,977	(902)	9,622	2,397
Identifiable assets	311,289		311,289		$ 226,822
Material Sold Expense [Member]
Cost of Goods and Services Sold	126,082	88,761	231,786	184,656
Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	9,064	7,861	18,392	16,558
Delivery Expense [Member]
Cost of Goods and Services Sold	7,134	5,381	13,534	11,432
Commercial Expense [Member]
Cost of Goods and Services Sold	2,660	1,653	5,071	3,316
Loss on Disposal of Property, Plant and Equipment [Member]
Cost of Goods and Services Sold		222		222
Flat-roll [Member]
Net Sales	143,340	97,379	267,407	200,766
Tubular [Member]
Net Sales	9,043	9,380	19,753	20,544
Operating Segments [Member]
Identifiable assets	304,447		304,447		221,682
Operating Segments [Member] \| Flat-roll [Member]
Net Sales	143,340	97,379	267,407	200,766
Depreciation and amortization	825	709	1,594	1,389
Cost of Product and Service Sold	137,642	94,710	252,922	195,431
EARNINGS (LOSS) FROM OPERATIONS:	5,698	2,669	14,485	5,335
Identifiable assets	279,119		279,119		204,890
Operating Segments [Member] \| Flat-roll [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	119,820	81,398	218,974	167,792
Operating Segments [Member] \| Flat-roll [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	7,515	5,667	14,413	11,954
Operating Segments [Member] \| Flat-roll [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	7,009	5,217	13,269	11,095
Operating Segments [Member] \| Flat-roll [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	2,473	1,497	4,672	2,979
Operating Segments [Member] \| Flat-roll [Member] \| Loss on Disposal of Property, Plant and Equipment [Member]
Cost of Goods and Services Sold		222		222
Operating Segments [Member] \| Tubular [Member]
Net Sales	9,043	9,380	19,753	20,544
Depreciation and amortization	52	85	101	169
Cost of Product and Service Sold	8,175	9,962	17,556	22,311
EARNINGS (LOSS) FROM OPERATIONS:	868	(582)	2,197	(1,767)
Identifiable assets	25,328		25,328		16,792
Operating Segments [Member] \| Tubular [Member] \| Material Sold Expense [Member]
Cost of Goods and Services Sold	6,262	7,363	12,812	16,864
Operating Segments [Member] \| Tubular [Member] \| Processing and Warehouse Expense [Member]
Cost of Goods and Services Sold	1,549	2,194	3,979	4,604
Operating Segments [Member] \| Tubular [Member] \| Delivery Expense [Member]
Cost of Goods and Services Sold	125	164	265	337
Operating Segments [Member] \| Tubular [Member] \| Commercial Expense [Member]
Cost of Goods and Services Sold	187	156	399	337
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Net Sales		0		0
Cost of Goods and Services Sold	3,627	2,282	6,671	5,130
Depreciation and amortization	60	29	89	60
Cost of Product and Service Sold	3,687	2,311	6,760	5,190
EARNINGS (LOSS) FROM OPERATIONS:	(3,687)	$ (2,311)	(6,760)	$ (5,190)
Identifiable assets	$ 6,842		$ 6,842		$ 5,140

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Allowances for bad debts and cash discounts	$ 150	$ 147
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)	8,966,763	8,877,229
Treasury stock, common shares (in shares)	1,907,323	1,906,693

Note 10 - Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2025

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 swap contracts – financial assets, net	$	—		$	920	$	—	$	920
Commodity futures – financial liabilities, net		(72	)		-		-		(72	)
Total	$	(72	)	$	920	$	—	$	848

	*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 asset, net	$	349	$	—	$	—	$	349
Total	$	349	$	—	$	—	$	349

Note 4 - Inventories (Details Textual)	6 Months Ended
Note 4 - Inventories (Details Textual)	Sep. 30, 2025
Number of Operating Segments	2
Number of Reportable Segments	2

Note 14 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net earnings	$ 2,240	$ 5,028	$ (675)	$ 2,567	$ 7,268	$ 1,892
Less: Allocation to unvested restricted stock units	30		1		97	8
Net earnings (loss) attributable to common shareholders	$ 2,210		$ (676)		$ 7,171	$ 1,884
Weighted average common shares outstanding (in shares)	6,965,880		6,939,416		6,965,880	6,939,312

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Construction in Progress, Gross	$ 2,346	$ 135
Granite City, IL Facility [Member]
Construction in Progress, Gross	$ 1,900

Note 5 - Debt

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 5 — DEBT

On August 29, 2025, the Company renewed its asset-based lending facility ("ABL Facility") led by JPMorgan Chase Bank, N.A by executing the fifth amendment to the credit agreement. Wells Fargo Bank, N.A. became the only syndicated participant of the ABL facility with a 40% holding. The $125 million ABL Facility matures on August 29, 2030 and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus 1.45% per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus 1.65% per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) 90% of eligible accounts receivable, plus (b) the product of 85% multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of 10% of the revolving commitment or $12.5 million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than 1.00 to 1.00 for the trailing twelve-month period then ending. The fixed charge coverage ratio is calculated as the ratio of (a) EBITDA, as defined in the ABL Facility, minus unfinanced capital expenditures to (b) cash interest expense plus scheduled principal payments on indebtedness plus taxes paid in cash plus restricted payments paid in cash plus capital lease obligation payments plus cash contributions to any employee pension benefit plans. The ABL Facility contains other representations and warranties and affirmative and negative covenants that are usual and customary. If certain conditions precedent are satisfied, the ABL facility may be increased up to an aggregate of $75 million, in minimum increments of $5 million. At September 30, 2025, the Company had a balance of approximately $83.5 million under the ABL Facility with an applicable interest rate of 5.8%. At September 30, 2025, the Company's borrowing base supported full access to the ABL Facility.

The Company incurred debt issuance costs of approximately $0.4 million related to the renewal of the ABL Facility with these costs recorded as a non-current other asset which will be amortized on an equal monthly basis over the term of the ABL facility.

The Company issued a seller's note of $3.5 million related to the acquisition of Century Metals & Supplies described in Note 2. The promissory note has a maturity date of August 29, 2030 and accrues interest at a rate of 6.5% per annum, payable quarterly in arrears on the last date of each quarter, commencing September 30, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 2 - Business Combinations (Details Textual) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 29, 2025	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Payments to Acquire Businesses, Gross			$ 45,597	$ (0)
Business Combination, Contingent Consideration, Liability, Noncurrent		$ 3,580	3,580		$ 0
Selling, General and Administrative Expenses [Member]
Payments to Acquire Businesses, Net of Cash Acquired		$ 900	$ 1,100
Century Metals and Supplies [Member]
Business Combination, Consideration Transferred	$ 52,700
Payments to Acquire Businesses, Gross	45,600
Business Combination, Consideration Transferred, Liabilities Incurred	3,500
Business Combination, Consideration Transferred, Earn-out Provisions	3,600
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount	$ 10,000
Business Combination, Contingent Consideration, Term (Year)	4 years
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 3,500

Note 14 - Earnings Per Share

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 14 — EARNINGS PER SHARE

Basic and dilutive net earnings per share is computed based on the following information (in thousands, except for share data):

	*Three Months Ended*					*Six Months Ended*
	*September 30,*					*September 30,*
	*2025*		*2024*			*2025*		*2024*
Numerator (basic and diluted)
Net earnings (loss)	$	2,240	$	(675	)	$	7,268	$	1,892
Less: Allocation to unvested restricted stock units		30		1			97		8
Net earnings (loss) attributable to common shareholders	$	2,210	$	(676	)	$	7,171	$	1,884

Denominator (basic and diluted)
Weighted average common shares outstanding		6,965,880		6,939,416			6,965,880		6,939,312

For the six months ended September 30, 2025 and 2024, the Company allocated dividends and undistributed earnings to the unvested restricted stock awards.

As the restricted stock qualifies as participating securities, the following restricted stock awards were not accounted in the computation of weighted average diluted common shares outstanding under the two-class method:

Three Months Ended

Six Months Ended

September 30,

2025

2024

2025

2024

Restricted Stock Units

55,755

24,049

73,373

22,997

Note 12 - Revenue

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 12 — REVENUE

Revenue is generated primarily from contracts to manufacture or process metal 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 maintain contract asset balances. Additionally, the Company does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. The Company offers industry standard payment terms.

The Company has two reportable segments: Flat-Roll and Tubular. Flat-roll primarily generates revenue from cutting to length or slitting flat-roll metals. Flat-roll segment revenue consists of two product types: Company Owned Flat-Roll Products and Processing or Storage of Customer Owned Coil. Tubular primarily generates revenue from selling steel pipe it has manufactured resulting in a single product type: Manufactured Pipe.

The following table disaggregates our revenue by product for each of our reportable business segments for the three and six months ended September 30, 2025 and 2024, respectively (in thousands):

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	141,694	$	96,232	$	264,540	$	198,066
Processing or Storage of Customer Owned Coil		1,646		1,147		2,867		2,700
	$	143,340	$	97,379	$	267,407	$	200,766
Tubular Segment:
Manufactured Pipe	$	9,043	$	9,380	$	19,753	$	20,544
	$	9,043	$	9,380	$	19,753	$	20,544

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 13 - Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Mar. 31, 2024
Balance	$ 139,273	$ 137,280	$ 128,764	$ 129,687	$ 139,273	$ 128,764	$ 132,425	$ 127,475
Net earnings	2,240	5,028	(675)	2,567	7,268	1,892
Paid in capital – restricted stock units	36	123	42	47
Issuance of restricted stock		0
Repurchase of shares		(10)	(11)	(123)
Cash dividends	(283)	(286)	(279)	(279)
BALANCE	139,273	137,280	128,764	129,687	139,273	128,764
Common Stock [Member]
Balance	8,967	8,967	8,873	8,873	8,967	8,873	8,877	8,873
Net earnings	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0
Issuance of restricted stock		90
Repurchase of shares		0	0	0
Cash dividends	0	0	0	0
BALANCE	8,967	8,967	8,873	8,873	8,967	8,873
Additional Paid-in Capital [Member]
Balance	35,463	35,427	35,336	35,294	35,463	35,336	35,394	35,247
Net earnings	0	0	0	0
Paid in capital – restricted stock units	36	123	42	47
Issuance of restricted stock		(90)
Repurchase of shares		0	0	0
Cash dividends	0	0	0	0
BALANCE	35,463	35,427	35,336	35,294	35,463	35,336
Treasury Stock, Common [Member]
Balance	(13,110)	(13,110)	(13,063)	(13,052)	(13,110)	(13,063)	(13,100)	(12,929)
Net earnings	0	0	0	0
Paid in capital – restricted stock units	0	0	0	0
Issuance of restricted stock		0
Repurchase of shares		(10)	(11)	(123)
Cash dividends	0	0	0	0
BALANCE	(13,110)	(13,110)	(13,063)	(13,052)	(13,110)	(13,063)
Retained Earnings [Member]
Balance	107,953	105,996	97,618	98,572	107,953	97,618	$ 101,254	$ 96,284
Net earnings	2,240	5,028	(675)	2,567
Paid in capital – restricted stock units	0	0	0	0
Issuance of restricted stock		0
Repurchase of shares		0	0	0
Cash dividends	(283)	(286)	(279)	(279)
BALANCE	$ 107,953	$ 105,996	$ 97,618	$ 98,572	$ 107,953	$ 97,618

Note 10 - Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Total	$ 848	$ 349
Swap [Member]
Commodity swap contracts – financial assets, net	920	349
Future [Member]
Commodity swap contracts – financial assets, net	(72)
Fair Value, Inputs, Level 1 [Member]
Total	(72)	349
Fair Value, Inputs, Level 1 [Member] \| Swap [Member]
Commodity swap contracts – financial assets, net	0	349
Fair Value, Inputs, Level 1 [Member] \| Future [Member]
Commodity swap contracts – financial assets, net	(72)
Fair Value, Inputs, Level 2 [Member]
Total	920	0
Fair Value, Inputs, Level 2 [Member] \| Swap [Member]
Commodity swap contracts – financial assets, net	920	0
Fair Value, Inputs, Level 2 [Member] \| Future [Member]
Commodity swap contracts – financial assets, net	0
Fair Value, Inputs, Level 3 [Member]
Total	0	0
Fair Value, Inputs, Level 3 [Member] \| Swap [Member]
Commodity swap contracts – financial assets, net	0	$ 0
Fair Value, Inputs, Level 3 [Member] \| Future [Member]
Commodity swap contracts – financial assets, net	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Note 5 - Debt (Details Textual) $ in Millions		10 Months Ended
Note 5 - Debt (Details Textual) $ in Millions	Aug. 25, 2025 USD ($)	Mar. 11, 2022	Sep. 30, 2025 USD ($)	Aug. 29, 2025 USD ($)	Apr. 29, 2022 USD ($)
Century Metals and Supplies [Member] \| Seller's Note [Member]
Debt Instrument, Face Amount				$ 3.5
Debt Instrument, Interest Rate, Stated Percentage				6.50%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 125.0
Debt Instrument, Covenant, Borrowing Limit as Percent of Accounts Receivable		85.00%			90.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Percentage					10.00%
Debt Instrument, Covenant, Availability Remaining Before Testing, Value					$ 12.5
Debt Instrument, Covenant, Fixed Charge Coverage Ratio		1
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Conditional Increase				$ 75.0
Line of Credit Facility, Maximum Borrowing Capacity, Conditional Increase, Minimum Increments				$ 5.0
Long-Term Line of Credit			$ 83.5
Line of Credit Facility, Interest Rate at Period End			5.80%
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	1.45%
ABL Facility [Member] \| JPMorgan Chase Bank N.A. [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.65%

Note 8 - Stock Based Compensation (Details Textual) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 01, 2016
Time Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		53,221
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Performance Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		36,313
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		89,534
Share-Based Payment Arrangement, Expense		$ 0.2	$ 0.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0.7	$ 0.7
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 6 months
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 Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	24,438	24,438
Long-term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	550,000	550,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)	0

Note 4 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Total	$ 161,566	$ 113,689
Flat-Roll Inventory [Member]
Flat-Roll raw material	110,125	85,865
Flat-Roll finished goods	30,614	15,737
Tubular Inventory [Member]
Flat-Roll raw material	11,164	7,055
Flat-Roll finished goods	$ 9,663	$ 5,032

Note 13 - Stockholders' Equity (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Schedule of Stockholders Equity [Table Text Block]



			Additional
	*Common*		*Paid-In*			*Treasury*			*Retained*
	*Stock*		*Capital*			*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2025	$	8,877	$	35,394		$	(13,100	)	$	101,254		$	132,425
Net earnings		—		—			—			5,028			5,028
Paid in capital – restricted stock units		—		123			—			—			123
Issuance of restricted stock		90		(90	)		—			—			—
Repurchase of shares		—		—			(10	)		—			(10	)
Cash dividends ($0.04 per share)		—		—			—			(286	)		(286	)
BALANCE AT JUNE 30, 2025	$	8,967	$	35,427		$	(13,110	)	$	105,996		$	137,280
Net earnings		—		—			—			2,240			2,240
Paid in capital – restricted stock units		—		36			—			—			36
Cash dividends ($0.04 per share)		—		—			—			(283	)		(283	)
BALANCE AT SEPTEMBER 30, 2025	$	8,967	$	35,463		$	(13,110	)	$	107,953		$	139,273



			Additional
	*Common*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		47		—			—			47
Repurchase of shares		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	35,294	$	(13,052	)	$	98,572		$	129,687
Net loss		—		—		—			(675	)		(675	)
Paid in capital – restricted stock units		—		42		—			—			42
Repurchase of shares		—		—		(11	)		—			(11	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT SEPTEMBER 30, 2024	$	8,873	$	35,336	$	(13,063	)	$	97,618		$	128,764

Note 12 - Revenue (Details Textual)	6 Months Ended
Note 12 - Revenue (Details Textual)	Sep. 30, 2025
Number of Reportable Segments	2

Note 1 - Basis of Presentation

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2025.

Note 3 - New Accounting Pronouncements

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the rate reconciliation, provide additional information for reconciling items that are greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate, and provide income taxes paid by jurisdiction that are greater than 5 percent of total income taxes paid. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign operations. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2023-09 will have on its consolidated financial statements.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, general and administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Note 11 - Segment Information (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended September 30, 2025*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	143,340	$	9,043			—		$	152,383
Cost and expenses:
Cost of materials sold		119,820		6,262			—			126,082
Processing and warehousing expense		7,515		1,549			—			9,064
Delivery expense		7,009		125			—			7,134
Commercial expense		2,473		187			—			2,660
Depreciation and amortization		825		52			60			937
General corporate expenses		—		—			3,627			3,627
		137,642		8,175			3,687			149,504
EARNINGS (LOSS) FROM OPERATIONS:		5,698		868			(3,687	)		2,879
Gain on economic hedges of risk										851
Interest expense										(754	)
Other income										1
EARNINGS BEFORE INCOME TAXES									$	2,977

	*Six Months Ended September 30, 2025*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	267,407	$	19,753			—		$	287,160
Cost and expenses:
Cost of materials sold		218,974		12,812			—			231,786
Processing and warehousing expense		14,413		3,979			—			18,392
Delivery expense		13,269		265			—			13,534
Commercial expense		4,672		399			—			5,071
Depreciation and amortization		1,594		101			89			1,784
General corporate expenses		—		—			6,671			6,671
		252,922		17,556			6,760			277,238
EARNINGS (LOSS) FROM OPERATIONS:		14,485		2,197			(6,760	)		9,922
Gain on economic hedges of risk										1,127
Interest expense										(1,432	)
Other income										5
EARNINGS BEFORE INCOME TAXES									$	9,622

	*Three Months Ended September 30, 2024*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	97,379	$	9,380			—		$	106,759
Cost and expenses:
Cost of materials sold		81,398		7,363			—			88,761
Processing and warehousing expense		5,667		2,194			—			7,861
Delivery expense		5,217		164			—			5,381
Commercial expense		1,497		156			—			1,653
Depreciation and amortization		709		85			29			823
General corporate expenses		—		—			2,282			2,282
Loss on disposal of property, plant and equipment		222		—			—			222
		94,710		9,962			2,311			106,983
EARNINGS (LOSS) FROM OPERATIONS:		2,669		(582	)		(2,311	)		(224	)
Gain on economic hedges of risk										194
Interest expense										(869	)
Other income										(3	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	(902	)

	*Six Months Ended September 30, 2024*
	*Flat-roll*		*Tubular*			*Other*			*Total*
Net Sales	$	200,766	$	20,544			—		$	221,310
Cost and expenses:
Cost of materials sold		167,792		16,864			—			184,656
Processing and warehousing expense		11,954		4,604			—			16,558
Delivery expense		11,095		337			—			11,432
Commercial expense		2,979		337			—			3,316
Depreciation and amortization		1,389		169			60			1,618
General corporate expenses		—		—			5,130			5,130
Loss on disposal of property, plant and equipment		222		—			—			222
		195,431		22,311			5,190			222,932
EARNINGS (LOSS) FROM OPERATIONS:		5,335		(1,767	)		(5,190	)		(1,622	)
Gain on economic hedges of risk										5,569
Interest expense										(1,550	)
EARNINGS (LOSS) BEFORE INCOME TAXES									$	2,397

	*September 30, 2025*		*March 31, 2025*
IDENTIFIABLE ASSETS:
Flat-Roll	$	279,119	$	204,890
Tubular		25,328		16,792
		304,447		221,682
General corporate assets		6,842		5,140
	$	311,289	$	226,822

Note 2 - Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Accounts receivable	$ 12,672
Inventory	34,623
Property, plant and equipment	14,428
Operating lease right-of-use asset	2,422
Other assets	26
Accounts payable	(9,083)
Operating lease liability	(2,422)
Total	$ 52,666

Note 16 - Income Taxes

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 16 — INCOME TAXES

For the six months ended September 30, 2025 and 2024, the Company recorded income tax provisions of approximately $2.4 million and $0.5 million, respectively. For the 2025 period, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision. For the 2024 period, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision with this impact partially reduced by the tax effect of restricted stock vesting during the periods.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Note 15 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Notes Issued	$ 3.5
Liabilities Assumed	3.6
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	1.3	$ 1.6
Income Taxes Paid, Net	$ 3.0	$ 2.9

Note 10 - Fair Value Measurements

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 10 — FAIR VALUE MEASUREMENTS

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 – Quoted prices for identical assets and liabilities in active markets.

●

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly.

●

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Recurring Fair Value Measurements

At September 30, 2025, our financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

	Quoted Prices
	in Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
	(Level 1)			(Level 2)		(Level 3)		Total
Commodity swap contracts – financial assets, net	$	—		$	920	$	—	$	920
Commodity futures – financial liabilities, net		(72	)		-		-		(72	)
Total	$	(72	)	$	920	$	—	$	848

At March 31, 2025, our financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

	*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 asset, net	$	349	$	—	$	—	$	349
Total	$	349	$	—	$	—	$	349

At September 30, 2025 and March 31, 2025, the Company did not have any fair value measurements on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Note 6 - Leases (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Lease, Cost [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Operating lease expense	$	168	$	108	$	276	$	168
	$	168	$	108	$	276	$	168

Schedule of Balance Sheet Information Related to Operating Leases [Table Text Block]

	*September 30, 2025*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	5,108	$	2,841	Operating lease right-of-use asset
Total right-of-use assets	$	5,108	$	2,841
Liabilities
Operating lease liability, current	$	750	$	160	Accrued expenses
Operating lease liability, non-current		4,466		2,752	Non-current lease liabilities
Total lease liabilities	$	5,216	$	2,912

Operating and Finance Lease, Liability, Maturity [Table Text Block]

	*Operating Leases*
Fiscal 2026 (remainder of fiscal year)		532
Fiscal 2027		1,054
Fiscal 2028		990
Fiscal 2029		959
Fiscal 2030 and beyond		5,034
Total undiscounted lease payments	$	8,569
Less: imputed interest		(3,353	)
Present value of lease liability	$	5,216

Note 6 - Leases - Maturities of Operating and Finance Lease (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Fiscal 2025 (remainder of fiscal year), operating leases	$ 532
Fiscal 2026, operating leases	1,054
Fiscal 2027, operating leases	990
Fiscal 2028, operating leases	959
Fiscal 2029 and beyond, operating leases	5,034
Total undiscounted lease payments, operating leases	8,569
Less: imputed interest, operating leases	(3,353)
Present value of lease liability, operating lease	$ 5,216

Note 8 - Stock Based Compensation (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2025		18,026		$	7.07
Cancelled or forfeited		—			—
Granted		89,534			14.39
Vested		(14,000	)		4.32
Unvested at September 30, 2025		93,560		$	14.49

Note 9 - Derivative Financial Instruments - Net Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Derivative asset	$ 990	$ 636
Derivative liability	142	287
Hot-rolled Coil Future Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Short [Member]
Derivative asset	990	636
Derivative liability	$ 142	$ 287

Note 12 - Revenue (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Flat-Roll Segment:
Company Owned Flat-Roll Products	$	141,694	$	96,232	$	264,540	$	198,066
Processing or Storage of Customer Owned Coil		1,646		1,147		2,867		2,700
	$	143,340	$	97,379	$	267,407	$	200,766
Tubular Segment:
Manufactured Pipe	$	9,043	$	9,380	$	19,753	$	20,544
	$	9,043	$	9,380	$	19,753	$	20,544

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information During the six months ended September 30, 2025, none of our officers or directors adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) and (c), respectively, of Regulation S-K, for the purchase or sale of our securities.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 12 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Sales	$ 152,383	$ 106,759	$ 287,160	$ 221,310
Flat-roll [Member]
Net Sales	143,340	97,379	267,407	200,766
Flat-roll [Member] \| Prime Coil [Member]
Net Sales	141,694	96,232	264,540	198,066
Flat-roll [Member] \| Customer Owned [Member]
Net Sales	1,646	1,147	2,867	2,700
Tubular [Member]
Net Sales	9,043	9,380	19,753	20,544
Tubular [Member] \| Manufactured Pipe [Member]
Net Sales	$ 9,043	$ 9,380	$ 19,753	$ 20,544

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
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+ Details

Note 6 - Leases

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 6 — LEASES

In August 2025, the Company was assigned operating leases for distribution and warehouse facilities in Orlando, FL and Tampa, FL and certain transportation equipment related to the acquisition of Century. The Orlando lease expires July 31, 2029 and calls for monthly rental payments of approximately $25,000. The Tampa lease expires November 30, 2029 but contains a 6 month extension option and calls for monthly rental payments of approximately $21,000. The Company recognized initial right-of-use ("ROU") assets and lease liabilities of approximately $2.4 million during the September 30, 2025 quarter related to the assumed Century leases. The Company's other ROU assets and lease liabilities consist primarily of operating leases for the Granite City, IL operating facility and administrative office spaces in The Woodlands, TX and Longview, TX. The Company’s other operating leases for items such as operations equipment, IT equipment and storage space are either short-term in nature or immaterial. The Company does not have any finance leases in place.

The Company determines if an arrangement contains a lease at inception based on if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration and allows the Company to obtain substantially all of the economic benefit from the use of the identified asset. Certain lease agreements contain rent escalation clauses and one or more options to extend the lease. The Company considers these provisions when calculating operating lease obligations. The Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments.

The components of expense related to leases for the three and six months ended September 30, 2025 and 2024 are as follows (in thousands):

	*Three Months Ended*				*Six Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Operating lease expense	$	168	$	108	$	276	$	168
	$	168	$	108	$	276	$	168

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of September 30, 2025 and March 31, 2025 (in thousands):

	*September 30, 2025*		*March 31, 2025*		*Balance Sheet Classification*
Assets
Operating lease right-of-use asset	$	5,108	$	2,841	Operating lease right-of-use asset
Total right-of-use assets	$	5,108	$	2,841
Liabilities
Operating lease liability, current	$	750	$	160	Accrued expenses
Operating lease liability, non-current		4,466		2,752	Non-current lease liabilities
Total lease liabilities	$	5,216	$	2,912

As of September 30, 2025, the weighted-average remaining lease term was 12.4 years for operating leases. The weighted average discount rate was 7.0% for operating leases.

Maturities of lease liabilities as of September 30, 2025 were as follows (in thousands):

	*Operating Leases*
Fiscal 2026 (remainder of fiscal year)		532
Fiscal 2027		1,054
Fiscal 2028		990
Fiscal 2029		959
Fiscal 2030 and beyond		5,034
Total undiscounted lease payments	$	8,569
Less: imputed interest		(3,353	)
Present value of lease liability	$	5,216

Note 14 - Earnings Per Share - Restricted Stock Units (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units (in shares)	55,755	24,049	73,373	22,997

Note 4 - Inventories (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30, 2025*		*March 31, 2025*
Flat-Roll raw material	$	110,125	$	85,865
Flat-Roll finished goods		30,614		15,737
Tubular raw material		11,164		7,055
Tubular finished goods		9,663		5,032
	$	161,566	$	113,689

Note 6 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Operating Lease, Right-of-Use Asset	$ 5,108	$ 2,841
Total right-of-use assets	5,108	2,841
Operating lease liability, current	750	160
Operating lease liability, non-current	4,466	2,752
Total lease liabilities	$ 5,216	$ 2,912

Note 8 - Stock Based Compensation

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 8 — STOCK BASED COMPENSATION

The Company maintains the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “Plan”). The Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) and continues indefinitely until terminated by the Board or until all shares allowed by the Plan have been awarded and earned. The aggregate number of shares of the Company’s Common Stock eligible for award under the Plan is 500,000 shares. Subject to the terms and provisions of the Plan, the Committee may, from time to time, select the employees, directors or consultants to whom awards will be granted and shall determine the amount and applicable restrictions of each award. Restricted awards entitle recipients to vote and receive non-forfeitable dividends during the restriction period. Because dividends are non-forfeitable, they are reflected in retained earnings. Forfeitures are accounted for upon their occurrence. Because the Company accounts for forfeitures as they occur, the non-forfeitable dividends are reclassified from retained earnings to additional stock compensation for the actual forfeitures that occurred.

The following table summarizes the activity related to restricted stock awards for the six months ended September 30, 2025:

				*Weighted Average*
	*Number of Shares*			*Grant Date Fair Value Per Share*
Unvested at March 31, 2025		18,026		$	7.07
Cancelled or forfeited		—			—
Granted		89,534			14.39
Vested		(14,000	)		4.32
Unvested at September 30, 2025		93,560		$	14.49

The Company measures compensation expense for restricted stock awards at the market price of the common stock as of the grant date. Compensation expense for awards with time based restrictions is recognized over the requisite service period applicable to each award. Compensation expense for awards with performance based restrictions is recognized once it is probable the performance conditions will be satisfied with a cumulative effect adjustment and the remaining expense recognized over the remaining service period. The stock awards granted during the six months ended September 30, 2025 consist of 53,221 time restricted shares with annual ratable vesting over a three year period and 36,313 performance restricted shares with vesting thresholds dependent on the percentage of average earnings before tax to average accounts receivable, inventory and net PP&E over a three year period. The Company recorded compensation expense of approximately $0.2 million and $0.1 million in the six months ended September 30, 2025 and 2024, respectively, relating to the restricted stock issued under the Plan. As of September 30, 2025, unrecognized compensation expense related to unvested restricted stock was approximately $0.7 million which is expected to be recognized over a weighted average period of approximately 2.5 years. As of September 30, 2025, a total of 24,438 shares were still available to be issued under the Plan.

In September 2025, the Company's shareholders approved the Friedman Industries, Incorporated 2025 Long-Term Incentive Plan (the "LTIP"). Under the LTIP, the Company may award stock-based compensation to employees, non-employee directors and third-party service providers. The LTIP permits the award of stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards for up to 550,000 shares of the Company's common stock. As of September 30, 2025, no stock-based compensation had been awarded under the LTIP.

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating lease expense	$ 168	$ 108	$ 276	$ 168
Lease, Cost	$ 168	$ 108	$ 276	$ 168

Note 9 - Derivative Financial Instruments - Summary of Non-Designated Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Hot-rolled Coil Steel Contracts [Member]
Hot-rolled coil steel contracts	$ (28,108)	$ (9,522)

Note 6 - Leases (Details Textual) - USD ($)	1 Months Ended
Note 6 - Leases (Details Textual) - USD ($)	Aug. 31, 2025	Sep. 30, 2025	Mar. 31, 2025
Operating Lease, Right-of-Use Asset		$ 5,108,000	$ 2,841,000
Operating Lease, Weighted Average Remaining Lease Term (Year)		12 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent		7.00%
Operating Lease, Liability		$ 5,216,000
Orlando, FL Facility [Member]
Operating Lease, Monthly Payments	$ 25,000
Tampa, FL Facility [Member]
Operating Lease, Monthly Payments	$ 21,000
Century Leases [Member]
Operating Lease, Right-of-Use Asset		2,400,000
Operating Lease, Liability		$ 2,400,000

Note 8 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Sep. 30, 2025 $ / shares shares
Unvested (in shares) \| shares	18,026
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 7.07
Cancelled or forfeited (in shares) \| shares	0
Cancelled or forfeited, grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Granted (in shares) \| shares	89,534
Granted, grant date fair value per share (in dollars per share) \| $ / shares	$ 14.39
Vested (in shares) \| shares	(14,000)
Vested, grant date fair value per share (in dollars per share) \| $ / shares	$ 4.32
Unvested (in shares) \| shares	93,560
Unvested, grant date fair value per share (in dollars per share) \| $ / shares	$ 14.49

Note 13 - Stockholders' Equity - Schedule of Stockholders' Equity (Details) (Parentheticals) - $ / shares	3 Months Ended				6 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.08	$ 0.08

Note 9 - Derivative Financial Instruments - Gain (Loss) Recognized in Earnings for Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Hot-rolled coil steel contracts			$ 500	$ 1,629
Hot-rolled Coil Future Contracts [Member] \| Designated as Hedging Instrument [Member]
Hot-rolled coil steel contracts	$ 851	$ 194		$ 5,569
Hot-rolled Coil Steel Contracts [Member] \| Nonoperating Income (Expense) [Member]
Hot-rolled coil steel contracts			$ 1,127

Note 15 - Supplemental Cash Flow Information

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

NOTE 15 — SUPPLEMENTAL CASH FLOW INFORMATION

During the six months ended September 30, 2025, the Company had non-cash investing and financing activities associated with the Century Metals & Supplies acquisition of approximately $3.5 million related to a seller's note and approximately $3.6 million related to contingent consideration. The Company paid interest of approximately $1.3 million and $1.6 million during the six months ended September 30, 2025 and 2024, respectively. Additionally, the Company paid income taxes of approximately $3.0 million and $2.9 million during the six months ended September 30, 2025 and 2024, respectively.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
OPERATING ACTIVITIES
Net earnings	$ 7,268	$ 1,892
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	1,784	1,618
Deferred taxes	(33)	(18)
Compensation expense for restricted stock	159	89
Change in postretirement benefits	3	8
Gain recognized on open derivatives not designated for hedge accounting	(500)	(1,629)
Loss on disposal of property, plant and equipment	0	222
Amortization of right-of-use asset	36	(8)
Decrease (increase) in operating assets, net of amounts acquired in business combination:
Accounts receivable	(2,108)	7,709
Inventories	(13,254)	10,753
Other current assets	(950)	141
Other assets	(3)	0
Increase (decrease) in operating liabilities, net of amounts assumed in business combination:
Accounts payable and accrued expenses	22,866	(9,295)
Income taxes payable	(504)	(2,018)
Employee compensation and related expenses	1,159	(4,740)
NET CASH PROVIDED BY OPERATING ACTIVITIES	15,923	4,724
INVESTING ACTIVITIES
Cash paid for Century business combination	(45,597)	0
Purchase of property, plant and equipment	(4,238)	(1,900)
Deposit on steel processing equipment	0	(1,000)
Increase in cash surrender value of officers’ life insurance	(4)	(2)
NET CASH USED IN INVESTING ACTIVITIES	(49,839)	(2,902)
FINANCING ACTIVITIES
Debt issuance cost	(395)	0
Cash dividends paid	(565)	(557)
Cash paid for principal portion of finance lease	0	(54)
Cash paid for share repurchases	(9)	(134)
Borrowings on asset based lending facility	415,028	326,988
Repayments on asset based lending facility	(379,215)	(331,424)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	34,844	(5,181)
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	928	(3,359)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD	4,148	5,897
CASH AND RESTRICTED CASH AT END OF PERIOD	$ 5,076	$ 2,538

Note 14 - Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*					*Six Months Ended*
	*September 30,*					*September 30,*
	*2025*		*2024*			*2025*		*2024*
Numerator (basic and diluted)
Net earnings (loss)	$	2,240	$	(675	)	$	7,268	$	1,892
Less: Allocation to unvested restricted stock units		30		1			97		8
Net earnings (loss) attributable to common shareholders	$	2,210	$	(676	)	$	7,171	$	1,884

Denominator (basic and diluted)
Weighted average common shares outstanding		6,965,880		6,939,416			6,965,880		6,939,312

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Three Months Ended

Six Months Ended

September 30,

2025

2024

2025

2024

Restricted Stock Units

55,755

24,049

73,373

22,997

Note 2 - Business Combinations

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Business Combination [Text Block]

NOTE 2 — BUSINESS COMBINATIONS

On August 29, 2025, (the “Acquisition Date”), the Company acquired certain assets and liabilities of Century Metals & Supplies Inc. (“Century”) based in Miami, Florida. The Company acquired the working capital, buildings, processing and other equipment, and the related real estate of Century (the “Transaction”). In addition to the owned facilities in Miami, the Transaction also includes leased distribution and warehouse facilities in Orlando, Florida and Tampa, Florida. The operations will continue as Century Metals and Supplies LLC, a wholly owned subsidiary of the Company. Century is a metals processing company with cut-to-length and coil slitting capabilities which will operate as part of the Company's flat-roll business segment. As a result of the Transaction, the Company expanded its presence in the southeastern U.S. and Latin American markets and broadened the Company's product offerings to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials such as aluminum, copper, and brass.

The Transaction resulted in the Company acquiring all the ownership interests in the assets noted above, for a total consideration of approximately $52.7 million, subject to final net working capital adjustments. The total consideration consists of (i) approximately $45.6 million of cash at close, (ii) a five-year seller's note with a fair value of approximately $3.5 million and (iii) contingent consideration possible through earn-out provisions with a fair value of approximately $3.6 million. The contingent consideration allows for up to $10 million in additional consideration over a four-year period based on certain performance metrics and is not contingent on the sellers employment with Century at the time of the payout and, as such, the fair value of such contingent consideration was recognized as consideration transferred.

The seller’s note was fair valued using a discounted cash flow analysis of the expected future payments, for which the significant inputs included the rate of return based on a reference rate plus a spread and the expected cash flows associated with the seller’s note over the remaining time to maturity. The contingent consideration was fair valued using a Monte Carlo simulation of the potential cash payments to the sellers utilizing an estimate of the average future EBITDA, which was discounted to present value. The significant inputs to the Monte Carlo simulation included projected future EBITDA, a discount rate, EBITDA targets, maximum payout and EBITDA volatility. Such contingent consideration is required to be measured at fair value at inception and at each reporting period, however management determined that there was no change in the fair value of the contingent consideration as of September 30, 2025. As of September 30, 2025, the value of the contingent consideration was $3.5 million and is included within contingent consideration liability on the consolidated balance sheet.

The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations, whereby the consideration transferred and the acquired identifiable assets and liabilities assumed are recorded at their respective fair values. The excess of the consideration transferred over the fair values of these identifiable net assets is recorded as goodwill. The Transaction resulted in no residual goodwill. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the Acquisition Date to estimate the fair value of assets acquired and liabilities assumed. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize its fair value estimates as soon as practicable but no later than one year from the Acquisition Date.

*Fair value of assets acquired and liabilities assumed (in thousands)*
Accounts receivable	$	12,672
Inventory		34,623
Property, plant and equipment		14,428
Operating lease right-of-use asset		2,422
Other assets		26
Accounts payable		(9,083	)
Operating lease liability		(2,422	)
Total	$	52,666

The following unaudited pro forma consolidated operating results give effect to the Transaction as if it had been completed as of July 1, 2025 (in thousands). These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Transaction had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Net sales	$	173,477	$	130,910	$	333,247		270,783
Earnings from operations	$	3,847	$	900	$	11,834		807

The Company recorded acquisition specific costs of approximately $0.9 million and $1.1 million in the three and six month periods ended September 30, 2025 as a component of "Selling, general and administrative" expenses on the Condensed Consolidated Statement of Operation.

- Definition

The entire disclosure for business combination.

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+ Details

Note 13 - Stockholders' Equity

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Equity [Text Block]

NOTE 13 — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the six months ended September 30, 2025 and September 30, 2024 (in thousands):



			Additional
	*Common*		*Paid-In*			*Treasury*			*Retained*
	*Stock*		*Capital*			*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2025	$	8,877	$	35,394		$	(13,100	)	$	101,254		$	132,425
Net earnings		—		—			—			5,028			5,028
Paid in capital – restricted stock units		—		123			—			—			123
Issuance of restricted stock		90		(90	)		—			—			—
Repurchase of shares		—		—			(10	)		—			(10	)
Cash dividends ($0.04 per share)		—		—			—			(286	)		(286	)
BALANCE AT JUNE 30, 2025	$	8,967	$	35,427		$	(13,110	)	$	105,996		$	137,280
Net earnings		—		—			—			2,240			2,240
Paid in capital – restricted stock units		—		36			—			—			36
Cash dividends ($0.04 per share)		—		—			—			(283	)		(283	)
BALANCE AT SEPTEMBER 30, 2025	$	8,967	$	35,463		$	(13,110	)	$	107,953		$	139,273



			Additional
	*Common*		*Paid-In*		*Treasury*			*Retained*
	*Stock*		*Capital*		*Stock*			*Earnings*			*Total*
BALANCE AT MARCH 31, 2024	$	8,873	$	35,247	$	(12,929	)	$	96,284		$	127,475
Net earnings		—		—		—			2,567			2,567
Paid in capital – restricted stock units		—		47		—			—			47
Repurchase of shares		—		—		(123	)		—			(123	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT JUNE 30, 2024	$	8,873	$	35,294	$	(13,052	)	$	98,572		$	129,687
Net loss		—		—		—			(675	)		(675	)
Paid in capital – restricted stock units		—		42		—			—			42
Repurchase of shares		—		—		(11	)		—			(11	)
Cash dividends ($0.04 per share)		—		—		—			(279	)		(279	)
BALANCE AT SEPTEMBER 30, 2024	$	8,873	$	35,336	$	(13,063	)	$	97,618		$	128,764

- Definition

The entire disclosure for equity.

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+ Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Expense (Benefit)	$ 737	$ (227)	$ 2,354	$ 505

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Note 4 - Inventories

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4 — INVENTORIES

The Company operates in two segments: the flat-roll segment and the tubular segment. Both the flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for all of the Company's flat-roll segment inventory, except for inventory of the Century Metals & Supplies subsidiary, is determined using the average cost method. The cost of Century Metals & Supplies is determined using the specific identification method. Cost for all of the Company's tubular segment inventory is determined using the weighted average cost method. All inventories are valued at the lower of cost or net realizable value. Flat-roll raw material inventory consists primarily of carbon steel, stainless steel and aluminum flat-roll products the Company will process into sheet, plate or slit coil. Flat-roll finished goods consists of processed sheet, plate or slit coil inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

A summary of inventory values by product group follows (in thousands):

	*September 30, 2025*		*March 31, 2025*
Flat-Roll raw material	$	110,125	$	85,865
Flat-Roll finished goods		30,614		15,737
Tubular raw material		11,164		7,055
Tubular finished goods		9,663		5,032
	$	161,566	$	113,689

Note 2 - Business Combinations - Pro Forma Operating Results (Details) - Century Metals and Supplies [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net sales	$ 173,477	$ 130,910	$ 333,247	$ 270,783
Earnings from operations	$ 3,847	$ 900	$ 11,834	$ 807

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Sales	$ 152,383	$ 106,759	$ 287,160	$ 221,310
Costs and expenses:
Costs of materials sold (excludes items shown separately below)	126,082	88,761	231,786	184,656
Processing and warehousing expense	9,064	7,861	18,392	16,558
Delivery expense	7,134	5,381	13,534	11,432
Selling, general and administrative	6,287	3,935	11,742	8,446
Depreciation and amortization	937	823	1,784	1,618
Loss on disposal of property, plant and equipment	0	222	0	222
Costs and Expenses	149,504	106,983	277,238	222,932
EARNINGS (LOSS) FROM OPERATIONS	2,879	(224)	9,922	(1,622)
Gain on economic hedges of risk	851	194	1,127	5,569
Interest expense	(754)	(869)	(1,432)	(1,550)
Other income (expense)	1	(3)	5	0
EARNINGS (LOSS) BEFORE INCOME TAXES	2,977	(902)	9,622	2,397
Provision for (benefit from) income taxes:
Current	744	(219)	2,387	523
Deferred taxes	(7)	(8)	(33)	(18)
Income Tax Expense (Benefit)	737	(227)	2,354	505
NET EARNINGS (LOSS)	$ 2,240	$ (675)	$ 7,268	$ 1,892
Net earnings (loss) per share:
Basic (in dollars per share)	$ 0.32	$ (0.1)	$ 1.03	$ 0.27
Diluted (in dollars per share)	0.32	(0.1)	1.03	0.27
Cash dividends, per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.08	$ 0.08

Note 2 - Business Combinations (Tables)

6 Months Ended

Sep. 30, 2025

Notes Tables

Business Combination, Recognized Asset Acquired and Liability Assumed [Table Text Block]

*Fair value of assets acquired and liabilities assumed (in thousands)*
Accounts receivable	$	12,672
Inventory		34,623
Property, plant and equipment		14,428
Operating lease right-of-use asset		2,422
Other assets		26
Accounts payable		(9,083	)
Operating lease liability		(2,422	)
Total	$	52,666

Business Combination, Pro Forma Information [Table Text Block]

	*Three Months Ended September 30,*				*Six Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Net sales	$	173,477	$	130,910	$	333,247		270,783
Earnings from operations	$	3,847	$	900	$	11,834		807

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 30, 2025	Nov. 10, 2025
Document Information [Line Items]
Entity Central Index Key	0000039092
Entity Registrant Name	FRIEDMAN INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,112,182

Note 7 - Property, Plant and Equipment

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 7 — PROPERTY, PLANT AND EQUIPMENT

At September 30, 2025, the Company's construction in process balance of approximately $2.3 million consisted of approximately $1.9 million associated with additional processing equipment being installed in our Granite City, IL facility. The remaining balance consists of several smaller projects among our facilities.

Note 9 - Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2025

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	$	990	Current portion of derivative liability	$	142

	*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	$	636	Current portion of derivative liability	$	287

Derivative Instruments, Gain (Loss) [Table Text Block]

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	851

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	1,127

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	194

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	5,569

Derivatives Not Designated as Hedging Instruments [Table Text Block]

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(28,108	)	October 2025 - December 2026

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

Note 9 - Derivative Financial Instruments

6 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 9 — DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we expect to utilize hot-rolled coil futures, options or swaps to reduce our exposure to commodity price risk that is inherent in our business. For the six months ended September 30, 2025 and 2024, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For any transactions designated as hedging instruments for accounting purposes, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

The Company has forward physical purchase supply agreements in place with some of its suppliers for a portion of its monthly physical steel needs. These supply agreements are not subject to mark-to-market accounting due to the Company electing the normal purchase normal sale exclusion provided in ASC 815.

At September 30, 2025 and March 31, 2025, the Company did not have any derivatives designated as hedging instruments and classified as cash flow or fair value hedges.

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 September 30, 2025 (in thousands):

	*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	$	990	Current portion of derivative liability	$	142

	*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	$	636	Current portion of derivative liability	$	287

All derivatives are presented on a gross basis on the Consolidated Balance Sheets.

During the six months ended September 30, 2025 and 2024, the Company entered into hot-rolled coil futures and swap contracts that were not designated as hedging instruments for accounting purposes. Accordingly, the change in fair value related to these instruments was immediately recognized in earnings for these periods. During the six months ended September 30, 2025 and 2024, the Company did not designate any transactions as hedging instruments for accounting purposes.

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three and six months ended September 30, 2025 (in thousands):

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	851

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2025*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	1,127

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Three Months Ended*
	*Recognized in Earnings*	*September 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	194

		*Gain Recognized in Earnings*
	*Location of Gain*	*for the Six Months Ended*
	*Recognized in Earnings*	*September 30, 2024*
Hot-rolled coil steel contracts	Gain on economic hedges of risk	$	5,569

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at September 30, 2025 (in thousands):

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(28,108	)	October 2025 - December 2026

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at March 31, 2025 (in thousands):

	Notional Amount			Maturity Date
Hot-rolled coil steel contracts	$	(9,522	)	April 2025 - December 2025

At both September 30, 2025 and March 31, 2025, cash of approximately $0.5 million was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at September 30, 2025 and March 31, 2025.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details