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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
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[x] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
Inland Steel Industries, Inc.
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(Name of Registrant as Specified In Its Charter)
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The following press release was issued by Registrant on February 22, 1997
in response to the shareholder proposal contained in the Schedule 13D filed by
Greenway Partners, L.P. and certain related entities on February 21, 1997. This
filing does not constitute an admission by Registrant that this material
constitutes soliciting material for purposes of Regulation 14A.
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Inland Steel Industries, Inc.
30 West Monroe Street
Chicago, Illinois 60603
312 899 3607
M. Robert Weidner, III
General Manager
Communications and Stakeholder Relations NEWS RELEASE
Inland Steel Industries
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FOR IMMEDIATE RELEASE
(Chicago, Illinois -- February 22, 1997) Inland Steel Industries, Inc.,
confirmed that Greenway Partners, L.P., an Inland shareholder, has proposed a
spin-off of Inland's remaining 87 percent interest in Ryerson Tull, Inc.
Last year, the Company successfully completed a recapitalization, which included
an initial public offering of Ryerson Tull. Inland's Board has considered a
spin-off of Ryerson Tull and has recently concluded that it is not in its
shareholders' best interests at this time.
The Board and Management remain committed to creating shareholder value and will
continue to look at all strategic options, including the spin-off of Ryerson
Tull.
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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 and electric-motor industries, and a wide
variety of others. Its wholly owned subsidiaries are Inland Steel Co., the
sixth-largest U.S. steel producer, and Inland International, Inc. In addition
it owns 87 percent of Ryerson Tull, Inc., the largest U.S. metals and
industrial-plastics service center operation, comprised of Joseph T. Ryerson &
Son, Inc., J.M. Tull Metals Co. and Ryerson de Mexico, a 50-50 joint venture
with AHMSA, Mexico's largest carbon-steel producer.
