Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GOLSEN STEVEN
  2. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [LXU]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
16 SOUTH PENNSYLVANIA AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
11/13/2008
(Street)

OKLAHOMA CITY, OK 73107
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               263,915 I By Trust (1)
Common Stock 11/13/2008   P   394 A $ 7.45 (4) 42,090 (5) I By GFLLC (2)
Common Stock 11/13/2008   P   5,035 A $ 7.45 (4) 310,364 (5) I By SBL (3)
Common Stock 11/17/2008   P   42 A $ 7.47 (4) 42,132 (5) I By GFLLC (2)
Common Stock 11/17/2008   P   544 A $ 7.47 (4) 310,908 (5) I By SBL (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
5.5% Convertib le Debentures (6)               (6) 07/01/2012 Common Stock 1,939   53,273 (5) I By GFLLC (2)
5.5% Convertib le Debentures (6)               (6) 07/01/2012 Common Stock 24,752   680,000 (5) I By SBL (3)
Series B Preferred (7)               (7)   (7) Common Stock 10,727   321 I By GFLLC (2)
Series B Preferred (7)               (7)   (7) Common Stock 90,666   2,720 I By SBL (3)
Series D Preferred (8)               (8)   (8) Common Stock 42,500   170,000 I By SBL (3)
Series D Preferred (8)               (8)   (8) Common Stock 3,329   13,318 I By GFLLC (2)
Nonqualified Stock Option $ 2.73             11/29/2001 11/29/2011 Common Stock 11,250   11,250 (9) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GOLSEN STEVEN
16 SOUTH PENNSYLVANIA AVENUE
OKLAHOMA CITY, OK 73107
    X    

Signatures

 Jack E. Golsen, Attorney-in-Fact   11/17/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares are owned of record by a revocable trust of which the reporting person is the settlor and trustee, with voting and dispositive power over the securities held in the trust.
(2) Golsen Family, L.L.C. ("GFLLC") is owned by Jack E. Golsen, chief executive officer and chairman of the board of the Issuer, through his revocable trust (45.923%), his spouse, Sylvia Golsen through her revocable trust (45.923%), his sons, Barry H. Golsen, director and the president of the Issuer (2.718%), and Steven J. Golsen, executive officer of a subsidiary of the Issuer (2.718%), and his daughter, Linda F. Rappaport (2.718%). The reporting person disclaims beneficial ownership of the Issuer securities held by GFLLC, except to the extent of his pecuniary interest therein.
(3) SBL, LLC ("SBL") is owned by GFLLC (49%), Barry Golsen (17%), Linda Rappaport (17%), and the reporting person (17%). Golsen Petroleum Corporation ("GPC") is a wholly owned subsidiary of SBL. Voting and dispositive power over the securities held by SBL and GPC is possessed by Jack E. Golsen, who is the chief executive officer and chairman of the board of the Issuer, and Barry H. Golsen, a director and the president of the Issuer. The reporting person disclaims beneficial ownership of the Issuer securities held by SBL, except to the extent of his pecuniary interest therein.
(4) On November 13, 2008, SBL purchased a total of 29,617 shares of the Issuer?s common stock at the weighted average price per share of $7.45, which is based on the following purchases of the Issuer?s common stock at the respective price per share: (a) $7.07 ? 100 shares, (b) $7.08 ? 5,000 shares, (c) $7.10 ? 1,500 shares, (d) $7.46 ? 3,400 shares, (e) $7.47 ? 10,000 shares, (f) $7.50 ? 3,500 shares, (g) $7.57 ? 717 shares, (h) $7.79 ? 1,200 shares, and (i) $7.80 ? 4,200 shares. On November 17, 2008, SBL purchased a total of 3,200 shares of the Issuer?s common stock at the weighted average price per share of $7.47, which is based on the following purchases of the Issuer?s common stock at the respective price per share: (a) $7.43 ? 100 shares, (b) $7.44 ? 500 shares, (c) $7.46 ? 100 shares, (d) $7.47 ? 900 shares, (e) $7.48 ? 900 shares, (f) $7.49 ? 200 shares, and (g) $7.50 ? 500 shares.
(5) The amount of Issuer securities shown as beneficially owned by the reporting person is based on the reporting person?s proportionate ownership in (1) GFLLC, which is comprised of (a) GFLLC?s direct ownership of Issuer securities and (b) GFLLC?s indirect ownership of Issuer securities through its proportionate ownership in SBL, and (2) SBL, which is comprised of SBL?s direct ownership of Issuer securities.
(6) The Issuer's 5.5% Convertible Senior Subordinated Debentures due 2012 (the "Debentures") are convertible at the option of the holder in whole or in part into the Issuer's common stock prior to their maturity. The conversion rate of the Debentures is 36.4 shares of the Issuer's common stock per $1,000 principal amount of debentures (representing a conversion price of $27.47 per share of common stock), subject to adjustment under certain conditions as set forth in the Indenture, dated June 28, 2007 (the "Indenture"), by the Issuer in favor of UMB Bank, N.A., as Trustee, filed as Exhibit 4.2 to the Issuer's Form 8-K on June 29, 2007. The Debentures bear interest at the rate of 5.5% per year and mature on July 1, 2012.
(7) Each share of the Issuer's Series "B" 12% Cumulative Preferred Stock is convertible, at the option of the holder into 33.3333 shares of the Issuer's common stock. Each share is convertible as long as such is outstanding.
(8) The Issuer's Series "D" 6% Cumulative, Convertible Class C Preferred Stock is convertible at the option of the holder into the Issuer's common stock at the rate of four shares of Preferred "D" for one share of common stock. Each share is convertible as long as such is outstanding.
(9) Nonqualified Stock Options (?NQSO?) granted by the Issuer to the reporting person. All NQSOs held by the reporting person are currently exercisable. As of the date of this report, the total number of shares underlying the NQSOs held by the reporting person is 11,250.

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