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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DdBNi/WibVNxO5Jd0i1AbZUI6Cp7WdFwRB3czIRyHo6nBjFQwrhqB3xdaGZtkqpu
 h1fj6hcYhzqVM/Bnnp4y/Q==

<SEC-DOCUMENT>0001179110-04-000766.txt : 20040108
<SEC-HEADER>0001179110-04-000766.hdr.sgml : 20040108
<ACCEPTANCE-DATETIME>20040108154247
ACCESSION NUMBER:		0001179110-04-000766
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040106
FILED AS OF DATE:		20040108

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:		04515485

	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>2004-01-06</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>2004-01-06</value>
</transactionDate>
<deemedExecutionDate><value>2004-01-06</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>47500</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>6.1061</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1146000</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>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2004-01-07</value>
</transactionDate>
<deemedExecutionDate><value>2004-01-07</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F4"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>35000</value>
<footnoteId id="F4"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>6.01</value>
<footnoteId id="F4"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1111000</value>
<footnoteId id="F5"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
<footnoteId id="F6"></footnoteId>
</directOrIndirectOwnership>
<natureOfOwnership><value>See Footnote</value>
<footnoteId id="F6"></footnoteId>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable></derivativeTable>
<footnotes><footnote id="F1">Jayhawk Institutional Partners, L.P. sold 47,500 shares of Common Stock for $6.1061 per share for an aggregate sale price of $290,039.75.  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 975,000 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 975,000 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="F4">Jayhawk Institutional Partners, L.P. sold 35,000 shares of Common Stock for $6.01 per share for an aggregate sale price of $210,350. 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="F5">Of this amount, the reporting person is the indirect beneficial owner of 940,000 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="F6">The reporting person is the indirect beneficial owner of 940,000 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>2004-01-08</signatureDate>
</ownerSignature>
</ownershipDocument>

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