MERRILL LYNCH & CO INC
SC 13G/A, 2000-11-03
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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EXPIRES:  October 31, 1994
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HOURS PER RESPONSE   14.90


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Ryerson Tull, Inc.
-------------------------------------------------------------------
(Name of Issuer)


Common Stock
-------------------------------------------------------------------
(Title of Class of Securities)


78375P107
--------------
(CUSIP NUMBER)



*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 (the "1934 Act") or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).












<PAGE>

Page 2 of 9 Pages

CUSIP NO.  78375P107               13G

1. NAME OF REPORTING PERSON
   S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Merrill Lynch & co., Inc.
(on behalf of Merrill Lynch Investment Managers ("MLIM"))**

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing

(a) [ ]
(b) [ ]

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER

NONE

6. SHARED VOTING POWER

2,478,017

7. SOLE DISPOSITIVE POWER

NONE

8. SHARED DISPOSITIVE POWER

2,478,017


9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,478,017(ownership disclaimed pursuant to Section 13d-4 of the 1934 Act)

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

10.01%

12. TYPE OF REPORTING PERSON*

HC, CO

    *SEE INSTRUCTION BEFORE FILLING OUT!
   **SEE EXHIBIT A

<PAGE>

Page 3 of 9 Pages

CUSIP NO.  78375P107                13G

1. NAME OF REPORTING PERSON
   S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Merrill Lynch Small Cap Value Fund, Inc.

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing

(a) [ ]
(b) [ ]

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

Maryland

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5. SOLE VOTING POWER

NONE

6. SHARED VOTING POWER

1,569,081

7. SOLE DISPOSITIVE POWER

NONE

8. SHARED DISPOSITIVE POWER

1,569,081

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,569,081

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

6.34%

12. TYPE OF REPORTING PERSON*

HC, CO

    *SEE INSTRUCTION BEFORE FILING OUT!
   **SEE EXHIBIT A

<PAGE>

Page 4 of 9 Pages

14. CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT
TO WHICH THIS SCHEDULE IS FILED:

	[X]	Rule 13d-1(b)
	[ ]	Rule 13d-1(c)
	[ ]	Rule 13d-1(d)


ITEM 1 (a)  Name of Issuer:
	    --------------

	    Ryerson Tull, Inc. (the "Company")


ITEM 1 (b)  Address of Issuer's Principal Executive Offices:
	    -----------------------------------------------

	    2621 West 15gth Street
	    Chicago, IL  60608

ITEM 2 (a)  Name of Persons Filing:
	    ---------------------

	    Merrill Lynch & Co., Inc.
	    (on behalf of Merrill Lynch Investment Managers ("MLIM"))

	    Merrill Lynch Small Cap Value Fund, Inc.

ITEM 2 (b)  Address of Principal Business Office or, if none, Residence:
	    -----------------------------------------------------------

Merrill Lynch & Co., Inc.
(on behalf of Merrill Lynch Investment Managers ("MLIM"))
800 Scudders Mill Road
Plainsboro, New Jersey  08536

Merrill Lynch Small Cap Value Fund, Inc.
800 Scudders Mill Road
Plainsboro, New Jersey  08536


ITEM 2 (c)  Citizenship:
	    -----------
See Item 4 of Cover Pages

ITEM 2 (d)  Title of Class of Securities:
	    ----------------------------

Common Stock

ITEM 2 (e)  CUSIP NUMBER:

See Cover Page


<PAGE>

Page 5 of 9 Pages


ITEM 3

	If this statement is filed pursuant to Rules 13d-1(b), 13d-2(b),
Or 13d-2(c), check whether the person filing is a:

(a) [ ] Broker of Dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19)of the Act,
(d) [ ] Investment company registered under Section 8 of the
  Investment Company Act of 1940,
(e) [X] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
  Rule 13d-1(b)(ii)(F),
(g) [X] Parent Holding Company or Control Person in accordance with
  Rule 13d-1(b)(ii)(G); see Item 7,
(h) [ ] A savings association as defined in Section 3(b) of the
  Federal Deposit Insurance Act (12 U.S.C. 1813),
(i) [ ] A church plan that is excluded from the definition of an
  an investment company under Section 3(c)(14) of the Investment
  Company Act of 1940,
(j) [ ]	Group, in accordance with Rule 13d-1(b)(1)(ii)(J).


ITEM 4  Ownership
	---------
(a)  Amount Beneficially Owned:

   See Item 9 of Cover Pages.

(b)  Percent of Class:

     See Item 11 of Cover Pages

(c)  Number of shares as to which such person has:

     (i)  sole power to vote or to direct the vote:

	  See Item 5 of Cover Pages

    (ii)  shared power to vote or to direct the vote:

	  See Item 6 of the Cover Pages

   (iii)  sole power to dispose of or to direct the disposition of:

	  See Item 7 of Cover Pages

    (iv)  shared power to dispose of or direct the disposition of:

	  See Item 8 of Cover Pages



<PAGE>

Page 6 of 9 Pages

ITEM 5  Ownership of Five Percent or Less of a Class.
	--------------------------------------------

	Not Applicable


ITEM 6  Ownership of More than Five Percent on Behalf of Another Person.
	---------------------------------------------------------------

	Merrill Lynch & Co., Inc. (ML&Co.") is a parent holding company.
Merrill Lynch Investment Managers ("MLIM") is an operating division
Of ML&Co.'s indirectly owned asset management subsidiaries.   Certain
Of these subsidiaries hold certain shares of the security which is
The subject of this report. (See Item 7)


ITEM 7   Identification and Classification of the Subsidiary Which
   Acquired the Security Being Reported on by the Parent Holding
   Company or Control Person.
  	   ------------------------------------------------------------------

   Merrill Lynch & Co., Inc. ("ML&Co.") is a parent holding company.
Merrill Lynch Investment Managers ("MLIM") is an operating division
of ML&Co. consisting of ML&Co.'s indirectly-owned asset management
subsidiaries.  The following asset management subsidiaries hold
certain shares of the common stock which is the subject of this
13G filing:

Fund Asset Management, L.P.
Merrill Lynch Investment Managers, L.P.
QA Advisors, LLC


ITEM 8   Identification and Classification of Members of the Group.
	 ----------------------------------------------------------

Not Applicable



ITEM 9  Notice of Dissolution of Group.
	------------------------------

Not Applicable



<PAGE>

Page 7 of 9 Pages


ITEM 10  Certification
	 -------------

    By signing below each of the undersigned certifies that, to the best of
their knowledge and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not acquired and
are not held for the purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and were not acquired
and are not held in connection with or as a participant in any transaction
having such purpose or effect.


Signature.
---------

    After reasonable inquiry and to the best of my knowledge and belief, each
of the undersigned certifies that the information set forth in this statement
is true, complete and correct.


Date:  November 3, 2000

Merrill Lynch & Co., Inc.
(on behalf of Merrill Lynch Investment Managers ("MLIM"))

/s/ Thomas D. Jones, III
-----------------------------
Name:  Thomas D. Jones, III
Title:  Attorney-In-Fact*


Merrill Lynch Small Cap Value Fund, Inc.

/s/ Thomas D. Jones, III
-------------------------
Name:  Thomas D. Jones, III
Title Attorney-In-Fact**

------------------------------------
*Signed pursuant to a power of attorney, dated January 25, 1999,
included as Exhibit B to Schedule 13G filed with the Securities
and Exchange Commission by Merrill Lynch & Co., Inc. (on behalf of
Merrill Lynch Asset Management Group ("AMG")) - now known
as Merrill Lynch Investment Managers ("MLIM") - on January 28, 1999
with respect Creative Technology, Limited.

***Signed pursuant to a power of attorney, dated November 2, 2000,
included as Exhibit B to Schedule 13G filed with the Securities
and Exchange Commission by Merrill Lynch & Co., Inc. (on behalf of
Merrill Lynch Investment Managers ("MLIM")on this 13G filing.



<PAGE>

Page 8 of 9 Pages


EXHIBIT A

Merrill Lynch Investment Mangers ("MLIM") of ML&Co. is comprised of
the following legal entities:  Merrill Lynch Investment Managers,
L.P. ("MLIM LP"), dong business as Merrill Lynch Investment Managers,
QA Advisers, LLC ("QA"), doing business Merrill Lynch Investment
Managers Quantitative Advisers; Fund Asset Management, L.P., doing
business as Fund Asset Management ("FAM"); Merrill Lynch Asset
Management U.K. Limited ("MLAM UK"); Merrill Lynch (Suisse)
Investment Management Limited ("MLS"); Merrill Lynch Investment
Managers International Limited ("MLIMI"); Merrill Lynch Investment
Managers, Ltd.; Merrill Lynch Investment Managers Limited (Australia);
Merrill Lynch Investment Managers (Isle of Man) Limited; Merrill
Lynch Investment Managers (Asia Pacific) Limited; Merrill Lynch
Investment Managers Asia Limited; Merrill Lynch Investment Managers
Kapitalanlagegesellschaft mbH; Munich London Investment
Management, Ltd.; Merrill Lynch Investment Managers Ltda.; Merrill
Lynch Mercury Asset Management Japan Limited; Merrill Lynch
Investment Managers Canada, Inc.; DSP Merrill Lynch Asset Management
(India) Limited; PT Merrill Lynch Indonesia; Merrill Lynch Phatra
Securities Co., Ltd.; Merrill Lynch Global Asset Management Limited;
Mercury Asset Management International Channel Islands Limited
("MAMCI"); Merrill Lynch Investment Managers channel Islands Limited;
Grosvenor Venture Managers Limited; and Merrill Lynch Fund Managers
Limited.  Each of MLIM LP, FAM, QA, MLAM UK, MLS, MLIMI, and MAMCI
is an investment adviser registered under Section 203 of the
Investment Advisers Act of 1940, which acts as investment adviser
operating under the laws of a jurisdiction other than the United
States.  The investment advisers that comprise MLIM exercise
voting and investment powers over portfolio securities independently
from other direct and indirect subsidiaries of ML&Co.











<PAGE>
Page 9 or 9
Exhibit B
Power of Attorney

	The undersigned, Merrill Lynch Small Cap Value Fund, Inc.,
a corporation duly organized under the laws of the state of Maryland,
with its principal place of business at 800 Scudders Mill Road,
Plainsboro, New Jersey 08536, does hereby make, constitute and
appoint Michael J. Hennewinkel, Jerry Weiss, Ira P. Shapiro and
Thomas D. Jones, III, acting severally, each of whose address is
800 Scudders Mill Road, Plainsboro, New Jersey 08536, as its true
and lawful attorneys-in-fact, for it and in its name, place and
stead, to execute and cause to be filed and/or delivered as required
under Section 13(d) of the Securities Exchange Act of 1934 (the "Act")
and the regulations thereunder, any number as appropriate of
original, copies, or electronic filings of the Securities and Exchange
Commission Schedule 13D or Schedule 13G Beneficial Ownership Reports
together with any amendments and joint filing agreements under Rule
13d-1(f) (1) of the Act, as may be required thereto) to be filed
and/or delivered with respect to any equity security (as defined
in Rule 13d-1(d) under the Act) beneficially owned by the undersigned
and which must be reported by the undersigned pursuant to Section
13(d) of the Act and the regulations thereunder, and generally to
take such other actions and perform such other things necessary to
effectuate the foregoing as fully in all respects as if the undersigned
could do if personally present.  This Power of Attorney shall remain
in effect until revoked, in writing, by the undersigned.

IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney on this 2nd day of November, 2000.

MERRILL LYNCH SMALL CAP VALUE FUND, INC.
By:  /s/ Terry K. Glenn
Name:  Terry K. Glenn
Title:     President & Director



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