U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
HUNNELL, WAYNE F.
HARNISCHFEGER INDUSTRIES, INC.
3600 S. Lake Drive
St. Francis, WI 53235
US
2. Issuer Name and Ticker or Trading Symbol
Harnischfeger Industries, Inc.
HPH
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
4/7/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
COMMON STOCK |-- |-- |-|-- |-- |-- |727 |I |(1) |
| | |-| | | | | | |
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COMMON STOCK |4/7/98|A |V|11 |A |24.047 |2,760 |I |(2) |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Options|$19.63 | -- |-- |-|-- -- |A,D|4/4/9|10/4/|Common Stock|625 |-- |625 |D |-- |
(Rights to Buy)(3) | | | |-| | |4-97 |03 | | | | | | |
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Employee Stock Options|$25.00 |-- |-- |-|-- -- |A,D|5/17/|11/17|Common Stock|1,500 |-- |1,500 |D |-- |
(Rights to Buy)(3) | | | |-| | |95-98|/04 | | | | | | |
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Employee Stock Options|$31.25 |-- |-- |-|-- -- |A,D|4/6/9|10/9/|Common Stock|1,800 |-- |1,800 |D |-- |
(Rights to Buy)(3) | | | |-| | |6-99 |05 | | | | | | |
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Employee Stock Options|$37.88 |-- |-- |-|-- -- |A,D|4/13/|10/13|Common Stock|2,500 |-- |2,500 |D |-- |
(Rights to Buy)(3) | | | |-| | |97-00|/06 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Held in trust pursuant to the Harnischfeger Industries, Inc. ("HII")
Employee Savings Plan. The Plan is a unitized plan and as a result each
participant is allocated a certain number of units representing the
participant's proportionate share of the HII stock fund. (2) Held in "rabbi"
trust
pursuant to the HII Executive Incentive Plan. Acquisition of shares under the
automatic dividend reinvestment feature of the plan. (3) Options granted
under the HII 1988 Incentive Stock Plan or the 1996 Stock Incentive Plan.
Options under the Plan become exercisable in 25% increments at four 12
month intevals commencing 6 months from the date of grant and expire 10 years
from the date of grant.
SIGNATURE OF REPORTING PERSON
/s/ Wayne F. Hunnell
DATE
5/19/98
