-----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, VOd+piS27ivgCa7LQZyEZClP1hKZaZf2bG3KLFOzz1hdhoaccthD5Ro9KyfgWkAB iWvuyRFTe6V3p40hllXUsg== 0000909518-98-000343.txt : 19980521 0000909518-98-000343.hdr.sgml : 19980521 ACCESSION NUMBER: 0000909518-98-000343 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19980520 SROS: BSE SROS: CSE SROS: CSX SROS: NYSE SROS: PHLX SROS: PCX GROUP MEMBERS: ALFRED D. KINGSLEY GROUP MEMBERS: GARY K. DUBERSTEIN GROUP MEMBERS: GREENBELT CORP. GROUP MEMBERS: GREENHOUSE PARTNERS, L.P. GROUP MEMBERS: GREENHUT OVERSEAS, L.L.C. GROUP MEMBERS: GREENHUT, L.L.C. GROUP MEMBERS: GREENSEA OFFSHORE, L.P. GROUP MEMBERS: GREENTREE PARTNERS L.P. GROUP MEMBERS: GREENWAY PARTNERS L P SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INLAND STEEL INDUSTRIES INC /DE/ CENTRAL INDEX KEY: 0000790528 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 363425828 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-37208 FILM NUMBER: 98628792 BUSINESS ADDRESS: STREET 1: 30 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3123460300 MAIL ADDRESS: STREET 1: 30 WEST MONROE STREET STREET 2: 16TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GREENWAY PARTNERS L P CENTRAL INDEX KEY: 0000938356 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 277 PARK AVE 27TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2123505100 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 ---------- (Amendment No. 4) INLAND STEEL INDUSTRIES, INC. (Name of Issuer) Common Stock, $1.00 par value per share (Title of class of securities) 457472108 (CUSIP number) Gary K. Duberstein, Esq. Greenway Partners, L.P. 277 Park Avenue, 27th Floor New York, New York 10172 (212) 350-5100 (Name, address and telephone number of person authorized to receive notices and communications) May 13, 1998 (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [_]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. (Continued on following page(s)) (Page 1 of 16 Pages) ================================================================================ NYFS11...:\92\56392\0003\1901\SCH5188Y.58B - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 2 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P. I.R.S. IDENTIFICATION NO. 13-3714238 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 830,000 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 830,000 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 830,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- 2 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 3 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P. I.R.S. IDENTIFICATION NO. 13-3752875 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 355,000 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 355,000 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 355,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- 3 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 4 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P. I.R.S. IDENTIFICATION NO. 13-3793447 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 830,000 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 830,000 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 830,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- 4 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 5 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHUT, L.L.C. I.R.S. IDENTIFICATION NO. 13-3793450 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 355,000 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 355,000 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 355,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: OO - ------------------ ------------------------------------------------------------- 5 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 6 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENBELT CORP. I.R.S. IDENTIFICATION NO. 13-3791931 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 2,799,100 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 2,799,100 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,799,100 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - ------------------ ------------------------------------------------------------- 6 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 7 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 630,700 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 630,700 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 630,700 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- 7 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 8 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C. I.R.S. IDENTIFICATION NO. 13-3868906 OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 630,700 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 630,700 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 630,700 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: OO - ------------------ ------------------------------------------------------------- 8 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 9 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: PF, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 28,000 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 4,614,800 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 28,000 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 4,614,800 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 4,642,800 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.5% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - ------------------ ------------------------------------------------------------- 9 - ----------------------------------- ---------------------------------- CUSIP No. 457472108 13D Page 10 of 16 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: PF, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 4,614,800 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 4,614,800 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 4,614,800 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.4% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - ------------------ ------------------------------------------------------------- 10 This Amendment No. 4 ("Amendment No. 4") amends the Statement on Schedule 13D (the "Schedule 13D") filed on February 21, 1997 by and on behalf of Greenway Partners, L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse Partners, L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp. ("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C. ("Greenhut Overseas"), Alfred D. Kingsley ("Kingsley") and Gary K. Duberstein ("Duberstein"; and together with the foregoing persons, the "Reporting Persons"). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Schedule 13D. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Since the filing of the Amendment No. 3 to the Schedule 13D, Greentree purchased 30,000 Shares for total consideration (including brokerage commissions) of $867,150 derived from the capital of Greentree and margin indebtedness from Bear Stearns & Co. Inc. Since the filing of the Amendment No. 3 to the Schedule 13D, Greensea purchased an aggregate of 130,700 Shares for total consideration (including brokerage commissions) of $3,683,466 derived from the capital of Greensea and margin indebtedness from Bear Stearns & Co. Inc. ITEM 4. PURPOSE OF THE TRANSACTION As more fully discussed in Item 6 below, on May 13, 1998, the Company and certain of the Reporting Persons entered into a letter agreement (the "Letter Agreement") whereby such Reporting Persons agreed to withdraw certain shareholder proposals from the agenda for the Company's 1998 Annual Meeting and not to solicit proxies for these proposals. These shareholder proposals are set forth in the Company's proxy materials in respect of its 1998 Annual Meeting and in such Reporting Persons' definitive proxy statement filed with the Securities and Exchange Commission on March 3, 1998 and amended on March 6, 1998. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 4,642,800 Shares constituting 9.5% of the outstanding Shares (the percentage of Shares owned being based upon 48,941,765 Shares outstanding on May 4, 1998 as set forth in the Company's quarterly report on Form 10-Q for the fiscal quarter ended March 31, 1998). The Reporting Persons may be deemed to have direct beneficial ownership of Shares as follows: Approximate Number of Percentage of Name Shares Outstanding Shares ---- -------- ------------------ Greenway 830,000 1.7% Greentree 355,000 0.7% Greenbelt 2,799,100 5.7% Greensea 630,700 1.3% Alfred D. Kingsley 28,000 0.1% Greenhouse, as the general partner of Greenway, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greenway may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general partners of Page 11 of 16 Pages Greenhouse, may be deemed to beneficially own Shares which Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for all other purposes. Greenhut as the general partner of Greentree may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greentree may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of Greenhut, may be deemed to beneficially own Shares which Greenhut may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for all other purposes. Greenhut Overseas, as the investment general partner of Greensea, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greensea may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of Greenhut Overseas, may be deemed to beneficially own Shares which Greenhut Overseas may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for all other purposes. Greenbelt has direct beneficial ownership of the Shares in the accounts which it manages. In addition, Greenbelt is the investment advisor for Greenland Investment Company Limited, a Cayman Islands company ("Greenland"). In such capacity, Greenbelt has the right to vote and direct the disposition of the 519,100 Shares held by Greenland and, consequently, has direct beneficial ownership of such Shares. Substantially all of the equity interests in Greenland are owned by Strategic Investment Partners Limited ("SIPL"). Because SIPL has the right to elect to terminate its investment in Greenland upon less than 60 days' notice and, upon such termination, all securities held by Greenland would be sold by Greenland or, with SIPL's consent, distributed to SIPL in kind, SIPL could be deemed to be the beneficial owner of the Shares held by Greenland. Information concerning SIPL and the identity and background of certain individuals and entities related thereto is set forth on Exhibit 7 hereto and incorporated herein by reference. Each of the Messrs. Kingsley and Duberstein, as executive officers and directors of Greenbelt may be deemed to beneficially own Shares which Greenbelt beneficially owns. Each of Messrs. Kingsley and Duberstein disclaim beneficial ownership of such Shares for all other purposes. (b) Greenway has the sole power to vote or direct the vote of 830,000 Shares and the sole power to dispose or to direct the disposition of such Shares. Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share with Greenway the power to vote or to direct the vote and dispose or to direct the disposition of such Shares. Greentree has the sole power to vote or direct the vote of 355,000 Shares and the sole power to dispose or direct the disposition of such Shares. Greenhut and Messrs. Kingsley and Duberstein may be deemed to share with Greentree the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. Greensea has the sole power to vote or direct the vote of 630,700 Shares and the sole power to dispose or direct the disposition of such Shares. Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to share with Greensea the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. Greenbelt has the sole power to vote or direct the vote of 2,280,000 Shares held in managed accounts and the 519,100 Shares held by Greenland, and, except as described in Item 5(a) with respect to Greenland, the sole power to Page 12 of 16 Pages dispose or direct the disposition of all such Shares. Messrs. Kingsley and Duberstein may be deemed to share with Greenbelt the power to direct the vote and to dispose or to direct the disposition of such Shares. Mr. Kingsley also has the sole power to vote or direct the vote of 28,000 Shares and the sole power to dispose or direct the disposition of such Shares. (c) Information concerning transactions in the Shares by the Reporting Persons during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, is set forth in Exhibit 8 attached hereto, which is incorporated herein by reference. (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares, except the dividends from, or proceeds from the sale of Shares in each respective account managed by Greenbelt or held by Greenland will be delivered into each such respective account or Greenland, as the case may be. Neither any such individual account nor Greenland has an interest in more than five percent of the class of outstanding Shares. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER On May 13, 1998, the Company and Greenway, Kingsley and Duberstein (collectively, the "Participants") entered into the Letter Agreement. The Letter Agreement provides for the Participants to withdraw from the agenda for the Company's 1998 Annual Meeting, and not to solicit proxies in support of, the Participants' non-binding proposals (the "Proposals") concerning (i) the spin-off of the Company's Ryerson Tull subsidiary and (ii) the elimination of the Company's Rights Plan unless it is approved by a vote of shareholders. The Letter Agreement additionally provides that the withdrawal of the Proposals is without prejudice to each Participant's right under Rule 14a-8 as promulgated under the Exchange Act, to seek inclusion of one or both of the Proposals in the Company's proxy statement for subsequent annual shareholders meetings without the Company seeking to bar inclusion on the grounds that the Proposals were included in the Company's proxy statement but not presented, or voted upon, at the 1998 Annual Meeting. The Company has further agreed that the Participants may include the Proposal in respect of the Rights Plan, or a similar proposal, in the Company's 1999 proxy materials without compliance with Exchange Act Rule 14a-8. A copy of the Letter Agreement is attached hereto as Exhibit 9. Page 13 of 16 Pages ITEM 7. MATERIAL TO BE FILED AS EXHIBITS The following Exhibits are filed herewith: 7. Information Concerning Strategic Investment Partners Limited. 8. Information concerning transactions in the Shares effected by the Reporting Persons in the last sixty days or since the most recent filing on Schedule 13D, whichever is less. 9. Letter Agreement dated May 13, 1998 among Inland Steel Industries, Inc., Greenway Partners, L.P., Alfred D. Kingsley and Gary K. Duberstein. Page 14 of 16 Pages SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information contained in this Statement is true, complete and correct. Dated: May 20, 1998 GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P. By: Greenhouse Partners, L.P., its general partner By: /s/ Gary K. Duberstein -------------------------------- Gary K. Duberstein, general By: /s/ Gary K. Duberstein partner ------------------------------- Gary K. Duberstein, general partner GREENHUT, L.L.C. GREENTREE PARTNERS, L.P. By: Greenhut, L.L.C., its general partner By: /s/ Gary K. Duberstein -------------------------------- Gary K. Duberstein, Member By: /s/ Gary K. Duberstein ------------------------------- Gary K. Duberstein, Member GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P. By: Greenhut Overseas, L.L.C., its investment general partner By: /s/ Gary K. Duberstein -------------------------------- Gary K. Duberstein, Member By: /s/ Gary K. Duberstein ------------------------------- Gary K. Duberstein, Member GREENBELT CORP. By: /s/ Alfred D. Kingsley ------------------------------- Alfred D. Kingsley, President /s/ Alfred D. Kingsley ------------------------------- ALFRED D. KINGSLEY /s/ Gary K. Duberstein ------------------------------- GARY K. DUBERSTEIN Page 15 of 16 Pages EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ----------- ----------- 7. Information Concerning Strategic Investment Partners Limited. 8. Information concerning transactions in the Shares effected by the Reporting Persons in the last sixty days or since the most recent filing on Schedule 13D, whichever is less. 9. Letter Agreement dated May 13, 1998 among Inland Steel Industries, Inc., Greenway Partners, L.P., Alfred D. Kingsley and Gary K. Duberstein. Page 16 of 16 Pages EX-99 2 Exhibit 7 INFORMATION CONCERNING STRATEGIC INVESTMENT PARTNERS LIMITED ------------------------------------------------------------ The information set forth in this Exhibit 7 was provided to the Reporting Persons by Strategic Investment Partners Limited ("SIPL"). SIPL and the persons referred to in this Exhibit 7 assume no responsibility for any other information included in this filing. In addition, such persons expressly disclaim beneficial ownership over all the Shares reported herein. SIPL is a Cayman Islands corporation jointly owned by Quantum Industrial Partners LDC ("QIP") and Quasar Strategic Partners LDC ("QSP"). SIPL has its principal address at Kaya Flamboyan 9, Willemstad, Curacao, Netherlands Antilles. The principal business of SIPL is investing in securities. Current information concerning the identity and background of the directors and officers of SIPL is set forth below. Current information concerning each of SIPL, QIP and QSP (as well as any other persons that may be deemed to have investment discretion over securities held for the account of SIPL, QIP and QSP) is set forth below. During the past five years, to the best of SIPL's knowledge, no other person identified in this Exhibit 7 has been (a) convicted in a criminal proceeding, or (b) a party to any civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which it or he has been subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws. SIPL The identity and background of the officers and directors of SIPL is set forth below. QIP AND QSP Each of QIP and QSP is a Cayman Islands exempted limited duration company with its principal address at Kaya Flamboyan 9, Willemstad, Curacao, Netherlands Antilles. The principal business of QIP and QSP is investing in securities. NYFS11...:\92\56392\0003\1915\EXH5188R.44A Current information concerning the identity and background of the directors and officers of QIP and QSP is set forth below. QIH Management Investor, L.P. ("QIHMI"), an investment advisory firm organized as a Delaware limited partnership, is a minority shareholder of, and (pursuant to constituent documents of each of QIP and QSP) is vested with investment discretion with respect to the portfolio assets held for the account of QIP and QSP. The principal business of QIHMI is to provide management and advisory services to, and to invest in, QIP and QSP. QIH Management Inc. ("QIH Management"), a Delaware corporation of which Mr. George Soros is the sole shareholder, is the sole general partner of QIHMI. The principal business of QIH Management is to serve as the sole general partner of QIHMI. QIHMI and QIH Management have their principal offices at 888 Seventh Avenue, 33rd Floor, New York, New York 10106. QIHMI, by reason of its investment discretion over the securities owned by QIP and QSP, and QIH Management, as the sole general partner of QIHMI, may each be deemed the beneficial owner of the Shares held for the account of QIP and QSP for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. Mr. Soros has entered into an agreement dated as of January 1, 1997 with Soros Fund Management LLC ("SFM LLC"), a Delaware limited liability company of which Mr. Soros is Chairman, pursuant to which Mr. Soros has, among other things, agreed to use his best efforts to cause QIH Management, as the general partner of QIHMI, to act at the direction of SFM LLC, which agreement to so act shall terminate upon the earlier of (a) the assignment of SFM LLC of the legal and beneficial ownership interest in QIH Management and (b) the assignment of SFM LLC of the general partnership interest in QIHMI. The business of SFM LLC is managed through a Management Committee (the "Management Committee") comprised of Mr. Soros, Mr. Stanley Druckenmiller and Mr. Gary Gladstein. SFM LLC has its principal office at 888 Seventh Avenue, 33rd Floor, New York, New York 10106. Its principal business is to serve, pursuant to contract, as the principal investment manager to several foreign investment companies (the "SFM Clients"). Mr. Soros, as Chairman of SFM LLC, has the ability to direct the investment decisions of SFM LLC and as such may be deemed to have investment discretion over the securities held for the accounts of the SFM Clients. Mr. Druckenmiller, as Lead Portfolio Manager of SFM LLC, has the ability to direct the investment decisions of SFM LLC and as such may be deemed to have investment discretion over the securities held for the accounts of the SFM Clients. Set forth below is a 2 list of the Managing Directors (the executive officers) of SFM LLC. The principal occupation of Mr. Soros, a United States citizen, is his direction of the activities of SFM LLC, which is carried out in his capacity as Chairman of SFM LLC at SFM LLC's principal office. The principal occupation of Mr. Druckenmiller is his position as Lead Portfolio Manager and Managing Director of SFM LLC, which is carried out at SFM LLC's principal office. DIRECTORS AND OFFICERS OF QSP NAME/TITLE PRINCIPAL BUSINESS ADDRESS CITIZENSHIP OCCUPATION (OR RESIDENCE) ----------- ---------- -------------- Curacao Corporation Managing Director Kaya Flamboyan 9 Company N.V. of Netherlands Willemstad Managing Director Antilles Curacao, (Netherlands corporations Netherlands Antilles) Antilles Inter Caribbean Administrative Citco Building Services Limited services Wickhams Cay Secretary Road Town (British Virgin Tortola Island) British Virgin Islands To the best of SIPL's knowledge: (a) None of the above persons holds any Shares. (b) None of the above persons has any contracts, arrangements, understandings of relationships with respect to the Shares. 3 MANAGING DIRECTORS OF SFM LLC The following is a list of all of the persons (other than Stanley Druckenmiller) who serve as a Managing Director of SFM LLC: Scott K.H. Bessent Walter Burlock Brian J. Corvese L. Kevin Dann Jeffrey L. Feinberg Arminio Fraga Gary Gladstein Ron Hiram Robert K. Jermain David N. Kowitz Alexander C. McAree Paul McNulty Gabriel S. Nechamkin Steven Okin Dale Precoda Lief D. Rosenblatt Frank V. Sica Mark D. Sonnino Filiberto H. Verticelli Sean C. Warren Each of the above-listed persons is a United States citizen whose principal occupation is serving as Managing Director of SFM LLC, and each has a business address c/o Soros Fund Management LLC, 888 Seventh Avenue, 33rd Floor, New York, New York 10106. To the best of SIPL's knowledge: (a) None of the above persons holds any Shares. (b) None of the above persons has any contracts, arrangements, understandings or relationships with respect to the Shares. 4 EX-99 3 Exhibit 8 TRANSACTION IN SHARES OF THE COMPANY The Reporting Persons engaged in the following transactions in Shares of the Company during the past 60 days or since the most recent filing on Schedule 13D, whichever is less. All transactions involved purchases of Shares on the New York Stock Exchange. Reporting Person With Direct Price Per Share Beneficial Date of Number of (Excluding) Ownership Transaction Shares Commission) --------- ----------- ------ ----------- Greentree 4/23/98 30,000 $28.875 Greensea 3/27/98 7,200 $27.0191 Greensea 4/01/98 20,000 $27.25 Greensea 4/03/98 3,500 $27.00 Greensea 4/07/98 20,000 $26.75 Greensea 4/23/98 80,000 $28.875 EX-99 4 EXHIBIT 9 GREENWAY PARTNERS, L.P. 277 PARK AVENUE, 27TH FLOOR NEW YORK, NEW YORK 10172 May 13, 1998 Inland Steel Industries, Inc. 30 West Monroe Street Chicago, Illinois 60603 Attn: Jay M. Gratz Gentlemen: This letter sets forth our understanding with respect to the withdrawal by Greenway Partners, L.P. ("Greenway"), Alfred D. Kingsley and Gary K. Duberstein (collectively, the "Participants") of (i) their shareholder proposal and supporting statement with respect to the spin-off of Ryerson Tull (the "Ryerson Tull Proposal") which (a) was submitted by letter of December 4, 1997 to Inland Steel Industries, Inc. (the "Company") from Greenway for inclusion in the Company's proxy statement for its 1998 annual shareholders meeting (the "Annual Meeting") pursuant to Rule 14a-8 promulgated pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act") and (b) appears in the Participant's definitive proxy statement in respect of the Annual Meeting as filed with the Securities and Exchange Commission (the "Commission") on March 3, 1998 (as amended March 6, 1998, the "Definitive Proxy Statement") and (ii) their shareholder proposal that the Company's rights plan be eliminated unless approved by a vote of Inland's securities holders (the "Rights Plan Proposal" and, together with the Ryerson Tull Proposal, the "Proposals"), which also appears in the Definitive Proxy Statement. The Participants no longer believe that it is in their best interests to pursue the Proposals at this time. The Company announced on March 17, 1998 that it entered into a binding agreement to sell Inland Steel Company to Ispat International N.V. ("Ispat") and that it intends to distribute a significant portion of the net proceeds from the sale to its shareholders through stock repurchases, dividends or a combination thereof. NYFS11...:\92\56392\0003\1915\EXH5188Z.220 Therefore, the Participants will withdraw from the agenda for the Annual Meeting the Proposals and will not solicit proxies from securities holders in favor of such Proposals in connection with the Annual Meeting. The Participants are making their withdrawal on the condition that the Company agrees that the withdrawal of the Proposals will be without prejudice to each Participant's right in connection with the Company's subsequent annual meetings to submit one or both of the Proposals or any similar proposal for inclusion in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act without the Company seeking to bar inclusion pursuant to Rule 14a-8(a)(2) or Rule 14a-8(c)(12) thereunder on the grounds that the Proposals were included in the Company's proxy statement in respect of the Annual Meeting and the matters were not presented for action at the Annual Meeting or voted on by the shareholders at the Annual Meeting. The Company further agrees that, in connection with the Company's 1999 annual shareholders meeting, it will permit Greenway and the other Participants to include in the Company's proxy materials, the Rights Plan Proposal or a similar proposal, together with a supporting statement of up to 1000-words, so long as such proposal and supporting statement are provided to the Company no later than January 20, 1999; it being expressly understood that the Participants will not be required to comply with any of the requirements of Rule 14a-8 of the Exchange Act in connection with the inclusion of such proposal in the Company's proxy materials and that the submission of such proposal will be without prejudice to each Participant's rights to submit one other proposal in compliance with Rule 14a-8 of the Exchange Act. The Company hereby waives any notice requirement pursuant to Article II, Section 2 of the Company's By-Laws with respect to Greenway's and other Participants' presentation of said Rights Plan Proposal or similar proposal at the Company's 1999 annual shareholders meeting so long as such Participants timely submit said proposal and supporting statement in accordance with the foregoing sentence. Greenway and the Company further agree that as soon as practicable they shall release to the press a joint statement in the form attached hereto as Exhibit A. If the foregoing correctly sets forth our understanding with respect to the withdrawal of the Proposals, please so indicate by signing this letter where indicated below and faxing 2 the signed copy to the attention of Gary K. Duberstein at 212- 350-5253 and mailing same to the attention of Gary K. Duberstein at the above address. Very truly yours, GREENWAY PARTNERS, L.P. By Greenhouse Partners, L.P. By: /s/ Gary K. Duberstein ------------------------------------ Gary K. Duberstein General Partner /s/ Alfred D. Kingsley ------------------------------------ Alfred D. Kingsley /s/ Gary K. Duberstein ------------------------------------ Gary K. Duberstein AGREED as of the date first stated above INLAND STEEL INDUSTRIES, INC. By: /s/ Charles B. Salowitz -------------------------------------------- Name: Charles B. Salowitz Title: Associate General Counsel and Secretary 3 EXHIBIT A May 13, 1998 FOR IMMEDIATE RELEASE: NEW YORK, NEW YORK. Inland Steel Industries, Inc. and Greenway Partners, L.P., one of Inland's largest shareholders, announced today that they have reached an agreement whereby Greenway will withdraw from the agenda for the Company's upcoming 1998 Annual Meeting its proposals that Inland's management consider the (i) spin-off of Ryerson Tull and (ii) elimination of Inland's Rights Plan unless it is approved by Inland's shareholders. Greenway supports Inland's recently announced sale of its Inland Steel subsidiary to Ispat International N.V. and, subject to Board approval, distribution of a portion of the net proceeds from the sale to Inland's shareholders through stock repurchases, dividends or a combination thereof. Greenway believes that the consummation of the Ispat sale would create value for Inland's shareholders and accomplish the same goals that Greenway has supported for more than a year through its Ryerson Tull spin-off proposal. Greenway is pleased that Inland's management has been responsive to its goals and looks forward to the consummation of the Ispat transaction. Inland has agreed to permit Greenway to submit its non-binding proposal for shareholder approval of Inland's Rights Plan, together with a 1,000-word supporting statement, for inclusion in the Company's proxy materials for its 1999 Annual Meeting. Greenway Partners, L.P. is a private investment fund. Chicago-based Inland Steel Industries, Inc., is a materials management, logistics and technical services company that provides value-added steel products and materials-related services to manufacturers in the automotive, appliance, furniture, equipment, NYFS11...:\92\56392\0003\1915\REL5128T.26B electric motor and a variety of other industries. Its wholly-owned subsidiaries include Inland Steel Company, the sixth largest U.S. steel producer, and Inland International. In addition, it owns 87 percent of Ryerson Tull, Inc., the largest North American metals and industrial plastics service center operation, comprised of Joseph T. Ryerson & Son, Inc., J.M. Tull Metals Company, Inc., and Ryerson de Mexico. For further information, please call: Inland Steel Industries, Inc. M. Robert Weldner, III Ann Zastrow David C. Allen General Manager, Investor Relations Media Relations Communications & 1-312-899-3060 1-312-899-3322 Stakeholder Relations 1-312-899-3607 2 -----END PRIVACY-ENHANCED MESSAGE-----