SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


         Date of report (Date of earliest event reported): June 14, 2004


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


                                    Kentucky
                 (State or other jurisdiction of incorporation)

          1-2918                                       61-0122250
   (Commission File Number)                        (I.R.S. Employer
                                                  Identification No.)


   50 E. RiverCenter Boulevard, Covington, Kentucky        41012-0391
      (Address of principal executive offices)             (Zip Code)


   P.O. Box 391, Covington, Kentucky                       41012-0391
           (Mailing Address)                               (Zip Code)



        Registrant's telephone number, including area code (859) 815-3333







Item 5.  Other Events
- ------   ------------

     In  April  2003,   APAC-Missouri,   Inc.,  an  indirect   wholly-owned
subsidiary  of Ashland Inc., received a subpoena  from the U.S.  Department
of  Justice,  Antitrust  Division ("USDOJ") in  a federal  grand  jury
investigation involving Missouri  Department  of  Transportation road building
projects.  On June 14, 2004,  APAC-Missouri, Inc. and one APAC-Missouri, Inc.
employee each  received  a  target  letter  from  the  USDOJ.  It appears that
the target letter focuses on a single project bid by APAC-Missouri, Inc. in
2000 with  revenues less than $8 million. The USDOJ investigation is continuing.


                                SIGNATURES
                                ----------

     Pursuant to the  requirements 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.

                                                    ASHLAND INC.
                                        -------------------------------------
                                                    (Registrant)



    Date:  June 18, 2004                /s/ David L. Hausrath
                                        -------------------------------------
                                        Name:  David L. Hausrath
                                        Title: Senior Vice President, General
                                               Counsel and Secretary