Friedman Reports Sharply Lower Profits on Compressed Coil Margins

Friedman Industries continues to see benefits of its April acquisition of Plateplus Inc., but sharply declining steel prices significantly suppressed earnings.

The Longview, Texas-based steel processor and manufacturer said the fiscal 2023 second quarter ended Sept. 30, 2022 was a “period of considerable margin compression” driven by sharply declining hot-rolled coil (HRC) prices.

Hot-Rolled Coil

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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