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SECURITIES AND EXCHANGE COMMISSION
   FORM 10-K
  x
    Annual report pursuant to
    Section 13 or 15(d) of the Securities Exchange Act of
    1934 for the fiscal year ended March 31, 2011o
    Transition report pursuant to
    Section 13 or 15(d) of the Securities Exchange Act of
    1934 for the transition period from
    
    to    FRIEDMAN INDUSTRIES,
    INCORPORATED
   Texas

74-1504405(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)4001 Homestead Road, Houston, Texas

77028(Address of principal executive offices)

(Zip Code)   (713) 672-9433
    Name of each exchangeTitle of each class

on which registeredCommon Stock, $1 Par Value

NYSE-Amex Stock Exchange   Securities registered pursuant to
    Section 12(g) of the Act:
  None
  Indicate
    by check mark if the registrant is a well-known seasoned issuer,
    as defined in Rule 405 of the Securities Act.
  Yes
         No
    X
  Indicate
    by check mark if the registrant is not required to file reports
    pursuant to Section 13 or Section 15(d) of the
    Act.
  Yes
         No
    X
  Indicate
    by check mark whether the registrant (1) has filed all
    reports required to be filed by Section 13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12 months (or for such shorter period that the registrant
    was required to file such reports) and (2) has been subject
    to such filing requirements for the past 90 days.
  Yes
    X     No
  Indicate
    by check mark whether the registrant has submitted
    electronically and posted on its corporate Web site, if any,
    every Interactive Data File required to be submitted and posted
    pursuant to Rule 405 of
    Regulation S-T
    (§232.405 of this chapter) during the preceding
    12 months (or for such shorter period that the registrant
    was required to submit and post such files).
  Yes
         No
  Indicate
    by check mark if disclosure of delinquent filers pursuant to
    Item 405 of
    Regulation S-K
    (§229.405) is not contained herein, and will not be
    contained, to the best of registrants knowledge, in
    definitive proxy or information statements incorporated by
    reference in Part III of this
    Form 10-K
    or any amendment to this
    Form 10-K.
  X
  Indicate
    by check mark whether the registrant is a large accelerated
    filer, an accelerated filer, a non-accelerated filer or a
    smaller reporting company. See the definitions of large
    accelerated filer, accelerated filer and
    smaller reporting company in Rule 12b-2 of the
    Exchange Act. (Check one):
  Large accelerated
    filer ( )     Accelerated
    filer ( )     Non-accelerated
    filer ( )  Smaller reporting company (X)
  Indicate
    by check mark whether the registrant is a shell company (as
    defined in Rule 12b-2 of the Act).
  Yes
         No
    X
  The
    aggregate market value of the Common Stock held by
    non-affiliates of the registrant as of September 30, 2010
    (computed by reference to the closing price on such date) was
    approximately $44,758,000.
  The
    number of shares of the registrants Common Stock
    outstanding at June 15, 2011 was 6,799,444 shares.




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TABLE OF CONTENTS  DOCUMENTS INCORPORATED BY REFERENCEPART IPART IIPART IIIPART IVSCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS FRIEDMAN INDUSTRIES, INCORPORATEDEXHIBIT INDEXEX-13.1EX-14.1EX-21.1EX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
  DOCUMENTS
    INCORPORATED BY REFERENCE
     
  PART
    I
  Item 1. Business
      Coil
    Products
      Tubular
    Products
         2




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Marketing
    Product and Service Groups

2011

2010Coil Products


47
%


56
%Tubular Products


53
%


44
%   Coil Products.
      Tubular Products.
    Competition
      Employees
   3




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Executive
    Officers of the Company
    Position, Offices with the CompanyName

Age


and Family Relationships, if anyWilliam E. Crow


63


Chief Executive Officer since 2006 and President since 1995;
    formerly Chief Operating Officer since 1995, Vice President
    since 1981 and President of Texas Tubular Products Division
    since August 1990Benny Harper


65


Senior Vice President  Finance since 1995 (formerly
    Vice President since 1990), Treasurer since 1980 and Secretary
    since May 1992Thomas Thompson


60


Senior Vice President  Sales and Marketing since
    1995; formerly Vice President  Sales since 1990   Item 1A.
    Risk
    Factors  Lead time and the
    cost of our products could increase if we were to lose one of
    our primary suppliers.
      Our future
    operating results may be affected if we were to lose one of our
    significant customers.
    Our future
    operating results may be affected by fluctuations in raw
    material prices. We may not be able to pass on increases in raw
    material costs to our customers.
  just-in-time
 4




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Our business is
    highly competitive, and increased competition could reduce our
    gross profit and net income.
    We are
    susceptible to the cyclicality of the steel industry.
    We may not be
    able to manage and integrate future capital expansions
    successfully.
    Equipment
    downtime or shutdowns could adversely affect our business,
    financial condition or results of operations.
    Increases in
    energy prices will increase our operating costs, and we may be
    unable to pass all of these increases on to our customers in the
    form of higher prices for our products.
    Steel companies
    are susceptible to changes in governmental policies and
    international economic conditions.
    Steel companies
    are subject to stringent environmental regulations, and we may
    be required to spend considerable funds in order to comply with
    such regulations.
   5




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Durable goods
    account for a significant portion of our sales, and reduced
    demand from this sector of the U.S. economy is likely to
    adversely affect our profitability and cash flows.
    Competition from
    other materials may have a material adverse effect on our
    business, financial condition or results of operations.
    Product liability
    claims could adversely affect our operations.
    Our common stock
    is subject to price volatility unrelated to our operations.
      Certain
    provisions of our articles of incorporation may discourage a
    third party from making a takeover proposal.    Item 1B.
    Unresolved Staff
    Comments   6




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Item 2. Properties
    ApproximateLocation

Size

OwnershipLone Star, TexasPlant  Texas Tubular Products

118,260 sq. feet

Owned(1)Offices  Texas Tubular Products

9,200 sq. feet

Owned(1)Land  Texas Tubular Products

81.70 acres

Owned(1)Longview, TexasOffices

2,600 sq. feet

Leased(2)Houston, TexasOffices

4,000 sq. feet

Leased(3)Hickman, ArkansasPlant and Warehouse  Coil Products

42,600 sq. feet

Owned(1)Offices  Coil Products

2,500 sq. feet

Owned(1)Land  Coil Products

26.19 acres

Owned(1)Decatur, AlabamaPlant and Warehouse  Coil Products

48,000 sq. feet

Owned(1)Offices  Coil Products

2,000 sq. feet

Owned(1)Land  Coil Products

47.3 acres

Owned(1)     (1)
    All of the Companys owned real properties, plants and
    offices are held in fee and are not subject to any mortgage or
    deed of trust.(2)
    The office lease is with a non-affiliated party, expires
    April 30, 2013, and provides for an annual rental of
    $30,084.(3)
    In September 2006, the Company sold real property in Houston,
    Texas and signed a 12-month lease agreement to rent office space
    at this location. The office lease is with Steelvest Property,
    LLC, a company affiliated with Max Reichenthal, a director of
    the Company. The lease is renewable on a quarterly basis and
    provides for a monthly rental payment of $1,400.  Item 3. Legal
    Proceedings
   7




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PART II
  Item 5.
    Market for
    Registrants Common Equity, Related Stockholder Matters and
    Issuer Purchases of Equity Securities        Item 6. Selected
    Financial Data
    Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations    Item 7A. Quantitative
    and Qualitative Disclosures about Market Risk
    Item 8. Financial
    Statements and Supplementary Data
                       8




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Item 9.
    Changes in and
    Disagreements with Accountants on Accounting and Financial
    Disclosure.    Item 9A. Controls
    and Procedures
  Evaluation
    of Disclosure Controls and Procedures
    Internal Control Over Financial Reporting
      Item
    9B.
    Other
    Information   9




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PART
    III
  Item 10. Directors
    and Executive Officers of the Registrant
        Item 11. Executive
    Compensation
    Item 12.
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters  Equity
    Compensation Plan Information    Security
    Ownership Information    Item 13.
    Certain Relationships and Related Transactions
    Item 14.
    Principal
    Accountant Fees and Services   10




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PART IV
  Item 15.
    Exhibits, Financial Statement Schedules and Reports on Form
    8-K
                      page S-1:
        ExhibitNo.

Description3
.1

 Articles of Incorporation of the Company, as amended
    (filed as an exhibit to and incorporated by reference from the
    Companys Annual Report on
    Form 10-K
    for the year ended March 31, 1982).3
.2

 Articles of Amendment to the Articles of
    Incorporation of the Company, as filed with the Texas Secretary
    of State on September 22, 1987 (filed as an exhibit to and
    incorporated by reference from the Companys Annual Report
    on
    Form 10-K
    for the year ended March 31, 1988).3
.3

 Amended and Restated Bylaws of the Company
    (incorporated by reference from Exhibit 3.1 to the
    Companys Current Report on
    Form 8-K
    filed on February 9, 2006).10
.1

 Lease Agreement between Steelvest Property, LLC and
    the Company dated September 8, 2006, regarding office space
    (incorporated by reference from Exhibit 10.13 to the
    Companys Annual Report on Form 10-K for the year
    ended March 31, 2008).**13
.1

 The Companys Annual Report to Shareholders for
    the fiscal year ended March 31, 2011.**14
.1

 Friedman Industries, Incorporated Code of Conduct
    and Ethics.**21
.1

 List of Subsidiaries.**31
.1

 Certification Pursuant to Section 302 of the
    Sarbanes-Oxley
    Act of 2002, signed by William E. Crow.**31
.2

 Certification Pursuant to Section 302 of the
    Sarbanes-Oxley
    Act of 2002, signed by Ben Harper.**32
.1

 Certification Pursuant to 18 U.S.C.
    Section 1350, as Adopted Pursuant to Section 906 of
    the
    Sarbanes-Oxley
    Act of 2002, signed by William E. Crow.**32
.2

 Certification Pursuant to 18 U.S.C.
    Section 1350, as Adopted Pursuant to Section 906 of
    the
    Sarbanes-Oxley
    Act of 2002, signed by Ben Harper.   **
    Filed herewith.   11




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##### Table of Contents



SIGNATURES
      By:
    /s/  William
    E. Crow  William E. Crow
 Chief Executive Officer
    and
 President
    Signature

Title

Date/s/  WILLIAM
    E. CROWWilliam
    E. Crow

Chief Executive Officer and President and Director (Principal
    Executive Officer)

June 24, 2011/s/  BENNY
    B. HARPERBenny
    B. Harper

Senior Vice President  Finance Secretary/Treasurer
    (Principal Financial and Accounting Officer)

June 24, 2011Durga
    D. Agrawal

Director

June   , 2011/s/  CHARLES
    W. HALLCharles
    W. Hall

Director

June 24, 2011/s/  ALAN
    M. RAUCHAlan
    M. Rauch

Director

June 24, 2011/s/  MAX
    REICHENTHALMax
    Reichenthal

Director

June 24, 2011/s/  HERSHEL
    M. RICHHershel
    M. Rich

Director

June 24, 2011/s/  JOEL
    SPIRAJoel
    Spira

Director

June 24, 2011/s/  JOE
    L. WILLIAMSJoe
    L. Williams

Director

June 24, 2011  12




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SCHEDULE
    II  VALUATION AND QUALIFYING ACCOUNTS
  FRIEDMAN INDUSTRIES, INCORPORATED
  Column A

Column B


Column C


Column D


Column EAdditionsBalance at


Charged to


Charged toBeginning


Costs and


Other Accounts 


Deductions 


Balance atDescription

of Period


Expenses


Describe(A)


Describe(B)


End of PeriodYear ended March 31, 2011Allowance for doubtful accounts receivable and cash discounts
    (deducted from related asset account)

$
37,276


$
7,867


$
780,750


$
788,617


$
37,276Year ended March 31, 2010Allowance for doubtful accounts receivable and cash discounts
    (deducted from related asset account)

$
27,276


$
0


$
468,907


$
458,907


$
37,276      (A)
    Cash discounts allowed on sales and charged against revenue.(B)
    Accounts receivable written off and cash discounts allowed on
    sales. S-1




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##### Table of Contents



EXHIBIT
    INDEX
  ExhibitNo.

Description3
.1

 Articles of Incorporation of the Company, as amended
    (filed as an exhibit to and incorporated by reference from the
    Companys Annual Report on
    Form 10-K
    for the year ended March 31, 1982).3
.2

 Articles of Amendment to the Articles of
    Incorporation of the Company, as filed with the Texas Secretary
    of State on September 22, 1987 (filed as an exhibit to and
    incorporated by reference from the Companys Annual Report
    on
    Form 10-K
    for the year ended March 31, 1988).3
.3

 Amended and Restated Bylaws of the Company
    (incorporated by reference from Exhibit 3.1 to the
    Companys Current Report on
    Form 8-K
    filed on February 9, 2006).10
.1

 Lease Agreement between Steelvest Property, LLC and
    the Company dated September 8, 2006, regarding office space
    (incorporated by reference from Exhibit 10.13 to the
    Companys Annual Report on Form 10-K for the year
    ended March 31, 2008).**13
.1

 The Companys Annual Report to Shareholders for
    the fiscal year ended March 31, 2011.**14
.1

 Friedman Industries, Incorporated Code of Conduct
    and Ethics.**21
.1

 List of Subsidiaries.**31
.1

 Certification Pursuant to Section 302 of the
    Sarbanes-Oxley
    Act of 2002, signed by William E. Crow.**31
.2

 Certification Pursuant to Section 302 of the
    Sarbanes-Oxley
    Act of 2002, signed by Ben Harper.**32
.1

 Certification Pursuant to 18 U.S.C.
    Section 1350, as Adopted Pursuant to Section 906 of
    the
    Sarbanes-Oxley
    Act of 2002, signed by William E. Crow.**32
.2

 Certification Pursuant to 18 U.S.C.
    Section 1350, as Adopted Pursuant to Section 906 of
    the
    Sarbanes-Oxley
    Act of 2002, signed by Ben Harper.   **
    Filed herewith.