Name of Issues: Inland Steel Industries
Title of Class of Securities: Common
CUSIP Number: 457472108
(1)Name of Reporting Person: Donald Smith & Co., Inc. 13-2807845
(2)Check Appropriate Box if a Member of Group:"B"
(4) Place of Organization: E. 80 Rte. 4, Paramus, NJ 07652
(5) Sole Voting Power: 1,247,694 shares
(6) Shared Voting Power: 0
(7) Sole Dispositive Power: 1,247,694 shares
(8) Shared Dispositive Power: 0
(9) Aggregate Amount Beneficially Owned: 1,247,694
(10)
(11) Percent of Class Represented by Amt. In Row(9): 5.7%
(12) Type of Reporting Person: IA
Exhibit 1
(22,315) Item 1 (a) Inland Industries
Item 2 (b) 30 W. Monroe St.
Chicago, IL 60603
(22,316) Item 2 (a) Donald Smith & Co., Inc.
Item 2 (b) East 80 Route 4, Paramus, N. J. 07652
Item 2 (c) Not applicable
Item 2 (d) Common
Item 2 (e) Cusip 457472108
(22,317) Item 3 (e) IA
(22,318) Item 4 (a) 1,247,694 shares owned
(b) 5.7% of class
(c) (i) 1,247,694 shares can be solely voted
(ii) 0 shares (shared power to vote)
(iii) 1,247,694 shares can be disposed
(iv) 0 shares (shared power to dispose)
(22,319) Item 5 Not applicable
(22,320) Item 6 Not applicable
(22,321) Item 7 Not applicable
(22,322) Item 8 Not applicable
(22,323) Item 9 Not applicable
(22,324) Item 10:
By signing below, I certify that, to the best of my knowledge and
belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired 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 in connection with or as a participant in any transaction
having such purposes or effect.
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.
Date: February 4, 1999
Name and Title: Paula Smith; Corporate Secretary
