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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[  ] Check this box if no longer subject of Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

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1. Name and Address of Reporting Person

  Lushefski              John                      E.
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   (Last)               (First)                 (Middle)

  Millennium Chemicals Inc.
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                                    (Street)
  230 Half Mile Road

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   (City)               (State)                 (Zip)

  Red Bank                   NJ                   07701
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2. Issuer Name and Ticker or Trading Symbol

  Millennium Chemicals Inc. (MCH)

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3. IRS or Social Security Number of Reporting Person (Voluntary)


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4. Statement for Month/Year

  March 2001
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5. If Amendment, Date of Original (Month/Year)


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6. Relationship of Reporting Person to Issuer
   (Check all applicable)

   [   ]   Director                             [   ]   10% Owner
   [ X ]   Officer (give title below)           [   ]   Other (specify below)


          Senior Vice President and Chief Financial Officer
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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================


                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock $0.01 par value/share                            V                                   10,508        I         401(k)(1)
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Common Stock $0.01 par value/share                                                                 6,212        I         401(k)
                                                                                                                           window(2)
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Common Stock $0.01 par value/share                                                                92,153        D        restricted
                                                                                                                        stock(3)(3A)
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Common Stock $0.01 par value/share                                                                66,669        D         (3A)(4)
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Common Stock $0.01 par value/share   3/30/01         A        V      71          A      16.5                    I         (5)
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Common Stock $0.01 par value/share   3/30/01         A        V      57          A      16.6      15,733        I         (5)
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Common Stock $0.01 par value/share                            V                                    5,044        I         SSIP(6)
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====================================================================================================================================

Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly





FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

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                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    of                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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Explanation of Responses:
1. Represents the value of the Reporting Person's Company Stock Fund Account
   in the Company's 401(k) plan as of March 31, 2001, expressed as share
   equivalents. As of such date, approximately 96.6% of the Company Stock Fund
   was invested in Company Common Stock, and the remainder was invested in cash.

2. Represents the number of shares of Company Common Stock in the Reporting
   Person's Individual Brokered Account within the Company's 401(k) plan as of
   March 31, 2001.

3. Represents shares of restricted stock granted to the Reporting Person on
   October 8, 1996 under the Issuer's Long Term Stock Incentive Plan as
   follows:  (i) 18,669 shares which may vest on October 8, 2001, (ii) 16,941
   shares which may vest in over a five-year period, and (iii) 56,542 shares
   which may be earned for the five-year performance period ending December 31,
   2001 subject to the achievement of performance goals, 50% of which may be
   distributed when earned and 50% of which may be distributed over a five-year
   period commencing on the date earned.

3A.On February 15, 2001, 535 shares of restricted stock vested under the
   Issuer's Long Term Stock Incentive Plan and were distributed to the
   Reporting Person, and 54,937 shares of restricted stock were forfeited.
   Person.

4. Includes 221 shares held in the Reporting Person's Individual Retirement
   Account.

5. Represents shares allocated to the Reporting Person's account under the
   Company's Salary and Bonus Deferral Plan as a result of dividends paid on
   shares held in such Plan.

6. Represents amounts contributed to, and the total holdings in, the Reporting
   Person's Company Stock Fund Account in the Company's Supplemental Savings
   and Investment Plan as of March 31, 2001, expressed as share equivalents.
   Because the trustee and record keeper for this plan utilize unit accounting
   for the Company Stock Fund rather than share accounting, these amounts
   represent share equivalents allocated to the Reporting Person's account
   rather than shares of Common Stock.




---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedures.