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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Pb8WbvzgmoREbn0nsRLscfoxxLuPs1J+srMIr0bxdOWE/KdmtJLEwX8FfmyIJQpD
 emglWWpwDYovnh+fVQxpUg==

<SEC-DOCUMENT>0001179110-04-000404.txt : 20040106
<SEC-HEADER>0001179110-04-000404.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106122521
ACCESSION NUMBER:		0001179110-04-000404
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCCARTHY KENT C
		CENTRAL INDEX KEY:			0001225028

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07677
		FILM NUMBER:		04508750

	BUSINESS ADDRESS:	
		STREET 1:		8201 MISSION ROAD
		STREET 2:		SUITE 110
		CITY:			PRARIE VILLAGE
		STATE:			KS
		ZIP:			66208
		BUSINESS PHONE:		9136422611

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LSB INDUSTRIES INC
		CENTRAL INDEX KEY:			0000060714
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				731015226
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		16 S PENNSYLVANIA
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73101
		BUSINESS PHONE:		4052354546

	MAIL ADDRESS:	
		STREET 1:		16 SOUTH PENNSYLVANIA
		CITY:			OKLAHOMA
		STATE:			OK
		ZIP:			73101
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2004-01-02</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000060714</issuerCik>
        <issuerName>LSB INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>LXU</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001225028</rptOwnerCik>
            <rptOwnerName>MCCARTHY KENT C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8201 MISSION ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 110</rptOwnerStreet2>
            <rptOwnerCity>PRAIRIE VILLAGE</rptOwnerCity>
            <rptOwnerState>KS</rptOwnerState>
            <rptOwnerZipCode>66208</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2004-01-02</value>
</transactionDate>
<deemedExecutionDate><value>2004-01-02</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>25000</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>6.25</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1193500</value>
<footnoteId id="F2"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
<footnoteId id="F3"></footnoteId>
</directOrIndirectOwnership>
<natureOfOwnership><value>See Footnote</value>
<footnoteId id="F3"></footnoteId>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable></derivativeTable>
<footnotes><footnote id="F1">Jayhawk Institutional Partners, L.P. sold 25,000 shares of Common Stock for $6.25 per share for an aggregate sale price of $156,250.  The reporting person owns, directly or indirectly, all of the membership interests of Jayhawk Capital Management, L.L.C., which is the general partner of Jayhawk Institutional Partners, L.P.</footnote>
<footnote id="F2">Of this amount, the reporting person is the indirect beneficial owner of 1,022,500 shares of Common Stock directly owned by Jayhawk Institutional Partners, L.P.  The reporting person is the direct beneficial owner of 171,000 shares of Common Stock.</footnote>
<footnote id="F3">The reporting person is the indirect beneficial owner of 1,022,500 shares of Common Stock directly owned by Jayhawk Institutional Partners, L.P.  The reporting person is the direct beneficial owner of 171,000 shares of Common Stock.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ Kent C. McCarthy</signatureName>
<signatureDate>2004-01-06</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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