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                                                                    EXHIBIT 10.X


             [LETTERHEAD OF INLAND STEEL INDUSTRIES APPEARS HERE]

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                                                  August 18, 1995


Mr. George A. Ranney, Jr.
4915 South Woodlawn
Chicago, Illinois 60615


Dear George,

This will confirm our discussions regarding the terms of your compensation
package with Inland Steel Industries, Inc.

(1)  Your title will be Vice President and General Counsel, Inland Steel
Industries, Inc.

(2)  Your employment date will be July 23, 1995.

(3)  Your base annualized salary for calendar year 1995 will be $300,000. You
will be entitled to participate in the Company's Annual Incentive Plan on the
same basis as other participants in the Plan, with your Target Award for
purposes of the Plan for 1995 being 40%.

(4)  You will be granted a three-year restricted stock award of 2,400 shares of
common stock of the Company, subject to the usual conditions regarding your
continued employment with the Company. In addition, you will be granted a stock
option grant of 12,000 shares under the Inland Steel Industries Stock Option
Program. Both of these grants will be made after you join the Company at the
date determined by the Compensation Committee.

(5)  The Company will, in the absence of any malfeasance on your part, guarantee
you three (3) years of salary and benefits. You will also be entitled to the
standard change of control agreement the Company has entered into with its
principal officers, on terms and conditions consistent with those incorporated
in existing agreements (but reduced by any payments under its three-year
guarantee). In addition, you will be entitled to participate in the Company's
medical, life insurance, pension, thrift and other benefit plans and programs in
accordance with the terms and conditions of such plans and

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Mr. George A. Ranney, Jr.
August 18, 1995
Page 2


programs and will also be entitled to such additional benefits as are normally
provided to officers of the Company.

(6) The aggregate pension benefits to which you are entitled shall be calculated
as if you had been continuously employed by Inland since February 26, 1973, but
shall be reduced by the actuarial equivalent of the pension benefit, if any,
payable to you for such period by Mayer, Brown and Platt; these additional
benefits will not by payable if you choose to leave Inland or are discharged for
cause within five years of your rehiring date of July 23, 1995. The amount
payable pursuant to this letter agreement will be paid in the same form as
benefits payable under the Inland Steel Industries Supplemental Retirement
Benefit Plan for Covered Employees.

(7) You will retain your partnership at the Mayer, Brown & Platt law firm, with
the understanding that you will receive no financial benefit from the firm for
your work with Inland and that the appropriate information to confirm this
understanding will be made available to Inland upon request.

    If the foregoing accurately states our understanding and agreement with
respect to the matters covered by this letter, would you kindly sign and return
to me the enclosed copy of this letter.


                                       Sincerely,

                                       INLAND STEEL INDUSTRIES, INC.

                                       By /s/ R.J. Darnell
                                         ---------------------------
                                          Chairman, President and
                                          Chief Executive Officer

Agreed to this 30 day of
September, 1995

/s/ George A. Ranney, Jr.
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    George A. Ranney, Jr.