UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
HUNNELL, WAYNE F.
HARNISCHFEGER INDUSTRIES, INC.
3600 S. Lake Drive
St. Francis, WI 53235
US
2. Date of Event Requiring Statement (Month/Day/Year)
2/9/98
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Harnischfeger Industries, Inc.
HPH
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
COMMON STOCK |727 |I |(1) |
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COMMON STOCK |2,749 |I |(2) |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Options (|4/4/94 |10/4/03 |Common Stock |625 |$19.63 |D |-- |
Rights to Buy) (3) | | | | | | | |
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Employee Stock Options (|5/17/95 |11/17/04 |Common Stock |1,500 |$25.00 |D |-- |
Rights to Buy) (3) | | | | | | | |
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Employee Stock Options (|4/6/96 |10/9/05 |Common Stock |1,800 |$31.25 |D |-- |
Rights to Buy) (3) | | | | | | | |
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Employee Stock Options (|4/13/97 |10/13/06 |Common Stock |2,500 |$37.88 |D |-- |
Rights to Buy) (3) | | | | | | | |
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</TABLE>
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. (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 intervals 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
2/14/98
