SCHEDULE 13G

Amendment No. 1
Inland Steel Industries Incorporated
common stock
Cusip # 457472108
Filing Fee: No


Cusip # 457472108
Item 1:   Reporting Person - FMR Corp. - (Tax ID:  04-2507163)
Item 4:   Commonwealth of Massachusetts
Item 5:   130,426
Item 6:   None
Item 7:   4,424,742
Item 8:   None
Item 9:   4,424,742
Item 11:  10.80%
Item 12:  HC 




Cusip # 457472108
Item 1:   Reporting Person - Edward C. Johnson 3d - (Tax ID:  ###-##-####)
Item 4:   United States of America
Item 5:   None
Item 6:   None
Item 7:   4,424,742
Item 8:   None
Item 9:   4,424,742
Item 11:  10.80%
Item 12:  IN 




SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)


Item 1(a).    Name of Issuer:

         Inland Steel Industries Incorporated

Item 1(b).    Name of Issuer's Principal Executive Offices:

         30 West Monroe Street
         Chicago, IL  60603

Item 2(a).    Name of Person Filing: 

         FMR Corp.

Item 2(b).    Address or Principal Business Office or, if None, Residence:

         82 Devonshire Street, Boston, Massachusetts  02109

Item 2(c).    Citizenship:

         Not applicable

Item 2(d).    Title of Class of Securities:

         Common Stock

Item 2(e).    CUSIP Number:  

         457472108

Item 3.  This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the
person filing, FMR Corp., is a parent holding company in accordance
with Section 240.13d-1(b)(ii)(G).  (Note:  See Item 7).

Item 4.  Ownership

         (a)  Amount Beneficially Owned:    4,424,742

         (b)  Percent of Class:   10.80%

         (c)  Number of shares as to which such person has:  

              (i)   sole power to vote or to direct the vote:   130,426

              (ii)  shared power to vote or to direct the vote: None

              (iii) sole power to dispose or to direct the disposition of:
    4,424,742

              (iv)  shared power to dispose or to direct the disposition
of: None




Item 5.  Ownership of Five Percent or Less of a Class.

         Not applicable.

Item 6.  Ownership of More than Five Percent on Behalf of Another Person.

         Various persons have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from
the sale of, the common stock of Inland Steel Industries
Incorporated.  No one person's interest in the common stock
of Inland Steel Industries Incorporated is more than five
percent of the total outstanding common stock.

Item 7.  Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.

         See attached Exhibit(s) A and B.

Item 8.  Identification and Classification of Members of the Group.

         Not applicable, see attached Exhibit A. 

Item 9.  Notice of Dissolution of Group.

         Not applicable.


Item 10. Certification.

         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
purpose or effect.


Signature

         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. 



    February 11, 1994   
Date



    /S/Arthur S. Loring
Signature



    Arthur S. Loring, Vice President
    
Name/Title




SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)

    Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity
Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston,
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an
investment adviser registered under Section 203 of the Investment Advisers
Act of 1940, is the beneficial owner of 4,224,218 shares or 10.31% of the
common stock outstanding of Inland Steel Industries Incorporated ("the
Company") as a result of acting as investment adviser to several investment
companies registered under Section 8 of the Investment Company Act of 1940. 
The number of shares of common stock of Inland Steel Industries
Incorporated owned by the investment companies at December 31, 1993
included 449,779 shares of common stock resulting from the assumed
conversion of 249,600 shares of the $4.625 Convertible Preferred Stock
(1.802 shares of common stock for each share of the Convertible Preferred
Stock ).

    Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and
the Funds each has sole power to dispose of the 4,224,218 shares owned by
the Funds.

    Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., 
has the sole power to vote or direct the voting of the Shares owned
directly by the Fidelity Funds, which power resides with the Funds' Boards
of Trustees.  Fidelity carries out the voting of the Shares under written
guidelines established by the Funds' Boards of Trustees.

    Fidelity Management Trust Company, 82 Devonshire Street, Boston,
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and a bank as
defined in Section 3(a)(6) of the Securities Exchange Act of 1934, is the
beneficial owner of 200,524 shares or 0.49% of the common stock outstanding
of the company as a result of its serving as investment manager of the
institutional account(s).  The number of shares of common stock of Inland
Steel Industries Incorporated owned by the institutional account(s) at
December 31, 1993 included 192,994 shares of common stock resulting from
the assumed conversion of 107,100 shares of the Convertible Preferred Stock
described above.

    FMR Corp., through its control of Fidelity Management Trust Company,
has sole dispositive power over 200,524 Shares and sole power to vote or to
direct the voting of 130,426 shares, and no power to vote or to direct the
voting of 70,098 Shares of common stock owned by the institutional
account(s) as reported above.

    Edward C. Johnson 3d owns 34.0% of the outstanding voting common stock
of FMR Corp.  Mr. Johnson 3d is Chairman of FMR Corp.  Various Johnson
family members and trusts for the benefit of Johnson family members own FMR
Corp. voting common stock.  These Johnson family members, through their
ownership of voting common stock, form a controlling group with respect to
FMR Corp.



SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)

RULE 13d-1(e)  AGREEMENT

    The undersigned persons, on February 11, 1994, agree and consent to
the joint filing on their behalf of this Schedule 13G in connection with
their beneficial ownership of the common stock of Inland Steel Industries
Incorporated at December 31, 1993.

    FMR Corp.
    By   /S/Arthur S. Loring
Arthur S. Loring
Vice President - Legal
         Edward C. Johnson 3d
    By   /S/Arthur S. Loring
Arthur S. Loring
Under Power of Attorney
dated 5/17/89
On File with Schedule 13G
for
Airborne Freight Corp.
9/10/91
    Fidelity Management & Research Company
    By   /S/Arthur S. Loring
Arthur S. Loring
Sr. V.P. and General
Counsel