**Exhibit 10.14** **SEVENTH AMENDMENT    TO AMENDED AND RESTATED LETTER AGREEMENT**     THIS SEVENTH AMENDMENT TO AMENDED AND RESTATED LETTER AGREEMENT    (this “Amendment”) dated, effective as of May 18,    2007 (the “Effective Date”) is by and between FRIEDMAN    INDUSTRIES, INCORPORATED (“Borrower”) and JPMORGAN    CHASE BANK, N.A. (“Bank”). PRELIMINARY STATEMENT.  The Bank and the    Borrower are parties to an Amended And Restated Letter Agreement    dated as of April 1, 1995, as amended by a First Amendment    dated as of April 1, 1997, a Second Amendment dated as of    July 21, 1997, a Third Amendment dated as of April 1,    1999, a Fourth Amendment dated as of June 1, 2001, a Fifth    Amendment dated as of April 1, 2003 and a Sixth Amendment    dated as of April 1, 2005 (collectively, “Letter    Agreement”). All capitalized terms defined in the Letter    Agreement and not otherwise defined in this Amendment shall have    the same meanings in this Amendment as assigned to them in the    Letter Agreement. The Bank and the Borrower have agreed to amend    the Letter Agreement to the extent set forth herein, and in    order to, among other things, renew and increase the Revolving    Line of Credit.     NOW THEREFORE, in consideration of the premises and other good    and valuable consideration, the receipt and sufficiency of which    are hereby acknowledged by the parties hereto, the Bank and the    Borrower hereby agree as follows:     1. Section 1 of the Letter Agreement is amended and    restated in its entirety to read as follows: “SECTION 1 —    THE LINE Section 1.1  **Revolving Line of    Credit**  Subject to the terms and conditions    hereof, the Bank agrees to make upon the request of the    Borrower, loans (the “Loan” or “Loans”) to    the Borrower from time to time before the Termination Date, not    to exceed at any one time outstanding $10,000,000.00 (the    “Revolving Line of Credit” or the “Line”)).    The Borrower shall have the right to borrow, repay and reborrow.    The Bank and the Borrower agree that Chapter 346 of the    Texas Finance Code shall not apply to this Agreement, the Note    or any Loan. The Loans shall be evidenced by, shall bear    interest and shall be payable as provided in the promissory note    of Borrower dated May 18, 2007 executed by the Borrower and    payable to the order of the Bank in the principal amount of    $10,000,000.00 on or before April 1, 2010 (together with    any renewals, modifications and replacements thereof, the    “Note”), which is given in renewal, increase and    modification of the revolving promissory note dated    April 1, 2005 executed by the Borrower and payable to the    order of the Bank in the principal amount of $6,000,000.00. The    purpose of the Loans made under the Revolving Line of Credit is    to provide the Borrower with working capital support.    “Termination Date” means the earlier of:    (a) April 1, 2010; or (b) the date specified by    Bank in accordance with Section 5 of the Credit    Agreement. Section 1.2  **Collateral**  The    Line is unsecured, but is subject to a negative pledge of real    property and improvements of the warehouse/distribution facility    as further described in Section 4.4 of this Letter    Agreement. The term “Loan Documents” as used herein    shall refer to the Note, this Letter Agreement and any other    document, instrument, agreement and writing that may be required    executed, or to be executed, and delivered, or previously    delivered, by the Borrower to the Bank to properly complete the    above described transactions and any renewal, extension,    modification, supplement, replacement, rearrangement, increase,    or substitution of any of the foregoing.”     2. The minimum working capital requirement that the    Borrower has been required to maintain is deleted in its    entirety. The minimum tangible net worth as adjusted that the    Borrower is required to maintain is increased from    $27,000,000.00 to $33,000,000.00. To reflect these changes,    Exhibit A of the Letter Agreement is amended by and    replaced with the Exhibit A attached to this    Amendment for all purposes.     3. The Borrower hereby represents and warrants to the Bank    that after giving effect to the execution and delivery of this    Amendment: (a) the representations and warranties set forth    in the Letter Agreement are true and correct on the date hereof    as though made on and as of such date; and (b) no Event of    Default, or event which with passage of time, the giving of    notice or both would become an Event of Default, has occurred    and is continuing as of the date hereof.
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    4. This Amendment shall become effective as of the    Effective Date upon its execution and delivery by each of the    parties named in the signature lines below, and the term    “Agreement” as used in the Letter Agreement shall also    refer to the Letter Agreement as amended by this Amendment and    all previous amendments.     5. The Borrower further acknowledges that each of the other    Loan Documents is in all other respects ratified and confirmed,    and all of the rights, powers and privileges created thereby or    thereunder are ratified, extended, carried forward and remain in    full force and effect except as the Credit Agreement is amended    by this Amendment.     6. This Amendment may be executed in any number of    counterparts and by different parties hereto in separate    counterparts, each of which when so executed shall be deemed an    original and all of which taken together shall constitute but    one and the same agreement.     7. This Amendment shall be included within the definition    of “Loan Documents” as used in the Agreement.     8. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN    ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND AS    APPLICABLE, THE LAWS OF THE UNITED STATES OF AMERICA.     THIS WRITTEN AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT    THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE    CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT    ORAL AGREEMENTS OF THE PARTIES.     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.     IN WITNESS WHEREOF, the parties hereto have caused this    Amendment to be executed effective as of the Effective Date.      BORROWER:     FRIEDMAN INDUSTRIES, INCORPORATED             By: /s/  Ben    Harper