_______ _________________________
FORM 4 U.S. Securities and Exchange Commission OMB APPROVAL
_______ Washington, D.C. 20549 _________________________
[ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response... 0.5
__________________________
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting 2. Issuer Name and Ticker or
Person Trading Symbol
Steven J. Golsen LSB Industries, Inc. (LSBD)
_______________________________________________________________________________
(Last) (First) (Middle) 3. IRS or Social Security
No. of Reporting Person
16 South Pennsylvania (Voluntary)
Post Office Box 705
____________________________________ ###-##-####
(Street)
Oklahoma City, Oklahoma 73101
_______________________________________________________________________________
(City) (State) (Zip)
4. Statement for Month/Year: August 1999
5. If Amendment, Date of Original (Month/Year):
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director X 10% Owner Officer (give title below)
___ ___ ___
___ Other (specify below)
____________________________________
7. Individual or Joint/Group Filing
(Check applicable line)
X Form filed by One Reporting Person
___
___Form filed by More than One Reporting Person
_______________________________________________________________________________
Table I - Non-Derivative Securities Acquired, Disposed Of, or
Beneficially Owned
_______________________________________________________________________________
1. Title of 2. Transaction 3. Transaction 4. Securities Acquired
Security Date Code (A) or Disposed of
(Instr. 3) Month/ (Instr. 8) (D) (Instr. 3, 4, 5)
Day/ ________________ ____________________
Year) Code V Amount (A) Price
or
(D)
Common Stock
Common Stock
Common Stock 7/23/99 P 123,500 A $0.986
5. Amount of 6. Ownership Form: 7. Nature of
Securities Direct (D) or Indirect
Beneficially Indirect (I) Beneficial
Owned at End (Instr. 4) Ownership
of Month (Instr. 4)
(Instr. 3 & 4)
206,987 D
78,908 I As Trustee(1)
1,301,899(3) I By SBL(2)
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If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each Page 1 of 2
class of securities beneficially SEC 1474 (7/96)
owned directly or indirectly
(Print or Type Response)
FORM 4 (continued) Table II - Derivative Securities Acquired,
Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
______________________________________________________________________________
1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of
Derivative or Exercise Date Code Derivative
Security Price of (Month/Day/ (Instr. 8) Securities
(Instr. 3) Derivative Year) Code V Acquired (A)
Security or Disposed
of (D) (Inst.
(Instr. 3,4,5)
(A) (D)
Preferred "B" (4)
Preferred "C" $11.55
Incentive Stock $5.3625
Option
Incentive Stock $4.5375
Option
Incentive Stock $1.375 7/8/99 A V 100,000
Option
6. Date Exercisable 7. Title and Amount of 8. Price of
and Expiration Underlying Securities Derivative
Date (Instr. 3 and 4) Security
(Month/Day/Year) Amount (Instr. 5)
Date Expir- or
Exer- ation Number of
cisable Date Title Shares
(4) (4) Common Stock 533,333
(5) (5) Common Stock 39,177
(6) 6/27/01 Common Stock 5,000
(6) 11/19/01 Common Stock 80,000
(6) 7/8/04 Common Stock 100,000
9. Number of 10. Ownership Form 11. Nature of Indirect
Derivative of Derivative Beneficial Owner-
Securities Security: ship (Instr. 4)
Beneficially Direct (D) or
Owned at End Indirect (I)
of Month (Instr. 4)
(Instr. 4)
16,000(3) I By SBL(2)
9,050 I By SBL(2)
(6) D
(6) D
(6) D
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Explanation of Responses:
(1) These shares are held of record by two trusts established for the benefit
of two of the grandchildren of Jack E. Golsen and Sylvia H. Golsen.
Steven J. Golsen is one of the three trustees for these two trusts.
(2) SBL Corporation ("SBL") is wholly owned by Sylvia Golsen (40% owner),
Barry Golsen (son and 20% owner), Steven Golsen (son and 20% owner), and
Linda Rappaport (daughter and 20% owner). The number of shares bene-
ficially owned by SBL includes shares owned of record by Golsen Petroleum
Corporation, the wholly owned subsidiary of SBL.
(3) The number of shares includes, as applicable, 60,600 shares of Common
Stock or 4,000 shares of Preferred "B" owned of record by Golsen Petroleum
Corporation, the wholly owned subsidiary of SBL.
(4) Each share of the Company's Series "B" 12% Cumulative Preferred Stock is
convertible, at the option of the holder, into 33.3333 shares of the
Company's Common Stock. Each share is convertible as long as such is
outstanding.
(5) Each share of the Company's $3.25 Convertible Exchangeable Class C
Preferred Stock, Series 2 is convertible at the option of the holder into
4.329 shares of the Company's Common Stock. Each share is convertible as
long as such is outstanding.
(6) Incentive Stock Option ("ISO") granted by the Company to Steven J. Golsen
under the Company's Incentive Stock Option Plans. Each ISO is for a term
of five years from the date of grant. Each ISO vests at the end of year
one through year four in the following amounts: 20%, 20%, 30% and 30%. The
option is fully vested at the end of year four. An ISO for 5,000 shares of
Common Stock exercisable at $5.3625, with an expiration date of June 27,
2001, was granted on June 27, 1996. An ISO for 80,000 shares of Common
Stock exercisable at $4.5375, with an expiration date of November 19,
2001, was granted on November 19, 1996. An ISO for 100,000 shares of
Common Stock exercisable at $1.375, with an expiration date of July 7,
2004, was granted on July 5, 1999. Mr. Golsen has acquired no shares
under the foregoing ISOs. As of the date hereof, the total number of
shares of Common Stock underlying the ISO's held by Mr. Golsen is
185,000.
**Intentional misstatements
or omissions of facts
constitute Federal Criminal
Violations.
/s/ Steven J. Golsen September 9, 1999
_____________________________ ________________
See 18 U.S.C. 1001 and **Signature of Reporting Person Date
15 U.S.C. 78ff(a). Steven J. Golsen
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2
K-M\LSB\FORMS345\8-99F4.SJG SEC 1474 (7/96)