8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 22, 2007

OLIN CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	1-1070	13-1872319
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

190 Carondelet Plaza, Suite 1530 Clayton, MO	63105-3443
(Address of principal executive offices)	(Zip Code)

(314) 480-1400

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

In accordance with General Instruction B.2. of Form 8-K, the following information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Olin disclaims any intention or obligation to update or revise this information.

Attached as Exhibit 99.1 and incorporated herein by reference, is a copy of the slides which will be presented at the BB&T Capital Markets Manufacturing & Materials Conference in New York City on March 22, 2007.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.	Exhibit
99.1	Presentation slides for meeting on March 22, 2007

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OLIN CORPORATION
By:	/s/ George H. Pain
Name:	George H. Pain
Title:	Vice President, General Counsel and Secretary

Date: March 21, 2007

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Presentation slides for meeting on March 22, 2007

EX-99.1

1

BB&T

BB&T

2007 Manufacturing and

2007 Manufacturing and

Materials Conference

Materials Conference

March 22, 2007

March 22, 2007

*

*

*

******************

Exhibit 99.1

2

Olin Attendees

Olin Attendees

Joseph D. Rupp

Chairman, President & Chief Executive Officer

John E. Fischer

Vice President & Chief Financial Officer

John L. McIntosh

Vice President & President, Chlor Alkali Products

Larry P. Kromidas

Assistant Treasurer & Director, Investor Relations

*

*

***

3

Company Overview

Company Overview

All financial data are for the year ending 2006 and in millions of U.S. dollars, except EPS.  Shown above is income before taxes

from

continuing

operations.

Additional

information

is

available

on

Olin’s

website

www.olin.com

in

the

Investor

Relations

section.

Winchester

Chlor Alkali

North American Producer of

Chlorine and Caustic Soda

Revenue:

$666

Income: 

$256

North American Producer of

Ammunition

Revenue:

$374

Income: 

$16

Metals

Specialty Copper-Based Products

and Related Engineered Materials

Revenue:

$2,112

Income: 

$58

Revenue:  $3,152

Pretax Inc. from Cont. Ops.:  $201

Earnings Per Diluted Share:  $2.06

Olin

Year Ending Dec. 31, 2006

*

***

4

Olin Vision

To be a leading Basic Materials company delivering

attractive, sustainable shareholder returns

•

Being low cost, high quality producer, and #1 or #2

supplier in the markets we serve

•

Providing excellent customer service and advanced

technological solutions

•

Following our customers globally where we can do it

profitably

•

Generating returns above the cost of capital over the

economic cycle

*

*

*

5

Olin Corporate Strategy

Olin Corporate Strategy

1.   Build on current leadership positions in Chlor-Alkali,

Metals and Ammunition

•

Improve operating efficiency and profitability

•

Integrate downstream selectively

•

Expand globally where profitable

2.   Allocate resources to the businesses that can create the

most value

3.   Manage financial resources to satisfy legacy liabilities

TRS in Top Third S&P Mid Cap 400

ROCE Over Cost of Capital Over the Cycle

Olin Corporation Goal:  Superior Shareholder Returns

*

*

6

2006 Highlights

2006 Highlights

•

Highest earnings per share level since 1996

•

Second consecutive record year for Chlor Alkali

Products division

•

Capital expenditures for bleach expansion projects and

rail transportation to improve margins and customer

service

•

Unprecedented copper, zinc and lead prices increase

working capital requirements and production expense

•

Customer surcharges and price increases implemented

by Metals and Winchester divisions

•

Metals closure of Waterbury Rolling Mills completed in

June, New Haven Copper shutdown expected Q2 2007,

annual savings expected to be $11-$12 million.

*

*

7

2006 Highlights Continued

2006 Highlights Continued

•

Metals restructuring charges were more than offset by

LIFO inventory gains

•

Revenues increased 8% over 2005 primarily due to

increased selling prices and commercial sales

•

Tax dispute settled favorably with IRS resulting in a

reduction in income tax expense of $22 million

•

Strong investment returns, lower discount rate and an

$80 million contribution reduce pension under-funding

by $148 million from year end 2005 levels

•

Completed $125 debt exchange extending maturity 5

years and lowering interest rate

•

Year end cash and short-term investments were $276

million

*

*

8

First Quarter 2007 Outlook

First Quarter 2007 Outlook

•

Chlor Alkali expects lower ECU netbacks in Q1 2007

versus Q4 2006, but:

–

$40 caustic price increase announced in Q4 2006

–

$40/$50 diaphragm/high grade caustic increase announced

Q1 2007

–

$25 chlorine increase announced in Q1 2007

•

Metals earnings are projected to be comparable to Q1

2006 with lower volumes offset by higher pricing

•

Winchester expects earnings to improve from Q1 2006

based on higher pricing and volumes, partially offset

by higher commodity costs

*

*

9

•

Be the preferred merchant supplier to non-integrated

chlor alkali customers

•

Continue to drive cost improvements through

manufacturing and logistic optimization

•

Continue our partnership philosophy with our

customers

•

Opportunities to increase the value of the business at

modest capital investment

•

Be a strong cash generator and value enhancer to Olin

Corporation

Olin’s Chlor Alkali Strategy

Olin’s Chlor Alkali Strategy

*

*

*

10

Olin Has Leading Capacity Share in

Olin Has Leading Capacity Share in

Eastern U.S.

Eastern U.S.

Source:

CMAI Chlor Alkali Report

•

4

th

Overall in U.S. Capacity

•

Largest Producer East of

the Mississippi River

•

Olin Has 1.23 Million tons

ECU Capacity Per Year

(1)

•

A $10 / ECU Change

Equates to an $11 Million

Change in Pretax Income at

Full Capacity, or $.10 per

share @ 35% tax rate

Dow

32%

Occidental

22%

PPG

12%

Olin

8%

Formosa

6%

Pioneer

5%

Georgia Gulf

3%

Mexichem

2%

Bayer

2%

Other

8%

(1)

Includes 50% of SunBelt

*

*

11

Chlor

Chlor

Alkali

Alkali

Products

Products

•

2005 & 2006 record years, peak ECU in Q1‘06:

Q3 ’05

$515         Q1 ’06   $590

Q3 ‘06   $540

Q4 ’05

$545         Q2 ’06   $560

Q4 ’06   $520

•

Chlorine and Caustic price increases announced in Q1’07

•

Higher transportation and energy costs

•

$1 change in Natural Gas MMBTU increases costs of

Natural Gas-based producers by $25 to $35/ECU

•

Natural Gas increases plus capacity reductions have

created a more favorable long-term price outlook

•

North American demand growth rate of 0.8% annually

•

Net North American capacity has decreased since 2000

*

*

*

12

North America Chlor Alkali Forecast

North America Chlor Alkali Forecast

North

North

America

America

Chlor

Chlor

Alkali

Alkali

Capacity

Capacity

Reductions 2000 Through 2006

Reductions 2000 Through 2006

North

North

America

America

Chlor

Chlor

Alkali

Alkali

Capacity

Capacity

Expansions 2000 Through 2006

Expansions 2000 Through 2006

80,000

Orrington, ME

Holtra Chem

610,000

Ft. Saskatchewan

Dow

201,000

Baton Rouge, LA

Formosa Plastics

2,540,000

Total Reductions

5,000

Albany, OR

Oremet

40,000

24,000

Vicksburg, MS

(3 locations)

Cedar Chem

Georgia Pacific

66,000

Acme, NC

Holtra

Chem

145,000

Delaware City, DE

OXY

198,000

Gramercy, LA

La Roche

187,000

Portland, OR

Atofina

214,000

Tacoma, WA

Pioneer

395,000

Deer Park, TX

Oxy Vinyls LP

375,000

Plaquemine, LA

Dow

Short Tons as

Chlorine

Location

Company

Source: Olin Data

Reductions

2,540,000

Additions

(462,000)

Total Reductions 

2,078,000

80,000

Calvert City, KY

Westlake

22,000

Various Sites

Oxy

462,000

Total  Additions

70,000

McIntosh, AL

SunBelt

80,000

Longview, WA

Equachlor

210,000

Geismer, LA

Vulcan C-A

Short  Tons as 

Chlorine

Location

Company

2008

(154,000)

Muscle Shoals, AL

Oxy

Delayed

220,000

Baytown, TX

Bayer

445,000*

Total Announced Changes

49,000

330,000

Short  Tons

as Chlorine

2009

St. Gabriel, LA

Pioneer

2007/2008

Plaquemine, LA

Shintech

Timing

Location

Company

Annual demand growth at 0.8%/Yr = 110,000 Short Tons/Yr

* Includes delayed capacity

Announced Future Capacity Changes

Announced Future Capacity Changes

13

Olin’s Chlor Alkali Contracts

Olin’s Chlor Alkali 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, and the balance is renegotiated annually or

semi-annually

•

Many contracts have a one quarter lag in them,

which delays price increases in a tightening market

and delays decreases in a softening market

•

Competitive forces dictate contract duration and

terms

***

*

14

Metals

Metals

•

Olin is the leading manufacturer of copper alloy

strip, and a leading manufacturer of brass rod in

the U.S.

•

Olin possesses leading technology position

–

37 U.S. patents for High Performance Alloys

–

40 U.S. patents on various proprietary processing and

technical capabilities

•

Olin is the leading copper alloy strip distributor in

the U.S. with 8 service/distribution centers located

in the U.S. and Puerto Rico, and 1 center located

in Mexico

*

*

*****

15

Metals

Metals

•

During 2006, copper and zinc prices increased 84% and

137%, respectively, compared to 2005, which increased

operational costs and investment in working capital

•

Higher natural gas prices and metal melting losses, due

to higher metal prices, reduced earnings by $21 million

compared to 2005

•

Improved product pricing partially offset higher costs

•

Benefit from plant closures and other actions in 2007

•

Implemented an inventory reduction program that

reduced strip inventory levels by 10% in 2006 and is

expected to further reduce balances 20% over the next

two years and generate additional LIFO inventory gains

*

*

16

Metals Outlook

Metals Outlook

•

Moderating metals prices will help reduce metal

melting losses and reduce working capital

•

US dollar coin program should add volume for the

strip business

•

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

*

*

**

17

Winchester Products

Winchester Products

Products

Products

End Uses

End Uses

Maintenance applications in power & concrete

industries, powder-actuated tools in construction

industry

Industrial products --

8

gauge loads & powder-

actuated tool loads

Infantry and mounted weapons

Small caliber military

ammunition

Hunters & recreational shooters, law

enforcement agencies

Winchester ®

sporting

ammunition --

shot-

shells, small caliber

centerfire & rimfire

ammunition

*

*

***

18

Winchester

Winchester

•

Profits of $15.8 million in 2006 more than doubled

2005 levels

•

Eight price increases announced since the beginning

of 2004 to offset higher commodity prices

•

Continued increase in lead prices poses a challenge

for 2007

•

Olin, as part of the General Dynamics team, was

awarded the second source small caliber ammunition

contract in 2004. We expect military sales to be

higher in 2007 than 2006 and 50% higher than 2004

*

****

19

Financial Highlights

Financial Highlights

•

Year end cash and short-term investments of $276

million exceed outstanding debt by nearly $25 million

•

Exchanged $125 million of 9.125% bonds due in 2011

for new 6.75% bonds due 2016

•

$80 million voluntary pension contribution in Q3

2006 coupled with higher discount rate and healthy

returns on plan assets cut funded status shortfall by

$148 million to $234 million

•

2007 pension expense expected to decrease by

approximately $15 million as compared to 2006

*

*

**

20

Financial

Financial

Highlights

Highlights

(continued)

(continued)

•

Voluntary transition by 25% of Metals and Winchester

hourly workers to Olin’s defined contribution plan from

the defined benefit pension plan

•

Favorably settled all IRS audits through 2002 resulting

in a $22 million reduction in tax expense

•

2007 effective tax rate expected to be in the 34% to

35% range

•

Capital spending levels, net of January sale leaseback

transaction, are expected to be $75 to $80 million in

2007 with 65% allocated to Chlor-Alkali to complete

bleach expansion and ongoing maintenance projects

*

*

**

21

Investment Rationale

Investment Rationale

•

Continued strong performance based on

–

Relatively high ECU prices

–

Cost reductions, moderating metals costs, better

pricing and restructuring in Metals

–

Cost reductions, price increases and increased

Military revenue in Winchester

•

Strong financial discipline

•

Commitment to investment grade credit rating

•

At current price levels, dividend yield

approximately 4.5%

•

Dividend for 322 consecutive quarters

*

*

****

22

Forward-Looking Statements

Forward-Looking Statements

This presentation contains estimates of future

performance, which are forward-looking

statements and actual 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, 2006. This

report is filed with the U.S. Securities and

Exchange Commission.

*

*

*

***