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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,
 HWFUBThg+3hnblSnqhol8y3qmB7aaPAzWBUdgiwtchcZpnd3eNpIgYSMRVCDOBb7
 KUsGistlouLQNGjWzqQf2w==

<SEC-DOCUMENT>0001179110-03-010004.txt : 20031104
<SEC-HEADER>0001179110-03-010004.hdr.sgml : 20031104
<ACCEPTANCE-DATETIME>20031104180000
ACCESSION NUMBER:		0001179110-03-010004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031101
FILED AS OF DATE:		20031104

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JAYHAWK CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001002078

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07677
		FILM NUMBER:		03977401

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

	MAIL ADDRESS:	
		STREET 1:		8201 MISSION RD
		STREET 2:		SUITE 110
		CITY:			PRAIRIE VILLAGE
		STATE:			KS
		ZIP:			66208
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-11-01</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000060714</issuerCik>
        <issuerName>LSB INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>LSBD</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001002078</rptOwnerCik>
            <rptOwnerName>JAYHAWK CAPITAL MANAGEMENT LLC</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></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Class C Preferred Series 2</value>
</securityTitle>
<conversionOrExercisePrice><value>0</value>
<footnoteId id="F2"></footnoteId>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-01</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>54700</value>
</transactionShares>
<transactionPricePerShare><value>40</value>
<footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>1988-08-08</value>
</exerciseDate>
<expirationDate><value>1988-08-08</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>236796</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>245150</value>
<footnoteId id="F3"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
<footnoteId id="F4"></footnoteId>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Jayhawk Investments, L.P. and Jayhawk Institutional Partners, L.P.</value>
<footnoteId id="F4"></footnoteId>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Jayhawk Investments, L.P. exchanged 54,700 shares of Class C Preferred Stock Series 2 for a non-controlling interest in another entity for $40 per share.  The reporting person is the general partner of Jayhawk Investments, L.P.</footnote>
<footnote id="F2">Each share of Class C Preferred Series 2 Stock is convertible into 4.329 shares of Common Stock.</footnote>
<footnote id="F3">Of this amount, the reporting person is the indirect beneficial owner of 159,500 shares of Class C Preferred Stock Series 2 directly owned by Jayhawk Institutional Partners, L.P. and 85,600 shares of Class C Preferred Stock Series 2 directly owned by Jayhawk Investments, L.P.</footnote>
<footnote id="F4">The reporting person is the indirect beneficial owner of 159,550 shares of Class C Preferred Stock Series 2 directly owned by Jayhawk Institutional Partners, L.P. and 85,600 shares of Class C Preferred Stock Series 2 directly owned by Jayhawk Investments, L.P.</footnote>
</footnotes>
<ownerSignature><signatureName>Kent C. McCarthy</signatureName>
<signatureDate>2003-11-04</signatureDate>
</ownerSignature>
</ownershipDocument>

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