LUKENS INC
SC 13D, 1998-02-20
STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
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               		     SECURITIES AND EXCHANGE COMMISSION
 			                        Washington, DC 20549


                         				SCHEDULE 13D
		               Under the Securities Exchange Act of 1934


                  			    (Amendment No.        )

                 		        Lukens, Inc.
			                       (Name of Issuer)
                            Common Stock 
			                  (Title of Class of Securities)

                      				  549886101
		                      		(CUSIP Number)

      	       Charles A. Nalbone, Bear, Stearns & Co. Inc.
	             115 South Jefferson Road, Whippany, NJ 07981
			                      (973) 739-2202
	            	(Name, Address and Telephone Number of Person 
            		Authorized to Receive Notices and Communications)

                      		   February 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(b) (3) or (4), check the 
following box [  ] .

     	Check the following box if a fee is being paid with this statement  
[  ] . (A fee is not required only if the reporting person:  1) has a 
previous statement on file reporting beneficial ownership of more than 
five percent of the class of securities described in Item 1; and 2) has 
filed no amendment subsequent thereto reporting beneficial ownership of five 
percent or less of such class. (See Rule 13d-7)

Note:  When filing this statement, in paper format, six copies of 
this statement, including exhibits, should be filed with the Commission.  
See Rule 13d-1(a) for other parties to whom copies are to be sent.













Page 2 

CUSIP NO.  549886101                            

                                				13D


       	NAME OF REPORTING PERSON
       	S.S. OR I.R.S. NOTIFICATION NO. OF ABOVE PERSON:
1       BEAR, STEARNS & CO.  INC.
       	IRS #13-3299429

2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*:
                                               								(a) [  ] 
							                                               	(b) [  ]
3       SEC USE ONLY

4       SOURCE OF FUNDS*:
       	WC, PF
	
5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
       	ITEMS 2(d)(e):
							                                            	      [  ]
6       CITIZENSHIP OR PLACE OF ORGANIZATION:
       	Delaware        
	
                		7       SOLE VOTING POWER:   

                       			354,400         
	
                		8       SHARED VOTING POWER:            

                       			402,900         
	
	                	9       SOLE DISPOSITIVE POWER:         

                       			354,400 
	
	                	10      SHARED DISPOSITIVE POWER:

                        	 402,900      
	
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
                       		 757,300        

12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
       	SHARES*: 
							                                     	  [  ]    

13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):                     
                       			  5.06       
	
14      TYPE OF REPORTING PERSON*:
       	BD              

              			See Instructions Before Filling Out!    








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                       					SCHEDULE 13D

Item 1: Security and Issuer

	(a)     Title and Class:        Common Stock   

	(b)     Name and address:       Lukens, Inc.
                             				50 South First Avenue     
								                         Coatesville, PA  19320-0911
			                              

Item 2: Identity and Background Identity

	(a)  Name:                      Bear, Stearns & Co. Inc. ("Bear 
                            					Stearns")

	(b)  Place of Organization:     Delaware

	(c)(i)   Principal Business:    Securities Broker/Dealer
	   (ii)  Address:               245 Park Avenue 
                            					New York, NY 10167

    	The following information with respect to each executive officer and 
director of Bear Stearns is set forth on Appendix I hereto:  (i) name, 
(ii) business address, and (iii) principal occupation or employment.

	(d)  None

	(e)  See Appendix II

	(f)  See Appendix I

Item 3:  Source and Amount of Funds or Other Consideration

    	Working capital of Bear Stearns and personal funds of discretionary 
accounts. The aggregate purchase price of the 757,300 shares of Common Stock
was approximately $18,976,973.

Item 4:  Purpose of Transaction

    	Bear Stearns has acquired the Common Stock of Lukens,Inc.
  in the ordinary course of its business as a broker/dealer in
 connection with its trading and investment activities. Bear Stearns may
 acquire additional securities of the Issuer or dispose of securities of
 the Issuer in connection with such trading and investment activities.
  Although the foregoing represents the range of activities presently
 contemplated by Bear Stearns with respect to the Issuer, it should be
 noted that the possible activities of Bear Stearns are subject to change
 at any time.

    	Except as set forth above, Bear Stearns has no present plans or 
intentions which relate to or would result in any of the actions described in 
subparagraph (a) through (j) of Item 4 of Schedule 13D.








Page 4 




                 				     SCHEDULE 13D



Item 5: Interest in Securities of the Issuer as of 02/13/98

  (a)     Number:                                                   757,300
       	  Percentage:                                                   5.06   

  (b)     1. Sole power to vote or to direct the vote:              354,400
       	  2. Shared power to vote or to direct the vote:            402,900 
          3. Sole power to dispose or to direct the disposition:    354,400
       	  4. Shared power to dispose or to direct the disposition:   402,900

  (c)     Information concerning transactions in the common stock effected by 
       	  Bear Stearns is set forth on Appendix III hereto.

  (d)     Inapplicable.

  (e)     Inapplicable.

Item 6: Contracts, Arrangements, Understandings or Relationships with Respect 
       	to Securities of the Issuer:
	  
       	None

Item 7: Material to be Filed as Exhibits:

       	None

   
     






	






Page 5 



Signature:

     	After reasonable inquiry and to the best of my knowledge and belief, 
	
I certify that the information set forth in this statement is true, 

complete and correct.


Dated: 02/20/98                                    BEAR, STEARNS & CO. INC.


                                           					By:    /s/
					                                             	Barry J. Cohen
                                             						Senior Managing Director







                          		 APPENDIX I
      DIRECTORS AND EXECUTIVE OFFICERS OF BEAR, STEARNS & CO. INC.


       Name                 Principal Occupation or Employment

  Alan C. Greenberg         Chairman of the Board and Director

  James E. Cayne            President, Chief Executive Officer and Director

  Alan D. Schwartz          Executive Vice President and Director

  Warren J. Spector         Executive Vice President and Director

  Michael L. Tarnopol       Executive Vice President and Director

  John L. Knight            Director

  John M. Slade             Director Emeritus

  Kenneth L. Edlow          Secretary

  Samuel L. Molinaro, Jr.   Chief Financial Officer 

  Michael J. Abatemarco     Controller and Assistant Secretary

  Michael Minikes           Treasurer

  Frederick B. Casey        Assistant Treasurer

  Mark E. Lehman            Executive Vice President, General Counsel and 
                     			    Director

  William J. Montgoris      Chief Operating Officer



     	John L. Knight is a citizen of the United Kingdom and his business 
address is One Canada Square London E16 5AD England. Michael J. Abatemarco 
is a citizen of the United States and his business address is One Metrotech 
Center North, Brooklyn, New York 11201. All other Directors and Executive 
Officers are citizens of the United States and their business address is 245 
Park Avenue, New York, New York 10167.  Bear, Stearns & Co. Inc. is a 
wholly-owned subsidiary of The Bear Stearns Companies Inc. and of the persons 
named, all but John L. Knight hold similar office in the parent company.

					



												      





                  APPENDIX II                           Page 7
                  BEAR, STEARNS & CO. INC.


                   Lukens, Inc.
                   
Trading from 12-15-97 through 02-13-98

(Various Firm Accounts)


          ***** 02/13/98 *****   

  78,900  LUKENS INC-DEL                 29 11/16    2,342,343.75 
   7,840- LUKENS INC-DEL                 29 11/16      232,742.24-
  12,160- LUKENS INC-DEL                 29 3/4        361,747.94-
          ***** 02/10 ***** 
   7,100  LUKENS INC-DEL                 29 3/4        211,225.00
          ***** 02/05 *****   
  25,000  LUKENS INC-DEL                 29 5/8        740,625.00 
          ***** 02/04 ***** 
  43,600  LUKENS INC-DEL                 29.9061     1,303,905.96
          ***** 02/03 ***** 
  48,100  LUKENS INC-DEL                 29 3/4      1,430,975.00
  10,000  LUKENS INC-DEL                 29 3/4        297,500.00
          ***** 01/30 *****  
   1,100  LUKENS INC-DEL                 29 5/8         32,587.50 
   8,900  LUKENS INC-DEL                 29 3/4        264,775.00
          ***** 01/28 *****   
  15,000  LUKENS INC-DEL                 29 1/2        442,500.00  
  35,000  LUKENS INC-DEL                 29 7/16     1,030,312.50 
  35,000- LUKENS INC-DEL                 29 7/16     1,030,278.15-
          ***** 01/05 ***** 
  60,000  LUKENS INC-DEL                 29.9000     1,794,000.00 
          ***** 12/31 ***** 
  98,900- LUKENS INC-DEL                 28.4777     2,816,350.64-
          ***** 12/23 ***** 
   30,000  LUKENS INC-DEL                 28.1188       846,564.00
          ***** 12/18 *****   
  11,600  LUKENS INC-DEL                 24 1/16       279,705.00  
  11,000- LUKENS INC-DEL                 24 1/8        265,366.15-
          ***** 12/16 *****   
  35,000  LUKENS INC-DEL                 24            841,750.00 
   8,800- LUKENS INC-DEL                 24 1/8        212,300.00-
  10,000- LUKENS INC-DEL                 24            240,000.00- 
  46,200- LUKENS INC-DEL                 24          1,108,800.00- 
          ***** 12/15/97 *****  
   5,000  LUKENS INC-DEL                 23 15/16      119,687.50
  15,000  LUKENS INC-DEL                 23 15/16      359,062.50  
  25,000  LUKENS INC-DEL                 24 1/8        603,125.00  
  25,000  LUKENS INC-DEL                 24 1/16       601,562.50
  30,000  LUKENS INC-DEL                 23 7/8        716,250.00  
  25,000  LUKENS INC-DEL                 23 7/8        598,375.00 
  50,000  LUKENS INC-DEL                 23 7/8      1,196,250.00 



 (Various discretionary accounts)

          ***** 02/13 *****  
   1,129  LUKENS INC-DEL                 29.7255        33,560.09
     386  LUKENS INC-DEL                 29.7255        11,474.04
   2,997  LUKENS INC-DEL                 29.7255        89,087.32
   1,703  LUKENS INC-DEL                 29.7255        50,622.53 
     350  LUKENS INC-DEL                 29.7255        10,403.93
     839  LUKENS INC-DEL                 29.7255        24,939.69  
  10,723  LUKENS INC-DEL                 29.7255       318,746.54
   1,873  LUKENS INC-DEL                 29.7255        55,675.86   
          ***** 02/02 ***** 
   1,263  LUKENS INC-DEL                 29 3/4         37,574.25 
   2,908  LUKENS INC-DEL                 29 3/4         86,513.00
   1,649  LUKENS INC-DEL                 29 3/4         49,057.75
  10,369  LUKENS INC-DEL                 29 3/4        308,477.75   
   1,811  LUKENS INC-DEL                 29 3/4         53,877.25 
          ***** 01/29 *****  
   1,134  LUKENS INC-DEL                 29.9057        33,913.06
     304  LUKENS INC-DEL                 29.9057         9,091.33
   2,980  LUKENS INC-DEL                 29.9057        89,118.99
     315  LUKENS INC-DEL                 29.9057         9,420.30  
     367  LUKENS INC-DEL                 29.9057        10,975.39
     352  LUKENS INC-DEL                 29.9057        10,526.81
   1,417  LUKENS INC-DEL                 29.9057        42,376.38
     658  LUKENS INC-DEL                 29.9057        19,677.95
   8,916  LUKENS INC-DEL                 29.9057       266,639.22 
   1,557  LUKENS INC-DEL                 29.9057        46,563.17
          ***** 01/05 *****   
   1,072  LUKENS INC-DEL                 29.9000        32,052.80
   3,112- LUKENS INC-DEL                 28.4777        88,619.64-
   2,000  LUKENS INC-DEL                 29.9000        59,800.00 
   1,422  LUKENS INC-DEL                 29.9000        42,517.80 
   8,944  LUKENS INC-DEL                 29.9000       267,425.60
   1,562  LUKENS INC-DEL                 29.9000        46,703.80   
          ***** 01/02 *****
   3,112  LUKENS INC-DEL                 28.4777        88,619.64   
          ***** 12/31 ***** 
   1,334- LUKENS INC-DEL                 28.4777        37,987.98-
     117- LUKENS INC-DEL                 28.4777         3,331.77-
   3,112- LUKENS INC-DEL                 28.4777        88,619.64-
     165- LUKENS INC-DEL                 28.4777         4,698.66-
     117- LUKENS INC-DEL                 28.4777         3,331.77-
     102- LUKENS INC-DEL                 28.4777         2,904.63-
   1,771- LUKENS INC-DEL                 28.4777        50,432.32-
     200- LUKENS INC-DEL                 28.4777         5,695.35-
  11,137- LUKENS INC-DEL                 28.4777       317,145.56-
   1,945- LUKENS INC-DEL                 28.4777        55,387.28- 
          ***** 12/22 *****
     692  LUKENS INC-DEL                 28.1188        19,458.21
   1,612  LUKENS INC-DEL                 28.1188        45,327.51 
     917  LUKENS INC-DEL                 28.1188        25,784.94 
   5,772  LUKENS INC-DEL                 28.1188       162,301.71
   1,007  LUKENS INC-DEL                 28.1188        28,315.63  
          ***** 12/16 ***** 
   2,611  LUKENS INC-DEL                 24.0200        62,716.22
     400  LUKENS INC-DEL                 24.0200         9,608.00
   6,094  LUKENS INC-DEL                 24.0200       146,377.88
     400  LUKENS INC-DEL                 24.0200         9,608.00 
     300  LUKENS INC-DEL                 24.0200         7,206.00
     300  LUKENS INC-DEL                 24.0200         7,206.00 
   3,466  LUKENS INC-DEL                 24.0200        83,253.32 
     813  LUKENS INC-DEL                 24.0200        19,528.26  
   3,809  LUKENS INC-DEL                 24.0200        91,492.18

                    
          
		                                          
                                                   









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