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August 23 , 2021 Dateline : Longview , Texas Friedman Industries , Incorporated ( NYSE - American ; trading symbol : FRD ) FOR IMMEDIATE RELEASE Exhibit 99.1 Friedman Industries , Incorporated Announces First Quarter Results The Company announced today its results of operations for the fiscal first quarter . For the quarter ended June 30 , 2021 ( the “ 2021 quarter " ) , the Company recorded net earnings of $ 11,311,797 ( $ 1.64 diluted earnings per share ) on net sales of $ 65,916,439 compared to a net loss of $ 858,862 ( $ 0.12 diluted loss per share ) on net sales of $ 23,524,600 for the quarter ended June 30 , 2020 ( the " 2020 quarter ” ) . The 2021 quarter results make it the most profitable quarter in Company history . Results for the 2021 quarter were positively impacted by strong margins primarily associated with a historic rise in steel prices . The 2021 quarter was also positively impacted by the Decatur , Alabama facility starting to operate its new stretcher leveler cut - to - length line . " We continued to operate in an unprecedented industry environment during the 2021 quarter , " said Michael J. Taylor , President and Chief Executive Officer . " Hot - rolled steel prices for the 2021 quarter were approximately 200 % higher than prices for the 2020 quarter and securing steel to support our customers remained a critical focus . Prior efforts to expand our supply chain options , combined with our team's excellent work in the quarter to source steel in a supply tight market , have allowed us to be the consistent supplier our customers expect and to capture new customer opportunities . We are excited about the initial customer response to our Decatur facility's new processing capabilities . We are also pleased to announce we have broken ground on the construction of our new facility in Sinton , Texas . We believe successful execution of these projects in Decatur and Sinton provide a path for us to double our coil segment sales volume . " SUMMARY OF OPERATIONS ( unaudited ) Net Sales Total costs and other income Earnings ( loss ) before income taxes Income taxes Net earnings ( loss ) Weighted average shares outstanding : Basic Diluted Net earnings ( loss ) per share : Basic Diluted COIL SEGMENT OPERATIONS Three Months Ended June 30 , 2021 2020 $ 65,916,439 $ 23,524,600 51,647,762 24,661,230 14,268,677 ( 1,136,630 ) 2,956,880 ( 277,768 ) $ 11,311,797 $ ( 858,862 ) 6,899,537 6,899,537 7,080,444 7,080,444 SAS $ 1.64 $ ( 0.12 ) $ 1.64 $ ( 0.12 ) Coil segment sales for the 2021 quarter totaled $ 52,694,730 compared to $ 15,432,784 for the 2020 quarter . The increase in sales was driven by an increase in the average selling price associated with higher hot - rolled steel prices and an increase in sales volume . The average per ton selling price of coil segment inventory increased from approximately $ 566 per ton in the 2020 quarter to approximately $ 1,462 per ton in the 2021 quarter . Inventory tons sold increased from approximately 27,000 tons in the 2020 quarter to approximately 39,000 tons in the 2021 quarter . Sales volume for the 2020 quarter was significantly impacted by the onset of the COVID - 19 pandemic with volume for the 2020 quarter being down approximately 30 % compared to pre - pandemic volumes . Volume for the 2021 quarter was approximately 3 % higher than pre - pandemic volumes . Volume for the 2021 quarter benefitted from the new equipment at the Decatur facility being placed into service in March 2021. The prior equipment at the Decatur facility was removed during the 2020 quarter for the equipment replacement project . Coil segment operations recorded an operating profit of approximately $ 13,256,000 for the 2021 quarter compared to an operating loss of approximately $ 459,000 for the 2020 quarter . Operating results for the 2021 quarter benefitted from a significant increase in steel prices and associated improvement in our margins . The 2020 quarter was negatively impacted by low margins associated with declines in hot - rolled steel prices .