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November 19 , 2021 Dateline : Longview , Texas Friedman Industries , Incorporated ( NYSE – American ; trading symbol : FRD ) FOR IMMEDIATE RELEASE Exhibit 99.1 Friedman Industries , Incorporated Announces Second Quarter Results and Sinton , Texas Facility Update The Company announced today its results of operations for the fiscal second quarter . For the quarter ended September 30 , 2021 ( the " 2021 quarter " ) , the Company recorded net earnings of $ 13,177,614 ( $ 1.91 diluted earnings per share ) on sales of $ 92,570,895 compared to a net loss of $ 250,005 ( $ 0.04 diluted loss per share ) on sales of $ 24,861,680 for the quarter ended September 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 continued ramp up of the Decatur , Alabama facility's new stretcher leveler cut - to - length line . " We continued to position our business to take advantage of opportunities in an unprecedented industry environment during the second fiscal quarter , " said Michael J. Taylor , President and Chief Executive Officer . " Hot - rolled steel prices for the 2021 quarter were approximately 280 % higher than prices for the 2020 quarter . Our coil segment sales volume was solid and exceeded pre - pandemic levels while our tubular segment sales volume was below pre - pandemic levels but improved from the prior year quarter . Physical margins across all products remained at historic levels . ” Net Sales Total costs and other income or loss Earnings ( loss ) before income taxes Provision for ( benefit from ) income taxes Net earnings ( loss ) Weighted average shares outstanding : Basic Diluted Net earnings ( loss ) per share : Basic Diluted COIL SEGMENT OPERATIONS Three Months Ended September 30 , Six Months Ended September 30 , 2021 2020 2021 2020 $ 92,570,895 $ 24,861,680 $ 158,487,334 $ 48,386,280 75,078,581 25,174,401 126,726,343 49,835,631 17,492,314 ( 312,721 ) 31,760,991 ( 1,449,351 ) 4,314,700 ( 62,716 ) 7,271,580 ( 340,484 ) $ 13,177,614 $ ( 250,005 ) $ 24,489,411 $ ( 1,108,867 ) 6,903,450 6,903,450 7,067,898 7,067,898 6,901,504 6,901,504 7,074,137 7,074,137 SA SA $ 1.91 $ $ 1.91 $ ( 0.04 ) $ ( 0.04 ) $ 3.55 $ ( 0.16 ) 3.55 $ ( 0.16 ) Coil segment sales for the 2021 quarter totaled $ 78,323,927 compared to $ 18,456,086 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 $ 548 per ton in the 2020 quarter to approximately $ 1,884 per ton in the 2021 quarter . Inventory tons sold increased from approximately 33,000 tons in the 2020 quarter to approximately 43,000 tons in the 2021 quarter . Sales volume for the 2020 quarter was impacted by the onset of the COVID - 19 pandemic with volume for the 2020 quarter being down approximately 13 % compared to pre - pandemic volumes . Volume for the 2021 quarter was approximately 13 % higher than pre - pandemic volumes . Volume for the 2021 quarter benefitted from the continued ramp up of new equipment at the Decatur facility which was placed into service in March 2021. The prior equipment at the Decatur facility was removed in June 2020 for the equipment replacement project . Coil segment operations recorded an operating profit of approximately $ 24,273,000 for the 2021 quarter compared to an operating profit of approximately $ 751,000 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 .