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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>Form 8-K</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date of Report </b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(Date of earliest event reported):</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b> December 11, 2017</b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>Friedman Industries, Incorporated</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Texas</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">of incorporation)</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1-07521</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;74-1504405</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer Identification No.)</p>
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			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
			<td style="vertical-align: top; width: 32%;">&nbsp;</td>
			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1121 Judson Rd. Suite 124</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Longview, TX</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of principal executive offices)</p>
			</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>75601</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
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			<td style="vertical-align: top; width: 34%;">&nbsp;</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(903) 758-3431</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s telephone number,</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">including area code)</font></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">|_| Written communications pursuant to Rule 42<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">5 under the Securities Act (17 CFR 230.425) </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">|_| Pre-co<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">mmencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9744;</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9744;</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 1.01 Entry into a Material Definitive Agreement</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: Times New Roman;">On December 11, 2017, Friedman Industries, Inc. (the &ldquo;Company&rdquo;) entered into a Loan Agreement (the &ldquo;Loan Agreement&rdquo;) providing for a $7.5 million revolving line of credit facility (the &ldquo;Credit Facility&rdquo;) with Citizens National Bank (the &ldquo;Bank&rdquo;). Pursuant to the Loan Agreement, the Company entered into a Promissory Note on December 11, 2017, evidencing the Credit Facility (the &ldquo;Promissory Note&rdquo;). The Credit Facility expires on December 11, 2018.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: Times New Roman;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Borrowings under the Credit Facility bear interest at the Bank&rsquo;s prime rate minus 0.55%. Interest payments on amounts advanced are due monthly, and principal payments may be made at any time without penalty. All outstanding principal and accrued interest is due upon expiration of the Credit Facility. Pursuant to a Commercial Security Agreement (the &ldquo;Security Agreement&rdquo;) executed by the Company on December 11, 2017, the Credit Facility is collateralized by the Company&rsquo;s accounts receivable and inventory.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: Times New Roman;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">The Credit Facility contains certain customary affirmative and negative covenants. Financial covenants contained in the Credit Facility include:</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company will not permit at any time its tangible common shareholders<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">&rsquo; equity to be less than $50.0 million.</font></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company will not permit at any time its maximum debt to exceed 50% of tangible common shareholders<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">&rsquo; equity.</font></p>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">In the event of default, amounts borrowed under the Credit Facility and all unpaid interest shall become due immediately.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">As of the filing date of this Current Report on Form 8-K, the Company has borrowed $3.75 million under the Credit Facility.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The foregoing descriptions of the Loan Agreement, Credit Facility, Promissory Note and Security Agreement are not complete and are qualified in their respective entireties by the full text of the Loan Agreement, Promissory Note and Security Agreement filed as exhibits to this Current Report on Form 8-K.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 2.03<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font></b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 3.03 Material<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Modification to Rights of Security Holders</font></b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 9.01 Financial Statements and Exhibits</b></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>(d)</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Exhibits.</b></p>
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			<td colspan="3" style="vertical-align:top;width:100%;">&nbsp;</td>
		</tr>

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<p style="margin: 0pt;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exhibit</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Number</b></p>
			</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align: bottom; width: 89.1%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Description of Exhibit</b></p>
			</td>
			<td>&nbsp;</td>
		</tr>
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			<td style="vertical-align:middle;width:7.9%;">&nbsp;</td>
			<td colspan="3" style="vertical-align:middle;width:92.1%;">&nbsp;</td>
			<td>&nbsp;</td>
		</tr>
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			<td style="vertical-align:top;width:7.9%;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">10.1</p>
			</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align:top;width:89.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_102146.htm" style="-sec-extract:exhibit;">Revolving Line of Credit Loan Agreement dated December 11, 2017.</a></p>
			</td>
			<td>&nbsp;</td>
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			<td style="vertical-align: top; width: 7.9%; text-indent: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">&nbsp;</td>
			<td style="vertical-align:top;width:89.1%;">&nbsp;</td>
			<td>&nbsp;</td>
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			<td style="vertical-align:top;width:7.9%;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">10.2</p>
			</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align:top;width:89.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_102147.htm" style="-sec-extract:exhibit;">Promissory Note dated December 11, 2017.</a></p>
			</td>
			<td>&nbsp;</td>
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			<td style="vertical-align:top;width:7.9%;">&nbsp;</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">&nbsp;</td>
			<td style="vertical-align:top;width:89.1%;">&nbsp;</td>
			<td>&nbsp;</td>
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			<td style="vertical-align:top;width:7.9%;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">10.3</p>
			</td>
			<td colspan="2" style="vertical-align:bottom;width:3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>
			</td>
			<td style="vertical-align:top;width:89.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_102148.htm" style="-sec-extract:exhibit;">Commercial Security Agreement dated December 11, 2017.</a></p>
			</td>
			<td>&nbsp;</td>
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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:0pt;"><b>SIGNATURES</b></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">Date:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 15, 2017</font></p>

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			<p style="margin-top: 0; margin-bottom: 0;">FRIEDMAN INDUSTRIES, INCORPORATED</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By: </font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/&nbsp;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Alex LaRue</font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Alex LaRue</font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Vice President - Secretary and Treasurer</font></p>
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{"company-data": {"conformed-name": "FRIEDMAN INDUSTRIES INC", "cik": "0000039092", "assigned-sic": "3310", "irs-number": "741504405", "state-of-incorporation": "TX", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07521", "film-number": "171258669"}, "business-address": {"street1": "1121 JUDSON RD", "street2": "SUITE 124", "city": "LONGVIEW", "state": "TX", "zip": "75601", "phone": "9037583431"}, "mail-address": {"street1": "PO BOX 2192", "city": "LONGVIEW", "state": "TX", "zip": "75606"}}
frd20171215_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported):
December 11, 2017
Friedman Industries, Incorporated
(Exact name of registrant as specified in its charter)
Texas
(State or other jurisdiction
of incorporation)
1-07521
(Commission File Number)
74-1504405
(IRS Employer Identification No.)
1121 Judson Rd. Suite 124
Longview, TX
(Address of principal executive offices)
75601
(Zip Code)
(903) 758-3431
(Registrant
's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 42
5 under the Securities Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-co
mmencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company            ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01 Entry into a Material Definitive Agreement
On December 11, 2017, Friedman Industries, Inc. (the "Company") entered into a Loan Agreement (the "Loan Agreement") providing for a $7.5 million revolving line of credit facility (the "Credit Facility") with Citizens National Bank (the "Bank"). Pursuant to the Loan Agreement, the Company entered into a Promissory Note on December 11, 2017, evidencing the Credit Facility (the "Promissory Note"). The Credit Facility expires on December 11, 2018.
Borrowings under the Credit Facility bear interest at the Bank's prime rate minus 0.55%. Interest payments on amounts advanced are due monthly, and principal payments may be made at any time without penalty. All outstanding principal and accrued interest is due upon expiration of the Credit Facility. Pursuant to a Commercial Security Agreement (the "Security Agreement") executed by the Company on December 11, 2017, the Credit Facility is collateralized by the Company's accounts receivable and inventory.
The Credit Facility contains certain customary affirmative and negative covenants. Financial covenants contained in the Credit Facility include:
●
The Company will not permit at any time its tangible common shareholders
' equity to be less than $50.0 million.
●
The Company will not permit at any time its maximum debt to exceed 50% of tangible common shareholders
' equity.
In the event of default, amounts borrowed under the Credit Facility and all unpaid interest shall become due immediately.
As of the filing date of this Current Report on Form 8-K, the Company has borrowed $3.75 million under the Credit Facility.
The foregoing descriptions of the Loan Agreement, Credit Facility, Promissory Note and Security Agreement are not complete and are qualified in their respective entireties by the full text of the Loan Agreement, Promissory Note and Security Agreement filed as exhibits to this Current Report on Form 8-K.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 3.03 Material
Modification to Rights of Security Holders
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits.
Exhibit
Number
Description of Exhibit
10.1
Revolving Line of Credit Loan Agreement dated December 11, 2017.
10.2
Promissory Note dated December 11, 2017.
10.3
Commercial Security Agreement dated December 11, 2017.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:
December 15, 2017
FRIEDMAN INDUSTRIES, INCORPORATED
By:
/s/
Alex LaRue
Alex LaRue
Vice President - Secretary and Treasurer