Exhibit 99.1


                                  RISK FACTORS

Dependence of Energy Industry

The Company's  principal  products  consist of OCTG and line pipe,  and sales of
these products to the energy industry  constitute the most significant source of
Maverick's revenues.  Revenues from the sale of OCTG and line pipe to the energy
industry  accounted for approximately  72%, 76% and 97% of total sales in fiscal
1996, 1995 and 1994,  respectively.  Demand for Maverick's OCTG products depends
primarily  upon the number of oil and  natural  gas wells  being  drilled in the
United States and Canada,  the depth and drilling  conditions of those wells and
the number of well completions,  all of which are in turn primarily dependent on
oil and  natural  gas prices.  Substantial  uncertainty  exists as to the future
level and volatility of domestic oil and natural gas prices.

Effect of Changing Steel Prices

Purchased steel  represents  slightly more than two-thirds of Maverick's cost of
goods sold. The steel industry is highly cyclical in nature and steel prices are
influenced  by  numerous  factors, many of which are beyond  the  control of the
Company,  including general economic conditions,  industry capacity utilization,
import duties and other trade restrictions and currency exchange rates. Maverick
was unable to recover the majority of the dramatic steel price  increases  which
occurred in fiscal 1993  through  1995  through  price  increases  in its energy
products.  While steel prices decreased in fiscal 1996 by approximately  $40 per
ton,  various steel  producers  have recently  announced a steel price  increase
(approximately  $10 per ton) to be effective in January of 1997.  It is expected
that this increase likely will negatively  impact  Maverick's  profit margins by
the third and fourth quarters of fiscal 1997 to the extent that Maverick will be
unable to recover these increased steel costs through  increased product prices.
There can be no  assurance  that steel  prices will not rise again in the future
and, if so,  whether or not Maverick will be successful  in  implementing  price
increases  on its  products to recover  all or some of such  rising  steel cost.
Conversely,  when steel costs decline, the carrying cost for industrial products
inventory  may be devalued to reflect the reduced  selling  prices of industrial
products, if any, which generally follow such steel cost declines.

Competition from Other Manufacturers

The production and marketing of the Company's energy and industrial  products is
highly  competitive.  Some of Maverick's  competitors have greater financial and
marketing resources and business diversification than Maverick. Unlike Maverick,
many of its large OCTG  competitors are integrated  steel producers which do not
purchase their raw materials in the open market.  During periods of strong steel
demand and weak steel scrap prices,  Maverick may be at a disadvantage  to these
integrated competitors.

Competition from Imports

The domestic  OCTG market is affected by the level of imports of OCTG  products,
which has varied  significantly over time. High levels of imports (which existed
in fiscal  1994 and most of fiscal  1995)  reduced  the volume  sold by domestic
producers  and  suppressed  selling  prices of OCTG.  The Company  believes that
domestic import levels are affected by, among other things, overall world demand
for OCTG, the trade practices of and government  subsidies to foreign producers,
and the presence and absence of governmentally imposed trade restrictions in the
U.S. In fiscal 1995,  trade cases brought by the Company and other  producers of
OCTG products were  concluded and resulted in import duties on OCTG producers in
certain foreign companies which, in fiscal 1994, accounted for approximately 72%
of foreign OCTG imports.  Domestic sales of structural  tubing are also affected
by imports, most of which originate in Canada.

Company's Sales Influenced by Industry Inventory Levels

Industry-wide  inventory  levels of OCTG  products can vary  significantly  from
period to period and have a direct  effect on the demand for new  production  of
such  products.  As a result,  the  Company's  OCTG  sales and net income may be
impacted significantly from period to period. Although the Company believes that
industry-wide  OCTG inventory is currently at or below normal levels,  there can
be no assurance  that OCTG  inventory  will not again  become  excessive or that
substantial  draw downs of such  inventories  will not occur.  Domestic sales of
structural  tubing are also  affected  by  changing  industry  inventory  levels
generally resulting from corresponding changes in steel prices.

Company's Sales Affected by Seasonal Fluctuations

Maverick,  as  well  as the  OCTG  industry  in  general,  experiences  seasonal
fluctuations in demand for its products.  Because weather  conditions during the
first  half of the  calendar  year  make  drilling  operations  more  difficult,
domestic drilling activity and the corresponding  demand for Maverick's products
are  generally  lower during the second and third fiscal  quarters,  as compared
with the first and fourth fiscal quarters. Maverick also believes it experiences
seasonal fluctuations in demand for its industrial products, although the timing
of such  fluctuations  may  differ  from  fluctuations  experienced  in the OCTG
industry.

Dependence on Significant Customers

In  fiscal  1996 and  1995,  one  distributor,  National  Oilwell  Supply,  Inc.
("National Oilwell"), accounted for approximately 16% and 17% , respectively, of
Maverick's net sales. In fiscal 1994, one distributor,  Fedmet,  Inc.  accounted
for  approximately  12% of Maverick's  net sales.  Maverick  currently  utilizes
numerous  distributors  of its products and believes that  additional  qualified
distributors  are  available  to assist  Maverick in meeting  end users'  needs.
Although  Maverick  believes  that it could replace any one  distributor  of its
products,  including  National  Oilwell or Fedmet,  Inc.,  with other  qualified
distributors,  no  assurance  can be  given  that the  loss of  either  of these
distributors  or any other customer would not have a material  adverse effect on
Maverick's net sales or results of operations.

Product Liability

Drilling for oil and natural gas involves a variety of risks. Certain losses may
result or be alleged to result  from  defects in  Maverick's  products,  thereby
subjecting  Maverick  to claims for  consequential  damages.  Maverick  warrants
certain of its OCTG and line pipe  products to be free of certain  defects.  The
use of  structural  tubing can also involve  risks,  and losses may result or be
alleged  to result  from  defects  in such  pipe and  tubing  products,  thereby
subjecting  the  manufacturer  of such  products  to  claims  for  consequential
damages.   Maverick  maintains  insurance  coverage  against  potential  product
liability claims in amounts which it believes to be adequate.  Maverick, has not
historically  incurred  material product liability costs, nor has it experienced
difficulties in obtaining or maintaining  adequate product  liability  insurance
coverage;  however,  no  assurance  can be  given  that in the  future,  product
liability  in excess of such  insurance  coverage  will not be  incurred or that
Maverick will be able to maintain such insurance coverage levels.

Regulatory Matters

The  business of Maverick is subject to numerous  local,  state and federal laws
and regulations concerning  environmental and safety matters.  Although Maverick
has not incurred  material costs of compliance  with such laws and  regulations,
there can be no assurance that future changes in such laws and regulations  will
not have a material effect on Maverick's operations.