13F-HR 1 form13fhr01874_03312007.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2007 -------------- Check here if Amendment /_/; Amendment Number: _______ This Amendment (Check only one): /_/ is a restatement. /_/ adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Steel Partners II, L.P. Address: 590 Madison Avenue, 32nd Floor New York, New York 10022 Form 13F File Number: 28-10730 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Lauren Isenman Title: Attorney-In-Fact for Warren G. Lichtenstein, Managing Member of General Partner of Steel Partners II, L.P. Phone: 212-520-2300 Signature, Place, and Date of Signing: /s/ Lauren Isenman, New York, NY, May 15, 2007 ------------------ Report Type (Check only one): /X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) /_/ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) /_/ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ------------------ Form 13F Information Table Entry Total: 57 ------------------ Form 13F Information Table Value Total: $1,541,293 ------------------ (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1 28-10766 Warren G. Lichtenstein ----- ---------------------- ------------------------------------------- FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- VOTING AUTHORITY ---------------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- CRONOS GROUP S A SHS L20708100 22436 1440971 SH OTHER 1 0 1440971 0 ------------------------------------------------------------------------------------------------------------------------------------ ACTIVISION INC NEW COM NEW 004930202 1894 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ ADAPTEC INC COM 00651F108 49217 12717587 SH OTHER 1 0 12717587 0 ------------------------------------------------------------------------------------------------------------------------------------ AFFILIATED COMPUTER CL A 008190100 58880 1000000 SH OTHER 1 0 1000000 0 SERVICES ------------------------------------------------------------------------------------------------------------------------------------ ALTRIA GROUP INC COM 02209S103 47668 542857 SH OTHER 1 0 542857 0 ------------------------------------------------------------------------------------------------------------------------------------ AMERICAN INDEPENDENCE CORP COM NEW 026760405 2953 283711 SH OTHER 1 0 283711 0 ------------------------------------------------------------------------------------------------------------------------------------ AMERICAN STD COS INC DEL COM 029712106 5302 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ ANGELICA CORP COM 034663104 50873 1847250 SH OTHER 1 0 1847250 0 ------------------------------------------------------------------------------------------------------------------------------------ BAIRNCO CORP COM 057097107 14932 1110200 SH OTHER 1 0 1110200 0 ------------------------------------------------------------------------------------------------------------------------------------ BRINKS CO COM 109696104 246452 3884200 SH OTHER 1 0 3884200 0 ------------------------------------------------------------------------------------------------------------------------------------ C&D TECHNOLOGIES INC COM 124661109 2309 459000 SH OTHER 1 0 459000 0 ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SOUTHWEST CORP COM 140501107 7013 45637 SH OTHER 1 0 45637 0 ------------------------------------------------------------------------------------------------------------------------------------ CATALINA MARKETING CORP COM 148867104 14761 467401 SH OTHER 1 0 467401 0 ------------------------------------------------------------------------------------------------------------------------------------ CHEMTURA CORP COM 163893100 36069 3300000 SH OTHER 1 0 3300000 0 ------------------------------------------------------------------------------------------------------------------------------------ CONSECO INC COM NEW 208464883 34614 2000800 SH OTHER 1 0 2000800 0 ------------------------------------------------------------------------------------------------------------------------------------ COM PAR CONTINENTAL MATLS CORP $0.25 211615307 9584 335700 SH OTHER 1 0 335700 0 ------------------------------------------------------------------------------------------------------------------------------------ COURTSIDE ACQUISITION CORP COM 22274N102 173 31300 SH OTHER 1 0 31300 0 ------------------------------------------------------------------------------------------------------------------------------------ DCAP GROUP INC COM 233065200 44 18181 SH OTHER 1 0 18181 0 ------------------------------------------------------------------------------------------------------------------------------------ EARTHLINK INC COM 270321102 53360 7259922 SH OTHER 1 0 7259922 0 ------------------------------------------------------------------------------------------------------------------------------------ ENPRO INDS INC COM 29355X107 94548 2622686 SH OTHER 1 0 2622686 0 ------------------------------------------------------------------------------------------------------------------------------------ FREEDOM ACQUISITION COM 35645F103 12047 1258800 SH OTHER 1 0 1258800 0 HLDGS IN ------------------------------------------------------------------------------------------------------------------------------------ GENCORP INC COM 368682100 76591 5534059 SH OTHER 1 0 5534059 0 ------------------------------------------------------------------------------------------------------------------------------------ GRANAHAN MCCOURT ACQ CORP COM 385034103 1863 246800 SH OTHER 1 0 246800 0 ------------------------------------------------------------------------------------------------------------------------------------ GRIFFON CORP COM 398433102 634 25600 SH OTHER 1 0 25600 0 ------------------------------------------------------------------------------------------------------------------------------------ HD PARTNERS ACQUISITION COM 40415K100 3818 509100 SH OTHER 1 0 509100 0 CORP ------------------------------------------------------------------------------------------------------------------------------------ HALLMARK FINL SVCS INC EC COM NEW 40624Q203 350 29083 SH OTHER 1 0 29083 0 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE ACQUISITION CP COM 42224H104 3629 491100 SH OTHER 1 0 491100 0 NE ------------------------------------------------------------------------------------------------------------------------------------ HILTON HOTELS CORP COM 432848109 3596 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ IKON OFFICE SOLUTIONS INC COM 451713101 178997 12456300 SH OTHER 1 0 12456300 0 ------------------------------------------------------------------------------------------------------------------------------------ INDEPENDENCE HLDG CO NEW COM NEW 453440307 702 32427 SH OTHER 1 0 32427 0 ------------------------------------------------------------------------------------------------------------------------------------ JOHNSON OUTDOORS INC CL A 479167108 1773 96232 SH OTHER 1 0 96232 0 ------------------------------------------------------------------------------------------------------------------------------------ LOEWS CORP CAROLNA 540424207 30244 400000 SH OTHER 1 0 400000 0 GP STK ------------------------------------------------------------------------------------------------------------------------------------ LUBRIZOL CORP COM 549271104 39941 775100 SH OTHER 1 0 775100 0 ------------------------------------------------------------------------------------------------------------------------------------ MARATHON ACQUISITION CORP COM 565756103 13012 1703200 SH OTHER 1 0 1703200 0 ------------------------------------------------------------------------------------------------------------------------------------ MCDONALDS CORP COM 580135101 34301 761400 SH OTHER 1 0 761400 0 ------------------------------------------------------------------------------------------------------------------------------------ MUELLER WTR PRODS INC COM SER B 624758207 87410 6528032 SH OTHER 1 0 6528032 0 ------------------------------------------------------------------------------------------------------------------------------------ NATHANS FAMOUS INC NEW COM 632347100 15334 1018200 SH OTHER 1 0 1018200 0 ------------------------------------------------------------------------------------------------------------------------------------ NAUGATUCK VY FINL CORP COM 639067107 268 21834 SH OTHER 1 0 21834 0 ------------------------------------------------------------------------------------------------------------------------------------ NEW FRONTIER MEDIA INC COM 644398109 26242 2915829 SH OTHER 1 0 2915829 0 ------------------------------------------------------------------------------------------------------------------------------------ OWENS CORNING NEW COM 690742101 3127 98161 SH OTHER 1 0 98161 0 ------------------------------------------------------------------------------------------------------------------------------------ P & F INDS INC CL A NEW 692830508 4396 351085 SH OTHER 1 0 351085 0 ------------------------------------------------------------------------------------------------------------------------------------ RENAISSANCE ACQUISITION COM 75966C305 2951 535500 SH OTHER 1 0 535500 0 CORP ------------------------------------------------------------------------------------------------------------------------------------ REUNION INDS INC COM 761312107 304 779420 SH OTHER 1 0 779420 0 ------------------------------------------------------------------------------------------------------------------------------------ RONSON CORP COM NEW 776338204 915 460034 SH OTHER 1 0 460034 0 ------------------------------------------------------------------------------------------------------------------------------------ ROTECH HEALTHCARE INC COM 778669101 9191 5374940 SH OTHER 1 0 5374940 0 ------------------------------------------------------------------------------------------------------------------------------------ S L INDS INC COM 784413106 24128 1608550 SH OTHER 1 0 1608550 0 ------------------------------------------------------------------------------------------------------------------------------------ SELECTICA INC COM 816288104 4938 2545222 SH OTHER 1 0 2545222 0 ------------------------------------------------------------------------------------------------------------------------------------ STAR MARITIME ACQUISITION COM 85516E107 4012 391400 SH OTHER 1 0 391400 0 CO ------------------------------------------------------------------------------------------------------------------------------------ STRATEGIC DISTR INC COM NEW 862701307 2869 289489 SH OTHER 1 0 289489 0 ------------------------------------------------------------------------------------------------------------------------------------ STRATOS INTERNATIONAL INC COM NEW 863100202 16203 2183650 SH OTHER 1 0 2183650 0 ------------------------------------------------------------------------------------------------------------------------------------ TELEPHONE & DATA SYS INC COM 879433100 5452 91438 SH OTHER 1 0 91438 0 ------------------------------------------------------------------------------------------------------------------------------------ TRANSFORMA ACQUISITION COM 89366E100 3898 519000 SH OTHER 1 0 519000 0 GROUP ------------------------------------------------------------------------------------------------------------------------------------ TRIAD HOSPITALS INC COM 89579K109 29777 569900 SH OTHER 1 0 569900 0 ------------------------------------------------------------------------------------------------------------------------------------ UST INC COM 902911106 5798 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------ UNITED INDL CORP COM 910671106 106864 1935950 SH OTHER 1 0 1935950 0 ------------------------------------------------------------------------------------------------------------------------------------ VECTOR GROUP LTD COM 92240M108 31876 1703679 SH OTHER 1 0 1703679 0 ------------------------------------------------------------------------------------------------------------------------------------ WCA WASTE CORP COM 92926K103 760 100000 SH OTHER 1 0 100000 0 ------------------------------------------------------------------------------------------------------------------------------------