8-K

SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549                          FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):    March 6, 2001                 Vulcan Materials Company                 (Exact name of registrant as specified in its charter)
New Jersey	I-4033	63-0366371
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1200 Urban Center Drive, Birmingham, Alabama            35242 (Address of principal executive offices)                    (Zip Code) Registrant's telephone number, including area code:   (205) 298-3000

ITEM 5.	OTHER EVENTS.
	On March 6, 2001, Vulcan Materials Company issued a press release showing the effect of an arbitration award upon 2000 earnings per share. A copy of the press release and the corresponding revisions of the financial statements for fiscal year 2000 are attached hereto as Exhibit 99, and incorporated by reference.
ITEM 7.	FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
	(a)	Financial statements of Business Acquired:     None required.
	(b)	Pro forma financial information:       None required.
	(c)	Exhibits:
		Exhibit No. 99	Description March 6, 2001 Press Release - "Vulcan Establishes Additional Provision For Arbitration Determination" and revised financial statements.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned, thereunto duly authorized.
	VULCAN MATERIALS COMPANY (Registrant)
	By:      /s/William F. Denson, III
	William F. Denson, III
Dated:   March 8, 2001

EX-99

Exhibit 99

March 6, 2001
FOR IMMEDIATE RELEASE
Investment Analysts: Charles R. Brown
Media: Joy C. Phillips
Legal: William F. Denson, III
(205) 298-3220

VULCAN ESTABLISHES ADDITIONAL PROVISION
FOR ARBITRATION DETERMINATION

        Birmingham, Alabama, March 6, 2001 - Vulcan Materials Company (NYSE:VMC) announced today that it will establish an additional provision for the fourth quarter of 2000 related to the $23 million arbitration determination in California against its subsidiary, which was discussed in the Company's March 1^st press release. This provision will affect 2000 earnings per share rather than first quarter 2001. As a result, diluted earnings per share for 2000 are $2.16, as compared to the $2.29 preliminary results announced on January 22, 2001. As previously announced, the Company is vigorously pursuing all legal options with respect to this matter, since the Company believes the magnitude of this arbitration award was greatly in excess of any actual damages suffered by the claimant.

        Vulcan Materials Company, an S&P 500 company, is a producer of industrial materials with significant positions in two industries. It is the nation's foremost producer of construction aggregates, a major producer of other construction materials, and a leading chemicals manufacturer, supplying chloralkali and other industrial chemicals.

Table A
Vulcan Materials Company and Subsidiary Companies
	(Thousands of Dollars)
Consolidated Statements of Earnings (Condensed and unaudited)	Three Months Ended            December 31             2000                      1999		Twelve Months Ended            December 31             2000                      1999
Net sales Cost of goods sold Gross profit on sales Selling, administrative and     general expenses Other operating costs Minority interest in (earnings) losses Other income (charges), net Earnings before interest     and income taxes Interest income Interest expense Earnings before income taxes Provision for income taxes	$  630,398     500,836  129,562  54,261  7,561  1,510     (14,790) 54,460  1,095       15,376  40,179        5,558	$  605,590     454,705  150,885  50,864  7,840  16       8,588  100,785  1,326       9,626  92,485       27,668	$ 2,491,744   1,908,057  583,687  216,978  26,220  7,843        7,315  355,647  4,678       48,087  312,238       92,345	$ 2,355,778   1,769,327  586,451  205,643  22,714  (54)      37,767  395,807  4,330       48,576  351,561       111,868
Net earnings	$   34,621	$   64,817	$ 219,893	$ 239,693
Basic net earnings per share Diluted net earnings per share	$  0.34  $  0.34	$  0.64  $  0.64	$  2.18  $  2.16	$  2.38  $  2.35
Average common shares outstanding      (thousands)	101,272	100,799	101,037	100,895
Average common shares outstanding,     assuming dilution (thousands)	102,081	101,904	102,012	102,190
Cash dividends per share     of common stock	$ 0.210	$ 0.195	$ 0.840	$ 0.780
Depreciation, depletion and     amortization deducted above	$ 67,108	$ 54,645	$ 232,365	$ 207,108
Effective tax rate	13.8%	29.9%	29.6%	31.8%
See accompanying Notes to Financial Statements

Table B
Vulcan Materials Company and Subsidiary Companies
	(Thousands of Dollars)
Operating Results by Reportable Segment (Unaudited)	Three Months Ended            December 31             2000                      1999		Twelve Months Ended            December 31             2000                      1999		Variance Fav/(Unfav) 2000 YTD vs    1999 YTD
Net sales Construction Materials Chemicals      Total Earnings Before Interest      and Income Taxes Construction Materials Chemicals      Segment* earnings Earnings Before Interest,      Income Taxes, Depreciation      and Amortization (EBITDA)** Construction Materials Chemicals      Segment* EBITDA**	$  473,870     156,528   $  630,398   $   86,968     (32,508)  $   54,460   $  134,977      (13,409)  $  121,568	$  461,023     144,567   $  605,590   $   86,367      14,418   $  100,785   $  129,358       26,072   $  155,430	$1,885,987     605,757   $2,491,744   $  375,734      (20,087)  $  355,647   $  553,331       34,681   $  588,012	$1,810,544     545,234   $2,355,778   $  369,996       25,811   $  395,807   $  530,682       72,233   $  602,915	$    75,443       60,523   $  135,966   $       5,738      (45,898)  $   (40,160)  $     22,649      (37,552)  $    (14,903)
* After allocation of corporate expenses and income, other than interest, and after assignment of equity income to the segments with which it is related in terms of products and services. Allocations are based on average capital employed and customer sales. ** EBITDA is presented because it is a widely accepted financial indicator of a company's ability to service and/or incur indebtedness. However, EBITDA should not be construed as an alternative to net income as a measure of a company's operating results or to operating cash flow as a measure of liquidity.
See accompanying Notes to Financial Statements

Table C
Vulcan Materials Company and Subsidiary Companies
	(Thousands of Dollars)
Consolidated Balance Sheets (Condensed and unaudited)	December 31 2000	December 31 1999
Assets Cash and cash equivalents Accounts and notes receivable:      Accounts and notes receivable, gross      Less: Allowance for doubtful accounts           Accounts and notes receivable, net Inventories:      Finished products      Raw materials      Products in process      Operating supplies and other           Inventories Deferred income taxes Prepaid expenses           Total current assets Investments and long-term receivables Property, plant and equipment:      Property, plant and equipment, cost      Less: Reserve for depr., depl., & amort.           Property, plant and equipment, net Goodwill Deferred charges and other assets           Total	$     55,276  390,849        (8,982) 381,867  155,258  15,578  1,020        27,188  199,044  44,657        13,660  694,504  72,558  3,496,204   (1,647,570) 1,848,634  562,044        50,834  $  3,228,574	$     52,834  339,413        (9,722) 329,691  131,032  13,735  933        33,034  178,734  52,931        10,534  624,724  77,064  3,149,897   (1,510,182) 1,639,715  454,783        43,207  $  2,839,493
Liabilities and Shareholders' Equity Current maturities of long-term debt Notes payable Trade payables and accruals Other current liabilities           Total current liabilities Long-term debt Deferred income taxes Minority interest Other noncurrent liabilities Shareholders' equity           Total	$         6,756  270,331  181,317       113,827  572,231  685,361  268,797  103,626  127,063    1,471,496  $  3,228,574	$         6,175  101,695  136,056     142,716  386,642  698,862  250,833  67,979  111,524    1,323,653  $  2,839,493
Current ratio	1.2	1.6
See accompanying Notes to Financial Statements

Table D
Vulcan Materials Company and Subsidiary Companies
	(Thousands of Dollars)
Consolidated Statements of Cash Flows (Condensed and unaudited)	Twelve Months Ended                December 31                2000                     1999
Operating Activities Net earnings Adjustments to reconcile net earnings to      net cash provided by operating activities:           Depreciation, depletion and amortization           Increase in assets before                effects of business acquisitions           Increase (decrease) in liabilities before                effects of business acquisitions           Other, net                Net cash provided by operating activities Investing Activities Purchases of property, plant and equipment Payment for business acquisitions, net of acquired cash Proceeds from sale of property, plant and equipment Withdrawal of earnings from nonconsolidated companies                Net cash used for investing activities Financing Activities Net borrowings - commercial paper and bank lines of credit Payment of short-term debt Payment of long-term debt Proceeds from issuance of long-term debt Purchases of common stock Dividends paid Contributions from minority interest of consolidated subsidiary Other, net                Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	$  219,893  232,365  (55,606) 30,613       (9,108)    418,157  (340,409) (265,081) 62,349        13,227     (529,914) 168,635  (6,075) (8,000) - -  - -  (84,765) 35,648        8,756    114,199  2,442      52,834  $   55,276	$  239,693  207,108  (34,468) (6,610)      (2,754)    402,969  (314,650) (780,440) 103,067        16,134    (975,889) 91,342  (96,276) (1,180) 496,875  (12,508) (78,730) 36,064        9,607    445,194  (127,726)    180,560  $   52,834
See accompanying Notes to Financial Statements

Table E
Notes to Financial Statements
1. Supplemental Cash Flow Information Supplemental information referable to the Consolidated Statements of Cash Flows for the twelve months ended December 31 is summarized below (amounts in thousands):
	2000	1999
Supplemental Disclosure Of Cash Flow Information Cash paid during the period for:      Interest, net of amount capitalized      Income taxes Supplemental Schedule Of Noncash Investing and Financing Activities Liabilities and long-term debt assumed in business acquisitions Fair value of stock issued in business acquisitions Debt issued in purchase of assets, net of assumed liabilities	$  49,253  70,615  16,742  1,300  3,421	$  39,079  85,756  480,087  10,580  8,645