FRIEDMAN INDUSTRIES INC — Director's Dealing 2005

Jan 27, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRIEDMAN INDUSTRIES INC (FRD)
CIK: 0000039092
Period of Report: 2005-01-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-25	Common Stock	M	23782	$2.33	Acquired	63436	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-25	Option to purchase	$2.33	X	23782	Disposed	2012-11-20	Common Stock (66700)	Direct

Holdings (Derivative)

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

Footnotes

F1: Previously reported-for memo purposes only.