UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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Airgas, Inc.

(Name of Registrant as Specified In Its Charter)

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Earnings Teleconference Earnings Teleconference First Quarter Ended June 30, 2010 First Quarter Ended June 30, 2010 July 21, 2010 July 21, 2010

1 1 FORWARD-LOOKING STATEMENTS This presentation contains statements that are forward looking. Forward-looking statements include the statements identified as forward-looking in the Company’s press release announcing its quarterly earnings, as well as any statement that is not based on historical fact, including statements containing the words “believes,” “may,” “plans,” “will,” “could,” “should,” “estimates,” “continues,” “anticipates,” “intends,” “expects” and similar expressions.  All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved.  Airgas assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.  Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include the factors identified in the Company’s press release announcing its quarterly earnings, as well as other factors described in the Company's reports, including its March 31, 2010 Form 10-K and other forms filed by the Company with the Securities and Exchange Commission.  The Company notes that forward-looking statements made in connection with a tender offer are not subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995. The Company is not waiving any other defenses that may be available under applicable law. ADDITIONAL INFORMATION This press release does not constitute an offer to buy or solicitation of an offer to sell any securities.  In response to the tender offer commenced by Air Products Distribution, Inc., a wholly owned subsidiary of Air Products and Chemicals, Inc., Airgas has filed a solicitation/recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission ("SEC").  INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Airgas through the web site maintained by the SEC at http://www.sec.gov.  Also, materials related to Air Products' Unsolicited Proposals are available in the "Investor Information" section of the Company's website at www.airgas.com, or through the following web address:  http://investor.shareholder.com/arg/airgascontent.cfm. In addition, Airgas has filed a preliminary proxy statement on Schedule 14A with the SEC on July 8, 2010 in connection with the solicitation of proxies for the 2010 Annual Meeting of Airgas stockholders. Airgas expects to file a definitive proxy statement with the SEC in connection with the solicitation of proxies for the 2010 annual meeting of Airgas stockholders and may file other proxy solicitation material in connection therewith.  Any definitive proxy statement will be mailed to stockholders of Airgas.  INVESTORS AND SECURITY HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders will be able to obtain free copies of these documents (when available) and other documents filed with the SEC by Airgas through the web site maintained by the SEC at http://www.sec.gov.  CERTAIN INFORMATION REGARDING PARTICIPANTS Airgas and certain of its directors and executive officers may be deemed to be participants under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of Airgas' directors and executive officers in Airgas' Annual Report on Form 10-K for the year ended March 31, 2010, which was filed with the SEC on May 27, 2010, and its proxy statement for the 2009 Annual Meeting, which was filed with the SEC on July 13, 2009 and its preliminary proxy statement for the 2010 Annual Meeting, which was filed with the SEC on July 8, 2010. To the extent holdings of Airgas securities have changed, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.  These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in any proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available.

• Strong performance as economy emerges from recession • 1Q11 Adjusted EPS* $0.83 – Second-best earnings quarter in Airgas history – Revenues not yet recovered to pre-recessionary levels • Same-store sales up +6% YoY – Daily sales improved +5% sequentially – Broad-based momentum, led by manufacturing • Strategic Accounts sales up 12%; now represent 20% of total sales • Adjusted Operating Margin* 12.3% (up 130 bps YoY) – Strong operating leverage on sales growth • Raised FY11 Adj. EPS* guidance by more than 7% to $3.15 to $3.30 – Represents 21% to 27% growth before SAP costs • Free Cash Flow* of $113 million • Adjusted Debt* reduction of $83 million • Increased 2Q11 dividend by 14% to 25¢ First Quarter Recap First Quarter Recap 2 2 * See attached reconciliations of non-GAAP measures

3 3 Strategic Products Overview Strategic Products Overview 1Q11: Broad-based increase in customer activity, most pronounced in manufacturing; continued strong existing customer penetration Long-term: Strong cross-sell, customer base under-penetrated 1Q11: Sequential and YoY improvement in industrial mfg, including steel, and auto; continued strength in food-freezing Long-term: Application growth, engineering solutions, sales force presence in the field 1Q11: Relatively resilient throughout downturn; slowing in elective and non- critical procedures more than offset by new customer signings Long-term: Population demographics for respiratory therapy, full range of supply modes, strong cross-sell 1Q11: Sequential improvement due to normal seasonality of business Long-term: Food product applications, beverage market 1Q11: Higher YoY volumes; sequential improvement in demand for core spec gases, including EPA protocols Long-term: Application growth, environmental regulations, enhanced capabilities 1Q11 1Q11 Organic Organic Growth Growth Strategic Products represent more than 40% of total sales and have strong growth profiles due to: Favorable customer segments Application development Increasing environmental regulation Strong cross-sell Quarterly Quarterly Sales Commentary / Long-Term Growth Accelerators Strategic Products Strategic Products 1Q11 1Q11 Organic Organic Growth Growth 1Q11 1Q11 Seq. DSR Seq. DSR Growth Growth 1Q11 1Q11 Seq. DSR Seq. DSR Growth Growth Total Strategic Products Total Strategic Products +9% +9% +7% +7% +6% +6% +5% +5% +15% +15% +8% +8% +4% +4% +8% +8% +3% +3% +3% +3% +3% +3% +5% +5% +7% +7% +19% +19% Safety Products Safety Products Bulk Gas Bulk Gas Medical Sales Medical Sales Specialty Gas Specialty Gas CO CO 2 2 /Dry Ice /Dry Ice Total Same-Store Sales

Consolidated Results Consolidated Results 4 4 * See attached reconciliations of non-GAAP measures Note: Certain reclassifications have been made to prior period financial statements to conform to the current presentation. ($ in millions, except per share amounts) 1Q11 4Q10 Seq. Var. 1Q10 YoY Var. Sales $ 1,053 $ 983 +7% $ 982 +7% Gas & Rent Sales Mix 64.2% 63.8% 65.0% Same-Store Sales +6% Price +1% Volume +5% Gas & Rent SSS +5% Hardgoods SSS +8% Acquired Sales Contribution +1% Gross Profit $ 578 $ 535 $ 543 Gross Margin 54.9% 54.4% + 50 bps 55.3% -40 bps Adjusted Operating Income* $ 130 $ 105 +24% $ 108 +20% Adjusted Operating Margin* 12.3% 10.7% + 160 bps 11.0% + 130 bps EPS $ 0.76 $ 0.47 +62% $ 0.66 +15% Significant Charges Included in EPS: Costs related to unsolicited takeover attempt 0.03 0.18 -                   Loss on early extinguishment of debt 0.02 0.07 -                   Multi-employer pension plan withdrawal 0.02 - -                   Income tax benefit - (0.03) -                   Adjusted EPS* $ 0.83 $ 0.69 +20% $ 0.66 +26% Weighted Average Shares Outstanding 85.3 84.7 +1% 83.3 +2% Return on Capital (LTM) * 10.5% 10.0% 11.8% Free Cash Flow * $ 113 $ 121 $ 119 Adjusted Debt * $ 1,721 $ 1,805 $ 1,981 • Incremental selling day • Daily Sales Rate +5% seq.

Segment Results Segment Results 5 5 Distribution ($ in millions) 1Q11 4Q10 Seq. Var. 1Q10 YoY Var. Sales $ 932 $ 889 +5% $ 875 +7% Gas & Rent Sales Mix 59.7% 60.1% 60.9% Same-Store Sales +5% Price +1% Volume +4% Gas & Rent SSS +3% Hardgoods SSS +8% Gross Profit $ 517 $ 491 $ 490 Gross Margin 55.5% 55.3% + 20 bps 56.1% -60 bps Adjusted Operating Income* $ 107 $ 100 +7% $ 90 +19% Adjusted Operating Margin* 11.5% 11.2% + 30 bps 10.3% + 120 bps All Other Operations ($ in millions) 1Q11 4Q10 Seq. Var. 1Q10 YoY Var. Sales $ 128 $ 100 +28% $ 113 +14% Same-Store Sales +13% Gross Margin 46.9% 43.3% + 360 bps 46.7% + 20 bps Operating Income $ 23 $ 5 +317% $ 18 +25% Operating Margin 17.7% 5.4% + 1230 bps 16.1% + 160 bps • Incremental selling day • Daily Sales Rate +3% seq. * See attached reconciliations of non-GAAP measures Note: Certain reclassifications have been made to prior period financial statements to conform to the current presentation.

6 6 ($ in millions) 1Q11 1Q10 Cylinders and Bulk Tanks $ 19 $ 16 Machinery and Equipment 13 14 Computers 1 2 Rental Welders - - Construction-in-Process, Buildings & Land 22 27 Other ^ 6 8 TOTAL $ 61 $ 67 % of Sales 5.8% 6.9% ^ Includes Vehicles, Furniture & Fixtures and other items not specifically identified. Capital Expenditures Capital Expenditures

• Guidance • Assumptions – Tax rate 38%-39% – Includes SAP implementation costs – Includes acquisitions closed through 7/20/10 – Does not incorporate the impact of debt extinguishment or multi-employer pension plan withdrawal charges, if any, or future costs related to unsolicited takeover attempt 7 7 2Q11 & FY11 Guidance Summary 2Q11 & FY11 Guidance Summary 2Q11 FY11 (Updated) Adjusted EPS $0.78 to $0.82 $3.15 to $3.30 YoY % Growth +15% to +21% +18% to +23% SAP implementation costs included in guidance $0.03 $0.10 YoY % Growth ex- SAP costs +19% to +25% +21% to +27% Operating Margin 12.0% to 12.5% Capex ~5.5% of Sales Same-Store Sales Growth High Single Digits Mid to High Single Digits Ahead of schedule on mid-term earnings goal Ahead of schedule on mid-term earnings goal of $4.20+ per share in calendar 2012 of $4.20+ per share in calendar 2012

8 8 Path to 2Q11 & FY11 EPS Guidance Path to 2Q11 & FY11 EPS Guidance 1Q11 Adjusted EPS* $0.83 Refrigerants & Rental Welder Business SAP Implementation (0.01) Sales Growth / Price Increase Improving Economy Operating Efficiencies EPS Guidance $0.78 - $0.82 (0.05) 0.01 - 0.05 (+1% to +6%) 2Q11 * See attached reconciliations of non-GAAP measures FY10 Adjusted EPS* $2.68 Variable Compensation Reset (Bonus/Commissions) SAP Implementation (0.10) Tax Rate / Share Count (0.06) Sales Growth / Price Increase Improving Economy Operating Efficiencies Adjusted EPS* Guidance $3.15 - $3.30 0.73 - 0.88 (+27% to +33%) FY11 (Updated) (0.10)

9 9 Post-Recession EPS Growth Post-Recession EPS Growth * See attached reconciliations of non-GAAP measures Note: “CAGR” = Compound Annual Growth Rate $4.20+ (CY12 Goal) $2.67* $1.53 $0.94 16% CAGR 18% CAGR FY11 FY11 Guidance* Guidance* (Updated) (Updated) $3.30 $3.15 — EPS — Adj. EPS*

10 10 10 10 Significant Upside Remains Significant Upside Remains for Airgas Shareholders for Airgas Shareholders • Acquisition opportunities still abundant in a highly-fragmented industry – considerable leverage to our premier distribution infrastructure • Sales & marketing alignment by customer segment only recently expanded to all target segments – tremendous leverage to fast-growing Strategic Accounts program • Customer-centric operating culture will enhance cross-sell opportunities for an already compelling product and service offering • Strategic Products growth will continue to outperform the core business during the economic recovery • SAP platform to unlock significant yet-to-be-quantified incremental benefits – provide upside to our mid-term financial targets • Agility to identify and quickly integrate adjacencies – opportunities for additional adjacencies

Non-GAAP Reconciliations: Non-GAAP Reconciliations: Adjusted Operating Income & Adjusted Operating Margin Adjusted Operating Income & Adjusted Operating Margin 11 11 Consolidated Airgas June 30, March 31, June 30, (Dollars in thousands) 2010 2010 2009 Net sales 1,052,656 $         983,308 $            981,991 $            Operating income 122,751 $            81,883 $                107,909 $            Operating margin 11.7% 8.3% 11.0% Plus: Costs related to unsolicited takeover attempt 3,787 23,435 - Multi-employer pension plan withdrawal charges 3,204 - - Adjusted operating income 129,742 $            105,318 $            107,909 $            Adjusted operating margin 12.3% 10.7% 11.0% Distribution Segment June 30, March 31, December 31, September 30, June 30, (Dollars in thousands) 2010 2010 2009 2009 2009 Net sales 931,840 $            889,139 $            854,476 $            860,267 $            874,592 $            Operating income $             103,844 99,875 $                89,306 $                92,388 $                89,749 $                Operating margin 11.1% 11.2% 10.5% 10.7% 10.3% Plus: Multi-employer pension plan withdrawal charges 3,204 - 4,950 1,700 - Adjusted operating income 107,048 $            99,875 $               94,256 $               94,088 $               89,749 $               Adjusted operating margin 11.5% 11.2% 11.0% 10.9% 10.3% Three Months Ended Three Months Ended The Company believes the above adjusted operating income and adjusted operating margin computations help investors assess the Company’s operating performance without the impact of charges associated with the Company’s withdrawal from multi-employer pension plans and costs related to Air Products’ unsolicited takeover attempt. Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures.  It should be noted as well that our adjusted operating income and adjusted operating margin computations may be different from the adjusted operating income and adjusted operating margin computations provided by other companies.  Certain reclassifications have been made to prior period financial statements to conform to the current presentation.

Non-GAAP Reconciliations: Non-GAAP Reconciliations: Adjusted Earnings Per Diluted Share Adjusted Earnings Per Diluted Share 12 12 Quarterly June 30, 2010 March 31, 2010 September 30, 2009 June 30, 2009 Earnings per diluted share Adjustments to earnings per diluted share: Costs related to unsolicited takeover attempt 0.03 0.18 - - Loss on debt extinguishment 0.02 0.07 0.02 - Multi-employer pension plan withdrawal charges 0.02 - 0.01 - Non-recurring tax benefit - (0.03) - - Adjusted earnings per diluted share 0.83 $                                0.69 $                                0.68 $                                0.66 $                                Three Months Ended Annual Year Ended March 31, 2010 Low YoY Change High YoY Change Earnings per diluted share Adjustments to earnings per diluted share: Costs related to unsolicited takeover attempt 0.18 0.03 0.03 Loss on debt extinguishment 0.14 0.02 0.02 Multi-employer pension plan withdrawal charges 0.05 0.02 0.02 Non-recurring tax benefit (0.03) - - Adjusted earnings per diluted share 2.68 $                                 3.15 $                    18% 3.30 $                    23% (Guidance Range) Year Ended March 31, 2011 0.47 $                                0.65 $                                0.66 $                                 2.34 $                    3.08 $                    3.23 $ 0.76 The Company believes that adjusted earnings per diluted share above provide investors meaningful insight into the Company's earnings trend without the impact of debt extinguishment charges, multi-employer pension plan withdrawal charges, and costs related to the unsolicited takeover attempt.  Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures.  It should be noted as well that our adjusted earnings per diluted share metric may be different from adjusted earnings per diluted share metrics provided by other companies.

Non-GAAP Reconciliations: Non-GAAP Reconciliations: Adjusted Adjusted Earnings Earnings Per Per Diluted Diluted Share Share – – Calendar Calendar Year Year Basis Basis 13 13 The Company believes that adjusted earnings per diluted share above provide investors meaningful insight into the Company's earnings trend without the impact of debt extinguishment charges, multi-employer pension plan withdrawal charges, the settlement of material litigation, restructuring charges, insurance gains, fire losses, the costs of the BOC acquisition integration, employee separation costs, hurricane losses and losses from discontinued operations.  Non- GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures.  It should be noted as well that our adjusted earnings per diluted share metric may be different from adjusted earnings per diluted share metrics provided by other companies. 2009 2005 2004 2003 2002 Earnings per diluted share 2.55 $           1.48 $           1.18 $           1.04 $           0.82 $           Adjustments: Loss on debt extinguishment 0.07 - - - - Multi-employer pension plan withdrawal charges 0.05 - - - - Legal Settlement - - - - 0.08 Restructuring charge (recovery) - - (0.01) - 0.03 Insurance gain - - - (0.02) - Fire Losses - - - 0.02 - Acquisition integration costs - 0.01 0.03 - - Employee separation costs - 0.01 - - - Hurricane losses - 0.02 - - - Losses from discontinued operations - 0.01 - 0.01 0.01 Adjusted earnings per diluted share 2.67 $           1.53 $           1.20 $           1.05 $           0.94 $           Calendar Year Ended December 31,

Non-GAAP Reconciliations: Non-GAAP Reconciliations: Adjusted Cash from Operations, Adjusted Cash from Operations, Adjusted Capital Expenditures & Free Cash Flow Adjusted Capital Expenditures & Free Cash Flow 14 14 June 30, March 31, June 30, (Amounts in thousands) 2010 2010 2009 Net cash (used) provided by operating activities (129,679) $            188,312 $                   162,259 $                   Adjustments to cash provided by operating activities:     Cash used by the securitization of trade receivables 295,000                 (27,100)                       15,900                            Stock issued for employee stock purchase plan 3,580                      4,092                           3,888                               Tax benefit realized from the exercise of stock options 1,952                      11,620                        1,334                               Adjusted cash from operations 170,853 $             176,924 $                  183,381 $                  Capital expenditures (61,121) $              (61,154) $                    (67,312) $                    Adjustments to capital expenditures:     Proceeds from sales of plant & equipment 3,338                      5,577                           2,510                               Adjusted capital expenditures (57,783) $              (55,577) $                    (64,802) $                    Free Cash Flow 113,070 $             121,347 $                  118,579 $                  Three Months Ended The Company believes that free cash flow and adjusted cash from operations provide investors meaningful insight into the Company's ability to generate cash from operations, which is available for servicing debt obligations and for the execution of its business strategy, including acquisitions, the prepayment of debt, the payment of dividends, or to support other investing and financing activities.  Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures.  It should be noted as well that our free cash flow and adjusted cash from operations metrics may be different from free cash flow and adjusted cash from operations metrics provided by other companies.

Non-GAAP Reconciliations: Non-GAAP Reconciliations: Return on Capital & Adjusted Debt Return on Capital & Adjusted Debt 15 15 The Company believes this return on capital computation helps investors assess how effectively the Company uses the capital invested in its operations.  Our management uses return on capital as one of the metrics for determining employee compensation.  Non-GAAP numbers should be read in conjunction with GAAP financial measures, as non-GAAP metrics are merely a supplement to, and not a replacement for, GAAP financial measures.  It should be noted as well that our return on capital computation information may be different from the return on capital computations provided by other companies. (In thousands) June 30, 2010 March 31, 2010 June 30, 2009 Adjusted operating Income - Trailing Four Quarters 451,496 $                     429,683 $                     497,922 $                     Five Quarter Average of Total Assets 4,507,863 $                   4,428,239 $                   4,320,704 $                   Five Quarter Average of Securitized Trade Receivables 217,577                        288,500                        337,380                        Five Quarter Average of Current Liabilities (exclusive of debt) (425,637)                       (419,959)                       (444,625)                       Five Quarter Average Capital Employed 4,299,803 $                   4,296,780 $                   4,213,459 $                   Return on Capital 10.5%                             10.0%                             11.8%                             (In thousands) June 30, 2010 March 31, 2010 June 30, 2009 Current portion of long-term debt 9,589 $                         10,255 $                       11,033 $                       Long-term debt, excluding current portion 1,711,630                     1,499,384                     1,675,194                     Net debt 1,721,219                     1,509,639                     1,686,227                     Securitization of trade receivables - 295,000                        295,000                        Adjusted debt 1,721,219 $                  1,804,639 $                  1,981,227 $                  Prior to April 1, 2010, the Company used adjusted debt to provide investors with a more meaningful measure of the Company’s debt obligations by adjusting for funds received under the trade receivables securitization program, the outstanding amounts of which were previously not recognized on the Company’s balance sheet.  On April 1, 2010, the Company adopted new accounting guidance which affected the presentation of its trade receivables securitization program.  Under the new guidance, proceeds received under the securitization are treated as secured borrowings, and therefore are reflected on the balances sheet.  Previously, they were treated as proceeds from the sale of trade receivables.