PROSPECTUS SUPPLEMENT
To Prospectus dated May 19, 1995

                              3,946,385 SHARES

                        INLAND STEEL INDUSTRIES, INC.

                                 COMMON STOCK
                          (PAR VALUE $1.00 PER SHARE)
                            ______________________


      The 3,946,385 shares (the "Shares") of common stock, par value $1.00 (the
"Common  Stock"),  of  Inland  Steel  Industries,  Inc. (the "Company") offered
hereby were transferred by the Company to the Selling  Stockholder  on  May  1,
1995  for  credit  against  certain  of the Company's obligations to the Inland
Steel Industries Pension Plan (the "Pension  Plan").  The Shares are being sold
for the account of the Selling Stockholder, and  the  Company  will not receive
any proceeds from the sale of the Shares.

                            ______________________

      The Selling Stockholder has advised the Company that it may  from time to
time  offer and sell the Shares on the New York Stock Exchange or otherwise  at
market prices then prevailing or at prices and upon terms then obtainable or in
underwritten  offerings.   Other  sales  may  be  made  in  ordinary  brokerage
transactions,  in  block  transactions,  in  privately negotiated transactions,
pursuant to Rule 144 ("Rule 144") under the Securities  Act of 1933, as amended
(the "Securities Act") or otherwise.  The Selling Stockholder  has informed the
Company that it intends to sell Shares through Merrill Lynch, Pierce,  Fenner &
Smith  Incorporated ("Merrill Lynch"), acting as sales agent.  With respect  to
sales on  the  New  York Stock Exchange, ordinary brokerage transactions, block
transactions, privately  negotiated  transactions  or  otherwise,  the  Selling
Stockholder  will  pay Merrill Lynch a negotiated commission not to exceed  the
usual and customary  brokerage commissions for such transactions.  In addition,
Merrill Lynch may purchase  any or all of the Shares either as agent for others
or as principal for its own account.   Purchases of the Shares by Merrill Lynch
as principal from the Selling Stockholder may be made on such terms as shall be
agreed  to  by Merrill Lynch and the Selling  Stockholder.   If  Merrill  Lynch
purchases any  of the Shares as principal it may sell such Shares by any of the
methods described  in  the  accompanying  Prospectus.  The Company will pay the
underwriting  commissions  or  discounts in connection  with  any  underwritten
offering of shares by the Selling  Stockholder  and  will  bear the expenses of
registering  the  Shares  for  sale by the Selling Stockholder,  including  the
expenses of the Selling Stockholder  (including  the  fees  and expenses of the
Selling  Stockholder's  legal  counsel).  The Company has agreed  to  indemnify
Merrill  Lynch against certain liabilities,  including  liabilities  under  the
Securities Act of 1933.

      Merrill  Lynch may be deemed to be an "underwriter" within the meaning of
Section 2(11) of  the Securities Act of 1933 with respect to Share sold through
or by it, and any profits  realized  by  Merrill  Lynch  may  be  deemed  to be
underwriting commissions.

                            ______________________

            THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
               BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY
                STATE SECURITIES NOR HAS THE COMMISSION OR ANY
                  STATE SECURITIES COMMISSION PASSED UPON THE
                   ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
                     ANY REPRESENTATION TO THE CONTRARY IS
                              A CRIMINAL OFFENSE.
                            ______________________

            The date of this Prospectus Supplement is July 11, 1995