UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Hausrath, David L.

   50 E. RiverCenter Boulevard
   Covington, KY  41012-0391
2. Issuer Name and Ticker or Trading Symbol
   Ashland Inc.
   ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)

4. Statement for Month/Year
   February 28, 2001
5. If Amendment, Date of Original (Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
   (specify below)
   Vice President:General Counsel
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| Common Stock | | | | | | |3,288 (1) |I |By Trustee | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |3,856 (2) |I |By Trustee | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |2-9-01|F (3| |300 |D |$39.770 | | | | | |) | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |2-9-01|M | |500 |A |$23.875 | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |2-9-01|F (4| |88 |D |$39.770 |2,377 |D | | | |) | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| Option (5) |23.875 |2-9-0|M | |500 |D |9-21-|10-21|Common Stock|500 | |250 |D | | | |1 | | | | |93 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |23.875 | | | | | |9-21-|10-21|Common Stock|375 | |375 |D | | | | | | | | |94 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |23.875 | | | | | |9-21-|10-21|Common Stock|375 | |375 |D | | | | | | | | |95 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (6) |33.125 | | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | | | | | | | | |94 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.125 | | | | | |9-16-|10-16|Common Stock|500 | |500 |D | | | | | | | | |95 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.125 | | | | | |9-16-|10-16|Common Stock|500 | |500 |D | | | | | | | | |96 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |35.875 | | | | | |9-15-|10-15|Common Stock|1,000 | |1,000 |D | | | | | | | | |95 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |35.875 | | | | | |9-15-|10-15|Common Stock|500 | |500 |D | | | | | | | | |96 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |35.875 | | | | | |9-15-|10-15|Common Stock|500 | |500 |D | | | | | | | | |97 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |33.875 | | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | | | | | | | | |96 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.875 | | | | | |9-21-|10-21|Common Stock|500 | |500 |D | | | | | | | | |97 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.875 | | | | | |9-21-|10-21|Common Stock|500 | |500 |D | | | | | | | | |98 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |39.00 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | | | | | | | | |97 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |39.00 | | | | | |9-19-|10-19|Common Stock|500 | |500 |D | | | | | | | | |98 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |39.00 | | | | | |9-19-|10-19|Common Stock|500 | |500 |D | | | | | | | | |99 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (8) |53.375 | | | | | |9-18-|10-18|Common Stock|2,000 | |2,000 |D | | | | | | | | |98 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |53.375 | | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | | | | | | | | |99 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |53.375 | | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | | | | | | | | |00 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (8) |48.00 | | | | | |9-17-|10-17|Common Stock|4,000 | |4,000 |D | | | | | | | | |99 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |48.00 | | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | | | | | | | | |00 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |48.00 | | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | | | | | | | | |01 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (8) |36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |00 |-09 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |01 |-09 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |02 |-09 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |03 |-09 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (9)|1-for-1 | |J |V|694 |A | | |Common Stock|694 | |2,754 |D | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: 1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of 2-28-01. 2. Based on Employee Savings Plan information as of 2-23-01, the latest date for which such information is reasonably available, and includes transactions occurring on or after 12-1-00. 3. Shares surrendered in payment of option exercise price. 4. Shares used to satisfy tax withholding obligations. 5. Employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Long-Term Incentive Plan. The employee stock option includes a tax withholding feature pursuant to the plan. 6. Employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Amended Stock Incentive Plan. The employee stock option includes a tax withholding feature pursuant to the plan. 7. Employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's 1993 Stock Incentive Plan. The employee stock option includes a tax withholding feature pursuant to the plan. 8. Employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's 1997 Stock Incentive Plan. The employee stock option includes a tax withholding feature pursuant to the plan. 9. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation Plan as of 2-28-01 and includes transactions occurring on or after 11-15-00, and exempt under Rule 16b-3(d). The price of the Common Stock Units on the applicable valuation dates ranged from $31.938 - $39.770. SIGNATURE OF REPORTING PERSON David L. Hausrath DATE March 7, 2001