-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PT15jpfEYCHXFx+WPSZX9WiJ3sTbZ/UuQ2Zm2X0SYW3bqAsD3AQ0BLK3OV4YvzM5
 sP89n4wFuwchroL3UQ0s0g==

<SEC-DOCUMENT>0001181431-03-015100.txt : 20030723
<SEC-HEADER>0001181431-03-015100.hdr.sgml : 20030723
<ACCEPTANCE-DATETIME>20030723155837
ACCESSION NUMBER:		0001181431-03-015100
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030723
FILED AS OF DATE:		20030723

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OLDERMAN DAVID J
		CENTRAL INDEX KEY:			0001231199

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00566
		FILM NUMBER:		03798376

	MAIL ADDRESS:	
		STREET 1:		425 WINTER RD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREIF INC
		CENTRAL INDEX KEY:			0000043920
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		IRS NUMBER:				314388903
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015
		BUSINESS PHONE:		7405496000

	MAIL ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS COOPERAGE CORP
		DATE OF NAME CHANGE:	19690820
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd13877.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-23</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000043920</issuerCik>
        <issuerName>GREIF INC</issuerName>
        <issuerTradingSymbol>GEF,GEF.B</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001231199</rptOwnerCik>
            <rptOwnerName>OLDERMAN DAVID J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<derivativeSecurity>
<securityTitle>
<value>Phantom Stock Units (Cash Only Rights)</value></securityTitle>
<conversionOrExercisePrice>
<value>21.99</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-07-22</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>56.84</value></transactionShares>
<transactionValue>
<value>21.99</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>1988-08-08</value>
<footnoteId id="F1"/></exerciseDate>
<expirationDate>
<value>1988-08-08</value>
<footnoteId id="F1"/></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Class A Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>56.84</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>10194.66</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">The units are to be settled in cash upon the reporting person&apos;s retirement from the board.</footnote></footnotes>
<ownerSignature>
<signatureName>David J. Olderman by John K. Dieker pursuant to a POA filed with the Commission</signatureName>
<signatureDate>2003-07-23</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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