Exhibit 99.1

[MILLENNIUM CHEMICALS LOGO]

                         NEWS RELEASE

                                                           FOR IMMEDIATE RELEASE

Contact:   Thomas Van Valkenburgh
           Manager - Investor Relations
           (410) 229-8113

             MILLENNIUM CHEMICALS DISCUSSES BUSINESS PERFORMANCE AND
                   SCHEDULES THIRD QUARTER 2004 PRESS RELEASE

Hunt Valley, Maryland, October 28, 2004 -- Millennium Chemicals (NYSE-MCH)
announces that third quarter 2004 business performance will significantly
improve compared to the second quarter of 2004.

TITANIUM DIOXIDE

Operating income for the Titanium Dioxide business in the third quarter of 2004
is expected to be significantly higher than the $10 million earned in the second
quarter of 2004. The improvement is due to an increase in the average US dollar
selling price and lower manufacturing costs, coupled with continued strong
global demand.

In US dollar terms the average third quarter selling price was 3 percent higher
than the second quarter of 2004 due largely to the implementation of previously
announced price increases.

The third quarter 2004 manufacturing costs per metric ton decreased 4 percent
compared to the second quarter of 2004. The third quarter 2004 TiO[u]2 plant
production operating rate was 99 percent of annual nameplate capacity of 670,000
metric tons compared to 92 percent in the second quarter of 2004.

ACETYLS

In the Acetyls business, the operating income in the third quarter of 2004 is
expected to be substantially higher than the $2 million earned in the second
quarter of 2004. The increase is attributable to margin improvement driven by
higher selling prices, lower costs for natural gas and a return to normal plant
operating rates.

 Aggregate sales volume for VAM and acetic acid in the third quarter increased 1
percent from the second quarter of 2004.







SPECIALTIES

In the Specialties business, the third quarter 2004 operating income is expected
to be in line with the $2 million earned in the second quarter of 2004.

DEBT

Net debt (total debt less cash) declined by more than $100 million during the
third quarter of 2004.

EARNINGS RELEASE

Millennium Chemicals (NYSE-MCH) announces the following schedule for its release
of third quarter operating results.

         Tuesday, November 9, 2004, before the NYSE opens
         By PrimeZone Media Network distribution and Millennium's website at:
         http://www.millenniumchem.com, click on Investor Relations


Millennium Chemicals (website: www.millenniumchem.com) is a major international
chemicals company, with leading market positions in a broad range of commodity,
industrial, performance and specialty chemicals.

Millennium Chemicals is:
o    The second-largest producer of TiO[u]2 in the world, the largest merchant
     seller of titanium tetrachloride and a producer of silica gel and
     cadmium/based pigments;
o    The second-largest producer of acetic acid and vinyl acetate monomer in
     North America;
o    A leading producer of terpene-based fragrance and flavor chemicals; and,
o    Through its 29.5% interest in Equistar Chemicals, LP, a partner in the
     second-largest producer of ethylene and third-largest producer of
     polyethylene in North America, and a leading producer of performance
     polymers, oxygenated chemicals, aromatics and specialty petrochemicals.


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