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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RYUVlAe0jElO99LKcOgAb4RgS4+/s9eJdBuZ9OW37nipfcBUEgncs6V+X/+dcEpn
 4jwhKcPy3RvzcATqgBtphQ==

<SEC-DOCUMENT>0001181431-03-035120.txt : 20031211
<SEC-HEADER>0001181431-03-035120.hdr.sgml : 20031211
<ACCEPTANCE-DATETIME>20031211135309
ACCESSION NUMBER:		0001181431-03-035120
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031210
FILED AS OF DATE:		20031211

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RATCLIFFE GEORGE J
		CENTRAL INDEX KEY:			0001178442

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01070
		FILM NUMBER:		031049202

	BUSINESS ADDRESS:	
		STREET 1:		1801 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103-1699

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLIN CORP
		CENTRAL INDEX KEY:			0000074303
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				131872319
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		501 MERRITT 7
		STREET 2:		P O BOX 4500
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06856
		BUSINESS PHONE:		2037503000

	MAIL ADDRESS:	
		STREET 1:		OLIN CORP
		STREET 2:		501 MERRITT 7 PO BOX 4500
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06851

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLIN MATHIESON CHEMICAL CORP
		DATE OF NAME CHANGE:	19691008
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd25094.xml
<DESCRIPTION>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-10</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000074303</issuerCik>
        <issuerName>OLIN CORP</issuerName>
        <issuerTradingSymbol>OLN</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001178442</rptOwnerCik>
            <rptOwnerName>RATCLIFFE GEORGE J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>HUBBELL INCORPORATED</rptOwnerStreet1>
            <rptOwnerStreet2>584 DERBY MILFORD ROAD</rptOwnerStreet2>
            <rptOwnerCity>ORANGE</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06477-4024</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Common Stock $1 par value</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Trust</value></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Phantom Stock Units</value><footnoteId id="F1"/></securityTitle><conversionOrExercisePrice><footnoteId id="F2"/></conversionOrExercisePrice><transactionDate><value>2003-12-10</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></tr
ansactionCoding><transactionAmounts><transactionShares><value>348.259</value></transactionShares><transactionPricePerShare><footnoteId id="F2"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><footnoteId id="F1"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>348.259</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>33606.970</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Dividend equivalents credited to the reporting person's account under the 1997 Stock Plan for Non-employee Directors at $19.10  per s
hare as of 12/10/03 in exempt transactions.</footnote><footnote id="F2">Security converts to common stock on a one-for-one basis.</footnote></footnotes><ownerSignature><signatureName>/s/ George H. Pain, Attorney-in-fact</signatureName><signatureDate>2003-12-11</signatureDate></ownerSignature></ownershipDocument>



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