13F-HR 1 form13fhr01874_03312006.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, 2006 -------------- 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, 2006 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: 41 ------------------------ Form 13F Information Table Value Total: $1,410,014 ------------------------ (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 -------------- ----- ----- -------- ------- --- ---- ---------- -------- ---- ------ ---- AMERICAN INDEPENDENCE CORP COM NEW 026760405 3405 283711 SH OTHER 1 0 283711 0 ANGELICA CORP COM 034663104 37906 1847250 SH OTHER 1 0 1847250 0 AVICI SYS INC COM NEW 05367L802 156 34992 SH OTHER 1 0 34992 0 BAIRNCO CORP COM 057097107 11868 1110200 SH OTHER 1 0 1110200 0 BKF CAP GROUP INC COM 05548G102 9454 727200 SH OTHER 1 0 727200 0 BLACKROCK HIGH INCOME SHS SHS BEN INT 09250E107 129 50000 SH OTHER 1 0 50000 0 BRINKS CO COM 109696104 191578 3774200 SH OTHER 1 0 3774200 0 C&D TECHNOLOGIES INC COM 124661109 4241 459000 SH OTHER 1 0 459000 0 CHEROKEE INTL CORP COM 164450108 11116 2179513 SH OTHER 1 0 2179513 0 CONTINENTAL MATLS CORP COM PAR $0.25 211615307 9752 335700 SH OTHER 1 0 335700 0 CRONOS GROUP S A SHS L20708100 17580 1440971 SH OTHER 1 0 1440971 0 DCAP GROUP INC COM 233065200 50 18181 SH OTHER 1 0 18181 0 EARTHLINK INC COM 270321102 64229 6725522 SH OTHER 1 0 6725522 0 ENERGY PARTNERS LTD COM 29270U105 236 10000 SH OTHER 1 0 10000 0 ENPRO INDS INC COM 29355X107 106852 3115228 SH OTHER 1 0 3115228 0 ENSTAR GROUP INC GA COM 29358R107 16585 184815 SH OTHER 1 0 184815 0 GENCORP INC COM 368682100 81647 3973100 SH OTHER 1 0 3973100 0 GRIFFON CORP COM 398433102 18737 754300 SH OTHER 1 0 754300 0 HALLMARK FINL SVCS INC EC COM 40624Q104 295 174500 SH OTHER 1 0 174500 0 IDT CORP CL B 448947309 11070 1000000 SH OTHER 1 0 1000000 0 IKON OFFICE SOLUTIONS INC COM 451713101 198877 13956300 SH OTHER 1 0 13956300 0 INDEPENDENCE HLDG CO NEW COM NEW 453440307 2496 108234 SH OTHER 1 0 108234 0 IPASS INC COM 46261V108 19910 2485633 SH OTHER 1 0 2485633 0 LAYNE CHRISTENSEN CO COM 521050104 47479 1416447 SH OTHER 1 0 1416447 0 LUBRIZOL CORP COM 549271104 6428 150000 SH OTHER 1 0 150000 0 NATHANS FAMOUS INC NEW COM 632347100 12511 1018200 SH OTHER 1 0 1018200 0 NAUGATUCK VY FINL CORP COM 639067107 236 21834 SH OTHER 1 0 21834 0 NEW FRONTIER MEDIA INC COM 644398109 24032 3166270 SH OTHER 1 0 3166270 0 NOVOSTE CORP COM NEW 67010C209 2350 799337 SH OTHER 1 0 799337 0 P & F INDS INC CL A NEW 692830508 5161 351085 SH OTHER 1 0 351085 0 RONSON CORP COM NEW 776338204 1853 438128 SH OTHER 1 0 438128 0 ROTECH HEALTHCARE INC COM 778669101 78607 5417450 SH OTHER 1 0 5417450 0 S L INDS INC COM 784413106 24196 1466450 SH OTHER 1 0 1466450 0 STANDARD MTR PRODS INC COM 853666105 7083 797598 SH OTHER 1 0 797598 0 STRATEGIC DISTR INC COM NEW 862701307 2617 289489 SH OTHER 1 0 289489 0 STRATOS INTERNATIONAL INC COM NEW 863100202 17666 2183650 SH OTHER 1 0 2183650 0 TEMPLE INLAND INC COM 879868107 65221 1464000 SH OTHER 1 0 1464000 0 UNITED INDL CORP COM 910671106 117957 1935950 SH OTHER 1 0 1935950 0 VECTOR GROUP LTD COM 92240M108 30926 1622552 SH OTHER 1 0 1622552 0 WALTER INDS INC COM 93317Q105 126371 1896900 SH OTHER 1 0 1896900 0 WEBFINANCIAL CORP COM NEW 94767P209 21151 1610897 SH OTHER 1 0 1610897 0