FRIEDMAN INDUSTRIES INC — Director's Dealing 2004

Aug 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRIEDMAN INDUSTRIES INC (FRD)
CIK: 0000039092
Period of Report: 2004-08-19

Reporting Person: THOMPSON THOMAS N (Senior V.P.-Sales and Mktg.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-19	Common Stock	S	8087	$5.35	Disposed	16832	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4440	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to purchase	$3.13	2006-04-12	Common Stock (34842)	34842	Direct
Option to purchase	$2.33	2012-11-20	Common Stock (88400)	88400	Direct

Footnotes

F1: Previously reported-for memo purposes only.