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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                              (Amendment No. 16)*

                       FRIEDMAN INDUSTRIES, INCORPORATED
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                                (Name of Issuer)

                         COMMON STOCK, $1.00 PAR VALUE
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                         (Title of Class of Securities)

                                  358435 10 5
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                                 (CUSIP Number)

         Check the following box if a fee is being paid with this statement 
         / /.  (A fee is not required only if the filing person: (1) has a
         previous statement on file reporting beneficial ownership of more than
         five percent of the class of securities described in Item 1; and (2)
         has filed no amendment subsequent thereto reporting beneficial
         ownership of five percent or less of such class).  (See Rule 13d-7.)

         *The remainder of this cover page shall be filled out for a reporting
         person's initial filing on this form with respect to the subject class
         of securities, and for any subsequent amendment containing information
         which would alter the disclosures provided in a prior cover page.

         The information required in the remainder of this cover page shall not
         be deemed to be "filed" for the purpose of Section 18 of the
         Securities Exchange Act of 1934 ("Act") or otherwise subject to the
         liabilities of that section of the Act but shall be subject to all
         other provisions of the Act (however, see the Notes).

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CUSIP No. 358435 10 5                    13G                  Page 2 of 3 Pages

- --------------------------------------------------------------------------------
 1    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      Jack Friedman, SS. No. ###-##-####
- --------------------------------------------------------------------------------
 2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*       
                                                             (a) / /
                                                             (b) /X/

- --------------------------------------------------------------------------------
 3    SEC USE ONLY

      
- --------------------------------------------------------------------------------
 4    CITIZENSHIP OR PLACE OF ORGANIZATION

      USA
- --------------------------------------------------------------------------------
                               5     SOLE VOTING POWER

          NUMBER OF                  985,963 shares
                                                   
           SHARES              -------------------------------------------------
                               6     SHARED VOTING POWER                        
        BENEFICIALLY           
                                     Not Applicable
          OWNED BY                                 
                               ------------------------------------------------
            EACH               7     SOLE DISPOSITIVE POWER
                    
          REPORTING                  985,963 shares
                                                   
           PERSON              ------------------------------------------------
                               8     SHARED DISPOSITIVE POWER                  
            WITH    
                                     Not Applicable
                                     
- ------------------------------------------------------------------------------- 
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      985,963 shares

- --------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

      Not Applicable

- --------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      16.9%

- --------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON*

      IN

- --------------------------------------------------------------------------------

                                     -2-

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JACK FRIEDMAN                                                 PAGE 3 OF 3 PAGES

NOTE:  THIS AMENDMENT NO. 16 IS THE FIRST ELECTRONIC AMENDMENT TO SCHEDULE 13G.
IN ACCORDANCE WITH RULE 13d-2(c), THIS AMENDMENT NO. 16 RESTATES IN ITS 
ENTIRETY THE ORIGINAL SCHEDULE 13G AND ALL AMENDMENTS THERETO.

Item 1.  (a)     Name of Issuer:  Friedman Industries, Incorporated 

         (b)     Address of Issuer's Principal Executive Offices: 
                 4001 Homestead Road
                 Houston, Texas 77028
 
Item 2.  (a)     Name of Person Filing:  Jack Friedman 

         (b)     Address of Principal Business Office or, if none, Residence: 
                 1121 Judson Road 
                 Longview, Texas  75601 

         (c)     Citizenship:  USA 

         (d)     Title of Class of Securities: Common Stock, $1.00 par value 

         (e)     CUSIP No.:  358435 10 5
 
Item 3.  Not Applicable
 
Item 4.  (a)     Amount Beneficially Owned:  985,963 shares 

         (b)     Percent of Class:   16.9% 

         (c)      (i)     Sole Voting Power:  985,963 
                 (ii)     Shared Voting Power:   Not applicable 
                (iii)     Sole Dispositive Power:  985,963 
                 (iv)     Shared Dispositive Power:   Not applicable
 
Item 5.  Not Applicable
 
Item 6.  Not Applicable
 
Item 7.  Not Applicable
 
Item 8.  Not Applicable
 
Item 9.  Not Applicable
 
Item 10. Not Applicable

                                   SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                          February 14, 1996       
                                   -------------------------------
                                                Date              

                                                                  
                                                                  
                                          /s/ Jack Friedman       
                                   -------------------------------
                                          Jack Friedman           

                                                                  

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