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  77%, 72% and 76% of total sales in fiscal
1997, 1996 and 1995,  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.  Uncertainty  continually  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.  The
Company's  major  supplier of steel has  announced  two prices  decreases  since
mid-September  which reduced the Company's current  replacement cost of steel by
$35 per ton.  Although the Company  expects that such price  reductions  will be
reflected in the  Company's  cost of goods sold in the second  quarter of fiscal
1998,  no  assurance  can be given as to the  duration of the price  decrease or
anticipated future steel prices.

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.  Imports  accounted  for 17.2%,  11.1% and 15.5% of domestic  shipments  in
fiscal 1997, 1996 and 1995,  respectively.  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 normal  levels in  relation to
demand,  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
may be 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 1997,  two  distributors,  National  Oilwell  Supply,  Inc. and Master
Tubulars,  Inc.  accounted for 25% of Maverick's  net sales.  In fiscal 1996 and
1995, one  distributor,  National  Oilwell Supply,  Inc.  ("National  Oilwell"),
accounted for approximately 16% and 12%, respectively,  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 Master Tubulars,
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.