FRIEDMAN INDUSTRIES INC — Director's Dealing 2005

Feb 22, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRIEDMAN INDUSTRIES INC (FRD)
CIK: 0000039092
Period of Report: 2005-02-17

Reporting Person: CROW WILLIAM E (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-08	Common Stock	G	5000	$15.14	Disposed	58436	Direct
2005-02-17	Common Stock	S	16200	$12.02	Disposed	42236	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option to purchase	$3.13	2006-04-12	Common Stock (57637)	57637	Direct
Option to purchase	$2.33	2012-11-20	Common Stock (42918)	42918	Direct

Footnotes

F1: Previously reported-for memo purposes only.