================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 --------------

                                   FORM 10-Q/A
                                (AMENDMENT NO. 2)

                                 --------------

     [X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                                 EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2004

                                       OR

     [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                                 EXCHANGE ACT OF 1934

                For the transition period________ from________ to

                        Commission file number: 1-12091

                                 --------------

                            MILLENNIUM CHEMICALS INC.
             (Exact name of registrant as specified in its charter)

                                 --------------

              Delaware                               22-3436215
   (State or other jurisdiction of       (I.R.S. Employer Identification No.)
   incorporation or organization)

                           20 Wight Avenue, Suite 100
                              Hunt Valley, MD 21030
                    (Address of principal executive offices)

                                  410-229-4400
              (Registrant's telephone number, including area code)

                                 --------------
       Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant is required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X]  No [ ].

       Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes [X]  No [ ].

       Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 64,970,023 shares of Common
Stock, par value $.01 per share, as of April 30, 2004, excluding 12,926,563
shares held by the registrant, its subsidiaries and certain Company trusts that
are not entitled to vote.

================================================================================








                            MILLENNIUM CHEMICALS INC.


Explanatory Note

Millennium Chemicals Inc. (the "Company") is filing this Amendment No. 2 to its
Quarterly Report on Form 10-Q for the period ended March 31, 2004 to provide
additional information relating to the Company's material weakness in internal
controls and procedures relating to the computation of deferred income taxes for
the Company's investment in Equistar Chemicals, LP; the analysis and
re-computation performed by the Company to correct such deferred income tax
calculation; and the steps the Company is taking to remediate such material
weakness.



                          PART I. FINANCIAL INFORMATION

Item 4. Controls and Procedures

(a)  The Company maintains disclosure controls and procedures that are designed
     to provide reasonable assurance that information required to be disclosed
     in the Company's filings under the Securities Exchange Act of 1934 is
     recorded, processed, summarized and reported within the periods specified
     in the rules and forms of the Securities and Exchange Commission (the
     "SEC") and that such information is accumulated and communicated to the
     Company's management, including its principal executive officer and
     principal financial officer, as appropriate, to allow timely decisions
     regarding required disclosure.

     As a result of tax integration activities that began in the second quarter
     of 2004 with respect to the Company's proposed business combination with
     Lyondell, the Company determined at the beginning of July 2004 that it had
     made errors in the computation of its tax basis in Equistar, which in turn
     had been used to compute the Company's deferred income taxes. In response
     to the determination that errors had been made, the Company performed a
     thorough analysis and re-computation of the Company's tax basis in
     Equistar. In late July 2004, the Company completed the analysis and
     re-computation necessary to verify and quantify the errors and prepare a
     restatement to correct the errors, which restatement was reflected in
     Amendment No. 2 to the Company's Annual Report on Form 10-K for the fiscal
     year ended December 31, 2003, filed with the SEC on August 9, 2004 and
     Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the
     period ended March 31, 2004 ("10-Q Amendment No. 1"), filed with the SEC on
     August 9, 2004.

     The restatement of prior periods' financial statements that resulted from
     the analysis and recomputation discussed above decreased the Company's
     liability for deferred income taxes and shareholders' deficit at March 31,
     2004 and December 31, 2003 and 2002 by $15 million. The restatement
     similarly decreased liabilities for deferred income taxes and increased
     shareholders' equity at December 31, 2001 and 2000 by $15 million. The
     restatement did not affect the Company's cash flow or operating income in
     any period.

     The errors corrected in the restatement were the result of (i) an incorrect
     computation by the Company in 1998 of the Company's original tax basis in
     the net assets it contributed to Equistar upon the joint venture's
     formation in December 1997 and (ii) incorrect computations by the Company
     for 1998 and 1999 of changes in the amount of such tax basis. The Company
     also discovered a de minimis error made in 2001. The Company believes that
     the errors were attributable to a material weakness in internal control
     over financial reporting relating to the computation by the Company of
     deferred income taxes for the Company's investment in Equistar. The
     material weakness consisted of (i) inadequate review and verification by
     the Company in 1998 of tax basis data relating to net assets contributed
     by the Company to Equistar in December 1997, and (ii) incorrect
     interpretation by the Company of Equistar tax return information provided
     by the "tax matters partner" of Equistar and used by Millennium to compute
     changes in its tax basis in Equistar for 1998 and 1999. Under Equistar's
     partnership agreement, Lyondell serves as the tax matters partner and, as
     such, prepares and files Equistar's tax returns.


                                       2








     In order to remediate the material weakness in internal control over
     financial reporting, the Company is documenting the procedures used to
     analyze and re-compute the Company's tax basis in Equistar in July 2004
     for implementation with respect to the third quarter of 2004 and
     subsequent reporting periods. These procedures include (i) the detailed
     review by the Company's Director-Tax and its Vice President-Tax of
     estimates of tax return data provided quarterly by Equistar's tax matters
     partner, (ii) followed by discussions of the results of such review with
     the tax matters partner to confirm the correctness of the Company's
     interpretation of the estimated tax return data provided by the tax matters
     partner and (iii) thereafter, review of the results of these procedures by
     the Company's Corporate Controller and Chief Financial Officer. Although
     these procedures will be implemented for the third quarter of 2004, the
     material weakness will not be considered remediated until these procedures
     operate for a period of time, are tested and it is concluded that such
     procedures are operating effectively.

     In May 2004, prior to the initial filing of the Company's Quarterly
     Report on Form 10-Q for the quarterly period ended March 31, 2003, the
     Company completed an evaluation under the supervision and with the
     participation of the Company's management, including the Company's
     principal executive officer and principal financial officer, of the
     effectiveness of the design and operation of the Company's disclosure
     controls and procedures as of March 31, 2004. Based on this evaluation, the
     Company's principal executive officer and principal financial officer
     concluded that the Company's disclosure controls and procedures were
     effective at the reasonable assurance level as of March 31, 2004. However,
     as a result of the Company's decision to restate its financial statements,
     the Company completed in early August 2004, prior to filing 10-Q Amendment
     No. 1, a second evaluation under the supervision and with the participation
     of the Company's management, including the Company's principal executive
     officer and principal financial officer, of the effectiveness of the design
     and operation of the Company's disclosure controls and procedures as of
     March 31, 2004. Based on this second evaluation, the Company's principal
     executive officer and principal financial officer concluded that, solely as
     a result of the material weakness referred to above, the Company's
     disclosure controls and procedures were not effective at the reasonable
     assurance level as of March 31, 2004. However, as a result of the analysis
     and re-computation discussed above, management believes that the financial
     statements included in 10-Q Amendment No. 1 fairly present in all material
     respects the Company's financial condition, results of operations and cash
     flows for the fiscal periods presented.

(b)  There were no changes in the Company's internal control over financial
     reporting that occurred during the most recent fiscal quarter covered by
     this Quarterly Report that have materially affected, or are reasonably
     likely to materially affect, the Company's internal control over financial
     reporting.

     As a result of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules
     issued thereunder (the "Section 404 Requirements"), the Company will be
     required to include in its Annual Report on Form 10-K for the year ending
     December 31, 2004 a report on management's assessment of the effectiveness
     of the Company's internal control over financial reporting. As part of the
     process of preparing for compliance with the Section 404 Requirements, in
     2003, the Company initiated a review of its internal control over
     financial reporting. This review is being conducted under the direction of
     senior management. As a result, management has made improvements to the
     Company's internal control through the date of the filing of this
     Amendment No. 2 as part of its normal review process. The Company's
     management does not believe these changes have materially affected, or are
     reasonably likely to materially affect, the Company's internal control
     over financial reporting. The Company anticipates that improvements will
     continue to be made as part of the ongoing review.


                                       3








                           PART II. OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K
(a)  Exhibits -


     31.1    Certificate of Principal Executive Officer pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002.**

     31.2    Certificate of Principal Financial Officer pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002.**

     32.1    Certificate of Principal Executive Officer pursuant to Section 906
             of the Sarbanes-Oxley Act of 2002 (Furnished, not filed, in
             accordance with Item 601(b)(32)(ii) of Regulation S-K, 17 CFR
             229.601(b)(32)(ii)).*

     32.2    Certificate of Principal Financial Officer pursuant to Section 906
             of the Sarbanes-Oxley Act of 2002 (Furnished, not filed, in
             accordance with Item 601(b)(32)(ii) of Regulation S-K, 17 CFR
             229.601(b)(32)(ii)).*


    * Filed or furnished with Amendment No. 1 to the Company's Quarterly Report
on Form 10-Q for the quarter ended March 31, 2004.
   ** Filed or furnished herewith.

(b)  Reports on Form 8-K.

     Current Reports on Form 8-K dated March 29, 2004 and May 5, 2004 were filed
     or furnished during the quarter ended March 31, 2004 and through May 14,
     2004, the date the original Quarterly Report on Form 10-Q was filed with
     the Securities and Exchange Commission. Such Current Reports either filed
     or furnished information to the Securities and Exchange Commission.



                                       4









                                    SIGNATURE

       Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                              MILLENNIUM CHEMICALS INC.

Date: September 23, 2004                  By:      /S/ JOHN E. LUSHEFSKI
                                              ----------------------------------
                                                      John E. Lushefski
                                                Executive Vice President and
                                                  Chief Financial Officer
                                              (as duly authorized officer and
                                                principal financial officer)






                                       5









                                   Exhibit Index

   Exhibit
   Number                        Description of Document

     31.1    Certificate of Principal Executive Officer pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002.

     31.2    Certificate of Principal Financial Officer pursuant to Section 302
             of the Sarbanes-Oxley Act of 2002.





                                       6