U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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 box if no longer  subject to 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*

   Hempstead                        George                 H.
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   (Last)                           (First)             (Middle)
   Millennium Chemicals Inc.
   230 Half Mile Road
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                                    (Street)

   Red Bank                            NJ                07701
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   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol


   Millennium Chemicals Inc. (MCH)
________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



________________________________________________________________________________
4.   Statement for Month/Year


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


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

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

   Senior Vice President, General Counsel and Secretary
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
________________________________________________________________________________



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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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                                                                                                                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                                  12,052         I         401(k)(1)
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Common Stock $0.01 par value/share                                                                  178         D         401(k)
                                                                                                                          window (2)
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Common Stock $0.01 par value/share    10/8/01        D               9334        D      9.50     73,484         D        restricted
                                                                                                                        stock(3)(3A)
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Common Stock $0.01 par value/share                                                               87,096         D         (3A)(4)
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Common Stock $0.01 par value/share                            V                                  13,090         I         (5)
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Common Stock $0.01 par value/share                            V                                   3,733         I         (6)
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*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

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

                            (Print or Type Response)                      (Over)




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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                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         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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                                                                               Common
Option              $16.87   5/18/01  A         38,000 A     5/18/02  5/18/11  Stock     38,000  -        38,000    D        (7)
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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 October 31, 2001, expressed as share
   equivalents. As of such date, approximately 95.18% 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
   October 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) 16,941 shares which may vest over a five-year period, and (ii)
   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 October 8, 2001, 18,669 shares of restricted stock vested under the
   Issuer's Long Term Stock Incentive Plan. On that date, the Company purchased
   9,334 of these vested shares pursuant to Rule 16b-3(e) and the remaining
   9,335 shares were distributed to the Reporting Person.

4. Represents the number of directly owned shares acquired at various times
   and prices by the Reporting Person.

5. Reflects shares allocated to the Reporting Person's account under the
   Company's Salary and Bonus Deferral Plan.

6. Represents amounts allocated 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 October 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.

7. Represents an option granted to the Reporting Person on May 18, 2001 under
   the Issuer's Long Term Stock Incentive Plan to purchase 38,000 shares of the
   Issuer's Common Stock at $16.87 per share.




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      **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 procedure.


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