Lead underwriters &lt;Goldman, Sachs andCo> and First Boston Inc &lt;FBC> said an offering of two mln
Series C 3.625 dlr cumulative convertible exchangeable
preferred shares of Inland Steel Industries Inc is underway at
50 dlrs per share.
    The preferred shares are convertible at any time into
common stock at 1.667 common shares per preferred share and are
exchangeable at the company's option on any dividend payment
date starting May 1, 1989 for 7.25 pct convertible subordinated
debentures due May 1, 2012.
    The underwriters said the preferred shares are not
redeemable before May 1, 1989 and thereafter are redeemable for
cash at the company's option at prices declining to par on May
1, 1997.
 Reuter
