Exhibit 99.1

LONE STAR TECHNOLOGIES, INC.      CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS      (As adopted by the Board of Directors on March 20, 2003)

In addition to the requirements and expectations set out in the Company's Business Policy Manual, the Company believes that its senior financial officers should
abide by a further code of ethics. Accordingly, this Code of Ethics (the "Code") shall apply to the Company's principal executive officer, principal financial officer and principal accounting officer
or controller or to persons performing similar functions (the "Senior Financial Officers"). The Board of Directors of the Company has determined that the Senior Financial Officers of the Company
consist of the three persons serving as its Chairman, President and Chief Executive Officer; Vice President and Chief Financial Officer; and Controller. The Board of Directors of the Company has
adopted this Code in accordance with Section 406 of the Sarbanes-Oxley Act of 2002 and Item 406 of Regulation S-K promulgated by the Securities and Exchange Commission (the
"SEC").



Each Senior Financial Officer shall conduct business with honesty and integrity and in compliance with this Code, the Company's Business Policy Manual, all other
Company policies and procedures and applicable federal, state and local laws, rules and regulations. Proper business conduct is required when dealing with other Company employees, officers and
directors, the public, the business community, stockholders, customers, suppliers, financial sources and advisors, auditors and governmental and regulatory authorities. To this end, the Senior
Financial Officers shall endeavor to promote a culture of honesty, integrity, ethical behavior and accountability within the Company and its affiliated entities whereby all employees of the Company
are encouraged to conduct themselves and their activities on
behalf of the Company and its affiliated entities in an honest and ethical manner and in a manner which complies with the Company's Business Policy Manual. Senior Financial Officers shall act in good
faith, responsibly, with reasonable care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated.



A Senior Financial Officer shall avoid situations that create an actual or potential conflict between his or her personal interests and the interests of the
Company. A conflict of interest exists when the loyalties or actions of a Senior Financial Officer are divided between the Company's interests and those of another person, such as a person who is, or
at such time could reasonably be expected to be, a competitor, supplier, customer, distributor, agent or financial source or advisor. A conflict of interest may exist also when a Senior Financial
Officer is involved in an activity or has a personal interest that might interfere with his or her objectivity in performing Company duties and responsibilities. A Senior Financial Officer shall, and
he or she shall cause persons having a close personal or business relationship with him or her to, avoid both the fact and the appearance of a conflict of interest.

Although
not inclusive, some of the more common conflicts of interest of a Senior Financial Officer are listed below:



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A
Senior Financial Officer shall not make bribes or accept personal kickbacks in connection with any Company business transaction. A Senior Financial Officer who makes or approves
expenditures for gratuities, meals or entertainment shall use discretion and care to ensure that such expenditures are in the ordinary and proper course of business and reasonably could not be
construed as bribes or improper inducement. A kickback is any money, fee, credit, gift, gratuity, compensation or anything of value that is provided, directly or indirectly, to a Senior Financial
Officer or a person with whom he or she has a close personal or business relationship for the purpose of improperly obtaining or rewarding favorable treatment in connection with the receipt or
awarding of business.

No
Senior Financial Officer shall offer, pay, give, promise to pay or give, or authorize the payment of money or anything of value directly or indirectly to any foreign official, foreign
political party or party official, or any candidate for foreign political office for purposes of



in
order to assist the Company or its affiliates to obtain or retain business for, with, or directing business to, any person.

If
a Senior Financial Officer or someone with whom he or she has a close relationship (a family member or close companion) has a financial or employment relationship with a person who
is, or at such time could reasonably be expected to be, a competitor, supplier, customer, distributor, agent or

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financial source or advisor, the Senior Financial Officer shall disclose this fact in writing to the Chair of the Audit Committee of the Board of Directors (the "Audit Committee"). A Senior Financial
Officer shall be aware that if he or she enters into a personal relationship with an employee, officer or director of the Company or with an employee, officer or director of a competitor, supplier,
customer, distributor, agent or financial source or advisor, a conflict of interest might exist that requires full disclosure to the Company. Also, outside employment that adversely affects the
performance or interferes with the duties of a Senior Financial Officer is a conflict of interest.

A
Senior Financial Officer shall not, nor shall he or she permit a person having a close personal or business relationship with him or her to, offer, solicit or accept employment or
business opportunities for himself or herself or such person based on the Company starting or continuing a business relationship with any supplier, customer, distributor, agent or financial source or
advisor. The Company also prohibits payment or loan of Company funds or assets to any governmental or political party, candidate, employee, official, etc., for the purpose of supporting or opposing
any governmental or political person, entity or agenda.

Each
Senior Financial Officer shall fully inform the Chair of the Audit Committee with respect to (i) any prior employment of such officer with any accounting firm which the
Company has engaged, or is proposing to engage, to perform auditing services and (ii) the scope of any work performed by such Senior Financial Officer for the Company while employed by such
accounting firm and the time period during which such work was performed.



Each Senior Financial Officer shall endeavor, through actions which include, without limitation, the establishment, maintenance and periodic evaluation of
appropriate disclosure controls and procedures
and internal controls, to ensure that, with respect to each report or document that the Company files with or submits to the SEC (each an "SEC Filing") and with respect to each other public
communication made by the Company, (i) the SEC Filing or other communication does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements made, in light of the circumstances under which such statements were made, not misleading, (ii) the financial statements, and other financial information contained in each such
SEC Filing or other communication fairly present in all material respects the financial condition and results of operations of the Company as of, and for, the periods presented in the SEC Filing or
other communication and (iii) the SEC Filing or other communication discloses financial information relating to the Company in a full, fair, accurate, timely and understandable manner (other
than SEC Filings and communications that by their nature are intended to convey financial or other information in a summary, conclusory or general fashion). The Senior Financial Officers shall
endeavor to design disclosure controls and procedures and internal controls to



The
Senior Financial Officers, as the primary officers responsible for the complete and accurate financial reporting of the Company, to the best of their ability, shall not permit the
disclosure of any financial information of the Company which they believe is false or misleading in any material respect. If any Senior Financial Officer shall have reason to believe that the Company
has disclosed or may be intending to disclose any false or misleading financial information, he or she shall promptly advise the Chair of the Audit Committee, or in his or her absence, any other
member of the Audit Committee.

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Each
Senior Financial Officer shall promptly disclose to the Company's independent auditors and to the Chair of the Audit Committee (i) all significant deficiencies in the design
or operation of the Company's internal controls which could adversely affect the Company's ability to record, process, summarize, and report financial data, (ii) any material weakness in the
Company's internal controls and (iii) any fraud, whether or not material, that involves the Company's management or other employees who have a significant role in the Company's internal
controls. The Senior Financial Officers shall ensure that each quarterly and annual report filed with the SEC (each a "Report") fully, accurately and timely discloses whether or not there were
significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of such Senior Financial Officers' evaluation of internal controls
in connection with such Report, including any corrective actions with regard to significant deficiencies and material weaknesses.



Senior Financial Officers shall report to the Chair of the Audit Committee, or in his or her absence, any other member of the Audit Committee, information
concerning (i) any illegal or unethical behavior by an officer of the Company, or (ii) any behavior by an officer of the Company in violation of this Code. In addition, all Senior
Financial Officers are encouraged to consult and visit with the Chair of the Audit Committee or the Company's General Counsel if they have any questions or concerns about the terms or implementation
of this Code, or any legal or ethical matters concerning the Company whatsoever.



Each Senior Financial Officer shall be personally responsible and accountable for his or her adherence to the provisions of this Code. The Company, at the
direction of the Board of Directors, may impose such sanctions, including dismissal for cause, for a Senior Financial Officer's violation of this Code as the Board of Directors shall determine, under
the circumstances, to be in the best interests of the Company and its stockholders.



This Code shall be:



This
Code shall otherwise be made publicly available as required by law and/or stock exchange rule.

Waivers
of any provisions of this Code can be made only by the Audit Committee, and any waivers so granted shall be disclosed as required by law and/or stock exchange rule. In like
respect, any amendments or modifications to this Code shall be disclosed as required by law and/or stock exchange rule.

ANY AUDIT COMMITTEE WAIVERS OR APPROVALS OF OR CONSENTS TO ANY ACTIVITIES OR MATTERS THAT OTHERWISE WOULD VIOLATE OR CONFLICT WITH THIS CODE, SHALL BE DISCLOSED
IN A FORM 8-K FILED WITH THE SEC AND/OR DISCLOSED

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ON THE COMPANY'S WEBSITE IN THE MANNER REQUIRED BY LAW AND/OR STOCK EXCHANGE RULE.

These
disclosures shall remain publicly available and maintained by the Company for the specified period(s) of time required by law and/or stock exchange rule. Likewise, information
concerning these disclosures shall be retained by the Company for the specified period(s) of time mandated by law and/or stock exchange rule.

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