FRIEDMAN INDUSTRIES INC

11**.RETIREMENT PLAN**

The Company maintains the Friedman Industries, Inc. Employees’ Retirement and401(k) Plan (the “Plan”). Employees fully vest in the Plan uponsix years of service.

Employees* mayelect to participate in the401*(k) portion of the Plan. Employees are eligible to participate in the Plan when the employee has completedsixty calendar days of service. Under the Plan, participating employees* maydefer a portion of their earnings up to certain limits prescribed by the Internal Revenue Service. The Company provides matching contributions under the provisions of the Plan. Contribution expense related to the401*(k) portion of the Plan was approximately $0.7 million and$0.5 million for the years ended* March 31, 2026* and2025, respectively.

The retirement portion of the Plan covers substantially all employees, including officers. Any contributions are determined at the discretion of the Board of Directors in an amountnot to exceed 15% of the total compensation paid during the year to all eligible employees. The Company didnot make a contribution to the retirement portion of the Plan in fiscal2026 or fiscal2025. Contributions, plan earnings and forfeitures of non-vested accounts of terminated participants are allocated to the remaining individual accounts determined by a point schedule based on years of employment with the Company.