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In a recent move to strengthen its board, Friedman Industries Incorporated has announced the appointment of Michael Hanson as a new director, effective March 19, 2025. This decision follows the expansion of the company’s Board of Directors and is aligned with the provisions of the company’s Bylaws.
Michael Hanson brings a wealth of experience to the board, having previously held the role of Vice President of Sales and Marketing at North Star BlueScope Steel (OTC:BLSFY), a prominent flat rolled steel producer. His career also includes various sales positions at North Star Steel. Since retiring in 2022, Hanson has been actively involved in non-profit work, serving as the chair of the board of directors of Adopt America Network and on its foundation board. His academic background includes a bachelor’s degree in marketing and an MBA.
As a new member of the board, Hanson will be compensated with a pro rata portion of director fees, which may include equity awards, consistent with the existing compensation structure for board service. However, the company has not yet assigned him to any specific board committees.
This strategic addition to the board is expected to provide fresh insights and guidance to Friedman Industries, which operates in the steel works, blast furnaces, and rolling and finishing mills industry. The company, headquartered in Longview, Texas, is known for its manufacturing operations and has maintained dividend payments for 53 consecutive years. With a healthy current ratio of 3.53 and moderate debt levels, the company has demonstrated strong financial management throughout its history.
The information regarding this corporate governance development is based on the latest Form 8-K filing with the U.S. Securities and Exchange Commission by Friedman Industries. The company’s shares are traded on the NYSE American under the ticker symbol FRD, with the stock showing strong returns over the past month. Discover more detailed financial metrics and exclusive insights with InvestingPro, including additional ProTips about the company’s performance and outlook.
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