UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                                 SCHEDULE 13G



                   Under the Securities Exchange Act of 1934*


                            Millenium Chemicals Inc.
--------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
--------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   599903101
                        ------------------------------
                                (CUSIP Number)

                               December 31, 2002
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [X] Rule 13d-1(b)

     [_] Rule 13d-1(c)

     [_] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 4 Pages



  --------------------
  CUSIP NO.  599903101                13G
  --------------------
------------------------------------------------------------------------------
      NAMES OF REPORTING PERSONS.
 1    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).

        Barrow, Hanley, Mewhinney & Strauss, Inc.
               752403190
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      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
 2                                                              (a) [_]
                                                                (b) [_]
------------------------------------------------------------------------------
      SEC USE ONLY
 3

------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4
        A Nevada corporation
------------------------------------------------------------------------------
                          SOLE VOTING POWER
     NUMBER OF       5
                          1,141,348 shares
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          9,461,955 shares
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7
    REPORTING             10,603,303 shares
                   -----------------------------------------------------------
      PERSON              SHARED DISPOSITIVE POWER
                     8
       WITH               --
------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9
      10,603,303 shares
------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10    (See Instructions)
                                                                    [_]
------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
      17.08%
------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON (See Instructions)
12
      IA
------------------------------------------------------------------------------

                               Page 2 of 4 Pages



SCHEDULE 13G
------------

Item 1(a) Name of Issuer
          Millennium Chemicals Inc.

      (b) Address of Issuer's Principal Executive Offices
          230 Half Mile Road
          Red Bank, NJ 07701

Item 2(a) Name of Person Filing
          Barrow, Hanley, Mewhinney & Strauss, Inc.

      (b) Address of Principal Business Office or, if none, Residence
          One McKinney Plaza
          3232 McKinney Avenue, 15th Floor
          Dallas, TX 75204-2429

      (c) Citizenship
          A Nevada corporation

      (d) Title of Class of Securities
          Common Stock

      (e) CUSIP Number
          599903101

Item 3.   If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b):
                   The reporting person is an Investment Adviser registered
                   under Section 203 of the Investment Advisers Act of 1940.

Item 4.   Ownership:

     4(a) Amount beneficially owned:
                   10,603,303 shares

     4(b) Percent of class:
                   17.08%

     4(c) Number of shares as to which the person has:

          (i)   Sole power to vote or to direct the vote:
                   1,141,348 shares

          (ii)  Shared power to vote or to direct the vote:
                   9,461,955 shares

          (iii) Sole power to dispose or to direct the disposition of:
                   10,603,303 shares

          (iv)  Shared power to dispose or to direct the disposition of:
                   --

                               Page 3 of 4 Pages



Item 5.   Ownership of Five Percent or Less of a Class:
                   Not Applicable.

Item 6.   Ownership of More than Five Percent on Behalf of Another Person:

                   The right to receive or the power to direct the receipt of
                   dividends from, or the proceeds from the sale of, the common
                   stock is held by certain clients of the reporting person,
                   none of which has such right or power with respect to five
                   percent or more of the common stock.

Item 7.   Identification and Classification of the Subsidiary which Acquired the
          Security Being Reported on by the Parent Holding Company:

                   Not Applicable.

Item 8.   Identification and Classification of Members of the Group:

                   Not Applicable.

Item 9.   Notice of Dissolution of a Group:

                   Not Applicable.

Item 10.  Certification:

                   By signing below the undersigned certifies that, to the best
                   of its knowledge and belief, the securities referred to above
                   were acquired in the ordinary course of business and were not
                   acquired for the purpose of and do not have the effect of
                   changing or influencing the control of the issuer of such
                   securities and were not acquired in connection with or as a
                   participant in any transaction having such purpose or effect.

                   After reasonable inquiry and to the best of its knowledge and
                   belief, the undersigned certifies that the information set
                   forth in this statement is true, complete and correct.




                                       By: /s/ James P. Barrow
                                           ---------------------------------
                                           Name:  James P. Barrow
                                           Title: President

February 8, 2003

                               Page 4 of 4 Pages