1

December 1, 2005

December 1, 2005

Exhibit 99.1

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Morgan Stanley

Chemicals Small Cap Roundtable

2

Highlights

Highlights

•

Chlor Alkali netbacks have and will continue to improve

sequentially, particularly as a result of higher Caustic

prices

•

Contracts renewing in 2006 will provide favorable price

resetting

•

Metals volumes through August are down approximately

4%

and 6%

for strip and rod, respectively; but better

than the overall industry

•

Metals 2006 profit improvement actions likely to include

plant closures, realignments and headcount reductions

•

Winchester to realize meaningful revenue from military

second source contract in 2nd half of 2006

3

Chlor

Chlor

Alkali

Alkali

Products

Products

•

Recent price increases announced:

–

August Caustic $50 –

impact Q4 2005

–

Early September Chlorine $20 –

impact Q4 2005

–

Late September Caustic $75 –

impact 2006

–

Early November Caustic $60 –

impact 2006

•

Contracts resetting in 2006

•

Hurricanes did not damage any Olin plants, but

disrupted customers and rail lines

•

Higher transportation and energy costs, Olin system

less dependent on natural gas

•

Bleach expansion

4

Olin’s

Olin’s

Chlor

Chlor

Alkali

Alkali

Contracts

Contracts

•

Olin contracts nearly 100% of its chlorine and

caustic sales

•

On about two-thirds of the chlorine and caustic

volumes, prices change quarterly, with a

combination of formula-based and negotiated

pricing, balance renegotiated annually or semi-

annually

•

Many contracts have a one quarter lag in them,

which delays price increases in a tightening

market, but helps in a softening market

•

Competitive forces dictate contract duration and

terms

5

Impact of High Chlorine Prices

Impact of High Chlorine Prices

On Chlor Alkali Profitability

On Chlor Alkali Profitability

•

Chlorine buyers are highly concentrated

•

Some large chlorine buyers have contractual caps

and

/

or

discounts

which

dampen

impact

of

price

increases

at

high

end

of

contract

range

•

Chlorine contracts are multi-year and recognize

cycle pricing trends

•

Olin has been able to increase chlorine selling

prices above our historical highs

6

Caustic Price Increases Are A

Caustic Price Increases Are A

Key to Higher ECU Values

Key to Higher ECU Values

•

Historically, Olin’s chlor alkali business has seen

peak earnings during times of high Caustic prices

•

Caustic customers are smaller and more numerous

•

Caustic demand improvement normally lags

Chlorine by six months

•

Olin sells 10% more caustic than chlorine

•

Proximity to customers reduces freight costs

compared to chlorine

7

Metals

Metals

•

Volumes through August are down in strip and

rod by 4% and 6%, respectively, but better than

the industry which is down 11% and 9%

•

Shipments in electronics, automotive and building

products down 9%, coinage up 7% and

ammunition flat, but with upside in 2006 for

ammunition

•

Higher energy and commodity costs are impacting

2005

8

Metals

Metals

•

Earnings improvement opportunities through the

likely combination of plant closures, realignments

and headcount reductions to be completed in 2006

•

Limited expansion of our China distribution

facility by adding stamping capabilities

•

We believe that we are the low cost metals

producer in the U. S. putting us in a preferred

position with regards to profitability

9

Winchester

Winchester

•

Higher sales volumes to commercial, military and

law enforcement customers were more than offset

by increased copper, lead, steel and resin costs

•

Price increases announced for 2006 to offset

higher commodity prices

•

Start-up costs at the Oxford, MS facility also

increased expenses in Q3

•

Olin, as part of the General Dynamics team, was

awarded the second source small caliber

ammunition contract –

meaningful revenue

realization should occur in second half of 2006

10

Financial Highlights

Financial Highlights

•

2005 cash generation supported by use of net

operating loss carryforwards

•

Recovery of environmental costs offsets higher

legal and legal related costs

•

$6 million voluntary pension contribution in

September 2005

•

We do not believe that mandatory contributions

will

be

required

for

2

years

11

Financial Highlights

Financial Highlights

(continued)

(continued)

•

Repaid $27 million of debt in 2004 and $52

million in 2005

•

2005 pension expense expected to increase by

approximately $16 million over 2004

•

2005 effective tax rate of 39%

•

Commitment to investment grade credit rating

•

Capital spending levels expected to be in line with

depreciation in 2005

12

Forward-Looking Statements

Forward-Looking Statements

This

presentation

contains

estimates

of

future  

performance,

which

are

forward-looking

statements  

and

results

could

differ

materially

from

those

anticipated

in

the

forward-looking

statements. 

Some

of

the

factors

that

could

cause

actual

results

to

differ

are

described

in

the

business

and

outlook

sections

of

Olin’s

Form

10-K

for

the

year

ended  

December

31,

2004

and

in

Olin’s

Third

Quarter

2005

Earnings

Release.

These

reports

are

filed

with

the

U.S.

Securities

and

Exchange

Commission.