FRD — what changed in the latest 10-K
A section-by-section comparison of FRD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-06-11 vs the prior 10-K · 2025-06-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +4 | −6 | ~5 | 8 |
| Risk factors | Text added/removed | 0 | 0 | ~1 | 4 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| MD&A | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 7A)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-06-11
Tubular Products. The Company sells its tubular products nationally to approximately 80 customers. The Company’s principal customers for these products are steel and pipe distributors. In fiscal years 2026 and 2025, no individual tubular customer accounted for 10% or more of the Company’s total sale…
The Company is engaged in a non-seasonal, highly-competitive business. The Company competes with other metal service centers, tubular manufacturers, metals distributors and brokers.
The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other metals suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
At March 31, 2026, the Company had 381 full-time employees, all based in the United States.
Text removed vs the prior filing · source: 10-K · 2025-06-12
The Company sells all of its flat-roll products through its own sales force. At March 31, 2025, the sales force was comprised of the Vice President of Sales – Flat Roll Division and 28 sales personnel.
Tubular Products. The Company sells its tubular products nationally to approximately 82 customers. The Company’s principal customers for these products are steel and pipe distributors. In fiscal years 2025 and 2024, no individual tubular customer accounted for 10% or more of the Company’s total sale…
The Company sells all of its tubular products through its own sales force. At March 31, 2025, the sales force was comprised of the Vice President and General Manager – Tubular Division and two sales personnel.
The Company is engaged in a non-seasonal, highly-competitive business. The Company competes with other processors of hot-rolled steel coils, tubular manufacturers, steel distributors and brokers.
The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other steel suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice